ENVALITH
株式会社ロゴスホールディングス logo

LOGOS HOLDINGS INC.

205A・Growth Market・Construction

Official website
株式会社ロゴスホールディングス logo
LOGOS HOLDINGS INC.205A

Business

Logos Holdings Co., Ltd. is a holding company with six consolidated subsidiaries under its umbrella, including Logos Home Co., Ltd., Hoei Construction Co., Ltd., Sakai Construction Co., Ltd., and GALLERY HOUSE Co., Ltd. Its core businesses are custom-built homes, subdivision housing, and residential land sales, with operations spanning Hokkaido, Tohoku, North Kanto, Tokai, Niigata, and Tochigi. Its main customer base consists of first-time homebuyers with household incomes of ¥4 million to ¥8 million. In FY2025 (ending May 2025), the number of homes delivered was 1,124 (up 8.4% year on year), with net sales of ¥36,269 million. The company has ranked No. 1 in the number of housing construction confirmation applications in Sapporo City for two consecutive years, in 2023 and 2024.

Business Model

The company does not exhibit at comprehensive housing exhibition sites; instead, it uses digital marketing—including web, SNS, and listing advertisements—to directly attract first-time homebuyers in their 20s and 30s to its own showrooms. It utilizes inside sales, MA, SFA, and CRM tools to hold down customer acquisition costs while raising the contract conversion rate. Design, construction, and sales are handled consistently within its own group, and the MCB construction method (producing modules at its own factory and assembling them on-site) also supports the earnings structure through shorter construction periods and cost reductions.

Company Strengths

Does not exhibit at comprehensive housing exhibition sites, instead building a proprietary customer acquisition model utilizing web, SNS, and listing advertisements. Since it does not compete with rivals for the same customers, the contract conversion rate is high and customer acquisition costs can be kept low. Through the use of inside sales, MA, and SFA, the company achieves efficient store openings with a minimal staff (2 sales staff + 1 design staff + 0.5 administrative staff).

Adopts the MCB construction method (patent pending), in which modules are produced at the company's own factory, transported by truck, and assembled on-site. This has shortened construction periods at carpentry sites by approximately 50% compared to the company's own past performance (average for June 2023–May 2024), simultaneously achieving cost reductions and quality improvements. Since it does not require skilled craftsmen, it also serves as an effective solution to the shortage of skilled workers.

Combined figures for Logos Home and Hoei Construction achieved the No. 1 ranking for two consecutive years (2023 and 2024) in the number of building confirmation applications for houses in Sapporo City (Source: Hokkaido Jutaku Tsushinsha). The two companies jointly operate the experiential showroom "Hokkaido Clasium" (featuring a temperature experience room, an earthquake experience room, and model houses across six buildings available for overnight stays), enhancing brand recognition and customer acquisition strength in the Hokkaido area.

ENVALITH's Perspective

For FY2026 (ending May 2026), net sales came to ¥49,502 million (up 36.5% year on year), operating profit was ¥1,449 million (up 197.5% year on year), and profit attributable to owners of parent was ¥799 million (up 300.1% year on year), marking a clear V-shaped recovery from the sharp profit decline in the prior period. The main drivers were the consolidation of Sakai Construction (recorded over 14 months due to a change in fiscal year-end) and the full-year contribution of new stores opened in the previous period. As an external factor, despite the softness in new housing starts (owner-occupied), which fell 5.6% year on year, the company achieved higher sales and profit through an increase in the number of units delivered, which is a positive point worth noting.

The company's forecast for FY2027 (ending May 2027) calls for net sales of ¥54,273 million (up 9.6% year on year) and operating profit of ¥2,113 million (up 45.8% year on year). On the other hand, with plans to open 5 new stores and add around 100 employees, SG&A expenses are expected to increase sharply to ¥8,808 million (up 18.9% year on year). This is driven mainly by a ¥529 million increase in personnel expenses and a ¥603 million increase in advertising expenses, reflecting the continuation of an upfront investment phase. Whether the planned improvement in gross margin (through price pass-through and revisions to construction periods) proceeds as planned will be key to achieving the profit target.

In connection with the business transfer from Sassho Bussan completed on June 5, 2026 (cash consideration of ¥1,600 million), Hoei Construction borrowed a total of ¥2,145 million (with a credit limit of ¥2,500 million) from Hokuyo Bank, Hokkaido Bank, and Hokuriku Bank. As of the end of FY2026 (ending May 2026), interest-bearing debt remained at a high level, with long-term borrowings of ¥5,178 million and short-term borrowings of ¥2,213 million. The equity ratio stood at a low 17.4% (versus 16.1% in the previous period). As an external factor, at a time when rising mortgage rates could affect homebuying sentiment, managing the turnover speed of inventory real estate and the ability to repay borrowings will remain an important point to monitor going forward.

Growth Strategy

Driving nationwide market share expansion in the Tokai and Kanto areas through four pillars: store expansion, M&A, the MCB construction method, and DX

For FY2027 (ending May 2027), the company has positioned the Tokai and Kanto areas as priority regions, planning 5 new store openings including one in Ogaki City, Gifu Prefecture. The Nagoya, Yokkaichi, and Sapporo stores opened in the previous fiscal year will contribute for a full year, and the company expects 1,608 units delivered in FY2027 (ending May 2027).

On June 5, 2026, Hoei Construction completed the acquisition of the detached-house subdivision development business from Sacsho Bussan for ¥1,600 million. The company acquired real estate inventory worth ¥1,600 million, aiming for early inventory liquidation and maximization of asset value by leveraging its sales and construction capabilities in the Sapporo area.

By combining a review of assumed construction periods with price pass-through and product specification improvements, the company is correcting excessive seasonal fluctuations in deliveries while leveling costs. For FY2027 (ending May 2027), the company expects an improvement in gross profit margin compared to the previous fiscal year. Cost of sales is planned at ¥43,351 million (up 6.7% year on year), below the 9.6% growth rate planned for revenue.

While maintaining the digital customer acquisition model, the company is strengthening its sales capability through enhanced sales training and expanded sales support systems. For FY2027 (ending May 2027), the company plans a ¥603 million increase in advertising expenses, aiming to raise awareness through renewals and new store openings and to expand contracted units.

Last updated: July 17, 2026