与时俱进：鹿岛建设

Investment Rating - The report does not explicitly provide an investment rating for the company [5]. Core Insights - The report aligns with the views of CITIC Lyon Research, indicating that Kajima Corporation's new orders will shift towards more profitable infrastructure, nuclear power plants, and factory projects, enhancing the company's profitability [5]. - The data center business is expected to improve construction profit margins, and a decrease in U.S. interest rates could lead to increased capital gains for the company [5][7]. Summary by Relevant Sections New Orders and Profitability - Kajima Corporation is predicted to secure more profitable projects, particularly in nuclear power plants, semiconductor factories, and office buildings, with the restart of nuclear power plants driving demand for data center construction in the coming years [6]. Capital Gains Potential - As of the first half of the fiscal year 2026, the company holds real estate assets valued at 1 trillion 3.3 billion yen, with 520 billion yen in Japan and 810 billion yen overseas (50% of which is in the U.S.). A decrease in U.S. interest rates could allow the company to realize capital gains through the sale of logistics assets [7]. Share Buyback and Cross-Shareholdings - The company is expected to implement a 30 billion yen stock buyback, funded by the reduction of cross-shareholdings, with proceeds from this reduction anticipated to be used for buybacks in fiscal year 2027 [8]. Catalysts - Potential catalysts for the company include: 1) Disclosure of factory orders; 2) Improvement in construction profit margins; 3) Increased capital gains from asset sales [9]. Company Overview - Kajima Corporation is one of Japan's four major general construction companies, historically closely linked with Mitsui Fudosan. The company's business primarily focuses on private sector construction projects, a trend expected to continue, with nearly three-quarters of orders coming from Japan's domestic private sector over the past decade. Its overseas real estate business, primarily focused on U.S. logistics development, has become another pillar [11].