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2993 東証二部(不動産業)

長栄

新規上場会社紹介レポート

(公開日 2021.12.30)

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Choei(2993 TSE 2nd Section)

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Pursuing the Property Management and the Property Leasing Businesses Centered on Kyoto Prefecture
Choei pursues the property management business and the property leasing business centered on Kyoto Prefecture. The property management business accounted for 39.3% of net sales in the fiscal year ended March 2021 and the property leasing business for 60.7%. The majority of the company’s operating profit is therefore accounted for by the property leasing business, and its operating margin is high as well.

Property Management Business
Its property management business provides services required for property lease management that supports stable lease management for owners of rental properties.

Since continued occupancy by tenants over an extended time helps to maximize revenue for owners, Choei responds to tenants’ problems 24 hours a day, 365 days a year, and it also operates Bellevie Club, a membership organization for tenants, which offers various courtesy services, events, and promotional campaigns for members.

The number of units managed by the property management business was 25,173 as of the end of October 2021, of which 4,609 were in properties belonging to Choei.

Property Leasing Business
The property leasing business of the company secures high occupancy rates by leveraging the expertise acquired in the lease management business and by carrying out upgrading work and replacing facilities even in relatively old buildings. It also manages properties that it owns, leading to growth in the number of managed units. It aims to improve its profitability by reducing maintenance costs based on economies of scale.

Until around 2010, the business acquired an average of two to three properties per year, mainly within Kyoto City. More recently, it has also been acquiring properties outside of Kyoto, such as in Shiga, Osaka, and Aichi. In acquiring properties for its portfolio, Choei’s criteria include a gross rate of return (annual rent revenue divided by the property acquisition price) of at least 8%.

概要(レポートから抜粋)

長栄(以下、同社)は、誠意・誠実をモットーに社会に貢献できる仕事を通じ、顧客に満足のいくサービスを提供することで、その利潤によって社員一同がより豊かな生活の向上ができることを目指している。

同社は京都府を中心に不動産管理事業及び不動産賃貸事業を展開し、21/3期の事業別売上高は不動産管理事業が3,155百万円(構成比39.3%)、不動産賃貸事業が4,875百万円(同60.7%)となっている。また、不動産賃貸事業はセグメント利益率が高く、同社の営業利益の大部分を占めている。

同社の不動産管理事業は、賃貸不動産オーナーの安定した賃貸経営のサポートとして、入居者管理、ビルメンテナンス、売買仲介、賃貸仲介及びリフォーム工事などの不動産賃貸経営に必要なサービスを提供している。

入居者に長期に亘って居住してもらうことが、オーナーの収益の最大化につながることから、「入居率120%(20%の空室待ちが発生し、家賃が安定する状況)」を目指している。

同社の不動産賃貸事業は、賃貸管理事業で得たノウハウを活かし、比較的築年齢が古い物件でも改修工事や設備の入替を実施することで高水準の入居率を確保している。

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