Worth reading
36Immaterial
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
50
Properties (hotel pipeline over the next 4 years)Wording
Avoiding a definitive answer
How definitive the wording is.Items stated in the management plan
Annual updateWhat happened to the previous planNot disclosed → ¥31,391 million (GMV actual performance for the fiscal year ended March 2026)
Key initiatives
01We plan to add 50 properties to the pipeline over the next 4 years.
02Increase revenue by improving the customer experience and operational efficiency through digital transformation (DX)
03Strengthen project mandates through collaboration with CREAL
04Develop a proprietary AI-powered revenue management system
05Increase hotel revenue through AI-driven data utilization
06Reduce OTA costs by increasing the share of direct bookings
07Improve and enhance customer value through data-driven initiatives
08Further expand GMV by increasing the pace of project formation under the No. 3 and No. 4 schemes of the Act on Specified Joint Real Estate Ventures
Plan assumptionsMarket growth rate for electronic transactions (crowdfunding) under the Act on Specified Joint Real Estate Ventures: CAGR of 127% (actual performance from 2018 to 2024)
Non-financial targetsIndicator name CREAL HOTEL hotel pipeline / Target value 50 properties over the next 4 years / Timing Over the next 4 years
Size of the Target MarketMarket Real Estate Market / Scale Approximately ¥352 trillion / As of 2025 / Source NLI Research Institute, “The Size of Japan’s Real Estate Investment Market (2025)”, Market Crowdfunding under the Act on Specified Joint Real Estate Ventures / Scale ¥176.3 billion (fiscal 2024) / Growth rate CAGR of 127% (2018–2024) / Source Ministry of Land, Infrastructure, Transport and Tourism, “Handbook for Promoting the Utilization of Specified Joint Real Estate Ventures (July 2025)”, Market Japan’s real estate security token market / Scale ¥296.7 billion (2025) / Source 株式会社Progmat, “Progmat Overview Materials (Security Token-Focused Edition) / Security Token Overview”
Reason for revision or withdrawal
GMV fell short of the target, but the launch of the Type 3 and Type 4 scheme led to larger project sizes and sustained growth.
| Item | Details |
|---|---|
| Plan name | Business Plan and Growth Potential |
| Progress against the plan | Annual update |
| Non-financial targets | Indicator name CREAL HOTEL hotel pipeline / Target value 50 properties over the next 4 years / Timing Over the next 4 years |
| Plan assumptions | Market growth rate for electronic transactions (crowdfunding) under the Act on Specified Joint Real Estate Ventures: CAGR of 127% (actual performance from 2018 to 2024) |
| Key initiatives | We plan to add 50 properties to the pipeline over the next 4 years., Increase revenue by improving the customer experience and operational efficiency through digital transformation (DX), Strengthen project mandates through collaboration with CREAL, Develop a proprietary AI-powered revenue management system, Increase hotel revenue through AI-driven data utilization, Reduce OTA costs by increasing the share of direct bookings, Improve and enhance customer value through data-driven initiatives, Further expand GMV by increasing the pace of project formation under the No. 3 and No. 4 schemes of the Act on Specified Joint Real Estate Ventures |
| Results under the previous plan | Not disclosed → ¥31,391 million (GMV actual performance for the fiscal year ended March 2026) |
| Reason for revision or withdrawal | GMV fell short of the target, but the launch of the Type 3 and Type 4 scheme led to larger project sizes and sustained growth. |
| Size of the Target Market | Market Real Estate Market / Scale Approximately ¥352 trillion / As of 2025 / Source NLI Research Institute, “The Size of Japan’s Real Estate Investment Market (2025)”, Market Crowdfunding under the Act on Specified Joint Real Estate Ventures / Scale ¥176.3 billion (fiscal 2024) / Growth rate CAGR of 127% (2018–2024) / Source Ministry of Land, Infrastructure, Transport and Tourism, “Handbook for Promoting the Utilization of Specified Joint Real Estate Ventures (July 2025)”, Market Japan’s real estate security token market / Scale ¥296.7 billion (2025) / Source 株式会社Progmat, “Progmat Overview Materials (Security Token-Focused Edition) / Security Token Overview” |
| Publication date | June 2026 |
Items this document does not state (16)
Plan periodSales TargetOperating profit targetOperating profit margin targetNet income targetROE targetROIC targetPayout ratio / DOE policyTreasury share acquisition policyCost of capitalSelf-assessment of PBR and share priceTotal investment planInvestment amount by sectorSegment targetRisks identifiedDate 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.Although GMV fell short of the target, the launch of the No. 3 and No. 4 schemes of the Act on Specified Joint Real Estate Ventures has enabled projects to become larger, resulting in continued growth. The company also stated that the formation of projects under the No. 3 and No. 4 schemes has completed its trial phase and moved into a stable operating phase.
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.