Worth reading
48Recurring
0–100. This measures how worthwhile something is to read, not how good or bad the company is.Direction
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Direction inferred from the company’s description.Scale
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Displayed only when the document provides numerical figures.Wording
Avoiding a definitive answer
How definitive the wording is.Contents of this document
Summary of Q&AFull-year results for the fiscal year ended December 2025 and the earnings forecast for the fiscal year ending December 202610 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Gross Profit MarginPlanned to decline in the fiscal year ending December 2026 from the prior-year result. The Company explained that the plan is conservative and factors in an increase of approximately 0.5% in cap rates.
Full-year earnings forecastOperating profit of ¥7.5 billion. The Company explained that it expects to achieve in the fiscal year ending December 2026 the operating profit target set for the fiscal year ending December 2027 under its medium-term management plan, one year ahead of schedule. Other line items: not disclosed
What the company explained in this material
Key points of the Q&AKey questions raised by investors at the briefing and the company's answers
Macroeconomic conditions and construction costs, results for the fiscal year ended December 2025, the earnings forecast for the fiscal year ending December 2026, financing and financial matters, the business model and fund-based development, and capital policy, shareholder returns, and valuationBreakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
The Company explained that the factors driving the upside in the fiscal year ended December 2025 included keeping construction costs below assumptions, higher selling prices, development revenue from Thanks Okinawa, and greater selling, general and administrative expense efficiency. The breakdown by amount was not disclosed.
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
Approximately 2 interest rate hikes, an increase of approximately 0.5% in cap rates, conservative assumptions for costs and selling prices, and approximately ¥140 million in profit from silent partnership investments in the fiscal year ending December 2026New initiatives
Introducing the business profit metric, using fund-based development and development SPCs, establishing funds through a crowdfunding-based lending platform, applying investment discipline that exceeds the cost of capital, and pursuing measures to achieve a PBR above 2.0xKey KPIsA metric the company considers important as a management benchmark.
Business profit, AUM, PBR, EPS, and IRRUnit price and quantity metricsThese figures show sales broken down by price and volume.
Selling unit prices, selling prices, rents, annual NOI, and cap rates. Quantitative indicators combining these with volumes were not disclosed.Medium-term management plan targets
Operating profit of ¥7.5 billion, PBR above 2.0x, and AUM of approximately ¥10 billion for the fiscal year ending December 2027. AUM is planned to increase by 25% from the medium-term management plan.Financial targets
PBR above 2.0x. ROE, ROIC, the D/E ratio, and the equity ratio were not disclosed.Payout ratio
Targeting approximately 15–20%Acquisition of treasury shares
Not under consideration at this time. The acquisition limit, number of shares, and period were not disclosed.| Item | Details |
|---|---|
| Document type | Summary of Q&A |
| Fiscal Period Covered | Full-year results for the fiscal year ended December 2025 and the earnings forecast for the fiscal year ending December 2026 |
| Gross Profit Margin | Planned to decline in the fiscal year ending December 2026 from the prior-year result. The Company explained that the plan is conservative and factors in an increase of approximately 0.5% in cap rates. |
| Full-year earnings forecast | Operating profit of ¥7.5 billion. The Company explained that it expects to achieve in the fiscal year ending December 2026 the operating profit target set for the fiscal year ending December 2027 under its medium-term management plan, one year ahead of schedule. Other line items: not disclosed |
| Breakdown of Factors Affecting the Change | The Company explained that the factors driving the upside in the fiscal year ended December 2025 included keeping construction costs below assumptions, higher selling prices, development revenue from Thanks Okinawa, and greater selling, general and administrative expense efficiency. The breakdown by amount was not disclosed. |
| Key KPIs | Business profit, AUM, PBR, EPS, and IRR |
| Unit price and quantity metrics | Selling unit prices, selling prices, rents, annual NOI, and cap rates. Quantitative indicators combining these with volumes were not disclosed. |
| Assumptions Underlying the Business Outlook | Approximately 2 interest rate hikes, an increase of approximately 0.5% in cap rates, conservative assumptions for costs and selling prices, and approximately ¥140 million in profit from silent partnership investments in the fiscal year ending December 2026 |
| Medium-term management plan targets | Operating profit of ¥7.5 billion, PBR above 2.0x, and AUM of approximately ¥10 billion for the fiscal year ending December 2027. AUM is planned to increase by 25% from the medium-term management plan. |
| Financial targets | PBR above 2.0x. ROE, ROIC, the D/E ratio, and the equity ratio were not disclosed. |
| Payout ratio | Targeting approximately 15–20% |
| Acquisition of treasury shares | Not under consideration at this time. The acquisition limit, number of shares, and period were not disclosed. |
| Key points of the Q&A | Macroeconomic conditions and construction costs, results for the fiscal year ended December 2025, the earnings forecast for the fiscal year ending December 2026, financing and financial matters, the business model and fund-based development, and capital policy, shareholder returns, and valuation |
| New initiatives | Introducing the business profit metric, using fund-based development and development SPCs, establishing funds through a crowdfunding-based lending platform, applying investment discipline that exceeds the cost of capital, and pursuing measures to achieve a PBR above 2.0x |
Items this document does not state (17)
Net SalesOperating profitOrdinary incomeNet incomeOperating profit marginSelling, general and administrative expensesResults for the three months of the current quarterProgress against full-year forecastSelf-assessment against the planSegment resultsNumber of stores and locationsNumber of employeesRisk amount incorporated into the outlookAnnual DividendCapital expendituresOrders received and order backlogMarket Size / Share
These are items the company does not state in this document. We do not leave them blank, nor fill them in from other sources or by inference.
The reasons the company gives
The company's own explanation, not something inferred from the numbers.To strengthen communication with investors and achieve fair disclosure.
How to read this page
This is not the documentKomori reads the disclosure the company filed and writes this summary. Figures are as stated by the company and are not audited.
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Corrections happenIf the company reissues this disclosure, the page is rebuilt from the corrected version and the revision number moves up.