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Financial results presentation2975Star Mica Holdings Co.,Ltd.Real Estate

Financial Results Presentation for the First Quarter of the Fiscal Year Ending November 2026

In the first quarter of the fiscal year ending November 2026, revenue, operating income, ordinary income and net income all exceeded the year-earlier period, reaching record highs for a first quarter. Progress against the full-year forecasts was 25.1% for revenue, 37.6% for operating income and 47.5% for net income, which the Company describes as “extremely strong.”

Worth reading
81Important
Scored from 5 of 6 sections
Direction
Improvement
Direction inferred from the company’s description.
Scale
32.4
Year-on-year revenue growth (%)
Wording
Conditional
How definitive the wording is.

Contents of this document

Financial results presentationFirst quarter of the fiscal year ending November 202613 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥213 100 million+32.4%
Operating profit¥34.9 100 million+51.5%
Ordinary income¥34.5 100 million+65.3%
Net income¥24.2 100 million+70.3%
Selling, general and administrative expenses¥13.3 100 million
Gross Profit MarginRenovated condominiums (sales): 19.9%; renovated condominiums (leasing): 50.1%. Year-on-year change points for the consolidated total: not disclosed
Full-year earnings forecast
Net Sales
¥847.1 100 million
Gross profit
¥148.6 100 million
Operating profit
¥92.9 100 million
Ordinary income
¥74.9 100 million
Net income for the current fiscal year
¥50.9 100 million
EPS
¥149.58
DPS
¥45
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 Sales25.1%
Gross profit32.5%
Selling, general and administrative expenses24.0%
Operating profit37.6%
Ordinary income46.1%
Net income for the current fiscal year47.5%
Units purchased32%
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
Progress against the earnings forecast is extremely strong. The medium-term management plan targets are within reach
Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
  • Renovated condominium business (leasing)-¥10 million
  • Renovated condominium business (sales)+¥1.64 billion
  • Investment and advisory businesses-¥0 million
  • Selling, general and administrative expenses-¥430 million
  • Owner-change renovations+¥1.25 billion
  • Vacant-unit renovations+¥320 million
  • Absence of one-time gains on securities sales in the investment business-¥140 million
  • Advisory Business+¥130 million
  • Personnel expenses-¥20 million
  • Consumption tax-¥310 million
  • Other SG&A expenses-¥90 million
New initiatives
  • Returning to owner-change properties
  • Increasing the urban-market share
  • Establishing a specialized department for structural reform of the renovation business
  • Shortening the sales business cycle
  • Continuing to establish and scale up funds for the securitization of individual condominium units
Key KPIsA metric the company considers important as a management benchmark.
  • Units purchased572 units
    Year on year against the same period last year+120 units
  • Owner-change units purchased355 units
    Year on year against the same period last year+120 units
  • Vacant units purchased217 units
    Year on year against the same period last year±0 units
  • Owner-change renovation units sold189 units
    Year on year against the same period last year+46.5%
  • Vacant-unit renovation units sold197 units
    Year on year against the same period last year+9.4%
  • Units sold in Tokyo priced at ¥100 million to ¥200 million17 units
  • One-on-one meetings with institutional investors and analysts (Japan)27 times
    Year on year against the same period last year-4 meetings
  • One-on-one meetings with institutional investors (overseas)19 times
    Year on year against the same period last year+10 meetings
Unit price and quantity metricsThese figures show sales broken down by price and volume.
  • Owner-change renovations
    Number of units sold189
    Selling Prices¥43.2 million
    Gross profit margin27.4%
  • Other owner-change properties
    Number of units sold69
    Selling Prices¥25.9 million
    Gross profit margin24.3%
  • Vacant-unit renovations
    Number of units sold197
    Selling Prices¥49.2 million
    Gross profit margin11.8%
Segment results
Renovated Condominium Business
Net Sales
¥209.2 100 million+33.3%
Gross profit
¥45 100 million+56.8%
Investment
Net Sales
¥0.1 100 million-93.6%
Gross profit
¥0.1 100 million-93.5%
Advisory Business
Net Sales
¥3.6 100 million+58.7%
Gross profit
¥3.1 100 million+78.0%
Medium-term management plan targets
ROEAt least 12.0% (FY26)
Operating profit marginAt least 10.0% (FY26)
EPS growth rateAt least +14.0% (FY23–26 CAGR)
Sales business cycle-1.5 months versus FY23
Owner-change turnover period-18 months versus FY23
Balance of properties held for sale¥100 billion or more
Equity ratioAt least 25.0%
Total payout ratio40.0%
PBR1.0x
Financial targets
ROE
Target12.0% or more
Actual results and projected full-year outcome16.2%（FY26）
Operating profit margin
TargetAt least 10.0%
Actual results and projected full-year outcome11.0%（FY26）
Equity ratio
TargetAt least 25.0%
Actual results25.0% (at the end of FY26 Q1)
Market Size / Share
In Tokyo’s used condominium market, properties priced at ¥100 million or less account for 82% and those priced above ¥100 million for 18%. Among the Group’s properties sold, 88% were priced at ¥100 million or less and 12% above ¥100 million. The Group analyzes that it is the only TSE Prime-listed company whose principal business is renovating used condominiums
Capital expenditures
800 Approximately ¥100 million investment in properties held for sale in FY26
Annual Dividend
Annual¥45.0
Payout ratio
Not disclosed. Target total payout ratio: 40.0%
Acquisition of treasury shares
To be implemented flexibly when the Company determines that its shares are undervalued, such as when the PBR falls below 1.0x. The acquisition amount, number of shares and period were not disclosed
Contents of this document
ItemDetails
Document typeFinancial results presentation
Fiscal Period CoveredFirst quarter of the fiscal year ending November 2026
Net Sales¥213 100 million (YoY +32.4%)
Operating profit¥34.9 100 million (YoY +51.5%)
Ordinary income¥34.5 100 million (YoY +65.3%)
Net income¥24.2 100 million (YoY +70.3%)
Gross Profit MarginRenovated condominiums (sales): 19.9%; renovated condominiums (leasing): 50.1%. Year-on-year change points for the consolidated total: not disclosed
Selling, general and administrative expenses¥13.3 100 million
Full-year earnings forecastNet Sales ¥847.1 100 million / Gross profit ¥148.6 100 million / Operating profit ¥92.9 100 million / Ordinary income ¥74.9 100 million / Net income for the current fiscal year ¥50.9 100 million / EPS ¥149.58 / DPS ¥45
Progress against full-year forecastNet Sales 25.1% / Gross profit 32.5% / Selling, general and administrative expenses 24.0% / Operating profit 37.6% / Ordinary income 46.1% / Net income for the current fiscal year 47.5% / Units purchased 32%
Self-assessment against the planProgress against the earnings forecast is extremely strong. The medium-term management plan targets are within reach
Segment resultsRenovated Condominium Business Net Sales ¥209.2 100 million (YoY +33.3%) / Gross profit ¥45 100 million (YoY +56.8%) / Investment Net Sales ¥0.1 100 million (YoY -93.6%) / Gross profit ¥0.1 100 million (YoY -93.5%) / Advisory Business Net Sales ¥3.6 100 million (YoY +58.7%) / Gross profit ¥3.1 100 million (YoY +78.0%)
Breakdown of Factors Affecting the ChangeFactors Renovated condominium business (leasing) / Amount -¥10 million, Factors Renovated condominium business (sales) / Amount +¥1.64 billion, Factors Investment and advisory businesses / Amount -¥0 million, Factors Selling, general and administrative expenses / Amount -¥430 million, Factors Owner-change renovations / Amount +¥1.25 billion, Factors Vacant-unit renovations / Amount +¥320 million, Factors Absence of one-time gains on securities sales in the investment business / Amount -¥140 million, Factors Advisory Business / Amount +¥130 million, Factors Personnel expenses / Amount -¥20 million, Factors Consumption tax / Amount -¥310 million, Factors Other SG&A expenses / Amount -¥90 million
Key KPIsIndicator name Units purchased / Value 572 units / Year on year against the same period last year +120 units, Indicator name Owner-change units purchased / Value 355 units / Year on year against the same period last year +120 units, Indicator name Vacant units purchased / Value 217 units / Year on year against the same period last year ±0 units, Indicator name Owner-change renovation units sold / Value 189 units / Year on year against the same period last year +46.5%, Indicator name Vacant-unit renovation units sold / Value 197 units / Year on year against the same period last year +9.4%, Indicator name Units sold in Tokyo priced at ¥100 million to ¥200 million / Value 17 units / Year on year against the same period last year Not disclosed, Indicator name One-on-one meetings with institutional investors and analysts (Japan) / Value 27 times / Year on year against the same period last year -4 meetings, Indicator name One-on-one meetings with institutional investors (overseas) / Value 19 times / Year on year against the same period last year +10 meetings
Unit price and quantity metricsCategory Owner-change renovations / Number of units sold 189 / Selling Prices ¥43.2 million / Gross profit margin 27.4%, Category Other owner-change properties / Number of units sold 69 / Selling Prices ¥25.9 million / Gross profit margin 24.3%, Category Vacant-unit renovations / Number of units sold 197 / Selling Prices ¥49.2 million / Gross profit margin 11.8%
Medium-term management plan targetsROE At least 12.0% (FY26) / Operating profit margin At least 10.0% (FY26) / EPS growth rate At least +14.0% (FY23–26 CAGR) / Sales business cycle -1.5 months versus FY23 / Owner-change turnover period -18 months versus FY23 / Balance of properties held for sale ¥100 billion or more / Equity ratio At least 25.0% / Total payout ratio 40.0% / PBR 1.0x
Financial targetsROE Target 12.0% or more / Actual results and projected full-year outcome 16.2%（FY26） / Operating profit margin Target At least 10.0% / Actual results and projected full-year outcome 11.0%（FY26） / Equity ratio Target At least 25.0% / Actual results 25.0% (at the end of FY26 Q1)
Annual DividendAnnual ¥45.0 / Interim Not disclosed / End of period Not disclosed
Payout ratioNot disclosed. Target total payout ratio: 40.0%
Acquisition of treasury sharesTo be implemented flexibly when the Company determines that its shares are undervalued, such as when the PBR falls below 1.0x. The acquisition amount, number of shares and period were not disclosed
Capital expenditures800 Approximately ¥100 million (investment in properties held for sale in FY26)
Market Size / ShareIn Tokyo’s used condominium market, properties priced at ¥100 million or less account for 82% and those priced above ¥100 million for 18%. Among the Group’s properties sold, 88% were priced at ¥100 million or less and 12% above ¥100 million. The Group analyzes that it is the only TSE Prime-listed company whose principal business is renovating used condominiums
New initiativesReturning to owner-change properties, Increasing the urban-market share, Establishing a specialized department for structural reform of the renovation business, Shortening the sales business cycle, Continuing to establish and scale up funds for the securitization of individual condominium units
Items this document does not state (8)
Operating profit marginResults for the three months of the current quarterNumber of stores and locationsNumber of employeesAssumptions Underlying the Business OutlookRisk amount incorporated into the outlookOrders received and order backlogKey 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.

A return to owner-occupied properties, growth in the number of units sold and profit margins through measures to shorten inventory turnover periods, and increased sales of mid- to high-priced properties in urban areas drove higher profit in the renovated condominium business (sales).

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.
Financial Results Presentation for the First Quarter of the Fiscal Year Ending November 2026 | Star Mica Holdings Co.,Ltd. (2975) timely disclosure | Komori