ENVALITH
株式会社property technologies logo

property technologies Inc

5527・Growth Market・Real Estate

Official website
株式会社property technologies logo
property technologies Inc5527

Business

Property Technologies Inc., under the vision of "a future where anyone can relocate with ease," operates the KAITRY Business as a single segment centered on the purchase, renovation, and resale of pre-owned condominium units. Its core subsidiary, HOMENET Co., Ltd., sources pre-owned condominiums at 15 locations nationwide from Hokkaido to Okinawa, renovates them, and sells them to end-user buyers. In Akita and Yamaguchi, Sanko Home Co., Ltd. and First Home Co., Ltd. handle newly built custom detached housing contracting. The company primarily targets first-time buyers in their 30s to 40s, and consolidated net sales for FY2025 (ending November 2025) reached ¥50,910 million. It listed on the Tokyo Stock Exchange Growth Market in December 2022.

Business Model

The buy-renovate-sell model—procuring property acquisition funds mainly through short-term borrowings, renovating properties, and selling them to end-user buyers via brokerage firms—forms the core of earnings. In addition, the company generates revenue through multiple channels: a direct purchase route from general consumers via the iBuyer Function on the 'KAITRY' portal site, and paid provision of SaaS products (HOMENET Pro, KAITRY finance, and KAITRY professional) for brokerage firms, financial institutions, and professional service providers. For FY2025 (ending November 2025), property sales value (on a contract basis) was ¥40,092 million, and EBITDA (excluding advertising expenses) was ¥2,760 million.

Company Strengths

As of the end of November 2025, approximately 7,500 real estate brokerage companies, roughly 11,200 branch offices, and approximately 31,969 sales staff (+16.0% year on year) were registered with the HOMENET system. This network functions both as a source of property information inflow and as a sales channel, forming a competitive advantage on both the sourcing and sales sides.

The company possesses a proprietary AI appraisal that combines PriceHubble's big data appraisal with its own approximately 36,400 real appraisal transactions per year (FY2025 (ending November 2025)). A cumulative database of approximately 9,000 sales transactions (since December 2011) contributes to improved accuracy, serving as a differentiating factor in the speed and precision of sourcing proposals.

In FY2025 (ending November 2025), HOMENET Co., Ltd. recorded net sales of ¥42,739 million (128.5% year on year) and operating profit of ¥1,746 million (165.0% year on year). Property purchase amount (contract basis, used condominiums, etc.) was ¥29,905 million (116.6% year on year), and property sales amount was ¥40,092 million (127.2% year on year), reflecting strong expansion of the core business.

ENVALITH's Perspective

Revenue for Q2 cumulative (December 2025 to May 2026) of FY2026 (ending November 2026) was ¥24,511 million (+1.3% YoY), and operating profit was ¥1,189 million (+10.3% YoY), securing increased revenue and profit. Against the full-year forecast (revenue of ¥58,000 million, operating profit of ¥2,500 million), Q2 cumulative progress rates were 42.3% for revenue and 47.6% for operating profit. Achieving the full-year target requires posting ¥33,489 million in revenue and ¥1,311 million in operating profit in the latter half (Q3 and Q4), and it should be noted that the structure weighted toward the second half continues.

Short-term borrowings at the end of Q2 stood at ¥28,101 million, an increase of ¥2,122 million from the end of the previous fiscal year, and total interest-bearing debt remains at an elevated level. Interest expenses for the cumulative Q2 period were ¥298 million, up 33% from the same period last year (¥224 million), with financial costs expanding due to the combined effect of the external factor of rising interest rates and the expansion of the outstanding borrowing balance. The equity ratio has stabilized at a low level of 19.2%, and the high degree of financial leverage requires continuous monitoring.

Combined revenue of Sunco Home and First Home increased to ¥3,175 million (+10.6% YoY), but the operating loss continued at ¥69 million (compared to a loss of ¥71 million in the same period last year). External factors such as rising mortgage interest rates, higher construction material costs, and rising labor costs have affected the profit structure, and although efforts are underway to strengthen land procurement, develop new products, and address renovation needs, the timing of a return to profitability remains uncertain. The structure in which the operating profit of ¥1,284 million from Used Home Renovation (Renovated Pre-Owned Condominium Units) (HOMENET) supports the group as a whole continues.

Growth Strategy

Sustainable growth through deepening of the KAITRY Platform, product diversification, and profitability improvement in Detached Housing (Custom-Built Housing Contracting)

The company thoroughly implements carefully selected sourcing based on data analysis by location, expanding its handling of Premium Condominiums in addition to Standard Condominiums. For the cumulative Q2 period, HOMENET recorded property acquisition value of ¥14,804 million and sales value of ¥20,347 million, advancing efforts to improve average customer spending and inventory quality.

The company continues to expand direct sourcing from general customers through its "KAITRY" portal site, aiming to reduce dependence on brokerage companies and improve sourcing costs. For the cumulative Q2 period, solution project sales value of ¥484 million was recorded, and the use of diverse sourcing routes is progressing.

The company is developing a SaaS model that provides paid information services within the platform to financial institutions and real estate professionals. Scaling remains a challenge at present, and the revenue contribution is limited, but this continues to be pursued as a medium- to long-term initiative for diversifying revenue away from dependence on buy-and-resell operations.

Sunco Home and First Home are advancing efforts to strengthen the sourcing of land that matches customer needs, develop and introduce new products, and provide renovation support for existing homeowner customers. For the cumulative Q2 period, 92 units were delivered and net sales of ¥3,175 million were recorded, but an operating loss of ¥69 million was incurred, and the business has not yet turned profitable.

Last updated: July 17, 2026