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Ichigo Office REIT Investment

TSE:8975
Snowflake Description

Good value with acceptable track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
8975
TSE
¥93B
Market Cap
  1. Home
  2. JP
  3. Real Estate
Company description

Ichigo Office REIT (8975) is a specialized office REIT that focuses on mid-size offices, an asset class that offers both return stability and upside potential. The last earnings update was 67 days ago. More info.


Add to Portfolio Compare Print
  • Ichigo Office REIT Investment has significant price volatility in the past 3 months.
8975 Share Price and Events
7 Day Returns
-12.6%
TSE:8975
-6.5%
JP REITs
-8.9%
JP Market
1 Year Returns
-41%
TSE:8975
-23%
JP REITs
-17.9%
JP Market
8975 Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Ichigo Office REIT Investment (8975) -12.6% -43.6% -46% -41% -11.7% -39.3%
JP REITs -6.5% -29.9% -32.6% -23% -18.5% -25.6%
JP Market -8.9% -12.1% -22.9% -17.9% -10.5% -14%
1 Year Return vs Industry and Market
  • 8975 underperformed the REITs industry which returned -23% over the past year.
  • 8975 underperformed the Market in Japan which returned -17.9% over the past year.
Price Volatility
8975
Industry
5yr Volatility vs Market

Value

 Is Ichigo Office REIT Investment undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Ichigo Office REIT Investment to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Ichigo Office REIT Investment.

TSE:8975 Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Extrapolated from most recent financials. See below
Discount Rate (Cost of Equity) See below 5.4%
Perpetual Growth Rate 10-Year JP Government Bond Rate -0.1%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for TSE:8975
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year JP Govt Bond Rate -0.1%
Equity Risk Premium S&P Global 6.3%
REITs Unlevered Beta Simply Wall St/ S&P Global 0.45
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.45 (1 + (1- 30.86%) (116.22%))
0.874
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.87
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= -0.09% + (0.874 * 6.33%)
5.44%

Discounted Cash Flow Calculation for TSE:8975 using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Ichigo Office REIT Investment is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Note: Free cash flow to equity valuations ignore the company's cash or debt.

TSE:8975 DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (JPY, Millions) Source Present Value
Discounted (@ 5.44%)
2020 8,129.41 Est @ 3.46% 7,709.86
2021 8,324.07 Est @ 2.39% 7,487.05
2022 8,461.35 Est @ 1.65% 7,217.76
2023 8,556.75 Est @ 1.13% 6,922.44
2024 8,621.97 Est @ 0.76% 6,615.22
2025 8,665.64 Est @ 0.51% 6,305.60
2026 8,694.03 Est @ 0.33% 5,999.76
2027 8,711.62 Est @ 0.2% 5,701.63
2028 8,721.60 Est @ 0.11% 5,413.58
2029 8,726.25 Est @ 0.05% 5,136.92
Present value of next 10 years cash flows ¥64,509.00
TSE:8975 DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= ¥8,726.25 × (1 + -0.09%) ÷ (5.44% – -0.09%)
¥157,607.60
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= ¥157,607.60 ÷ (1 + 5.44%)10
¥92,779.67
TSE:8975 Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= ¥64,509.00 + ¥92,779.67
¥157,288.67
Equity Value per Share
(JPY)
= Total value / Shares Outstanding
= ¥157,288.67 / 1.53
¥102649.62
TSE:8975 Discount to Share Price
Calculation Result
Value per share (JPY) From above. ¥102,649.62
Current discount Discount to share price of ¥60,900.00
= -1 x (¥60,900.00 - ¥102,649.62) / ¥102,649.62
40.7%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Ichigo Office REIT Investment is available for.
Intrinsic value
41%
Share price is ¥60900 vs Future cash flow value of ¥102649.62
Current Discount Checks
For Ichigo Office REIT Investment to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Ichigo Office REIT Investment's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Ichigo Office REIT Investment's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Ichigo Office REIT Investment's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Ichigo Office REIT Investment's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
TSE:8975 PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-10-31) in JPY ¥4,755.28
TSE:8975 Share Price ** TSE (2020-04-03) in JPY ¥60900
Japan REITs Industry PE Ratio Median Figure of 63 Publicly-Listed REITs Companies 16.25x
Japan Market PE Ratio Median Figure of 3,072 Publicly-Listed Companies 11.52x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Ichigo Office REIT Investment.

TSE:8975 PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= TSE:8975 Share Price ÷ EPS (both in JPY)

= 60900 ÷ 4,755.28

12.81x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Ichigo Office REIT Investment is good value based on earnings compared to the JP REITs industry average.
  • Ichigo Office REIT Investment is overvalued based on earnings compared to the Japan market.
Price based on expected Growth
Does Ichigo Office REIT Investment's expected growth come at a high price?
Raw Data
TSE:8975 PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 12.81x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts
Not available
Asia REITs Industry PEG Ratio Median Figure of 73 Publicly-Listed REITs Companies 0.79x
Japan Market PEG Ratio Median Figure of 1,282 Publicly-Listed Companies 1.26x

*Line of best fit is calculated by linear regression .

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to calculate PEG ratio for Ichigo Office REIT Investment, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Ichigo Office REIT Investment's assets?
Raw Data
TSE:8975 PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-10-31) in JPY ¥67,847.60
TSE:8975 Share Price * TSE (2020-04-03) in JPY ¥60900
Japan REITs Industry PB Ratio Median Figure of 63 Publicly-Listed REITs Companies 0.91x
Japan Market PB Ratio Median Figure of 3,576 Publicly-Listed Companies 0.8x
TSE:8975 PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= TSE:8975 Share Price ÷ Book Value per Share (both in JPY)

= 60900 ÷ 67,847.60

0.9x

* Primary Listing of Ichigo Office REIT Investment.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Ichigo Office REIT Investment is good value based on assets compared to the JP REITs industry average.
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Value checks
We assess Ichigo Office REIT Investment's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the REITs industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the REITs industry average (and greater than 0)? (1 check)
  5. Ichigo Office REIT Investment has a total score of 4/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Ichigo Office REIT Investment expected to perform in the next 1 to 3 years based on estimates from 0 analysts?

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 Ichigo Office REIT 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 Simply Wall St do have past financial data. You can see them here.

Show me the analysis anyway

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
1%
Expected REITs industry annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Ichigo Office REIT Investment expected to grow at an attractive rate?
  • Unable to compare Ichigo Office REIT Investment's earnings growth to the low risk savings rate as no estimate data is available.
Growth vs Market Checks
  • Unable to compare Ichigo Office REIT Investment's earnings growth to the Japan market average as no estimate data is available.
  • Unable to compare Ichigo Office REIT Investment's revenue growth to the Japan market average as no estimate data is available.
Annual Growth Rates Comparison
Raw Data
TSE:8975 Future Growth Rates Data Sources
Data Point Source Value (per year)
Asia REITs Industry Earnings Growth Rate Market Cap Weighted Average 1%
Asia REITs Industry Revenue Growth Rate Market Cap Weighted Average 4.1%
Japan Market Earnings Growth Rate Market Cap Weighted Average 9.1%
Japan Market Revenue Growth Rate Market Cap Weighted Average 3.3%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
TSE:8975 Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (5 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
All numbers in JPY Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
TSE:8975 Future Estimates Data
Date (Data in JPY Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2020-04-04
TSE:8975 Past Financials Data
Date (Data in JPY Millions) Revenue Cash Flow Net Income *
2019-10-31 16,755 14,176 7,286
2019-04-30 16,902 15,772 7,464
2019-01-31 16,389 12,650 7,068
2018-10-31 16,694 13,696 7,422
2018-07-31 16,644 13,679 7,330
2018-04-30 18,124 19,956 8,882
2018-01-31 15,738 13,194 6,325
2017-10-31 14,883 12,728 5,411
2017-07-31 14,663 12,673 5,245
2017-04-30 14,704 18,092 5,230
2017-01-31 14,108 11,760 5,012

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Unable to determine if Ichigo Office REIT Investment is high growth as no earnings estimate data is available.
  • Unable to determine if Ichigo Office REIT Investment is high growth as no revenue estimate data is available.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
TSE:8975 Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (5 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below

All data from Ichigo Office REIT Investment Company Filings, last reported 5 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

TSE:8975 Future Estimates Data
Date (Data in JPY Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2020-04-04
TSE:8975 Past Financials Data
Date (Data in JPY Millions) EPS *
2019-10-31 4,755.28
2019-04-30 4,871.15
2019-01-31 4,612.63
2018-10-31 4,843.44
2018-07-31 4,783.76
2018-04-30 5,796.56
2018-01-31 4,127.63
2017-10-31 3,531.60
2017-07-31 3,431.30
2017-04-30 3,413.20
2017-01-31 3,350.43

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if Ichigo Office REIT Investment will efficiently use shareholders’ funds in the future without estimates of Return on Equity.

Next steps:

  1. Examine whether Ichigo Office REIT Investment is trading at Ichigo Office REIT Investment'san attractive price based on how much it is expected to earn in the future, and relative to its industry peers and the wider market.
  2. Ichigo Office REIT Investment's future outlook can be gauged by looking at industry trends and market size, and determining how well-positioned the company is compared to its competitors. Take a look at other high-growth Real Estate companies here
  3. Use fundamentals to screen for another stock to analyse from our database of over 75,000 companies worldwide
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Future performance checks
We assess Ichigo Office REIT Investment's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Asia market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Asia market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Ichigo Office REIT Investment has a total score of 0/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Ichigo Office REIT Investment performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Ichigo Office REIT Investment's growth in the last year to its industry (REITs).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Ichigo Office REIT Investment has delivered over 20% year on year earnings growth in the past 5 years.
  • Ichigo Office REIT Investment's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Ichigo Office REIT Investment's 1-year earnings growth is negative, it can't be compared to the JP REITs industry average.
Earnings and Revenue History
Ichigo Office REIT Investment's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Ichigo Office REIT Investment Company Filings, last reported 5 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

TSE:8975 Past Revenue, Cash Flow and Net Income Data
Date (Data in JPY Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-10-31 16,755.24 7,286.45 110.33
2019-04-30 16,902.00 7,464.00 124.00
2019-01-31 16,389.03 7,067.87 101.82
2018-10-31 16,694.12 7,421.54 115.95
2018-07-31 16,643.67 7,330.10 101.20
2018-04-30 18,124.00 8,882.00 126.00
2018-01-31 15,738.26 6,324.72 101.61
2017-10-31 14,882.91 5,411.42 116.66
2017-07-31 14,663.50 5,245.03 104.29
2017-04-30 14,704.00 5,230.00 126.00
2017-01-31 14,108.11 5,011.88 100.87
2016-10-31 13,772.45 4,944.36 104.19
2016-07-31 13,351.95 4,640.64 92.65
2016-04-30 13,364.00 4,964.00 116.00
2016-01-31 12,100.19 3,446.99 83.25
2015-10-31 11,268.79 2,557.48 87.36
2015-04-30 10,040.00 1,408.00 86.00
2014-10-31 9,230.00 2,818.00 94.00
2014-04-30 9,274.00 2,612.00 90.00
2013-10-31 9,144.00 2,978.00 82.00
2013-04-30 8,294.00 902.00 102.00

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Ichigo Office REIT Investment has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Ichigo Office REIT Investment used its assets more efficiently than the JP REITs industry average last year based on Return on Assets.
  • Ichigo Office REIT Investment has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Ichigo Office REIT Investment's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the REITs industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Ichigo Office REIT Investment has a total score of 3/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Ichigo Office REIT Investment's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Ichigo Office REIT Investment's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Ichigo Office REIT Investment is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Ichigo Office REIT Investment's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Ichigo Office REIT Investment's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.2x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Ichigo Office REIT Investment Company Filings, last reported 5 months ago.

TSE:8975 Past Debt and Equity Data
Date (Data in JPY Millions) Total Equity Total Debt Cash & Short Term Investments
2019-10-31 103,962.00 108,455.00 10,069.00
2019-04-30 103,863.00 108,524.00 10,021.00
2019-01-31 103,863.76 108,524.55 10,021.97
2018-10-31 103,217.00 105,600.00 9,323.00
2018-07-31 103,217.34 105,600.26 9,323.09
2018-04-30 103,245.00 102,787.00 14,190.00
2018-01-31 101,761.64 103,381.70 8,556.35
2017-10-31 101,761.00 103,381.00 8,556.00
2017-07-31 101,761.64 103,381.70 8,556.35
2017-04-30 101,911.00 96,317.00 8,630.00
2017-01-31 102,214.05 97,061.67 7,884.55
2016-10-31 102,214.00 97,060.00 7,884.00
2016-07-31 102,214.05 97,061.67 7,884.55
2016-04-30 93,321.00 78,558.00 7,961.00
2016-01-31 93,255.49 81,393.78 6,545.72
2015-10-31 93,255.00 81,393.00 6,545.00
2015-04-30 68,562.00 59,580.00 6,339.00
2014-10-31 61,098.00 55,936.00 4,961.00
2014-04-30 61,270.00 56,409.00 4,580.00
2013-10-31 55,974.00 59,518.00 4,356.00
2013-04-30 50,312.00 56,458.00 3,413.00
  • Ichigo Office REIT Investment's level of debt (104.3%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (91.5% vs 104.3% today).
  • Debt is not well covered by operating cash flow (13.1%, less than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 6.6x coverage).
X
Financial health checks
We assess Ichigo Office REIT Investment's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Ichigo Office REIT Investment has a total score of 2/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Ichigo Office REIT Investment's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
7.41%
Current annual income from Ichigo Office REIT Investment dividends.
If you bought ¥2,000 of Ichigo Office REIT Investment shares you are expected to receive ¥148 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Ichigo Office REIT Investment's pays a higher dividend yield than the bottom 25% of dividend payers in Japan (1.81%).
  • Ichigo Office REIT Investment's dividend is above the markets top 25% of dividend payers in Japan (4.2%).
Upcoming dividend payment

Purchase Ichigo Office REIT Investment before the 'Ex-dividend' to receive their next dividend payment.

Dividends are usually paid every 3 or 6 months, you can time your share purchase to take advantage of upcoming dividend payments.
Dividend payment calendar
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
TSE:8975 Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
Japan REITs Industry Average Dividend Yield Market Cap Weighted Average of 57 Stocks 5.3%
Japan Market Average Dividend Yield Market Cap Weighted Average of 2988 Stocks 3%
Japan Minimum Threshold Dividend Yield 10th Percentile 1%
Japan Bottom 25% Dividend Yield 25th Percentile 1.8%
Japan Top 25% Dividend Yield 75th Percentile 4.2%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

TSE:8975 Future Dividends Estimate Data
Date (Data in ¥) Dividend per Share (annual) Avg. No. Analysts
2020-04-04
TSE:8975 Past Annualized Dividends Data
Date (Data in ¥) Dividend per share (annual) Avg. Yield (%)
2019-09-17 4,510.000 4.361
2018-12-14 4,285.000 4.201
2018-06-14 3,941.000 4.330
2017-12-15 3,880.000 4.810
2017-06-14 3,870.000 5.218
2016-12-15 3,830.000 5.410
2016-06-14 3,790.000 5.002
2015-12-16 3,480.000 4.151
2015-06-16 3,273.000 3.882
2015-06-01 3,273.000 3.673
2014-12-18 3,094.000 3.300
2013-12-16 3,031.000 4.382
2012-12-17 2,717.000 4.571
2011-07-28 1,847.000 5.409
2011-01-27 4,500.000 12.014
2010-12-14 4,500.000 12.292
2010-07-27 4,984.000 14.537
2010-06-15 4,984.000 14.371
2010-01-22 3,900.000 12.374
2009-12-14 3,900.000 14.729
2009-07-27 6,200.000 21.478
2009-06-16 6,200.000 21.909

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have fallen over the past 10 years.
Current Payout to shareholders
What portion of Ichigo Office REIT Investment's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (2.2x coverage).
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess Ichigo Office REIT Investment's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Ichigo Office REIT Investment afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Ichigo Office REIT Investment has a total score of 3/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Ichigo Office REIT Investment's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Yoshihiro Takatsuka
CEO Bio

Mr. Yoshihiro Takatsuka served as the President at Ichigo Real Estate Investment Corporation. Mr. Takatsuka serves as Executive Director at Ichigo Real Estate Investment Corporation. Mr. Takatsuka has been the President of R’s Consulting since July 2010. He has been Partner at Oct Advisors Inc. since joining in September 2011. He joined Bank of Tokyo, Ltd. in April 1978. Mr. Takatsuka joined Salomon Brothers Asia, Ltd. in April 1985. He joined Chase Security Company in December 1996. He joined Nikko Citigroup Limited in December 2000. He was employed by Credit Suisse Securities Japan Limited in August 2007. Mr. Takatsuka has been an Executive Director of Ichigo Real Estate Investment Corporation since joining in September 2010. He has been Director of Oct Advisors Inc. since February 2015.

CEO Compensation
  • Insufficient data for Yoshihiro to compare compensation growth.
  • Insufficient data for Yoshihiro to establish whether their remuneration is reasonable compared to companies of similar size in Japan.
Management Team

Yoshihiro Takatsuka

TITLE
President and Executive Director

Hiroto Tajitsu

TITLE
Statutory EO

Tetsuya Takeda

TITLE
General Manager of Asset Management Division - Japan Office Advisors

Shinji Tsuchiya

TITLE
General Manager of Investment Management Division - Japan Office Advisors Inc
Board of Directors Tenure

Average tenure of the Ichigo Office REIT Investment board of directors in years:

8.4
Average Tenure
  • The tenure for the Ichigo Office REIT Investment board of directors is about average.
Board of Directors

Yoshihiro Takatsuka

TITLE
President and Executive Director
TENURE
9.6 yrs

Takaaki Fukunaga

TITLE
Supervisory Director
AGE
47
TENURE
9.6 yrs

Masahiro Terada

TITLE
Supervisory Director
AGE
51
TENURE
8.4 yrs

Keisuke Chiba

TITLE
Alternative Executive Director
TENURE
3.8 yrs

Nagahisa Kita

TITLE
Alternative Supervisory Director
TENURE
3.8 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month open market individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (¥) Value (¥)
X
Management checks
We assess Ichigo Office REIT Investment's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Ichigo Office REIT Investment has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Company Info

Description

Ichigo Office REIT (8975) is a specialized office REIT that focuses on mid-size offices, an asset class that offers both return stability and upside potential. Ichigo Office REIT seeks to drive higher earnings and sustainable growth for its shareholders by increasing the value of its assets through a broad array of value-add activities, including tailored tenant services, structural building improvements, and targeted tenant leasing. Ichigo Office REIT is managed by Ichigo Investment Advisors, the asset management subsidiary of Ichigo, a major Japanese real estate owner/operator. Ichigo Investment Advisors works to grow value on behalf of shareholders by deploying its deep experience and know-how in developing, operating, and managing Japanese real estate. The mid-size offices in which we invest produce stable cashflows, supporting stable dividends for shareholders. Also, this economically-sensitive asset class provides upside for shareholders via the possibility of higher rent income as the Japanese economy shows signs of emerging from multiple decades of deflation. Furthermore, because the market for mid-size offices in Japan is relatively inefficient and has less participation by other major real estate companies, who tend to focus on larger assets, there is a significant opportunity to add value and increase the profitability of the assets we acquire.

Details
Name: Ichigo Office REIT Investment Corporation
8975
Exchange: TSE
Founded: 2005
¥93,316,278,300
1,532,287
Website: http://www.ichigo-office.co.jp
Address: Ichigo Office REIT Investment Corporation
Imperial Hotel Tower,
1-1-1 Uchisaiwaicho,
Tokyo,
100-0011,
Japan
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
TSE 8975 Investment Units The Tokyo Stock Exchange JP JPY 30. Nov 2005
Number of employees
Current staff
Staff numbers
0
Ichigo Office REIT Investment employees.
Industry
Office REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/04/04 18:40
End of day share price update: 2020/04/03 00:00
Last estimates confirmation: 2020/01/14
Last earnings filing: 2020/01/28
Last earnings reported: 2019/10/31
Last annual earnings reported: 2019/10/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

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.