Worth reading
70In 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
151
¥100 million (year-on-year increase in operating profit)Wording
Conditional
How definitive the wording is.Contents of this document
Earnings presentationSecond quarter of the fiscal year ended December 202412 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥2,776 hundred million
Operating profit¥512 hundred million
Ordinary income¥481 hundred million
Net income¥316 100 million interim net income attributable to owners of the parent
Full-year earnings forecast
Operating revenue
¥4,650 hundred million
Operating profit
¥775 hundred million
Ordinary income
¥695 hundred million
Pretax profit
¥725 hundred million
Profit attributable to owners of the parent
¥485 hundred million
Business profit
¥780 hundred 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。
Operating revenue60%
Operating profit66%
Ordinary income69%
Pretax profit66%
Interim net income attributable to owners of the parent65%
Business profit67%
ビル営業収益42%
住宅営業収益81%
アセットサービス営業収益38%
Other operating revenue47%
ビル事業利益38%
住宅事業利益101%
アセットサービス事業利益44%
その他事業利益94%
What the company explained in this material
Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
分譲マンションの売上・粗利益増加Amount not disclosed
Increase in foreign-exchange gains営業外収益が20億円増加
不動産特定共同事業分配金の増加営業外費用が53億円増加
出資金売却益・政策保有株式売却益等特別利益が17億円増加
貸倒引当金の繰入等特別損失が22億円増加
ビル事業の投資家向け物件売却営業収益109億円増加、事業利益8億円増加
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
建築費・金利の動向、物価上昇トレンド、賃料水準、住宅ローン金利などへの言及はあるが、具体的な前提数値はNot disclosedNew initiatives
- タイで海外物流施設開発事業に初参画し、2プロジェクトを推進
- Tokyo Tatemono (Thailand) Ltd.を設立
- SYNKを始動し、八重洲・日本橋・京橋エリアのイノベーション・エコシステムを強化
- 新規プロジェクト取得時に物価上昇トレンドを織り込んで採算性を判断
- ビル・住宅事業を中心に新しい商品企画を推進
Key KPIsA metric the company considers important as a management benchmark.
- 保有オフィスビル棟数40 buildings
- 保有オフィスビル平均賃料27,711 円／坪
- 保有オフィスビル稼働率97.1 %
- 投資家向け物件総投資額¥6,500 hundred millionYear on year against the same period last year2023年末比+900億円
- 分譲マンションのランドバンク8,300 units
- Equity ratio26 %Year on year against the same period last year前期末比▲0.1ポイント
- Debt-to-equity ratio2.2 times
Unit price and quantity metricsThese figures show sales broken down by price and volume.
オフィス平均賃料
27,711 円／坪
オフィス稼働率
97.1 %
分譲マンションランドバンク
8,300 units
Segment results
Buildings
Operating revenue
¥756 hundred million
前年同期増減額132
Business profit
¥159 hundred million
前年同期増減額-16
Housing
Operating revenue
¥1,714 hundred million
前年同期増減額933
Business profit
¥364 hundred million
前年同期増減額186
Asset services
Operating revenue
¥205 hundred million
前年同期増減額-69
Business profit
¥44 hundred million
前年同期増減額-7
Other
Operating revenue
¥99 hundred million
前年同期増減額-17
Business profit
¥18 hundred million
前年同期増減額-8
Medium-term management plan targets
Business profit
¥750 hundred million
Target fiscal yearFiscal year ended December 2024
Plan periodFiscal 2020–2024
Financial targets
ROA
4%程度
Actual value2023年12月期4.1%
ROE
8～10%
Actual value2023年12月期9.6%
Debt-to-equity ratio
2.4倍程度
Actual value2024年6月末2.2倍
Market Size / Share
大規模オフィス賃料相場
八重洲・日本橋・京橋36,574 円／坪
丸の内・大手町40,175 円／坪
路線価
八重洲・日本橋・京橋19,200 千円／㎡
丸の内・大手町25,250 千円／㎡
Annual Dividend
¥80 per share
Interim37円／株
End of period43円／株
Payout ratio
34.4 %
Acquisition of treasury shares
自己株式の取得は事業環境や財務状況等を踏まえて実施の是非を検討すると記載。取得枠・株数・期間はNot disclosed| Item | Details |
|---|---|
| Document type | Earnings presentation |
| Fiscal Period Covered | Second quarter of the fiscal year ended December 2024 |
| Net Sales | ¥2,776 hundred million |
| Operating profit | ¥512 hundred million |
| Ordinary income | ¥481 hundred million |
| Net income | ¥316 100 million (interim net income attributable to owners of the parent) |
| Full-year earnings forecast | Operating revenue ¥4,650 hundred million / Operating profit ¥775 hundred million / Ordinary income ¥695 hundred million / Pretax profit ¥725 hundred million / Profit attributable to owners of the parent ¥485 hundred million / Business profit ¥780 hundred million |
| Progress against full-year forecast | Operating revenue 60% / Operating profit 66% / Ordinary income 69% / Pretax profit 66% / Interim net income attributable to owners of the parent 65% / Business profit 67% / ビル営業収益 42% / 住宅営業収益 81% / アセットサービス営業収益 38% / Other operating revenue 47% / ビル事業利益 38% / 住宅事業利益 101% / アセットサービス事業利益 44% / その他事業利益 94% |
| Segment results | Buildings Operating revenue ¥756 hundred million / Business profit ¥159 hundred million / Housing Operating revenue ¥1,714 hundred million / Business profit ¥364 hundred million / Asset services Operating revenue ¥205 hundred million / Business profit ¥44 hundred million / Other Operating revenue ¥99 hundred million / Business profit ¥18 hundred million |
| Breakdown of Factors Affecting the Change | 分譲マンションの売上・粗利益増加 Amount not disclosed / Increase in foreign-exchange gains 営業外収益が20億円増加 / 不動産特定共同事業分配金の増加 営業外費用が53億円増加 / 出資金売却益・政策保有株式売却益等 特別利益が17億円増加 / 貸倒引当金の繰入等 特別損失が22億円増加 / ビル事業の投資家向け物件売却 営業収益109億円増加、事業利益8億円増加 |
| Key KPIs | Indicator name 保有オフィスビル棟数 / Value 40 buildings / Year on year against the same period last year Not disclosed, Indicator name 保有オフィスビル平均賃料 / Value 27,711 円／坪 / Year on year against the same period last year Not disclosed, Indicator name 保有オフィスビル稼働率 / Value 97.1 % / Year on year against the same period last year Not disclosed, Indicator name 投資家向け物件総投資額 / Value ¥6,500 hundred million / Year on year against the same period last year 2023年末比+900億円, Indicator name 分譲マンションのランドバンク / Value 8,300 units / Year on year against the same period last year Not disclosed, Indicator name Equity ratio / Value 26 % / Year on year against the same period last year 前期末比▲0.1ポイント, Indicator name Debt-to-equity ratio / Value 2.2 times / Year on year against the same period last year Not disclosed |
| Unit price and quantity metrics | オフィス平均賃料 27,711 円／坪 / オフィス稼働率 97.1 % / 分譲マンションランドバンク 8,300 units |
| Assumptions Underlying the Business Outlook | 建築費・金利の動向、物価上昇トレンド、賃料水準、住宅ローン金利などへの言及はあるが、具体的な前提数値はNot disclosed |
| Medium-term management plan targets | Business profit ¥750 hundred million / Plan period Fiscal 2020–2024 |
| Financial targets | ROA 4%程度 / ROE 8～10% / Debt-to-equity ratio 2.4倍程度 |
| Annual Dividend | ¥80 per share |
| Payout ratio | 34.4 % |
| Acquisition of treasury shares | 自己株式の取得は事業環境や財務状況等を踏まえて実施の是非を検討すると記載。取得枠・株数・期間はNot disclosed |
| Market Size / Share | 大規模オフィス賃料相場 八重洲・日本橋・京橋 36,574 円／坪 / 丸の内・大手町 40,175 円／坪 / 路線価 八重洲・日本橋・京橋 19,200 千円／㎡ / 丸の内・大手町 25,250 千円／㎡ |
| New initiatives | タイで海外物流施設開発事業に初参画し、2プロジェクトを推進, Tokyo Tatemono (Thailand) Ltd.を設立, SYNKを始動し、八重洲・日本橋・京橋エリアのイノベーション・エコシステムを強化, 新規プロジェクト取得時に物価上昇トレンドを織り込んで採算性を判断, ビル・住宅事業を中心に新しい商品企画を推進 |
Items this document does not state (11)
Gross Profit MarginOperating profit marginSelling, general and administrative expensesResults for the three months of the current quarterSelf-assessment against the planNumber of stores and locationsNumber of employeesRisk 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.第2四半期累計は、分譲マンションの売上・粗利益が増加したことなどが増収増益の理由。通期予想の修正は、売却対象物件の見直しによる営業収益の減少、分譲マンションのコスト減少や政策保有株式の売却益増加などによる利益の増加が理由。
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