Worth reading
74In 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
17.4
¥100 million (extraordinary gain from the transfer of a subsidiary's business)Wording
Conditional
How definitive the wording is.Contents of this document
Earnings briefing transcriptSecond quarter of the fiscal year ending December 202611 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales290 Hundreds of millions of yen-12.0%
Operating profit25.1 Hundreds of millions of yen-14.8%
Net income23.6 Hundreds of millions of yen+47.1%
Results for the three months of the current quarter
Revenue from the office unit sales business
14.39 Hundreds of millions of yen
Quarter-on-quarter_pct61.3
Full-year earnings forecast
Net Sales
770 Hundreds of millions of yen
Operating profit
43 Hundreds of millions of yen
Profit before tax
45 Hundreds of millions of yen
Net income
31 Hundreds of millions of yen
Contribution margin
110 Hundreds of millions of 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 Sales37.7 %
Contribution margin48.8 %
Operating profit58.5 %
Profit before tax80.6 %
Net income76.3 %
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
Progressing smoothly / within expectationsKey points of the Q&AKey questions raised by investors at the briefing and the company's answers
- For the joint investment projects with NANKAI, the Company obtains information on large-scale real estate properties, prepares business plans and makes proposals. Both of the current projects originated through the Company's information channels.
- The plan is to maintain approximately 15 battery storage facilities, sell approximately 4 of them each year and rotate the assets through additional acquisitions.
- Borrowing costs are expected to rise from an average of approximately 1.8% last year to approximately 2.3% in the 2026 forecast, but the Company explained that the turnover of acquisitions and sales remains strong.
- Growth in the whole-building resale business and the office unit sales business is expected next fiscal year, while the strategy for the fractional real estate investment business will be explained after the details of the tax reforms are finalized.
- The Company explained that, even with rising interest rates, investors' appetite for purchases has not declined, supported by rent revisions and demand for investment in Japanese real estate.
Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
Domestic whole-building real estate sales
10.3 Hundreds of millions of yen
Fractional real estate product sales
-23.1 Hundreds of millions of yen
Office condominium sales
6.6 Hundreds of millions of yen
Overseas real estate sales
3.4 Hundreds of millions of yen
Recurring fees, etc.
0.01 Hundreds of millions of yen
Personnel Expenses
-1 Hundreds of millions of yen
Sales brokerage fees
3.3 Hundreds of millions of yen
Other SG&A expenses
-4 Hundreds of millions of yen
Non-Operating Income and Expenses
-2.1 Hundreds of millions of yen
Extraordinary Gains and Losses
17.1 Hundreds of millions of yen
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
Borrowing interest rate
2.3 % 2026 forecast
New initiatives
- Invest an additional ¥500 million in 5 grid-scale battery storage facilities and raise the acquisition target from 10 to 15 facilities
- Obtain the licenses and approvals for real estate crowdfunding and plan to launch the service around September 2026
- Jointly acquire a large-scale real estate property worth approximately ¥5 billion with NANKAI and expand asset management mandates
- Revise the full-year revenue plan for the office unit sales business from ¥10 billion to ¥6 billion
Key KPIsA metric the company considers important as a management benchmark.
Revenue from the domestic whole-building resale business
230.58 Hundreds of millions of yen+24.5%
Gross profit from the domestic whole-building resale business
39.16 Hundreds of millions of yen+35.9%
Quarterly revenue from the office unit sales business
14.39 Hundreds of millions of yen
Quarter-on-quarter_pct61.3
Number of grid-scale battery storage facilities acquired
9 Locations
Number of operational battery storage facilities in the first project
1 Locations
Equity ratio
25.9 %
Segment results
Income-producing property sales business
Net Sales
268.1 Hundreds of millions of yen
Operating profit
31.56 Hundreds of millions of yen
Recurring Fee-Based Services
Net Sales
21.89 Hundreds of millions of yen
Operating profit
7.61 Hundreds of millions of yen
Domestic whole-building resale business
Net Sales
230.58 Hundreds of millions of yen+24.5%
Gross profit
39.16 Hundreds of millions of yen+35.9%
Fractional real estate product sales
Net Sales
12.92 Hundreds of millions of yen
Gross profit
2.6 Hundreds of millions of yen
Office condominium product sales
Net Sales
23.31 Hundreds of millions of yen
Gross profit
6.62 Hundreds of millions of yen
Medium-term management plan targets
Second medium-term management plan
Target fiscal yearFiscal years ending December 2024-December 2026
Long-Term Vision
Profit before tax
200 Hundreds of millions of yen
BtoC share
40 %
Financial targets
Equity ratio
Target valueApproximately 30%
Actual value25.9%
Market Size / Share
Battery storage business market size
FY2024
450 Hundreds of millions of yen
FY2030
4,240 Hundreds of millions of yen
Annual Dividend
¥20 per share
Interim
¥10 per share
End of period
¥10 per share
| Item | Details |
|---|---|
| Document type | Earnings briefing transcript |
| Fiscal Period Covered | Second quarter of the fiscal year ending December 2026 |
| Net Sales | 290 Hundreds of millions of yen (YoY -12.0%) |
| Operating profit | 25.1 Hundreds of millions of yen (YoY -14.8%) |
| Net income | 23.6 Hundreds of millions of yen (YoY +47.1%) |
| Results for the three months of the current quarter | Revenue from the office unit sales business 14.39 Hundreds of millions of yen |
| Full-year earnings forecast | Net Sales 770 Hundreds of millions of yen / Operating profit 43 Hundreds of millions of yen / Profit before tax 45 Hundreds of millions of yen / Net income 31 Hundreds of millions of yen / Contribution margin 110 Hundreds of millions of yen |
| Progress against full-year forecast | Net Sales 37.7 % / Contribution margin 48.8 % / Operating profit 58.5 % / Profit before tax 80.6 % / Net income 76.3 % |
| Self-assessment against the plan | Progressing smoothly / within expectations |
| Segment results | Income-producing property sales business Net Sales 268.1 Hundreds of millions of yen / Operating profit 31.56 Hundreds of millions of yen / Recurring Fee-Based Services Net Sales 21.89 Hundreds of millions of yen / Operating profit 7.61 Hundreds of millions of yen / Domestic whole-building resale business Net Sales 230.58 Hundreds of millions of yen (YoY +24.5%) / Gross profit 39.16 Hundreds of millions of yen (YoY +35.9%) / Fractional real estate product sales Net Sales 12.92 Hundreds of millions of yen / Gross profit 2.6 Hundreds of millions of yen / Office condominium product sales Net Sales 23.31 Hundreds of millions of yen / Gross profit 6.62 Hundreds of millions of yen |
| Breakdown of Factors Affecting the Change | Domestic whole-building real estate sales 10.3 Hundreds of millions of yen / Fractional real estate product sales -23.1 Hundreds of millions of yen / Office condominium sales 6.6 Hundreds of millions of yen / Overseas real estate sales 3.4 Hundreds of millions of yen / Recurring fees, etc. 0.01 Hundreds of millions of yen / Personnel Expenses -1 Hundreds of millions of yen / Sales brokerage fees 3.3 Hundreds of millions of yen / Other SG&A expenses -4 Hundreds of millions of yen / Non-Operating Income and Expenses -2.1 Hundreds of millions of yen / Extraordinary Gains and Losses 17.1 Hundreds of millions of yen |
| Key KPIs | Revenue from the domestic whole-building resale business 230.58 Hundreds of millions of yen (YoY +24.5%) / Gross profit from the domestic whole-building resale business 39.16 Hundreds of millions of yen (YoY +35.9%) / Quarterly revenue from the office unit sales business 14.39 Hundreds of millions of yen / Number of grid-scale battery storage facilities acquired 9 Locations / Number of operational battery storage facilities in the first project 1 Locations / Equity ratio 25.9 % |
| Assumptions Underlying the Business Outlook | Borrowing interest rate 2.3 % (2026 forecast) |
| Medium-term management plan targets | Second medium-term management plan Target fiscal year Fiscal years ending December 2024-December 2026 / Target value Not disclosed / Long-Term Vision Profit before tax 200 Hundreds of millions of yen / BtoC share 40 % / Target fiscal year Not disclosed |
| Financial targets | Equity ratio Target value Approximately 30% / Actual value 25.9% |
| Annual Dividend | ¥20 per share |
| Market Size / Share | Battery storage business market size FY2024 450 Hundreds of millions of yen / FY2030 4,240 Hundreds of millions of yen |
| Key points of the Q&A | For the joint investment projects with NANKAI, the Company obtains information on large-scale real estate properties, prepares business plans and makes proposals. Both of the current projects originated through the Company's information channels., The plan is to maintain approximately 15 battery storage facilities, sell approximately 4 of them each year and rotate the assets through additional acquisitions., Borrowing costs are expected to rise from an average of approximately 1.8% last year to approximately 2.3% in the 2026 forecast, but the Company explained that the turnover of acquisitions and sales remains strong., Growth in the whole-building resale business and the office unit sales business is expected next fiscal year, while the strategy for the fractional real estate investment business will be explained after the details of the tax reforms are finalized., The Company explained that, even with rising interest rates, investors' appetite for purchases has not declined, supported by rent revisions and demand for investment in Japanese real estate. |
| New initiatives | Invest an additional ¥500 million in 5 grid-scale battery storage facilities and raise the acquisition target from 10 to 15 facilities, Obtain the licenses and approvals for real estate crowdfunding and plan to launch the service around September 2026, Jointly acquire a large-scale real estate property worth approximately ¥5 billion with NANKAI and expand asset management mandates, Revise the full-year revenue plan for the office unit sales business from ¥10 billion to ¥6 billion |
Items this document does not state (12)
Ordinary incomeGross Profit MarginOperating profit marginSelling, general and administrative expensesUnit price and quantity metricsNumber of stores and locationsNumber of employeesRisk amount incorporated into the outlookPayout 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.In the domestic whole-building resale business, sales of properties with relatively high profit margins progressed. The fractional real estate investment business continues to be affected by the impact of the tax reform outline and cautious stances among financial institutions and customers. The plan for the office unit sales business was revised because preparing properties for sale and developing sales staff require a certain amount of time. The acquisition target for battery storage facilities was raised in response to strong sourcing and operating conditions.
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