Tokyo Metro stocks, buy? On the first day of listing, the market capitalization exceeded 1 trillion yen, "impressive start"! Individuals are thrilled with stability and dividends.

$Tokyo Metro (9023.JP)$(commonly known asTokyo Metro), on the 23rd,Listed on the Tokyo Main Market (IPO).The opening price was ¥1,630, exceeding the offering price of ¥1,200 by 35.8%.The closing price rose by 44.9% to ¥1,739, surpassing the offering price.The closing price rose by 44.9% to ¥1,739, surpassing the offering price.The closing price rose by 44.9% to ¥1,739, surpassing the offering price.After hitting the opening price shortly after 10 a.m. on the same day, the stock continued to rise, exceeding ¥1 trillion in market capitalization.After hitting the opening price shortly after 10 a.m. on the same day, the stock continued to rise, exceeding ¥1 trillion in market capitalization.Typically, domestic IPO stocks are often pressured by initial profit-taking on the first day, but there was no strong selling pressure, and there was also no significant volatility. Akino Mitsunari, President of Ichiyoshi Asset Management, told Bloomberg during an interview, "The stock is rising even after the initial price was set, making for a strong start.It seems that individual investors have gathered to buy based on stable performance and dividends, and it was evaluated as "}.

As an IPO, this is the largest deal since 2018. $SoftBank (9434.JP)$This fiscal year, companies like Kioxia Holdings (formerly Toshiba Memory) and major non-ferrous companies like JX Metals, which is currently a subsidiary,Including2018 $ENEOS Holdings (5020.JP)$One of its subsidiariesJX MetalsA large-scale public listing is also expected, and if the Tokyo Metro stock price continues to stabilize, the momentum for the IPO is likely to continue.

What is Tokyo Metro?
The predecessor of Tokyo Metro started running between Asakusa and Ueno in 1927.The first underground railway in AsiaIn 1941, it started operation as the Teito High-Speed ​​Transit Operating Authorityand became the Tokyo Underground Railway in 2004. Currently, it has a subway network consisting of nine lines including the Ginza Line, Marunouchi Line, and Hibiya Line in the Tokyo metropolitan area.Started its operation as Tokyo Metro in 2004. $Tokyo Metro (9023.JP)$Currently, it has a subway network consisting of 9 lines such as the Ginza Line, Marunouchi Line, Hibiya Line, etc. in the Tokyo metropolitan area, in terms of the number of stations.in the Tokyo city area.にも上る。東京都内の利用者トップ10の駅のうち品川駅を除いた９駅（新宿、池袋、渋谷駅など）をカバーしている。有楽町・南北線の延伸にも取り組んでおり、さらなる利用者獲得が見込まれる。これまで株式は政府が53.42％、東京都が46.58％を保有していたが、今回の上場でそれぞれ半分の株式を売り出したThe number of shares for overseas sales seems to be 58.1 million shares, with a distribution of 0.2 billion 32.4 million shares to domestic investors, which is four times the amount. It is believed that efforts were made to acquire long-term stable shareholders domestically.

稼ぐ力は強いが鉄道に依存
Previous periodThe operating margin is 19.6%, which is very high, close to double that of a major private railway company.The passenger transportation revenue has recovered to 95% of the pre-Covid level, and is very high, close to double that of a major private railway company.The passenger transportation revenue has recovered to 95% of the pre-Covid level.In comparing transportation personnel to operational kilometers, Tokyo Metro's passenger transportation capacity is high globally, boasting a top position compared to domestic railways (refer to the diagram below for Ministry of Land, Infrastructure, Transport and Tourism data).It boasts the highest passenger transportation capacity in the domestic railroads, even on a global scale.It is not a business that expands and grows exponentially, but it is a business that generates profits steadily and efficiently, with a core focus on infrastructure projects with high public elements.Earning profits steadily and efficiently.is being evaluated.

Is the stock price undervalued? Overvalued?
Performance is strong, with operating revenue (revenue) for the fiscal year ending March 2025 compared to the previous yearan increase of 4.7%407.5 billion yen, operating profitincreased by 11.5%88 billion yen, and net profit is expected to bea 7.75 billion dollars and is expected to increase by 13%.52.3 billion yen. The sales level is close to $Odakyu Electric Railway (9007.JP)$や $Kyushu Railway (9142.JP)$、 $Seibu Holdings (9024.JP)$、 $Keio (9008.JP)$、 $West Japan Railway (9021.JP)$Net profit per share in the previous period was 79.63 yen, with a net asset amount of 1150.42 yen. Based on the results of the previous period.Price Earnings Ratio (PE) is 21.8 times、Price to Book Ratio (pb) is 1.5 timesとなる。25年3月期の予想1株当たり純利益90.02円をもとにしたPERは19.3倍に低下するが、国内鉄道各社のPER中央値が13倍程度Therefore, it is relatively high, with expectations of substantial gains from the sale of owned real estate, etc. $Seibu Holdings (9024.JP)$（PER29倍）や半導体工場誘致で人気となっている $Kyushu Railway (9142.JP)$（16倍）に近い水準となっている。

配当利回りは高い？
This fiscal year's planned dividend is 40 yen per share. Based on the closing price on the 23rd.The dividend yield exceeds the average of railroad stocks by about 1.6%, reaching 2.3%.Following West Japan Railway's 2.7% and Kyushu Railway Company's 2.4%, it is high.The dividend yield for the IPO price of 1200 yen was high at 3.3%.As a result, even individual investors who were previously not interested in IPOs have decided to participate.
According to a female corporate employee (46 years old) who was able to purchase 800 shares from a domestic securities company before listing, "It's infrastructure, so even amateurs are not afraid. I can also receive dividends, and I have not decided when to sell in the future. I also hope for overseas expansion."Tokyo Metro is advancing railway development projects in Vietnam and the Philippines, which seems to be well-received due to such outward-looking initiatives.
Tokyo Metro is also expecting an increase in individual investors,and has prepared numerous benefits for shareholders holding 200 shares or more.The benefits are as follows.
▼Ride Pass
Twice a year, at the end of March and September, railroad shareholders will receive single trip tickets or commuter passes based on the number of shares held.
Example) 200 to 400 shares: 6 tickets per year, a commuter pass for 0.01 million shares.
▼I own 200 shares, with one 300 yen off coupon for the company's EC e-commerce site, 5 free tickets to the subway museum, 3 free tempura topping vouchers for the "Sobadokoro Metoroan" restaurant, and 5 free entry tickets to the golf practice range (weekdays only).。