Worth reading
62In 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
780
¥ million (year-on-year increase in revenue)Wording
Conditional
How definitive the wording is.Contents of this document
Presentation materials for financial resultsSecond quarter of the fiscal year ending September 202610 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥7,772 million+11.1%
Operating profit¥721 million-4.3%
Ordinary income¥731 million-1.4%
Net income¥682 million-14.3%
Gross Profit Margin31.5
Operating profit margin9.3
Selling, general and administrative expensesTemporarily increased following the abolition of the directors' retirement gratuity system, but the amount and SG&A-to-revenue ratio were not disclosed
Results for the three months of the current quarter
Real Estate Distribution Business
Net Sales
¥6,183 million
Segment profit
¥760 million
Property Management Business
Net Sales
¥2,956 million
Segment profit
¥496 million
Rental business revenue
¥689 million
Management business revenue
¥851 million
Full-year earnings forecast
Net Sales
¥12,300 million
Gross profit
¥4,344 million
Operating profit
¥1,203 million
Ordinary income
¥1,129 million
Net income
¥1,091 million
Gross Profit Margin
35.3 %
Operating profit margin
9.8 %
Real estate distribution business revenue
¥9,303 million
Real estate distribution business segment profit
¥954 million
Revenue from the property management business
¥2,998 million
Real estate management business segment profit
¥932 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 Sales63.1 %
Gross profit56.3 %
Operating profit59.9 %
Ordinary income64.7 %
Net income62.5 %
Real estate sales71.8 %
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
Progress is in line with the plan, although the brokerage business as a whole is slightly below planBreakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
- Sale of investment properties developed in-houseDetailsHigher sales of Regavene Kashiwa-no-ha I and II, Regavene Higashisuna and other properties
- Abolition of the executive retirement bonus systemDetailsTemporary increase in SG&A expenses
- Gain on sale of solar power generation facilitiesPrior-year period398Current first half255
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
Specific figures for foreign exchange rates, raw material prices, interest rates and other assumptions were not disclosed. The presentation states that the company is closely monitoring the situation in the Middle East, delays in the completion of newly built properties and the risk of higher construction costsNew initiatives
- Acquisition of 2 large condominium buildings in Hitachinaka City, comprising 64 units in total
- Bulk acquisition of 32 properties, primarily in Ibaraki Prefecture
- Change the shareholder return policy from a payout ratio to DOE of at least 2.8% and progressive dividends
- Develop the construction contracting business as a new core business
- Gradually sell ground-mounted facilities in the solar power generation business and focus on rooftop-mounted facilities
Key KPIsA metric the company considers important as a management benchmark.
- Number of rental units under management24,984 unitsYear on year against the same period last yearUp 503 units from the previous fiscal year-end
- Number of coin-operated parking spaces operated1,587 UnitsYear on year against the same period last yearUp from 1,577 spaces at the previous fiscal year-end
- Total number of fund applicants4,690 peopleYear on year against the same period last yearUp from 4,085 people in the fiscal year ended September 2025
- Number of funds established26 bottlesYear on year against the same period last yearUp from 23 funds in the fiscal year ended September 2025
- Eco-friendly vehicle adoption rate96.6 %
- Percentage of Female Managers11 %
- Male parental leave uptake rate57 %
Segment results
- Real Estate Distribution BusinessNet Sales¥6,183 millionSegment profit¥760 million
- Property Management BusinessNet Sales¥2,956 millionSegment profit¥496 million
Medium-term management plan targets
Plan nameKORYO2027
Target fiscal yearFiscal year ending September 2027
Net SalesAt least ¥13.0 billion
Operating profit¥1.30 billion or more
Operating profit marginMaintain at least 9% and target 10%
Units under management25,500 units
Total number of fund applicantsAt least 9,000 people
Financial targets
Equity ratioMaintain the ratio in the 30% range and target 40%
ROEMaintain at least 10%
DOEAt least 2.8%
Number of stores and locations
Number of sales locations18 Stores and locations
Annual Dividend
Annual¥61.00
Interim¥31.00
End of period¥30.00 per share
| Item | Details |
|---|---|
| Document type | Presentation materials for financial results |
| Fiscal Period Covered | Second quarter of the fiscal year ending September 2026 |
| Net Sales | ¥7,772 million (YoY +11.1%) |
| Operating profit | ¥721 million (YoY -4.3%) |
| Ordinary income | ¥731 million (YoY -1.4%) |
| Net income | ¥682 million (YoY -14.3%) |
| Gross Profit Margin | 31.5 |
| Operating profit margin | 9.3 |
| Selling, general and administrative expenses | Temporarily increased following the abolition of the directors' retirement gratuity system, but the amount and SG&A-to-revenue ratio were not disclosed |
| Results for the three months of the current quarter | Real Estate Distribution Business Net Sales ¥6,183 million / Segment profit ¥760 million / Property Management Business Net Sales ¥2,956 million / Segment profit ¥496 million / Rental business revenue ¥689 million / Management business revenue ¥851 million |
| Full-year earnings forecast | Net Sales ¥12,300 million / Gross profit ¥4,344 million / Operating profit ¥1,203 million / Ordinary income ¥1,129 million / Net income ¥1,091 million / Gross Profit Margin 35.3 % / Operating profit margin 9.8 % / Real estate distribution business revenue ¥9,303 million / Real estate distribution business segment profit ¥954 million / Revenue from the property management business ¥2,998 million / Real estate management business segment profit ¥932 million |
| Progress against full-year forecast | Net Sales 63.1 % / Gross profit 56.3 % / Operating profit 59.9 % / Ordinary income 64.7 % / Net income 62.5 % / Real estate sales 71.8 % |
| Self-assessment against the plan | Progress is in line with the plan, although the brokerage business as a whole is slightly below plan |
| Segment results | Segment Real Estate Distribution Business / Net Sales ¥6,183 million / Segment profit ¥760 million, Segment Property Management Business / Net Sales ¥2,956 million / Segment profit ¥496 million |
| Breakdown of Factors Affecting the Change | Factors Sale of investment properties developed in-house / Details Higher sales of Regavene Kashiwa-no-ha I and II, Regavene Higashisuna and other properties, Factors Abolition of the executive retirement bonus system / Details Temporary increase in SG&A expenses, Factors Gain on sale of solar power generation facilities / Prior-year period ¥398 million / Current first half ¥255 million |
| Key KPIs | Indicator name Number of rental units under management / Value 24,984 units / Year on year against the same period last year Up 503 units from the previous fiscal year-end, Indicator name Number of coin-operated parking spaces operated / Value 1,587 Units / Year on year against the same period last year Up from 1,577 spaces at the previous fiscal year-end, Indicator name Total number of fund applicants / Value 4,690 people / Year on year against the same period last year Up from 4,085 people in the fiscal year ended September 2025, Indicator name Number of funds established / Value 26 bottles / Year on year against the same period last year Up from 23 funds in the fiscal year ended September 2025, Indicator name Eco-friendly vehicle adoption rate / Value 96.6 % / Year on year against the same period last year Not disclosed, Indicator name Percentage of Female Managers / Value 11 % / Year on year against the same period last year Not disclosed, Indicator name Male parental leave uptake rate / Value 57 % / Year on year against the same period last year Not disclosed |
| Number of stores and locations | Number of sales locations 18 Stores and locations / Number of store openings and closures during the period Not disclosed |
| Assumptions Underlying the Business Outlook | Specific figures for foreign exchange rates, raw material prices, interest rates and other assumptions were not disclosed. The presentation states that the company is closely monitoring the situation in the Middle East, delays in the completion of newly built properties and the risk of higher construction costs |
| Medium-term management plan targets | Plan name KORYO2027 / Target fiscal year Fiscal year ending September 2027 / Net Sales At least ¥13.0 billion / Operating profit ¥1.30 billion or more / Operating profit margin Maintain at least 9% and target 10% / Units under management 25,500 units / Total number of fund applicants At least 9,000 people |
| Financial targets | Equity ratio Maintain the ratio in the 30% range and target 40% / ROE Maintain at least 10% / DOE At least 2.8% |
| Annual Dividend | Annual ¥61.00 / Interim ¥31.00 / End of period ¥30.00 per share |
| New initiatives | Acquisition of 2 large condominium buildings in Hitachinaka City, comprising 64 units in total, Bulk acquisition of 32 properties, primarily in Ibaraki Prefecture, Change the shareholder return policy from a payout ratio to DOE of at least 2.8% and progressive dividends, Develop the construction contracting business as a new core business, Gradually sell ground-mounted facilities in the solar power generation business and focus on rooftop-mounted facilities |
Items this document does not state (9)
Unit price and quantity metricsNumber of employeesRisk amount incorporated into the outlookPayout ratioAcquisition of treasury sharesCapital expendituresOrders received and order backlogMarket Size / ShareKey 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.Real estate revenue increased due to sales of properties including Regavene Kashiwa-no-ha I and II and Regavene Higashisuna. Operating profit and ordinary profit were affected by a temporary increase in SG&A expenses following the abolition of the directors' retirement gratuity system. Interim net income was affected by a decrease in gains on the sale of solar power generation facilities, from ¥398 million in the year-earlier first half to ¥255 million in the current first half.
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