Worth reading
50Recurring
0–100. This measures how worthwhile something is to read, not how good or bad the company is.Direction
Neutral
Direction inferred from the company’s description.Scale
350
Hundred millions of yenWording
Definitive
How definitive the wording is.Items stated in the management plan
Annual updateNet Sales+22.8%
基準 28,500Target35,000million
Each line is the climb from the baseline the document states to the target it sets. The slope is scaled against the largest climb in this document.
ROENot disclosed → 15% or higher
Only the target level is shown because the current level for comparison was not provided.Statements about the use of capital
Payout ratio / DOE policyProgressive dividend policy. The dividend per share increased from ¥20 in the fiscal year ended March 2021 to ¥56 in the fiscal year ending March 2027, including a ¥9 year-on-year increase in the fiscal year ending March 2027.The payout ratio is the proportion of profit paid out as dividends, while DOE is the ratio of dividends to net assets.
Self-assessment of PBR and share priceThe current PER is considered reasonable at 15x, with a target future PER of 20x.PBR is a measure of how many times the share price is the book value per share.
Key initiatives
01Maintain the proportion of stock revenue generated through referrals and repeat transactions
02Strengthen earnings power by accelerating the cross-selling strategy
03Build a new earnings pillar in the next stage of business growth, nurturing seeds of discontinuous growth
04Reduce inventory risk by shortening the inventory holding period in the housing business
05Develop businesses in new fields by applying successful models from the high-net-worth segment
06Develop new revenue models through the secondary use of information obtainable through real estate transactions, including data on high-net-worth individuals
07Reduce risk by shortening the inventory holding period for large properties, including income-producing properties
08Expand sales of whole-building income-producing properties to individual customers, where sales performance is strong
09Increase the value added in product development, thereby improving gross margins, and build inflation resilience by reducing the cost ratio
Segment targetSegment name Income-producing real estate business / Indicator Percentage of revenue / Target value Increase to a maximum of 30% / Timing Not disclosed
Non-financial targetsIndicator name Internal promotion rate among managers / Target value 80％ / Timing FY3/26, Indicator name Percentage of women among managers / Target value 30％ / Timing Not disclosed
Size of the Target MarketMarket Size Tokyo: ¥4.7 trillion; Tokyo's 23 wards: ¥3.9 trillion (approximately 82%); six wards in southern Tokyo: ¥1.4 trillion (approximately 31%) / Growth rate The population of Tokyo's 23 wards and the southern Tokyo area is projected to increase until around 2030 and then decline gradually / Source Ministry of Land, Infrastructure, Transport and Tourism, "Number and Area of Real Estate Transactions" and "(2) Construction Costs of Custom-Built Homes (Tokyo metropolitan area)"; e-Stat Government Statistics Portal; East Japan Real Estate Information Network, "Table 26: Transaction Status of Detached Houses (Existing and New) by Municipality [FY2024]" and "Table 27: Transaction Status of Land (100–200 m²) by Municipality"; National Institute of Population and Social Security Research; Tokyo Metropolitan Government Bureau of General Affairs, Statistical Division
Risks identified by the company
Losses arising from liability for defects
Leakage of personal information
Rising and persistently high construction costs
Rising land prices
A decline in customers' willingness to purchase real estate due to changes in economic sentiment
Rising interest rates
The full-scale arrival of an era of mass inheritance in an aging society
Higher corporate selling, general and administrative expenses due to rising labor costs
Higher product costs due to rising construction and skilled-labor costs
| Item | Details |
|---|---|
| Plan name | Second Medium-Term Management Plan |
| Plan period | FY3/26 to FY3/28 |
| Progress against the plan | Annual update |
| Sales Target | ¥28,500 million → ¥35,000 million（+22.8%） |
| ROE target | Not disclosed → 15% or higher |
| Payout ratio / DOE policy | Progressive dividend policy. The dividend per share increased from ¥20 in the fiscal year ended March 2021 to ¥56 in the fiscal year ending March 2027, including a ¥9 year-on-year increase in the fiscal year ending March 2027. |
| Self-assessment of PBR and share price | The current PER is considered reasonable at 15x, with a target future PER of 20x. |
| Segment target | Segment name Income-producing real estate business / Indicator Percentage of revenue / Target value Increase to a maximum of 30% / Timing Not disclosed |
| Non-financial targets | Indicator name Internal promotion rate among managers / Target value 80％ / Timing FY3/26, Indicator name Percentage of women among managers / Target value 30％ / Timing Not disclosed |
| Key initiatives | Maintain the proportion of stock revenue generated through referrals and repeat transactions, Strengthen earnings power by accelerating the cross-selling strategy, Build a new earnings pillar in the next stage of business growth, nurturing seeds of discontinuous growth, Reduce inventory risk by shortening the inventory holding period in the housing business, Develop businesses in new fields by applying successful models from the high-net-worth segment, Develop new revenue models through the secondary use of information obtainable through real estate transactions, including data on high-net-worth individuals, Reduce risk by shortening the inventory holding period for large properties, including income-producing properties, Expand sales of whole-building income-producing properties to individual customers, where sales performance is strong, Increase the value added in product development, thereby improving gross margins, and build inflation resilience by reducing the cost ratio |
| Size of the Target Market | Market Size Tokyo: ¥4.7 trillion; Tokyo's 23 wards: ¥3.9 trillion (approximately 82%); six wards in southern Tokyo: ¥1.4 trillion (approximately 31%) / Growth rate The population of Tokyo's 23 wards and the southern Tokyo area is projected to increase until around 2030 and then decline gradually / Source Ministry of Land, Infrastructure, Transport and Tourism, "Number and Area of Real Estate Transactions" and "(2) Construction Costs of Custom-Built Homes (Tokyo metropolitan area)"; e-Stat Government Statistics Portal; East Japan Real Estate Information Network, "Table 26: Transaction Status of Detached Houses (Existing and New) by Municipality [FY2024]" and "Table 27: Transaction Status of Land (100–200 m²) by Municipality"; National Institute of Population and Social Security Research; Tokyo Metropolitan Government Bureau of General Affairs, Statistical Division |
| Risks identified | Losses arising from liability for defects, Leakage of personal information, Rising and persistently high construction costs, Rising land prices, A decline in customers' willingness to purchase real estate due to changes in economic sentiment, Rising interest rates, The full-scale arrival of an era of mass inheritance in an aging society, Higher corporate selling, general and administrative expenses due to rising labor costs, Higher product costs due to rising construction and skilled-labor costs |
| Publication date | 26 June 2026 |
Items this document does not state (12)
Operating profit targetOperating profit margin targetNet income targetROIC targetTreasury share acquisition policyCost of capitalTotal investment planInvestment amount by sectorPlan assumptionsResults under the previous planReason for revision or withdrawalDate of board resolution
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.Progress against the plan has been solid in its first year, and the company aims to achieve its targets by maintaining its current growth rate and profit levels.
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