Tokyo Tatemono (8804) Q4 2024 earnings summary

Executive summary

• Revenue rose 23.3% year-over-year to ¥463.7 billion, driven by increased condominium sales and investor property disposals.

• Operating income grew 13.0% to ¥79.7 billion, and net income attributable to shareholders surged 46.1% to ¥65.9 billion, aided by gains from securities sales.

• All major segments except Asset Services and Other posted strong growth; Asset Services and Other saw revenue and profit declines.

Financial highlights

• Operating revenue: ¥463.7 billion (+23.3% YoY); operating profit: ¥79.7 billion (+13.0% YoY); ordinary profit: ¥71.7 billion (+3.2% YoY); net income: ¥65.9 billion (+46.1% YoY).

• Comprehensive income: ¥55.8 billion, down from ¥67.5 billion last year.

• EPS: ¥315.50 (vs. ¥215.82 last year); BPS: ¥2,567.66 (vs. ¥2,378.61).

• Cash and equivalents at year-end: ¥111.1 billion, down from ¥127.3 billion.

Outlook and guidance

• FY2025 revenue forecast: ¥503.0 billion (+8.5% YoY); operating profit: ¥86.0 billion (+7.9% YoY); ordinary profit: ¥74.0 billion (+3.2% YoY).

• Net income forecast: ¥55.0 billion (−16.5% YoY); EPS: ¥264.47.

• Dividend forecast: ¥97 per share (payout ratio 36.7%); total shareholder return ratio expected at 42.1% including share buybacks.