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Daiwa Office Investment TSE:8976 Stock Report

Last Price


Market Cap







30 Jun, 2022


Company Financials
8976 fundamental analysis
Snowflake Score
Future Growth0/6
Past Performance3/6
Financial Health1/6

8976 Stock Overview

Daiwa Office Investment Corporation is a REIT focused on investment and management of office buildings in the Central 5wards of Tokyo.

Daiwa Office Investment Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Daiwa Office Investment
Historical stock prices
Current Share PriceJP¥696,000.00
52 Week HighJP¥807,000.00
52 Week LowJP¥631,000.00
1 Month Change1.02%
3 Month Change-8.18%
1 Year Change-11.34%
3 Year Change-11.45%
5 Year Change26.55%
Change since IPO51.97%

Recent News & Updates

Shareholder Returns

8976JP REITsJP Market

Return vs Industry: 8976 underperformed the JP REITs industry which returned -7.5% over the past year.

Return vs Market: 8976 underperformed the JP Market which returned -3.9% over the past year.

Price Volatility

Is 8976's price volatile compared to industry and market?
8976 volatility
8976 Average Weekly Movement2.5%
REITs Industry Average Movement2.5%
Market Average Movement4.2%
10% most volatile stocks in JP Market8.4%
10% least volatile stocks in JP Market2.2%

Stable Share Price: 8976 is less volatile than 75% of JP stocks over the past 3 months, typically moving +/- 3% a week.

Volatility Over Time: 8976's weekly volatility (3%) has been stable over the past year.

About the Company


Daiwa Office Investment Corporation is a REIT focused on investment and management of office buildings in the Central 5wards of Tokyo.

Daiwa Office Investment Fundamentals Summary

How do Daiwa Office Investment's earnings and revenue compare to its market cap?
8976 fundamental statistics
Market CapJP¥335.84b
Earnings (TTM)JP¥14.35b
Revenue (TTM)JP¥28.94b


P/E Ratio


P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
8976 income statement (TTM)
Cost of RevenueJP¥12.97b
Gross ProfitJP¥15.97b
Other ExpensesJP¥1.62b

Last Reported Earnings

Nov 30, 2021

Next Earnings Date


Earnings per share (EPS)29.74k
Gross Margin55.19%
Net Profit Margin49.59%
Debt/Equity Ratio79.8%

How did 8976 perform over the long term?

See historical performance and comparison



Current Dividend Yield


Payout Ratio
We’ve recently updated our valuation analysis.


Is 8976 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score


Valuation Score 2/6

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • PEG Ratio

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 8976?

Other financial metrics that can be useful for relative valuation.

8976 key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue17.7x
Enterprise Value/EBITDA26.7x
PEG Ration/a

Price to Earnings Ratio vs Peers

How does 8976's PE Ratio compare to its peers?

8976 PE Ratio vs Peers
The above table shows the PE ratio for 8976 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPEEstimated GrowthMarket Cap
Peer Average25.3x
3234 Mori Hills REIT Investment
8955 Japan Prime Realty Investment
8972 Kenedix Office Investment
8976 Daiwa Office Investment

Price-To-Earnings vs Peers: 8976 is good value based on its Price-To-Earnings Ratio (23.4x) compared to the peer average (25.3x).

Price to Earnings Ratio vs Industry

How does 8976's PE Ratio compare vs other companies in the JP REITs Industry?

Price-To-Earnings vs Industry: 8976 is good value based on its Price-To-Earnings Ratio (23.4x) compared to the JP REITs industry average (26.2x)

Price to Earnings Ratio vs Fair Ratio

What is 8976's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

8976 PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio23.4x
Fair PE Ration/a

Price-To-Earnings vs Fair Ratio: Insufficient data to calculate 8976's Price-To-Earnings Fair Ratio for valuation analysis.

Share Price vs Fair Value

What is the Fair Price of 8976 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 8976 (¥696000) is trading above our estimate of fair value (¥624860.27)

Significantly Below Fair Value: 8976 is trading above our estimate of fair value.

Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate 8976's PEG Ratio to determine if it is good value.

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Future Growth

How is Daiwa Office Investment forecast to perform in the next 1 to 3 years based on estimates from 0 analysts?

Future Growth Score


Future Growth Score 0/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


Forecasted Real Estate industry annual growth in earnings

In this section we usually present revenue and earnings growth projections based on the consensus estimates of professional analysts to help investors understand the company’s ability to generate profit. But as Daiwa Office Investment has not provided enough past data and has no analyst forecast, its future earnings cannot be reliably calculated by extrapolating past data or using analyst predictions.

This is quite a rare situation as 97% of companies covered by SimplyWall St do have past financial data.

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Past Performance

How has Daiwa Office Investment performed over the past 5 years?

Past Performance Score


Past Performance Score 3/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: 8976 has high quality earnings.

Growing Profit Margin: 8976's current net profit margins (49.6%) are higher than last year (48%).

Past Earnings Growth Analysis

Earnings Trend: 8976's earnings have grown by 7.4% per year over the past 5 years.

Accelerating Growth: 8976's earnings growth over the past year (0.7%) is below its 5-year average (7.4% per year).

Earnings vs Industry: 8976 earnings growth over the past year (0.7%) underperformed the REITs industry 5.1%.

Return on Equity

High ROE: 8976's Return on Equity (5.7%) is considered low.

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Financial Health

How is Daiwa Office Investment's financial position?

Financial Health Score


Financial Health Score 1/6

  • Short Term Liabilities

  • Long Term Liabilities

  • Debt Level

  • Reducing Debt

  • Debt Coverage

  • Interest Coverage

Financial Position Analysis

Short Term Liabilities: 8976's short term assets (¥30.9B) do not cover its short term liabilities (¥38.7B).

Long Term Liabilities: 8976's short term assets (¥30.9B) do not cover its long term liabilities (¥190.9B).

Debt to Equity History and Analysis

Debt Level: 8976's net debt to equity ratio (69.3%) is considered high.

Reducing Debt: 8976's debt to equity ratio has increased from 79.6% to 79.8% over the past 5 years.

Debt Coverage: 8976's debt is not well covered by operating cash flow (10.3%).

Interest Coverage: 8976's interest payments on its debt are well covered by EBIT (15.4x coverage).

Balance Sheet

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What is Daiwa Office Investment current dividend yield, its reliability and sustainability?

Dividend Score


Dividend Score 5/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Future Dividend Coverage


Current Dividend Yield

Dividend Yield vs Market

Notable Dividend: 8976's dividend (4.02%) is higher than the bottom 25% of dividend payers in the JP market (1.67%).

High Dividend: 8976's dividend (4.02%) is in the top 25% of dividend payers in the JP market (3.67%)

Stability and Growth of Payments

Stable Dividend: 8976's dividends per share have been stable in the past 10 years.

Growing Dividend: 8976's dividend payments have increased over the past 10 years.

Earnings Payout to Shareholders

Earnings Coverage: With its reasonable payout ratio (65.2%), 8976's dividend payments are covered by earnings.

Cash Payout to Shareholders

Cash Flow Coverage: With its reasonable cash payout ratio (74.4%), 8976's dividend payments are covered by cash flows.

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How experienced are the management team and are they aligned to shareholders interests?


Average board tenure


Daiwa Office Investment has no CEO, or we have no data on them.

Board Members

Experienced Board: 8976's board of directors are considered experienced (6.8 years average tenure).


Who are the major shareholders and have insiders been buying or selling?

Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.

Top Shareholders

Company Information

Daiwa Office Investment Corporation's employee growth, exchange listings and data sources

Key Information

  • Name: Daiwa Office Investment Corporation
  • Ticker: 8976
  • Exchange: TSE
  • Founded: 2005
  • Industry: Office REITs
  • Sector: Real Estate
  • Implied Market Cap: JP¥335.840b
  • Shares outstanding: 482.53k
  • Website:


  • Daiwa Office Investment Corporation
  • 6-2-1 Ginza
  • Chuo-ku
  • Tokyo
  • 104-0061
  • Japan


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/06/30 00:00
End of Day Share Price2022/06/30 00:00
Annual Earnings2021/11/30

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 here.