May 21st TDnet financial results memo | Read REITs/ETFs and revised disclosures all at once

[Summary]

In the TDnet financial results list as of 16:23 on May 21, 2026, there were 15 cases.

Of these, seven were ETF financial statements, two were REIT financial statements, and six were amended disclosures of operating companies. Rather than a flashy large-cap stock settlement, it was a day to carefully read the details of fund flows through ETFs and REITs and the contents of revised disclosures.

There are three points this time.

The first is that a large number of J-REIT related ETFs are available. By looking at the TSE REIT ETF (2555), TSE REIT Core ETF (360A), and TSE REIT Inverse ETF (2094), you can see how funds enter the REIT market and the demand for hedging.

Second, the main REITs are Global One Real Estate Investment Corporation (8958) and Daiwa Securities Living Investment Corporation (8986). The former will see a decline in sales and profits, while the latter will see an increase in profit for the current period, but the outlook for future dividends is weak.

Third, there are many revised disclosures. However, the revisions made by Ishikawa Seisakusho, Nankai Plywood, Osaki Electric Industry, Mitsui O.S.K. Lines, Kodensha, and Open Group are not downward revisions to their business results that will significantly change their mainstay sales and operating income, at least as far as the disclosures are concerned.

Targeted disclosure

The 15 target cases are as follows.

Fund flow read from ETF

ETF financial statements are read differently than corporate company financial statements.

Rather than looking at operating income or net income, look at net assets, number of outstanding units, base price, and distributions. In other words, it is a document that looks at investor capital allocation rather than corporate performance.

This time, among domestic high dividend ETFs, 1494 and 354A showed remarkable growth.

It remains important that funds remain in high-dividend ETFs. In Japanese stocks, not only growth stocks but also funds that evaluate dividends, returns, PBR reform, and stable cash flow are running side by side.

REIT ETFs are in a tug of war with interest rates. Dividend yields tend to be attractive, but when interest rates rise, the upside becomes heavier. It is better not to view this as ``safe because there is a yield''.

REITs have different views on dividends

Regarding the REIT itself, 8958 and 8986 were targeted.

8958 had operating revenue of 7.544 billion yen and net income of 3.975 billion yen, which was a decrease in sales and profits compared to the previous fiscal year. The distribution amount also decreased from 4,271 yen in the previous period to 3,681 yen, and the expected distribution amount is 3,200 yen.

8986 had operating revenue of 14.993 billion yen and net income of 6.866 billion yen, both sales and profits increased. However, the expected dividend will be lower to 2,510 yen for the period ending September 2026 and 2,410 yen for the period ending March 2027.

In the end, dividends for REITs are directly linked to investor sentiment. Even if the track record is good, if the future dividends decrease, the upside is likely to be heavy.

See the corrected disclosure separately

There are six revised disclosures this time.

When you look at the headline alone, it seems heavy, but the content is quite different.

Rather than downward revisions to business results, the latest revisions mainly focus on revisions to disclosure classifications, notes, and cash flow presentation.

In the short term, the mere headline ``Correction/Revision of Numerical Data'' may cause alarm. However, if you read the contents, there is little that will fundamentally change the financial evaluation.

Investment strategy

If you are going to read this manifest, it is better to divide the themes into three parts.

high-dividend ETF
→ Key point

REIT/REIT ETF
→ Key point

Key point
→ Key point

High dividend ETFs should be viewed as funds that support the downside of Japanese stocks. The increase in net assets for 1494 and 354A shows that the dividend/return theme remains.

REITs are a little difficult. ETFs are paying dividends, but REITs are seeing a decline in dividends in the future. If interest rates fall, it will be easier to reconsider, but if interest rates remain high, evaluations will be difficult to improve.

It is best not to buy or sell amended disclosures based on the headline alone. This time, most of the changes are not "revisions to performance." This is the stage where you need to read the contents and determine whether there is an impact on the main figures.

Summary

The May 21st TDnet financial results manifesto focused on ETFs, REITs, and revised disclosures.

Domestic high-dividend ETFs have money remaining. Regarding REITs, the tug-of-war between dividends and interest rates continues. Although there are many revised disclosures, there are few that have a major impact on major business results.

There are no flashy financial surprises. However, it was a good day to look at capital flows.

When looking at Japanese stocks, we look at high dividends and returns, REIT yields, AI/Taiwan tech, and overreaction to revised disclosures. It is practical to track these four separately.