Higher Margin on Incoming Supplies for the Next Five Years, Lifting Sumitomo R&D’s FVE to JPY 3,800
We raise our fair value estimate for Sumitomo Realty & Development, or SRD, to JPY 3,800 per share, from JPY 3,000 per share previously, representing price/forward earnings at 14.6 times from 14.3 times previously. Our key assumption changes are: (1) better-than-expected margin expansion supported by lower acquisition cost than its peers; and (2) better-than-expected market share gain while Tokyo’s condominium market supply remains tight. We think the share has near-term upside to our fair v...Sumitomo Realty & Development is mainly engaged in the real estate business. Co.'s principal business segments are real estate leasing, real estate sale, construction, brokerage, and others. It is engaged in the development, direct leasing and management of office buildings and condominiums, the sublease of properties leased from special purpose companies, the provision of hotel business and the operation of event halls and conference rooms; the development and sale of condominiums, buildings, detached houses, housing land and other properties; the construction and remodeling of houses; the brokerage and sale of real estate; and the operation of fitness clubs and restaurants.
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