Industrial & Infrastructure Fund Investment Corporation

TSE:3249 Stock Report

Market Cap: JP¥365.9b

Industrial & Infrastructure Fund Investment Future Growth

Future criteria checks 0/6

Industrial & Infrastructure Fund Investment's earnings are forecast to decline at 1.3% per annum while its annual revenue is expected to grow at 1% per year. EPS is expected to decline by 1.4% per annum. Return on equity is forecast to be 8.1% in 3 years.

Key information

-1.3%

Earnings growth rate

-1.41%

EPS growth rate

Industrial REITs earnings growth0.7%
Revenue growth rate1.0%
Future return on equity8.13%
Analyst coverage

Low

Last updated29 May 2026

Recent future growth updates

Recent updates

Narrative Update • Jun 13

3249: Logistics Acquisitions And Dividend Policy Will Drive Future Upside Potential

Analysts kept the Industrial & Infrastructure Fund price target steady at ¥159,000. Small adjustments to the discount rate, revenue growth, profit margin, and future P/E assumptions reflect minor refinements to their valuation framework rather than a change in overall view.
Narrative Update • May 30

3249: Logistics Acquisitions And Dividend Policy Will Support Future Returns

The analyst price target for the Industrial & Infrastructure Fund has been trimmed by ¥1,000 to ¥159,000. Analysts now reflect more cautious revenue growth assumptions, partly offset by slightly higher profit margin expectations and a modestly lower forward P/E multiple.
Narrative Update • Apr 24

3249: Logistics Upgrades And Dividend Outlook Will Support Stable Returns

Analysts now set the Industrial & Infrastructure Fund price target at ¥160,000, up from ¥157,000, citing adjusted assumptions for fair value, discount rate, revenue growth, profit margin, and forward P/E as key reasons for the change. What's in the News IIF completed the acquisition of two domestic logistics assets, IIF Nagoya Logistics Center II in Nagoya-shi, Aichi and IIF Shizuoka Susono Logistics Center in Susono-shi, Shizuoka, funded with cash on hand and paid in a lump sum at delivery (Key Developments).
Narrative Update • Apr 09

3249: Logistics Acquisitions And Renovations Will Support Stable Yield And Fair Pricing

Analysts now set the Industrial & Infrastructure Fund price target at ¥157,000, compared with the prior ¥154,500. The revision reflects updated assumptions for a slightly different discount rate, revenue growth profile, profit margin and future P/E expectations.
Narrative Update • Mar 25

3249: Stable Logistics Acquisitions And Unchanged Fair Pricing Will Support Steady Outlook

Analysts have maintained the Industrial & Infrastructure Fund price target at ¥154,500, with the slight adjustments to the discount rate, revenue growth outlook, profit margin assumptions and future P/E indicating a refined rather than directional shift in their valuation view. What's in the News Industrial & Infrastructure Fund Investment Corporation completed the acquisition of two domestic logistics properties, IIF Nagoya Logistics Center II in Nagoya-shi, Aichi and IIF Shizuoka Susono Logistics Center in Susono-shi, Shizuoka.
Narrative Update • Mar 11

3249: Stable Assumptions And Fair Pricing Will Support Steady Outlook

Analysts have kept the Industrial & Infrastructure Fund's price target steady at ¥154,500, with only minor model tweaks to the discount rate, long term revenue growth, profit margin assumptions and future P/E used to support their updated view. Valuation Changes Fair Value: unchanged at ¥154,500, with no revision to the headline estimate.
Narrative Update • Feb 25

3249: Higher Distributions And New Acquisitions Will Support Steady Outlook

Analysts have kept the Industrial & Infrastructure Fund price target broadly unchanged at ¥154,500, with only slight tweaks to inputs such as discount rate, profit margin and forward P/E to reflect updated assumptions in their valuation model. What's in the News Dividend guidance for the thirty eighth fiscal period ending July 2026 has been updated to JPY 4,000 per share, compared with the previous guidance of JPY 3,600 per share (Dividend Increases).
Narrative Update • Feb 11

3249: Higher Distributions And New Property Investments Will Support Steady Outlook

Analysts have maintained the Industrial & Infrastructure Fund fair value target at ¥154,500. A slightly higher discount rate, along with revised revenue growth and profit margin assumptions, has resulted in a modestly higher implied future P/E of 21.17x, compared with 20.87x previously.
Narrative Update • Jan 27

3249: Acquisitions And Higher Dividends Will Support Steady Fair Value Outlook

Analysts have adjusted their fair value estimate for the Industrial & Infrastructure Fund from $153,666.67 to $154,500.00, reflecting updated assumptions regarding revenue growth, profit margins, and future P/E expectations. What’s in the News Planned acquisition of IIF Funabashi Logistics Center II in Funabashi shi, Chiba, with an anticipated price of ¥9,123 million, appraisal value of ¥10,200 million, unrealized gain of ¥1,077 million, and NOI yield of 4.3% (3.9% after depreciation), scheduled for December 12, 2025 (Business Expansions).
Narrative Update • Jan 12

3249: New Acquisitions And Higher Dividends Will Support Fairly Valued Outlook

Analysts have reaffirmed the Industrial & Infrastructure Fund's fair value at $153,666.67, with only small tweaks to assumptions, such as a slightly lower discount rate and a marginally revised future P/E. These changes reflect incremental updates to their long term outlook rather than a fundamental shift in view.
Narrative Update • Dec 14

3249: Future Acquisitions And Dividend Payouts Will Support Fairly Valued Outlook

Analysts have modestly raised their price target on the Industrial and Infrastructure Fund, reflecting an updated fair value estimate that has increased from $149,833.33 to $153,666.67 as they factor in a slightly higher profit margin outlook along with marginally adjusted discount rates and valuation multiples. What's in the News Agreed acquisition of IIF Funabashi Logistics Center II in Chiba for JPY 9,123 million, below an appraisal value of JPY 10,200 million, resulting in an 11.8% unrealized gain and an NOI yield of 4.3% (Key Developments) Planned purchase of IIF Higashihiroshima Manufacturing Center for JPY 3,300 million versus a JPY 4,450 million appraisal, implying a 34.8% unrealized gain and a 6.0% NOI yield (Key Developments) Raised earnings guidance for the fiscal period ending July 31, 2026, with operating revenue now expected at JPY 23,380 million and net income at JPY 9,684 million, above prior forecasts (Key Developments) Multiple dividend upgrades, including guidance of JPY 4,310 per share for the period ending January 31, 2026 and JPY 4,000 per share for the following period ending July 31, 2026, indicating stronger distributable income (Key Developments) New strategic partnership structure JINUSHI KJRM GK with KKR Group, where IIF contributes land assets and retains a minority equity stake while a partner provides over 90% of equity, enhancing capital recycling capacity (Key Developments) Valuation Changes The consensus analyst price target fair value estimate has risen slightly, from ¥149,833.33 to ¥153,666.67, reflecting a modestly more optimistic outlook.
Narrative Update • Nov 30

3249: Dividend Stability And Fair Value To Persist Amid Buyback And Raised Guidance

Analysts have made a slight adjustment to the Industrial & Infrastructure Fund’s price target, maintaining it near ¥149,833. Recent research supports stable fair value estimates and only marginal updates to key forecasts.
Narrative Update • Nov 16

3249: Fair Value And Dividend Stability Expected Amid Modest Discount Rate Increase

Analysts have maintained their price target for Industrial & Infrastructure Fund at ¥149,833. They note that despite a modest increase in the discount rate and stable growth forecasts, the fund's fair value projection remains unchanged.
Narrative Update • Oct 31

3249: Future Revenue Stability Will Rely On CPI-Linked Rents And Business Expansion

Analysts have increased their price target for Industrial & Infrastructure Fund Investment from ¥147,000 to ¥149,833. They cite improved discount rates, slight revenue growth, and marginally higher profit margins in their updated outlook.
Narrative Update • Oct 17

Incorporating CPI-Linked Rents Will Maintain Real Rental Income

Analysts have raised their price target for the Industrial & Infrastructure Fund from ¥144,286 to ¥147,000, citing incremental improvements in profit margin and a slightly lower discount rate as key factors in the updated valuation. What's in the News The board approved a repurchase of its own investment units at the meeting on July 30, 2025 (Board Meeting) Buyback tranche completed with 7,755 shares repurchased for ¥999.92 million from August 1 to September 19, 2025 (Buyback Tranche Update) Earnings guidance revised upward for the fiscal period ending January 31, 2026, reflecting higher expected revenue and income figures compared to prior estimates (Corporate Guidance Raised) Dividend guidance increased to JPY 4,310 per share from JPY 3,480 per share for the same fiscal period (Dividend Increases) Acquisition of IIF Narashino Logistics Center I completed, with the facility achieving top environmental and energy efficiency certifications (Business Expansions) Valuation Changes Consensus Analyst Price Target has risen slightly from ¥144,286 to ¥147,000, reflecting updated market expectations.
Narrative Update • Oct 03

Incorporating CPI-Linked Rents Will Maintain Real Rental Income

The analyst price target for the Industrial & Infrastructure Fund has increased by approximately $7,400 to $144,285, as analysts factor in a slightly higher discount rate along with more conservative projections for revenue growth and profit margins. What's in the News The company revised its earnings guidance for the period ending January 31, 2026, projecting higher operating revenue, operating income, and net income compared to its previous forecast (Key Developments).
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New Narrative • Feb 09

Incorporating CPI-Linked Rents Will Maintain Real Rental Income

Strategic property acquisitions and CPI-linked rent clauses aim to maintain rental income and enhance revenue and net margins.

Earnings and Revenue Growth Forecasts

TSE:3249 - Analysts future estimates and past financials data (JPY Millions)
DateRevenueEarningsFree Cash FlowCash from OpAvg. No. Analysts
1/31/202947,30519,34025,87125,8712
1/31/202846,17919,31125,39825,3982
1/31/202746,15518,93026,01126,0112
1/31/202645,71720,26013,07233,750N/A
10/31/202543,83319,18120,89631,235N/A
7/31/202541,94818,10228,72028,720N/A
4/30/202540,88217,79830,90230,902N/A
1/31/202539,81617,49433,08433,084N/A
10/31/202438,27216,71131,09131,091N/A
7/31/202436,72815,92929,09829,098N/A
4/30/202435,44015,29525,60625,606N/A
1/31/202434,15314,66122,11322,113N/A
10/31/202333,81714,01020,76520,765N/A
7/31/202333,48113,35919,41719,417N/A
4/30/202333,15612,89619,45019,450N/A
1/31/202332,83012,43219,48319,483N/A
10/31/202232,68612,35522,82622,826N/A
7/31/202232,54112,27826,16926,169N/A
4/30/202231,81812,36429,69029,690N/A
1/31/202231,09412,44933,21133,211N/A
10/31/202129,93812,8656,71930,995N/A
7/31/202128,78113,280-19,77428,779N/A
4/30/202126,82912,607-25,86122,692N/A
1/31/202124,87611,934-31,94816,605N/A
10/31/202023,21211,411-8,91515,362N/A
7/31/202021,54810,88814,11914,119N/A
4/30/202021,12210,82514,79514,795N/A
1/31/202020,69610,76115,47215,472N/A
10/31/201920,31710,288N/A14,436N/A
7/31/201919,9389,814N/A13,400N/A
4/30/201919,7159,525N/A12,773N/A
1/31/201919,4929,236N/A12,145N/A
7/31/201817,1988,023N/A10,282N/A
1/31/201817,5668,044N/A10,901N/A
7/31/201716,7787,501N/A17,031N/A
12/31/201615,9556,823N/A17,852N/A
9/30/201615,8156,746N/A13,712N/A
6/30/201615,6746,668N/A9,572N/A
3/31/201615,4106,528N/A9,156N/A
12/31/201515,1456,388N/A8,740N/A
9/30/201514,6396,144N/A8,407N/A

Analyst Future Growth Forecasts

Earnings vs Savings Rate: 3249's earnings are forecast to decline over the next 3 years (-1.3% per year).

Earnings vs Market: 3249's earnings are forecast to decline over the next 3 years (-1.3% per year).

High Growth Earnings: 3249's earnings are forecast to decline over the next 3 years.

Revenue vs Market: 3249's revenue (1% per year) is forecast to grow slower than the JP market (6.3% per year).

High Growth Revenue: 3249's revenue (1% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: 3249's Return on Equity is forecast to be low in 3 years time (8.1%).

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/07/21 07:59
End of Day Share Price 2026/07/21 00:00
Earnings2026/01/31
Annual Earnings2026/01/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

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Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Industrial & Infrastructure Fund Investment Corporation is covered by 15 analysts. 3 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Junichi TazawaBarclays
Masashi MikiCitigroup Inc
Masahiro MochizukiCLSA