Star Mica Holdings Co.,Ltd.
2975・Prime Market・Real Estate
Business
Star Mica Holdings is a holding company that develops three business segments: the Renovation Mansion business, its core operation, which acquires and manages leased second-hand condominium units (units sold with existing tenants, known as "owner-change" properties) as its primary investment target, enhances their value through renovation, and sells them to a broad range of consumers; the Investment business, which provides investment and financing to real estate, operating companies, and funds; and the Advisory business, a fee-based business encompassing real estate brokerage, management, and consulting. Founded in 1998, the company listed on the Prime Market of the Tokyo Stock Exchange in 2022. Cumulative purchases have exceeded 18,000 units, with operations centered on the Greater Tokyo area and bases in major cities nationwide.
Business Model
The Company acquires owner-change properties with tenants in residence at prices below market value, earning stock-type income through leasing management, and combines this with flow-type income from renovating and selling properties after they become vacant. In FY2025 (ending November 2025), the sales profit margin was 14.5% (up 1.5 points year on year). The exit strategy diversification, including sales while still tenant-occupied, enables the Company to simultaneously improve turnover rate and profit margin. The Advisory Business, with an operating profit margin of approximately 54.4%, complements this with highly profitable fee income.
Company Strengths
Possesses a proprietary property appraisal methodology based on a cumulative purchasing track record of over 18,000 units accumulated since the company's founding. Specialization in owner-change properties and an urban-concentration strategy have proven successful, with sales revenue in the renovation condominium business reaching ¥61,389 million (up 25.1% year on year) and segment operating profit reaching ¥6,824 million (up 40.9% year on year) in FY2025 (ending November 2025), both record highs.
In FY2025 (ending November 2025), consolidated net sales reached ¥69,158 million (up 23.8% year on year), operating profit reached ¥7,314 million (up 32.4% year on year), and net income attributable to owners of the parent reached ¥4,185 million (up 34.7% year on year), with all metrics setting record highs. ROE improved to 15.2% (up 2.4 percentage points year on year) and the equity ratio improved to 25.6% (up 0.8 percentage points year on year), reflecting simultaneous improvement in profitability and financial soundness.
The advisory business consists of fee-based operations in real estate brokerage, management, and consulting, and boasts extremely high profitability with an operating margin of approximately 54.4% (operating profit of ¥1,022 million) in FY2025 (ending November 2025). Brokerage opportunities generated through collaboration with the group's renovation condominium business underpin the revenue base, and brokerage commission income in the first quarter of the following fiscal year expanded 58.7% year on year.
ENVALITH's Perspective
Performance Trend
Revenue grew for five consecutive fiscal periods, rising from ¥36,897 million in FY2021 to ¥69,158 million in FY2025, and growth has accelerated further in the interim period of FY2026 (ending November 2026) to ¥43,421 million (up 28.8% year on year). Operating profit for the interim period reached ¥6,809 million (up 69.5% year on year), reflecting a significant improvement in profitability, with gross profit margin rising from 18.3% in the same period of the previous year to 22.4%. As an external factor, the Tokyo metropolitan area's second-hand condominium market has softened, with the number of contracts signed in May 2026 down 3.4% year on year and contract prices down 4.6%; nevertheless, the company has achieved growth exceeding the overall market environment through diversification of exit strategies for OC properties and its urban-focused strategy. The full-year forecast remains unchanged at revenue of ¥89,168 million and operating profit of ¥10,449 million.
Growth Strategy
Aiming for net sales of ¥89,168 million in FY2026 (ending November 2026) through deepening focus on owner-change properties, urban expansion, and fund formation
By acquiring OC properties (occupied by tenants) primarily in urban areas and diversifying exit strategies to include sales in tenanted condition, the company simultaneously achieves increased unit sales volume and improved profit margins. The interim sales profit margin of 19.3% (up 4.7 points year-on-year) demonstrates the effectiveness of this strategy.
The company is strengthening property acquisitions centered on urban areas of the greater Tokyo metropolitan region to push up sales prices and profit margins. The interim net sales of ¥38,725 million (up 27.0% year-on-year) reflects the results of the urban concentration strategy, and the company will continue to raise per-unit prices by pursuing high-price-range and previously untapped segments.
The company utilizes fund schemes in the Renovation Mansion Business and Investment Business to expand business scale while efficiently utilizing shareholders' equity. Through the capital alliance with Tokyo Tatemono (proceeds of ¥6,560 million), the company secured funds for property acquisition and established the foundation for accelerating fund formation.
The company is promoting the expansion of brokerage fee income through active sales activities and the acquisition of large-scale consulting fees. The interim net sales of ¥972 million (up 114.9% year-on-year) and segment profit of ¥1,175 million were achieved, and synergies through intra-group collaboration (internal sales of ¥621 million) have also become evident.
Last updated: July 17, 2026