8801.T 三井不動産株式会社

Mitsui Fudosan is Japan's largest comprehensive real estate developer, managing a diverse portfolio that includes premium office buildings, retail centers, and residential developments. The company is a market leader in large-scale urban redevelopment projects and maintains a significant global presence across North America, Europe, and Asia.

Holds a dominant market position in Japan through iconic flagship developments such as Tokyo Midtown, Nihonbashi, and the LaLaport retail chain.
Maintains a highly diversified and resilient business mix spanning office leasing, residential sales, logistics, and luxury hospitality.
Leverages strong brand equity and an integrated value chain that encompasses development, management, and real estate brokerage services.

Outlook

Mitsui Fudosan demonstrates strong operational momentum with revenue growing 10.2% YoY to ¥2,625B in FY2025 and operating income expanding 9.7% to ¥373B, while ROE improved 50bps to 8.0%. Operating cash flow surged 148% to ¥599B, significantly outpacing net income and suggesting high-quality earnings, though capex remains elevated at ¥322B indicating continued growth investment. The dividend cut from ¥84 to ¥31 in FY2025 is notable despite steady 40%+ payout ratios, likely reflecting normalization after a one-time special dividend. Management's "& INNOVATION 2030" strategy positions the company as an "industrial developer" focused on ESG integration, TCFD/RE100 commitments, and value-added real estate beyond traditional landlord models, though execution risk remains on these ambitious transformation goals.

Bull

Consistent top-line growth with 5-year revenue CAGR of 5.5% and improving operating margins (14.2% in FY2025 vs 10.2% in FY2021) demonstrate pricing power and operational leverage in Japan's recovering real estate market
Exceptional OCF generation of ¥599B (2.5x net income) provides substantial firepower for both growth capex and shareholder returns while maintaining conservative leverage
ROE trajectory improving from 5.2% to 8.0% over five years with management committed to further enhancement through portfolio optimization and capital efficiency initiatives

Bear

PER of 20.8x represents stretched valuation relative to 8.0% ROE, implying market has priced in significant multiple expansion with limited margin of safety
Capex intensity averaging ¥275B annually (12% of sales) creates execution risk and pressures free cash flow generation despite strong OCF performance
Japan's demographic headwinds and potential commercial real estate oversupply pose structural challenges to long-term rental growth and occupancy rates

Period	Sales	Op. Profit	Ord. Profit	Net Income	EPS (¥)	DPS (¥)
○Mar'20	1,905,642	280,617	258,510	183,972	188.3	44
○Mar'21	2,007,554	203,770	168,865	129,576	134.4	44
○Mar'22	2,100,870	244,978	224,940	176,986	184.4	55
○Mar'23	2,269,103	305,405	265,358	196,998	207.9	62
○Mar'24	2,383,289	339,690	267,890	224,647	80.2	84
○Mar'25	2,625,363	372,732	290,262	248,799	89.3	31

Major Shareholders (Dec'24)

BlackRock Japan Co., Ltd. 8.6%

Sumitomo Mitsui Trust Bank, Limited 5.4% NEW

Nomura Securities Co., Ltd. 5.0%

Mitsubishi UFJ Trust and Banking Corporation 4.8%

Nomura Securities Co., Ltd. 4.6%

Stakes Held by This Company / 政策保有 (8)

Equity stakes this company holds in other companies. Subject to TSE annual review — unwinding = capital return catalyst.

Imperial Hotel, Ltd. (9708.T) 33.2%

Resol Holdings Co., Ltd. (5261.T) 31.0%

Oriental Land Co., Ltd. (4661.T) 5.9%

OBA CO., LTD. (9765.T) 4.6%

TBS HOLDINGS, INC. (9401.T) 3.5%

+3 more

Balance Sheet & Cash Flow (¥mn)

Total Assets 9,859,856 Net Assets 3,270,723 Borrowings 6,589,133 ROA 2.5%

CF Operating 599,252 CF Investing -321,970 CF Financing -269,367 Cash & Equiv 164,106

Returns

TSR 232% Payout Ratio 41.6%

Revenue Mix · 12% Overseas

Leasing 35%

Property Sales 31%

Management 19%

Facility Operations 15%

Stock Data

52-WEEK RANGE

¥1,529 ¥1,903

Avg Volume 977K Shares Out 2.8B

Real Estate Peers

#1 8801 Mitsui Fudosan C ¥5.2T

#2 8802 Mitsubishi Estat ¥4.9T

#3 8830 Sumitomo Realty ¥3.8T

#4 3003 Hulic Co.,Ltd. ¥1.4T

#5 3288 Open House Group ¥1.1T

#6 3289 Tokyu Fudosan Ho ¥1.1T

#7 3231 Nomura Real Esta ¥925B

#8 8804 Tokyo Tatemono C ¥760B

Corporate Info

President: President & CEO Ueda Takashi

Employees: 26,630

Head Office: 東京都中央区日本橋室町二丁目１番１号