LA Holdings Co.,Ltd.
2986・Growth Market・Real Estate
Business
LA Holdings Co., Ltd. is a holding company established in July 2020 through a sole-share transfer by La Atre Co., Ltd. It has under its umbrella 5 consolidated subsidiaries and 1 equity-method affiliate, and operates four businesses: (1) DX New-build Real Estate Business (income-producing real estate development and new condominium sales), (2) DX Reclaimed Real Estate Business (premium renovation and sale of used condominiums), (3) DX Real Estate Value Enhancement Business (land value enhancement and investment), and (4) Real Estate Leasing Business (stable income from healthcare facilities and other properties). Its main customers are domestic and overseas real estate investors, corporations, and wealthy individuals. In addition to the Tokyo Stock Exchange Growth Market, the company is also listed concurrently on the Fukuoka, Nagoya, and Sapporo stock exchanges.
Business Model
Flow-type revenue is centered on income-property development in prime central locations (the "A＊G" commercial buildings, "THE EDGE" office building, and "THE DOORS" premium rental residences) and premium renovation sales of pre-owned condominiums (averaging ¥357 million per unit). By completing everything in-house, from land acquisition to product planning, design, construction, and sales, the group secures high gross margins. Stock-type revenue comes from the healthcare facility leasing business and others, providing stable income. Aggressive acquisition investment, supported by commitment lines and long-term borrowings from financial institutions, underpins growth.
Company Strengths
In income real estate development, the company has established proprietary brands such as "A*G," "THE EDGE," and "THE DOORS." In the DX Renovation Real Estate business, the average selling price per unit reached ¥357 million (up 31.3% year on year), maintaining profit margins through high-value-added products that resist commoditization.
In FY2025 (ending December 2025), the company raised ¥7,461 million through a public offering and third-party allotment, achieving net assets of ¥29,949 million (up 65.2% year on year). The commitment line and other credit limits expanded from ¥21,724 million in the previous fiscal year to ¥28,468 million, while maintaining an equity ratio of 29% and ROE of 26%, exceeding management targets.
Total inventory assets at the end of FY2025 (ending December 2025) stood at ¥65,386 million. The DX New-build Real Estate business held ¥37,083 million (up 43.6% year on year), the DX Renovation Real Estate business held ¥15,211 million (up 50.5%), and the DX Real Estate Value Enhancement business held ¥13,092 million (up 14.5%), significantly expanding future revenue recognition capacity.
ENVALITH's Perspective
Performance Trend
Revenue over the past five fiscal years expanded from ¥14,677 million (FY2021) → ¥18,253 million → ¥31,499 million → ¥44,707 million → ¥46,544 million (FY2025), maintaining an upward trend. In Q1 FY2026, revenue was ¥8,103 million (down 2.8% year on year), turning to a decline on a quarterly basis, but improvement in gross profit margin (from 21.7% to 25.2%) secured operating profit of ¥1,246 million (up 6.1% year on year). However, a sharp increase in interest expenses (from ¥200 million to ¥309 million) pressured ordinary profit (¥900 million, down 5.9% year on year) and net income (¥593 million, down 11.9% year on year). As an external factor, the rising phase of domestic interest rates is directly affecting the financing costs of the company, which carries interest-bearing debt (short-term and long-term borrowings totaling approximately ¥69,598 million); achieving the full-year forecast (revenue of ¥61,000 million, operating profit of ¥17,500 million) will require the execution of large-scale property deliveries from the second quarter onward.
Growth Strategy
Pursuing sustainable growth through strengthened procurement of high-value-added real estate, brand expansion, and broadening of the investor base via a stock split
The company continues to focus on higher-priced brands such as "Premium Renovation" and "BILLION-RESIDENCE" and to raise the value-added content of its income real estate development. It achieved a gross profit margin of 25.2% in 1Q FY2026, and aims to expand sales scale while improving profit margins simultaneously.
As of the end of 1Q FY2026, the company had secured ¥70,852 million in inventory assets (including ¥43,061 million of real estate for sale in progress). Under a revenue recognition model based on the timing of project handovers, the company aims to achieve the full-year forecast of ¥61,000 million by executing scheduled handovers from the second quarter onward.
The company will implement a stock split at a ratio of three shares for each one share of common stock, effective July 1, 2026. This aims to lower the investment unit size, broaden the retail investor base, and improve liquidity. At the same time, the company is establishing a new shareholder benefit program offering a ¥500 digital gift to shareholders holding 100 shares or more, aiming to expand the base of mid- to long-term shareholders.
Based on a resolution of the Board of Directors dated April 16, 2026, the company will issue 11,700 shares of restricted stock (issue price of ¥9,000 per share; total issue amount of ¥105,300 thousand) to 4 directors, 2 executive officers, and 2 employees. In conjunction with the stock split, the program's upper limit will also be adjusted from 100,000 shares to 300,000 shares, maintaining incentives to enhance corporate value.
For FY2026 (ending December 2026), the company plans an annual dividend of ¥522 (interim ¥177 plus year-end ¥345) before considering the stock split, a substantial increase from ¥338 in FY2025 (ended December 2025). By reducing capital stock and capital reserves (totaling ¥6,577 million), the company will increase other capital surplus, securing flexibility in dividend resources while enhancing shareholder returns.
Last updated: July 17, 2026