Company:    Loadstar Capital K.K.
(Code: 3482 Tokyo Stock Exchange Prime Market）

 

Astris Advisory Japan K.K. Releases FY2026Q3 results update

on Loadstar Capital

 

 

  • Pace of acquisition was more impressive than results suggest

Q3’s focus has been property acquisition rather than monetization. The Company acquired three office buildings in central Tokyo for its Real Estate Investment business in anticipation of further strengthening of Tokyo’s real estate market, taking real estate inventory balance to a new record high, while its Asset Management business acquired four properties on behalf of institutional clients. We think for a company of Loadstar's size, completing seven acquisitions across its balance sheet and managed funds in a single quarter is an impressive feat, and reflects the Company’s dealmaking prowess. Loadstar has maintained its guidance and believes it can be achieved through monetization and other measures in Q4. We think the Company’s slower pace of monetization YTD reflects a strategic focus on real estate accumulation and portfolio positioning for FY12/27 and beyond, which Loadstar believes will offer a more favorable environment for monetization and higher returns for shareholders. 

 

  • A relatively uneventful quarter ahead of a busy Q4

Q3 revenue was ¥4.78bn (-40.8% YoY), as Real Estate Investment recognized only ¥1.40bn from the monetization of one small-scale property, while other businesses continued to deliver steady growth. Q3 was highlighted by the Asset Management business, where AUM reached ¥200bn from ¥140bn at Q2, and by active acquisitions across Tokyo. 
Q1-3 revenue reached ¥33.08bn (+14.5% YoY) and net income ¥4.63bn (-12.2% YoY). BVPS continued to compound and grew +19.5% YoY to ¥1,764. 

 

  • Guidance maintained, with a record Q4 expected

With Q1-3 results representing 58.9% of sales and 50.5% of net income guidance, Loadstar will need to deliver a record Q4 in both revenue and earnings for the Company to meet its FY12/26 guidance. Although the Company has announced the sale of two properties to date in Q4, we estimate Loadstar will need to monetize additional properties.  

 

  • Valuations

On our earnings estimates, the shares are trading on an estimated PER FY12/2026 of 5.1x (on +12.7% EPS growth YoY), a current PBR of 1.3x, more than one standard deviation below its five year average, and a sum-of-the-parts multiple of 0.74x. 

(The above is an excerpt from the report. The complete report can be downloaded from the link below.)

■Inquiries:
Investor Relations Department, Loadstar Capital K.K.
E-mail：ir@loadstarcapital.com