TSE: 8966 - Heiwa Real Estate REIT, Inc.

Yield per half year: -2.19%
Dividend yield: +8.17%
Sector: Real Estate

Reporting Heiwa Real Estate REIT, Inc.

Capitalization

IFRS

Reporting Annual Quarterly

	2018	2019	2020	2021	2022	2023	2024	LTM	5 year average	CAGR 5
Капитализация, млрд ¥								160.93
Выручка, млрд ¥	15.02	12.71	13.66	13.61	15.16	18.46	17.78	17.78	15.73	5.41
Чистая прибыль, млрд ¥	7.3	5.08	6.06	5.89	6.76	7.55	8.04	8.04	6.86	5.82
EV, млрд ¥	170.09	193.84	177.44	258.03	235.43	280.86	264.41	264.41	243.23	8.30
EBIT, млрд ¥	8.25	6	6.88	6.67	7.48	8.47		8.51	7.10	7.14
EBITDA, млрд ¥	9.98	7.77	8.69	8.48	9.42	10.54		10.54	8.98	6.29
Баланс стоимость, млрд ¥	95.36	95.65	94.91	104.19	113.01	118.53	124.89	124.89	111.11	5.64
FCF, млрд ¥	5.57	-0.0258	2.84	-10.44	-12.11	-7.98	-1.24	-1.24	-5.7860	-184.73
Операционный денежный поток, млрд ¥	16.08	9.92	11	8.8	13.29	11.3	12.95	12.95	11.47	3.32
Операционная прибыль, млрд ¥	8.25	6	6.88	6.67	7.63	8.47	9.18	9.18	7.77	5.94
Операционные расходы, млрд ¥	1.64	1.55	1.6	1.62	1.76	0.5179	8.6	8.6	2.82	39.98
CAPEX, млрд ¥	10.51	9.95	8.17	19.24	25.39	19.28	14.19	14.19	17.25	11.67

	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q2	2024Q4	5 quarters average	CAGR 5
Выручка, млрд ¥					7.32	3.92	8.4	4.02	8.61	4.33	9.85	10.17		7.40	20.40
Чистая прибыль, млрд ¥					3.19	1.78	3.57	1.78	3.56	2	4	1.97		2.66	2.05
EV, млрд ¥			240.11		238.6	189.25	266.85	271.44	275.51	177.83	256.4	258.25	246.37	242.87	-2.21
EBIT, млрд ¥			1.68	1.8	1.8	2.01	4	2.01	4	2.25	4.47	4.46		3.44	17.28
EBITDA, млрд ¥						2.5	5	2.5	5.01	2.77	5.53	5.52		4.27	17.17
Баланс стоимость, млрд ¥			104.19		104.62	104.62	113.01	112.81	112.81	112.81	118.53	118.95	124.89	117.60	2.06
FCF, млрд ¥						2.6	-13.46	2.62	-4.16	3.03	-3.82	-2.25		-0.9160	-197.00
Операционный денежный поток, млрд ¥			2.28	4.04	4.04	2.6	5.2	2.62	5.24	3.03	6.06	3.27		4.04	4.53
Операционная прибыль, млрд ¥					3.61	2.01	4	2.01	4	2.25	4.47	4.46		3.44	17.28
Операционные расходы, млрд ¥						0.3691	0.2049	0.3894	0.3894	0.4212	0.4212	0.239		0.3720	-9.30
CAPEX, млрд ¥	5.93	3.37	3.37	3.37	3.37		18.66		9.41		9.88	5.52		9.37	10.37

	5 quarters average	CAGR 5

Cash flow Cash flow quarterly Assets

Balance sheet

IFRS

Reporting Annual Quarterly

	2018	2019	2020	2021	2022	2023	2024	LTM	5 year average	CAGR 5
Наличность, млрд ¥	16.73	13.96	13.63	11.22	15.57	12.87	11.78	11.78	13.01	-2.88
Short Term Investments ¥	3.46	3.36	3						3.27	-4.64
Total Receivables ¥	0.06	0.047	0.0607	0.0693	0.0712	0.147	0.1588	0.1588	0.1014	21.21
Total Current Assets ¥	20.66	17.51	17.29	15.09	19.51	17.54	16.11	16.11	17.11	-1.40
Чистые активы, млрд ¥	20.66	17.51	17.29	15.09	180.84	202.83		202.83	86.71	63.22
Активы, млрд ¥	183.2	185.93	188.92	203.21	221.53	240.87	249.19	249.19	220.74	5.69
Short Term Debt ¥	14.13	11.55	11.9	12.15	0.2	13.94	13.98	13.98	10.43	3.27
Long Term Debt ¥	66.64	70.92	74.26	78.71	86.1	98.6	100.06	100.06	87.55	6.15
Задолженность, млрд ¥	87.84	90.28	94.01	99.01	108.52	122.34	124.3	124.3	109.64	5.74
Чистый долг, млрд ¥	64.04	68.51	72.54	79.63	81.19	99.66	102.26	102.26	87.06	7.11
Долг, млрд ¥	80.77	82.47	86.17	90.86	86.3	112.54	114.04	114.04	97.98	5.76
Расходы на обслуживание долга ¥	0.7821	0.792	0.7178	0.6768	0.7205	0.9172	0.9549	0.9549	0.7974	5.87
Чист. проц. доходы, млрд ¥	0.0026	0.0025	0.0022	0.002	0.83	0.000142		0.000142	0.1674	-43.65
Амортизация, млрд ¥	1.73	1.77	1.81	1.81	1.94	2.07		2.03	1.88	3.18
Себестоимость, млрд ¥		5.16	5.17	5.31	5.77	9.47	6.63	6.63	6.47	5.10
Товарно материальные запасы ¥		3.5	3.62	3.81					3.64	2.87

	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q2	2024Q4	5 quarters average	CAGR 5
Наличность, млрд ¥			11.22		15.57	-14.57	13.18	12.5	12.5	-12.5	16.4	11.87	11.78	8.01	-1.18
Short Term Investments ¥						29.14				25				27.07	-7.38
Total Receivables ¥		0.0492	0.0492	0.0712	0.0712		0.1037	0.1432	0.1432		0.1718	0.1475	0.1588	0.1529	2.09
Total Current Assets ¥				19.51	19.51	14.57	13.92	16.62	16.62	12.5	17.54	16.4	16.11	15.83	-0.62
Чистые активы, млрд ¥	13.66	15.09	15.09	19.51	19.51		196.51	202.83	60.37					99.75	25.35
Активы, млрд ¥	190.99		203.21		209.79		221.53	231.99	231.99		240.87	243.16	249.19	239.44	1.44
Short Term Debt ¥	11.87		12.15		12.58		13.46	13.67	13.67		13.94	13.74	13.98	13.80	0.45
Long Term Debt ¥	76.2		78.71		84.18		86.1		96.15		98.6	100.3	100.06	96.24	3.05
Задолженность, млрд ¥	95.8		99.01		105.18		108.52	119.18	119.18		122.34	124.21	124.3	121.84	0.84
Чистый долг, млрд ¥			79.63		81.19	14.57	86.38	97.37	97.32	12.5	96.14	102.17	102.26	82.08	1.00
Долг, млрд ¥	88.07		90.86		96.76		99.56	109.87	109.82		112.54	114.04	114.04	112.06	0.75
Расходы на обслуживание долга ¥							0.4254		0.441		0.4762			0.4475	3.83
Чист. проц. доходы, млрд ¥					0.4049		0.4251		0.4409					0.4236	2.88
Амортизация, млрд ¥						0.4901	0.9963	0.4962	1.01	0.519	1.06	1.06		0.8290	16.39
Себестоимость, млрд ¥								1.66	4.38	1.7	5.09	5.45		3.66	26.84
Товарно материальные запасы ¥							0		3.96		0			3.96	0.00

	5 quarters average	CAGR 5

Share

IFRS

Reporting Annual Quarterly

	2018	2019	2020	2021	2022	2023	2024	2025	LTM	5 year average	CAGR 5
EPS	7195.72	5010.38	6000.28	5729.78	6227.67	6670	6726.28		6726.28	6270.80	2.31
Цена акции ао					151700	134600	120200	128800	128800	133825.00	-4.01
Число акций ао, млн	1.01	1.01	1.01	1.03	1.09	1.13	1.19		1.19	1.09	3.33
FCF/акцию	5484.37	-25.42	2808.78	-10156.18	-11153.96	-7050.5	-1038.36		-1038.36	-5318.0440	-181.95

	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q2	2025Q1	5 quarters average	CAGR 5
EPS	3024.74	1601.46	3202.92	1597.57	3195.15	1737.43	3474.85	1712.12		2343.42	1.39
Цена акции ао									128800	128800.00	0.00
FCF/акцию		2334.86	-12089.09	2353.11	-3739.36	2634.96	-3322.45	-1956.24		-805.9960	-196.37

	5 quarters average	CAGR 5

Efficiency

IFRS

Reporting Annual Quarterly

	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	5 year average	CAGR 5
ROE, %	7.78	5.32	6.36	5.91	6.22	6.52	6.6		6.6	7.48	6.32	0.74
ROA, %	4.03	2.76	3.24	3	3.18	3.27	3.28		3.28	3.79	3.19	0.25
ROIC, %		5.73	6.37	6.24	6.91	6.59				6.80	6.37	2.84
ROS, %		40	44.39	43.27	44.59	40.92	45.2	45.2	45.2	30.62	43.84	0.88
ROCE, %	4.94	3.49	3.94	3.54	3.63	3.78		6.81	6.81	4.34	4.34	11.57
Ebit margin, %		39.99	50.39	48.25	49.35	45.9		47.86	47.86		48.35	-1.02
Рентаб EBITDA, %	66.42	61.17	63.63	62.3	62.12	57.11		59.28	59.28	45.30	60.89	-1.41
Чистая рентаб, %	48.62	40	44.39	43.27	44.59	40.92	45.2		45.2	30.62	43.67	0.36
Operation Margin, %		47.23	50.39	49.03	50.32	45.9	51.62	51.62	51.62	34.78	49.70	1.03

	2021Q2	2021Q4	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q2	Industry average	5 quarters average	CAGR 5
ROE, %			6.12	2.56	4.03	1.58	3.24	1.79	3.52	1.71	7.48	2.37	1.59
ROA, %			3.04		3.22	0.7669	1.53		3.32	0.8137	3.79	1.93	-24.05
ROIC, %						1.58	3.16		3.25	1.66	6.80	2.41	1.24
ROS, %						44.21	41.35	46.15	40.55	19.36	30.62	38.32	-15.22
ROCE, %	0.9405	0.9191	0.9414		2	1.78	1.89		2.05	2.01	4.34	1.95	0.10
Ebit margin, %						49.88	46.47	51.93	45.4	43.86		47.51	-2.54
Рентаб EBITDA, %				63.78	59.53	62.2	58.18	63.92	56.16	54.27	45.30	58.95	-2.69
Чистая рентаб, %			43.61	45.51	42.47	44.21	41.35	46.15	40.55	19.36	30.62	38.32	-15.22
Operation Margin, %						49.88	46.47	51.93	45.4	43.86	34.78	47.51	-2.54

	Industry average	5 quarters average	CAGR 5

Coefficients

IFRS

Reporting Annual Quarterly

	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	5 year average	CAGR 5
P/E	14.52	24.65	17.3	30.3	23.94	23.99	20.17		20.17	30.25	23.14	3.12
P/BV	1.11	1.31	1.11	1.71	1.43	1.53	1.3		1.3	2.01	1.42	3.21
P/S	7.06	9.86	7.68	13.11	10.68	9.82	9.12		9.12	8.43	10.08	3.50
P/FCF						0	-20.16	-129.7	-129.7	26.48	-74.9300	153.64
E/P						0.0442	0.0469	0.0499	0.0499	0.25	0.0470	4.13
EV/EBIT		38.14	25.77	39.28		33.15	32.59	31.07	31.07		32.37	3.81
EV/EBITDA	17.05	24.93	20.41	30.44		26.64			26.31	21.56	23.89	9.34
EV/S		15.25	12.99	18.96		15.22	14.87	14.87	14.87	12.34	15.38	2.74
EV/FCF		-7514.79	62.5	-24.72		-35.18	-213.1	-213.1	-213.1	126.50	-84.7200	-227.80
Debt/EBITDA	8.1	10.61	9.91	10.72	9.16	10.68	10.68	10.82	10.82	8.72	10.41	0.19
Netdebt/Ebitda		8.81	8.35	9.39		9.45	9.12	9.7	9.7	4.15	9.20	3.04
Debt/Ratio		0.4435	0.4561	0.4471	0.3895	0.4672	0.4576	0.4576	0.4576	0.36	0.4438	0.47
Debt/Equity		0.8622	0.9079	0.872	0.7636	0.9494	0.9131	0.5622	0.5622	167.75	0.8121	-8.40
Debt/Net Income		16.22	14.21	15.43	12.77	14.9	14.19	14.19	14.19	12.41	14.30	-1.66
peg								0.0418	0.0418		0.0418	0.00
Бета						-1.06	-1.17	-1.21	-1.21	-0.35	-1.1467	4.51
Индекс Альтмана						2.54	2.29	2.2	2.2	20.03	2.34	-4.68

	2021Q2	2021Q4	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q2	2024Q4	2025Q1	Industry average	5 quarters average	CAGR 5
P/E			49.29	33.92	20.7	16.58	16.67	14.77	13.93	13.41			30.25	15.07	-4.16
P/BV	1.82	1.54	1.5		1.6	1.54	1.58		1.35	1.31	1.15		2.01	1.39	-5.67
P/S			21.5	10.98	7.43	6.14	7.14	6.35	5.89	4.69			8.43	6.04	-5.25
EV/EBIT						135.21	68.9	79.11	57.32	57.89				79.69	-15.60
EV/EBITDA				26.79	22.12	108.42	18.36	11.64	16.22	13.72			21.56	33.67	-33.86
EV/S						67.44	32.01	41.08	26.02	25.39			12.34	38.39	-17.75
EV/FCF						103.58	-66.15	58.7	-67.13	-114.77			126.50	-17.1540	-202.07
Debt/EBITDA					19.92	43.88	21.93		20.34	20.66			8.72	25.35	0.73
Netdebt/Ebitda						38.89	19.43	4.52	17.37	18.51			4.15	19.74	-13.80
Debt/Ratio						0.4736	0.4734		0.4672	0.469	0.4576		0.36	0.4682	-0.68
Debt/Equity						0.9739	0.9735		0.9494	0.9587	0.9131		167.75	0.9537	-1.28
Debt/Net Income						61.75	30.86		28.17	57.91			12.41	44.67	-1.59
Бета												-1.21	-0.35	-1.2100	0.00
Индекс Альтмана												2.2	20.03	2.20	0.00

	Industry average	5 quarters average	CAGR 5

Dividends

IFRS

Reporting Annual Quarterly

	2016	2017	2018	2019	2020	2021	2022	2023	2024	LTM	Industry average	5 year average	CAGR 5
Див.выплата, млрд		4.42	4.85	5.13	5.48	5.85	7	7.68				6.23	8.40
Дивиденд	3692	4071	4650	4925	5230	4091.93	6180	6460	7020	7020		5796.39	6.06
Див доход, ао, %	6.96	6.39	5.75	5.2	6.55	3.74	5.77	7.15	8.81	8.17	126.52	6.40	6.11
Дивиденды / прибыль, %			60.54	95.31	84.52	93.02	92.82	92.73	95.56	95.56	72.32	91.73	2.49

	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q2	Industry average	5 quarters average	CAGR 5
Див.выплата, млрд	1.4	1.53	1.53	1.61	1.61	1.74	3.49	1.76	3.52	1.9		2.48	1.77
Дивиденды / прибыль, %			47.82	90.29	45.15	97.96	97.96	88.07	88.07	96.33	72.32	93.68	-0.34

	Industry average	5 quarters average	CAGR 5

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