Worth reading
64In focus
0–100. This measures how worthwhile something is to read, not how good or bad the company is.Direction
Mixed performance
Direction inferred from the company’s description.Scale
119000000
Yen (third-quarter operating profit of the Mortgage Check business)Wording
Conditional
How definitive the wording is.Contents of this document
Earnings briefing transcriptThird quarter of the fiscal year ending June 20269 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Selling, general and administrative expensesAdvertising expenses: down 34.4% year on year
Operating profit marginThe company explained that operating margins for both the Mortgage Check and INVASE businesses are expected to reach record highs. However, the margin figures were not disclosed.
Results for the three months of the current quarterOperating profit for the Mortgage Check business was ¥119 million, and both the Mortgage Check and INVASE businesses were profitable. However, consolidated three-month figures were not disclosed.
Full-year earnings forecastRevised forecast figures for revenue and operating profit were not disclosed. Operating profit for the Mortgage Check business is forecast at ¥113 million, while INVASE is expected to remain profitable for the full year.
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
The Mortgage Check business is expected to outperform its initial forecast. INVASE is expected to post lower revenue and profit because of stagnation in the third and fourth quarters, but full-year profitability is in line with the plan. Company-wide operating profit is expected to exceed the initial assumption.Key points of the Q&AKey questions raised by investors at the briefing and the company's answers
Marketing position: strengthening low-cost channels such as SEO, media, and social media. Properties held for sale: approximately ¥900 million at the end of March. Situation in Iran: no significant adverse impact at present and a positive effect on customer acquisition. Policy rate outlook: unchanged from the previous briefing. Third-quarter results: within expectations. INVASE growth: efficiency improvements through AI in sales, lending assessments, property analysis, and other areas.Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
Mortgage Check: normalization of the timing difference in revenue recognition, strategic restraint of advertising expenses, SEO initiatives, and lower CPA. INVASE: changes to banks' lending criteria, delays in closing transactions, and sluggish revenue growth.
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
The base case assumes that the policy rate will reach 1.5% in 2027, while the risk scenario assumes it will exceed 2%. The spread between variable and fixed interest rates is 1.63%.New initiatives
The third phase of AI lending assessments is scheduled for implementation at the end of June 2026. INVASE will strengthen its sales and acquisition teams and launch property management services. The company is promoting the use of AI for sales, customer and property analysis, lending assessments, contract administration, and appointment setting.Key KPIsA metric the company considers important as a management benchmark.
Number of loan applications: down significantly year on year, but up from the previous quarter. CPA: down. Margin: ¥12,000. Rankings for major search keywords: top 3. Media exposure: approximately 200 articles annually and 20–30 per month. Unaided brand awareness: approximately 50%.Unit price and quantity metricsThese figures show sales broken down by price and volume.
Number of loan applications, CPA, margin of ¥12,000, and loan closing rate of 12%Segment results
Mortgage Check: third-quarter operating profit of ¥119 million and a return to profitability. INVASE: returned to profitability in the third quarter, marking two consecutive profitable quarters. However, year-on-year figures for revenue and profit were not disclosed.Market Size / Share
Monthly searches for housing loan-related keywords: approximately 200,000 for "housing loan" and more than 100,000 each for "housing loan interest rates" and "housing loan simulation." The company ranks in the top 3 for the three major keywords.| Item | Details |
|---|---|
| Document type | Earnings briefing transcript |
| Fiscal Period Covered | Third quarter of the fiscal year ending June 2026 |
| Operating profit margin | The company explained that operating margins for both the Mortgage Check and INVASE businesses are expected to reach record highs. However, the margin figures were not disclosed. |
| Selling, general and administrative expenses | Advertising expenses: down 34.4% year on year |
| Results for the three months of the current quarter | Operating profit for the Mortgage Check business was ¥119 million, and both the Mortgage Check and INVASE businesses were profitable. However, consolidated three-month figures were not disclosed. |
| Full-year earnings forecast | Revised forecast figures for revenue and operating profit were not disclosed. Operating profit for the Mortgage Check business is forecast at ¥113 million, while INVASE is expected to remain profitable for the full year. |
| Self-assessment against the plan | The Mortgage Check business is expected to outperform its initial forecast. INVASE is expected to post lower revenue and profit because of stagnation in the third and fourth quarters, but full-year profitability is in line with the plan. Company-wide operating profit is expected to exceed the initial assumption. |
| Segment results | Mortgage Check: third-quarter operating profit of ¥119 million and a return to profitability. INVASE: returned to profitability in the third quarter, marking two consecutive profitable quarters. However, year-on-year figures for revenue and profit were not disclosed. |
| Breakdown of Factors Affecting the Change | Mortgage Check: normalization of the timing difference in revenue recognition, strategic restraint of advertising expenses, SEO initiatives, and lower CPA. INVASE: changes to banks' lending criteria, delays in closing transactions, and sluggish revenue growth. |
| Key KPIs | Number of loan applications: down significantly year on year, but up from the previous quarter. CPA: down. Margin: ¥12,000. Rankings for major search keywords: top 3. Media exposure: approximately 200 articles annually and 20–30 per month. Unaided brand awareness: approximately 50%. |
| Unit price and quantity metrics | Number of loan applications, CPA, margin of ¥12,000, and loan closing rate of 12% |
| Assumptions Underlying the Business Outlook | The base case assumes that the policy rate will reach 1.5% in 2027, while the risk scenario assumes it will exceed 2%. The spread between variable and fixed interest rates is 1.63%. |
| Market Size / Share | Monthly searches for housing loan-related keywords: approximately 200,000 for "housing loan" and more than 100,000 each for "housing loan interest rates" and "housing loan simulation." The company ranks in the top 3 for the three major keywords. |
| Key points of the Q&A | Marketing position: strengthening low-cost channels such as SEO, media, and social media. Properties held for sale: approximately ¥900 million at the end of March. Situation in Iran: no significant adverse impact at present and a positive effect on customer acquisition. Policy rate outlook: unchanged from the previous briefing. Third-quarter results: within expectations. INVASE growth: efficiency improvements through AI in sales, lending assessments, property analysis, and other areas. |
| New initiatives | The third phase of AI lending assessments is scheduled for implementation at the end of June 2026. INVASE will strengthen its sales and acquisition teams and launch property management services. The company is promoting the use of AI for sales, customer and property analysis, lending assessments, contract administration, and appointment setting. |
Items this document does not state (16)
Net SalesOperating profitOrdinary incomeNet incomeGross Profit MarginProgress against full-year forecastNumber of stores and locationsNumber of employeesRisk amount incorporated into the outlookMedium-term management plan targetsFinancial targetsAnnual DividendPayout ratioAcquisition of treasury sharesCapital expendituresOrders received and order backlog
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.For Mortgage Check, the return to profitability and higher profit were attributable to the normalization of the timing difference in revenue recognition, as well as lower CPA and improved marginal profit resulting from the strategic restraint of advertising expenses and SEO marketing. For INVASE, the decline in revenue and profit was attributable to some customers being unable to obtain loans following changes to the lending criteria of certain banks, which led to delays in closing transactions and sluggish revenue growth.
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