TSE: 8986 - Daiwa Securities Living Investment Corporation

Yield per half year: +1.55%
Dividend yield: +7.63%
Sector: Real Estate

Reporting Daiwa Securities Living Investment Corporation

Capitalization

IFRS

Reporting Annual Quarterly

	2019	2020	2021	2022	2023	2024	LTM	5 year average	CAGR 5
Капитализация, млрд ¥							255.55
Выручка, млрд ¥	16.72	19.91	21.3	22.7	24.67	27.44	27.44	23.20	6.63
Чистая прибыль, млрд ¥	6.52	9.39	8.89	9.27	10.35	12.02	12.02	9.98	5.06
EV, млрд ¥	272.87	364.45	392.51	427.73	435.87	437.74	437.74	411.66	3.73
EBIT, млрд ¥	7.55	8.62	10.19	10.67	11.48		11.48	9.70	8.74
EBITDA, млрд ¥	10.99	14.36	14.66	15.67	16.67		16.67	14.47	8.69
Баланс стоимость, млрд ¥	108.45	151.12	157.3	165.22	172	187.82	187.82	166.69	4.44
FCF, млрд ¥	6.22	-46.9	-15.88	-3.85	1.32	-30.47	-30.47	-19.1560	-8.26
Операционный денежный поток, млрд ¥	14.59	10.09	13.12	14.4	24.57	26.53	26.53	17.74	21.33
Операционная прибыль, млрд ¥	7.55	8.62	10.19	10.67	11.81	13.69	13.69	11.00	9.69
Операционные расходы, млрд ¥	1.74	2.48	2.36	2.53	2.73	13.75	13.75	4.77	40.85
CAPEX, млрд ¥	8.37	72.33	29	18.25	23.25	57	57	39.97	-4.65

	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q3	5 quarters average	CAGR 5
Выручка, млрд ¥			11.26		11.44	5.95	11.9	6.38	21.52	6.64	13.28	14.16	12.40	17.29
Чистая прибыль, млрд ¥			4.62		4.65	2.41	4.83	2.76	5.52	2.91	5.81	6.2	4.64	17.57
EV, млрд ¥	393.98		417.94		427.75	268.35	422.51	425.37	426.73	442.14	454.61	437.74	437.32	0.57
EBIT, млрд ¥			2.66	2.67	2.67	2.79	5.57	3.12	6.24	3.3	6.6	7.09	5.27	17.84
EBITDA, млрд ¥					7.97	4.08	8.29	4.42	8.97	4.62	9.24	9.96	7.44	17.64
Баланс стоимость, млрд ¥	157.3		165.37		165.22	165.22	171.44	172	172	187.12	187.12	187.82	181.21	1.78
FCF, млрд ¥					4.66	3.81	-11.79	8.47	13.11	-17.77	-42.18	5.08	-6.6580	-9.72
Операционный денежный поток, млрд ¥			3.65	3.55	3.55	3.81	7.63	8.47	16.94	6.64	13.27	13.25	11.71	9.36
Операционная прибыль, млрд ¥			5.32		5.34	2.79	5.57	3.12	6.24	3.3	6.6	7.09	5.27	17.84
Операционные расходы, млрд ¥					0.3273	0.4497	0.4497	0.4361	0.4361	0.525	0.8643	0.533	0.5589	4.09
CAPEX, млрд ¥	1.22	7.9	7.9	1.22	1.22		19.42		3.83	24.41	48.82	8.17	20.93	-15.90

	5 quarters average	CAGR 5

Cash flow Cash flow quarterly Assets

Balance sheet

IFRS

Reporting Annual Quarterly

	2019	2020	2021	2022	2023	2024	LTM	5 year average	CAGR 5
Наличность, млрд ¥	8.19	9.66	11.04	14.77	18.7	8.17	8.17	12.47	-3.29
Short Term Investments ¥	0.9807				0.00017			0.4904	-98.68
Total Receivables ¥	0.238	0.3376	0.155	0.1505	0.148	0.1561	0.1561	0.1894	-14.30
Total Current Assets ¥	9.71	12.88	14.38	18.34	22.34	12.51	12.51	16.09	-0.58
Чистые активы, млрд ¥	9.71	12.88	14.38	333.56			333.56	92.63	142.10
Активы, млрд ¥	227.19	310.21	336.3	353.68	367.53	400.09	400.09	353.56	5.22
Short Term Debt ¥	17.5	24.71	13.5	18.2	18.99	21.61	21.61	19.40	-2.65
Long Term Debt ¥	98.09	127.97	159.19	163.49	169.15	183.13	183.13	160.59	7.43
Задолженность, млрд ¥	118.74	159.09	179.01	188.46	195.54	212.26	212.26	186.87	5.94
Чистый долг, млрд ¥	107.39	143.03	161.64	166.91	169.44	196.57	196.57	167.52	6.57
Долг, млрд ¥	115.59	152.69	172.69	181.69	188.14	204.74	204.74	179.99	6.04
Расходы на обслуживание долга ¥	0.8095	0.8256	0.9914	1.07	1.12	1.31	1.31	1.06	9.67
Чист. проц. доходы, млрд ¥	0	0.0000	0.0000	0.0000	0.0000		0.0000
Амортизация, млрд ¥	3.43	5.74	4.47	5.01	5.19		5.19	4.77	8.64
Себестоимость, млрд ¥		8.8	8.75	9.5	10.13	10.7	10.7	9.58	3.99
Товарно материальные запасы ¥		2.88	3.19	3.42				3.16	5.90

	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q3	5 quarters average	CAGR 5
Наличность, млрд ¥	11.04		12.08		14.77	-14.77	10.62	18.7	18.7	8.77	8.77	8.17	12.62	-15.26
Short Term Investments ¥						29.55							29.55	0.00
Total Receivables ¥			0.166	0.151	0.151	0.1672	0.1672	0.1484	0.1484	0.1988	0.1988	0.1561	0.1701	1.02
Total Current Assets ¥			15.63	18.34	18.34	14.77	14.45	22.34	22.34	13.12	13.12	12.51	16.69	-10.95
Чистые активы, млрд ¥	14.38	15.63	15.63	18.34	18.34	350.26	154.16						111.35	58.05
Активы, млрд ¥	336.3		350.96		353.68		366.57	367.53	367.53	399.47	399.47	400.09	386.82	1.71
Short Term Debt ¥	13.5		19.4		18.2		20.54	18.99	18.99	18.15	18.15	21.61	19.18	2.62
Long Term Debt ¥	159.19		159.49		163.49		167.6		169.15		186.59	183.13	173.99	2.29
Задолженность, млрд ¥	179.01		185.58		188.46		195.13	195.54	195.54	212.35	212.35	212.26	205.61	1.65
Чистый долг, млрд ¥	161.64		166.81		166.91	14.77	177.52	169.44	169.44	195.96	195.96	196.57	185.47	3.01
Долг, млрд ¥	172.69		178.89		181.69		188.14	188.14	188.14	204.74	204.74	204.74	198.10	1.71
Расходы на обслуживание долга ¥					0.7029		0.7504		0.7366		1.54		0.9325	21.66
Чист. проц. доходы, млрд ¥			0.6941		0.7029		0.7264						0.7078	1.53
Амортизация, млрд ¥					2.63	1.3	2.72	1.3	2.73	1.32	2.64	2.87	2.17	17.16
Себестоимость, млрд ¥							6	2.9	14.59	2.91	5.82	6.53	6.55	17.63
Товарно материальные запасы ¥					3.42		0		3.5				3.46	1.16

	5 quarters average	CAGR 5

Share

IFRS

Reporting Annual Quarterly

	2019	2020	2021	2022	2023	2024	2025	LTM	5 year average	CAGR 5
EPS	3977.24	4568.09	4197.19	4206.55	4444.72	4992.81		4992.81	4481.87	1.79
Цена акции ао				114900	104300	89100	91200	91200	99875.00	-5.61
Число акций ао, млн	1.64	2.06	2.12	2.2	2.33	2.41		2.41	2.22	3.19
FCF/акцию	3793.34	-22812.01	-7497.04	-1745.84	565.95	-12659.04		-12659.04	-8829.5960	-11.11

	2022Q1	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q3	2025Q1	2025Q2	5 quarters average	CAGR 5
EPS	2096.04	2110.23	1068.25	2136.5	1221.45	2442.9	1212.56	2425.12	2577.18			1975.84	16.11
Цена акции ао										92600	91200	91900.00	-0.76
FCF/акцию		2111.99	1688.01	-5215.79	3746.34	5796.82	-7414.26	-17597.74	2109.78			-2671.8120	-10.85

	5 quarters average	CAGR 5

Efficiency

IFRS

Reporting Annual Quarterly

	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	5 year average	CAGR 5
ROE, %	6.02	12.43	5.76	5.75	6.14	6.68		6.68	7.55	7.35	-11.68
ROA, %	2.87	6.06	2.75	2.69	2.87	3.13		3.13	3.81	3.50	-12.38
ROIC, %		6.09	5.55	5.49	5.81				6.80	5.74	-1.17
ROS, %		47.18	41.74	40.86	41.96	43.8	43.8	43.8	30.93	42.43	0.97
ROCE, %	3.63	3.05	3.18	3.2	3.32		6.11	6.11	6.00	3.77	14.91
Ebit margin, %		51.33	46.4	46.99	46.52		41.82	41.82		46.61	-4.02
Рентаб EBITDA, %	65.72	72.13	68.82	69.05	67.58		60.75	60.75	46.17	67.67	-3.38
Чистая рентаб, %	39.02	47.18	41.74	40.86	41.96	43.8		43.8	30.93	43.11	-1.48
Operation Margin, %		43.32	47.85	46.99	47.87	49.9	49.9	49.9	35.14	48.50	0.84

	2021Q3	2022Q1	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q3	2025Q2	Industry average	5 quarters average	CAGR 5
ROE, %		5.73	5.63	1.67	2.82	1.65	3.26	1.68	3.27	3.42		7.55	2.66	15.69
ROA, %		2.63	2.63		1.32	0.7524	1.5	0.7579	1.46	1.55		3.81	1.20	15.55
ROIC, %					2.68	1.46	2.91	1.39	2.13	2.99		6.80	2.18	15.42
ROS, %					40.58	43.25	25.66	43.76	43.76	43.82	43.8	30.93	40.16	11.29
ROCE, %	0.7983	0.819	0.8062		3.25	0.9148	1.81	0.9339	1.82	1.92	6.11	6.00	2.52	27.55
Ebit margin, %					46.83	48.84	28.97	49.68	49.68	50.11	41.82		44.05	7.62
Рентаб EBITDA, %			69.69	68.62	69.7	69.21	41.66	69.56	69.56	70.39	60.75	46.17	62.38	7.84
Чистая рентаб, %		41.03	40.68	40.58	40.58	43.25	25.66	43.76	43.76	43.82		30.93	40.05	0.26
Operation Margin, %					46.83	48.84	28.97	49.68	49.68	50.1	49.9	35.14	45.67	11.49

	Industry average	5 quarters average	CAGR 5

Coefficients

IFRS

Reporting Annual Quarterly

	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	5 year average	CAGR 5
P/E	25.37	23.58	25.97	28.12	25.74	20.07		20.07	29.88	24.70	-3.17
P/BV	1.53	1.47	1.47	1.58	1.55	1.28		1.28	1.99	1.47	-2.73
P/S	9.9	11.12	10.84	11.49	10.8	8.79		8.79	8.37	10.61	-4.59
P/FCF					-66.38	193.88	-8.39	-8.39	24.43	39.70	-49.81
E/P					0.0363	0.0405	0.047	0.047	0.17	0.0413	8.99
EV/EBIT		35.67	39.72	40.1	37.98	36.9	38.14	38.14		38.57	-0.81
EV/EBITDA	24.84	25.38	26.78	27.29	26.15			25.41	21.95	26.09	1.03
EV/S		18.31	18.43	18.84	17.67	15.95	15.95	15.95	12.37	17.37	-2.85
EV/FCF		-7.77	-24.72	-111.12	330.69	-14.37	-14.37	-14.37	117.90	33.22	-10.28
Debt/EBITDA	10.52	10.63	11.78	11.59	11.29	11.29	12.28	12.28	8.71	11.65	0.83
Netdebt/Ebitda		9.96	11.03	10.65	10.16	9.97	11.79	11.79	4.20	10.72	1.34
Debt/Ratio		0.4922	0.5135	0.5137	0.5119	0.5117	0.5117	0.5117	0.37	0.5125	-0.07
Debt/Equity		1.01	1.1	1.1	1.09	1.09	1.13	1.13	0.95	1.10	0.54
Debt/Net Income		16.26	19.43	19.59	18.17	17.04	17.04	17.04	12.44	18.25	-2.59
PEG							0.0036	0.0036		0.0036	0.00
Бета					-0.909	-1.92	-0.3186	-0.3186	50.95	-1.0492	-29.49
Индекс Альтмана					2.27	2.27	2.01	2.01	20.04	2.18	-3.97

	2021Q3	2022Q1	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q3	2025Q1	2025Q2	Industry average	5 quarters average	CAGR 5
P/E		54.34	27.67	17.73	17.02	17.32	16.57	14.64	14.78	11.57			29.88	14.98	-7.75
P/BV	1.48	1.52	1.58		1.43	1.49	1.5	1.32	1.38	1.28			1.99	1.39	-2.99
P/S		22.3	11.31	7.23	6.91	7.12	5.62	5.04	5.22	4.23			8.37	5.45	-9.89
P/FCF												-8.39	24.43	-8.3900	0.00
E/P												0.047	0.17	0.0470	0.00
EV/EBIT					75.84	136.42	68.43	134	68.89	61.71		38.14		74.23	-11.03
EV/EBITDA			35.96	16.8	50.95	17.18	16.57	16.81	16.69	13.35			21.95	16.12	-4.92
EV/S					35.51	66.62	19.83	66.57	34.22	30.92		15.95	12.37	33.50	-4.26
EV/FCF					-35.84	50.22	32.56	-24.88	-10.78	86.2		-14.37	117.90	13.75	-184.91
Debt/EBITDA			22.8		22.69	42.58	20.98	44.31	22.16	20.55		12.28	8.71	24.06	-10.16
Netdebt/Ebitda					21.41	38.34	18.9	42.41	21.21	19.73		11.79	4.20	22.81	-9.01
Debt/Ratio					0.5132	0.5119	0.5119	0.5125	0.5125	0.5117		0.5117	0.37	0.5121	-0.01
Debt/Equity					1.1	1.09	1.09	1.09	1.09	1.09		1.13	0.95	1.10	0.72
Debt/Net Income					38.96	68.13	34.06	70.44	35.22	33.01		17.04	12.44	37.95	-12.93
PEG												0.0036		0.0036	0.00
Бета											-0.5788	-0.3186	50.95	-0.4487	-25.81
Индекс Альтмана											2.01	2.01	20.04	2.01	0.00

	Industry average	5 quarters average	CAGR 5

Dividends

IFRS

Reporting Annual Quarterly

	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	5 year average	CAGR 5
Див.выплата, млрд		6.48	6.67	9.11	9.41	9.78	10.58					9.11	9.67
Дивиденд	3821	3931	4030	4218	1553.35	4360	4431	4700	2600	5000		3528.87	10.85
Див доход, ао, %	4.65	4.53	3.71	4.68	1.93	5.68	5.96	7.08	8.18	7.63	5.76	5.77	33.49
Дивиденды / прибыль, %			99.41	71	102.45	101.47	94.49	88.04		88.04	72.99	91.49	4.40

	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q3	Industry average	5 quarters average	CAGR 5
Див.выплата, млрд	2.3	2.4	2.4	2.4	4.81	2.49	4.97	2.52	2.52	5.54		3.61	17.34
Дивиденды / прибыль, %	49.8		51.65	99.57	99.57	90.05	90.05	86.79	43.39	89.23	72.99	79.90	-0.18

	Industry average	5 quarters average	CAGR 5

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