Worth reading
65In 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
33077
¥ millions (nine-month net sales)Wording
Conditional
How definitive the wording is.Contents of this document
Results presentationQ3 FY202612 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥33,077 million+14.5%
Operating profit¥8,641 million-4.6%
Net income¥4,631 million-12.3%
Gross Profit Margin32.6 %
Operating profit margin26.1 %
Selling, general and administrative expenses¥2,128 million
Full-year earnings forecast
Net Sales
¥56,150 million
Gross profit
¥18,843 million
Selling, general and administrative expenses
¥2,867 million
Operating profit
¥15,976 million
Profit before tax
¥13,538 million
Net income for the current fiscal year
¥9,178 million
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 Sales58.9
Gross profit57.2
Selling, general and administrative expenses74.2
Operating profit54.1
Profit before tax50.6
Net income for the current fiscal year50.4
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
Third-quarter progress was slightly behind the initial planAssumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
Potential for higher interest rates, expected rent increases, rent and property price increases driven by inflation, and active acquisition of office properties in Tokyo's 23 wardsNew initiatives
- Acquisition of Grace Hatchobori
- Free allotment of 0.2 shares per share
- Launch of a new OwnersBook+ deal
- Creation of new revenue opportunities through the digital securities business
Key KPIsA metric the company considers important as a management benchmark.
- Real Estate for Sale¥113,737 millionChange from the end of the previous fiscal year22.9
- AUM¥2,000 100 million
- Operating loans related to OwnersBook¥118 100 millionChange from the end of the previous fiscal year27
- Annual investment amount¥144 100 million
- ROE27.7 %
Segment results
Corporate Funding (Real Estate Investment)
Net Sales¥24,860 million
Year on year against the same period last year+12.0%
Corporate Funding (Real Estate Leasing)
Net Sales¥2,756 million
Year on year against the same period last year+9.0%
Corporate Funding (Hotel Operations)
Net Sales¥3,211 million
Year on year against the same period last year+4.0%
Asset Management
Net Sales¥822 million
Year on year against the same period last year+94.0%
Crowdfunding
Net Sales¥671 million
Year on year against the same period last year+12.0%
Medium-term management plan targets
Target fiscal year2027
Net Sales
¥600 100 million
Profit before tax
¥167 100 million
ROE>=25%
Real estate book balance
¥1,500 100 million
AUM
¥3,000 100 million
OwnersBook investment amount
¥200 100 million
Financial targets
ROE2027年≧25% (2026年 plan not stated)
Equity ratioAiming for 25%-30% in 2027
Market Size / Share
Tokyo Office Market Size¥70.2 1 trillion
Domestic Annual Real Estate InvestmentMore than ¥6 trillion
Proportion of Investment in Tokyo Offices¥45 1 trillion
Number of employees
Approximately 100
Annual Dividend
98 Yen per share
Payout ratio
18 % or higher
Acquisition of treasury shares
The company may conduct share buybacks flexibly, but the acquisition limit, number of shares and period are Not disclosed| Item | Details |
|---|---|
| Document type | Results presentation |
| Fiscal Period Covered | Q3 FY2026 |
| Net Sales | ¥33,077 million (YoY +14.5%) |
| Operating profit | ¥8,641 million (YoY -4.6%) |
| Net income | ¥4,631 million (YoY -12.3%) |
| Gross Profit Margin | 32.6 % |
| Operating profit margin | 26.1 % |
| Selling, general and administrative expenses | ¥2,128 million |
| Full-year earnings forecast | Net Sales ¥56,150 million / Gross profit ¥18,843 million / Selling, general and administrative expenses ¥2,867 million / Operating profit ¥15,976 million / Profit before tax ¥13,538 million / Net income for the current fiscal year ¥9,178 million |
| Progress against full-year forecast | Net Sales 58.9 / Gross profit 57.2 / Selling, general and administrative expenses 74.2 / Operating profit 54.1 / Profit before tax 50.6 / Net income for the current fiscal year 50.4 |
| Self-assessment against the plan | Third-quarter progress was slightly behind the initial plan |
| Segment results | Corporate Funding (Real Estate Investment) Net Sales ¥24,860 million / yoy_pct ¥12 million / Corporate Funding (Real Estate Leasing) Net Sales ¥2,756 million / yoy_pct ¥9 million / Corporate Funding (Hotel Operations) Net Sales ¥3,211 million / yoy_pct ¥4 million / Asset Management Net Sales ¥822 million / yoy_pct ¥94 million / Crowdfunding Net Sales ¥671 million / yoy_pct ¥12 million / Digital Securities (ST) Business Not disclosed |
| Key KPIs | Real Estate for Sale ¥113,737 million, AUM ¥2,000 100 million, Operating loans related to OwnersBook ¥118 100 million, Annual investment amount ¥144 100 million, ROE 27.7 % |
| Number of employees | Approximately 100 |
| Assumptions Underlying the Business Outlook | Potential for higher interest rates, expected rent increases, rent and property price increases driven by inflation, and active acquisition of office properties in Tokyo's 23 wards |
| Medium-term management plan targets | Target fiscal year 2027 / Net Sales ¥600 100 million / Profit before tax ¥167 100 million / ROE >=25% / Real estate book balance ¥1,500 100 million / AUM ¥3,000 100 million / OwnersBook investment amount ¥200 100 million |
| Financial targets | ROE 2027年≧25% (2026年 plan not stated) / Equity ratio Aiming for 25%-30% in 2027 |
| Annual Dividend | 98 Yen per share |
| Payout ratio | 18 % or higher |
| Acquisition of treasury shares | The company may conduct share buybacks flexibly, but the acquisition limit, number of shares and period are Not disclosed |
| Market Size / Share | Tokyo Office Market Size ¥70.2 1 trillion / Domestic Annual Real Estate Investment More than ¥6 trillion / Proportion of Investment in Tokyo Offices ¥45 1 trillion |
| New initiatives | Acquisition of Grace Hatchobori, Free allotment of 0.2 shares per share, Launch of a new OwnersBook+ deal, Creation of new revenue opportunities through the digital securities business |
Items this document does not state (9)
Ordinary incomeResults for the three months of the current quarterBreakdown of Factors Affecting the ChangeUnit price and quantity metricsNumber of stores and locationsRisk amount incorporated into the outlookCapital 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.Profit declined year on year due to the timing shift in property sales, and third-quarter progress against the initial plan was slightly below target. Meanwhile, rent increases in real estate leasing, winning a mandate for a large project in asset management, and favorable real estate market conditions in crowdfunding were cited as factors driving revenue growth.
How to read this page
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