ENVALITH
株式会社あかつき本社 logo

Akatsuki Corp.

8737・Standard Market・Securities & Commodity Futures

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株式会社あかつき本社 logo
Akatsuki Corp.8737

Business

Akatsuki Holdings, Inc. is a holding company (listed on the TSE Standard Market) operating the Securities-Related Business, centered on Akatsuki Securities Co., Ltd., and the Real Estate-Related Business, centered on My Place, Inc. and the Bautec Group. In the Securities-Related Business, the company provides asset management services through the IFA Business and Regional Financial Institution Alliance, while the Real Estate-Related Business handles used condominium purchase & resale and renovation, as well as senior living facility development and asset management, in the Greater Tokyo and Kinki regions. With 16 subsidiaries and 3 affiliated companies, consolidated operating revenue for FY2026 (ending March 2026) reached ¥68,718 million. Major customers span a wide range, including high-net-worth individual investors, IFA operators, regional financial institutions, and first-time home buyers.

Business Model

In the Securities-Related Business, the company holds custody of client assets through IFAs (Independent Financial Advisors) and regional financial institutions, earning revenue from acceptance fees, trading gains/losses, and balance-linked fees. In the Real Estate-Related Business, the company adopts a value-up model in which it purchases used condominiums, renovates them, and resells them, also capturing construction margins through its in-house construction company (Bautec Group Co., Ltd.). Senior living facilities supplement earnings through development and sale gains generated via fund schemes.

Company Strengths

In the IFA Business, which the company entered in earnest in 2014, assets under custody as of the end of March 2026 reached ¥803,874 million (up ¥177,789 million from the previous fiscal year-end), of which the IFA division accounted for ¥522,486 million (up ¥122,193 million), continuing its expansion. Proprietary infrastructure such as the face-to-face support system, AI chat, and the IFA Portal Site / Digital Services contributes to retaining intermediary brokers.

The company continues to expand its business alliance network with regional financial institutions, including new partnerships with Aichi Shinkin Bank, Boso Shinkumi Bank, and Kosan Shinkin Bank (October 2025 to March 2026). It has also utilized M&A, such as making Shinshoken Sakamoto Co., Ltd. an equity-method affiliate (33.4% voting rights), building an alliance network that is difficult for competitors to replicate in a short period of time.

The company operates an integrated business combining property purchases by MyPlace Co., Ltd. (847 units purchased in FY2026 (ending March 2026)), in-house renovation by Bautec Group Co., Ltd. (1,085 units completed), and sales support by MyPlanner Co., Ltd. External deployment of construction capacity is also progressing, including 304 units of external contracting, achieving both cost control and revenue diversification simultaneously.

ENVALITH's Perspective

In FY2026 (ending March 2026), the Real Estate-Related Business became a key driver of consolidated results, posting operating revenue of ¥52,257 million and segment profit of ¥4,702 million. However, the bulk of revenue depends on Used Condominium Purchase & Resale, and the underlying structure—whereby external factors such as rising interest rates or a deterioration in the real estate market directly affect performance through inventory (723 units at period-end) valuation loss risk and declining unit sales prices—remains unchanged. Continued attention is also needed regarding dependence on non-recurring gains, such as the gain on sale of a senior living facility (September 2025).

In FY2026 (ending March 2026), the Securities-Related Business achieved profit growth, with commissions received of ¥8,626 million (up 29.7% year on year) and segment profit of ¥2,446 million (up 14.5% year on year). On the other hand, trading gains/losses decreased to ¥7,098 million from ¥8,558 million in the previous period, indicating that revenue volatility due to market fluctuations remains significant. While fee income stabilization is progressing through the buildup of assets under custody, it will be necessary to continue monitoring, as an external factor, how stock market trends affect trading revenue.

In FY2026 (ending March 2026), actual results of ¥24.8 billion exceeded the five-year management target (shareholders' equity before distribution of ¥23.0 billion). Meanwhile, the consolidated earnings forecast for FY2027 (ending March 2026) has not been disclosed, citing factors such as tensions in the Middle East and interest rate trends, and the next management target is still under development. The company plans to maintain its FY2027 (ending March 2026) forecast dividend of ¥30.0 per share (equivalent to a net asset dividend ratio of around 4.0%), but the lack of clarity in the earnings forecast could serve as a discounting factor in institutional investors' evaluations. It should also be noted that cash flow from financing activities was a modest outflow of ¥459 million, with bond issuance and redemption roughly offsetting each other, while cash and cash equivalents stood at ¥13,851 million, down ¥4,716 million from the previous period.

Growth Strategy

Two-axis growth through expansion of the IFA Business and the Regional Financial Institution Alliance, combined with expansion of the real estate business into the Kinki region

Centered on expanding assets under custody, the company continued enhancing customer convenience through measures such as broadening the lineup of domestic investment trusts to 945 issues, expanding offerings of foreign investment trusts and foreign bonds, launching domestic equity VWAP guarantee transactions, and renewing the "Choice!" commission course. Assets under custody in the IFA segment reached ¥522,486 million at the end of FY2026 (ending March 2026), a level exceeding the target.

New business alliances were concluded with Aichi Shinkin Bank in October 2025, Boso Shinkumi Bank in February 2026, and Kosan Shinkin Bank in March 2026. The capital relationship was also strengthened through making Shin Securities Sakamoto Co., Ltd. an equity-method affiliate (33.4% voting rights). Assets under custody, including assets under management at partner financial institutions, reached ¥803.8 billion (up ¥177.7 billion from the end of the previous fiscal year), exceeding the five-year target of ¥700 billion.

In addition to the Greater Tokyo area (Tokyo, Kanagawa, Chiba, and Saitama), the company promoted expansion of its sales area into the Kinki region (Osaka, Hyogo, and Kyoto). Units sold in FY2026 (ending March 2026) totaled 880 units (904 units in the previous fiscal year), falling short of the five-year target of over 1,000 units. Units purchased continued to accumulate at 847 units (777 units in the previous fiscal year), and with 723 units in inventory at fiscal year-end, room for expanded sales in future periods has been secured.

EW Asset Management Co., Ltd. is advancing the development and sale of senior living facilities. "Medicare Iyashi Gobankan Choju" opened in Fukuoka City in April 2025, and "Medicare Iyashi Hanazono" in Kumamoto City was sold in September 2025. As of the end of March 2026, three facilities are in operation, with a cumulative development count of 13 projects, falling short of the five-year target of 15 projects.

With FY2026 (ending March 2026), the five-year management numerical target (shareholders' equity before returns of ¥23.0 billion) was achieved, with an actual result of ¥24.8 billion. Business forecasts for FY2027 (ending March 2027) onward and new multi-year management numerical targets are currently under review, taking into account factors such as tensions in the Middle East situation and trends in interest rate levels, and will be disclosed promptly once determined.

Last updated: July 19, 2026