Industrials · Engineering & Construction · TSE · Japan
¥11235.00+0.58%
Market cap ¥1.83TNext earnings 2026-11-11Updated Oct 24, 2026 · valuation updating
Our verdict
No fair value
We are missing the financial data our models need for this company. It will appear once the data arrives.
Not valued: there are no financial statements on file yet.
ACCE opinionTaisei Corporation (1801.T)
Fair value
Not available
ACCE price target
¥11466
Rating
Not rated
Horizon
12 months
ACCE price target published on 22 Oct 2026, 16:00 CEST.
Price used: ¥11235 at the close on 23 Oct 2026, 08:30 CEST.
Fair value: the average of the applicable valuation models (discounted cash flow, multiples, residual income, dividend discount, shareholder yield), each run on the latest financial statements and the market price shown. Opinion columns (fair value, target, rating) are shown apart from the data. Full methodology: acceinvestments.com/data/how-we-value-stocks
Conflicts of interest: The author holds no personal position in this security. General statement
Produced by ACCE Investments (acceinvestments.com)
Data
ACCE score
59
out of 100
P/E
11.2x
forward 23.6x
1-year return
+1.8%
Dividend yield
3.40%
Taisei Corporation in four questions
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Overview
ACCE thesis
Taisei is one of Japan's big five general contractors, building office towers, hospitals, data centres, and civil infrastructure such as tunnels, dams and expressways, with a design arm that handles much of its own engineering. Its edge is scale and relationships: long-standing ties to the major Japanese developers and government agencies give it a steady pipeline, and the post-2024 wave of construction-cost inflation has been passed through to clients more readily than in past cycles. Revenue growth of 18.4% is strong for a contractor with a 16.0% gross margin and an 8.7% operating margin, and it shows up in the earnings line as a trailing P/E of 11.4 against a forward P/E of 23.5, which the market reads as the earnings base shifting, not as a clean earnings upgrade. That gap between trailing and forward multiples is the first thing to pressure-test: it could mean the trailing figure is flattered by one-off gains or that consensus is baking in margin expansion that has not yet been reported. Worth a deeper look to establish which, and how much of the top-line growth is price versus volume.
⚠ Investor warnings · 2 flagsAI-assisted·How I use AI
moderate
Quarterly revenue sharply down
QoQ change is -47.6% against an annual revenue growth of +18.4%, which may reflect project timing in a construction business. Worth checking the next quarter before reading much into it.
moderate
Forward P/E well above trailing
Forward P/E of 23.5 compares with a trailing P/E of 11.2, implying analysts expect earnings to fall. The price sits 2.0% below the ACCE price target of ¥11466.00, so that gap depends on the forecast being right.
AI research notes
AI-assisted·How I use AIWritten Oct 22, 2026 · figures from 2026-10-22 · prices to Oct 23, 2026
Why it could do well
Revenue grew 18.4% year over year, well ahead of its 16.4% average annual pace over five years.
Earnings beat expectations, with earnings per share of 189.62 against 170.82 expected, an 11.0% surprise.
Analysts' mean price target of JPY 16500.00 sits 47.7% above the current share price.
Why it could disappoint
The shares trade at 23.5 times forward earnings, more than double the 11.2 trailing multiple, implying a sharp expected earnings drop.
A net margin of 7.9% leaves little cushion if costs rise or contracts slow.
The shares trade at ¥11235.00, 2.0% below the ACCE price target of ¥11466.00, so upside is modest on our numbers.
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