Sumitomo Realty Posts Solid Profit for April-June on Condo Sales and Resilient Office Leasing

We maintain our fair value estimate of JPY 3,900 for Sumitomo Realty, equivalent to 0.47 times net asset value and 5% above the current share price, after it posted solid results for April-June, the first quarter in the fiscal year ending March 2022. Operating profit of JPY 71 billion and net profit of JPY 49 billion were 31% and 33%, respectively, of the company’s full-year guidance.