We initiate coverage on Sumitomo Realty & Development, or SRD, one of Japan's leading real estate developers. Unlike Mitsubishi Estate and Mitsui Fudosan, SRD differentiates itself by holding assets on its balance sheet, rather than recycling them through a sponsored REIT or private fund.
Tokyo office rents outperform due to tight supply and strong demand. Higher rental reversion and occupancy lift recurring earnings and property values.
Interest rates rise faster than expected, increasing financing costs for one of Japan's most leveraged developers.
|
Metric
|
8830
|
8802
|
8801
|
|---|---|---|---|
Price/Earnings (Normalized) | 14.90 | 22.92 | 18.21 |
Price/Book Value | 1.19 | 1.59 | 1.22 |
Price/Sales | 2.80 | 2.52 | 1.50 |
Price/Cash Flow | 11.29 | 12.75 | 13.28 |
|
Metric
|
8830
|
8802
|
8801
|
|---|---|---|---|
Quick Ratio | 0.09 | 1.28 | 0.10 |
Current Ratio | 1.31 | 1.93 | 1.76 |
Interest Coverage | 12.13 | 7.30 | 6.11 |
|
Metric
|
8830
|
8802
|
8801
|
|---|---|---|---|
Return on Assets (Normalized) | — | — | — |
Return on Equity (Normalized) | — | — | — |
Return on Invested Capital (Normalized) | — | — | — |
|
1-Day Chart
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Name
|
Price
|
Morningstar Rating for Stocks
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Capital Allocation
|
Economic Moat
|
Market Cap
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SURDF
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| Sumitomo Realty & Development Co Ltd ADR
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United States