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EDINET 4827 Neutral Risk Analyzed 📈 Growth 6/10

Business One Holdings Co., Ltd.

Annual Securities Report - 39th Term(2025/04/01 - 2026/03/31) ／ 2026-06-23 11:18

Covers EDINET statutory filings (TDNET timely disclosures / earnings flashes are not included).

EarningsVolumeM&A/AllianceCapacity
AI Summary 2026-06-23 11:20

FY2026 (ended March 31, 2026) revenue grew +5.0% (¥16,895M) and operating profit +5.1% (¥1,536M), with strong growth in apartment management (+11.1%) and rental business. New construction business contributed ¥2,413M in first year. Real estate sales segment remains challenged with profitability concerns; high leverage at ¥23,600M in interest-bearing debt.

KEY POINTS
  • Revenue +5.0%, operating profit +5.1% marking steady growth trajectory
  • Apartment management business surged +11.1% (¥2,258M) with 364 buildings, 16,088 units under management
  • Construction division (Nakaken) consolidated Oct 2024, contributed ¥2,413M revenue and ¥130M profit in first year
  • Real estate sales declined −1.6% as company prioritizes inventory disposal and profitability recovery
  • Interest-bearing debt ¥23,600M represents 77% of total assets; significant interest rate exposure risk
📊 Revenue
Revenue +5.0% (¥16,094M → ¥16,895M)
💰 Operating profit
OP +5.1% (¥1,461M → ¥1,536M)
🔮 Outlook
FY2027 outlook: Revenue +3.6%, OP +14.1%, Net profit +6.1%
📈 Growth outlook 📈 Growth 6/10
Moderate growth driven by apartment management targeting 20,000-unit milestone, rental business expansion (1,774 external units), and newly consolidated construction division. Real estate sales profitability recovery critical to accelerate growth trajectory.
Growth drivers
  • Apartment management units expansion (364 buildings, 16,088 units +11 YoY)
  • Rental property portfolio growth (975 owned + 1,774 external units, +47 and +35 YoY)
  • Construction division launch via Nakaken consolidation (¥2,413M revenue, ¥130M profit FY1)
  • Operating margin 8.1% exceeding 5%+ target; operational efficiency gains
Risk and growth scores and tags are AI-generated estimates from analyzing the disclosure. They are not guarantees of fact, nor investment advice or recommendations. Make investment decisions at your own discretion.
⚠️ Extracted Risk Factors
CategoryDescriptionScoreNew
Interest Rate Risk Acquisition of inventory properties primarily financed by bank borrowings. Interest-bearing debt ¥23.6B represents 77% of total assets. Rising rates could materially erode margins. 8/10
Intensifying Competition Apartment management sector highly competitive; failure to secure new contracts could materially impact earnings. Real estate brokerage/sales face pricing pressure from competition. 7/10
Earnings Deterioration Risk Core real estate sales segment struggling with profitability (−1.6% revenue, −5.1% profit YoY). Focus on low-margin inventory disposal. Vulnerable to demand deterioration. 7/10
Key Person Risk Heavy reliance on CEO Ozaki for strategy, decision-making, and industry relationships. Key person risk if management capabilities become impaired. 6/10
M&A Risk Company pursues M&A for growth. Despite due diligence, forecast accuracy for target companies may be limited; impairment or value recovery risks. 6/10
Small Organization Risk Small organization with 259 employees. Talent acquisition critical for growth but not assured. Headcount expansion could increase fixed costs and depress margins. 5/10
Cybersecurity Risk Company employs security measures but unpredictable system outages, virus intrusions, or cyber attacks could disrupt operations and impact financials. 5/10
Information Leakage Risk Company handles customer confidential and personal data. Despite controls, information leakage could damage reputation and financial condition. 5/10
8/10 Interest Rate Risk
Acquisition of inventory properties primarily financed by bank borrowings. Interest-bearing debt ¥23.6B represents 77% of total assets. Rising rates could materially erode margins.
7/10 Intensifying Competition
Apartment management sector highly competitive; failure to secure new contracts could materially impact earnings. Real estate brokerage/sales face pricing pressure from competition.
7/10 Earnings Deterioration Risk
Core real estate sales segment struggling with profitability (−1.6% revenue, −5.1% profit YoY). Focus on low-margin inventory disposal. Vulnerable to demand deterioration.
6/10 Key Person Risk
Heavy reliance on CEO Ozaki for strategy, decision-making, and industry relationships. Key person risk if management capabilities become impaired.
6/10 M&A Risk
Company pursues M&A for growth. Despite due diligence, forecast accuracy for target companies may be limited; impairment or value recovery risks.
5/10 Small Organization Risk
Small organization with 259 employees. Talent acquisition critical for growth but not assured. Headcount expansion could increase fixed costs and depress margins.
5/10 Cybersecurity Risk
Company employs security measures but unpredictable system outages, virus intrusions, or cyber attacks could disrupt operations and impact financials.
5/10 Information Leakage Risk
Company handles customer confidential and personal data. Despite controls, information leakage could damage reputation and financial condition.
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