Research

SUNNEXTA GROUP: Profit guided lower as company invests toward 2028 plan

SUNNEXTA GROUP Inc. (8945) · Published 2026-11-05 · Beluuga AI Research Team · Independent research

Not investment advice or a solicitation. See Important disclosures below.

Business overview

  • SUNNEXTA GROUP Inc. is a holding company with five wholly owned consolidated subsidiaries. It reports three segments: Corporate Housing Management, Condominium Management and Incubation. All sales are in Japan, and no single customer accounts for a reportable share of sales.
  • Corporate Housing Management, run mainly through Nihon Shataku Service, handles company-leased employee housing, dormitories and parking for corporate clients. The work covers finding properties, contracts and move-in procedures, rent payments and checking restoration costs at move-out. Revenue rises with the number of contracted units, which stood at 320,048 at June 2026.
  • Condominium Management, run through Kurashite and Kurashite Real Estate, manages buildings for owners' associations and carries out repair work arising from that management. It managed 709 condominium buildings and 24,876 units at June 2026, and it also earns income from brokerage and buy-and-resell property.
  • The Incubation segment, centered on Three S, sells security and monitoring services, insurance agency and digital support to housing managers, and it reported an operating loss for the year to June 2026. The company says it has begun rebuilding this segment's growth plan without operating its own call center. The fiscal year ends in June, and the group had 692 employees at June 2026.

Investment case

  1. The annual securities report says management will fund strategic investment mainly from operating cash flow and retained earnings. Cash and deposits are well above bank borrowings, and long-term debt was reduced during the year to June 2026 (see Performance & Balance).
  2. The three-year medium-term plan to June 2028 includes targets for return on equity and for dividends on equity, alongside sales and operating-profit targets. The company reports that the dividend-on-equity target was already met in the plan's first year.
  3. Dividends per share rose for the year to June 2026, and the company forecasts a further increase for the year to June 2027. The articles allow the board, rather than the shareholders' meeting, to decide dividends, and the company provides a shareholder benefit program.
  4. Corporate Housing Management reported higher recurring revenue and fees in the year to June 2026, and the company cites rising inquiries from large companies to redesign their housing systems. On July 1, 2026 the group took over the corporate-housing management service business of Tokyo Tatemono Real Estate Sales Co., Ltd., which the company expects to add sales in the year to June 2027.

Bear case

  1. The earnings release forecasts lower operating and net profit for the year to June 2027 despite higher sales. It attributes this to earlier-than-planned hiring and office expansion, digital and pay investments, and more executive officers at the holding company.
  2. The forecast dividend per share for the year to June 2027 exceeds forecast earnings per share. Return on equity in the plan's first year was below the June 2028 target.
  3. Hikari Tsushin, Inc. holds no shares directly but is treated as an 'other affiliated company' with substantial influence. It holds the stock indirectly through a group company and several co-holding investment partnerships, which together appear among the major shareholders (see Shareholders).
  4. Condominium Management sales declined in the year to June 2026 because property sales fell. The Incubation segment's operating loss widened over the same period.

Catalysts

  • The ordinary general meeting of shareholders on September 29, 2026 will vote on a full board slate. Under the proposal, four of the six directors would be outside directors.
  • The integration of the corporate-housing business taken over through the new subsidiary Taslink on July 1, 2026 will show up in the quarterly results for the year to June 2027 (see Trading liquidity for share turnover around results).
  • The medium-term plan ends with the fiscal year to June 2028, against stated targets for sales, operating profit, operating margin, return on equity and dividends on equity.

Key risks

  • Corporate Housing Management depends on corporate welfare and job-transfer practices and on real estate law and taxation. The company says changes to these could alter the form of its services, and Condominium Management and insurance agency activities are also subject to sector-specific laws.
  • The group holds large volumes of personal data, including Japan's individual 'My Number' identification numbers. The company names system failures, cyberattacks and data leaks as risks to its reputation and finances.
  • The company says shortages of staff, or slow progress on labor-saving technology, could affect operations. It also says acquisitions and capital alliances may not deliver the expected results.
  • Corporate Housing Management pays lease deposits on clients' behalf, and these advances peak in personnel-transfer seasons. The company uses bank overdraft lines to fund these advances.

Trading liquidity

Median daily trading value US$0.02mn
Average daily volume 4,959 shares

2025-10-17 to 2026-11-04 (250 trading days). Trading value is daily closing price × daily volume on the Tokyo Stock Exchange.

Assumptions

  • Financial figures on this page come from beluuga.ai's daily data set; trading liquidity is measured over the period shown. We do not use consensus estimates.
  • Net profit for the year to June 2025 was reduced by special losses, mainly a loss on retirement of fixed assets, so the year-on-year rise in net profit for the year to June 2026 partly reflects that base. Cash flow for the year to June 2026 also includes a corporate tax refund and the return of time deposits placed in the prior year (see Performance & Balance).
  • Reported cash includes funds tied to operations: the balance sheet carries operating deposits received and operating advances to clients' landlords. These balances can move with the timing of corporate transfer seasons.
  • Qualitative statements are taken from the annual securities report for the year to June 2026 and the full-year earnings release for the year to June 2026.

This is independent research. No company paid for or reviewed it. We do not publish ratings, price targets or buy/sell views. Figures on the other slides of this page come from beluuga.ai's daily data set.

Important disclosures

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Not investment advice. This material is general and impersonal. It does not take into account the investment objectives, financial situation or particular needs of any reader, and it is not tailored to any person. It is published to all readers on the same terms and on a regular basis, and no reader receives advice on the merits of any security for their own account. Readers should make their own independent decisions and consult their own legal, tax, accounting and investment advisers before making any investment.

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Sources, accuracy and forward-looking statements. This material is based on the issuers' public disclosure documents and on market data, and it was prepared with the assistance of AI tools and reviewed by the Beluuga AI Research Team. We believe the sources to be reliable but do not guarantee that the information is accurate, complete or current, and the material may contain errors. Statements about the future, including catalysts and risks, are assumptions and are not guarantees; actual results may differ materially. Past performance is not a guide to future performance. The material speaks only as of its date, and we have no obligation to update it. Where the issuer's original disclosure is in Japanese, the Japanese original prevails over any English description given here.

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Overview
Real Estate

SUNNEXTA GROUP Inc.

Sunnexta Group operates three core segments: Corporate Housing Management (Shataku Management), Condominium Management, and Incubation Services. The Corporate Housing Management segment provides outsourced administration of employee housing (shataku), including property sourcing, lease contracting, rent payment processing, and move-out cost verification for corporate clients, with revenue scaling directly with the number of contracted cases. The Condominium Management segment, operated through Clasite Co., Ltd., delivers total management services for condominiums including facility management and repair construction, while the Incubation segment offers security support systems, insurance agency services, and DX (digital transformation) support for property managers.

Market Cap
US$61.6M
¥9.84B
EV
US$22.6M
¥3.60B
StockUS$6.59(¥1,052)▲+0.10%
US$1 = ¥159.70 (2026-11-12)
LTM EV/EBITDA
4.2
x
LTM EV/EBIT
4.6
x
LTM PER
17.5
x
LTM PBR
1.2
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-18.7%pt
100
Nov 13, 25 – Nov 13, 26StockTOPIX
MC → EV Bridge
US$61.6M¥9.84BMarket CapUS$1.52M¥0.24B+ DebtUS$38.6M¥6.16B− CashUS$1.95M¥0.31B− Inv. Sec.US$22.6M¥3.60BEV
AI Briefing
Sunnexta outsources corporate-housing (shataku) and condominium management across Japan, scaling on contracted units and managed buildings. FY26/6 revenue US$54.5M (¥8.7B)/OP US$4.38M (¥0.7B), but FY27/6 guidance points to lower profit as it absorbs the Tokyo Tatemono Taslink housing business and front-loads hiring, office and digital spend toward its June 2028 ROE and dividend targets. Market read: governance and ownership structure warrant scrutiny — Hikari Tsushin holds no direct stake but wields influence via affiliated co-holding partnerships among top shareholders, while forecast dividends per share are set to exceed forecast earnings per share.
Performance & Balance
Revenue 5Y (US$)
US$54.5M¥8.70B'22/6US$52.3M¥8.35B'23/6US$52.4M¥8.37B'24/6US$54.5M¥8.70B'25/6US$55.6M¥8.88B'26/6
EBITDA 5Y (US$)
US$6.00M¥0.96B'22/6US$5.73M¥0.92B'23/6US$4.58M¥0.73B'24/6US$5.13M¥0.82B'25/6US$5.61M¥0.90B'26/6
Net Income 5Y (US$)
US$12.4M¥1.98B'22/6US$3.04M¥0.49B'23/6US$11.1M¥1.78B'24/6US$1.43M¥0.23B'25/6US$3.73M¥0.60B'26/6
Capital Structure
97%
EquityD/E 0.03xDebt
Liquidity vs Debt 5Y (US$)▲ Net Cash
CashInv. Sec.Debt
US$48.7M¥7.78B'22/6US$40.1M¥6.41B'23/6US$46.2M¥7.38B'24/6US$44.9M¥7.17BUS$2.35M¥0.38B'25/6US$49.7M¥7.94BUS$1.68M¥0.27B'26/6
Business Segments
2026/06 · US$ (¥B)
52%
Corporate house management services
Revenue
US$29.0M(¥4.63B)
Segment profit
US$7.60M(¥1.21B)26.2%
46%
Condominium management services
Revenue
US$25.5M(¥4.07B)
Segment profit
US$2.67M(¥0.43B)10.5%
2.1%
incubation services
Revenue
US$1.18M(¥0.19B)
Segment profit
-US$0.18M(¥-0.03B)-15.7%
Adjustments
Revenue
-US$0.04M(¥-0.01B)
Segment profit
-US$4.97M(¥-0.79B)
No segment changes in the last 5 years
Shareholders
Top 10 hold 51.8%
1
Benefit One Inc.
8.12%
2
UH Partners 2 Investment Limited Liability Partnership
8.11%
3
SIL Investment Limited Liability Partnership
7.64%
4
UH Partners 3 Investment Limited Liability Partnership
7.32%
5
Koshin Co., Ltd. Investment Limited Liability Partnership
6.69%
6
Employee Stock Ownership Association
3.70%
7
Akihiro SASA
3.13%
8
Japan Master Trust Bank, Ltd. (Employee Stock Ownership ESOP Trust Account No. 80121)
2.43%
9
Business Partners' Stock Ownership Association
2.33%
10
Shoji NAGAI
2.32%
Management
6 officers
Akira TAKAGI
Representative Director, President
Jan 2001 Joined the Company Jul 2007 General Manager, Marketing Group, the Company Jul 2008 Head of Marketing Group, the Company Sep 2009 Director, Head of Marketing Group, the Company Apr 2016 Director, General Manager of Business Development Division, in charge of Marketing and Human Resources, the Company Sep 2016 Director, Kurashite Co., Ltd. Sep 2016 Director, in charge of Human Resources and Related Businesses, the Company Jul 2017 Representative Director, President, Three S Co., Ltd. Aug 2018 Representative Director, President, Kurashite Co., Ltd. (current) Aug 2018 Director, Kurashite Real Estate Co., Ltd. Sep 2018 Director, in charge of Related Businesses, the Company Sep 2018 Managing Director, in charge of Related Businesses, the Company Mar 2019 Representative Director, President, Sunnextary Leasing Co., Ltd. Sep 2019 Representative Director, President, the Company (current) Jul 2020 Representative Director, President, Nihon Shataku Service Co., Ltd. (current) Sep 2021 Director, Three S Co., Ltd.
1973-08-28
Masato KAMEKAWA
Director
Apr 1985 Associate Professor, Tokyo Kotsu Junior College Apr 1989 Associate Professor, Faculty of Economics, Dokkyo University Mar 1995 Obtained Doctor of Business Administration, Rikkyo University Apr 1995 Professor, Department of Business Administration, Faculty of Economics, Rikkyo University Apr 2002 Professor, Graduate School of Business Design, Rikkyo University (newly established) Apr 2002 Trustee, Hosho Gakuen Educational Foundation (current) Apr 2010 Vice President, Japan Disclosure Research Association Jun 2014 Vice President, Japan Society for Business Analysis Apr 2015 Advisor, Business Creator Research Society (established) (current) Jun 2018 President, Japan Management Society Jul 2018 Trustee, Rikkyo Gakuin Educational Foundation Jul 2018 Vice President, Society for Management Behavior Research Apr 2020 Professor Emeritus, Rikkyo University (current) Apr 2020 Vice President and Specially Appointed Professor, Graduate School of Management, Bunkyo Gakuin University Sep 2020 Outside Director, the Company (current) Jul 2023 Vice President, Japan Society of Financial Management Apr 2024 Chair, Graduate School of Welfare and Medical Management, Professional Graduate School, Bunkyo Gakuin University (current)
1954-11-19
Isamu YOSHIDA
Director (Full-time Audit and Supervisory Committee Member)
Jan 2005 Joined the Company Oct 2013 General Manager, Accounting and Finance Group, the Company Oct 2015 Head of Accounting and Finance Group, the Company Sep 2016 Executive Officer in charge of Accounting and Finance, the Company Jul 2017 Director, Three S Co., Ltd. Sep 2017 Director, Kurashite Co., Ltd. Sep 2017 Director in charge of Accounting and Finance, the Company Aug 2018 Director, Kurashite Real Estate Co., Ltd. Jul 2020 Executive Officer, Head of Accounting and Finance Group, the Company Oct 2025 Executive Officer in charge of Accounting and Finance, the Company Sep 2026 Director (Full-time Audit and Supervisory Committee Member), the Company (current)
1964-03-26
Junko YAMAGUCHI
Director (Audit and Supervisory Committee Member)
Dec 2010 Registered as Attorney-at-Law Dec 2010 Joined Banchō Sogo Law Office Sep 2016 Joined Iida Suzuki Law Office Dec 2018 Partner, Kojimachi Dori Law Office Sep 2022 Outside Director (Audit and Supervisory Committee Member), the Company (current) Feb 2023 Representative, Kojimachi Yamaguchi Law Office (current)
1971-03-02
Atsuo TOMURA
Director
Apr 1984 Joined Nihon System Development Co., Ltd. (now NSD Co., Ltd.) Apr 2006 Executive Officer and General Manager of the Second Systems Division, NSD Co., Ltd. Jun 2008 Director, Executive Officer, Deputy General Manager of Sales Headquarters and General Manager of New Business Development Department, NSD Co., Ltd. Apr 2012 Managing Director, General Manager of Financial Business Division, General Manager of Solutions Business Headquarters and General Manager of Business Development Headquarters, NSD Co., Ltd. Apr 2013 Managing Director, General Manager of Business Development Headquarters, and Representative Director, President, NSD Business Innovation Co., Ltd. Apr 2016 Managing Executive Officer, General Manager of Overseas Business Headquarters and General Manager of Business Development Headquarters, NSD Co., Ltd.; Executive Director, Beijing Renben Xindong Technology Co., Ltd. Apr 2017 Managing Executive Officer, General Manager of Overseas Business Division, NSD Co., Ltd.; Executive Director, Beijing Renben Xindong Technology Co., Ltd. Apr 2019 Representative Director, President, NSD Business Innovation Co., Ltd. Oct 2019 Senior Managing Executive Officer, Stellas Co., Ltd. (now NSD Digital Solutions Co., Ltd.) Apr 2020 Representative Director, President, NSD Digital Solutions Co., Ltd. May 2023 Senior Advisor, Washin System Co., Ltd. May 2023 Advisor, C&A Solution Co., Ltd. (current) Jun 2025 Full-time Outside Audit & Supervisory Board Member, Systems Design Co., Ltd. (current) Sep 2026 Outside Director, the Company (current)
1961-03-10
Shiro IIHATA
Director (Audit and Supervisory Committee Member)
Oct 1988 Joined Chuo Shinko Audit Corporation Apr 1992 Registered as Certified Public Accountant Jun 2002 Partner, Chuo Aoyama Audit Corporation Jul 2007 Partner, Shin Nihon & Co. (now EY ShinNihon LLC) Jun 2024 Opened Iihata Certified Public Accountant Office; Representative (current) Aug 2024 Joined Ryoko Audit Corporation Jul 2025 Representative Partner, Ryoko Audit Corporation (current) Sep 2026 Outside Director (Audit and Supervisory Committee Member), the Company (current)
1964-08-27
Large Shareholding Reports
UH Partners 2 Co., Ltd.
2026-02-24
7.18%→7.16%
UH Partners 2 Co., Ltd.
2025-09-29
7.18%→7.18%
Disclosures
No disclosures
Primary Source Filings
TDnet
2026-11-10
Q1 Earnings Flash
FY ending Jun 2027
EDINET
2026-09-25
Annual Securities Report
Period: Jul 2025 – Jun 2026
TDnet
2026-08-10
Full-Year Earnings Flash
FY ending Jun 2026
TDnet
2026-05-13
業績予想の修正
TDnet
2026-05-13
Q3 Earnings Flash
FY ending Jun 2026
EDINET
2026-02-24
Large Shareholding Report
EDINET
2026-02-13
Semi-Annual Securities Report
Period: Jul 2025 – Jun 2026
TDnet
2025-11-14
Q1 Earnings Flash
FY ending Jun 2026
EDINET
2025-09-29
Large Shareholding Report
EDINET
2025-09-25
Annual Securities Report
Period: Jul 2024 – Jun 2025
TDnet
2025-08-12
Full-Year Earnings Flash
FY ending Jun 2025
TDnet
2025-05-12
Q3 Earnings Flash
FY ending Jun 2025
EDINET
2025-02-13
Semi-Annual Securities Report
Period: Jul 2024 – Jun 2025
EDINET
2024-11-15
Securities Registration Statement
TDnet
2024-11-11
Q1 Earnings Flash
FY ending Jun 2025
EDINET
2024-09-30
Annual Securities Report
Period: Jul 2023 – Jun 2024
EDINET
2024-05-13
Quarterly Securities Report
Period: Jan 2024 – Mar 2024
EDINET
2024-02-09
Quarterly Securities Report
Period: Oct 2023 – Dec 2023
EDINET
2023-11-10
Quarterly Securities Report
Period: Jul 2023 – Sep 2023
EDINET
2023-09-27
Annual Securities Report
Period: Jul 2022 – Jun 2023
EDINET
2023-05-11
Quarterly Securities Report
Period: Jan 2023 – Mar 2023
EDINET
2023-02-10
Quarterly Securities Report
Period: Oct 2022 – Dec 2022
EDINET
2022-11-11
Quarterly Securities Report
EDINET
2022-09-26
Annual Securities Report
EDINET
2022-05-11
Quarterly Securities Report
EDINET
2022-02-10
Quarterly Securities Report
EDINETAmended
2022-02-10
Amended Annual Securities Report
EDINET
2021-11-15
Quarterly Securities Report
EDINET
2021-09-27
Annual Securities Report
EDINET
2021-05-12
Quarterly Securities Report
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