Sumitomo R&D Posts Strong 2016 Results on Higher Margin on Invested Capital, FVE Lifts to JPY 3,000
We raise our fair value estimate for Sumitomo Realty & Development, or SRD, to JPY 3,000 per share from JPY 2,450 per share previously. Our key assumption changes are: (1) better-than-expected net demand absorption even after adjusting for aggressive capital investment planned in the coming years; (2) lower-than-expected cost of debt after management has secured 98% of its interest-bearing debt for longer-dated maturity beyond the next 10 years. Our cost of debt assumption remains low at 1.8...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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