Worth reading
58In focus
0–100. This measures how worthwhile something is to read, not how good or bad the company is.Direction
Improvement
Direction inferred from the company’s description.Scale
17.2
% (year-on-year change in net sales)Wording
Conditional
How definitive the wording is.Contents of this document
Results presentationSecond quarter of FY2027/311 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥212,383 million+17.2%
Operating profit¥18,375 million+63.4%
Ordinary income¥16,395 million+58.0%
Net income¥10,453 million+64.9%
Gross Profit Margin16.5 %
Operating profit margin8.7 %
Selling, general and administrative expenses¥16,565 million
Full-year earnings forecast
Net Sales
¥460,000 million
Ordinary income
¥31,500 million
Profit attributable to owners of the parent
¥19,300 million
Earnings per share
621.65 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 Sales46.2
Ordinary income52.1
What the company explained in this material
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
The disclosure states that the Company monitors interest rates, price trends and the supply-demand balance in each area and sets appropriate sales prices, but the numerical assumptions are Not disclosedNew initiatives
- Formulation of the new Medium-Term Management Plan 2030
- Increase in the annual dividend forecast from ¥150 to ¥170
- Implementation of a shareholder benefit program commemorating the 10th anniversary of the company's TSE listing
- Plan to expand the pre-owned home refurbishment business to 50 stores nationwide and annual sales of more than 2,000 homes
- Establishment in Australia of an integrated structure covering land development and residential construction contracting
- Market research and identification of potential M&A targets in preparation for entering the U.S. business
- Investment in and expansion of the condominium sales and franchise businesses
Key KPIsA metric the company considers important as a management benchmark.
- Total contracted inventory13,000 homes exceeded
- Number of apartments under management1,500 homes exceeded
- Number of stores in the existing-home renovation business28 stores
- Number of properties held in inventory for the pre-owned home refurbishment business750 homes exceeded
- Number of lots under purchase contracts in Australia1,900 over lots
- Number of lots ordered in Australia800 over lots
- Fukuoka Area Share30 Over %
- Number of paid members registered with Ie Support7,000 Over people
Unit price and quantity metricsThese figures show sales broken down by price and volume.
- Number of spec-built homes sold4,663 propertiesYear on year against the same period last year+7.1%
- Average sales price range for the pre-owned home refurbishment business¥1,700 10,000s and up
- Unit price of newly built apartments for investmentApproximately ¥80 million–¥180 million
- Unit price of pre-owned income-generating real estateApproximately ¥200 million–¥1 billion
Segment results
Built-for-sale housing business
Number of homes sold
4,663 properties+7.1%
Net Sales
¥195,028 million+14.8%
Operating profit
¥19,240 million+48.2%
Apartments and income-producing real estate business
Net Sales
¥10,005 million+92.2%
Operating profit
¥1,158 million+203.4%
Other businesses
Net Sales
¥7,397 million+19.7%
Operating profit
¥417 million+3.9%
Medium-term management plan targets
Target fiscal yearFiscal year ending March 2030
Net Sales
¥620,000 million
Ordinary income
¥38,000 million
Profit attributable to owners of the parent
¥23,600 million
Comparison with actual resultsThe Company expects to achieve the ordinary profit target of ¥30 billion under the original medium-term management plan in the fiscal year ending March 2027, one year ahead of schedule
Financial targets
ROE
Target value20 %
Actual value15.5 %
Fiscal year of actual resultsFiscal year ended March 2025
Equity ratio
Target value25 %
Actual value20.4 %
Fiscal year of actual resultsFiscal year ended March 2025
NET D/E ratio
Target valueNet debt/EBITDA of 1.5x or lower
Actual value1.86x
Fiscal year of actual resultsFiscal year ended March 2025
Market Size / Share
Fukuoka Area ShareMore than 30%
Number of stores and locations
Existing-home renovation business
Number at period end28 stores
Annual Dividend
Annual dividend amount¥170 per share
Breakdown
Interim75
End of period95
Payout ratio
27.3 %
| Item | Details |
|---|---|
| Document type | Results presentation |
| Fiscal Period Covered | Second quarter of FY2027/3 |
| Net Sales | ¥212,383 million (YoY +17.2%) |
| Operating profit | ¥18,375 million (YoY +63.4%) |
| Ordinary income | ¥16,395 million (YoY +58.0%) |
| Net income | ¥10,453 million (YoY +64.9%) |
| Gross Profit Margin | 16.5 % |
| Operating profit margin | 8.7 % |
| Selling, general and administrative expenses | ¥16,565 million |
| Full-year earnings forecast | Net Sales ¥460,000 million / Ordinary income ¥31,500 million / Profit attributable to owners of the parent ¥19,300 million / Earnings per share 621.65 Yen |
| Progress against full-year forecast | Net Sales 46.2 / Ordinary income 52.1 |
| Segment results | Built-for-sale housing business Number of homes sold 4,663 properties (YoY +7.1%) / Net Sales ¥195,028 million (YoY +14.8%) / Operating profit ¥19,240 million (YoY +48.2%) / Apartments and income-producing real estate business Net Sales ¥10,005 million (YoY +92.2%) / Operating profit ¥1,158 million (YoY +203.4%) / Other businesses Net Sales ¥7,397 million (YoY +19.7%) / Operating profit ¥417 million (YoY +3.9%) |
| Key KPIs | Indicator name Total contracted inventory / Value 13,000 homes exceeded / Year on year against the same period last year Not disclosed, Indicator name Number of apartments under management / Value 1,500 homes exceeded / Year on year against the same period last year Not disclosed, Indicator name Number of stores in the existing-home renovation business / Value 28 stores / Year on year against the same period last year Not disclosed, Indicator name Number of properties held in inventory for the pre-owned home refurbishment business / Value 750 homes exceeded / Year on year against the same period last year Not disclosed, Indicator name Number of lots under purchase contracts in Australia / Value 1,900 over lots / Year on year against the same period last year Not disclosed, Indicator name Number of lots ordered in Australia / Value 800 over lots / Year on year against the same period last year Not disclosed, Indicator name Fukuoka Area Share / Value 30 Over % / Year on year against the same period last year Not disclosed, Indicator name Number of paid members registered with Ie Support / Value 7,000 Over people / Year on year against the same period last year Not disclosed |
| Unit price and quantity metrics | Indicator name Number of spec-built homes sold / Value 4,663 properties / Year on year against the same period last year 7.1 properties, Indicator name Average sales price range for the pre-owned home refurbishment business / Value ¥1,700 10,000s and up / Year on year against the same period last year Not disclosed, Indicator name Unit price of newly built apartments for investment / Value Approximately ¥80 million–¥180 million / Year on year against the same period last year Not disclosed, Indicator name Unit price of pre-owned income-generating real estate / Value Approximately ¥200 million–¥1 billion / Year on year against the same period last year Not disclosed |
| Number of stores and locations | Existing-home renovation business Number at period end 28 stores / Number of store openings and closures during the period Not disclosed |
| Assumptions Underlying the Business Outlook | The disclosure states that the Company monitors interest rates, price trends and the supply-demand balance in each area and sets appropriate sales prices, but the numerical assumptions are Not disclosed |
| Medium-term management plan targets | Target fiscal year Fiscal year ending March 2030 / Net Sales ¥620,000 million / Ordinary income ¥38,000 million / Profit attributable to owners of the parent ¥23,600 million / Comparison with actual results The Company expects to achieve the ordinary profit target of ¥30 billion under the original medium-term management plan in the fiscal year ending March 2027, one year ahead of schedule |
| Financial targets | ROE Target value 20 % / Actual value 15.5 % / Fiscal year of actual results Fiscal year ended March 2025 / Equity ratio Target value 25 % / Actual value 20.4 % / Fiscal year of actual results Fiscal year ended March 2025 / NET D/E ratio Target value Net debt/EBITDA of 1.5x or lower / Actual value 1.86x / Fiscal year of actual results Fiscal year ended March 2025 |
| Annual Dividend | Annual dividend amount ¥170 per share / Breakdown Interim 75 / End of period 95 |
| Payout ratio | 27.3 % |
| Market Size / Share | Fukuoka Area Share More than 30% |
| New initiatives | Formulation of the new Medium-Term Management Plan 2030, Increase in the annual dividend forecast from ¥150 to ¥170, Implementation of a shareholder benefit program commemorating the 10th anniversary of the company's TSE listing, Plan to expand the pre-owned home refurbishment business to 50 stores nationwide and annual sales of more than 2,000 homes, Establishment in Australia of an integrated structure covering land development and residential construction contracting, Market research and identification of potential M&A targets in preparation for entering the U.S. business, Investment in and expansion of the condominium sales and franchise businesses |
Items this document does not state (9)
Results for the three months of the current quarterSelf-assessment against the planBreakdown of Factors Affecting the ChangeNumber of employeesRisk amount incorporated into the outlookAcquisition of treasury sharesCapital expendituresOrders received and order backlogKey points of the Q&A
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 primary factors were increased market share driven by a shift toward major metropolitan areas and the capture of strong demand for “high-quality, yet low-priced design homes.” The Company also explained that new businesses, including apartments and income-generating real estate, refurbished pre-owned homes and the Australian business, grew.
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.
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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.