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Tokyo Home Prices Are Seen to Largely Withstand BOJ Rate Hikes
Intertex Research Memo (11): Aim to improve the stability of revenue by fostering the FLIE business.
■ Intertex <8940>: Outlook for the future. Looking at the market trends of condominiums in the Tokyo metropolitan area in 2023, the number of sales of used condominiums increased for the first time in two years, with a 1.6% increase to 35,987 units, while the supply of new condominiums decreased for the second consecutive term, with a 9.1% decrease to 26,873 units. The upward trend in sales prices due to the rise in construction costs continues, and the supply of units is decreasing in the three prefectures other than Tokyo.
Intertix Research Memo (10): Engaging in "profit expansion through physical strengthening" and "promotion of human capital management" (2)
■Intertex <8940> Outlook (3) Expansion of Advance Investment Business The company plans to expand its mid-term growth strategy by introducing the energy-saving renovation "Eco Cube" ahead of the industry in the highly competitive second-hand condominium market, aiming to contribute to the environment by providing comfortable living and saving electricity costs, as well as reducing CO2 emissions. At the same time, it aims to expand its market share by differentiating its products and nurturing the FLIE business, which supports DX in the real estate distribution market, as a new source of revenue in the medium to long term.
Interix Research Memo (7): By reducing inventory pressure, interest-bearing debt is reduced, and the equity ratio recovers to slightly below 30%.
■ Intertex <8940> Performance Trends 3. Financial Condition and Management Indicators As of May 2024, the total assets decreased by 491.9 million yen compared to the end of the previous period, reaching 4,071 million yen. Looking at the main factors of increase and decrease, in current assets, cash and deposits increased by 14 million yen and advances received increased by 208 million yen, while sales of real estate decreased by 5,442 million yen. In fixed assets, tangible fixed assets increased by 405 million yen and investment securities increased by 237 million yen, while leasehold rights decreased by 464 million yen.
Intertex Research Memo (6): The solution business segment is greatly driven by the hotel business.
Revenue in the renovation business segment increased by 7.0% compared to the previous period to 34,781 million yen, gross profit decreased by 9.3% to 3,744 million yen, and operating profit decreased by 26.6% to 550 million yen.
Intertex Research Memo (4): Strength lies in the rapid procurement system and proprietary development of renovation construction expertise.
■ Overview of Intertech<8940> business 2. The strengths of the company in the field of renovation business include the ability to quickly procure profitable properties. The company has established a system to quickly acquire high-quality properties that are expected to be profitable. With regards to the property information received from real estate brokerage companies (approximately 2,500 to 3,000 items per month), the company's representative confirms the situation on-site within 1 to 2 days and makes the final determination for procurement. In the case of major real estate companies, it usually takes about 1 week to make a procurement decision.
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