CEL Corp: An Analysis of the Company Listed on the Tokyo Stock Exchange
CEL Corporation, with the ticker 5078 on the Tokyo Stock Exchange, is a Japanese company specializing in the real estate sector. Founded in 1993 and headquartered in Chuo-ku, Tokyo, CEL Corp primarily distinguishes itself through its activities in property management, development, and consultancy for apartment management, as well as leasing operations in China.
CEL Corp at a glance
| Stock price: | 5.225,00 JPY |
| Outstanding shares: | 3,49m |
| Float: | 603,50k |
| Market cap: | 14,32bn JPY (approx. 85m EUR) |
| Ticker: | 5078:TYO |
| ISIN: | JP3423610009 |
| Exchange(s): | Tokyo Stock Exchange (TYO) |
| Main shareholder(s): | Masatsugo Sinno (approx. 60,25%; founder), Makitech Co., Ltd (approx. 11,46%), CEL Corp. Employee Stock Ownership Plan (approx. 4,038%), Hikari Tsushin, Inc. (approx. 3,248%), Cel Corp. Board Incentive Plan (approx. 1,572%), Hanwa Co., Ltd (approx. 1,432%), CEL Corp (approx. 1,146%), Chiyoko Kaimoto (approx. 1,146%), Tomiya Kaimoto (approx. 1,146%), Takaya Kaimoto (approx. 1,146%) |
| Website: | https://www.cel-co.com/ |
Business Segments
CEL Corp operates through three main segments:
Apartment Construction Subcontracting: his segment deals with the planning, design, construction, and subcontracting of apartments, with a particular focus on the Tokyo market.
Property Management and Leasing: This includes leasing and management of buildings, apartment management services such as rent collection, and maintenance work
Leasing in China: CEL manages factory and office leases in Shanghai and Ningbo, offering customized solutions for clients with large industrial spaces and serviced offices. This segment has been divested*.
Financial Performance
Over the past year, CEL Corp has seen significant growth in its stock price. Currently, the stock is trading at around 4,150 JPY, reflecting a 70% increase from the previous year. The company reported revenues of approximately 23.10 billion JPY and a net income of 1.11 billion JPY.
Dividend Policy and Buybacks
CEL Corp recently announced a dividend of 80 JPY per share and a share buyback program worth 291.3 million JPY, equivalent to 2.88% of the issued shares. This reflects a company policy aimed at returning value to shareholders.
Future Prospects
Despite some short-term fluctuations, CEL Corp’s stability and long-term growth show a positive trajectory. The company continues to expand its operations both domestically and internationally, benefiting from the increasing demand for real estate solutions and management services.
In summary, CEL Corp represents an interesting investment opportunity in the Japanese real estate sector, thanks to its solid financial performance and diversified growth strategy.
CEL Corp is one of the companies in my real estate portfolio (May 17, 2024; position sizing: approximately 1.6%) due to the exposure it offers to the residential sector in Japan and the still attractive valuation even though the stock has gained 70% in over the last 12 months.
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