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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Star Asia Investment
Star Asia Investment (3468) investor relations material
Star Asia Investment Q2 2027 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2027 earnings summary14 Sep, 2026
Executive summary
FP21 DPU was ¥1,737, 5.3% above forecast; EPU was ¥1,704, supported by hotel and office rent growth, lower expenses and preferred-equity redemption gains.
H1 FY2027 revenue and net income declined YoY, while portfolio occupancy rose to 98.9% from 98.6%.
Asset replacement and rent growth are intended to offset higher financing costs; the 2030 DPU target is at least ¥1,913.
Financial highlights
H1 FY2027 operating revenue was ¥9,659m, operating income ¥5,737m, ordinary income ¥4,579m and net income ¥4,578m; all declined YoY.
Revenue and net income exceeded forecast by ¥182m and ¥233m, respectively; versus FP20, operating revenue fell ¥610m and net income fell ¥174m.
Rental revenue was ¥9,110m versus ¥9,465m; H1 FY2027 included no property-sale gain, compared with ¥332m in the prior period.
Net cash from operating activities was ¥4,847m; investing activities provided ¥1,778m and financing activities used ¥4,752m. Period-end cash was ¥17,320m.
Outlook and guidance
Forecast DPU is ¥1,755 for January 2027 and ¥1,660 for July 2027; the January forecast includes ¥100 per unit from the Umeda East sale gain.
Forecast revenue/net income is ¥10,622m/¥5,186m for January 2027 and ¥9,819m/¥4,370m for July 2027; interest expense is forecast at ¥1,286m/¥1,346m.
Forecast average 3M TIBOR is 164bp for FP22 and 175bp for FP23; rent growth and asset replacement are expected to counter higher financing costs.
2030 targets include DPU of at least ¥1,913, asset size of ¥500bn and EPU excluding sale gains of ¥1,700–¥1,800.
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Latest events from Star Asia Investment
- Hotel-led earnings beat forecast as portfolio growth supports future distributions.3468
Q4 2024 - Hotel-led growth lifted FP18 DPU to ¥1,701, 10.6% above forecast.3468Q4 2025
- Hotel rents lifted FP17 DPU to ¥1,596, 5.0% above forecast.3468Q2 2025
- Hotel-led outperformance lifted FP20 DPU above forecast; 2030 target: at least ¥1,913.3468Q4 2026
- DPU reached ¥1,803 as asset rotation supports growth toward 2030 targets.3468Q2 2026
- DPU beat forecast as acquisitions expanded the portfolio and leasing and hotel recovery shaped outlook.3468Q2 2024
Next Star Asia Investment earnings date
Q1 202711 Dec, 2026
Star Asia Investment
Next Star Asia Investment earnings date
Q1 202711 Dec, 2026
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