Daito Trust Construction Co Ltd DIFTY

Real EstateReal Estate OperationsJapan

Last close 5.22 USD on Nov 1, 2026, +10.8% year to date

Quant rating

Quant rating A Rank 4 of 61 in Real Estate

Growth B 10 of 61
Valuation C 26 of 61
Quality A 3 of 61
Revisions A 3 of 61
Momentum B 20 of 61

Wall Street consensus Hold (2.89)Average target 22.58 USD +332.5%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 7.1B
Enterprise value: 7.4B
52-week range: 4.41 – 6.17
3-year range: 4.41 – 6.72
Dividend yield: 4.52%
Beta (5 years): 0.32
Shares outstanding: 345M
Next earnings: Oct 29, 2026

About the company

Daito Trust Construction Co Ltd is a Japan-based company mainly engaged in the provision of comprehensive services through building leasing businesses. It operates through four business segments. Real Estate Leasing Segment engages in bulk leasing, brokerage, and leasing of real estate, provision of rental property information, guarantor services for tenants of rental properties, and others. Construction Segment proposes plans for effective land utilization, concludes construction contracts, carries out design and construction and others. Real Estate Development Segment engages in the development and sales of logistics facilities, hotels and others. Financial Segment includes construction financing, trust services, consulting services, sales of insurance for landlords and tenants and others. Other businesses include the sale of fuel (liquefied petroleum (LP) gas), operation of day care centers and childcare facilities, provision of home care and nursing services and others.

Growth and profitability fiscal year ends March 31

Growth and profitability by fiscal year
	2026	2025	2024	2023	2022	5Y avg
Revenue (mil)	12,505	12,286	11,443	12,483	–	–
Revenue growth	1.8%	7.4%	−8.3%	–	–	−1.4%
EPS (basic, normalized)	1.91	1.97	1.45	1.51	1.56	–
EPS growth	−3.1%	36.3%	−4.5%	−3.1%	–	–
Gross margin	17.5%	17.1%	16.4%	15.6%	–	16.7%
Net margin	5.0%	5.1%	4.3%	4.2%	–	4.7%
ROE	20.6%	21.6%	18.6%	–	–	20.2%

Balance sheet, last quarter
Cash & short-term investments (mil)	1,546
Current ratio	2.17x
Long-term debt (mil)	1,164
Net debt (mil)	310
Total equity (mil)	3,044
Net debt / equity	0.10x
Net debt / EBITDA	0.31x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2026 actual	12,505	+1.8%	0.6x	996	+2.4%	7.4x	1.91	−3.1%	2.7x
2027	13,070	+4.5%	0.6x	1,061	+6.5%	6.9x	2.11	+10.5%	2.5x
2028	13,531	+3.5%	0.5x	1,132	+6.7%	6.5x	2.13	+0.9%	2.5x
2029	13,977	+3.3%	0.5x	1,359	+20.1%	5.4x	2.29	+7.7%	2.3x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2027	13,070	+0.2%	−0.1%	+0.4%	2.11	+0.6%	+0.4%	+1.5%
2028	13,531	0.0%	−0.7%	−0.3%	2.13	+1.8%	+2.5%	+1.0%
2029	13,977	0.0%	−0.9%	+0.4%	2.29	+2.3%	+3.3%	+5.7%

Earnings surprises EPS beat in 3 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	461,637	445,143	462,156	454,877	480,181	478,250	481,303	484,018	541,172	480,116
Sales mean (mil)	459,092	434,404	448,053	449,281	468,823	477,373	490,118	489,783	533,406	498,103
Surprise	+0.6%	+2.5%	+3.1%	+1.2%	+2.4%	+0.2%	−1.8%	−1.2%	+1.5%	−3.6%
EPS reported	44.93	74.33	82.05	78.23	51.05	72.72	77.69	79.12	69.43	72.68
EPS mean	45.18	58.60	58.47	64.05	25.87	67.83	77.42	71.68	57.56	77.34
Surprise	−0.6%	+26.8%	+40.3%	+22.1%	+97.4%	+7.2%	+0.3%	+10.4%	+20.6%	−6.0%

Peer comparison Real Estate Operations

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
DIFTY Daito Trust Construction Co Ltd	7.1B	0.31x	5.0%	2.17x	2.5x	2.5x	6.9x	6.5x
SUHJY Sun Hung Kai Properties Limited	40.2B	–	22.7%	0.50x	13.3x	12.8x	12.0x	11.5x
MITEY Mitsubishi Estate Company, Limited	29.3B	7.74x	12.7%	1.69x	–	–	–	–
BEKE KE Holdings Inc.	20.0B	−6.68x	3.2%	2.00x	15.5x	13.6x	8.3x	7.3x
HLDCY Henderson Land Development Co Ltd	17.3B	–	22.0%	0.42x	17.3x	17.3x	35.6x	32.7x
Z Zillow Group, Inc.	7.0B	−0.35x	0.9%	1.62x	13.8x	10.7x	9.1x	7.5x
Mean		0.26x	11.1%	1.40x	12.5x	11.4x	14.4x	13.1x
Median		−0.02x	8.9%	1.65x	13.8x	12.8x	9.1x	7.5x

Technical analysis

1M−2.1%
3M−1.1%
1Y+5.5%
3Y+16.2%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Daito Trust Construction Co Ltd, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Total revenue	12,505	12,286	11,443	12,483	–	13,450
Cost of revenue	10,319	10,180	9,561	10,537	–	11,292
Gross profit	2,187	2,106	1,882	1,946	–	2,158
Selling, general & administrative expenses	1,326	1,297	1,177	1,180	–	1,359
Research & development	8.9	16.3	12.0	12.8	–	15.3
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	6.5	24.9	0.1	13.5	–	1.5
Other operating expenses	0	0	0	0	–	0
Operating income	846	768	693	740	–	782
Net interest income (expense)	2.8	71.6	12.9	0.5	–	12.1
Gain (loss) on sale of assets	2.4	−1.3	−1.5	−2.1	–	−6.9
Other non-operating income (expense)	21.9	29.1	27.0	29.0	–	32.8
Net income before taxes	873	867	731	767	–	820
Provision for taxes	249	242	234	241	–	257
Minority interest	0.3	0.8	−3.5	4.3	–	−0.7
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	624	626	494	530	–	563
Extraordinary items	–	–	–	–	–	–
Net income	624	626	494	530	–	563
EBIT, normalized	852	793	693	753	–	784
EBITDA, normalized	982	915	811	884	–	926
Basic EPS, normalized	1.91	1.97	1.45	1.51	1.56	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Daito Trust Construction Co Ltd, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Assets
Cash & short-term investments	1,741	1,593	1,649	2,042	–	–
Receivables	1,172	1,185	1,072	1,238	–	–
Total inventory	1,934	1,525	596	484	–	–
Prepaid expenses	517	545	499	559	–	–
Other current assets	204	196	309	345	–	–
Total current assets	5,567	5,045	4,126	4,669	–	–
Property, plant & equipment	1,229	1,229	1,288	1,441	–	–
Goodwill	81.4	84.7	78.3	85.5	–	–
Intangibles	146	150	142	175	–	–
Long-term investments	303	317	380	418	–	–
Note receivable	−50.8	−49.5	−44.0	−49.9	–	–
Other long-term assets	1,340	1,379	1,168	1,258	–	–
Total assets	8,616	8,155	7,138	7,997	–	–
Liabilities
Accounts payable	–	–	–	–	–	–
Payable/accrued	–	–	–	–	–	–
Accrued expenses	194	191	154	120	–	–
Short-term debt	84.9	62.1	0	7.7	–	–
Current portion of long-term debt	244	393	73.9	89.8	–	–
Other current liabilities	2,019	2,094	1,933	2,121	–	–
Total current liabilities	2,542	2,740	2,161	2,338	–	–
Long-term debt	1,147	375	455	594	–	–
Minority interest	1.6	6.6	20.7	25.6	–	–
Other liabilities	1,799	1,922	1,841	2,015	–	–
Total liabilities	5,489	5,044	4,477	4,973	–	–
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	183	194	192	219	–	–
Additional paid-in capital	205	218	228	260	–	–
Retained earnings (accumulated deficit)	3,110	2,974	2,587	2,658	–	–
Treasury stock	−412	−288	−387	−82.6	–	–
Other equity	41.0	14.0	40.8	−30.8	–	–
Total equity	3,127	3,111	2,661	3,024	–	–
Total liabilities & shareholders' equity	8,616	8,155	7,138	7,997	–	–

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Daito Trust Construction Co Ltd, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Operating activities
Net income	873	867	731	767	–	–
Depreciation, depletion & amortization	130	122	119	131	–	–
Deferred taxes	–	–	–	–	–	–
Non-cash items	63.0	73.5	134	89.3	–	–
Changes in working capital	−811	−492	−383	−369	–	–
Cash from operations	255	571	601	618	–	–
Investing activities
Capital expenditures	−194	−162	−130	−210	–	–
Other investing cash flows	−69.1	−148	42.9	−220	–	–
Cash from investing	−263	−310	−86.7	−430	–	–
Financing activities
Financing cash flow items	1.5	−0.3	−0.9	−0.4	–	–
Cash dividends paid	−323	−253	−239	−276	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	556	−52.8	−399	−25.4	–	–
Cash from financing	235	−306	−640	−302	–	–
Foreign exchange effects	−9.2	8.4	11.6	19.1	–	–
Net change in cash	218	−36.4	−114	−94.2	–	–
Free cash flow	61.5	409	471	408	–	–

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.