Worth reading
71In 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
14715
¥ million (cumulative first-half net sales)Wording
Conditional
How definitive the wording is.Contents of this document
Results presentationSecond quarter of FY2027/312 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥14,715 million+14.1%
Operating profit¥2,252 million+13.4%
Ordinary income¥2,095 million+11.6%
Net income¥1,369 million +12.6%interim net profit
Operating profit margin15.3 %
Selling, general and administrative expenses¥1,224 million cumulative first half
Results for the three months of the current quarter
Net Sales
¥6,584 million+6.0%
Operating profit
¥816 million-13.9%
Ordinary income
¥741 million-16.6%
Net income
¥506 million -11.5%interim net profit
Operating profit margin12.4
Residential real estate gross margin14.5
First-half gross margin for income-producing real estate35.8
Full-year earnings forecast
Net Sales
¥28,500 million
Operating profit
¥3,230 million
Ordinary income
¥2,900 million
Profit attributable to owners of the parent
¥1,885 million
Earnings per share
330.8 Yen
Annual dividend per share
56 Yen
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 Sales51.6
Operating profit69.7
What the company explained in this material
Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
Gross profit¥269 million
Labor and recruitment costs¥39 million
Fees paid¥58 million
Advertising expenses¥-3 million
Other SG&A expenses¥-98 million
New initiatives
- An initiative to launch the STRIPES brand website, promote brand awareness and sales, and accumulate customer data
- Design registration for the STRIPES brand series
- A trial of an initiative to sell income-producing real estate after securing tenants
Key KPIsA metric the company considers important as a management benchmark.
- Average land inventory holding period4.8 monthsYear on year against the same period last year4.9 months in the same period of the previous year
- Confirmed inventory321 yenYear on year against the same period last year¥20.7 billion in the same period of the previous year
- Share of revenue from income-producing real estate14.2 %Year on year against the same period last year0.0% in the same period of the previous year
- Sales in the Jōnan area49 yenYear on year against the same period last year¥5 billion in the same period of the previous year
- Sales in Tokyo’s 23 wards excluding the Jōnan area10 yenYear on year against the same period last year¥800 million in the same period of the previous year
- Referral and repeat customer rate34.6 %Year on year against the same period last year27.4% in the same period of the previous year
- Construction company matching GMV¥107 100 million cumulativeYear on year against the same period last year¥7.3 billion in the same period of the previous year
- Average building price through matching¥5,205 10,000Year on year against the same period last year¥48.77 million in the same period of the previous year
- Operating profit per employee¥728 10,000Year on year against the same period last year¥7.96 million in the same period of the previous year
Unit price and quantity metricsThese figures show sales broken down by price and volume.
Average selling price
2 yen
Average floor area sold
142 ㎡
Average building price through matching
¥5,205 10,000
Segment results
Real estate sales
¥13,882 million
Residential real estate
¥11,318 million
Income-producing real estate
¥2,563 million
Brokerage commissions, etc.
¥701 million
Rental and other
¥131 million
Medium-term management plan targets
Target fiscal yearFiscal year ending March 2028
Net Sales
¥35,000 million
Ordinary income margin
10 %
ROE
15 % or higher
PER
15 Times
Financial targets
ROE under the medium-term plan
15 % or higher
Actual equity ratio
41.9 %
Market Size / Share
Average market selling price in the Tokyo area
0.4 yen
Average price per own sale
2 yen
Average sales area of Major Company A
60 ㎡
Average area per own sale
142 ㎡
Number of stores and locations
Number of locations at period end3
LocationShibuya head office, Shibuya branch, Sakurashinmachi branch
Number of employees
121 people including officers, as of 30 September 2026
Change during the periodDown from 130 people in the same period of the previous year
Annual Dividend
¥56 per share
Payout ratio
Not disclosed (a progressive dividend policy is stated)| Item | Details |
|---|---|
| Document type | Results presentation |
| Fiscal Period Covered | Second quarter of FY2027/3 |
| Net Sales | ¥14,715 million (YoY +14.1%) |
| Operating profit | ¥2,252 million (YoY +13.4%) |
| Ordinary income | ¥2,095 million (YoY +11.6%) |
| Net income | ¥1,369 million (interim net profit) (YoY +12.6%) |
| Operating profit margin | 15.3 % |
| Selling, general and administrative expenses | ¥1,224 million (cumulative first half) |
| Results for the three months of the current quarter | Net Sales ¥6,584 million (YoY +6.0%) / Operating profit ¥816 million (YoY -13.9%) / Ordinary income ¥741 million (YoY -16.6%) / Net income ¥506 million (interim net profit) (YoY -11.5%) / Operating profit margin 12.4 / Residential real estate gross margin 14.5 / First-half gross margin for income-producing real estate 35.8 |
| Full-year earnings forecast | Net Sales ¥28,500 million / Operating profit ¥3,230 million / Ordinary income ¥2,900 million / Profit attributable to owners of the parent ¥1,885 million / Earnings per share 330.8 Yen / Annual dividend per share 56 Yen |
| Progress against full-year forecast | Net Sales 51.6 / Operating profit 69.7 |
| Segment results | Real estate sales ¥13,882 million / Residential real estate ¥11,318 million / Income-producing real estate ¥2,563 million / Brokerage commissions, etc. ¥701 million / Rental and other ¥131 million |
| Breakdown of Factors Affecting the Change | Gross profit ¥269 million / Labor and recruitment costs ¥39 million / Fees paid ¥58 million / Advertising expenses ¥-3 million / Other SG&A expenses ¥-98 million |
| Key KPIs | Indicator name Average land inventory holding period / Value 4.8 months / Year on year against the same period last year 4.9 months in the same period of the previous year, Indicator name Confirmed inventory / Value 321 yen / Year on year against the same period last year ¥20.7 billion in the same period of the previous year, Indicator name Share of revenue from income-producing real estate / Value 14.2 % / Year on year against the same period last year 0.0% in the same period of the previous year, Indicator name Sales in the Jōnan area / Value 49 yen / Year on year against the same period last year ¥5 billion in the same period of the previous year, Indicator name Sales in Tokyo’s 23 wards excluding the Jōnan area / Value 10 yen / Year on year against the same period last year ¥800 million in the same period of the previous year, Indicator name Referral and repeat customer rate / Value 34.6 % / Year on year against the same period last year 27.4% in the same period of the previous year, Indicator name Construction company matching GMV / Value ¥107 100 million (cumulative) / Year on year against the same period last year ¥7.3 billion in the same period of the previous year, Indicator name Average building price through matching / Value ¥5,205 10,000 / Year on year against the same period last year ¥48.77 million in the same period of the previous year, Indicator name Operating profit per employee / Value ¥728 10,000 / Year on year against the same period last year ¥7.96 million in the same period of the previous year |
| Unit price and quantity metrics | Average selling price 2 yen / Average floor area sold 142 ㎡ / Average building price through matching ¥5,205 10,000 |
| Number of stores and locations | Number of locations at period end 3 / Location Shibuya head office, Shibuya branch, Sakurashinmachi branch / Locations opened and closed during the period Not disclosed |
| Number of employees | 121 people (including officers, as of 30 September 2026) |
| Medium-term management plan targets | Target fiscal year Fiscal year ending March 2028 / Net Sales ¥35,000 million / Ordinary income margin 10 % / ROE 15 % or higher / PER 15 Times |
| Financial targets | ROE under the medium-term plan 15 % or higher / Actual equity ratio 41.9 % |
| Annual Dividend | ¥56 per share |
| Payout ratio | Not disclosed (a progressive dividend policy is stated) |
| Market Size / Share | Average market selling price in the Tokyo area 0.4 yen / Average price per own sale 2 yen / Average sales area of Major Company A 60 ㎡ / Average area per own sale 142 ㎡ |
| New initiatives | An initiative to launch the STRIPES brand website, promote brand awareness and sales, and accumulate customer data, Design registration for the STRIPES brand series, A trial of an initiative to sell income-producing real estate after securing tenants |
Items this document does not state (8)
Gross Profit MarginSelf-assessment against the planAssumptions Underlying the Business OutlookRisk amount incorporated into the outlookAcquisition of treasury sharesCapital 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 company cited 25.9% year-on-year growth in sales of its core residential real estate business, supported by firm demand for real estate purchases from affluent customers in the Tokyo area, as well as control of SG&A expenses through improved operating efficiency. It explained that the decline in profit in the second quarter alone reflected the exceptionally high gross margin on residential real estate in the same period of the previous year.
How to read this page
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