ENVALITH
楽待株式会社 logo

FIRSTLOGIC,INC.

6037・Standard Market・Services

Official website
楽待株式会社 logo
FIRSTLOGIC,INC.6037

Business

Rakumachi Co., Ltd. (formerly First Logic Co., Ltd.) is a single-segment company that has operated "Rakumachi," a portal site specializing in investment real estate, since 2006. Targeting individual real estate investors as its primary customers, the company provides information on income-producing real estate such as condominiums (sectional units and whole buildings), apartments, and detached houses. It functions as a matching platform between real estate investors and real estate companies/renovation companies, boasting 461,757 registered members, 77,709 property listings, and 183,869 thousand annual page views as of the end of FY2025 (ending July 2025). In November 2024, the company changed its trade name to its current name, and its YouTube channel also surpassed 1 million subscribers.

Business Model

The core revenue pillars consist of four services: Property Listing Service (monthly listing fee) from real estate companies, Proposal Service (monthly consideration), Advertising Service (banner and email newsletter ads), and Appraisal & Bulk Quote Service (consideration linked to case volume). In addition, subscription revenue from the paid membership service for investors, "Rakumachi Premium," is expanding. The platform has a virtuous cycle structure in which increases in membership numbers and page views enhance the platform's ability to attract users, which in turn stimulates demand for listings and advertising from real estate companies.

Company Strengths

As of the end of FY2025 (ending July 2025), registered members totaled 461,757 (up 13.2% year on year), and annual page views reached 183,869 thousand PV (up 23.5% year on year). By specializing in investment real estate, the company differentiates itself from competitors, and both member numbers and PV counts have continued to increase for five consecutive fiscal periods.

In FY2025 (ending July 2025), the operating margin was 48.9% (operating revenue of ¥3,159 million, operating profit of ¥1,545 million). The low marginal cost structure characteristic of platform businesses has enabled the margin to remain at a high level as revenue expands. The company's financial soundness is also notable, with zero borrowings and working capital funded entirely from its own resources.

In addition to the four services of Property Listing Service, Proposal Service, Advertising Service, and Appraisal & Bulk Quote Service, the Rakumachi Premium Service, launched in June 2022, has formed stable subscription revenue alongside the growth in member numbers. Operating revenue in FY2025 (ending July 2025) accelerated, growing 33.6% year on year, with the diversification of revenue sources underpinning this growth.

ENVALITH's Perspective

Cumulative operating revenue for the nine months ended in 3Q FY2026 (ending March 2026) of ¥2,695 million represents 77.0% of the full-year forecast of ¥3,500 million, while operating profit of ¥1,472 million represents 81.8% of the full-year forecast of ¥1,800 million. Simple arithmetic shows that recording operating revenue of ¥805 million and operating profit of ¥328 million in Q4 alone would be sufficient to achieve the full-year forecast, and given past seasonality, the probability of achievement appears high. On the other hand, the full-year forecast's revenue growth rate of 10.8% and profit growth rate of 16.5% fall significantly short of the cumulative 3Q growth rates of 14.5% (revenue) and 30.2% (profit), which can be interpreted as a conservative forecast setting that factors in a deceleration in Q4.

Cumulative operating expenses for the nine months ended in 3Q of ¥1,224 million remained essentially flat year on year (down 0.03%), meaning that nearly all of the revenue increase flowed through to operating profit. This expense control is the primary factor behind the high 30.2% growth in operating profit. As an external factor, robust transaction demand in the real estate investment market has also supported demand for listings and advertising, but the maintenance of expense discipline can be attributed to the company's own management efforts. Trends in personnel and marketing expenses going forward will be key to sustaining profit margins.

Because the company operates as a single segment centered on the Real Estate Investment Portal Site Business (Rakumachi), risks remain whereby external shocks such as a cooling real estate investment market, the emergence of competitors, or changes to search engine algorithms would directly impact overall performance. On the other hand, due to share buybacks, the average number of shares outstanding during the period decreased by approximately 6.4%, from 21,062,778 shares in the same period of the prior year to 19,705,868 shares. Quarterly net income per share rose 36.3%, from ¥40.92 to ¥55.76, achieving EPS growth that exceeded the growth in net income (up 27.5%). As a subsequent event, the company resolved in May 2026 to conduct an additional share buyback with an upper limit of 600,000 shares and ¥500 million, and the EPS-boosting effect is expected to continue going forward.

Growth Strategy

Four pillars: deepening Rakumachi's No.1 market share, strengthening content, leveraging AI, and pursuing proactive shareholder returns

Continue to deliver high-quality video content on investment, politics, and economics via "Rakumachi Channel," and enrich valuable content for real estate investors together with "Rakumachi Shimbun" to grow the membership base. Expanding the membership base increases listing demand and enhances platform value.

Continuously improve the quality of the "Rakumachi Official App for Real Estate Investment" to enhance the user experience via smartphones, thereby improving member retention and usage frequency. Strengthening the response to the mobile shift also contributes to acquiring new members.

Expand the number of listing companies and listed properties through proactive sales activities targeting real estate companies, increasing property options for investors and enhancing the platform's appeal. The release of AI-powered functions using ChatGPT and other tools for real estate companies is also being promoted as part of these sales-strengthening measures.

During the current fiscal year, the company acquired treasury shares totaling 750,000 shares valued at ¥945 million cumulatively, and retired 1,400,000 shares. As a subsequent event, in May 2026 the company resolved to acquire an additional up to 600,000 shares for up to ¥500 million. The annual dividend forecast has also been raised to ¥13.00 per share (a 30% increase from ¥10.00 in the previous fiscal year), simultaneously advancing improved capital efficiency and enhanced shareholder returns.

Last updated: July 17, 2026