Research Coverage Report by Shared Research Inc.
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1 esearch eport by Shared esearch Inc. This PDF document is an updated note on the company. A comprehensive version of the report on the company, including this latest update, is available on our website and various professional platforms. On November 5, 2018, Grandy House Corp. announced earnings results for 1H. (JPYmn) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 % of FY FY Est. Sales 10,196 22,289 32,839 44,726 10,341 21, % 48,000 YoY -8.2% -1.4% -2.4% 1.7% 1.4% -4.6% 7.3% Gross profit 1,795 3,849 5,596 7,644 1,943 3,917 YoY -10.4% -2.4% -4.4% 1.4% 8.3% 1.8% GPM 17.6% 17.3% 17.0% 17.1% 18.8% 18.4% SG&A expenses 1,268 2,519 3,739 4,949 1,234 2,452 YoY 7.9% 3.6% 3.3% 2.5% -2.7% -2.6% SG&A ratio 12.4% 11.3% 11.4% 11.1% 11.9% 11.5% Operating profit 526 1,330 1,857 2, , % 2,900 YoY -36.4% -12.1% -16.9% -0.7% 34.7% 10.1% 7.6% OPM 5.2% 6.0% 5.7% 6.0% 6.9% 6.9% 6.0% ecurring profit 555 1,379 1,933 2, , % 3,000 YoY -35.5% -12.2% -16.4% -0.3% 34.2% 11.2% 7.3% PM 5.4% 6.2% 5.9% 6.3% 7.2% 7.2% 6.3% Net income ,283 1, % 1,680 YoY -33.5% -9.5% -9.3% 4.8% -20.8% -10.6% -8.1% Net margin 3.6% 4.2% 3.9% 4.1% 2.8% 3.9% 3.5% (JPYmn) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Sales 10,196 12,094 10,550 11,887 10,341 10,927 YoY -8.2% 5.0% -4.4% 15.2% 1.4% -9.6% Gross profit 1,795 2,054 1,747 2,048 1,943 1,974 YoY -10.4% 5.8% -8.4% 21.1% 8.3% -3.9% GPM 17.6% 17.0% 16.6% 17.2% 18.8% 18.1% SG&A expenses 1,268 1,251 1,220 1,210 1,234 1,218 YoY 7.9% -0.4% 2.8% 0.1% -2.7% -2.6% SG&A ratio 12.4% 10.3% 11.6% 10.2% 11.9% 11.1% Operating profit YoY -36.4% 17.0% -26.8% 74.0% 34.7% -6.0% OPM 5.2% 6.6% 5.0% 7.1% 6.9% 6.9% ecurring profit YoY -35.5% 15.9% -25.4% 75.5% 34.2% -4.3% PM 5.4% 6.8% 5.3% 7.3% 7.2% 7.2% Net income YoY -33.5% 19.3% -8.9% 65.3% -20.8% -3.8% Net margin 3.6% 4.6% 3.4% 4.6% 2.8% 4.9% Source: Shared esearch based on company data Note: Company forecasts are the most recent figures. 1/7
2 esearch eport by Shared esearch Inc. trends and results by segment (JPYmn) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Sales 10,196 22,289 32,839 44,726 10,341 21,268 YoY -8.2% -1.4% -2.4% 1.7% 1.4% -4.6% eal Estate Sales 9,402 20,739 30,439 41,492 9,522 19,545 YoY -8.6% -1.1% -2.3% 2.0% 1.3% -5.8% Pre-cut Parts 728 1,419 2,202 2, ,596 YoY -2.8% -6.1% -3.6% -2.0% 3.9% 12.5% eal Estate Leasing YoY 3.6% 2.5% 2.8% 1.8% -4.7% -3.9% Segment operating profit 555 1,379 1,933 2, ,533 YoY -35.5% -12.2% -16.4% -0.3% 34.2% 11.2% eal Estate Sales 469 1,216 1,698 2, ,362 YoY -40.2% -14.4% -18.5% -0.5% 41.7% 12.1% Segment OPM 5.0% 5.9% 5.6% 6.0% 7.0% 7.0% Pre-cut Parts YoY -10.6% -5.0% -0.8% -0.3% 8.5% 33.9% eal Estate Leasing YoY 54.6% 26.1% 19.5% 11.0% -5.4% -6.4% Adjustments (JPYmn) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Sales 10,196 12,094 10,550 11,887 10,341 10,927 YoY -8.2% 5.0% -4.4% 15.2% 1.4% -9.6% eal Estate Sales 9,402 11,337 9,701 11,053 9,522 10,023 YoY -8.6% 6.1% -4.8% 16.3% 1.3% -11.6% Pre-cut Parts YoY -2.8% -9.4% 1.4% 2.9% 3.9% 21.6% eal Estate Leasing YoY 3.6% 1.5% 3.2% -1.2% -4.7% -3.2% Segment operating profit YoY -35.5% 15.9% -25.4% 75.5% 34.2% -4.3% eal Estate Sales YoY -40.2% 17.5% -27.3% 90.3% 41.7% -6.5% Segment OPM 5.0% 6.6% 5.0% 7.1% 7.0% 7.0% Pre-cut Parts YoY -10.6% 3.7% 10.5% 0.9% 8.5% 68.3% eal Estate Leasing YoY 54.6% 6.2% 7.6% -10.3% -5.4% -7.4% Adjustments Source: Shared esearch based on company data Homes sold (Units) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Total new homes sold , YoY -8.1% -2.8% -4.4% -0.4% 0.7% -4.4% Total pre-owned homes sold YoY -23.1% -1.3% -2.0% 1.5% 3.3% -2.7% (Units) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Total new homes sold YoY -8.1% 2.3% -7.4% -1.4% 0.7% -8.6% Total pre-owned homes sold YoY -23.1% 22.2% -4.0% 5.3% 3.3% -6.8% Source: Shared esearch based on company data. 2/7
3 esearch eport by Shared esearch Inc. New housing starts for detached homes (units) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Kanto region 18,335 36,145 54,716 70,898 18,533 YoY 6.2% 0.6% 2.6% 1.8% 1.1% Three North Kanto prefectures 1,967 3,936 6,110 8,081 2,193 YoY 6.0% 7.5% 10.3% 9.1% 11.5% Tochigi 594 1,106 1,800 2, YoY 22.5% 6.2% 8.6% 3.5% 6.4% Ibaraki 765 1,624 2,432 3, YoY -3.3% 7.0% 8.5% 10.7% 13.6% Gunma 608 1,206 1,878 2, YoY 5.0% 9.3% 14.7% 13.0% 13.8% (units) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Kanto region 18,335 17,810 18,571 16,182 18,533 YoY 6.2% -4.6% 6.5% -0.7% 1.1% Three North Kanto prefectures 1,967 1,969 2,174 1,971 2,193 YoY 6.0% 9.0% 15.9% 5.4% 11.5% Tochigi YoY 22.5% -7.9% 12.7% -8.8% 6.4% Ibaraki YoY -3.3% 18.2% 11.6% 19.0% 13.6% Gunma Source: Shared esearch based on Ministry of Land, Transport, Infrastructure and Tourism data Number of households Source: Shared esearch based on statistical data from each prefecture Jobs-to-applicants ratio Source: Shared esearch based on data from the Ministry of Health, Labour and Welfare Flat 35 interest rates YoY 5.0% 14.1% 25.6% 8.2% 13.8% ('000) Jun Sep Dec Mar Jun Sep Dec Mar Tochigi YoY 1.1% 1.1% 1.1% 1.0% 0.9% Ibaraki 1,146 1,149 1,152 1,152 1,158 YoY 1.1% 1.1% 1.1% 1.2% 1.1% Southern Ibaraki YoY 1.3% 1.4% 1.4% 1.6% 1.5% Gunma YoY 1.0% 1.1% 1.1% 1.0% 1.0% Chiba 2,680 2,685 2,692 2,693 2,719 YoY 1.5% 1.5% 1.5% 1.5% 1.5% Kashiwa YoY 2.0% 2.0% 2.0% 2.0% 1.9% (Times) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Nationwide YoY change (points) Tochigi YoY change (points) Ibaraki YoY change (points) Gunma YoY change (points) Jun Sep Dec Mar Jun Sep Dec Mar Flat 35 (term years) 1.09% 1.08% 1.34% 1.36% 1.37% YoY change -0.01pp 0.06pp 0.24pp 0.24pp 0.28pp Source: Shared esearch based on Japan Housing Finance Agency materials *Flat 35 refers to fixed-rate mortgage loans for the full duration of the loan offered to consumers through a partnership between private financial institutions and the Japan Housing Finance Agency *Interest rates until September 2017 show the minimum interest rates where the borrowing period is 21 to 35 years and the loan amount is 90% or less. *Interest rates for December 2017 and later show the minimum interest rates where the borrowing period is 21 to 35 years, the loan amount is 90% or less, and the loan comes with an insurance policy to guarantee full repayment of mortgage in case the borrower falls seriously ill or dies. 3/7
4 esearch eport by Shared esearch Inc. 1H results Sales: JPY21.3bn (-4.6% YoY) Operating profit: JPY1.5bn (+10.1% YoY) ecurring profit: JPY1.5bn (+11.2% YoY) Net income: JPY830mn (-10.6% YoY) (Net income refers to net income attributable to parent company shareholders.) Orders for both new and pre-owned homes were up YoY. However, with a higher number of properties due to be delivered from Q3 onwards, the number of homes sold fell YoY. Operating profit and recurring profit increased, underpinned by an improvement in gross profit as the company successfully reduced costs, and by lower SG&A expenses YoY. Net income attributable to parent company shareholders declined due to a booking of special merit bonus awarded to its founder as he stepped down from a director position. In the housing industry, the number of housing starts for detached homes was solid as the government continued its policies to prop up demand for housing, employment and income environment improved, and mortgage rates remained at low levels. However, competition among industry players continues to intensify. The company strove to expand and strengthen its business in accordance with its basic policies aimed at: continuous growth through reinforcing the core operation (new homes) and expansion of business through bolstering its recurring revenue model in its second medium-term plan ( to FY03/21). In its mainstay business (sales of new homes), the company aimed to improve profitability through initiatives to promote sales of strategic large-scale subdivided individual plots, enhance appeal of properties, and cut CoGS. It also worked on expanding the business into Saitama Prefecture by buying subdivided plots of land. For sales of pre-owned homes, continuing from, the company worked on boosting its inventories with an aim of increasing sales. eal Estate Sales segment Sales: JPY19.5bn (-5.8% YoY) Segment profit: JPY1.4bn (+12.1% YoY) Sales of new homes Orders for newly built houses came to 356 units and the number of houses sold amounted to 637 units (-27 units or -4.4% YoY). In terms of profit, cost reduction initiatives paid off and boosted profit. SG&A expenses also declined YoY. To support sales of new homes, the company started selling the remaining 2 blocks of the 4 blocks in the key area of Yotsuba No Mori (total of 211 sections in Tsukuba City, Ibaraki Prefecture) and opened a new model house. The company has looked to promote sales of large-scale properties in its Grand Beat Park Kaminokawa development project (a large development project with a total of 141 lots in the town of Kaminokawa, Tochigi Prefecture) through offering a range of hands-on activities for visitors at its model houses. Grandy House has worked to differentiate its products from those of other companies by developing unique subdivided individual plots with themes, achieving unique appearances and harmonious look as a whole. The company also implemented new initiatives, for example, launching model houses equipped with IoT. In line with the plan to expand its business area into Saitama prefecture, the company acquired plots of land and established a sales base with a view to generating revenue from FY03/20 onwards. The cumulative number of newly built homes sold reached 15,000 units in July /7
5 esearch eport by Shared esearch Inc. Sales of pre-owned homes Sales of pre-owned homes were 72 units (-two units or -2.7% YoY). As part of its initiatives to expand the number of properties sold, the company continued its efforts at bolstering inventories started in. Amid intensified competitions at auctions, the company worked to increase the total number of inventories with efforts to procure properties aimed at maintaining an inventory level of 70 completed properties at all times. The company steadily received orders in Q2. Pre-cut Parts segment Sales: JPY1.6bn (+12.5% YoY) Segment profit: JPY100mn (+33.9% YoY) In the Pre-cut Parts segment, the number of wooden-structured houses building starts (including ordered homes) has dropped each month compared to the previous year since July In terms of the cost of wood materials, prices of North American logs have been on a downward trend since May, and domestic prices are also expected to be weak for the rest of the year. The company continued to work on expanding sales of construction materials and housing equipment other than pre-cut parts, and aimed to increase its sales of construction materials to small- and medium-sized contractors. eal Estate Leasing segment Sales: JPY127mn (-3.9% YoY) Segment profit: JPY85mn (-6.4% YoY) In the office buildings market near Utsunomiya City, one of the company s main marketing areas, there were new store openings and relocations toward the center of the city. However, the vacancy rate increased as the company resumed marketing of properties for which it had stopped looking for tenants for a long time. In the parking lot market, competition between nearby parking lots continued. Under such circumstances, despite the company s efforts to improve the occupancy rate of existing assets and reduce property management costs, the impact of higher vacancy rates at the end of 2017 remained. As a result, segment sales and profit both decreased YoY. Full-year outlook forecast (JPYmn) 1H Act. 2H Act. FY Act. 1H Act. 2H Est. FY Est. Sales 22,289 22,437 44,726 21,268 26,732 48,000 YoY -1.4% 5.1% 1.7% -4.6% 19.1% 7.3% Cost of sales 18,440 18,642 37,082 17,351 Gross profit 3,849 3,795 7,644 3,917 YoY -2.4% 5.5% 1.4% 1.8% GPM 17.3% 16.9% 17.1% 18.4% SG&A expenses 2,519 2,430 4,949 2,452 SG&A ratio 11.3% 10.8% 11.1% 11.5% Operating profit 1,330 1,365 2,695 1,465 1,435 2,900 YoY -12.1% 13.6% -0.7% 10.1% 5.1% 7.6% OPM 6.0% 6.1% 6.0% 6.9% 5.4% 6.0% ecurring profit 1,379 1,417 2,796 1,533 1,467 3,000 YoY -12.2% 14.8% -0.3% 11.2% 3.5% 7.3% PM 6.2% 6.3% 6.3% 7.2% 5.5% 6.3% Net income , ,680 YoY -9.5% 25.1% 4.8% -10.6% -5.5% -8.1% Source: Shared esearch based on company data 5/7
6 esearch eport by Shared esearch Inc. esults forecasts by segment Forecasts by segment (JPYmn) 1H Act. 2H Act. FY Act. 1H Act. 2H Est. FY Est. Sales 22,289 22,437 44,726 21,268 26,732 48,000 YoY -1.4% 5.1% 1.7% -4.6% 19.1% 7.3% eal Estate Sales 20,739 20,754 41,492 19,545 25,100 44,645 YoY -1.1% 5.4% 2.0% -5.8% 20.9% 7.6% Pre-Cut Parts 1,419 1,552 2,971 1,596 1,504 3,100 YoY -6.1% 2.1% -2.0% 12.5% -3.1% 4.3% eal Estate Sales Leasing YoY 2.5% 1.0% 1.8% -3.9% -2.1% -3.0% Segment profit 1,379 1,417 2,796 1,547 1,453 3,000 YoY -12.2% 14.8% -0.3% 12.2% 2.5% 7.3% eal Estate Sales 1,216 1,270 2,485 1,362 1,328 2,690 YoY -14.4% 17.8% -0.5% 12.1% 4.6% 8.2% Pre-Cut Parts YoY -5.0% 5.0% -0.3% 33.9% -31.7% 1.6% eal Estate Sales Leasing YoY 26.1% -1.8% 11.0% -6.4% -8.3% -7.3% Source: Shared esearch based on company data This note is the most recent addition to the full report. 6/7
7 About Shared esearch Inc. esearch eport by Shared esearch Inc. We offer corporate clients comprehensive report coverage, a service that allows them to better inform investors and other stakeholders by presenting a continuously updated third-party view of business fundamentals, independent of investment biases. Shared esearch can be found on the web at Disclaimer This document is provided for informational purposes only. No investment opinion or advice is provided, intended, or solicited. Shared esearch Inc. offers no warranty, either expressed or implied, regarding the veracity of data or interpretations of data included in this report. We shall not be held responsible for any damage caused by the use of this report. The copyright of this report and the rights regarding the creation and exploitation of the derivative work of this and other Shared esearch eports belong to Shared esearch. This report may be reproduced or modified for personal use; distribution, transfer, or other uses of this report are strictly prohibited and a violation of the copyright of this report. Our officers and employees may currently, or in the future, have a position in securities of the companies mentioned in this report, which may affect this report s objectivity. Japanese Financial Instruments and Exchange Law (FIEL) Disclaimer The report has been prepared by Shared esearch under a contract with the company described in this report ( the company ). Opinions and views presented are ours where so stated. Such opinions and views attributed to the company are interpretations made by Shared esearch. We represent that if this report is deemed to include an opinion by us that could influence investment decisions in the company, such opinion may be in exchange for consideration or promise of consideration from the company to Shared esearch. Contact Details Shared esearch Inc Sendagi Bunkyo-ku Tokyo, Japan Phone: +81 (0) info@sharedresearch.jp 7/7
Research Coverage Report by Shared Research Inc.
esearch eport by Shared esearch Inc. https://sharedresearch.jp This PDF document is an updated note on the company. A comprehensive version of the report on the company, including this latest update, is
More informationResearch Coverage Report by Shared Research Inc.
esearch eport by Shared esearch Inc. https://sharedresearch.jp This PDF document is an updated note on the company. A comprehensive version of the report on the company, including this latest update, is
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esearch eport by Shared esearch Inc. https://sharedresearch.jp This PDF document is an updated note on the company. A comprehensive version of the report on the company, including this latest update, is
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