Company Research and Analysis Report
FISCO Ltd.
http://www.fisco.co.jp

Pressance Corporation 伪伪Focus on Industry-Leading Earning Capability andCo., Ltd.
Growth Potential
3254 Tokyo Stock Exchange First
Section

22-Jun.-16

Important disclosuresand disclaimers appear
at the end of this document.
FISCO Ltd. Analyst
Hideo Kakuta

Pressance Corporation <3254> is an independent developer of family and studio condominiums
that handles planning, development, and sales. It is the biggest supplier in the Kinki region andTokai-Chukyo regions. The company offers the Pressance Series of condominiums, conveniently
located less than 10 minutes’ walk from central railway stations and using a proprietary designand development. Another strength is a highly motivated sales force, which is why so few of thecompany’s units typically remain unsold. Pressance has grown steadily since its establishment in1997. It listed on the Second Section of the Tokyo Stock Exchange in 2007. Having suffered little
from the Lehman Brothers bankruptcy, the company listed on the First Section of that stock market
in 2013.
Pressance reached all-time highs in net sales and profits in FY3/16 with a sixth straight year of sales
and profit increases. Net sales climbed 20.3% YoY to ¥78,990mn, and operating income rose 14.6%
to ¥14,057mn. Studio condominiums delivered the strongest growth among the company’s businesssegments and led the overall sales advance. In its FY3/17 forecast, Pressance targets ¥100,839mn
in net sales (up 27.7% YoY), moving above ¥100,000mn for the first time, and ¥15,466mn inoperating income (up 10.0%), a new record high. Due to the nature of its business, Pressance has
already obtained orders (contract concluded, pre-transfer) for many of the properties it intends to sellin FY3/17 with orders valued at 65.3% of the overall sales target at the start of the term.
Acquisition of land is a key point in the growth strategy. Pressance owns considerably more realestate for sale in progress than other condominium firms and is prepared for future business.
If converted into condominium numbers, acquired land assets work out to three years’ worth ofbusiness in family and studio condominiums and about five times in entire buildings (vs. about 400
units sold in FY3/16) based on FY3/16’s transfer results.
The stock’s inclusion in the JPX-Nikkei Index 400 in August 2015 testifies to the company’s top-level
ROE for the condominium industry and solid financial position. For FY3/16, Pressance paid annual
dividends of ¥60 per share (term-end), up ¥10 YoY, and this works out to a 9.8% dividend payout
ratio. Management guides for annual dividends of ¥70 (¥35 in 1H, ¥35 in 2H) for FY3/17. It aims toincrease shareholder return opportunities through introduction of an interim dividend.

伪伪Check Point• Posted higher net sales and profits for six straight years, possesses a solid financial base
• Steadily buys land ahead of time and is the industry leader for sale in progress• Increasing large developments and high-end condominiums, thereby accelerating
expansion of the brand series

We encourage readers to review our complete legal statement on “Disclaimer” page.
1

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Pressance Corporation
Co., Ltd.

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3254 Tokyo Stock Exchange First
Section㻢㻜㻘㻜㻜㻜

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Important disclosuresand disclaimers appear
at the end of this document.
FISCO Ltd. Analyst
Hideo Kakuta

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伪伪Business Overview
Family condominiums sales are a mainstay for the company,
which markets its brand in highly attractive locations
Family condominiums are a mainstay for Pressance, accounting for 56.8% of net sales. The
company offers condominiums under Pressance Loger and other brands. The units range from 50
to 100 square meters and are located within 10 minutes’ walk of major railway stations in locations
with pleasant environments. Subsidiary Pressance Jyuhan Co., Ltd., oversees sales. The next
biggest segment is sales of studio condominiums, which has been a core business since foundation,
representing 27.8% of net sales. The company offers these condominiums under the Pressancebrand. The units range from 20 to 50 square meters and are conveniently located within five minutes’
walk of major railway stations. Since these studio condominiums are bought for the purpose of
asset management, the company is mainly targeting high-income, high-net-worth individuals. The
entire building sales business entails wholesale selling of Pressance-developed condominiums. Thisbusiness accounts for 6.2% of net sales. Other businesses include rentals of Pressance-developed
properties, constituting 4.1% of net sales. In 2015, the company supplied 2,512 units nationwide.
This included 1,669 units in the Kinki region, accounting for the vast majority, 695 in the TokaiChukyo regions, and 148 in other regions.
Business Breakdown in FY3/16
Business segments

Real estate sales
business

Other businesses

Business description
Family condominium sales
Studio condominium sales
Entire building sales
Other real estate sales
Other housing sales
Peripheral businesses
Rental of company’s
properties, etc.

Total
Source: Earnings release

Sales volume(number of units)
1,429
1,366
401
44
-

Sales
(¥mn)
44,931
21,966
4,922
2,388
1,256
279

Sales composition
(%)
56.8%
27.8%
6.2%
3.0%
1.6%
0.3%

-

3,244

4.1%

3,240

78,990100.0%

We encourage readers to review our complete legal statement on “Disclaimer” page.
2

伪伪Results Trends
Posted all-time high net sales and profits and possesses asolid financial base

Pressance Corporation
Co., Ltd.
3254 Tokyo Stock Exchange First
Section

22-Jun.-16

Important disclosuresand disclaimers appear
at the end of this document.
FISCO Ltd. Analyst
Hideo Kakuta(1) Results trends in FY3/16
Pressance posted ¥78,990mn in net sales (up 20.3% YoY), ¥14,057mn in operating income (up14.6%), ¥13,798mn in ordinary income (up 14.4%), and ¥9,194mn in net income attributable toowners of the parent (up 18.5%) in FY3/16. Both net sales and profits exceeded previous-year levels.
The main driver was stronger sales of family and studio condominiums in the three major metropolitan
areas (particularly the Kinki area) in the real estate sales business. Studio condominiums delivered
the strongest growth among the company’s business segments and led the overall sales advance.
While cost of sales ratio and SG&A expenses ratios rose slightly from the previous year, the positiveeffect from increased sales outweighed these impacts and profits improved to all-time highs.
Business Result for FY3/16
FY3/15Results
Composition
(¥mn)
(%)
65,641100.0
45,90369.9
19,737
30.1
7,475
11.4
12,262
18.7
12,065
18.4

Results(¥mn)
78,99055,611
23,3799,321
14,057
13,798

FY3/16Composition
(%)
100.0
70.4
29.6
11.8
17.8
17.5

11.8

9,194

11.6

Net sales
Cost of sales
Gross profit
SG&A expenses
Operating income
Ordinary income
Net income attributable to owners of
7,758
the parent
Source: Earnings release, company materials

YoY (%)
20.3
21.1
18.4
24.6
14.6
14.4
18.5

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We encourage readers to review our complete legal statement on “Disclaimer” page.
3

■■Results Trends(2) FY3/17 forecast

Pressance Corporation
Co., Ltd.
3254 Tokyo Stock Exchange First
SectionPressance forecasts ¥100,839mn in net sales (up 27.7% YoY), ¥15,466mn in operating income(up 10.0%), ¥15,089mn in ordinary income (up 9.4%), and ¥10,327mn in net income attributable toowners of the parent (up 12.3%) in FY3/17. The company expects net sales to surpass ¥100,000mn
for the first time and post new highs in profits. Final-buyer interest in purchasing and investing incondominiums has risen owing to a macro tailwind as many financial institutions lowered home loaninterest rates under the negative interest rate policy. Pressance expects segment trends to be largely
unchanged with significant sales of family condominiums and strong growth in studio condominiums
and entire buildings. Due to the nature of its business, Pressance has already obtained orders formany of the properties it intends to sell in FY3/17 with orders value at 65.3% of the overall sales
target at the start of the term. We do not expect a major deviation from FY3/17 sales forecast because
Pressance ties its outlook to individual properties.
FY3/17 Consolidated Results Forecast

22-Jun.-16

Important disclosuresand disclaimers appear
at the end of this document.
FISCO Ltd. Analyst
Hideo Kakuta

FY3/16 full-year results
Results(¥mn)
Net sales
Operating income
Ordinary income
Net income
attributable to ownersof the parent
Source: Earnings release

Composition(%)

78,99014,057
13,798

100.0
17.8
17.5

9,194

11.6

FY3/17 forecast
Full-year
Composition
2Q forecast
forecast
YoY (%)
(%)
(¥mn)
(¥mn)
100,839100.0
27.7
61,22815,46615.3
10.0
11,15815,08915.0
9.4
10,996
10,327

10.2

12.3

7,525

YoY (%)
-1.8
-21.5
-22.3
-20.2

(3) Financial position
Total assets stood at ¥124,277mn at the end of March 2016, up ¥22,728mn from the end of FY3/15.
This was due largely to a ¥19,521mn increase in real estate for sale on progress. Real estate forsale, meanwhile, was ¥4,173mn, up ¥1,571mn, demonstrating the company’s ability to minimize
unsold condominium numbers.
Total liabilities were ¥73,953mn, up ¥17,036mn compared to the end of FY3/15. The main increasewas ¥23,512mn rise in non-current liabilities, largely caused by an increase in long-term loans. The
primary decline item was current liabilities with a ¥6,476mn decrease.
The company does not face any financial issues, in our view, with the current ratio at 531.7%, up from
328.3% a year earlier, and the equity ratio at 40.4%, down from 43.9% at the end of March 2016.
We have a positive view of Pressance’s ability to maintain stability while actively utilizing leverage.
Consolidated Balance Sheet and Management Indicators

Current assets(Cash and deposits)(Real estate for sale)(Real estate for sale in progress)
Non-current assets
Total assets
Current liabilities
Non-current liabilities
Total liabilities
Total net assets
Total liabilities and net assets<Stability>
Current ratio (current assets ÷ current liabilities)
Equity ratio (equity ÷ total assets)
Source: Earnings release

FY3/15
94,07020,942
2,602
68,854
7,478
101,549
28,64728,26956,91644,632
101,549

FY3/16
117,887
22,887
4,173
88,376
6,390
124,277
22,171
51,781
73,95350,324
124,277(unit: ¥mn)
Change23,817
1,945
1,571
19,521-1,08822,728-6,476
23,512
17,036
5,692
22,728328.3%
43.9%

531.7%
40.4%-

We encourage readers to review our complete legal statement on “Disclaimer” page.
4

伪伪Growth Strategy
Making healthy progress with advance purchases of land,
accelerating large developments and expansion of the brandseriesPressance Corporation
Co., Ltd.
3254 Tokyo Stock Exchange First
Section

22-Jun.-16

Important disclosuresand disclaimers appear
at the end of this document.
FISCO Ltd. Analyst
Hideo Kakuta(1) Medium-to long-term earnings targets
Pressance does not disclose specific numerical targets, as it does not have a policy of formulating
medium- and long-term targets because it wishes to be able to respond flexibly to changes in thebusiness climate. That said, we think that the company looks to boost operating income by just over
10% (double digits) annually on average in the absence of extraordinary factors that might cloud theoperating environment. Such a target seems realistic given that operating income grew an average
14.0% in the eight years from FY3/08 through FY3/16. It is worth noting that the Lehman Brothers
bankruptcy and the Great East Japan Earthquake occurred during that time, so the period was notparticularly favorable for condominium developers.
(2) Benchmarks for real estate for sale in progress and real estate for sale
Securing land is vital for a condominium developer, so currently rising prices in suitable properties
in the Tokyo region are a concern. Pressance actively took on loans backed by its ample internal
reserves to make forward acquisitions of land in the Kinki region for condominiums. At the end of
March 2016, real estate for sale in progress was ¥88,376mn, while real estate for sale was ¥4,173mn.
These levels as ratios to FY3/16 net sales were 112% in real estate for sale in progress and 5% inreal estate for sales. Pressance ranks first among the 16 major listed condominium developers in
the ratio of real estate for sale in progress, and we think this indicates that the company is most
prepared for future business. It belongs to the lowest group among the 16 major firms in the ratio ofreal estate for sales (on par with Mitsubishi Estate (8802) and Takara Leben (8897). We believe thesmall inventory of finished units attests to Pressance’s robust sales and product capabilities.

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Source: Earnings releases; compiled by FISCO Ltd. from the latest full-year financial statements of major listedcompanies supplying condominiums Note 1: Amount obtained by dividing the term-end value of real estate for sale in progress from current assets(including development real estate and unfinished project spending) (%)
Note 2: Amount obtained by dividing the term-end value of real estate for sale from current assets (%)

If converted into condominium numbers, acquired land assets at the end of March 2016 represented
4,881 family condominiums, 5,083 studio condominiums, and sales of 2,273 units in entire buildings.
Based on FY3/16’s transfer results, acquired land assets work out to roughly three years’ worth infamily and studio condominiums and about five times in entire buildings (vs. about 400 units sold in
FY3/16). The key enablers for such extensive land purchases are the company’s solid financials andinformation access. Pressance’s other strengths include it continuing to acquire land even during theLehman Brothers bankruptcy and its swift assessments and responsiveness, enabling the company
to benefit from securing primary information from local realtors.

We encourage readers to review our complete legal statement on “Disclaimer” page.
5

■■Growth Strategy(3) Expansion of the Pressance brand series

Pressance Corporation
Co., Ltd.

The brand series mainly consists of Pressance studio condominiums and Pressance Loger family
condominiums at this point. However, management plans to accelerate expansion of the brandseries with a rise in large developments under Pressance Legend and high-grade condominiums
under Pressance Grand. Key projects in the Legend series are Pressance Legend Biwako (497units, to be completed in FY3/18) and Pressance Legend Sakaisuji-Honmachi Tower (337 units, tobe completed in FY3/18). The Grand series includes Pressance Grand Marunouchi (117 units, to becompleted in FY3/18), and the company intends to sell plans priced at over ¥100mn too.

3254 Tokyo Stock Exchange First
Section

Expansion of the Pressance Brand Series

22-Jun.-16

Important disclosuresand disclaimers appear
at the end of this document.
FISCO Ltd. Analyst
Hideo Kakuta(4) Hotel business initiatives
Rises in the number of inbound tourists have created severe shortages of hotels, including in the
Kinki region. Management accordingly decided to repurpose acquired land near key railway stations
in Osaka and Kyoto that could generate higher earnings as hotels. Five properties are already on
track for completions (two in Osaka and one in Kyoto in FY3/18 and two in Osaka in FY3/19). The
company plans to sell four of these properties to hotel operators, but it also looks to own and run
one such facility.

伪伪ROE
Top-level business efficiency among condominium developers
Pressance had 19.4% ROE in FY3/16. This is a top level in recent financial results for the 16 major
listing condominium developers and confirms the company’s high business efficiency. Pressancestresses growth in operating income as a business indicator and steadily generates operating income
by making advance investments that utilize leverage. We expect the company to sustain high ROE,
and its stock was added to the JPX-Nikkei Index 400 in August 2015

We encourage readers to review our complete legal statement on “Disclaimer” page.
6

■■ROE㻾㻻㻱（㻑㻕3254 Tokyo Stock Exchange First
Section

22-Jun.-16

FISCO Ltd. Analyst
Hideo Kakuta㻡㻯㼛㼟㼙㼛㼟㻌㻵㼚㼕㼠㼕㼍㻼㼞㼑㼟㼟㼍㼚㼏㼑㻌㻯㼛㼞㼜㼛㼞㼍㼠㼕㼛㼚㼀㼍㼗㼍㼞㼍㻌㻸㼑㼎㼑㼚㻭㼚㼍㼎㼡㼗㼕㻌㻷㼛㼟㼍㼚㻺㼛㼙㼡㼞㼍㻌㻾㼑㼍㼘㻌㻱㼟㼠㼍㼠㼑㻌㻰㼑㼢㼑㼘㼛㼜㼙㼑㼚㼠㻿㼡㼙㼕㼠㼛㼙㼛㻌㻾㼑㼍㼘㼠㼥㻌㻒㻌㻰㼑㼢㼑㼘㼛㼜㼙㼑㼚㼠㻵㼕㼐㼍㻌㻳㼞㼛㼡㼜㻌㻴㼛㼘㼐㼕㼚㼓㼟㻰㼍㼕㼣㼍㻌㻴㼛㼡㼟㼑㻌㻵㼚㼐㼡㼟㼠㼞㼥㻴㼛㼛㼟㼕㼑㼞㻌㻴㼛㼘㼐㼕㼚㼓㼟㻰㼍㼕㼗㼥㼛
㼃㼍㼐㼍㻌㻷㼛㼡㼟㼍㼚㼀㼛㼗㼥㼡㻌㻲㼡㼐㼛㼟㼍㼚㻌㻴㼛㼘㼐㼕㼚㼓㼟㻺㼕㼔㼛㼚㻌㻱㼟㼘㼑㼍㼐㻹㼕㼠㼟㼡㼕㻌㻲㼡㼐㼛㼟㼍㼚㻹㼕㼠㼟㼡㼎㼕㼟㼔㼕㻌㻱㼟㼠㼍㼠㼑㼀㼛㼗㼥㼛㻌㼀㼍㼠㼑㼙㼛㼚㼛Pressance Corporation
Co., Ltd.

Important disclosuresand disclaimers appear
at the end of this document.

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Source: Earnings releases; compiled by FISCO Ltd. from the latest full-year financial statements of major listedcompanies supplying condominiums 伪伪Shareholder Returns
Targeting a hike in annual dividends to ¥70 in FY3/17, also
introducing an interim dividend
Pressance emphasizes securing internal reserves to drive future business development whileproviding appropriate shareholder returns. For FY3/16, it paid annual dividends of ¥60 per share, up¥10 YoY, and this works out to a 9.8% dividend payout ratio. Management forecasts annual dividendsof ¥70 (¥35 in 1H, ¥35 in 2H) and a 10% dividend payout ratio for FY3/17. It aims to increase
shareholder return opportunities through introduction of an interim dividend.
The company offers shareholder benefits in the form of JTB Nice Gift of around ¥5,000 in value foreach shareholder holding 100 or more shares at the end of the financial year (March 31).

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We encourage readers to review our complete legal statement on “Disclaimer” page.
7

伪伪Company Overview
Solid sales capabilities mean a minimal inventory of unsold
units, enabling the company to quickly recoup its investments

Pressance Corporation
Co., Ltd.
3254 Tokyo Stock Exchange First
Section

22-Jun.-16

Important disclosuresand disclaimers appear
at the end of this document.
FISCO Ltd. Analyst
Hideo Kakuta(1) History
Pressance’s predecessor was Nikkei Prestige Co., Ltd., which was established in Osaka in October
1997 to sell studio condominiums. The company was renamed Pressance Corporation in April 2002.
It diversified into peripheral areas early on. It began offering building management and insurance
agency services in 1998. It started selling family condominiums and offering real estate rental
management services in 1999. Early in the previous decade, Pressance began developing properties
itself, extending sales to the Tokai and Kanto regions. The company started brokerage and mediationfor existing condominiums in 2008. It established subsidiaries in 2014 to enter the construction andrent guarantee businesses. Although the real estate industry suffered greatly from September 2008
in the aftermath of the Lehman Brothers bankruptcy, the company maintained its performance,
becoming a solid player just behind the leading pack in the condominium business. Pressance listedon the Second Section of the Tokyo Stock Exchange in 2007 and on the First Section in 2013.
Major Events
Oct. 1997
Oct. 1997
Nov. 1998
Dec. 1998

Established Nikkei Prestige Co., Ltd.
Obtained real estate broker license from the Governor of Osaka
Sold Pressance Namba Higashi, the first building carrying the company’s brandFounded Pressance Community Co., Ltd. (now Pacific Co., Ltd.), to offer building management
and insurance agency services
Jun. 1999 Created Nikkei Assist Co., Ltd. (now Pressance Jyuhan Co., Ltd.), to sell family condominiums
June 1999 Stared offering real estate management services
July 2000
Sold Pressance Shinsaibashi EAST, the first property that the company had itself developed
Apr. 2002 Renamed Pressance Corporation
May 2003 Sold Pressance Nagoya-jo Mae, the first property that the company developed itself in the Tokai
regionFeb. 2005 Opened the Nagoya Sales Center
July 2005
Elevated Nagoya Sales Center to branch status
Dec. 2007 Listed on the Second Section of the Tokyo Stock ExchangeAug. 2008 Established Room Pro Co., Ltd. (now Pressance Realta Co., Ltd.), to sell and broker existing
condominiums
Dec. 2008 Opened a Tokyo branchOct. 2013 Listed on the First Section of the Tokyo Stock Exchange
Apr. 2014 Acquired a stake in construction firm Tryst Co., Ltd., making it a subsidiary
Aug. 2014 Set up Pressance Guarantee Co., Ltd., to offer rent guarantee services
Aug. 2015 Established Pressance Real Estate Co., Ltd., as a real estate solutions consultancy
Source: Annual securities report and other materials(2) Condominium Market Trends
A total of 78,089 condominiums went on the market in major cities around Japan in 2015, down
6.1% YoY. In the company’s key Kinki region, 18,930 units were offered, up 0.6% YoY. The average
condominium price nationwide was ¥46.18mn, up 7.2% YoY, which was the highest level since pricesurveys began in 1973. Unit prices continued trending upward, jumping 9.1% in metropolitan Tokyoand rising 3.9% in the Kinki region. Excessive increases in Tokyo are a concern for the health of themarket.
Condominium Unit Sales and Price Trends
Number of condominiums sold
2014
2015
YoY
(units)(units)(%)
Metropolitan Tokyo
44,91340,449-9.9
Kinki region
18,814
18,930
0.6
Other regions
19,47818,710-3.9
Nationwide
83,20578,089-6.1
Source: Real Estate Economic Institute materials, FISCO Ltd.

Condominium price
2014
2015
(¥10,000)(¥10,000)
5,060
5,518
3,647
3,788
3,204
3,512
4,306
4,618

YoY
(%)

9.1
3.9
9.6
7.2

We encourage readers to review our complete legal statement on “Disclaimer” page.
8

■■Company Overview(3) Competitive Position

Pressance Corporation
Co., Ltd.
3254 Tokyo Stock Exchange First
Section

22-Jun.-16

Important disclosuresand disclaimers appear
at the end of this document.
FISCO Ltd. Analyst
Hideo Kakuta

Pressance is a leading condominium supplier in the market. In the Kinki region, it ranked first for thesixth straight year in 2015 in that respect. It was first for four consecutive years through 2015 in the
Tokai and Chukyo regions. The company rose to sixth place nationwide that year, an improvementcompared to 2014. It climbed up the rankings for two key reasons. One is that it has been able toacquire land because it has built solid trust with local real estate agents in the Kinki, Tokai, andChukyo regions. Another is that it has been able to supply condominiums that match customer needs
at appropriate prices. It is worth noting that Pressance family condominiums have an average unit
price of ¥31.2mn, against a national market average of ¥46.1mn and an average of ¥37.8mn in the
Kinki region.
Condominium Supply Rankings in 2015 by Region
Rank
Rankings in Kinki region
1
Pressance Corporation
2
Nihon Eslead
3
Sumitomo Realty & Development4
Nomura Real Estate Development
5
Wada Kousan
6
Kintetsu Real Estate
7
Nissho Estem
8
Tokyu Land
9
Mitsubishi Jisho Residence
10 Hankyu Realty

Number of units supplied
1,669
1,377
915
856
838
775
709
659
610
595

Rank
Rankings in Tokai and Chukyo regions
1
Pressance Corporation
2
Nomura Real Estate Development
3
Daiwa House Industry
4
Daikyo5
Yahagi Jisyo
6
Marimo7
Takara Kotsu
8
Mitsui Fudosan Residential
9
Shizuoka Railway
10 Toray Construction

Number of units supplied
695
374
342
298
287
286
234
201
181
163

Rank
Nationwide rankings
1
Sumitomo Realty & Development2
Nomura Real Estate Development3
Mitsui Fudosan Residential
4
Mitsubishi Jisho Residence
5
Daiwa House Industry
6
Pressance Corporation
7
Tokyu Land
8
Tokyo Tatemono
9
Daikyo10 Takara Leben
Source: Real Estate Economic Institute Co., Ltd.’s materials

Number of units supplied
5,398
4,556
4,308
4,005
2,770
2,512
1,838
1,501
1,440
1,399

(4) Strengths and Edge
Pressance started out by selling studio condominiums, and the solid clout of its sales department
underpins the company. It fosters internal competition and boosts salesperson morale throughout the
department to focus on selling each property within certain timeframes. One factor enhancing thecompany’s marketing strength is its expert, careful attention to specifications and other details to sell
only its own developed and branded condominiums. A minimal inventory of unsold condominiums
enables Pressance to recoup its investments quickly, contributing to a virtuous financial cycle.
Pressance is outstanding in its industry by two key measures as of FY3/16. One is the equity
ratio, a measure of safeness, at 40.4% at the end of that term. The other is the recurring profit
margin, a measure of profitability, which was 17.5%. Pressance’s inclusion in the JPX-Nikkei Index
400 in August 2015 attests to the company’s financial strength. Such solidity makes the company
confident about buying land and gives it an edge in negotiating with financial institutions and generalcontractors. Management focuses on maintaining asset values over the long term, which is why it
requires properties to be located no more than 10 minutes’ walk from major railway stations. The
company is well versed in developing condominiums offering high cost performance by providing
attractive features at reasonable prices due to use of proprietary design and development.

We encourage readers to review our complete legal statement on “Disclaimer” page.
9

■■Company Overview

Pressance’s Strengths and Edge

(1) Sales

Pressance Corporation
Co., Ltd.
3254 Tokyo Stock Exchange First
Section

22-Jun.-16• Proprietary centralized sales
methodology• Markets only one brand• Minimal unsold inventory(4) Products• Reasonable prices• High cost performance• In-house planning and development(2) Financials• Healthy financial position• Negotiating clout with generalcontractors• Favorable borrowing terms frombanks(3) Locations• Kinki region and Tokai-Chukyo
regions• Urban focus• Proactive land purchasing

Important disclosuresand disclaimers appear
at the end of this document.
FISCO Ltd. Analyst
Hideo Kakuta

We encourage readers to review our complete legal statement on “Disclaimer” page.
10

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