ENVALITH
ホームポジション株式会社 logo

Home Position Co., Ltd.

2999・Standard Market・Real Estate

Official website
ホームポジション株式会社 logo
Home Position Co., Ltd.2999

Business

Founded in 1989, the company is a specialist developer based in Shizuoka Prefecture, operating a detached-house subdivision development business in the Tokai and Kanto areas. It listed on the Standard Market of the Tokyo Stock Exchange in June 2022. It operates through a total of 10 locations: 4 in the Tokai area (Shizuoka and Aichi Prefectures) and 6 in the Kanto area (Kanagawa Prefecture, Saitama Prefecture, and Tokyo). Under its corporate philosophy of "For everyone who wants a home," the company handles everything in-house from land acquisition to planning and design, providing detached houses with excellent design, quality, and livability at rational price points that take surrounding market prices into account. In FY2025 (ended August 2025), the number of units sold was 461 (251 in Tokai, 210 in Kanto), with net sales of ¥17,365 million.

Business Model

The company employs an asset-light division-of-labor structure in which land acquisition, planning, and design are completed in-house, while construction is outsourced to external partner contractors. By combining information-gathering capabilities through a network of local brokers with its own appraisal skills and product planning capabilities, the company utilizes land parcels with shapes or conditions that competitors tend to avoid, supplying design-oriented houses while keeping costs down. Revenue is recognized at the time of delivery of completed properties. Operating margin is managed as the key KPI.

Company Strengths

Starting in 2020, the company launched company-wide study sessions open to all employees, and in 2021 established a new Design Strategy Office. Centered on five key elements—"iconic," "minimal," "balance," "depth," and "shadow"—the company achieves distinctive exterior designs for each individual building. The design and construction departments have a workforce composition of roughly 6:4 (male to female), and design quality has been improved with almost no change in cost.

The company has built close relationships of trust with local real estate agents in each region, enabling it to obtain property information from multiple channels. By conducting everything in-house—from land information gathering through to planning—the company achieves speedy purchasing decisions. It can flexibly respond even to land with shapes or conditions that pose high hurdles for competitors, giving it strong purchasing competitiveness to acquire favorable land at appropriate prices.

In September 2024, the company entered into a capital and business alliance agreement with KEIAI STAR REAL ESTATE Co., Ltd. and carried out a third-party allotment of new shares. As a result of the capital increase, both capital stock and capital surplus increased by ¥1,000,020 thousand each, improving the equity ratio from 29.6% at the end of the previous fiscal year to 39.9%. This has enabled the company to leverage KEIAI STAR REAL ESTATE's design and construction policies as well as the group's purchasing and quality control know-how.

ENVALITH's Perspective

Cumulative 3Q net sales for FY2026 (ending March 2026) of ¥13,397 million represent 70.5% of the full-year forecast of ¥19,000 million, while operating profit of ¥646 million represents 62.1% progress against the full-year forecast of ¥1,040 million. The fourth quarter (June to August) is typically the busy season, and given the buildup of real estate for sale in process of ¥10,504 million, the likelihood of achieving the full-year forecast (revised as of July 10, 2026) is high. The fact that the earnings forecast has been revised can also be viewed as a sign of the company's confidence.

The operating profit margin for the cumulative third quarter was 4.8% (versus 2.8% in the same period of the previous year), a significant improvement. However, the same period of the previous year included a mix of one-time items such as ¥89 million in share issuance costs, ¥50 million in relocation compensation income, and ¥47 million in impairment losses, and the disappearance of these items is one factor behind the margin improvement. Amid continued external factors such as elevated building material and materials prices remaining high, and increased interest expenses due to rising interest rates (¥149 million in the current period), the sustainability of the improvement in gross profit margin (gross profit margin: 13.0% in the same period of the previous year versus 15.3% in the current period) requires continued monitoring.

As of the end of the third quarter, short-term borrowings stood at ¥7,106 million (up ¥1,595 million from the end of the previous fiscal year), and long-term borrowings stood at ¥1,473 million (up ¥600 million from the same period), indicating a rapid expansion of interest-bearing debt. The equity ratio declined to 35.1% (from 39.9% at the end of the previous fiscal year). This reflects funding needs associated with the buildup of real estate for sale in process, but amid the continuing external factor of rising interest rates, the risk that increased interest expenses (cumulative ¥149 million in the current period) will pressure ordinary profit requires continued monitoring. Accelerating inventory turnover will be key to improving financial soundness.

Growth Strategy

Accelerating the earnings recovery through a three-pronged approach of expanding market share in the Kanto area, strengthening the acquisition of high-quality land, and improving profitability

Promoting share gains through expanding the number of units sold and design differentiation, centered on six bases in the Kanto region. Aims to achieve growth by reducing regional concentration risk through a dual-axis structure with the Tokai area.

Actively strengthening the acquisition of high-value land through expanding and developing new relationships within the broker network. As of the end of the third quarter under review, real estate for sale in process reached ¥10,504 million (up 39.3% from the end of the previous fiscal year), which is expected to contribute to sales in the next fiscal period.

The number of units sold has exceeded the same period of the previous year, driven by greater efficiency in sales activities and improvements in the construction management system. The gross profit margin improved from 13.0% in the same period of the previous year to 15.3% in the current period, indicating progress in strengthening the underlying profit structure.

Last updated: July 17, 2026