Financials TKP Corporation

Equities

3479

JP3538710009

Real Estate Development & Operations

Market Closed - Japan Exchange Other stock markets 11:30:00 02/05/2024 am IST			5-day change	1st Jan Change
1,455 ^JPY	+4.23%		+1.82%	-19.08%

15/04	Transcript : TKP Corporation, 2024 Earnings Call, Apr 15, 2024
06/02	TKP Corporation acquired 14.43% stake in Apaman Co., Ltd..	CI

Valuation

Fiscal Period: February	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	1,21,153	96,134	1,11,222	60,145	1,26,765	60,886	-	-
Enterprise Value (EV) ¹	1,45,097	1,51,300	1,56,044	1,01,983	1,26,447	68,544	65,130	65,490
P/E ratio	63.9 x	50.8 x	-31.7 x	-18.2 x	-25.7 x	9.82 x	13.1 x	11.5 x
Yield	-	-	-	-	-	-	-	-
Capitalization / Revenue	3.41 x	1.77 x	2.58 x	1.35 x	2.51 x	1.88 x	1.4 x	1.25 x
EV / Revenue	4.08 x	2.78 x	3.62 x	2.28 x	2.5 x	1.88 x	1.5 x	1.35 x
EV / EBITDA	28.3 x	15.1 x	52.1 x	22.4 x	14.6 x	10 x	8.46 x	7.53 x
EV / FCF	-1,64,92,004 x	-4,95,73,934 x	1,91,18,348 x	-6,12,87,965 x	30,24,189 x	-	-	-
FCF Yield	-0%	-0%	0%	-0%	0%	-	-	-
Price to Book	11.3 x	2.69 x	3.38 x	1.59 x	3.86 x	1.72 x	1.39 x	1.25 x
Nbr of stocks (in thousands)	32,656	37,552	37,613	41,710	41,768	41,846	-	-
Reference price ²	3,710	2,560	2,957	1,442	3,035	1,455	1,455	1,455
Announcement Date	15/04/19	21/04/20	14/04/21	14/04/22	13/04/23	15/04/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: February	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	35,523	54,343	43,138	44,685	50,504	36,545	43,400	48,567
EBITDA ¹	5,134	10,051	2,993	4,551	8,669	6,200	7,700	8,700
EBIT ¹	4,289	6,325	-2,497	-883	3,575	4,607	6,867	8,133
Operating Margin	12.07%	11.64%	-5.79%	-1.98%	7.08%	12.61%	15.82%	16.75%
Earnings before Tax (EBT) ¹	3,152	4,238	-2,804	-3,420	-2,877	4,419	7,285	8,520
Net income ¹	1,893	1,743	-3,503	-3,211	-4,936	6,975	4,650	5,303
Net margin	5.33%	3.21%	-8.12%	-7.19%	-9.77%	19.09%	10.71%	10.92%
EPS ²	58.06	50.41	-93.15	-79.05	-118.3	166.8	111.1	126.7
Free Cash Flow	-8,798	-3,052	8,162	-1,664	41,812	-	-	-
FCF margin	-24.77%	-5.62%	18.92%	-3.72%	82.79%	-	-	-
FCF Conversion (EBITDA)	-	-	272.7%	-	482.32%	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-	-
Dividend per Share ²	-	-	-	-	-	-	-	-
Announcement Date	15/04/19	21/04/20	14/04/21	14/04/22	13/04/23	15/04/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: February	2020 S1	2020 S2	2021 S1	2021 S2	2022 Q2	2022 S1	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2023 S2	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2024 S2	2025 Q1	2025 Q2	2025 S1	2025 Q3	2025 Q4	2025 S2
Net sales ¹	24,272	30,071	20,544	22,594	11,683	21,955	10,948	11,782	22,730	13,180	12,475	25,655	12,996	11,853	24,849	9,022	8,728	17,750	9,653	9,142	18,795	11,100	10,100	21,200	11,400	10,600	22,000
EBITDA	-	-	-	-	1,709	-	748	-	-	2,552	2,072	-	2,223	1,822	-	2,067	1,341	-	-	-	-	-	-	-	-	-	-
EBIT ¹	3,564	2,761	-2,013	-484	331	-498	-616	231	-385	1,215	713	1,928	842	805	1,647	1,747	1,011	2,758	1,170	679	1,849	1,700	1,200	2,900	2,100	1,800	3,900
Operating Margin	14.68%	9.18%	-9.8%	-2.14%	2.83%	-2.27%	-5.63%	1.96%	-1.69%	9.22%	5.72%	7.52%	6.48%	6.79%	6.63%	19.36%	11.58%	15.54%	12.12%	7.43%	9.84%	15.32%	11.88%	13.68%	18.42%	16.98%	17.73%
Earnings before Tax (EBT) ¹	2,011	-	-2,337	-467	145	-2,282	-811	-327	-	1,048	323	1,371	-1,278	-2,970	-	1,694	-	2,600	1,242	577	1,819	1,770	1,270	3,040	2,120	1,810	3,930
Net income ¹	745	998	-2,403	-1,100	-255	-2,133	-805	-273	-1,078	393	-495	-102	-2,124	-2,710	-4,834	4,628	739	5,367	777	831	1,608	1,090	849	1,939	1,360	951	2,311
Net margin	3.07%	3.32%	-11.7%	-4.87%	-2.18%	-9.72%	-7.35%	-2.32%	-4.74%	2.98%	-3.97%	-0.4%	-16.34%	-22.86%	-19.45%	51.3%	8.47%	30.24%	8.05%	9.09%	8.56%	9.82%	8.41%	9.15%	11.93%	8.97%	10.5%
EPS	22.81	-	-63.94	-	-	-53.80	-19.18	-	-	9.430	-11.90	-2.470	-50.90	-64.91	-	110.7	17.65	128.4	18.54	-	-	-	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	15/10/19	21/04/20	15/10/20	14/04/21	13/10/21	13/10/21	13/01/22	14/04/22	14/04/22	14/07/22	13/10/22	13/10/22	12/01/23	13/04/23	13/04/23	13/07/23	12/10/23	12/10/23	15/01/24	15/04/24	15/04/24	-	-	-	-	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: February	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	23,944	55,166	44,822	41,838	-	1,387	4,244	4,604
Net Cash position ¹	-	-	-	-	318	-	-	-
Leverage (Debt/EBITDA)	4.664 x	5.489 x	14.98 x	9.193 x	-	0.2236 x	0.5512 x	0.5292 x
Free Cash Flow	-8,798	-3,052	8,162	-1,664	41,812	-	-	-
ROE (net income / shareholders' equity)	19.6%	7.5%	-10.2%	-9%	-14%	19.2%	10.8%	11.4%
ROA (Net income/ Total Assets)	9.47%	5.65%	-1.98%	-2.81%	-	5.97%	8.9%	9.9%
Assets ¹	19,989	30,851	1,76,955	1,14,112	-	1,16,906	52,247	53,569
Book Value Per Share ²	328.0	951.0	876.0	907.0	786.0	951.0	1,048	1,159
Cash Flow per Share	84.00	114.0	-5.320	1.580	-42.80	197.0	-	-
Capex ¹	9,515	9,808	4,922	1,510	1,311	2,400	8,000	3,750
Capex / Sales	26.79%	18.05%	11.41%	3.38%	2.6%	6.49%	18.43%	7.72%
Announcement Date	15/04/19	21/04/20	14/04/21	14/04/22	13/04/23	15/04/24	-	-

¹JPY in Million²JPY

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for TKP Corporation

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

1,455 JPY

Average target price

1,925 JPY

Spread / Average Target

+32.30%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Office Real Estate Development

	1st Jan change	Capi.
TKP CORPORATION	-19.08%	398M
CA IMMOBILIEN ANLAGEN AG	-5.02%	3.24B
HUFVUDSTADEN AB	-7.74%	2.46B
ENTRA ASA	-10.92%	1.73B
HYSAN DEVELOPMENT COMPANY LIMITED	-20.39%	1.62B
PLATZER FASTIGHETER HOLDING AB	+8.08%	1.01B
HEIWA REAL ESTATE CO., LTD.	+2.92%	908M
CROMWELL PROPERTY GROUP	-5.95%	684M
BEIJING ELECTRONIC ZONE HIGH-TECH GROUP CO., LTD.	-15.44%	584M
EMPERADOR PROPERTIES SOCIMI, S.A.	0.00%	462M

Office Real Estate Development