Worth reading
60In 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
47.9
Year-on-year change in operating profit (%)Wording
Conditional
How definitive the wording is.Results for this period
Full year1 April 2025–31 March 2026ConsolidatedJapanese GAAPNet Sales90,108¥ millionYear on year +12.8%Progress 106.0%
Operating profit7,751¥ millionYear on year +47.9%Progress 110.7%
Ordinary income5,891¥ millionYear on year +56.3%Progress 133.9%
Net income attributable to owners of the parent3,826¥ millionYear on year +32.1%Progress 131.9%
The width of the band at each stage is based on revenue. The narrower it becomes toward the bottom, the smaller the proportion of revenue that remains as profit. The dotted outline is the full-year forecast and the band inside it is the result for this period. The progress rate is the result divided by the forecast.
Net income per share¥163.19
Operating Margin8.6%
Financial position at period-end
Total assets151,157¥ million
of which net assets 36,894 ¥ millionEquity ratio 24.4%vs. prior year-end +2.1pt
塗りつぶした部分が自己資本比率です。総資産のうち、返済のいらない自前の資金がどれだけかを表します。The thin vertical line indicates the level at the end of the previous fiscal year.
Cash inflows and outflows
Operating+625
Investment-574
Financials-1,603
Net change-1,552
Stacked from zero: upward is an increase in cash, downward a decrease (in ¥ million).The net change represented by the dotted line is the total of three items, calculated from figures provided by the company.
Cash and cash equivalents at end of period¥20,570 million
Segment revenue
Condominium and Detached-House Development55,19661.3%+5.1%
Distribution Business27,46430.5%+33.7%
Property Management Business6,6567.4%+10.4%
Rental Operations6610.7%-3.0%
Segment profit
Condominium and Detached-House Development5,58264.9%+47.7%
Distribution Business2,14624.9%+48.2%
Property Management Business6447.5%+25.0%
Rental Operations2302.7%+0.2%
Outlook and shareholder returns
Full-year earnings forecast
Net Sales¥85,000 million (YoY -5.7%)
Operating profit¥7,000 million (YoY -9.7%)
Ordinary income¥4,400 million (YoY -25.3%)
Net income¥2,900 million (YoY -24.2%)
Annual Dividend Forecast¥45 → ¥40（-11.1%）
Payout ratio27.6%
Shareholder Return PolicyDuring the period covered by Medium-Term Management Plan 2027, the Company aims to provide shareholder returns based on a dividend payout ratio of approximately 30%.
Factors Behind Changes in Business Performance
Demand for housing with high asset value remained firm, and 825 newly built condominiums were handed over in the condominium development business. In the distribution business, property resales and brokerage performed well, and 10 properties were handed over in the wealth solutions business. In the management business, management fee income increased as a result of winning replacement contracts.
Disclosure regarding the going concern assumption
Not applicable.
Change in accounting policy
基準改正に伴う変更 Noそれ以外の変更 No見積りの変更 No修正再表示 No
Changes in the scope of consolidationNew 0 / Excluded 0 / Company name None
Material subsequent eventsNot applicable.
Breakdown of extraordinary income (loss)Extraordinary income Gain on sale of non-current assets ¥3 million / Extraordinary loss Loss on sale of fixed assets ¥8 million, Loss on Disposal of Fixed Assets ¥1 million
Depreciation and amortization¥278 million
Orders received and order backlogCondominiums for Sale Contracts entered into during the period ¥50,758 million / Contract balance at period-end ¥65,977 million / Distribution business: property resales Contracts entered into during the period ¥18,002 million / Contract balance at period-end ¥2,870 million / Distribution business: land and buildings Contracts entered into during the period ¥16,916 million / Contract balance at period-end ¥12,178 million
Availability of Supplementary Financial Results MaterialsYes
Availability of Financial Results BriefingWhether applicable Yes / Subject person Institutional investors and analysts
Issued Shares at Period-End23,447,684
Treasury Shares at Period-End0
| Item | Details |
|---|---|
| Fiscal Period Classification | Full year |
| Accounting standards | Japanese GAAP |
| Consolidated / non-consolidated | Consolidated |
| Period Covered | 1 April 2025–31 March 2026 |
| Net Sales | ¥90,108 million (YoY +12.8%) |
| Operating profit | ¥7,751 million (YoY +47.9%) |
| Ordinary income | ¥5,891 million (YoY +56.3%) |
| Profit attributable to owners of the parent | ¥3,826 million (YoY +32.1%) |
| Net income per share | ¥163.19 |
| Operating Margin | 8.6% |
| Equity ratio | End of the current fiscal period 24.4 / End of previous period 22.3 |
| Total assets | ¥151,157 million |
| Net assets | ¥36,894 million |
| Cash flows from operating activities | ¥625 million |
| Cash flows from investing activities | ¥-574 million |
| Cash flows from financing activities | ¥-1,603 million |
| Cash and cash equivalents at end of period | ¥20,570 million |
| Full-year earnings forecast | Net Sales ¥85,000 million (YoY -5.7%) / Operating profit ¥7,000 million (YoY -9.7%) / Ordinary income ¥4,400 million (YoY -25.3%) / Net income ¥2,900 million (YoY -24.2%) |
| Annual Dividend Forecast | ¥45 → ¥40（-11.1%） |
| Payout ratio | 27.6% |
| Shareholder Return Policy | During the period covered by Medium-Term Management Plan 2027, the Company aims to provide shareholder returns based on a dividend payout ratio of approximately 30%. |
| Segment revenue | Condominium and Detached-House Development ¥55,196 million (YoY +5.1%) / Distribution Business ¥27,464 million (YoY +33.7%) / Property Management Business ¥6,656 million (YoY +10.4%) / Rental Operations ¥661 million (YoY -3.0%) |
| Segment profit | Condominium and Detached-House Development ¥5,582 million (YoY +47.7%) / Distribution Business ¥2,146 million (YoY +48.2%) / Property Management Business ¥644 million (YoY +25.0%) / Rental Operations ¥230 million (YoY +0.2%) |
| Orders received and order backlog | Condominiums for Sale Contracts entered into during the period ¥50,758 million / Contract balance at period-end ¥65,977 million / Distribution business: property resales Contracts entered into during the period ¥18,002 million / Contract balance at period-end ¥2,870 million / Distribution business: land and buildings Contracts entered into during the period ¥16,916 million / Contract balance at period-end ¥12,178 million |
| Depreciation and amortization | ¥278 million |
| Breakdown of extraordinary income (loss) | Extraordinary income Gain on sale of non-current assets ¥3 million / Extraordinary loss Loss on sale of fixed assets ¥8 million, Loss on Disposal of Fixed Assets ¥1 million |
| Disclosure regarding the going concern assumption | Not applicable. |
| Change in accounting policy | Changes due to revisions to standards No / Other changes No / Change in accounting estimate No / Restatement No |
| Changes in the scope of consolidation | New 0 / Excluded 0 / Company name None |
| Material subsequent events | Not applicable. |
| Availability of Supplementary Financial Results Materials | Yes |
| Availability of Financial Results Briefing | Whether applicable Yes / Subject person Institutional investors and analysts |
| Issued Shares at Period-End | 23,447,684 |
| Treasury Shares at Period-End | 0 |
| Factors Behind Changes in Business Performance | Demand for housing with high asset value remained firm, and 825 newly built condominiums were handed over in the condominium development business. In the distribution business, property resales and brokerage performed well, and 10 properties were handed over in the wealth solutions business. In the management business, management fee income increased as a result of winning replacement contracts. |
Items this document does not state (3)
Revision to Earnings ForecastRegional salesImpairment loss
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.Demand for housing with high asset value remained firm in the Tokyo metropolitan condominium market. In the condominium development business, the Company pursued the selective acquisition of land and development of high-value-added condominiums. In the distribution business, property resales and brokerage performed well, and 10 properties were handed over in the wealth solutions business. In the management business, management fee income increased as a result of winning replacement contracts.
How to read this page
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