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Under supervision (confirmation) · Designated 2026-10-13 JPX notice

Overview

Real Estate

Tobu Juhan Co., Ltd.

Tobu Juhan is a regional real estate company operating primarily in the Chugoku and Kyushu regions of Japan, specializing in the purchase, renovation, and resale of used single-family homes and condominiums, typically aged 20–40 years. The company targets first-time homebuyers in their 20s–30s with annual incomes of approximately ¥3 million, offering affordably priced properties refreshed through its proprietary 'Refresh Reform' renovation process covering kitchens, bathrooms, and other aging fixtures. In addition to its core used-home sales business, the company provides real estate brokerage, rental management, insurance agency services, and care-related products and barrier-free renovation services for elderly residents.

KATITAS CO., LTD. is conducting a tender offer for the company at ¥2,000 per share, running until 2026-12-03. (In progress)

Market Cap

¥5.40B

US$34.4M

¥5.16B

US$32.8M

Stock¥1,993▼-0.05%

US$1 = ¥157.05 (2026-10-22)

LTM EV/EBITDA

7.2

LTM EV/EBIT

7.7

LTM PER

12.0

LTM PBR

1.1

Stock vs TOPIX (1Y, base=100)vs TOPIX ▲+52.3%pt

Oct 22, 25 – Oct 22, 26StockTOPIX

1Oct 14, 26Q1 FY2027/05 earnings announced

2Oct 15, 26KATITAS tender offer announced at ¥2,000/share (72.4% premium)

3Oct 16, 26KATITAS launches tender offer for Tobu Juhan at ¥2,000/share (Oct 14 – Dec 3, 2026)

MC → EV Bridge

AI Briefing

KATITAS's ¥2,000/share tender offer (Oct 14–Dec 3, 2026) to make Tobu Juhan a wholly-owned subsidiary is the headline, board-backed and in progress. Core business remains buy-renovate-resell of aged homes across Chugoku/Kyushu for first-time buyers; FY26/5 revenue ¥7.7B, OP ¥0.6B (7.6% margin), improving from FY25/5's 6.2%. Deal framed around synergies from shared renovation know-how and quality-control upgrades rather than standalone re-rating of the shares.

Performance & Balance

Revenue 5Y (¥B)

EBITDA 5Y (¥B)

Net Income 5Y (¥B)

Capital Structure

80%

20%

EquityD/E 0.25xDebt

Liquidity vs Debt 5Y (¥B)▲ Net Cash

CashInv. Sec.Debt

Shareholders

Top 10 hold 53.1%

as of 2026-05-31 · Source: Annual Securities Report

Toshihiro OGINO

38.65%

OTC Co., Ltd.

5.10%

Tobu Juhan Co., Ltd. Employee Stock Ownership Association

1.85%

Osaka Small and Medium Business Investment & Consultation Co., Ltd.

1.67%

Seizaburo WAKASUGI

1.39%

Shitomi OGINO

1.23%

THE SAIKYO BANK, LTD.

1.10%

Ye GU

0.77%

Yanan ZHANG

0.70%

Toshiaki YONEYA

0.68%

Management

10 officers

Toshihiro OGINO

Representative Director, President

Apr 1972: Joined Toyo Tsushinki Co., Ltd. (now Miyazaki Epson Corporation) Jan 1976: Joined Toyo Jiseki Co., Ltd. Sep 1984: Established the Company; Representative Director, President (current) Feb 1990: Assumed office as Representative Director, President, Management Care Co., Ltd. (now the Company) Jul 1990: Assumed office as Director, Tobu Estate Co., Ltd. (now the Company) Oct 2006: Assumed office as Representative Director, President, Jinzai Promotion Co., Ltd. (now the Company)

1953-08-03

Naoki HOSOE

Managing Director; General Manager, Yamaguchi Sales Department; General Manager, Housing Support Business Division; General Manager, Business Development Department

Apr 1995: Joined Ito Kikai Kogyo Ltd. Nov 1999: Joined the Company Sep 2009: General Manager, Kyushu Regional Sales Department Jun 2010: General Manager, Kitakyushu Regional Real Estate Sales Department Aug 2010: Assumed office as Director Dec 2010: General Manager, Kitakyushu Sales Department Jul 2014: General Manager, Head Office Sales Department May 2015: General Manager, Eastern Kyushu Sales Department Jul 2015: Managing Director (current) Jun 2017: General Manager, Housing Support Business Division Aug 2017: General Manager, Sanyo Sales Department (now Yamaguchi Sales Department) Sep 2017: General Manager, Business Development Department Dec 2022: Head, Fukuoka Branch; General Manager, Fukuoka Branch Sales Department; General Manager, Western Kyushu Sales Department Aug 2025: General Manager, Yamaguchi Sales Department; General Manager, Housing Support Business Division; General Manager, Business Development Department (current)

1976-12-25

Naoki MIURA

Director; Head, Fukuoka Branch; General Manager, Fukuoka Branch Sales Department; General Manager, Western Kyushu Sales Department

Apr 1995: Joined Yuhei Toyo Shoji Co., Ltd. Jul 1996: Joined Seamall Shoji Co., Ltd. Apr 1999: Joined the Company Jun 2008: General Manager, Kyushu Regional Real Estate Sales Guidance Department Jun 2010: General Manager, Western Kyushu Regional Real Estate Sales Department Aug 2010: Assumed office as Director (current) Dec 2010: General Manager, Western Kyushu Sales Department Jun 2016: Head, Fukuoka Branch; General Manager, Fukuoka Branch Sales Department Jan 2019: General Manager, Hiroshima Sales Department Dec 2022: General Manager, Head Office Sales Department Dec 2022: General Manager, Yamaguchi Sales Department; General Manager, Housing Support Business Division; General Manager, Business Development Department Aug 2025: Head, Fukuoka Branch; General Manager, Fukuoka Branch Sales Department; General Manager, Western Kyushu Sales Department (current)

1974-05-16

Kazuhiko KAWAMURA

Director; General Manager, Accounting Department

Apr 1983: Joined The Yamaguchi Bank, Ltd. Feb 2004: Branch Manager, Murozumi Branch, The Yamaguchi Bank Apr 2009: Branch Manager, Akasakamon Branch, The Yamaguchi Bank Jun 2013: Branch Manager, Karato Branch, The Yamaguchi Bank Aug 2015: Assistant to the President, the Company Aug 2015: Assumed office as Director (current) Aug 2015: General Manager, Administration Department Jun 2021: General Manager, Accounting Department (current)

1960-12-11

Kazunobu SHIRAMIZU

Director

Oct 1978: Joined Price Waterhouse & Co. Oct 1980: Joined Chuo Accounting Office Audit Corporation Aug 1982: Joined Tohmatsu & Aoki Audit Corporation (now Deloitte Touche Tohmatsu LLC) May 1993: Partner, Tohmatsu & Aoki Audit Corporation May 2001: Representative Partner, Tohmatsu & Aoki Audit Corporation Sep 2013: Representative, Shiramizu CPA Office (current) Aug 2014: Assumed office as Director, the Company (current) Apr 2016: Auditor, Kyushu University (national university corporation)

1954-10-28

Seiji OKAMURA

Director

Sep 1969: Joined Ogura Plating Works Co., Ltd. (now Ishikawa Metal Industry Co., Ltd.) Feb 1990: Director, General Affairs Department Manager, Ishikawa Metal Industry Co., Ltd. Apr 1991: Corporate Auditor, E.T.S. Co., Ltd. Apr 1992: Director, Ishikawa Yamaguchi Co., Ltd. Nov 1992: Representative Director, E.T.S. Co., Ltd. Nov 1996: Managing Director, Head of Corporate Planning Division, Ishikawa Metal Industry Co., Ltd. Feb 1999: Director, Ishikawa Oita Co., Ltd. Nov 1999: President and Representative Director, E.T.S. Co., Ltd. Nov 2000: Representative Director, Executive Vice President, Ishikawa Metal Industry Co., Ltd. Jul 2005: Director, Ishikawa Shimonoseki Service Center Ltd. Aug 2005: Director, Ishikawa Engineering Co., Ltd. Apr 2008: Corporate Auditor, Ishikawa Falteck Co., Ltd. Nov 2009: Representative Director, Ishikawa Shimonoseki Service Center Ltd. Aug 2010: Corporate Auditor, Shinsei Kogyo Co., Ltd. Jul 2012: Corporate Auditor, Ishikawa Engineering Co., Ltd. Nov 2012: Corporate Auditor, Ishikawa Metal Industry Co., Ltd. Apr 2014: Director, Peace of Mind Hamayu Social Welfare Corporation (current) Nov 2016: Special Advisor, Ishikawa Metal Industry Co., Ltd. (current) Jun 2017: Corporate Auditor, Shimonoseki Citizens' Welfare Assistance Foundation (current) Aug 2024: Assumed office as Director, the Company (current)

1944-10-15

Megumi TAKARADA

Director

Apr 1981: Joined International Telegraph and Telephone Corporation (now KDDI Corporation) Dec 1981: Joined KLM Royal Dutch Airlines (headquartered in the Kingdom of the Netherlands) Jun 1995: Joined Toyo Securities Co., Ltd. Jun 1997: Joined Merrill Lynch Japan Securities Co., Ltd. (now BofA Securities Japan Co., Ltd.) Jul 1998: Joined Merrill Lynch Investment Managers Japan Ltd. (now BlackRock Japan Co., Ltd.) Jun 2001: Joined Toyo Securities Co., Ltd. Nov 2011: Board Director, CFA Society Japan Nov 2017: Vice Chair, CFA Society Japan Nov 2019: Chair, CFA Society Japan Jul 2024: Representative Director, Takarada Global Advisors Co., Ltd. (current) Aug 2024: Assumed office as Director (current) Jan 2025: Outside Director, Emi-Men Co., Ltd. (current) Apr 2025: Outside Director, Takasho Co., Ltd. (current)

1959-03-10

Fumio WATANABE

Full-time Corporate Auditor

Apr 1988: Joined The Fukuoka Bank, Ltd. Apr 2011: Solution Division Manager, FFG Business Consulting Co., Ltd. Apr 2015: General Affairs Division Manager, FFG Business Consulting Co., Ltd. Apr 2022: Audit Office Manager, FFG Securities Co., Ltd. Apr 2025: Seconded to the Company; assistant to Corporate Auditors Aug 2025: Assumed office as Full-time Corporate Auditor (current)

1965-04-21

Fumio UEDA

Corporate Auditor

Apr 1978: Joined Nihon Medical Supply Co., Ltd. (now J. M. S. Co., Ltd.) Oct 1987: Joined Sanwa Tohmatsu Aoki Audit Corporation (now Deloitte Touche Tohmatsu LLC) Sep 2001: Representative, Ueda CPA Office (current) Dec 2009: Representative Partner, Shinohara & Ueda Tax Corporation Apr 2011: Assumed office as Corporate Auditor, the Company (current)

1955-12-09

Tomoe SUZUKI

Corporate Auditor

Oct 2005: Registered as attorney; joined Hamasaki Law Office Apr 2009: Representative, Suzuki Law Office (current) Aug 2013: Assumed office as Corporate Auditor, the Company (current)

1976-09-16

Large Shareholding Reports

Toshihiro OGINO

2026-10-16

39.18%→38.63%

Annual report (as of 2026-05-31): 38.65%

Disclosures

Tender Offer

2026-10-13

Tobu Juhan Co., Ltd.

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Tobu Juhan Co., Ltd.

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