| Valuation method | Value, ¥ | Upside, % |
|---|---|---|
| Artificial intelligence (AI) | 382967.24 | 243 |
| Intrinsic value (DCF) | 135916.39 | 22 |
| Graham-Dodd Method | 95609.31 | -14 |
| Graham Formula | 155823.96 | 39 |
Comforia Residential REIT, Inc. (3282.T) is a Japanese real estate investment trust (J-REIT) specializing in residential properties, primarily targeting singles and small families in the Tokyo metropolitan area. Listed on the Tokyo Stock Exchange since 2013, Comforia leverages the expertise and brand strength of the TOKYU FUDOSAN HOLDINGS Group, particularly through its "Comforia" urban rental residence series. The REIT focuses on acquiring and managing high-growth rental properties, benefiting from Tokyo's strong demand for compact, well-located housing. With a market capitalization of ¥218.2 billion (as of latest data), Comforia has demonstrated steady growth, supported by Japan's urban population trends and the stability of residential real estate. The company's strategy emphasizes operational efficiency and strategic partnerships within the TOKYU ecosystem, positioning it as a key player in Japan's residential REIT sector.
Comforia Residential REIT presents a stable investment opportunity with moderate risk, as reflected in its low beta (0.168). The REIT benefits from strong occupancy rates in Tokyo's residential market and consistent dividend payouts (¥11,587 per share). However, high leverage (total debt of ¥172 billion vs. cash reserves of ¥8.4 billion) and significant capital expenditures (¥19.4 billion) could pressure liquidity. The reliance on Tokyo's market concentration adds geographic risk, though this is mitigated by the region's enduring demand. Investors should weigh the steady cash flows against Japan's broader economic stagnation and potential interest rate impacts on REIT valuations.
Comforia Residential REIT's primary competitive advantage lies in its affiliation with the TOKYU FUDOSAN HOLDINGS Group, which provides brand recognition, development expertise, and preferential access to properties in high-demand Tokyo areas. The "Comforia" brand differentiates its offerings with standardized, modern designs tailored to urban singles—a demographic less sensitive to economic downturns. However, the REIT faces stiff competition from larger diversified J-REITs and niche residential players. Its focus on mid-range rental properties (rather than luxury or subsidized housing) positions it defensively, but scalability beyond Tokyo remains untested. The REIT's debt-to-equity ratio is higher than some peers, though this is partially offset by stable cash flows from long-term leases. Operational synergies with TOKYU LAND CORPORATION provide cost advantages in property management, but tenant retention risks persist given Japan's declining population.