Worth reading
82Important
Scored from 5 of 6 sectionsDirection
Improvement
Direction inferred from the company’s description.Scale
51.2
Operating income, year-on-year change (%)Wording
Conditional
How definitive the wording is.Contents of this document
Presentation materials for financial resultsFirst quarter of 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)
Net Sales¥10,140 million+87.0%
Operating profit¥1,288 million+51.2%
Gross Profit MarginDown 7.7 percentage points year on year. Actual rate: not disclosed
Operating profit margin12.7%, down 3.0 percentage points year on year
Results for the three months of the current quarter
Net Sales
¥10,140 million
Operating profit
¥1,288 million
Full-year earnings forecast
EPS
¥544.28
Annual Dividend
¥94 per share
Payout ratio
17.3 %
Progress against full-year forecast 通期の予想に対して、いまどこまで進んだかの割合です。
Net Sales
97.4 % of plan
Operating profit
130.5 % of plan
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
Progressing broadly in line with the planBreakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
- Upside in gross profit from the real estate development business¥95 million
- Upside in gross profit from the real estate operations business¥60 million
- Unspent budgets for recruitment, personnel, advertising and other expenses¥145 million
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
- Approximately 2AssumptionsNumber of interest rate hikes in the fiscal year ending December 2026
- Already factored into the earnings forecast. Specific figures not disclosedAssumptionsHigher interest expense and cap rates
New initiatives
- Form a development-focused SPC for the hotel project on Kouri Island, Okinawa, and promote fund-based development
- Sell the hotel site in Maruyamacho, Shibuya-ku, to a JV and pursue collaborative development
- Actively utilize value-add and fund-based development
- Rebrand the hotel in Akihabara under the NOCTIS brand
Key KPIsA metric the company considers important as a management benchmark.
- AUM628 Hundreds of millions of yen
- Share of gross profit from recurring assets31.3 %Year on year against the same period last yearHigher
- Number of sales4 Engagements
- Inventory of assets under management558 Hundreds of millions of yen
- New investment amount214 Hundreds of millions of yen
- CAM AUM145 Accumulated amount of approximately ¥ hundred million
Segment results
Real estate development
Net SalesUp 89.7% year on year
Real estate operations business
Net SalesUp 56.8% year on year
Medium-term management plan targets
EPS for the fiscal year ending December 2026
Target¥460.61
Actual and forecast¥544.28
Actual / forecast unit¥
Comparison+18.2%
AUM for the fiscal year ending December 2026
Target1,000 Hundreds of millions of yen
Annual Dividend
Annual¥94 per share
Payout ratio
17.3 %
Acquisition of treasury shares
No share repurchase is under consideration| Item | Details |
|---|---|
| Document type | Presentation materials for financial results |
| Fiscal Period Covered | First quarter of the fiscal year ending December 2026 |
| Net Sales | ¥10,140 million (YoY +87.0%) |
| Operating profit | ¥1,288 million (YoY +51.2%) |
| Gross Profit Margin | Down 7.7 percentage points year on year. Actual rate: not disclosed |
| Operating profit margin | 12.7%, down 3.0 percentage points year on year |
| Results for the three months of the current quarter | Net Sales ¥10,140 million / Operating profit ¥1,288 million |
| Full-year earnings forecast | EPS ¥544.28 / Annual Dividend ¥94 per share / Payout ratio 17.3 % |
| Progress against full-year forecast | Net Sales 97.4 % of plan / Operating profit 130.5 % of plan |
| Self-assessment against the plan | Progressing broadly in line with the plan |
| Segment results | Real estate development Net Sales Up 89.7% year on year / Profit Not disclosed / Real estate operations business Net Sales Up 56.8% year on year / Profit Not disclosed |
| Breakdown of Factors Affecting the Change | Factors Upside in gross profit from the real estate development business / Amount ¥95 million, Factors Upside in gross profit from the real estate operations business / Amount ¥60 million, Factors Unspent budgets for recruitment, personnel, advertising and other expenses / Amount ¥145 million |
| Key KPIs | Indicator name AUM / Value 628 Hundreds of millions of yen / Year on year against the same period last year Not disclosed, Indicator name Share of gross profit from recurring assets / Value 31.3 % / Year on year against the same period last year Higher, Indicator name Number of sales / Value 4 Engagements / Year on year against the same period last year Not disclosed, Indicator name Inventory of assets under management / Value 558 Hundreds of millions of yen / Year on year against the same period last year Not disclosed, Indicator name New investment amount / Value 214 Hundreds of millions of yen / Year on year against the same period last year Not disclosed, Indicator name CAM AUM / Value 145 Accumulated amount of approximately ¥ hundred million / Year on year against the same period last year Not disclosed |
| Assumptions Underlying the Business Outlook | Assumptions Number of interest rate hikes in the fiscal year ending December 2026 / Value Approximately 2, Assumptions Higher interest expense and cap rates / Value Already factored into the earnings forecast. Specific figures not disclosed |
| Medium-term management plan targets | EPS for the fiscal year ending December 2026 Target ¥460.61 / Actual and forecast ¥544.28 / Actual / forecast unit ¥ / Comparison +18.2% / AUM for the fiscal year ending December 2026 Target 1,000 Hundreds of millions of yen |
| Annual Dividend | Annual ¥94 per share / Interim Not disclosed / End of period Not disclosed |
| Payout ratio | Value 17.3 % / Total payout ratio Not disclosed / DOE Not disclosed |
| Acquisition of treasury shares | No share repurchase is under consideration |
| New initiatives | Form a development-focused SPC for the hotel project on Kouri Island, Okinawa, and promote fund-based development, Sell the hotel site in Maruyamacho, Shibuya-ku, to a JV and pursue collaborative development, Actively utilize value-add and fund-based development, Rebrand the hotel in Akihabara under the NOCTIS brand |
Items this document does not state (12)
Ordinary incomeNet incomeSelling, general and administrative expensesUnit price and quantity metricsNumber of stores and locationsNumber of employeesRisk amount incorporated into the outlookFinancial targetsCapital expendituresOrders received and order backlogMarket Size / ShareKey points of the Q&A
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.Operating profit was boosted by the sale of 4 properties in the real estate development business, growth in AUM and the number of units under rental management in the real estate operations business, cost control over costs, upfront fees from the asset management business, and unspent budgets for recruitment, personnel, advertising and other expenses.
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.
Weight is not a verdictIt measures how much this changes what the company had already told the market. It is not a view on the shares.
Corrections happenIf the company reissues this disclosure, the page is rebuilt from the corrected version and the revision number moves up.