ENVALITH
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Good Com Asset Co.,Ltd

3475・Prime Market・Real Estate

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株式会社グッドコムアセット logo
Good Com Asset Co.,Ltd3475

Business

Good Com Asset Co., Ltd. plans, develops, and sells new-build investment condominiums under its proprietary GENOVIA Series brand, primarily in Tokyo's 23 wards and the broader Tokyo metropolitan area (Tokyo and three neighboring prefectures) as well as the Kansai region, and handles everything through post-sale leasing management and building management on an integrated basis. Its main customers are domestic and overseas corporate investors (Wholesale) and individual investors (Retail Sales). In FY2025 (ended October 2025), the company sold 39 buildings comprising 1,692 units. In June 2025, it made Livenup Group Co., Ltd., which operates a detached-house and resale business, a consolidated subsidiary, accelerating its evolution into a comprehensive real estate business. The company is dual-listed on the Tokyo Stock Exchange Prime Market and the Fukuoka Stock Exchange Main Board.

Business Model

The company secures properties while minimizing upfront capital through an exclusive-property acquisition method that involves signing purchase contracts with only a deposit. Properties are then sold through multiple channels: Wholesale to corporations (including bulk sales of multiple buildings to private placement funds) and Retail Sales to individuals. After the sale, subsidiary Good Com handles leasing and building management, while Room Bank Insure provides Rent Guarantee Service, building up a stock-revenue structure linked to the cumulative number of managed units. A distinguishing feature is the ability to continue earning asset management income even after fund sales.

Company Strengths

The company's core approach is the exclusive property method, under which it signs procurement agreements by paying only a deposit at the initial purchase stage, enabling accelerated property procurement without large upfront capital. In FY2025 (ending October 2025), it procured 34 buildings/2,105 units, and in Q1 of FY2026 (ending October 2026) alone it procured an additional 8 buildings/550 units, with this high capital efficiency supporting accelerated procurement.

The Real Estate Management segment, handled by consolidated subsidiary Good Com, achieved a month-end occupancy rate exceeding 90% every month in FY2025 (ending October 2025). It has formed a highly profitable recurring-revenue business with net sales of ¥2,414 million and a segment profit margin of 34.1%, with a structure whereby managed units continue to accumulate as cumulative sales units of the GENOVIA Series increase.

In the Real Estate Fund Business, which began in 2024, the company formed the 3rd and 4th funds in FY2025 (ending October 2025), selling 2 private placement fund deals worth a total of approximately ¥27.0 billion. Sales to Shutoken Resi 3 GK (¥11,170 million) and Shutoken Resi 4 GK (¥15,794 million) accounted for 49.4% of net sales for the period, achieving maximum capital turnover through large-lot bulk sales.

ENVALITH's Perspective

In H1 FY2026 (ending October 2026), the company achieved substantial increases across all items, with net sales of ¥29,390 million (up 53.2% year on year), operating profit of ¥2,573 million (up 61.0%), and profit attributable to owners of parent of ¥1,411 million (up 41.2%). Against the full-year forecast (net sales of ¥79,281 million, operating profit of ¥7,729 million), H1 progress rates stood at 37.1% for net sales and 33.3% for operating profit, which can be judged as broadly within expectations given the seasonality skewed toward the second half. There has been no change to the earnings forecast, and the company maintains its full-year plan.

At the end of H1 FY2026 (ending October 2026), total assets expanded to ¥58,582 million (up 26.6% from the previous fiscal year-end), while total liabilities increased at a faster pace, reaching ¥44,193 million (up 37.6%). Long-term borrowings reached ¥25,527 million (up ¥7,910 million from the previous fiscal year-end) and short-term borrowings reached ¥8,327 million (up ¥1,957 million), while the equity ratio declined from 29.9% at the previous fiscal year-end to 23.9%. It should be noted that, amid the ongoing rise in interest rates as an external factor, interest expense increased approximately 2.4-fold, from ¥151 million in the same period of the previous year to ¥367 million, and rising financial costs are a factor pressuring profits.

The Retail Sales segment recorded net sales of ¥3,921 million (down 18.3% year on year) and a segment loss of ¥278 million (versus a loss of ¥168 million in the same period of the previous year) in H1 FY2026 (ending October 2026), with the loss widening. Sales to individual investors trailed Wholesale in both number of buildings and number of units, resulting in a limited profit contribution. Meanwhile, Livenup Group posted H1 net sales of ¥4,182 million and segment profit of ¥275 million, emerging as the group's third pillar of earnings; however, this figure includes one-off items such as a gain on negative goodwill (¥59 million) arising from the consolidation of Sanki Shoji as a subsidiary and a provision for store closure losses (¥6 million), and careful assessment of underlying earnings power is warranted.

Growth Strategy

Targeting FY2030 (ending October 2030) net sales of ¥600.0 billion through three pillars: expansion of the fund business, M&A, and accelerated property acquisitions

In the first half of FY2026 (ending October 2026), the company acquired 15 buildings comprising 1,252 units, with the balance of acquisition contracts as of the date after the consolidated closing date reaching a total of ¥75,804 million. Accelerated procurement using the deposit-based exclusive property method has been the primary driver behind the 53% increase in net sales, and the resources for sales in the second half and beyond continue to accumulate.

Wholesale sales through real estate liquidation schemes utilizing special purpose companies accounted for approximately 68% of net sales in the first half. The company formed its No. 3 and No. 4 funds in the previous consolidated fiscal year, and the expansion of sales channels for bulk sales of multiple buildings to private placement funds is driving the growth in net sales.

Livenup Group recorded net sales of ¥4,182 million and segment profit of ¥275 million in the first half of FY2026 (ending October 2026), beginning to function as the group's third pillar of earnings. In the first half, the company made Sanki Shoji Co., Ltd. a consolidated subsidiary, recording a gain on negative goodwill of ¥59 million. Diversification of the customer base and property types is progressing through a composite business model encompassing detached houses, resale, and leasing management.

Supported by steady growth in the number of properties under building management and leasing management and by maintaining an occupancy rate of over 90% at month-end, segment profit for the first half of FY2026 (ending October 2026) continued to grow strongly, reaching ¥528 million (up 79.9% year on year). The structure is such that the number of managed units automatically accumulates as the cumulative number of GENOVIA Series units sold increases, functioning as a stable revenue source that offsets fluctuations in flow-based revenue.

Last updated: July 17, 2026