Since ベルテックス newly listed on the TSE Standard Market on 18 September, its industry peer ＦＪネクストホールディングス has been cited as a comparable company when assessing the IPO's initial trading price, with its PBR noted as remaining around 0.8x.
ベルテックス's IPO took place on 18 September, when it newly listed on the TSE Standard Market. ＦＪネクストホールディングス has been cited as a comparable company for assessing whether ベルテックス's offering price was appropriate. At the time of the initial price, ベルテックス's PBR was almost 1x, while FJネクスト remained at approximately 0.8x as of early September.
FJネクスト's core business is the planning and development of investment studio condominiums, marketed under the GALA condominium series in the Tokyo metropolitan area. It has an integrated, circular business model covering tenant recruitment, building management, construction, and the purchase and resale of used properties within its own group. Financial materials explain that its credibility as a listed company and the trust of financial institutions affect its ability to raise funds and the flow of land information to the group. They also show that it regained the top position in the Tokyo metropolitan area in 2025 by the number of investment condominiums supplied.
Immediately after the listing, reports said that the Bank of Japan had raised its policy rate to 1.25%, the highest level in approximately 31 years. A PBR below 1x is seen as an indicator of how the market assesses the vulnerabilities of this circular model, raising questions about why the discount has been left in place and what would need to change for the valuation to be reassessed.
As described in its corporate profile, ＦＪネクストホールディングス sells rental condominiums for single residents near stations in the Tokyo metropolitan area as investment properties, providing an integrated service covering operation through to exit. Its 4 business segments are real estate development, real estate management, construction and ryokan operations, with the company described as generating revenue primarily from real estate development and management.