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← CockpitCompetitor Analysis › 1766.T Token CorporationOpen in the cockpit ↗

Token Corporation1766.TCompetitor analysis, valuation and peers

Japan · JPY·Real Estate›Real Estate Development

Builds and manages wooden rental apartments for Tokyo-area landlords; also operates golf courses.

≈ A regional build-to-rent apartment builder, like a mini Daito TrustMomentum neutral 50
Competitor Analysis ▸ ChartsOpen in the cockpit
Mkt cap
$1.07B
US dollars, full cap
Free float
20%
of shares outstanding
$/day
$2.04M
20-day average traded
Fwd P/E
8.2×
forward earnings
ROIC−WACC
n/a
WACC 5.8%
Hurdle
n/a
no reverse DCF
Next earnings
38 days
14 Dec 2026
Close · JPY¥12,510
1D-3.0%
1W-0.1%
1M-3.0%
3M-3.0%
6M-1.3%
YTD-14.8%
1Y-13.4%
ATR %2.3%
52w lowhigh19.0% off high

What Token does

Builds and manages wooden rental apartments for Tokyo-area landlords; also operates golf courses.

Earns twice from each landlord: first a fee for building the rental property, then recurring income for managing it and finding tenants, which steadies results between construction cycles. Golf courses are a smaller sideline.

In one line: A regional build-to-rent apartment builder, like a mini Daito Trust.

Products and services

  • Apartment construction for landlords
  • Property management
  • Golf course operation

Customers

  • Individual landlords in greater Tokyo

Where it sits in the supply chain

  • Real estate
  • Rental housing
  • Build-to-rent apartment construction

What could go right

  • Steady rental demand near Tokyo
  • Recurring management fee income

What could go wrong

  • Land/construction cost inflation
  • Regional apartment oversupply

Moat: narrow (installed base, distribution). Long-standing landlord relationships and regional building know-how; construction itself is not unique.

Headquarters: Tokyo, Japan · Employees: 6,231

Named competitors

Token at a glance

Size Token (1766.T) is a Japan Real Estate company (Real Estate Development) with a market value of $1.07B, the 706th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥12,510 on 6 Nov 2026.

Performance Over six months the shares fell 1.3%, against -13.8% for the median peer and +1.8% for the Japan market (cap-weighted) — 2nd highest of 21 in its peer set.

Growth Revenue grew 4.5% over the last twelve months (peer median -17.0%); the operating margin is 5.5% (peer median 1.9%).

Valuation It trades at 8.2× forward earnings against a peer median of 14.8× (2nd cheapest of 13).

Next results Next results expected around 14 Dec 2026 (exchange calendar; dates can move).

Relative performance

809010011 May 202611 Aug 20266 Nov 20261766.T 95Peer median 87
Six months, rebased to 100: Token against the median of its 20 peers (local-currency closes).

Token financials

Reported figures in JPY; fiscal year ends 2026-04-30. TTM = trailing twelve months.
TTMFY2025FY2024FY2023FY2022
Revenue¥388B¥387B¥367B¥341B¥317B
Revenue growth—+5%+8%+8%—
Gross profit¥66.0B¥66.7B¥63.5B¥50.0B¥44.7B
EBITDA¥23.3B¥24.3B¥24.4B¥15.1B¥12.0B
Net income¥15.1B¥16.2B¥15.8B¥8.94B¥5.24B
Free cash flown/a¥16.4B¥21.1B¥17.3B¥8.13B
Capital expendituren/a¥4.17B¥2.82B¥1.55B¥1.46B
Total debt¥2.00B¥6.00M¥11.0M¥10.0M¥14.0M

Quarterly statements and history in the cockpit →

Token competitor charts

The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.

Performance: 6-month against 1-month return

-60%-40%-20%0%-20%0%HBNBPLAN1918GLF600185600657MERYMMI2337YVIV600510600376000048AEDAS000560CIBUSSIGNATUREIRS600158FRMI1766.T6-month return →1-month return →
Up and to the right = strong over both horizons. Token is the large dot.

Fundamentals: revenue growth against valuation

-40%-20%0%+20%20×40×60×PLANGLF600185MERYMMI2337000048AEDAS000560CIBUSSIGNATUREIRS1766.TRevenue growth (TTM) →Forward P/E →
Further right = faster growth; higher = more expensive. The dashed lines are the peer medians. Token is the large dot.

Token competitors and peer comparison

Head to head with its named competitors (1766.T vs 1878.T vs 8848.T vs 1928.T)
CompanyMarket cap6M returnRevenue growthOp. marginForward P/EReq g
Token 1766.T$1.07B-1%+5%6%8.2×n/a
Daito Trust Construction 1878.T$7.10B-7%+6%7%9.7×n/a
Leopalace21 8848.T$1.99B+52%+3%8%13.0×n/a
Sekisui House 1928.T$14.1B+2%-2%9%10.0×-5.1%
Tosei 8923.T$1.18B+17%+14%23%11.4×n/a

How Token compares with its peers

Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.

Token against its 20 peers (data as of 6 Nov 2026)
Measure1766.TPeer medianRank in peer set
1-month return-3.0%-1.8%11th highest of 21
6-month return-1.3%-13.8%2nd highest of 21
Distance from 52-week high-19.0%-34.7%6th highest of 21
Revenue growth (TTM)+4.5%-17.0%7th highest of 20
Operating margin5.5%1.9%10th highest of 20
Forward P/E8.2×14.8×2nd cheapest of 13

Peer table

Peer set: Industry: the same industry and sector in any market, nearest in size
CompanyMarketMarket cap6M returnRevenue growthOp. marginForward P/EReq gDelivered g
Token 1766.TJapan$1.07B-1%+5%6%8.2×n/an/a
Hotel101 Global HBNBUnited States$1.07B-29%+1,178%2%n/an/an/a
PLAZZA PLAN.SWSwitzerland$1.08B-4%+6%76%40.0×n/an/a
Sunac China 1918.HKHong Kong$1.06B-64%-29%-27%n/an/an/a
Gemlife Communities GLF.AXAustralia$1.05B-9%+8%32%12.3×n/an/a
Zhuhai Zhumian 600185.SSChina$1.08B-27%-49%17%17.3×n/an/a
Cinda Real Estate 600657.SSChina$1.08B-19%-44%-97%n/an/an/a
Mercialys MERY.PAFrance$1.05B-15%+3%69%7.7×n/an/a
Marcus & Millichap MMIUnited States$1.05B-9%+12%1%56.1×n/an/a
Ichigo 2337.TJapan$1.09B-13%-17%29%9.0×n/an/a
Vivenio Residencial SOCIMI YVIV.MCSpain$1.09B-1%+34%60%n/an/an/a
Black Peony (Group) 600510.SSChina$1.04B-37%-24%-14%n/an/an/a
Beijing Capital Development 600376.SSChina$1.04B-41%-35%-15%n/an/an/a
Shenzhen Kingkey Smart Agriculture Times 000048.SZChina$1.10B-7%-17%-15%10.4×n/an/a
AEDAS Homes AEDAS.MCSpain$1.10B+1%-25%10%9.1×n/an/a
5I5J 000560.SZChina$1.03B-2%-21%-6%44.9×n/an/a
Cibus Real Estate AB (publ) CIBUS.STSweden$1.11B-12%+20%75%11.2×n/an/a
Signatureglobal (India) SIGNATURE.NSIndia$1.11B-17%-23%-7%22.8×n/an/a
IRSA Inversiones y Representaciones SA Sponsored ADR IRSUnited States$1.12B-10%+4%42%64.9×n/an/a
China Sports Industry 600158.SSChina$1.01B-41%0%-9%n/an/an/a
Fermi FRMIUnited States$1.01B-70%n/an/an/an/an/a

Questions

Who are Token's main competitors?
Named competitors: Daito Trust Construction (1878.T), Leopalace21 (8848.T), Sekisui House (1928.T), Tosei Corporation (8923.T). The cockpit's measured peer set (industry) also includes Hotel101 Global (HBNB), PLAZZA (PLAN.SW), Sunac China (1918.HK), Gemlife Communities (GLF.AX), Zhuhai Zhumian (600185.SS), Cinda Real Estate (600657.SS).
Is Token expensive compared with its peers?
On forward p/e it trades at 8.2× against a peer median of 14.8×, 2nd cheapest of 13 in its peer set.
How has Token stock performed?
Over six months to 6 Nov 2026 the shares returned -1.3% against -13.8% for the median peer; over one year -13.4%.

How these numbers are made. Returns are close-to-close in local currency. Revenue growth and margins are trailing twelve months. Req g is the revenue growth that today's enterprise value requires for seven years at the company's own cost of capital; Delivered g is what it actually grew; the gap is the hurdle (honest precision about ±8 points, so read the ranking more than the decimal). No fair values, price targets or analyst ratings are shown, by design. Method and validation.