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

Financial Results Presentation for the Second Quarter (Interim Period) of the Fiscal Year Ending November 2026

For the first half of the fiscal year ending November 2026, revenue was ¥43.42 billion and operating profit was ¥6.80 billion, both reaching record highs for a first half. Progress toward the full-year forecast, which was revised upward in May, including operating profit, is also at a high level.

Worth reading
88Important
0–100. This measures how worthwhile something is to read, not how good or bad the company is.
Direction
Improvement
Direction inferred from the company’s description.
Scale
69.5
Year-on-year change in operating profit (%)
Wording
Definitive
How definitive the wording is.

Contents of this document

Financial results presentationSecond quarter (interim period) 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 Sales434.2 Hundreds of millions of yen+28.8%
Operating profit68 Hundreds of millions of yen+69.5%
Ordinary income63.6 Hundreds of millions of yen+79.2%
Net income43.5 Hundreds of millions of yen+79.2%
Selling, general and administrative expenses29.2 Hundreds of millions of yen
Gross Profit MarginNot disclosed (renovated condominium business: 19.3% for sales and purchases, 51.8% for leasing)
Operating profit marginNot disclosed (11.7% forecast for FY2026)
Results for the three months of the current quarter
Operating profitQ1: ¥3.49 billion; Q2: ¥3.31 billion
Full-year earnings forecast
Net Sales
891.6 Hundreds of millions of yen
Gross profit
168.9 Hundreds of millions of yen
Operating profit
104.4 Hundreds of millions of yen
Ordinary income
87.7 Hundreds of millions of yen
Net income for the current fiscal year
60.3 Hundreds of millions of yen
EPS
¥167.62
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 Sales48.7%
Gross profit57.6%
Selling, general and administrative expenses45.3%
Operating profit65.2%
Ordinary income72.5%
Net income for the current fiscal year72.2%
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
Progress is extremely strong / achievement of the medium-term management plan is within reach
Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
  • Renovated condominium business (leasing)-¥0 million
  • Renovated condominium business (sales)+¥3.03 billion
  • Investment and advisory businesses+¥520 million
  • Selling, general and administrative expenses-¥770 million
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
  • FY2026 units purchased
    FiguresApproximately 2,100 units
  • Share of units purchased that are owner-change properties
    FiguresApproximately 57%
  • FY2026 second-half sales forecast (other owner-change properties)
    Figures378 units
  • FY2026 second-half sales forecast (owner-change renovated properties + vacant-unit renovations)
    Figures618 units
New initiatives
  • Capital and business alliance with Tokyo Tatemono Co.,Ltd.
  • Joint consideration of whole-building renovations
  • Consideration of joint projects involving high-priced properties
  • Acquisition of renovation skills through personnel exchanges
  • Strengthening cooperation with Tokyo Tatemono Real Estate Sales Co., Ltd.
  • Collaboration on rebuilding and redevelopment projects
  • Development of new schemes and new participants for property securitization funds
  • Enhancement of construction capacity
Key KPIsA metric the company considers important as a management benchmark.
  • Share of units purchased that are owner-change properties58.8 %
    Year on year against the same period last year+6.0pt
  • Share of units sold that are owner-change properties52.9 %
    Year on year against the same period last year▲5.5pt
  • Share of units purchased in urban areas71.5 %
    Year on year against the same period last year+2.6pt
  • Days to productization94 days
    Year on year against the same period last year+5 days
  • Days to sale94 days
    Year on year against the same period last year▲15 days
  • Number of one-on-one meetings with institutional investors and analysts108 times
    Year on year against the same period last year1.3x
  • Daily trading value¥3.2 100 million/day six-month average
    Year on year against the same period last year2.8x
Unit price and quantity metricsThese figures show sales broken down by price and volume.
  • Other owner-change properties
    Number of units sold125 units
    Selling Prices¥24.7 million
    Gross profit margin24.6%
    Year on year against the same period last yearUnits sold ▲54.9%, selling price ▲2.9%, gross profit margin +11.8 pts
  • Owner-change renovations
    Number of units sold343 units
    Selling Prices¥41.9 million
    Gross profit margin27.4%
    Year on year against the same period last yearUnits sold +45.3%, selling price +19.8%, gross profit margin +5.7 pts
  • Vacant-unit renovations
    Number of units sold416 units
    Selling Prices¥50.2 million
    Gross profit margin11.7%
    Year on year against the same period last yearUnits sold +14.0%, selling price +22.6%, gross profit margin +1.4 pts
Segment results
Renovated Condominium Business
Net Sales
410.7 Hundreds of millions of yen+25.1%
Gross profit
86.7 Hundreds of millions of yen+53.7%
Investment
Net Sales
13.7 Hundreds of millions of yen+223.0%
Gross profit
1.8 Hundreds of millions of yen+5.1%
Advisory Business
Net Sales
9.7 Hundreds of millions of yen+114.9%
Gross profit
8.6 Hundreds of millions of yen+151.1%
Medium-term management plan targets
ROE12.0% or higher (current full-year outlook: 17.1%)
Operating profit margin10.0% or higher (current full-year outlook: 11.7%)
EPS growth rateFY23–26 CAGR of +14.0% or higher (current outlook: +28.2%)
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
ROE17.1% (FY2026 forecast)
Equity ratio24.7% (actual at the end of FY2026 Q2), approximately 26–28% (outlook)
Total payout ratio40.0% (target)
Market Size / Share
Comparison of 47 companies in the TSE Prime real estate sector: the Company’s PBR is 1.4x, ROE is 17.1% and PER is 9.3x. Market share itself has not been disclosed.
Annual Dividend
Annual dividend per share¥51.0 per share (forecast)
Payout ratio
Approximately 30%
Acquisition of treasury shares
The policy is to conduct share repurchases flexibly if the shares are judged to be undervalued, such as when the PBR falls below 1.0x. The amount, number of shares and period of the repurchase authorization have not been disclosed.
Contents of this document
ItemDetails
Document typeFinancial results presentation
Fiscal Period CoveredSecond quarter (interim period) of the fiscal year ending November 2026
Net Sales434.2 Hundreds of millions of yen (YoY +28.8%)
Operating profit68 Hundreds of millions of yen (YoY +69.5%)
Ordinary income63.6 Hundreds of millions of yen (YoY +79.2%)
Net income43.5 Hundreds of millions of yen (YoY +79.2%)
Gross Profit MarginNot disclosed (renovated condominium business: 19.3% for sales and purchases, 51.8% for leasing)
Operating profit marginNot disclosed (11.7% forecast for FY2026)
Selling, general and administrative expenses29.2 Hundreds of millions of yen
Results for the three months of the current quarterOperating profit Q1: ¥3.49 billion; Q2: ¥3.31 billion
Full-year earnings forecastNet Sales 891.6 Hundreds of millions of yen / Gross profit 168.9 Hundreds of millions of yen / Operating profit 104.4 Hundreds of millions of yen / Ordinary income 87.7 Hundreds of millions of yen / Net income for the current fiscal year 60.3 Hundreds of millions of yen / EPS ¥167.62
Progress against full-year forecastNet Sales 48.7% / Gross profit 57.6% / Selling, general and administrative expenses 45.3% / Operating profit 65.2% / Ordinary income 72.5% / Net income for the current fiscal year 72.2%
Self-assessment against the planProgress is extremely strong / achievement of the medium-term management plan is within reach
Segment resultsRenovated Condominium Business Net Sales 410.7 Hundreds of millions of yen (YoY +25.1%) / Gross profit 86.7 Hundreds of millions of yen (YoY +53.7%) / Investment Net Sales 13.7 Hundreds of millions of yen (YoY +223.0%) / Gross profit 1.8 Hundreds of millions of yen (YoY +5.1%) / Advisory Business Net Sales 9.7 Hundreds of millions of yen (YoY +114.9%) / Gross profit 8.6 Hundreds of millions of yen (YoY +151.1%)
Breakdown of Factors Affecting the ChangeFactors Renovated condominium business (leasing) / Amount -¥0 million, Factors Renovated condominium business (sales) / Amount +¥3.03 billion, Factors Investment and advisory businesses / Amount +¥520 million, Factors Selling, general and administrative expenses / Amount -¥770 million
Key KPIsIndicator name Share of units purchased that are owner-change properties / Value 58.8 % / Year on year against the same period last year +6.0pt, Indicator name Share of units sold that are owner-change properties / Value 52.9 % / Year on year against the same period last year ▲5.5pt, Indicator name Share of units purchased in urban areas / Value 71.5 % / Year on year against the same period last year +2.6pt, Indicator name Days to productization / Value 94 days / Year on year against the same period last year +5 days, Indicator name Days to sale / Value 94 days / Year on year against the same period last year ▲15 days, Indicator name Number of one-on-one meetings with institutional investors and analysts / Value 108 times / Year on year against the same period last year 1.3x, Indicator name Daily trading value / Value ¥3.2 100 million/day (six-month average) / Year on year against the same period last year 2.8x
Unit price and quantity metricsCategory Other owner-change properties / Number of units sold 125 units / Selling Prices ¥24.7 million / Gross profit margin 24.6% / Year on year against the same period last year Units sold ▲54.9%, selling price ▲2.9%, gross profit margin +11.8 pts, Category Owner-change renovations / Number of units sold 343 units / Selling Prices ¥41.9 million / Gross profit margin 27.4% / Year on year against the same period last year Units sold +45.3%, selling price +19.8%, gross profit margin +5.7 pts, Category Vacant-unit renovations / Number of units sold 416 units / Selling Prices ¥50.2 million / Gross profit margin 11.7% / Year on year against the same period last year Units sold +14.0%, selling price +22.6%, gross profit margin +1.4 pts
Assumptions Underlying the Business OutlookItem FY2026 units purchased / Figures Approximately 2,100 units, Item Share of units purchased that are owner-change properties / Figures Approximately 57%, Item FY2026 second-half sales forecast (other owner-change properties) / Figures 378 units, Item FY2026 second-half sales forecast (owner-change renovated properties + vacant-unit renovations) / Figures 618 units
Medium-term management plan targetsROE 12.0% or higher (current full-year outlook: 17.1%) / Operating profit margin 10.0% or higher (current full-year outlook: 11.7%) / EPS growth rate FY23–26 CAGR of +14.0% or higher (current outlook: +28.2%) / 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 17.1% (FY2026 forecast) / Equity ratio 24.7% (actual at the end of FY2026 Q2), approximately 26–28% (outlook) / Total payout ratio 40.0% (target)
Annual DividendAnnual dividend per share ¥51.0 per share (forecast) / Interim and Year-End Breakdown Not disclosed
Payout ratioApproximately 30%
Acquisition of treasury sharesThe policy is to conduct share repurchases flexibly if the shares are judged to be undervalued, such as when the PBR falls below 1.0x. The amount, number of shares and period of the repurchase authorization have not been disclosed.
Market Size / ShareComparison of 47 companies in the TSE Prime real estate sector: the Company’s PBR is 1.4x, ROE is 17.1% and PER is 9.3x. Market share itself has not been disclosed.
New initiativesCapital and business alliance with Tokyo Tatemono Co.,Ltd., Joint consideration of whole-building renovations, Consideration of joint projects involving high-priced properties, Acquisition of renovation skills through personnel exchanges, Strengthening cooperation with Tokyo Tatemono Real Estate Sales Co., Ltd., Collaboration on rebuilding and redevelopment projects, Development of new schemes and new participants for property securitization funds, Enhancement of construction capacity
Items this document does not state (6)
Number of stores and locationsNumber of employeesRisk amount incorporated into the outlookCapital expendituresOrders 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.

The increase in profit was driven by the expansion in units sold and profit margins resulting from measures to shorten the holding period for owner-change properties, higher sales of mid- to high-priced properties in urban areas, and increased brokerage fees and one-off fees in the advisory business.

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