Who are Ichigo's main competitors?

Named competitors: Tosei Corporation (8923.T), Kenedix (KDX REITs sponsor) (8972.T), Renova (9519.T), Sansei Landic (private or unlisted). The cockpit's measured peer set (industry) also includes Vivenio Residencial SOCIMI (YVIV.MC), Cinda Real Estate (600657.SS), Zhuhai Zhumian (600185.SS), Shenzhen Kingkey Smart Agriculture Times (000048.SZ), AEDAS Homes (AEDAS.MC), PLAZZA (PLAN.SW).

Is Ichigo expensive compared with its peers?

On forward p/e it trades at 9.0× against a peer median of 14.8×, 3rd cheapest of 13 in its peer set.

How has Ichigo stock performed?

Over six months to 6 Nov 2026 the shares returned -13.0% against -13.3% for the median peer; over one year +13.6%.

← CockpitCompetitor Analysis › 2337.T Ichigo Inc.Open in the cockpit ↗

Ichigo Inc.2337.TCompetitor analysis, valuation and peers

Japan · JPY·Real Estate›Real Estate Development

Real estate asset manager that revitalizes offices/residential and develops solar power plants; sponsors two J-REITs.

≈ A real-estate turnaround manager combined with a solar power developerMomentum strong 69

Competitor Analysis ▸ Charts Open in the cockpit

Mkt cap

$1.09B

US dollars, full cap

Free float

39%

of shares outstanding

$/day

$3.68M

20-day average traded

Fwd P/E

9.0×

forward earnings

ROIC−WACC

n/a

WACC 5.0%

Hurdle

n/a

no reverse DCF

Next earnings

69 days

14 Jan 2027

Close · JPY¥435

1D-5.8%

1W+5.1%

1M+13.0%

3M+8.5%

6M-13.0%

YTD-0.7%

1Y+13.6%

ATR %2.9%

52w lowhigh17.8% off high

What Ichigo does

Real estate asset manager that revitalizes offices/residential and develops solar power plants; sponsors two J-REITs.

Buys buildings that are poorly managed or use energy badly, improves them and sells at a profit, often to the REITs it sponsors, while managing those REITs for asset-based fees. Solar plants add a separate income stream sold at set tariffs.

In one line: A real-estate turnaround manager combined with a solar power developer.

Products and services

Real estate asset management
Solar power generation
Ichigo Office/Hotel REIT sponsorship
Property brokerage

Customers

Institutional investors
REIT unitholders
Power off-takers

Where it sits in the supply chain

Real estate & clean energy
Asset management / value-add investing
REIT sponsorship

What could go right

Fee income from managed REITs/funds
Renewable energy feed-in tariff revenue

What could go wrong

Real estate cycle exposure
Falling solar feed-in tariff rates

Moat: narrow (process know-how, installed base). In-house renovation/leasing expertise repositions undermanaged buildings; sponsor pipeline feeds its REITs.

Headquarters: Tokyo, Japan · Founded: 2000 · Employees: 729

Named competitors

Tosei Corporation 8923.T
Kenedix (KDX REITs sponsor) 8972.T
Renova 9519.T
Sansei Landic private or unlisted

Ichigo at a glance

Size Ichigo (2337.T) is a Japan Real Estate company (Real Estate Development) with a market value of $1.09B, the 698th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥435 on 6 Nov 2026.

Performance Over six months the shares fell 13.0%, against -13.3% for the median peer and +1.8% for the Japan market (cap-weighted) — 11th highest of 21 in its peer set.

Growth Revenue fell 17.0% over the last twelve months (peer median -8.5%); the operating margin is 28.5% (peer median 1.6%).

Valuation It trades at 9.0× forward earnings against a peer median of 14.8× (3rd cheapest of 13).

Next results Next results expected around 14 Jan 2027 (exchange calendar; dates can move).

Relative performance

Six months, rebased to 100: Ichigo against the median of its 20 peers (local-currency closes).

Ichigo financials

Reported figures in JPY; fiscal year ends 2026-02-28. TTM = trailing twelve months.
	TTM	FY2025	FY2024	FY2023	FY2022
Revenue	¥82.3B	¥93.9B	¥84.2B	¥82.8B	¥68.1B
Revenue growth	—	+12%	+2%	+22%	—
Gross profit	¥30.2B	¥31.0B	¥25.7B	¥20.6B	¥19.0B
EBITDA	¥28.5B	¥28.4B	¥22.6B	¥17.8B	¥18.5B
Net income	¥16.5B	¥16.6B	¥15.2B	¥12.1B	¥9.41B
Free cash flow	-¥50.4B	-¥31.8B	-¥33.5B	-¥18.0B	-¥13.4B
Capital expenditure	¥12.3B	¥10.3B	¥5.13B	¥8.32B	¥10.5B
Total debt	¥313B	¥297B	¥262B	¥233B	¥210B

Quarterly statements and history in the cockpit →

Ichigo 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

Up and to the right = strong over both horizons. Ichigo is the large dot.

Fundamentals: revenue growth against valuation

Further right = faster growth; higher = more expensive. The dashed lines are the peer medians. Ichigo is the large dot.

Ichigo competitors and peer comparison

Head to head with its named competitors (2337.T vs 8923.T vs 8972.T vs 9519.T)
Company	Market cap	6M return	Revenue growth	Op. margin	Forward P/E	Req g
Ichigo 2337.T	$1.09B	-13%	-17%	29%	9.0×	n/a
Tosei 8923.T	$1.18B	+17%	+14%	23%	11.4×	n/a
KDX Realty Investment 8972.T	$3.47B	-16%	+3%	39%	16.3×	n/a
RENOVA 9519.T	$397M	-38%	+14%	5%	17.1×	23.9%

How Ichigo 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.

Ichigo against its 20 peers (data as of 6 Nov 2026)
Measure	2337.T	Peer median	Rank in peer set
1-month return	+13.0%	-3.3%	highest of 21
6-month return	-13.0%	-13.3%	11th highest of 21
Distance from 52-week high	-17.8%	-34.7%	5th highest of 21
Revenue growth (TTM)	-17.0%	-8.5%	11th highest of 21
Operating margin	28.5%	1.6%	7th highest of 21
Forward P/E	9.0×	14.8×	3rd cheapest of 13

Peer table

Peer set: Industry: the same industry and sector in any market, nearest in size
Company	Market	Market cap	6M return	Revenue growth	Op. margin	Forward P/E	Req g	Delivered g
Ichigo 2337.T	Japan	$1.09B	-13%	-17%	29%	9.0×	n/a	n/a
Vivenio Residencial SOCIMI YVIV.MC	Spain	$1.09B	-1%	+34%	60%	n/a	n/a	n/a
Cinda Real Estate 600657.SS	China	$1.08B	-19%	-44%	-97%	n/a	n/a	n/a
Zhuhai Zhumian 600185.SS	China	$1.08B	-27%	-49%	17%	17.3×	n/a	n/a
Shenzhen Kingkey Smart Agriculture Times 000048.SZ	China	$1.10B	-7%	-17%	-15%	10.4×	n/a	n/a
AEDAS Homes AEDAS.MC	Spain	$1.10B	+1%	-25%	10%	9.1×	n/a	n/a
PLAZZA PLAN.SW	Switzerland	$1.08B	-4%	+6%	76%	40.0×	n/a	n/a
Cibus Real Estate AB (publ) CIBUS.ST	Sweden	$1.11B	-12%	+20%	75%	11.2×	n/a	n/a
Token 1766.T	Japan	$1.07B	-1%	+5%	6%	8.2×	n/a	n/a
Hotel101 Global HBNB	United States	$1.07B	-29%	+1,178%	2%	n/a	n/a	n/a
Signatureglobal (India) SIGNATURE.NS	India	$1.11B	-17%	-23%	-7%	22.8×	n/a	n/a
IRSA Inversiones y Representaciones SA Sponsored ADR IRS	United States	$1.12B	-10%	+4%	42%	64.9×	n/a	n/a
Sunac China 1918.HK	Hong Kong	$1.06B	-64%	-29%	-27%	n/a	n/a	n/a
Gemlife Communities GLF.AX	Australia	$1.05B	-9%	+8%	32%	12.3×	n/a	n/a
Mercialys MERY.PA	France	$1.05B	-15%	+3%	69%	7.7×	n/a	n/a
Marcus & Millichap MMI	United States	$1.05B	-9%	+12%	1%	56.1×	n/a	n/a
Black Peony (Group) 600510.SS	China	$1.04B	-37%	-24%	-14%	n/a	n/a	n/a
Beijing Capital Development 600376.SS	China	$1.04B	-41%	-35%	-15%	n/a	n/a	n/a
5I5J 000560.SZ	China	$1.03B	-2%	-21%	-6%	44.9×	n/a	n/a
Beijing Urban Construction Investment & Development Co 600266.SS	China	$1.16B	-21%	-31%	-2%	n/a	n/a	n/a
China Sports Industry 600158.SS	China	$1.01B	-41%	0%	-9%	n/a	n/a	n/a

Questions

Who are Ichigo's main competitors?: Named competitors: Tosei Corporation (8923.T), Kenedix (KDX REITs sponsor) (8972.T), Renova (9519.T), Sansei Landic (private or unlisted). The cockpit's measured peer set (industry) also includes Vivenio Residencial SOCIMI (YVIV.MC), Cinda Real Estate (600657.SS), Zhuhai Zhumian (600185.SS), Shenzhen Kingkey Smart Agriculture Times (000048.SZ), AEDAS Homes (AEDAS.MC), PLAZZA (PLAN.SW).
Is Ichigo expensive compared with its peers?: On forward p/e it trades at 9.0× against a peer median of 14.8×, 3rd cheapest of 13 in its peer set.
How has Ichigo stock performed?: Over six months to 6 Nov 2026 the shares returned -13.0% against -13.3% for the median peer; over one year +13.6%.