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Builds rental apartments for landowners and sub-leases/manages them, guaranteeing rent income.
Builds rental apartments for landowners and sub-leases/manages them, guaranteeing rent income.
Sells landowners on building rental apartments on their land, then leases each whole building from the owner on a long-term contract with a guaranteed rent that is reviewed periodically, and earns the difference between that rent and what individual tenants pay. Construction income arrives upfront, while the leasing arm gives steady income that grows with the stock of homes it manages.
In one line: A unique build-and-sublease rental housing model, unlike typical US homebuilders.
Moat: narrow (scale, switching costs, installed base). Rent-guarantee sub-lease model locks in long-term landowner relationships and recurring fees.
Headquarters: Tokyo, Japan · Founded: 1974 · Employees: 19,326
Size Daito Trust Construction (1878.T) is a Japan Real Estate company (Real Estate Development) with a market value of $7.10B, the 178th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥3,257 on 6 Nov 2026.
Performance Over six months the shares fell 7.4%, against +1.2% for the median peer and +1.8% for the Japan market (cap-weighted) — 7th lowest of 21 in its peer set.
Growth Revenue grew 6.3% over the last twelve months (peer median +12.4%); the operating margin is 7.2% (peer median 41.0%).
Valuation It trades at 9.7× forward earnings against a peer median of 15.9× (2nd cheapest of 17).
Next results Next results expected around 29 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥2.01T | ¥1.98T | ¥1.84T | ¥1.73T | ¥1.66T |
| Revenue growth | — | +8% | +6% | +4% | — |
| Gross profit | ¥363B | ¥347B | ¥316B | ¥285B | ¥258B |
| EBITDA | ¥168B | ¥156B | ¥137B | ¥123B | ¥117B |
| Net income | ¥113B | ¥99.0B | ¥93.9B | ¥74.7B | ¥70.4B |
| Free cash flow | -¥1.26B | ¥16.8B | ¥68.2B | ¥76.3B | ¥59.4B |
| Capital expenditure | ¥33.6B | ¥30.7B | ¥24.3B | ¥19.6B | ¥27.9B |
| Total debt | ¥422B | ¥234B | ¥124B | ¥80.0B | ¥91.9B |
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.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Daito Trust Construction 1878.T | $7.10B | -7% | +6% | 7% | 9.7× | n/a |
| Open House 3288.T | $5.66B | -15% | +6% | 12% | 7.3× | -8.1% |
| Sekisui Chemical 4204.T | $6.61B | +9% | +6% | 9% | 13.4× | n/a |
| Daiwa House Industry 1925.T | $19.0B | -13% | +5% | 11% | 10.3× | n/a |
| Sekisui House 1928.T | $14.1B | +2% | -2% | 9% | 10.0× | -5.1% |
| Leopalace21 8848.T | $1.99B | +52% | +3% | 8% | 13.0× | n/a |
| Token 1766.T | $1.07B | -1% | +5% | 6% | 8.2× | n/a |
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.
| Measure | 1878.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +4.6% | +8.4% | 7th lowest of 21 |
| 6-month return | -7.4% | +1.2% | 7th lowest of 21 |
| Distance from 52-week high | -15.4% | -16.6% | 11th highest of 21 |
| Revenue growth (TTM) | +6.3% | +12.4% | 10th lowest of 21 |
| Operating margin | 7.2% | 41.0% | 4th lowest of 21 |
| Forward P/E | 9.7× | 15.9× | 2nd cheapest of 17 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Daito Trust Construction 1878.T | Japan | $7.10B | -7% | +6% | 7% | 9.7× | n/a | n/a |
| Deutsche Wohnen DWNI.DE | Germany | $7.05B | -20% | 0% | 48% | 11.0× | n/a | n/a |
| AB Sagax SAGA-A.ST | Sweden | $6.96B | +5% | +5% | 78% | 15.7× | n/a | n/a |
| Cpi Property O5G.DE | Germany | $6.85B | -1% | -8% | 41% | n/a | n/a | n/a |
| Prestige Estates Projects PRESTIGE.NS | India | $7.42B | +10% | +66% | 24% | 38.5× | n/a | n/a |
| Ctp CTPNV.AS | Netherlands | $7.43B | -18% | +12% | 67% | 13.0× | n/a | n/a |
| Oberoi Realty OBEROIRLTY.NS | India | $6.66B | +4% | +16% | 57% | 20.0× | n/a | n/a |
| FirstService FSV.TO | Canada | $6.46B | +18% | +3% | 6% | 23.6× | n/a | n/a |
| Compass COMP | United States | $7.84B | +17% | +68% | 0% | n/a | n/a | n/a |
| Fastighets AB Balder BALD-B.ST | Sweden | $6.43B | -2% | +4% | 66% | 12.2× | n/a | n/a |
| Wharf (Holdings) 0004.HK | Hong Kong | $7.92B | -32% | -1% | 41% | 15.7× | n/a | n/a |
| NEPI Rockcastle NRP.AS | Netherlands | $6.34B | +9% | +20% | 62% | 12.1× | n/a | n/a |
| Phoenix Mills PHOENIXLTD.NS | India | $8.13B | +18% | +13% | 52% | 52.0× | n/a | n/a |
| Castellum CAST.ST | Sweden | $5.94B | +10% | -3% | 67% | 16.1× | n/a | n/a |
| PSP Swiss Property PSPN.SW | Switzerland | $8.73B | +5% | +44% | 68% | 27.9× | n/a | n/a |
| Godrej Properties GODREJPROP.NS | India | $5.77B | -4% | +17% | 21% | 24.5× | n/a | n/a |
| Shanghai Zhangjiang Hi-Tech Park Development 600895.SS | China | $5.71B | -33% | +89% | 26% | 36.4× | n/a | n/a |
| Tokyu Fudosan Holdings Corporat 3289.T | Japan | $5.69B | -7% | +6% | 14% | 8.6× | n/a | n/a |
| Hulic 3003.T | Japan | $9.16B | +7% | +25% | 23% | 11.5× | n/a | n/a |
| China Vanke 000002.SZ | China | $5.36B | -17% | -32% | -24% | n/a | n/a | n/a |
| Tsim Sha Tsui Properties 0247.HK | Hong Kong | $5.24B | -20% | +15% | 34% | n/a | n/a | n/a |