Worth reading
69In 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
23.6
% (year-on-year change in operating income)Wording
Conditional
How definitive the wording is.Items stated in the management plan
Partially revisedNet Sales+10.8%
基準 54,131Target60,000million
Operating profit+23.7%
基準 4,124Target5,100million
Operating profit margin+0.9pt
基準 7.62Target8.5%
Net income for the current fiscal year+27.1%
基準 2,046Target2,600million
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. For metrics expressed as percentages, differences are shown in percentage points (pt).The increase shown by the dotted line is calculated from the two reported figures because the company did not provide the amount of growth.
ROE22.6 % → Remains high
Only the target level is shown because the current level for comparison was not provided.What happened to the previous planNot disclosed → ¥27,916 million
Investment amount by sectorField Growth Investment / Amount Not disclosed, Field AI and systems investment / Amount Not disclosed, Field Investment in Human Resources / Amount Not disclosed
Statements about the use of capital
Payout ratio / DOE policyThe dividend payout ratio for the fiscal year ending June 2027 is 32.0%. The company introduced a progressive dividend policy based on DOE (dividend-on-equity ratio), under which it will in principle maintain or increase the higher dividend level. The specific target DOE level will be disclosed separately.The payout ratio is the proportion of profit paid out as dividends, while DOE is the ratio of dividends to net assets.
Key initiatives
01Improve the number of units managed per employee through operational efficiency gains using “AMBITION Cloud.” Improve revenue per unit through steady net growth in units under management and maintaining an occupancy rate in the high-98% range.
02Increase the number of contracts by expanding the store network and applying AI (ラクテック) to respond to inquiries. Strengthen its role as the leasing function supporting the high occupancy rate of property management.
03Build up sales revenue based on the feasibility of property sales. In light of persistently high acquisition prices, place emphasis on inventory turnover and financial soundness.
Plan assumptionsSteady net growth in the number of units under management in the rental DX business and maintaining an occupancy rate in the high-98% range, Use ¥21.0 billion of inventory of properties for sale as the source of sales for the revenue growth plan for the fiscal year ending June 2027, In light of persistently high acquisition prices, acquire properties based on the feasibility of their sale, with an emphasis on inventory turnover and financial soundness
Non-financial targetsIndicator name Units under management / Target value More than 30,000 / Timing FY2027/6, Indicator name Occupancy Rate / Target value Maintain at around 98% / Timing FY2027/6
Size of the Target MarketMarket Privately rented dwellings nationwide / Scale 15.68 million units / As of 2023 / Source Ministry of Internal Affairs and Communications, “2023 Housing and Land Statistics Survey”, Market Nationwide market for the purchase and resale of used homes / Scale 62,700 units. Forecast of 75,600 units in 2030 / Growth rate +43.2% versus 2024 / Source Yano Research Institute, “Survey of the Used Home Purchase and Resale Market (2025)”, Market Domestic real estate technology market / Scale From ¥940.2 billion to ¥2.378 trillion / As of From fiscal 2022 actuals to fiscal 2030 forecast / Source Yano Research Institute, “Survey of the Real Estate Tech Market (2024)”, Market B2B segment of the real estate tech market / Scale From ¥226.4 billion to ¥518.0 billion / Growth rate 10.9% annual rate / Source Yano Research Institute, “Survey of the Real Estate Tech Market (2024)”, Market Used condominium transactions in the Tokyo metropolitan area / Scale 49,114 transactions, with transaction value of approximately ¥2.6 trillion / Growth rate +31.9% year on year / Source East Japan Real Estate Transaction Promotion Organization, “Trends in the Tokyo Metropolitan Area Real Estate Transaction Market in 2025”, Market Supply of investment condominiums in the Tokyo metropolitan area / Scale 4,034 units, with supply value of approximately ¥146.3 billion / As of 2025 / Source Real Estate Economic Research Institute, “Trends in the Tokyo Metropolitan Area Investment Condominium Market in the First Half of 2026 and Full-Year 2025”
Reason for revision or withdrawal
In the rapidly changing real estate and DX markets, the previous practice of setting fixed quantitative sales and profit targets could constrain agile business development and structural reform.
| Item | Details |
|---|---|
| Plan name | Medium-term Management Plan |
| Plan period | Fiscal year ending June 2024 to fiscal year ending June 203X |
| Progress against the plan | Partially revised |
| Sales Target | ¥54,131 million → ¥60,000 million（+10.8%） |
| Operating profit target | ¥4,124 million → ¥5,100 million（+23.6%） |
| Operating profit margin target | 7.62 % → 8.50 % |
| Net income target | ¥2,046 million → ¥2,600 million（+27.1%） |
| ROE target | 22.6 % → Remains high |
| Payout ratio / DOE policy | The dividend payout ratio for the fiscal year ending June 2027 is 32.0%. The company introduced a progressive dividend policy based on DOE (dividend-on-equity ratio), under which it will in principle maintain or increase the higher dividend level. The specific target DOE level will be disclosed separately. |
| Investment amount by sector | Field Growth Investment / Amount Not disclosed, Field AI and systems investment / Amount Not disclosed, Field Investment in Human Resources / Amount Not disclosed |
| Non-financial targets | Indicator name Units under management / Target value More than 30,000 / Timing FY2027/6, Indicator name Occupancy Rate / Target value Maintain at around 98% / Timing FY2027/6 |
| Plan assumptions | Steady net growth in the number of units under management in the rental DX business and maintaining an occupancy rate in the high-98% range, Use ¥21.0 billion of inventory of properties for sale as the source of sales for the revenue growth plan for the fiscal year ending June 2027, In light of persistently high acquisition prices, acquire properties based on the feasibility of their sale, with an emphasis on inventory turnover and financial soundness |
| Key initiatives | Improve the number of units managed per employee through operational efficiency gains using “AMBITION Cloud.” Improve revenue per unit through steady net growth in units under management and maintaining an occupancy rate in the high-98% range., Increase the number of contracts by expanding the store network and applying AI (ラクテック) to respond to inquiries. Strengthen its role as the leasing function supporting the high occupancy rate of property management., Build up sales revenue based on the feasibility of property sales. In light of persistently high acquisition prices, place emphasis on inventory turnover and financial soundness. |
| Results under the previous plan | Not disclosed → ¥27,916 million |
| Reason for revision or withdrawal | In the rapidly changing real estate and DX markets, the previous practice of setting fixed quantitative sales and profit targets could constrain agile business development and structural reform. |
| Size of the Target Market | Market Privately rented dwellings nationwide / Scale 15.68 million units / As of 2023 / Source Ministry of Internal Affairs and Communications, “2023 Housing and Land Statistics Survey”, Market Nationwide market for the purchase and resale of used homes / Scale 62,700 units. Forecast of 75,600 units in 2030 / Growth rate +43.2% versus 2024 / Source Yano Research Institute, “Survey of the Used Home Purchase and Resale Market (2025)”, Market Domestic real estate technology market / Scale From ¥940.2 billion to ¥2.378 trillion / As of From fiscal 2022 actuals to fiscal 2030 forecast / Source Yano Research Institute, “Survey of the Real Estate Tech Market (2024)”, Market B2B segment of the real estate tech market / Scale From ¥226.4 billion to ¥518.0 billion / Growth rate 10.9% annual rate / Source Yano Research Institute, “Survey of the Real Estate Tech Market (2024)”, Market Used condominium transactions in the Tokyo metropolitan area / Scale 49,114 transactions, with transaction value of approximately ¥2.6 trillion / Growth rate +31.9% year on year / Source East Japan Real Estate Transaction Promotion Organization, “Trends in the Tokyo Metropolitan Area Real Estate Transaction Market in 2025”, Market Supply of investment condominiums in the Tokyo metropolitan area / Scale 4,034 units, with supply value of approximately ¥146.3 billion / As of 2025 / Source Real Estate Economic Research Institute, “Trends in the Tokyo Metropolitan Area Investment Condominium Market in the First Half of 2026 and Full-Year 2025” |
| Publication date | 30 September 2026 |
Items this document does not state (8)
ROIC targetTreasury share acquisition policyCost of capitalSelf-assessment of PBR and share priceTotal investment planSegment 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.In the rapidly changing real estate and DX markets, pursuing fixed quantitative sales and profit targets could constrain agile business development and structural reform. The company therefore shifted its management focus from expanding scale to pursuing capital efficiency aimed at maximizing per-share value and enhancing stable shareholder returns.
How to read this page
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Corrections happenIf the company reissues this disclosure, the page is rebuilt from the corrected version and the revision number moves up.