Overview
Real Estate

Star Mica Holdings Co.,Ltd.

Star Mica Holdings is a Japan-based real estate holding company operating through three core segments: Renovated Condominium (Renova-Mansion), Investment, and Advisory. The flagship Renova-Mansion business acquires tenanted second-hand condominiums, enhances their value through renovation, and sells them to a broad consumer base. The Advisory segment provides fee-based services including real estate brokerage, property management, and financial/real estate consulting.

Market Cap
¥47.6B
US$304M
EV
¥140B
US$892M
Stock¥1,255▲+1.62%
US$1 = ¥156.80 (2026-10-23)
LTM EV/EBITDA
12.3
x
LTM EV/EBIT
12.4
x
LTM PER
7.0
x
LTM PBR
1.2
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-16.7%pt
10012
Oct 24, 25 – Oct 23, 26StockTOPIX
1Oct 29, 25Profit-taking sales
2Jul 1, 26Q2 FY2026/11 earnings announced
MC → EV Bridge
47.6BUS$304MMarket Cap98.8BUS$630M+ Debt4.00BUS$25.5M− Cash2.51BUS$16.0M− Inv. Sec.140BUS$892MEV
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Performance & Balance
Revenue 5Y (¥B)
36.9US$235M'21/1148.2US$307M'22/1148.9US$312M'23/1155.8US$356M'24/1169.2US$441M'25/11
EBITDA 5Y (¥B)
4.36US$27.8M'21/116.15US$39.2M'22/114.90US$31.3M'23/115.59US$35.6M'24/117.39US$47.1M'25/11
Net Income 5Y (¥B)
2.40US$15.3M'21/113.71US$23.7M'22/112.66US$17.0M'23/113.11US$19.8M'24/114.18US$26.7M'25/11
Capital Structure
29%
71%
EquityD/E 2.40xDebt
Liquidity vs Debt 5Y (¥B)▼ Net Debt
CashInv. Sec.Debt
3.48US$22.2M56.4US$360M'21/113.90US$24.9M65.2US$416M'22/115.29US$33.7M69.1US$441M'23/113.27US$20.9M73.3US$467M'24/115.27US$33.6M80.7US$515M'25/11
Shareholders
Top 10 hold 66.3%
1
Masashi MIZUNAGA
35.90%
2
The Master Trust Bank of Japan, Ltd. (Trust Account)
11.10%
3
Custody Bank of Japan, Ltd. (Trust Account)
7.30%
4
GOVERNMENT OF NORWAY (Standing Proxy: Citibank, N.A.)
2.50%
5
Development Bank of Japan Inc.
2.20%
6
NORTHERN TRUST CO.(AVFC) RE UK PENSION FUNDS EXEMPT LENDING ACCOUNT (Standing Proxy: The Hongkong and Shanghai Banking Corporation Limited)
1.80%
7
RE FUND 107-CLIENT AC (Standing Proxy: Citibank, N.A.)
1.60%
8
HOST-PLUS PTY LIMITED-HOSTPLUS POOLED SUPERANNUATION TRUST HOSKING PARTNERS LLP (Standing Proxy: Citibank, N.A.)
1.50%
9
STATE STREET BANK AND TRUST COMPANY505004 (Standing Proxy: Mizuho Bank, Ltd.)
1.20%
10
MORGAN STANLEY & CO. LLC (Standing Proxy: Morgan Stanley MUFG Securities Co., Ltd.)
1.20%
Management
5 officers
Masashi MIZUNAGA
Representative Director, President
Apr 1989 Joined Mitsui & Co., Ltd. Mar 1995 Completed MBA program, Graduate School of Management, University of California, Los Angeles Apr 1995 Joined Boston Consulting Group K.K. Jul 1996 Joined Goldman Sachs Securities Co., Ltd. Jul 1998 Appointed Representative Director, President, Office Ogi Co., Ltd. (now the Company) (current) Mar 2000 Established PI Technology Co., Ltd. (now Ichigo Inc.), appointed Representative Director Feb 2002 Appointed Representative Director, President, Star Mica Co., Ltd. Dec 2014 Appointed Representative Director, Chairman, Star Mica Co., Ltd. May 2016 Appointed Representative Director, Chairman and President, Star Mica Co., Ltd. Feb 2017 Appointed Representative Director, President, Star Mica Co., Ltd. (current)
1964-10-06
Kazuhiko KOTAKI
Director (Audit and Supervisory Committee Member)
Apr 1988 Joined Ministry of International Trade and Industry (now Ministry of Economy, Trade and Industry) Jan 2000 Associate Professor, Institute of Social and Economic Research, Osaka University Jun 2003 Chairman, Policy Evaluation Network (Nonprofit Organization) (current) Jul 2004 Officer, Market Division, Planning and Coordination Bureau, Financial Services Agency Jul 2008 Research Officer for Corporate Legal Systems, Industrial Policy Bureau, Ministry of Economy, Trade and Industry Mar 2012 Retired from Ministry of Economy, Trade and Industry Apr 2012 Professor, Faculty of Economics, Nihon University (current) Feb 2013 Appointed Outside Director, Star Mica Co., Ltd. Feb 2016 Appointed Director (Audit and Supervisory Committee Member), Star Mica Co., Ltd. Jun 2018 Appointed Outside Director, AS ONE Corporation (current) Nov 2018 Appointed Outside Director of the Company Jun 2019 Appointed Outside Director (Audit and Supervisory Committee Member) of the Company (current) Feb 2023 Appointed Director, Star Mica Co., Ltd.
1965-10-01
Hiroshi YANO
Director (Audit and Supervisory Committee Member)
Apr 1990 Joined Kawatetsu Shoji, Ltd. (now JFE Shoji Corporation) Apr 1992 Joined Kawasaki Steel Corporation (now JFE Engineering Corporation) Oct 1994 Joined Taisei Kiko Co., Ltd. Feb 2006 Appointed Representative Director, President, Taisei Kiko Co., Ltd. Mar 2011 Established Taisei CI Co., Ltd., appointed Representative Director (current) Apr 2018 Appointed Member, School Management Council, Osaka Prefectural Nishinoda Technical High School (current) May 2018 Appointed Director, Kansai Economic Doyukai (General Incorporated Association) (current) Jun 2019 Appointed Outside Director (Audit and Supervisory Committee Member) of the Company (current) Feb 2020 Appointed Auditor, Star Mica Co., Ltd. (current)
1966-12-09
Tetsuo WADA
Director (Audit and Supervisory Committee Member)
Apr 1989 Joined Document Division, Secretariat, Ministry of Posts and Telecommunications Apr 1991 Joined Research Department, Institute of Financial and Monetary Research, Ministry of Finance Jul 1992 Long-term overseas researcher, National Personnel Authority Jun 1996 Senior Researcher, Postal Research Institute, Ministry of Posts and Telecommunications Apr 2000 Associate Professor, Department of Business Administration, Faculty of Economics, Gakushuin University Dec 2003 Completed doctoral program, Haas School of Business, University of California, Berkeley (Ph.D.) Apr 2004 Professor, Department of Business Administration, Faculty of Economics, Gakushuin University (current) Feb 2021 Appointed Outside Director (Audit and Supervisory Committee Member) of the Company (current)
1965-02-09
Kazu SAEGUSA
Director (Audit and Supervisory Committee Member)
Apr 1991 Joined Boston Consulting Group K.K. Mar 2007 Appointed Auditor, Oya Eiko Office Co., Ltd. Nov 2017 Appointed Director, Oya Soichi Library (Public Interest Foundation) (current) Feb 2024 Appointed Outside Director (Audit and Supervisory Committee Member) of the Company (current) Sep 2025 Appointed Director, Oya Eiko Office Co., Ltd. (current)
1967-05-14
Large Shareholding Reports
Masashi MIZUNAGA
2026-06-05
35.99%→28.91%
Annual report (as of 2026-05-31): 35.90%
Tokyo Tatemono Co., Ltd.
2026-06-02
13.74%
Masashi MIZUNAGA
2026-05-20
36.50%→35.99%
Annual report (as of 2026-05-31): 35.90%
Disclosures
No disclosures
Primary Source Filings
TDnet
2026-09-30
Q3 Earnings Flash
FY ending Nov 2026
EDINET
2026-07-03
Semi-Annual Securities Report
Period: Dec 2025 – Nov 2026
TDnet
2026-06-30
Q2 Earnings Flash
FY ending Nov 2026
EDINET
2026-06-05
Large Shareholding Report
EDINET
2026-06-02
Large Shareholding Report
EDINET
2026-05-20
Large Shareholding Report
EDINET
2026-05-13
Securities Registration Statement
EDINETAmended
2026-05-13
Amended Securities Registration Statement
TDnet
2026-03-31
Q1 Earnings Flash
FY ending Nov 2026
EDINET
2026-02-19
Annual Securities Report
Period: Dec 2024 – Nov 2025
TDnet
2025-09-30
Q3 Earnings Flash
FY ending Nov 2025
EDINET
2025-07-04
Semi-Annual Securities Report
Period: Dec 2024 – Nov 2025
EDINET
2025-04-30
Securities Registration Statement
TDnet
2025-03-31
Q1 Earnings Flash
FY ending Nov 2025
EDINET
2025-02-25
Annual Securities Report
Period: Dec 2023 – Nov 2024
EDINET
2024-07-05
Quarterly Securities Report
Period: Mar 2024 – May 2024
EDINET
2024-04-05
Quarterly Securities Report
Period: Dec 2023 – Feb 2024
EDINET
2024-02-26
Annual Securities Report
Period: Dec 2022 – Nov 2023
EDINET
2023-10-06
Quarterly Securities Report
Period: Jun 2023 – Aug 2023
EDINET
2023-07-07
Quarterly Securities Report
Period: Mar 2023 – May 2023
EDINET
2023-04-07
Quarterly Securities Report
Period: Dec 2022 – Feb 2023
EDINET
2023-02-24
Annual Securities Report
Period: Dec 2021 – Nov 2022
EDINET
2022-10-07
Quarterly Securities Report
EDINET
2022-07-07
Quarterly Securities Report
EDINET
2022-04-07
Quarterly Securities Report
EDINET
2022-02-25
Annual Securities Report
EDINET
2021-10-06
Quarterly Securities Report
EDINET
2021-07-08
Quarterly Securities Report
EDINET
2021-04-07
Quarterly Securities Report
EDINET
2021-02-25
Annual Securities Report
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