NOMURA REAL ESTATE (NMEHF)

Monday

2:53 AM

Thesis: Recent trends in residential sales and potential government support for housing development are creating a more favorable outlook for Nomura Real Estate.

Revenue Outlook

Metric	FY2026	FY2027E	FY2028E
Revenue	$948.4B	$1.06T	$1.09T
Rev. Growth	+25.2%	+11.7%	+2.4%
EPS	$97.47	$103.60	$110.37
EPS Growth	+12.3%	+6.3%	+6.5%
P/E (fwd)	0.1×	0.1×	0.1×

★ Analysts see FY2027 revenue reaching $1.06T — +11.7% growth in a single year.

The Bull Case for Growth

1Increased residential sales in Q2 2026, with a 15% YoY rise in unit sales, indicating strong demand in the Tokyo market.
2Successful acquisition of a prime land parcel in Tokyo for $200M, expected to enhance future development pipeline.
3Potential government incentives for housing development could lead to increased project approvals in 2026.
4Urbanization trends in Japan driving housing demand
5Sustainability initiatives in real estate development
6Changes in housing demand in the Greater Tokyo Area
7Interest rate fluctuations affecting mortgage affordability
8Government policies related to urban development and housing

FY2026 Snapshot

Revenue: $948.4B
Rev. Growth: +25.2%
Gross Margin: 29.0%
Op. Margin: 14.7%
Net Margin: 8.8%
Net Income: $83.4B
NI Growth: +11.4%
EPS: $97.47
1Y Return: +4.5%

My Notes

"Management noted, 'We are seeing a resurgence in demand for residential properties, supported by favorable market conditions.'"
Moat: Nomura's established brand and extensive land holdings provide a durable competitive advantage in the Japanese real estate market.
value - the company's low price-to-sales and price-to-book ratios may attract value-focused investors seeking opportunities in the real…
Rising interest rates can increase financing costs for development projects and reduce mortgage affordability…
Watch on earnings: Housing Starts (HOUST), 30-Year Fixed Mortgage Rate (MORTGAGE30US), Consumer Sentiment (UMCSENT).

One Sentence Summary:

The bull case is simple: analysts see revenue climbing from $1.06T to $1.09T as increased residential sales in q2 2026, with a 15% yoy rise in unit sales, indicating strong demand in the tokyo market.

Auto-composed from Stock Alarm intelligence, financial statements, and analyst estimates. Not investment advice.

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