Overview
Real Estate

Choei Inc.

Choei Co., Ltd. is a Kyoto-based real estate management and leasing company operating across 11 prefectures in Japan, managing approximately 27,787 residential units (1,391 buildings) under the 'Bellevie (ベルヴィ)' brand. The company provides comprehensive property management services to landlords including tenant management, building maintenance, renovation, and leasing brokerage, while simultaneously owning and operating approximately 6,400 units of proprietary rental properties. Its competitive strength lies in the synergy between its property management and real estate leasing businesses, with owned properties serving as both a revenue base and a testing ground for service innovation, enabling consistently high occupancy rates.

Market Cap
¥9.12B
US$58.1M
EV
¥52.8B
US$336M
Stock¥2,199▲+0.55%
US$1 = ¥157.05 (2026-10-22)
LTM EV/EBITDA
13.0
x
LTM EV/EBIT
23.9
x
LTM PER
8.0
x
LTM PBR
0.8
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-25.5%pt
1001
Oct 23, 25 – Oct 23, 26StockTOPIX
1Aug 13, 26Q1 FY2027/03 earnings announced
MC → EV Bridge
9.12BUS$58.1MMarket Cap54.6BUS$347M+ Debt10.9BUS$69.4M− Cash0.00BUS$0.00M− Inv. Sec.52.8BUS$336MEV
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Performance & Balance
Revenue 5Y (¥B)
8.48US$54.0M'22/39.16US$58.3M'23/39.37US$59.6M'24/310.0US$63.8M'25/311.0US$70.1M'26/3
EBITDA 5Y (¥B)
3.24US$20.6M'22/33.64US$23.2M'23/33.24US$20.6M'24/33.38US$21.5M'25/33.75US$23.9M'26/3
Net Income 5Y (¥B)
1.56US$9.95M'22/31.37US$8.72M'23/31.26US$8.00M'24/32.07US$13.2M'25/31.00US$6.34M'26/3
Capital Structure
82%
EquityD/E 4.68xDebt
Liquidity vs Debt 5Y (¥B)▼ Net Debt
CashInv. Sec.Debt
8.42US$53.6M38.9US$247M'22/37.44US$47.4M42.0US$267M'23/310.1US$64.3M44.2US$282M'24/311.9US$75.5M48.9US$311M'25/312.0US$76.2M55.0US$350M'26/3
Shareholders
Top 10 hold 68.0%
1
Osamu OSADA
35.14%
2
Kumiko OSADA
14.82%
3
OSA Field Co., Ltd.
8.32%
4
Eishin OSADA
2.10%
5
Masakazu ASAHARA
1.60%
6
Good At Co., Ltd.
1.44%
7
Choei Inc. Employee Stock Ownership Association
1.17%
8
Wataru FUNAI
1.14%
9
Mitsunobu YAMAMOTO
1.14%
10
Kenji TANAKA
1.13%
Management
9 officers
Osamu OSADA
Representative Director, Chairman and Executive Officer
Apr 1969 Joined Matsushita Electric Industrial Co., Ltd. (currently Panasonic Holdings Corporation) Aug 1977 Joined Tohyo Housing Co., Ltd. Aug 1980 Founded Choei (business predecessor of the Company) May 1984 Assumed office as Director, Shakai Fukushi Hojin Hiiragino Fukushikai (current) Apr 1988 Established Choei Co., Ltd.; assumed office as Representative Director, President Nov 1990 Assumed office as Representative Director, President of Mansion Reform Co., Ltd. (later renamed Vehicle Co., Ltd.) Mar 1991 Assumed office as Representative Director, President of Choei Network Co., Ltd. (later renamed Fiber Front Co., Ltd.) Mar 1991 Assumed office as Representative Director, President of Choei Global Lease Co., Ltd. Mar 1991 Assumed office as Representative Director, President of Choei Building Service Co., Ltd. May 1996 Assumed office as Director, Shakai Fukushi Hojin Katsura Asahi Fukushikai (current) Sep 1996 Assumed office as Chairman, Shakai Fukushi Hojin Rakunan Fukushikai Jan 2003 Assumed office as Representative Director, President of eGarage System Co., Ltd. Nov 2007 Assumed office as Representative Director, President of Green Hosho Co., Ltd. Apr 2008 Assumed office as Chairman, Kyoto Branch, National Federation of Rental Housing Operators' Associations (public interest incorporated association) Apr 2008 Assumed office as Director, National Federation of Rental Housing Operators' Associations Apr 2012 Assumed office as Director, BellevieClub Co., Ltd. Apr 2014 Assumed office as Vice Chairman, Japan Rental Housing Management Association (public interest foundation) Jun 2017 Assumed office as Director, Choei Building Service Co., Ltd. (current) Jun 2017 Assumed office as Director, Green Hosho Co., Ltd. (current) Jun 2019 Assumed office as Director, eGarage System Co., Ltd. Jun 2021 Assumed office as Director, Shakai Fukushi Hojin Rakunan Fukushikai (current) May 2022 Assumed office as Representative Director, President and Executive Officer Jun 2023 Assumed office as Representative Director, President and Executive Officer Jun 2025 Assumed office as Representative Director, Chairman and Executive Officer (current)
1949-01-31
Wataru FUNAI
Representative Director, President and Executive Officer
Apr 1997 Joined the Company May 2005 General Manager, Administration Department May 2006 Executive Officer, General Manager, Administration Department May 2007 Assumed office as Director, General Manager, Administration Department Jun 2007 Assumed office as Director, Vehicle Co., Ltd. Nov 2007 Assumed office as Director, Green Hosho Co., Ltd. Apr 2012 Assumed office as Representative Director, President, BellevieClub Co., Ltd. Dec 2014 Assumed office as Director, eGarage System Co., Ltd. May 2017 Assumed office as Managing Director Jun 2017 Assumed office as Representative Director, President, Green Hosho Co., Ltd. (current) Jun 2019 Assumed office as Representative Director, President, Choei Building Service Co., Ltd. May 2022 Assumed office as Director, Managing Executive Officer Jun 2022 Assumed office as Director, Senior Managing Executive Officer Jun 2022 Assumed office as Director, Choei Building Service Co., Ltd. Jun 2023 Assumed office as Representative Director, President, Choei Building Service Co., Ltd. (current) Jun 2025 Assumed office as Representative Director, President and Executive Officer (current)
1975-01-06
Kazuhiro NAKAZAWA
Director, Senior Executive Officer
Apr 1997 Joined Minamijujisha Co., Ltd. Jun 1998 Joined the Company May 2019 Assumed office as Executive Officer, General Manager, Asset Management Division May 2021 Assumed office as Senior Executive Officer, General Manager, Asset Management Division Jun 2023 Assumed office as Director, Senior Executive Officer, General Manager, Asset Management Division (current)
1974-10-07
Naoki TANAKA
Director, Senior Executive Officer
Apr 1989 Joined Kokon Co., Ltd. (limited liability company) Mar 1991 Joined Techno Service Co., Ltd. May 1993 Joined the Company May 2018 Assumed office as Executive Officer, General Manager, Head Office Business Division (currently Division General Manager) May 2019 Assumed office as Executive Officer, General Manager, Division Headquarters May 2021 Assumed office as Senior Executive Officer, General Manager, Division Headquarters Jun 2024 Assumed office as Director, Senior Executive Officer, General Manager, Division Headquarters (current)
1971-03-01
Shin TANAKA
Director
Apr 1979 Registered as attorney-at-law (Kyoto Bar Association); joined Kyoto Minami Law Office May 1985 Opened Shin Tanaka Law Office Apr 2001 Assumed office as Civil Adviser, Kyoto Prefectural Police Headquarters (current) Apr 2006 Assumed office as Director, Kyoto Prefecture Anti-Violence Movement Promotion Center (public interest foundation) Jun 2019 Assumed office as Director of the Company (current) May 2024 Assumed office as Chairman, Kyoto Prefecture Anti-Violence Movement Promotion Center (current) Feb 2026 Assumed office as Managing Partner, Tanaka & Uwabe Law Office (current)
1953-01-10
Naruhito ISHIHATA
Director
Apr 1987 Joined Nikko Securities Co., Ltd. (currently SMBC Nikko Securities Inc.) Sep 1998 Vice President, Capital Markets Division, J.P. Morgan Securities Dec 2002 Deputy General Manager, Treasury Department and Assistant Manager, Corporate Planning Department, Nidec Corporation (currently Nidec Corporation) Feb 2005 General Manager, Business Development, Group Strategy Office, OMRON Corporation Mar 2008 Senior Executive Officer, General Manager, Business Development Division, GE International Jun 2009 Executive Officer, General Manager, Finance Division, Nissen Holdings Co., Ltd. Mar 2012 Executive Officer and CFO, Nissen Holdings Co., Ltd. Oct 2013 Assumed office as Chairman, Representative Director, Nissen GE Credit Co., Ltd. (currently Nissen Credit Service Co., Ltd.) Jan 2016 Assumed office as Executive Officer, in charge of planning, finance and administration, Toyo Tanso Co., Ltd. Mar 2016 Assumed office as Director and Executive Officer, in charge of finance and corporate planning, Toyo Tanso Co., Ltd. Sep 2016 Assumed office as Director and Executive Officer, in charge of finance, corporate planning and North America, Toyo Tanso Co., Ltd. Jul 2019 Advisor, Ebara Corporation Jun 2020 Assumed office as Director of the Company (current) Jan 2021 Assumed office as Executive Advisor, Rigrit Partners Co., Ltd. Apr 2022 Assumed office as Director, eSEP Co., Ltd. Nov 2022 Assumed office as Corporate Auditor, RUTILEA Co., Ltd. Nov 2023 Assumed office as Director, RUTILEA Co., Ltd. (current)
1962-06-03
Momoyo SUZUKI
Full-time Corporate Auditor
Sep 2007 Registered as attorney-at-law (Osaka Bar Association); joined Civil Law Office LLP Jun 2013 Joined Azuma & Higashiura Law Office Sep 2017 Joined the Company Jun 2019 Assumed office as Corporate Auditor of the Company (current) Jun 2019 Assumed office as Corporate Auditor, Choei Building Service Co., Ltd. (current) Jun 2019 Assumed office as Corporate Auditor, Green Hosho Co., Ltd. (current) Jun 2019 Assumed office as Corporate Auditor, eGarage System Co., Ltd.
1974-11-28
Yoshikazu TAGAWA
Corporate Auditor
Apr 1974 Joined Sumitomo Bank, Ltd. (currently Sumitomo Mitsui Banking Corporation) Mar 2004 Joined Shikata Co., Ltd. Apr 2005 Joined Leoclan Co., Ltd. Dec 2006 Assumed office as Director, General Manager, Administration Division, Leoclan Co., Ltd. Jun 2019 Assumed office as Corporate Auditor of the Company (current)
1950-04-23
Mitsugu HIRANO
Corporate Auditor
Apr 1977 Joined Osaka National Tax Bureau Jul 2010 Director, Sakyo Tax Office Jul 2011 Section Chief, First Investigation Department, Osaka National Tax Bureau Jul 2014 Director, Otsu Tax Office Aug 2015 Registered as certified tax accountant; opened Mitsugu Hirano Tax Accountant Office and assumed office as Head (current) Apr 2016 Assumed office as Corporate Auditor, Orange Fit Co., Ltd. Jun 2019 Assumed office as Corporate Auditor of the Company (current)
1954-10-21
Large Shareholding Reports
Osamu NAGATA
2026-07-16
5.39%→5.40%
Annual report (as of 2026-03-31): 35.14%
Osamu NAGATA
2026-06-29
34.46%→29.06%
Annual report (as of 2026-03-31): 35.14%
Osamu NAGATA
2025-08-13
34.46%→34.46%
Annual report (as of 2026-03-31): 35.14%
Disclosures
No disclosures
Primary Source Filings
TDnet
2026-08-12
Q1 Earnings Flash
FY ending Mar 2027
EDINETAmended
2026-07-16
Change Report
EDINET
2026-06-29
Large Shareholding Report
EDINET
2026-06-19
Annual Securities Report
Period: Apr 2025 – Mar 2026
TDnet
2026-02-10
Q3 Earnings Flash
FY ending Mar 2026
EDINET
2025-11-13
Semi-Annual Securities Report
Period: Apr 2025 – Mar 2026
EDINET
2025-08-13
Large Shareholding Report
TDnet
2025-08-12
Q1 Earnings Flash
FY ending Mar 2026
EDINET
2025-06-20
Annual Securities Report
Period: Apr 2024 – Mar 2025
TDnet
2025-02-10
Q3 Earnings Flash
FY ending Mar 2025
EDINET
2024-11-13
Semi-Annual Securities Report
Period: Apr 2024 – Mar 2025
TDnet
2024-08-09
Q1 Earnings Flash
FY ending Mar 2025
EDINET
2024-06-27
Annual Securities Report
Period: Apr 2023 – 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
2023-08-10
Quarterly Securities Report
Period: Apr 2023 – Jun 2023
EDINET
2023-06-30
Annual Securities Report
Period: Apr 2022 – Mar 2023
EDINET
2023-02-13
Quarterly Securities Report
Period: Oct 2022 – Dec 2022
EDINET
2022-11-11
Quarterly Securities Report
EDINET
2022-08-10
Quarterly Securities Report
EDINET
2022-06-30
Annual Securities Report
EDINET
2022-02-10
Quarterly Securities Report
EDINETAmended
2021-12-16
Amended Securities Registration Statement
EDINETAmended
2021-12-08
Amended Securities Registration Statement
EDINET
2021-11-19
Securities Registration Statement
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