ENVALITH
穴吹興産株式会社 logo

ANABUKI KOSAN INC.

8928・Standard Market・Real Estate

Official website
穴吹興産株式会社 logo
ANABUKI KOSAN INC.8928

Business

Anabuki Kosan Co., Ltd. is a comprehensive real estate group founded in 1964, headquartered in Takamatsu City, Kagawa Prefecture. With its core business in the "Alpha" series of condominiums for sale, it operates across seven segments including Human Resources Services, Facility Operations (Hotel & PPP), Nursing Care & Medical, Energy, and Tourism. The group comprises 43 consolidated subsidiaries and 13 affiliated companies, with business operations spanning Shikoku, Chugoku, Kinki, Kyushu, and the Greater Tokyo area, as well as Southeast Asia and the United States. Its major customers span a wide range, including condominium purchasers (for owner-occupancy and investment purposes), corporations and government bodies (facility operation contracting and BPO), and elderly individuals (nursing facilities). Consolidated net sales for FY2025 (ended June 2025) totaled ¥130,973 million.

Business Model

In the core Real Estate-Related Business (approx. 70% of revenue), the company generates flow revenue from the planning, sales, and delivery of the Alpha Series New-Build Condominiums for Sale, while also accumulating stock revenue through the Used Condominium Purchase & Resale Business (1,135 units held) and Real Estate Brokerage & Leasing Business. In the Energy-Related Business, the company secures recurring billing revenue through the High-Voltage Bulk Power Receiving & Supply Service for its own condominiums (945 buildings, 61,088 units). The Facility Operations Business, Nursing Care & Medical-Related Business, and Human Resources Services-Related Business complement this with a stable revenue base.

Company Strengths

As of the end of FY2025 (ending June 2025), the company had secured 1,613 already-contracted units of condominiums scheduled for sales recognition in subsequent periods, and maintained zero unsold completed inventory for 15 consecutive fiscal periods. Its careful area selection focused on supply-demand balance and high-value-added product planning have proven effective, minimizing inventory risk.

The Energy-Related Business (Nippon Denryoku Co., Ltd.) provided high-voltage bulk power receiving and supply services to 945 buildings comprising 61,088 units as of the end of FY2025 (ending June 2025). The customer base grows naturally through synergy with the company's own condominium development business, and sales in FY2025 (ending June 2025) expanded 27.8% year on year to ¥8,165 million.

Anabuki Enterprise Co., Ltd. has been entrusted with over 20 designated management and PPP projects across Kagawa, Tokushima, Okayama, and Hyogo prefectures. Sales from the Facility Operation Contracting Business (PPP) reached ¥3,919 million (up 16.7% year on year), accounting for 50.7% of total Facility Operations Business sales and becoming its largest revenue source. Anabuki Arena Kagawa, which opened in February 2025, received UNESCO's Versailles Award.

ENVALITH's Perspective

For the nine months ended (3Q cumulative) FY2026 (ending June 2026), net sales of ¥112,262 million, operating profit of ¥8,448 million, and profit attributable to owners of parent of ¥5,401 million all showed substantial year-on-year increases. Against the full-year forecast (net sales ¥144,000 million, operating profit ¥7,000 million, net income ¥4,400 million), net income has already reached ¥5,401 million on a 3Q cumulative basis, exceeding the full-year forecast, indicating a high likelihood of upside to full-year results. The main drivers were an increase in condominium units delivered in the Real Estate-Related Business (1,381 units sold, up 6.4% year on year) and the delivery of 11 buildings in the Glorio Series.

Selling, general and administrative expenses for the current 3Q cumulative period were ¥13,716 million, down ¥978 million from the prior-year period (¥14,694 million). While the gross profit margin declined somewhat to 19.7% (20.5% in the prior-year period), the operating profit margin improved significantly to 7.5% (5.5% in the prior-year period) thanks to the effect of SG&A expense reductions. Including the effect of excluding the Retail & Distribution-Related Business, it is necessary to determine whether this reflects a permanent improvement in the cost structure or a temporary factor.

Against total assets of ¥157,148 million at the end of 3Q, total liabilities stood at ¥108,648 million (up ¥4,163 million from the end of the previous fiscal year). Short-term borrowings increased by ¥3,244 million to ¥15,558 million, and long-term borrowings also increased by ¥1,329 million to ¥40,738 million. While the equity ratio improved to 30.8% (from 29.4% at the end of the previous fiscal year), continued attention is warranted regarding the risk that rising interest expenses (¥718 million in the current 3Q cumulative period, up 23% year on year) could pressure profits, given the external environment of continued expectations for higher interest rates amid the Bank of Japan's monetary policy normalization.

Growth Strategy

Deepening the region-focused model and restructuring the business portfolio to drive revenue diversification and stabilize the medium- to long-term business foundation.

Continuing to select land in carefully chosen areas with attention to supply-demand balance, and to plan and develop high-value-added products capable of passing on price increases. Promoting a hybrid sales system incorporating online sales launched in spring 2025 to improve customer convenience and sales efficiency. Also proceeding in parallel with expanding and strengthening the Used Condominium Purchase & Resale Business and brokerage business.

Promoting the continued expansion of the number of units served under the High-Voltage Bulk Power Receiving & Supply Service and reducing power procurement costs. Through the consolidation of Eishin Techno Co., Ltd. as a subsidiary (from Q1), the electrical construction business has been incorporated, expanding large-scale contract orders for renewable energy facility and power receiving equipment renewal work. Results have become evident, with cumulative operating profit for the first three quarters of ¥864 million (up 96.8% year on year).

Based on the mid-term policy of "reshaping the business portfolio through the creation of and challenge to original new businesses," advancing investment in the Cemetery Business, renewable energy facilities, logistics facility development, and resort development to diversify revenue and stabilize the mid- to long-term business foundation. The Cemetery Business has been incorporated into the "Others" segment and has begun contributing to earnings.

Focusing on establishing a "community-focused business model" in Southeast Asia, while continuing to pursue new markets such as the U.S. market, which began in earnest in the previous fiscal year. The development of a system to secure and support the retention of foreign talent through Anabuki Global Career Co., Ltd. (established February 2026) is also contributing to strengthening the foundation for overseas expansion.

In July 2025, transferred all shares of the consolidated subsidiary Joyful Sun Alpha Co., Ltd. (Supermarket Business, which posted an operating loss of ¥193 million in FY2025 (ended June 2025)), thereby discontinuing the "Retail & Distribution-Related Business" segment. The divestment of the unprofitable business has realized improved profitability for the group as a whole and a more focused allocation of management resources.

Last updated: July 17, 2026