First Juken Co., Ltd.
8917・Standard Market・Real Estate
Business
First Juken Co., Ltd. was established in July 1999 as a comprehensive housing company that has expanded its business area beyond its core Kinki region into Aichi, Hiroshima, Fukuoka, the Kanto region, and elsewhere. In its core Detached Housing Business, the company plans, builds, and sells spec homes using conventional construction methods (wooden post-and-beam construction), supplying over 1,120 units annually through 35 locations group-wide. In the Condominium Business, etc., in addition to new construction sales, renovation sales, and Real Estate Leasing, the company also engages in Special Construction Business (Large-Scale Wooden Building Contracting), leveraging its wooden construction expertise. In October 2024, the company made KHC Co., Ltd. a subsidiary through a tender offer, significantly expanding the scale of the group. The company's primary customers are first-time homebuyers, and under its corporate philosophy of "better products at lower prices," it aims to expand its share of the genuine-demand housing market by leveraging its cost competitiveness.
Business Model
In the Detached Housing Sales business, the company manages land acquisition, planning and design, construction supervision, and after-sales service in-house on an integrated basis, while actively outsourcing various construction work to external contractors, concentrating human resources on quality, cost, schedule, and safety management. Sales are primarily conducted through brokerage agreements with regional real estate companies. In the Condominium Business, etc., stable cash flow from leasing income is combined with variable income from condominium sales and special construction. This lean, elite-focused approach leveraging outsourcing keeps fixed costs down and enables agile business development.
Company Strengths
The company boasts one of the top-class numbers of units supplied in detached housing sales in the Kansai region, operating 35 locations across the group as a whole (Hyogo, Osaka, Kyoto, Nara, Aichi, Hiroshima, Fukuoka, Saitama, Kanagawa, and Tokyo). In FY2025, Detached Housing Business sales reached ¥40,976 million with 1,120 units sold, achieving a 6.5% year-on-year increase driven by the consolidation of KHC as a subsidiary.
As of the end of FY2025, the equity ratio stood at 65.8% (up 0.9 percentage points from the previous fiscal year-end), and cash and cash equivalents totaled ¥20,688 million (up 9.3% from the previous fiscal year-end). Cash holdings substantially exceed interest-bearing debt of ¥14,279 million, maintaining a financial structure close to being virtually debt-free, which supports agile procurement of funds for land acquisition.
Following the consolidation of KHC and six other companies as subsidiaries in October 2024, the number of Contracted Construction (Custom-Built Homes) units delivered in FY2025 expanded rapidly to 208 units (up 494.3% year on year), with sales reaching ¥6,248 million (up 545.9% year on year). The rising share of Contracted Construction (Custom-Built Homes), which offers high added value and stable profitability, is contributing to improved segment profit margins in the Detached Housing Business (segment profit of ¥3,137 million, up 23.3% year on year).
ENVALITH's Perspective
Performance Trend
Revenue over the past five fiscal periods fluctuated, peaking at ¥42,632 million in FY2021, before recovering to ¥42,884 million in FY2025. In the interim period of FY2026 (ending October 2026), revenue was ¥18,706 million (down 12.3% year on year), impacted by a decline in the number of units sold, but operating profit rose to ¥1,294 million (up 13.8% year on year), with the profit margin improving markedly. On the external environment front, elevated land prices and rising construction costs have kept housing prices high, while a gradual rise in mortgage interest rates has been dampening demand; on the other hand, carefully selected land acquisition and improved inventory quality pushed up the profit margin. The full-year forecast remains unchanged at revenue of ¥43,400 million (up 1.2% year on year) and operating profit of ¥2,650 million (up 6.4% year on year). The interim progress rate stands at 43% for revenue and 49% for operating profit, meaning the structure requires recording over ¥25,000 million in revenue in the second half.
Growth Strategy
Strengthening the group's revenue base through three pillars: enhanced land procurement, KHC synergy effects, and expansion of leasing operations
In the first half of FY2026 (ending October 2026), real estate for sale under development increased by ¥618 million, and the Company is actively pursuing land acquisition to expand future unit sales. Through selective procurement to improve inventory quality, the Company aims to recover unit sales volume while maintaining profit margins. Increasing the number of completed and delivered units in the second half is key to achieving the full-year forecast.
The Company continues to establish regular consultation forums and strengthen information sharing and collaboration in on-site operations. It is promoting improvement in the profit margin of the Contracted Construction (Custom-Built Homes) segment by increasing the proportion of high-value-added custom-built homes, a strength of KHC. In the first half of FY2026 (ending October 2026), Detached Housing Business segment profit increased 15.1% year on year, with results becoming visible.
The Company is actively pursuing new acquisitions of rental condominiums and other properties with the aim of strengthening its management foundation. In the first half of FY2026 (ending October 2026), property, plant and equipment increased by ¥1,440 million (mainly due to acquisition of real estate for leasing). Rental income steadily accumulated to ¥424 million (up 5.0% year on year), and the Company is nurturing this as a stable revenue pillar within the Condominium Business, etc.
The Company is proceeding with consideration of income-producing properties for sale while taking future market trends into account, aiming to diversify revenue within the Condominium Business, etc. In the first half of FY2026 (ending October 2026), there were no sales results for Condominium Sales (New Construction & Renovation) or the Special Construction Business, making the acquisition and sale of projects from the second half onward a challenge.
Last updated: July 17, 2026