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← CockpitCompetitor Analysis › 8923.T Tosei CorporationOpen in the cockpit ↗

Tosei Corporation8923.TCompetitor analysis, valuation and peers

Japan · JPY·Real Estate›Real Estate Development

Redevelops small and mid-size Japanese buildings and manages real estate funds/REITs; also runs renewable energy.

≈ A value-add real estate flipper that also sponsors its own REITMomentum leader 87
Competitor Analysis ▸ ChartsOpen in the cockpit
Mkt cap
$1.18B
US dollars, full cap
Free float
57%
of shares outstanding
$/day
$3.27M
20-day average traded
Fwd P/E
11.4×
forward earnings
ROIC−WACC
n/a
WACC 5.0%
Hurdle
n/a
no reverse DCF
Next earnings
68 days
13 Jan 2027
Close · JPY¥1,912
1D-4.4%
1W+4.0%
1M+15.0%
3M+8.6%
6M+17.2%
YTD+11.4%
1Y+16.1%
ATR %2.8%
52w lowhigh5.9% off high

What Tosei does

Redevelops small and mid-size Japanese buildings and manages real estate funds/REITs; also runs renewable energy.

Buys older small and mid-size buildings, renovates and re-leases them, then sells them to investors or into the REIT it manages, so profit shows up when sales close, while rent and management fees give steadier income in between.

In one line: A value-add real estate flipper that also sponsors its own REIT.

Products and services

  • Property redevelopment & resale
  • Real estate asset management (Tosei REIT)
  • Renewable energy (solar)
  • Property management

Customers

  • Institutional and individual property investors

Where it sits in the supply chain

  • Real estate
  • Value-add investment & redevelopment
  • Asset/fund management

What could go right

  • Recycling capital through property sales
  • Fee income from managed funds

What could go wrong

  • Real estate cycle/financing cost sensitivity
  • Asset sale timing risk

Moat: narrow (process know-how, scale). Track record sourcing and repositioning small/mid-size assets that larger developers overlook.

Headquarters: Tokyo, Japan · Founded: 1950 · Employees: 875

Named competitors

Tosei at a glance

Size Tosei (8923.T) is a Japan Real Estate company (Real Estate Development) with a market value of $1.18B, the 670th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥1,912 on 6 Nov 2026.

Performance Over six months the shares gained 17.2%, against -10.9% for the median peer and +1.8% for the Japan market (cap-weighted) — 3rd highest of 21 in its peer set.

Growth Revenue grew 14.1% over the last twelve months (peer median -5.0%); the operating margin is 22.6% (peer median 14.7%).

Valuation It trades at 11.4× forward earnings against a peer median of 19.1× (6th cheapest of 15).

Next results Next results expected around 13 Jan 2027 (exchange calendar; dates can move).

Relative performance

10012011 May 202611 Aug 20266 Nov 20268923.T 117Peer median 89
Six months, rebased to 100: Tosei against the median of its 20 peers (local-currency closes).

Tosei financials

Reported figures in JPY; fiscal year ends 2025-11-30. TTM = trailing twelve months.
TTMFY2025FY2024FY2023FY2022
Revenue¥110B¥94.7B¥82.2B¥79.4B¥71.0B
Revenue growth—+15%+3%+12%—
Gross profit¥44.1B¥39.3B¥34.6B¥29.7B¥24.7B
EBITDA¥26.5B¥24.0B¥20.7B¥17.8B¥14.9B
Net income¥15.5B¥14.8B¥12.0B¥10.5B¥8.61B
Free cash flow¥2.27B-¥4.52B-¥15.1B¥3.72B-¥1.59B
Capital expenditure¥217M¥194M¥228M¥448M¥168M
Total debt¥189B¥183B¥166B¥147B¥125B

Quarterly statements and history in the cockpit →

Tosei 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

-40%-20%0%+20%+40%-20%0%601828MEQ600266FORLOTUSDEV000006FREYIRSSIGNATURECIBUSAEDAS600773000048YVIV233705656006576001858923.T6-month return →1-month return →
Up and to the right = strong over both horizons. Tosei is the large dot.

Fundamentals: revenue growth against valuation

-50%-25%0%+25%+50%25×50×75×601828MEQFORLOTUSDEVFREYIRSSIGNATURECIBUSAEDAS000048600185PLAN8923.TRevenue growth (TTM) →Forward P/E →
Further right = faster growth; higher = more expensive. The dashed lines are the peer medians. Tosei is the large dot.

Tosei competitors and peer comparison

Head to head with its named competitors (8923.T vs 2337.T vs 2975.T vs 8976.T)
CompanyMarket cap6M returnRevenue growthOp. marginForward P/EReq g
Tosei 8923.T$1.18B+17%+14%23%11.4×n/a
Ichigo 2337.T$1.09B-13%-17%29%9.0×n/a
Star Mica 2975.Tn/a-29%n/an/an/an/a
Daiwa Office Investment 8976.T$1.74B-12%+24%44%19.2×n/a

How Tosei 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.

Tosei against its 20 peers (data as of 6 Nov 2026)
Measure8923.TPeer medianRank in peer set
1-month return+15.0%-5.1%highest of 21
6-month return+17.2%-10.9%3rd highest of 21
Distance from 52-week high-5.9%-28.8%4th highest of 21
Revenue growth (TTM)+14.1%-5.0%6th highest of 21
Operating margin22.6%14.7%10th highest of 21
Forward P/E11.4×19.1×6th cheapest of 15

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
Tosei 8923.TJapan$1.18B+17%+14%23%11.4×n/an/a
Red Star Macalline 601828.SSChina$1.18B-25%-7%-27%80.4×n/an/a
Mainstreet Equity MEQ.TOCanada$1.19B+1%+5%60%18.9×n/an/a
Beijing Urban Construction Investment & Development Co 600266.SSChina$1.16B-21%-31%-2%n/an/an/a
Forestar FORUnited States$1.21B-14%-2%13%10.4×n/an/a
Sri Lotus Developers and Realty LOTUSDEV.NSIndia$1.21B+59%+40%38%33.4×n/an/a
Shenzhen Zhenye (Group) 000006.SZChina$1.24B-37%-56%0%n/an/an/a
Frey FREY.PAFrance$1.24B0%+45%49%22.9×n/an/a
IRSA Inversiones y Representaciones SA Sponsored ADR IRSUnited States$1.12B-10%+4%42%64.9×n/an/a
Signatureglobal (India) SIGNATURE.NSIndia$1.11B-17%-23%-7%22.8×n/an/a
Cibus Real Estate AB (publ) CIBUS.STSweden$1.11B-12%+20%75%11.2×n/an/a
AEDAS Homes AEDAS.MCSpain$1.10B+1%-25%10%9.1×n/an/a
Tibet Urban Development & Investment 600773.SSChina$1.27B-67%-78%-124%n/an/an/a
Shenzhen Kingkey Smart Agriculture Times 000048.SZChina$1.10B-7%-17%-15%10.4×n/an/a
Vivenio Residencial SOCIMI YVIV.MCSpain$1.09B-1%+34%60%n/an/an/a
Ichigo 2337.TJapan$1.09B-13%-17%29%9.0×n/an/a
Art 0565.HKHong Kong$1.28B+38%+51%60%n/an/an/a
Cinda Real Estate 600657.SSChina$1.08B-19%-44%-97%n/an/an/a
Zhuhai Zhumian 600185.SSChina$1.08B-27%-49%17%17.3×n/an/a
PLAZZA PLAN.SWSwitzerland$1.08B-4%+6%76%40.0×n/an/a
China Overseas Grand Oceans 0081.HKHong Kong$1.30B-7%-3%5%19.2×n/an/a

Questions

Who are Tosei's main competitors?
Named competitors: Ichigo Inc. (2337.T), Sansei Landic (private or unlisted), Star Mica Holdings (2975.T), Daiwa Office Investment Corp (8976.T). The cockpit's measured peer set (industry) also includes Red Star Macalline (601828.SS), Mainstreet Equity (MEQ.TO), Beijing Urban Construction Investment & Development Co (600266.SS), Forestar (FOR), Sri Lotus Developers and Realty (LOTUSDEV.NS), Shenzhen Zhenye (Group) (000006.SZ).
Is Tosei expensive compared with its peers?
On forward p/e it trades at 11.4× against a peer median of 19.1×, 6th cheapest of 15 in its peer set.
How has Tosei stock performed?
Over six months to 6 Nov 2026 the shares returned +17.2% against -10.9% for the median peer; over one year +16.1%.

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.