ENVALITH
株式会社ビーロット logo

B-Lot Company Limited

3452・Standard Market・Real Estate

Official website
株式会社ビーロット logo
B-Lot Company Limited3452

Business

BEENOS...

Business Model

The company acquires properties for sale using financing from over 80 financial institutions (61 properties in inventory at period-end), enhances asset value through planning and development, rights coordination, and renovation, and then sells to wealthy individuals, REITs, and others, booking gains on sale. During the holding period, the Real Estate Management Business generates rental income, while the Real Estate Consulting Business accumulates brokerage fees. The collaboration among the three businesses forms a compound revenue structure of inventory buildup → rental income → gains on sale.

Company Strengths

The company has built trading relationships with more than 80 financial institutions nationwide, achieving long-term borrowing income of ¥36,692 million in FY2025 (ending December 2025). By securing property-by-property loans collateralized by real estate for sale, it has enhanced capital efficiency while building up inventory, maintaining a scale of 61 properties in inventory at period-end and segment assets of ¥72,595 million.

The Real Estate Management Business achieved segment profit of ¥2,494 million on sales of ¥4,950 million, a profit margin of 50.4%. The number of management operation consignment properties increased from 160 in the previous period to 166, as the recovery in inbound demand improved occupancy rates and raised average room rates at lodging-related properties, boosting rental income. The number of consigned properties in the Kansai region also expanded from 5 to 8 in the previous period.

Property information gathered through the Real Estate Consulting Business is utilized for procurement in the Investment & Development Business, while during the holding period the Management Business drives profitability improvement, and even after sale, relationships with clients are maintained through brokerage and management services. A large-scale sale of ¥3,803 million (10.1% of sales) to Nomura Real Estate Master Fund Investment Corporation demonstrates the results of this group-wide collaboration.

ENVALITH's Perspective

Net profit attributable to owners of the parent for Q1 of FY2026 (ending December 2026) came to ¥2,476 million, achieving 49.5% of the full-year forecast of ¥5,000 million in a single quarter. Even discounting the special factor of a large Shibuya Ward project settlement concentrated in Q1, the operating profit margin of 31.4% and ordinary profit margin of 28.4% remain at high levels. The full-year earnings forecast (operating profit of ¥8,400 million, up 10.8% year on year) has been left unchanged, leaving room for upward revision depending on how projects accumulate over the remaining three quarters.

As of the end of Q1 FY2026 (ending December 2026), total long-term and short-term borrowings stood at ¥71,561 million (short-term borrowings of ¥9,804 million + current portion of long-term debt due within one year of ¥16,013 million + long-term borrowings of ¥45,744 million), and interest expenses doubled from ¥181 million in the same period of the prior year to ¥404 million. While the equity ratio improved to 21.0% from 19.7% at the end of the previous fiscal year, the risk that rising funding costs will pressure profits continues, given the external factor of an ongoing rising interest rate environment.

Q1 sales in the Real Estate Consulting Business fell sharply to ¥341 million (down 42.0% year on year), with segment profit of ¥143 million (down 42.4%). The number of brokerage transactions completed also declined, to 18 (versus 23 in the same period of the prior year), as did the number of condominium sales consignment deliveries, to 113 (versus 168). While this decline is overshadowed by the strong performance of the core Real Estate Investment & Development Business, the contraction of this asset-light revenue source warrants continued monitoring from the perspective of business portfolio stability.

Growth Strategy

Realizing a "corporate group that continues to grow for 100 years" through deepening the affluent-client and real estate domains, aggressive M&A promotion, and accelerated DX

Against the backdrop of an expanding affluent-client market and demand from overseas investors, the company focuses acquisitions on carefully selected premium-location properties and pursues high-margin sales through business-to-business real estate distribution. In Q1 of FY2026 (ending December 2026), settlement was executed for a large-scale project in Shibuya Ward, achieving a segment profit margin of 34.6%.

The number of properties under management and operation contracts expanded to 165 (compared to 162 in the same period of the previous year). In the AM business, the company is promoting the operation of diverse assets that capture current trends, such as data centers and refrigerated/frozen warehouses, aiming to strengthen its stable revenue base. Success-fee-based consulting contracts are also increasing.

The company is expanding its product lineup by leveraging the know-how in leasehold land rights and rights adjustment held by its consolidated subsidiary Kumashu Koumuten (171 properties in inventory). It is also advancing into new asset categories, such as land for renewable energy (storage batteries).

The annual dividend forecast for FY2026 (ending December 2026) has been raised to ¥80 (a 9.6% increase from ¥73 in the previous fiscal year). Against a forecasted earnings per share of ¥268.30, the payout ratio is approximately 29.8%. This has been disclosed as a revision to the dividend forecast (upward revision).

Last updated: July 17, 2026