STrust Co.,Ltd.
3280・Standard Market・Real Estate
Business
Estrust Co., Ltd. was established in 1999 and is a real estate developer headquartered in Shimonoseki City, Yamaguchi Prefecture. In addition to supplying family-oriented condominiums and detached houses for sale under its proprietary "Auvision" brand series in Yamaguchi Prefecture and major cities in Kyushu, the company operates a condominium management business (managing 6,749 units) through its consolidated subsidiary Trust Community, a business for holding and operating rental real estate, and ancillary businesses such as real estate sales and brokerage. In 2017, the company became a subsidiary of Saibu Gas Holdings Co., Ltd., and has since promoted initiatives such as sharing land information to leverage group synergies. The company is listed on the Standard Market of the Tokyo Stock Exchange and the Main Board of the Fukuoka Stock Exchange.
Business Model
Core business real estate subdivision development involves the company sourcing land itself and integrating product planning, construction, and sales agency to maximize added value. The main revenue stream is flow-type revenue recognized upon completion of property handover. This is complemented by the condominium management business (stock-type), where managed unit counts accumulate in line with subdivision supply, and stable rental income from owned rental real estate (leasing business). Of the ¥22,313 million in net sales for FY2026 (ending February 2026), the real estate subdivision business accounts for approximately 84%, while the management and leasing businesses form a stable revenue base.
Company Strengths
Revenue grew for five consecutive fiscal years, from ¥16,035 million in FY2022 to ¥22,313 million in FY2026. Operating profit increased 75.2% year on year to ¥1,998 million in FY2025 and expanded further to ¥2,095 million in FY2026. Growth in the number of condominium units delivered (494 units in FY2025) and an improved cost ratio (78.2%, down 2.7 percentage points year on year) drove the profit expansion.
The company became a subsidiary of Saibu Gas Holdings Co., Ltd. (西部ガスホールディングス株式会社) in 2017, establishing a collaborative framework including the sharing of project site information with the group. This has strengthened its competitiveness in land acquisition in the Kyushu and Yamaguchi area, with reinforcing land acquisition in the Fukuoka metropolitan area positioned as a key policy in its medium-term management plan.
The condominium management business, operated by consolidated subsidiary Trust Community, achieved 6,749 units under management (up 723 units year on year) as of the end of FY2026 (ending February 2026). Management fee income accumulates as a stock-type revenue source, structured to continue expanding in line with growth in condominium supply. The number of units under management is expected to increase to 7,128 in FY2027 (ending February 2027).
ENVALITH's Perspective
Performance Trend
Revenue achieved five consecutive years of growth, rising from ¥16,035 million in FY2022 to ¥22,313 million in FY2026. Operating profit also remained at a high level, at ¥1,998 million in FY2025 and ¥2,095 million in FY2026. However, in Q1 of FY2027 (ending February 2027) (March–May 2026), the number of condominium units delivered plunged to 37 units (versus 200 units in the same period the previous year), resulting in revenue of ¥3,414 million (down 61.5% year-on-year), an operating loss of ¥48 million, an ordinary loss of ¥108 million, and a quarterly net loss of ¥74 million. In terms of the external environment, elevated land prices and construction costs, along with an increase in interest expense (¥71 million) due to rising interest rates, weighed on profits. The full-year forecast (revenue of ¥21,000 million, operating profit of ¥1,600 million) points to a year-on-year decline in both revenue and profit, and the pace at which the contracted backlog is worked through will be key to achieving the full-year target.
Growth Strategy
Aiming for ¥65,000 million in mid-term sales through expansion in the Fukuoka metropolitan area, ZEH enhancement, and management units exceeding 7,000 units
In addition to existing areas in Yamaguchi and Kyushu, the Company is promoting strengthened land acquisition in the Fukuoka metropolitan area and actively entering redevelopment and mixed-use development projects. By participating in large-scale projects through joint ventures (JVs), the Company aims to achieve development on a scale that would be difficult to accomplish alone, thereby expanding the number of units supplied.
By standardizing ZEH (Net Zero Energy House) specifications and strengthening the supply of environmentally conscious housing, the Company aims to differentiate its products and improve average selling prices. This also contributes to justifying price pass-through amid rising construction costs.
In line with the increase in supply of the Group's condominiums for sale, the Company continues to expand the number of units under management, aiming to exceed the medium-term management plan target of 7,000 units. As of the end of the first quarter of FY2027 (ending February 2027), the number reached 6,797 units (an increase of 167 units year on year), and progress toward the target is proceeding smoothly. The accumulation of stock-type revenue such as management fees is enhancing revenue stability.
The medium-term management plan sets forth the strengthening of the office building business as a policy, promoting the expansion of the scale of leasing assets through the active acquisition of high-quality income-producing properties. In the first quarter of FY2027 (ending February 2027), sales in the Real Estate Leasing Business were ¥141 million (up 16.2% year on year), and segment profit was ¥74 million (up 43.0% year on year), showing steady expansion.
Last updated: July 17, 2026