Star Mica Holdings Co., Ltd. (TSE: 2975), a Japanese real-estate group that specialises in buying, renovating and reselling pre-owned condominiums, posted record first-half earnings for the fiscal year ending November 2026. For the first half (December 1, 2025–May 31, 2026) under Japanese GAAP, consolidated revenue rose 28.8% year-on-year to ¥43,421 million from ¥33,722 million, gross profit jumped 57.8% to ¥9,730 million, operating profit climbed 69.5% to ¥6,809 million and ordinary profit advanced 79.2% to ¥6,361 million. Net profit attributable to owners surged 79.2% to ¥4,356 million, with EPS of ¥128.11, up from ¥73.01 a year earlier.
The renovation-condo model at full stride
Star Mica's core business is the "renovation condominium" (kaitori-saihan) model: it purchases pre-owned condominium units, refurbishes them and resells them. A distinctive feature is its focus on "owner-change" properties — units that are already tenanted at the time of purchase — alongside a concentration on urban-area stock. The record first half was driven by very strong activity on both sides of the cycle, with brisk purchasing rebuilding inventory and equally brisk selling converting it into profit. The group also runs investment and advisory arms, giving it three reporting segments: renovation condominiums, investment, and advisory.
Balance sheet expands on inventory growth
To feed the accelerating sales pace, Star Mica has been expanding its inventory aggressively. Real-estate-for-sale inventory stood at ¥123,244 million at the half-year, up roughly ¥18.2 billion, funded largely with additional debt. Total assets reached ¥136,105 million and net assets ¥33,766 million, leaving the equity ratio at 24.7%, down from 25.6% a year earlier as the company levered up to grow its stock of properties. The slightly lower ratio reflects a deliberate, growth-oriented use of leverage rather than balance-sheet stress.
Guidance and dividend both raised
On May 13, 2026, Star Mica raised both its full-year guidance and its dividend. For full-year FY11/2026 it now guides revenue of ¥89,168 million (+28.9%), operating profit of ¥10,449 million (+42.9%), ordinary profit of ¥8,771 million (+42.5%) and net profit of ¥6,030 million (+44.1%), for EPS of ¥167.62. The full-year dividend was lifted to ¥51.00 per share (¥25.50 interim plus ¥25.50 year-end), up from ¥37.00 a year earlier. With first-half net profit already at ¥4.36 billion, the company is tracking well ahead of the implied full-year pace.
| Metric | H1 FY11/26 | H1 FY11/25 | YoY |
|---|---|---|---|
| Revenue (¥bn) | 43.42 | 33.72 | +28.8% |
| Operating profit (¥bn) | 6.81 | 4.02 | +69.5% |
| Ordinary profit (¥bn) | 6.36 | 3.55 | +79.2% |
| Net profit attrib. (¥bn) | 4.36 | 2.43 | +79.2% |
| EPS (¥) | 128.11 | 73.01 | +75.5% |
| Equity ratio | 24.7% | 25.6% | −0.9pp |
| FY11/26 net guidance (¥bn) | 6.03 | 4.19 | +44.1% |
JapanStockPulse provides informational content only and does not constitute investment advice. Figures are taken from the company's published earnings short report and may be subject to subsequent revision.