Overview
Real Estate

Dualtap Co.,Ltd.

Dualtap Co., Ltd. is a Tokyo-based real estate company focused on the planning, development, and sale of investment-oriented condominium units under its proprietary 'XEBEC' brand, primarily targeting the Tokyo 23 wards market with a concept of 'station-adjacent, high-specification compact condominiums.' The company sells to individual investors, REITs, real estate funds, and corporate clients, and also operates property management services including sublease, rental management, and building management through its subsidiaries. In addition, the company has expanded internationally, particularly in Malaysia (Johor and Kuala Lumpur), where it provides Japanese-quality building management services with over 18,000 units under management.

Market Cap
¥3.69B
US$23.5M
EV
¥5.08B
US$32.4M
Stock¥843▲+0.00%
US$1 = ¥156.80 (2026-10-23)
LTM EV/EBITDA
20.5
x
LTM EV/EBIT
26.7
x
LTM PER
72.4
x
LTM PBR
1.4
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-27.3%pt
100
Oct 24, 25 – Oct 23, 26StockTOPIX
MC → EV Bridge
3.69BUS$23.5MMarket Cap3.57BUS$22.8M+ Debt2.16BUS$13.8M− Cash0.03BUS$0.19M− Inv. Sec.0.01BUS$0.05M+ NCI5.08BUS$32.4MEV
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Performance & Balance
Revenue 5Y (¥B)
10.8US$68.6M'22/68.63US$55.0M'23/65.17US$33.0M'24/68.37US$53.4M'25/65.52US$35.2M'26/6
EBITDA 5Y (¥B)
0.08US$0.48M'22/60.35US$2.23M'23/6-0.14-US$0.87M'24/60.21US$1.33M'25/60.22US$1.42M'26/6
Net Income 5Y (¥B)
0.06US$0.36M'22/60.19US$1.22M'23/6-0.39-US$2.46M'24/60.12US$0.75M'25/60.05US$0.33M'26/6
Capital Structure
42%
58%
EquityD/E 1.36xDebt
Liquidity vs Debt 5Y (¥B)▼ Net Debt
CashInv. Sec.Debt
0.89US$5.66M2.56US$16.3M'22/62.03US$12.9M2.58US$16.5M'23/61.06US$6.73M3.71US$23.6M'24/61.36US$8.65M2.59US$16.5M'25/62.19US$14.0M3.57US$22.8M'26/6
Shareholders
Top 10 hold 43.5%
1
Dimension Co., Ltd.
28.21%
2
Takahiro USUI
5.52%
3
Mitsubishi UFJ eSmart Securities Co., Ltd.
2.73%
4
Yumi FUJIMURA
1.58%
5
Nomura Securities Co., Ltd.
1.26%
6
Shinya ONO
1.11%
7
JPMorgan Securities Japan Co., Ltd.
1.03%
8
Hidemi USUI
0.69%
9
Asset Lead Co., Ltd.
0.69%
10
Craft Corporation Co., Ltd.
0.69%
Management
6 officers
Takahiro USUI
Representative Director, President
May 1996 Joined Hikari Tsushin Co., Ltd. May 2000 Joined Fleg International Co., Ltd. Nov 2002 Director, Sales Department Manager, Fleg International Co., Ltd. Nov 2005 Established T.B.S International Co., Ltd.; Representative Director, President Aug 2006 Established the Company; Representative Director, President (current) May 2011 Established D-style Plus Co., Ltd. (Dualtap Property Management Co., Ltd.); Representative Director, President Jul 2012 Established Duta Pacific Management Co., Ltd. (currently Dualtap Asset Management Co., Ltd.); Director Nov 2015 Director, Dualtap Gojinsha Building Management Co., Ltd. (current) Oct 2017 Established Dualtap Community Co., Ltd.; Representative Director, President Oct 2017 Representative Director, President, Dualtap Property Management Co., Ltd. Oct 2017 Representative Director, President, Dualtap International Co., Ltd. (currently Dualtap Asset Management Co., Ltd.) (current) Oct 2017 Director, DUALTAP BUILDING MANAGEMENT SDN. BHD. (current) Jul 2018 Representative Director, President, Tatemono Kanri Service Co., Ltd. Jul 2020 Representative Director, Chairman, Dualtap Community Co., Ltd. (current) Jul 2020 Representative Director, Chairman, Tatemono Kanri Service Co., Ltd. (current) Sep 2020 Established Dualtap Growth Co., Ltd. (currently rise value Co., Ltd.); Representative Director, Chairman
1977-07-23
Yumi FUJIMURA
Director
Feb 1985 Joined Iris-kan Co., Ltd. Jun 1991 Joined Ihara Juhan Nov 1996 Joined Fleg International Co., Ltd. Jul 2008 Joined the Company Sep 2016 Director, Development Department Manager, the Company Jul 2017 Director, Development Business Division Manager, the Company Dec 2018 Director, Development Business Division Manager and Sales Department Manager, the Company Jan 2020 Director, Development Business Division Manager, the Company (current)
1961-01-13
Shinya ONO
Director, General Manager of Corporate Planning Office
Apr 2002 Joined ORIX Corporation Mar 2006 Investment Banking Division, ORIX Corporation Oct 2007 Assistant Manager, Investment Banking Division, ORIX Corporation Mar 2009 Risk Management Division, ORIX Corporation Oct 2016 Manager, Risk Management Division, ORIX Corporation Oct 2017 Ship Financing Group, Transportation Equipment Business Division, ORIX Corporation Mar 2020 Senior Manager, Office of the President, ORIX Auto Corporation Mar 2023 Office of the President and Solutions Promotion Office, Car Rental Division, ORIX Auto Corporation Apr 2024 Joined the Company; Executive Officer, General Manager of Corporate Planning Office Sep 2024 Director, General Manager of Corporate Planning Office (current)
1977-10-07
Kazuaki KAGOHARA
Director, Audit and Supervisory Committee Member
Mar 1995 Joined Asahi Audit Corporation (currently Azusa Audit LLC) Oct 2001 Opened Kagohara CPA Office; Director (current) Jun 2011 Representative Director, Business Solutions Partners Co., Ltd. (currently Corporate Finance Research Institute Co., Ltd.) (current) Jun 2011 Audit & Supervisory Board Member, GL Sciences Inc. Jun 2015 Director, Audit and Supervisory Committee Member, GL Sciences Inc. Sep 2022 Outside Director, Audit and Supervisory Committee Member, the Company (current) Apr 2025 Audit & Supervisory Board Member, Nihon Kinzoku Co., Ltd. (current)
1967-03-04
Yasuhiro SAKAI
Director, Audit and Supervisory Committee Member
Apr 1985 Joined Nomura Securities Co., Ltd. Dec 2000 Joined Daiichi Tsushin Co., Ltd. Jan 2001 Director, Daiichi Tsushin Co., Ltd. Aug 2001 Managing Director, Daiichi Tsushin Co., Ltd. Jan 2002 Executive Officer, Relo Holdings, Inc. (currently Relo Group, Inc.) Jan 2002 Director, E-Teleservice Co., Ltd. May 2005 Joined Media Kobo Co., Ltd. Nov 2006 Director, Media Kobo Co., Ltd. Jan 2008 Joined Eagle Holdings Co., Ltd. Jun 2009 Director, Eagle Holdings Co., Ltd. Jan 2011 Established ST GK; Representative Partner Mar 2012 Advisor, Media Kobo Co., Ltd. Nov 2012 Director, Media Kobo Co., Ltd. (current) Feb 2015 Outside Audit & Supervisory Board Member, the Company Sep 2016 Outside Director, Audit and Supervisory Committee Member, the Company (current)
1961-08-20
Yoshiyuki KIROKO
Director, Audit and Supervisory Committee Member
Apr 1990 Joined The Taiyo Kobe Mitsui Bank (currently Sumitomo Mitsui Banking Corporation) Oct 2004 Registered as Attorney-at-Law, Daini Tokyo Bar Association (current) Jun 2005 Joined BB Serve Co., Ltd. (currently MOVIDA HOLDINGS Inc.) Dec 2005 Director, MOVIDA HOLDINGS Inc. Apr 2007 Joined Softbank IDC Corporation Aug 2010 Tokyo Ochanomizu Sogo Law Office (current) Sep 2011 Audit & Supervisory Board Member, BizMobile Inc. (currently Iot-EX Inc.) (current) Nov 2012 Audit & Supervisory Board Member, SHIFT Inc. Sep 2015 Outside Director, the Company Sep 2016 Outside Director, Audit and Supervisory Committee Member, the Company (current) Nov 2017 Audit & Supervisory Board Member, Tryon Inc. (currently TORAIZ Inc.) (current) May 2018 Director, Personal Capital K.K. (current) Mar 2019 Director, Fisco Ltd. Jun 2021 Representative Director, ATK Partners Inc. (current) Dec 2021 Audit & Supervisory Board Member, Creative Link Inc. (current) Jul 2024 Audit & Supervisory Board Member, Bottle Shock Inc. (current) Dec 2024 Audit & Supervisory Board Member, Ultimatrust Inc. (current) Jun 2026 Representative Director, Plus O Inc. (current)
1966-06-13
Large Shareholding Reports
No filings
Disclosures
No disclosures
Primary Source Filings
EDINET
2026-09-28
Annual Securities Report
Period: Jul 2025 – Jun 2026
TDnet
2026-08-14
Full-Year Earnings Flash
FY ending Jun 2026
TDnet
2026-05-15
Q3 Earnings Flash
FY ending Jun 2026
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
2025-09-26
Annual Securities Report
Period: Jul 2024 – Jun 2025
TDnet
2025-05-15
Q3 Earnings Flash
FY ending Jun 2025
EDINET
2025-02-14
Semi-Annual Securities Report
Period: Jul 2024 – Jun 2025
EDINET
2024-12-06
Securities Registration Statement
TDnet
2024-11-14
Q1 Earnings Flash
FY ending Jun 2025
EDINET
2024-09-27
Annual Securities Report
Period: Jul 2023 – Jun 2024
EDINET
2024-05-14
Quarterly Securities Report
Period: Jan 2024 – Mar 2024
EDINET
2024-02-14
Quarterly Securities Report
Period: Oct 2023 – Dec 2023
EDINET
2023-11-14
Quarterly Securities Report
Period: Jul 2023 – Sep 2023
EDINET
2023-09-29
Annual Securities Report
Period: Jul 2022 – Jun 2023
EDINET
2023-05-12
Quarterly Securities Report
Period: Jan 2023 – Mar 2023
EDINET
2023-02-14
Quarterly Securities Report
Period: Jul 2022 – Dec 2022
EDINET
2022-11-14
Quarterly Securities Report
EDINET
2022-09-30
Annual Securities Report
EDINET
2022-05-13
Quarterly Securities Report
EDINET
2022-02-14
Quarterly Securities Report
EDINET
2021-11-12
Quarterly Securities Report
EDINET
2021-09-30
Annual Securities Report
EDINET
2021-05-14
Quarterly Securities Report
EDINET
2021-02-12
Quarterly Securities Report
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