ENVALITH
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Striders Corporation

9816・Standard Market・Real Estate

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株式会社ストライダーズ logo
Striders Corporation9816

Business

Striders Co., Ltd. is a business investment holding company listed on the Standard Market of the Tokyo Stock Exchange. Through 7 subsidiaries and 2 affiliated companies, it operates three businesses: real estate, centered on condominium management in the greater Tokyo area (approximately 83% of sales composition); hotels, based in Narita and Kurashiki (approximately 16%); and Asia-focused investment, based in Singapore (approximately 1%). Its main customers span a wide range, including condominium owners, rental tenants, foreign visitors to Japan, and Asian investors, and it upholds "a gateway connecting Japan and Asia" as its management policy. Consolidated net sales for FY2026 (ending March 2026) were ¥8,213 million.

Business Model

In the real estate business, the company generates stable recurring revenue through an integrated service model combining sub-leasing, rental management, rent guarantees, and real estate sales. In the hotel business, it is capturing inbound demand while improving profitability by internalizing airport transfer and directly-operated café operations. In the investment business, it is pursuing a shift toward a management fee-based revenue model through operation of a Singapore-based venture fund and inbound investment facilitation. The company aims to enhance corporate value through synergies across these three businesses.

Company Strengths

The real estate business achieved sales of ¥6,850 million (up 6.7% year on year) and operating profit of ¥312 million (up 24.4% year on year) in FY2026 (ending March 2026). The residence business, centered on Tokyo and the three surrounding prefectures, is composed of an integrated service combining rental management, rent guarantee, and real estate sales and purchase, giving it a stock-type revenue structure that is less susceptible to market fluctuations. The rent guarantee business is expanding in scale and stabilizing in profitability, and is beginning to function as a new pillar of earnings.

At Narita Gateway Hotel, from April 2026 the airport shuttle bus service began operating with company-owned vehicles and company-employed drivers, and the in-house café "GATE CAFE" was also brought under direct management. By shifting from a cost structure reliant on outsourcing to an in-house operating system, the company independently implemented measures aimed at simultaneously improving service quality and profitability. In FY2026 (ending March 2026), the hotel business achieved sales of ¥1,311 million (up 15.2% year on year) and operating profit of ¥98 million (versus an operating loss of ¥30 million in the same period of the previous year), turning profitable.

At the end of FY2026 (ending March 2026), the equity ratio was 50.9% (up 6.1 points from 44.8% in the previous fiscal year), the debt-equity ratio improved to 0.60x (from 0.80x in the previous fiscal year), and ROE was 7.8% (up 6.0 points from 1.8% in the previous fiscal year). While repaying ¥307 million in long-term borrowings, the company also carried out a third-party allotment capital increase of ¥184 million, increasing net assets to ¥2,814 million. The company is securing capacity for growth investment while maintaining financial soundness.

ENVALITH's Perspective

Operating profit for FY2026 (ending March 2026) improved substantially to ¥197 million (vs. ¥47 million in the prior period), with the operating margin rising to 2.4% (vs. 0.6% in the prior period). The main drivers were expansion of real estate sales and rent guarantee services in the real estate business, and the turnaround to profitability in the hotel business (operating profit of ¥98 million, versus an operating loss of ¥30 million in the prior period). The investment business also turned profitable (¥27 million), and it is commendable that all three segments achieved operating profitability. That said, the operating margin of 2.4% remains at a low level, and sustained improvement in profitability continues to be a challenge.

The consolidated earnings forecast for FY2027 (ending March 2027) calls for net sales of ¥6,770 million (down 17.6% year-on-year), operating profit of ¥200 million (up 1.3%), and net income of ¥147 million (down 28.4%). The decline in sales is mainly due to the drop-off from the transfer of the Kurashiki Royal Art Hotel business (completed May 1, 2026), while operating profit is expected to increase slightly. On the other hand, an extraordinary gain of approximately ¥400–600 million associated with this transfer (expected to be recorded in the first quarter) could support net income, so attention should be paid to potential deviations from the forecast. The pace at which the Kaga "Hotel Arore" (acquired for ¥1,250 million, excluding tax) ramps up its earnings contribution is also an important point to monitor.

The investment business turned profitable in FY2026 (ending March 2026), with net sales surging to ¥61 million (up sharply from ¥2 million in the prior period) and operating profit of ¥27 million. Overseas venture investment began in earnest following the first close of the Omusubi Venture Fund I (completed March 5, 2026). However, the current segment sales and profit scale remain minor relative to the group as a whole, and whether fund size expansion and the accumulation of management fee income can be achieved will be the key medium- to long-term evaluation criterion. Geopolitical risk and uncertainty in financial markets (external factors) that could affect the progress of fund formation should be noted as a risk.

Growth Strategy

Enhancing corporate value through three pillars: expansion of real estate units under management, development of hotel and regional revitalization bases, and expansion of the investment fund scale

The company continues to expand units under management across the greater Tokyo metropolitan area, centered on the one-metropolis-three-prefectures region, securing stable revenue. The rent guarantee business (Tokyo Apartment Guarantee) achieved increased revenue and profit in FY2026 (ended March 2026), establishing itself as a new profit pillar. Nihonbashi TAKUMI Co., Ltd. will begin full-scale in-house restoration and renovation operations from FY2027 (ending March 2027), simultaneously expanding the value chain and improving occupancy rates.

Narita Gateway Hotel will capture the full-year effect in FY2027 (ending March 2027) of in-house operation of the airport shuttle bus (started April 2026) and the in-house directly-managed cafe. Funds obtained from the business transfer of Kurashiki Royal Art Hotel (completed May 1, 2026) will be reallocated as operating capital for Hotel Alolea in Kaga (acquisition price ¥1,250 million, excluding tax), aiming for profit contribution as the second base of the regional revitalization concept. Incorporation of a villa hotel in the Kumamoto area is also under consideration.

The company is promoting the expansion of Omusubi Venture Fund I (targeting startups in South and Southeast Asia), which completed its first close on March 5, 2026, along with the structuring and execution of new investment deals. It is also focusing on facilitating inbound investment into domestic Japanese real estate and hotels by leveraging its network of overseas investors, creating synergies with the group's businesses.

Last updated: July 19, 2026