Worth reading
92Important
Scored from 4 of 5 sectionsDirection
Mixed performance
Direction inferred from the company’s description.Scale
2
Years (the timing for achieving the ¥5 billion net sales target was pushed back)Wording
Avoiding a definitive answer
How definitive the wording is.Items stated in the management plan
Partially revisedNet Sales0.0%
基準 5Target5Hundreds of millions of yen
Operating profit+0.0%
基準 2,027Target2,028Hundreds of millions of yen
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.
What happened to the previous plan100 homes in 3 years (spec-built home sales target) → 44 homes sold (actual results in the existing Kyushu and Shikoku regions)-56.0%Calculated from the two disclosed figures
Total investment plan¥489 million (net proceeds; total planned expenditures of ¥449 million)
Investment amount by sectorField Growth investments for M&A or strategic alliances / Amount ¥200 million / Use of funds Entire amount / acquisition of 三愛ホーム, Field Funding for real estate development by the Group (Series 2 Stock Acquisition Rights) / Amount ¥29 million / Use of funds Entire amount / development of investment projects, Field Funding for real estate development by the Group (Series 3 Stock Acquisition Rights) / Amount ¥200 million / Use of funds Entire amount / development of investment projects, Field Funding for human capital investment by the Group / Amount ¥60 million / Use of funds Part / used for recruitment and training
Key initiatives
01Improve earnings capacity through the aggressive expansion of the investment real estate business (ongoing)
02Sell 70 spec-built homes in 2028 (revised target remains in effect)
03Gradually expand the scale of operations in line with recruitment and personnel development (ongoing)
04Return もりぞう to profitability and improve earnings from the Kanto business (ongoing)
Plan assumptionsTarget first-time homebuyers in regional cities and the Kanto region, primarily those with annual incomes of approximately ¥3 million to ¥6 million, Investment condominiums priced at ¥100 million to ¥1 billion, with gross yields of approximately 6%, Investment apartments priced at ¥50 million to ¥200 million, with gross yields of approximately 7%
Segment targetSegment Spec-built home sales / Sales target ¥1,500 million / Profit Target Not disclosed / Target fiscal year Forecast for the fiscal year ending December 2026, Segment Investment Property Sales / Sales target ¥1,600 million / Profit Target Not disclosed / Target fiscal year Forecast for the fiscal year ending December 2026, Segment Construction Contracting / Sales target ¥300 million / Profit Target Not disclosed / Target fiscal year Forecast for the fiscal year ending December 2026, Segment Other / Sales target ¥200 million / Profit Target Not disclosed / Target fiscal year Forecast for the fiscal year ending December 2026
Non-financial targetsIndicator Spec-built home sales target / Target value 70 homes / Timing 2028, Indicator Increase in headcount through new graduate and mid-career hiring / Target value 3 people annually / Timing Each year, Indicator New development in the Kanto region / Target value At least 10 homes / Timing Not disclosed
Size of the Target MarketIndicator Housing starts for subdivision homes (unit: homes), Housing starts by type outside the 3 major metropolitan areas (unit: homes) / Figures The graphs show trends from 1983 to 2023 and from 2007 to 2024 / Source Ministry of Land, Infrastructure, Transport and Tourism, Report on the Statistical Survey of Building Construction Started, Statistics Bureau of Japan; National Institute of Population and Social Security Research
Risks identified by the company
Personnel availability: sluggish recruitment or higher-than-expected employee turnover
Land price trends: a significant increase in land prices
Construction cost trends: a significant increase in construction costs
Real estate investment trends: a significant decline in demand for real estate investment
Reason for revision or withdrawal
In light of changes in the business environment and progress against the plan, the timing for achieving ¥5 billion in net sales was changed to 2028. The introduction of new products meeting ZEH standards increased selling prices, and some of the previous target customers dropped out because of the impact on mortgage screening. In addition, sharing expertise and developing personnel in the Kanto region took longer than expected.
| Item | Details |
|---|---|
| Plan name | Business Plan and Growth Potential |
| Plan period | Fiscal years ending December 2025 to December 2028 |
| Progress against the plan | Partially revised |
| Sales Target | ¥5 billion → ¥5 billion（0%） |
| Operating profit target | ¥500 million (2027) → ¥400 million (2028)（△20%） |
| Total investment plan | ¥489 million (net proceeds; total planned expenditures of ¥449 million) |
| Investment amount by sector | Field Growth investments for M&A or strategic alliances / Amount ¥200 million / Use of funds Entire amount / acquisition of 三愛ホーム, Field Funding for real estate development by the Group (Series 2 Stock Acquisition Rights) / Amount ¥29 million / Use of funds Entire amount / development of investment projects, Field Funding for real estate development by the Group (Series 3 Stock Acquisition Rights) / Amount ¥200 million / Use of funds Entire amount / development of investment projects, Field Funding for human capital investment by the Group / Amount ¥60 million / Use of funds Part / used for recruitment and training |
| Segment target | Segment Spec-built home sales / Sales target ¥1,500 million / Profit Target Not disclosed / Target fiscal year Forecast for the fiscal year ending December 2026, Segment Investment Property Sales / Sales target ¥1,600 million / Profit Target Not disclosed / Target fiscal year Forecast for the fiscal year ending December 2026, Segment Construction Contracting / Sales target ¥300 million / Profit Target Not disclosed / Target fiscal year Forecast for the fiscal year ending December 2026, Segment Other / Sales target ¥200 million / Profit Target Not disclosed / Target fiscal year Forecast for the fiscal year ending December 2026 |
| Non-financial targets | Indicator Spec-built home sales target / Target value 70 homes / Timing 2028, Indicator Increase in headcount through new graduate and mid-career hiring / Target value 3 people annually / Timing Each year, Indicator New development in the Kanto region / Target value At least 10 homes / Timing Not disclosed |
| Plan assumptions | Target first-time homebuyers in regional cities and the Kanto region, primarily those with annual incomes of approximately ¥3 million to ¥6 million, Investment condominiums priced at ¥100 million to ¥1 billion, with gross yields of approximately 6%, Investment apartments priced at ¥50 million to ¥200 million, with gross yields of approximately 7% |
| Key initiatives | Improve earnings capacity through the aggressive expansion of the investment real estate business (ongoing), Sell 70 spec-built homes in 2028 (revised target remains in effect), Gradually expand the scale of operations in line with recruitment and personnel development (ongoing), Return もりぞう to profitability and improve earnings from the Kanto business (ongoing) |
| Results under the previous plan | 100 homes in 3 years (spec-built home sales target) → 44 homes sold (actual results in the existing Kyushu and Shikoku regions) |
| Reason for revision or withdrawal | In light of changes in the business environment and progress against the plan, the timing for achieving ¥5 billion in net sales was changed to 2028. The introduction of new products meeting ZEH standards increased selling prices, and some of the previous target customers dropped out because of the impact on mortgage screening. In addition, sharing expertise and developing personnel in the Kanto region took longer than expected. |
| Size of the Target Market | Indicator Housing starts for subdivision homes (unit: homes), Housing starts by type outside the 3 major metropolitan areas (unit: homes) / Figures The graphs show trends from 1983 to 2023 and from 2007 to 2024 / Source Ministry of Land, Infrastructure, Transport and Tourism, Report on the Statistical Survey of Building Construction Started, Statistics Bureau of Japan; National Institute of Population and Social Security Research |
| Risks identified | Personnel availability: sluggish recruitment or higher-than-expected employee turnover, Land price trends: a significant increase in land prices, Construction cost trends: a significant increase in construction costs, Real estate investment trends: a significant decline in demand for real estate investment |
| Publication date | 27 March 2026 |
Items this document does not state (9)
Operating profit margin targetNet income targetROE targetROIC targetPayout ratio / DOE policyTreasury share acquisition policyCost of capitalSelf-assessment of PBR and share priceDate 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 plan was revised in light of changes in the business environment and progress against the plan. Specifically, the introduction of new products meeting ZEH standards increased selling prices, and some of the previous target customers dropped out because of the impact on mortgage screening. In addition, sharing expertise and developing personnel in the Kanto region took longer than expected.
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.