Sumitomo R&D’s Solid Q1 Results Mask Future Concerns Regarding Larger Debt Repayment
No-moat Sumitomo Realty & Development reported strong quarterly results that were above consensus estimates for the year ending March 31, 2017. The company reported an operating profit increase of 29.4% to JPY 53.4 billion and a net profit increase of 39.7% to JPY 33.1 billion, lifted by a large net revenue increase of 51.3% to JPY 266.5 billion.We retain our fair value estimate of JPY 2,450 and our no-moat rating and stable outlook. The share is trading at a 17% premium to our fair value e...
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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