ASAX CO.,LTD.
8772・Standard Market・Other Financing Business
Real Estate-Secured Loan Business (Single Segment)
A single-segment company centered on business financing secured by real estate
| Period | Current | Previous | Change |
|---|---|---|---|
| Operating revenue (consolidated) | ¥8,779 million | Non-consolidated FY2025 (ended March 2025): ¥7,519 million (+14.7% year-on-year) | ↑ |
| Operating income (consolidated) | ¥5,820 million | Non-consolidated FY2025 (ended March 2025): ¥5,214 million (+11.3% year-on-year) | ↑ |
| Ordinary income (consolidated) | ¥6,084 million | Non-consolidated FY2025 (ended March 2025): ¥5,174 million (+16.7% year-on-year) | ↑ |
| Net income attributable to owners of parent (consolidated) | ¥3,949 million | Non-consolidated FY2025 (ended March 2025): ¥3,386 million (+15.6% year-on-year) | ↑ |
| Balance of operating loans receivable (consolidated) | ¥112,014 million | End of Q3 FY2026 (ending March 2026): ¥106,592 million | ↑ |
| Total assets (consolidated) | ¥130,181 million | Non-consolidated FY2025 (ended March 2025): ¥118,272 million | ↑ |
| Net assets (consolidated) | ¥52,789 million | Non-consolidated FY2025 (ended March 2025): ¥49,054 million | ↑ |
| Equity ratio (consolidated) | 40.6% | Non-consolidated FY2025 (ended March 2025): 41.5% | ↓ |
| Net income per share (consolidated) | ¥119.76 | Non-consolidated FY2025 (ended March 2025): ¥102.69 | ↑ |
| Net assets per share (consolidated) | ¥1,600.83 | Non-consolidated FY2025 (ended March 2025): ¥1,487.56 | ↑ |
| Interest on operating loans receivable (consolidated) | ¥6,315 million | – | ↑ |
| Annual dividend | ¥22.00 (year-end lump sum) | FY2025 (ended March 2025): ¥20.00 | ↑ |
| Dividend payout ratio (consolidated) | 18.4% | FY2025 (ended March 2025): 19.5% (non-consolidated basis) | ↓ |
| Full-year operating revenue forecast (FY2027 (ending March 2027), consolidated) | ¥9,804 million (+11.7% year-on-year) | FY2026 (ending March 2026) results: ¥8,779 million | ↑ |
| Full-year operating income forecast (FY2027 (ending March 2027), consolidated) | ¥6,328 million (+8.7% year-on-year) | FY2026 (ending March 2026) results: ¥5,820 million | ↑ |
| Ratio of normal claims | 98.2% (normal claims ¥110,362 million / total ¥112,386 million) | – | — |
Business Details
ASAX Co., Ltd. operates the Real Estate-Secured Loan Business as its sole reportable segment. Its core business is lending secured by real estate for business financing and other purposes, extending loans to both consumer and business customers. As adjacent businesses, the company also operates the Credit Guarantee Business, Real Estate Leasing Business, and Real Estate Sales Business, but disclosure of these has been omitted due to their limited materiality. All loans are secured by real estate collateral, and the company's basic policy is low-cost management with an emphasis on "soundness of receivables." Starting from FY2026 (ending March 2026), the company began preparing consolidated financial statements, newly consolidating its U.S. subsidiary ASAX America, Inc.
Recent Overview
FY2026 (ending March 2026) marked the first consolidated financial results, achieving operating revenue of ¥8,779 million and net income of ¥3,949 million
Starting from FY2026 (ending March 2026), the company began preparing consolidated financial statements (newly consolidating ASAX America, Inc.). On a non-consolidated basis, operating revenue was ¥8,628 million (+14.7% year-on-year), ordinary income was ¥6,036 million (+16.7%), and net income was ¥3,915 million (+15.6%), achieving double-digit growth across all indicators. The balance of operating loans receivable expanded to ¥112,014 million. Derivative valuation gains of ¥173 million and foreign exchange gains of ¥69 million boosted ordinary income. For FY2027 (ending March 2027), the company forecasts operating revenue of ¥9,804 million (+11.7%) and net income of ¥4,121 million (+4.3%). The dividend was increased to ¥22 (+¥2 year-on-year), with the same amount planned for FY2027 (ending March 2027).
Key Products
Growth Drivers
- Continued expansion of the balance of operating loans receivable (¥112,014 million at the end of FY2026 (ending March 2026)), driving increased interest on operating loans receivable (¥6,315 million)
- Accumulation of high-quality loan receivables and increased number of loans through proactive customer acquisition
- Expansion of other operating revenue (¥2,465 million), including fee income (¥1,251 million) and cancellation penalty fees (¥405 million)
- Steady land price levels in residential and commercial areas in and around central Tokyo, maintaining collateral value
- Hedging of interest rate and foreign exchange risk through the use of derivatives, along with recognition of valuation gains (derivative valuation gain of ¥173 million in FY2026 (ending March 2026))
- Stable supplementary income from the Credit Guarantee Business and Real Estate Leasing Business
- Expansion of the business foundation through the consolidation of ASAX America, Inc.
Risks
- Decline in collateral value and materialization of credit loss risk due to deterioration in real estate market conditions (claims delinquent three months or more totaling ¥2,024 million exist)
- Impact of fluctuations in financial and capital markets on real estate liquidity and prices
- Increase in financial expenses due to rising average borrowing interest rates (financial expenses of ¥915 million in FY2026 (ending March 2026), including interest expense of ¥858 million)
- Downside risk to domestic and overseas economic conditions due to U.S. trade policy, geopolitical risks, and other factors
- Foreign exchange risk (foreign currency translation adjustment balance of ¥432 million at period-end due to the consolidation of ASAX America, Inc.)
- Structural funding needs and reliance on borrowing (total long-term borrowings of ¥74,441 million) resulting from negative operating cash flow (-¥6,584 million)
- Impact of price inflation on real estate demand and collateral valuation
Last updated: June 23, 2026