• Structural demand meets sustained value creation – The role of the office is undergoing a structural shift—driven by talent attraction, hybrid work, wellness, and technology. As a key domestic player in office design and furniture, we believe Itoki is well-positioned to benefit from this structural theme. Post-COVID demand momentum remains steady, supported by rising investment in human capital, persistent labour shortages, and limited new office supply. With differentiated strengths in spatial consulting and workstyle design, Itoki is well placed to capture these tailwinds through office renovation cycles. Management reforms are also gaining traction, creating a clear pathway to lifting ROE above 15% and delivering sustained value creation.
