Company: Loadstar Capital K.K.
(Code: 3482 Tokyo Stock Exchange Prime Market）
Astris Advisory Japan K.K. Releases FY2026Q2 results update
on Loadstar Capital
- H1 FY12/26 in line, with AUM growth accelerating
Revenue of ¥28.29bn (+36.0% YoY) and net income of ¥4.59bn (+1.3% YoY) represent 50.4% and 50.0% progress against guidance, and BVPS grew to ¥2,115 (+22.4% YoY). Real Estate Investment generated ¥23.46bn from two asset monetizations. Real Estate Leasing grew +10.4% YoY to ¥1.83bn, supported by continued rent growth in a strong demand environment. We think Asset Management is the highlight of Q2, with AUM growing sequentially to ¥140bn from ¥110bn at Q4 FY12/25 (¥20bn in Q2, ¥10bn in Q1), driven by strong fundraising momentum with signs of sustained strength into H2.
- We（Astris Advisory Japan K.K.） estimate Q2 asset monetization delivered a levered IRR ahead of target
By our estimates, the Shinagawa-ku office property monetized in Q2 generated, including the rental income, a total return of +42.9% over 4.6-year holding period and a levered IRR of +23.5%, ahead of the Company's +20% target.
- Effective dividend increase of +36.7%
Loadstar held the FY12/26 dividend at ¥98 per share through a free allotment of 0.2 shares per share from treasury, taking DPS per pre-allotment share to ¥117.6 from ¥86, a +36.7% YoY increase. The payout ratio reached 21.7%, with Loadstar considering whether to revert the payout ratio to 18% or maintain it above 20% in future years.
- Valuations
On our earnings estimates, the shares are trading on an estimated PER FY12/2026 of 5.7x (on +15.4% EPS growth YoY), a PBR of 1.5x, and a sum-of-the-parts multiple of 0.70x.
(The complete report can be downloaded from the link below.)
■Inquiries:
Investor Relations Department, Loadstar Capital K.K.
E-mail：ir@loadstarcapital.com