Worth reading
64In 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
150
¥10 billion (revenue target for the fiscal year ending March 2031)Wording
Avoiding a definitive answer
How definitive the wording is.Items stated in the management plan
Partially revisedNet Sales+0.2%
基準 2,026Target2,031million / ¥100 million
Operating profit+0.2%
基準 2,026Target2,031million / ¥100 million
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. The increase shown by the dotted line is calculated from the two reported figures because the company did not provide the amount of growth.
ROELatest results (fiscal year ended March 2026): -110.7% → Not disclosed
Only the target level is shown because the current level for comparison was not provided.What happened to the previous planInitial full-year forecast for the fiscal year ending March 2026: ¥2,249 million → Actual results for the fiscal year ended March 2026: ¥1,073 million（47.7% (achievement rate)）-9.9%Calculated from the two disclosed figures
Investment amount by sectorField Investment funds for existing businesses / Amount ¥800 million / Purpose Real estate acquisition funds, hotel operating security deposits and opening costs, etc., Field New investment funds / Amount ¥1,400 million / Purpose M&A funds and investment funds for AI and Web3, Field Credit enhancement and inventory procurement funds for the AI data center business / Amount ¥300 million / Purpose Credit enhancement and inventory procurement for the sale and purchase of GPU servers, etc., Field Working capital for the GPU server sales business / Amount ¥3 million (¥418 million upon exercise) / Purpose Working capital for the GPU server sales business
Statements about the use of capital
Self-assessment of PBR and share priceAs of the end of March 2026, the company did not meet the Growth Market's market capitalization listing criteria. The materials state that an increase in the share price or market capitalization through the issuance of new shares is necessary. PBR: Not disclosed.PBR is a measure of how many times the share price is the book value per share.
Key initiatives
01Advance an integrated strategy combining real estate, hotels, and AI infrastructure
02Real estate revitalization business
03Hotel development and sale business
04Development of sites for AI data centers
05Formation and asset management of real estate funds
06Expand the number of hotels operated
07Strengthen inbound customer acquisition
08Improve profitability through the introduction of hotel DX
09Promote brand partnerships
10GPU server sales
11AI data center development and operations
12Provide AI services for hotel DX and real estate technology
13Group synergy strategy
Plan assumptionsFrom the fiscal year ending March 2027 onward, generate AI infrastructure revenue in addition to real estate and hotel revenue, Revenue from AI data center development and operations and M&A is not included in the budget, Secure working capital, investment funds for existing businesses, and investment funds for new businesses through substantial fundraising
Segment targetSegment Real Estate Business / Timing 2031/03 / Target Development and sale of 9 detached-house inns, with revenue of ¥1.35 billion; resale of 2 lodging properties, with revenue of ¥1 billion; existing rental property management business, with revenue of ¥180 million, Segment Hotel Operations Business / Timing 2031/03 / Target Operation of 19 existing hotels, with revenue of ¥12 billion or more; operation of 2 new inns, with revenue of ¥400 million, Segment Other businesses (AI data center) / Timing 2031/03 / Target GPU server sales, with revenue of ¥180 million. Revenue from data center development and operations and M&A is not included in the budget
Non-financial targetsIndicator Number of detached-house inns developed and sold / Target 9 properties in March 2031, Indicator Number of lodging properties resold / Target 2 properties in March 2031, Indicator Number of existing hotels operated / Target 19 properties in March 2031, Indicator Number of new inns operated / Target 2 properties in March 2031
Size of the Target MarketInbound tourism to Japan An estimated 40.2 million visitors in fiscal 2025, with a target of more than 60 million in fiscal 2030 / Hotel accommodation market The top 7 companies had an 18% market share (as of 2019) / Source Not disclosed
Risks identified by the company
Economic trends and conditions, etc.
Competition
Fixed-term building lease agreements
Real Estate Business
Continued-listing criteria
Legal regulations relating to the real estate business
Potential litigation
Defects and deficiencies in real estate
Personal Information Protection
Small organizational size
Strengthening the Internal Management Framework
Internal controls over officers and employees
Material events or similar matters related to the going concern assumption
Reason for revision or withdrawal
The timing and target figures for the fiscal year ending March 2027 onward were revised from the Materials on the Business Plan and Growth Potential submitted on 25 June 2025. To address issues including four consecutive years of losses, the lack of economies of scale in the hotel operations business, and insufficient cash on hand for the real estate business, the company will undertake substantial fundraising and enter new business fields.
| Item | Details |
|---|---|
| Plan name | Medium- to long-term plans |
| Plan period | 2027/03～2031/03 |
| Progress against the plan | Partially revised |
| Sales Target | Latest results (fiscal year ended March 2026): ¥1,073 million → Target for the fiscal year ending March 2031: ¥15 billion |
| Operating profit target | Latest results (fiscal year ended March 2026): -¥417 million → Target for the fiscal year ending March 2031: ¥600 million |
| ROE target | Latest results (fiscal year ended March 2026): -110.7% → Not disclosed |
| Self-assessment of PBR and share price | As of the end of March 2026, the company did not meet the Growth Market's market capitalization listing criteria. The materials state that an increase in the share price or market capitalization through the issuance of new shares is necessary. PBR: Not disclosed. |
| Investment amount by sector | Field Investment funds for existing businesses / Amount ¥800 million / Purpose Real estate acquisition funds, hotel operating security deposits and opening costs, etc., Field New investment funds / Amount ¥1,400 million / Purpose M&A funds and investment funds for AI and Web3, Field Credit enhancement and inventory procurement funds for the AI data center business / Amount ¥300 million / Purpose Credit enhancement and inventory procurement for the sale and purchase of GPU servers, etc., Field Working capital for the GPU server sales business / Amount ¥3 million (¥418 million upon exercise) / Purpose Working capital for the GPU server sales business |
| Segment target | Segment Real Estate Business / Timing 2031/03 / Target Development and sale of 9 detached-house inns, with revenue of ¥1.35 billion; resale of 2 lodging properties, with revenue of ¥1 billion; existing rental property management business, with revenue of ¥180 million, Segment Hotel Operations Business / Timing 2031/03 / Target Operation of 19 existing hotels, with revenue of ¥12 billion or more; operation of 2 new inns, with revenue of ¥400 million, Segment Other businesses (AI data center) / Timing 2031/03 / Target GPU server sales, with revenue of ¥180 million. Revenue from data center development and operations and M&A is not included in the budget |
| Non-financial targets | Indicator Number of detached-house inns developed and sold / Target 9 properties in March 2031, Indicator Number of lodging properties resold / Target 2 properties in March 2031, Indicator Number of existing hotels operated / Target 19 properties in March 2031, Indicator Number of new inns operated / Target 2 properties in March 2031 |
| Plan assumptions | From the fiscal year ending March 2027 onward, generate AI infrastructure revenue in addition to real estate and hotel revenue, Revenue from AI data center development and operations and M&A is not included in the budget, Secure working capital, investment funds for existing businesses, and investment funds for new businesses through substantial fundraising |
| Key initiatives | Advance an integrated strategy combining real estate, hotels, and AI infrastructure, Real estate revitalization business, Hotel development and sale business, Development of sites for AI data centers, Formation and asset management of real estate funds, Expand the number of hotels operated, Strengthen inbound customer acquisition, Improve profitability through the introduction of hotel DX, Promote brand partnerships, GPU server sales, AI data center development and operations, Provide AI services for hotel DX and real estate technology, Group synergy strategy |
| Results under the previous plan | Initial full-year forecast for the fiscal year ending March 2026: ¥2,249 million → Actual results for the fiscal year ended March 2026: ¥1,073 million（47.7% (achievement rate)） |
| Reason for revision or withdrawal | The timing and target figures for the fiscal year ending March 2027 onward were revised from the Materials on the Business Plan and Growth Potential submitted on 25 June 2025. To address issues including four consecutive years of losses, the lack of economies of scale in the hotel operations business, and insufficient cash on hand for the real estate business, the company will undertake substantial fundraising and enter new business fields. |
| Size of the Target Market | Inbound tourism to Japan An estimated 40.2 million visitors in fiscal 2025, with a target of more than 60 million in fiscal 2030 / Hotel accommodation market The top 7 companies had an 18% market share (as of 2019) / Source Not disclosed |
| Risks identified | Economic trends and conditions, etc., Competition, Fixed-term building lease agreements, Real Estate Business, Continued-listing criteria, Legal regulations relating to the real estate business, Potential litigation, Defects and deficiencies in real estate, Personal Information Protection, Small organizational size, Strengthening the Internal Management Framework, Internal controls over officers and employees, Material events or similar matters related to the going concern assumption |
| Publication date | 29 June 2026 |
Items this document does not state (8)
Operating profit margin targetNet income targetROIC targetPayout ratio / DOE policyTreasury share acquisition policyCost of capitalTotal investment planDate 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.The company cites the lack of economies of scale due to its focus on small hotels, insufficient cash on hand for its real estate business, and insufficient earnings from its core business, which has prevented it from pursuing proactive sales and investment, as factors behind four consecutive years of losses. To address these issues, it plans to raise substantial funds and enter new business fields, with the aim of expanding earnings from its AI data center, real estate, and hotel operations businesses.
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