COMPANY RESEARCH AND ANALYSIS REPORTFJ Next Co., Ltd.
The company name was changed to FJ NEXT HOLDINGS CO., LTD. on October 1, 2021.

8935
Tokyo Stock Exchange First Section

6-Oct.-2021
FISCO Ltd. Analyst

Ikuo Shibata

FISCO Ltd.
https://www.fisco.co.jp

COMPANY RESEARCH AND ANALYSIS REPORTFISCO Ltd.
https://www.fisco.co.jp

FJ Next Co., Ltd.
8935 Tokyo Stock Exchange First Section

6-Oct.-2021
https://www.fjnext.com/en/ir/index.html■ Index■Summary---------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 01
1. Company profile.. ................................... ......................................................................................................

01

2. Summary of the FY3/21 results....................................................................................................................

01

3. FY3/22 forecasts. . .................................. ......................................................................................................

02

4. Growth strategy...........................................................................................................................................

02■Company profile---------------------------------------------------------------------------------------------------------------------------------------------------------- 03
1. Business overview................................. ......................................................................................................

03

2. History................................................... ......................................................................................................

04■Characteristics of the Company------------------------------------------------------------------------------------------------------------------ 05
1. Growth model........................................ ......................................................................................................

05

2. An overview of asset management-type condominiums and their future development potential. ................

05

3. The Company’s features (competitive advantages). .....................................................................................

06■Industry environment--------------------------------------------------------------------------------------------------------------------------------------------- 09
1. Sales environment.. ......................................................................................................................................

09

2. The purchase and development environment..............................................................................................

09

3. Competitive environment.............................................................................................................................

09■Results trends--------------------------------------------------------------------------------------------------------------------------------------------------------------- 10
1. Trends in past results............................. ......................................................................................................

10

2. Summary of the FY3/21 results....................................................................................................................

12

3. FY3/22 forecasts. . ........................................................................................................................................

14■Growth strategy----------------------------------------------------------------------------------------------------------------------------------------------------------- 15■CSR and information security measures--------------------------------------------------------------------------------------------- 16■Shareholder returns and share price valuation----------------------------------------------------------------------------- 17

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COMPANY RESEARCH AND ANALYSIS REPORTFISCO Ltd.
https://www.fisco.co.jp

FJ Next Co., Ltd.
8935 Tokyo Stock Exchange First Section

6-Oct.-2021
https://www.fjnext.com/en/ir/index.html█ SummaryDevelops asset management-type condominiums under the Galabrand. Results declined temporarily in FY3/21 due to the impactof the coronavirus pandemic, but there has been no change to thefavorable external environment and expects higher sales and profits
in FY3/22
1. Company profile
FJ Next Co., Ltd. <8935> (hereafter, also “the Company”) conducts its mainstay business of the development andsales of the Gala Condominium series, which are asset management-type condominiums located mainly in thecenter of Tokyo, and the Gala Residence series, which are condominiums for families. It also conducts a real estate
management business, primarily for the properties that it has sold. It secures high occupancy rates through planningand development that are based on the residents’ perspectives, such as for design features, safety, and comfort.
In this way, it has increased the value of the Gala brand and boasts the leading sales performance in the Tokyo
metropolitan area. The Company’s results have been steadily expanding because demand is strong from individuals
who feel concerns about the future, such as about receiving a pension, and also who are facing new problems,such as planning a response to inheritance tax. Although the Company’s FY3/21 performance temporarily declined
due to being affected by the impact of the coronavirus pandemic (including exercise of self-restraint in some sales
activities), fundamentally there have been no changes in regard to the external environment that is providing a tailwind(such as residents’ needs and the financial environment), so it is aiming for sustainable growth in the future also.
2. Summary of the FY3/21 results
In the FY3/21 results, net sales declined 14.0% year on year (YoY) to ¥72,988mn and operating income decreased
29.4% to ¥7,351mn due to the impact of the coronavirus pandemic, and the results were below the record-highresults achieved in the previous period. However, it can be said that the Company could maintain results at a highlevel even during the coronavirus pandemic. The main reason why the results were below those in the previous
period was that because of the coronavirus pandemic, the number of condominium units sold in the real estatedevelopment business decreased to 2,013 units (down 542 units YoY). In particular, results were impacted by the
decline in the 1Q due to the temporary self-restraint on sales activities following the first declaration of a state of
emergency. But from the 2Q onwards, the results recovered to the same level as in the previous period, mainly
sales of newly built condominiums, and it seems that even during the coronavirus pandemic, there has been no
fundamental change in demand for asset management-type condominiums. On the other hand, in the real estate
management business, which is a source of stable earnings, results steadily grew due to the rise in the number ofmanaged rental units. Results were also strong in the construction business. Although the Japanese inn business
was partially impacted by the coronavirus pandemic, the Company was able to reduce the extent of its impact tothe minimum, due to effects such as the Go To Travel campaign.

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COMPANY RESEARCH AND ANALYSIS REPORTFISCO Ltd.
https://www.fisco.co.jp

FJ Next Co., Ltd.
8935 Tokyo Stock Exchange First Section

6-Oct.-2021
https://www.fjnext.com/en/ir/index.html

Summary

3. FY3/22 forecasts
For the FY3/22 results, the Company is forecasting higher sales and profits, with net sales to increase 11.0% YoY
to ¥81,000mn and operating income to rise 8.8% to ¥8,000mn. The impact of the coronavirus pandemic in the
future remains unclear, and in this situation, it anticipates that results will not completely return to the level seen
before the coronavirus pandemic. Based on this, the outlook is that the recovery to a certain extent of the real estatedevelopment business will contribute to the increase in sales. The number of units sold is forecast to be 2,400 units(up 387 units YoY). In profits also, while an increase in profits will be realized through the higher sales, the forecast
operating income margin is conservative at 9.9% (10.1% in the previous period). For the dividend, alongside thehigher profits, the Company plans to increase the dividend per share by ¥4 YoY to ¥48 (interim ¥24, period-end ¥24).
4. Growth strategy
The Company’s policy is to realize sustainable growth by playing a socially significant role through its asset management-type condominium business, including by providing high-quality housing in the city center areas into which
the population is regressing, and providing opportunities for long-term asset management, mainly for general office
workers. Recently, there has been a trend for major developers to enter the asset management-type condominium
market, and this can be said to be evidence of the fact that this market is recognized to be attractive. Real estate
for rent under the coronavirus pandemic is generally stable and demand for asset management-type condominiums
has been confirmed to be strong. It seems important for the Company to continue with activities that will link its
own growth to the development of the market as a whole through conducting sales with an eye to the future, suchas utilizing content marketing (a membership base of around 200,000 people).
Key Points
Due to the impact of the coronavirus pandemic, the FY3/21 results were below the record-high results achievedin the previous period, but continued to be maintained at a high level• Results were impacted by the decline in the 1Q due to the self-restraint on sales activities following thedeclaration of a state of emergency. But from the 2Q onwards, results recovered to the same level as in theprevious period, and there has been no change to demand for asset management-type condominiums evenduring the coronavirus pandemic• For FY3/22, the Company is forecasting higher sales and profits due to the recovery to a certain extent of thenumber of condominium units sold
• Going forward, the strategy is to link its own sustainable growth to the development of the market as a whole,as a leading company•

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COMPANY RESEARCH AND ANALYSIS REPORTFISCO Ltd.
https://www.fisco.co.jp

FJ Next Co., Ltd.
8935 Tokyo Stock Exchange First Section

6-Oct.-2021
https://www.fjnext.com/en/ir/index.html

Summary

Results trends
Net sales (left)(¥mn)
100,000

Ordinary income (right)(¥mn)
12,50010,087

10,32380,00010,000
8,103
7,334

7,226

8,000

60,0007,500

81,51640,00061,416

84,84072,98867,00881,00020,000

5,000

2,500

0

0
FY3/17

FY3/18

FY3/19FY3/20FY3/21

FY3/22E

Source: Prepared by FISCO from the Company’s financial results█ Company profile
Focuses on an asset management-type condominium businessbased in central Tokyo
1. Business overview
The Company’s mainstay business is the development and sales of the Gala Condominium series, which are asset
management-type condominiums located mainly in the center of Tokyo, and the Gala Residence series, which arecondominiums for families. It also conducts a real estate management business, primarily of the properties that it has
sold. It has four business segments: the real estate development business, the real estate management business, theconstruction business, and the Japanese inn business. The mainstay real estate development business contributes
85.8% of net sales.
Business content by segments
Real estatedevelopment
business

The Company plans, develops, and conducts sub-lot sales of the studio-type condominium Gala Condominium series, which aremainly for asset management, and the family-type condominium Gala Residence series. It also conducts sub-lot sales, sales, anda brokerage business for land and properties in the Izu region. It is actively working to expand purchases and sales of previously
owned condominiums.

Real estate
managementbusiness

The Company mainly conducts a rental building management business of its sub-lot condominiums. It is conducted by theCompany’s consolidated subsidiary, FJ COMMUNITY CO., LTD.

Construction
business

It mainly conducts the design, construction, inspection, and renovation of condominiums and other buildings. It is conducted by theCompany’s consolidated subsidiary RESITEC CO., LTD.

Japanese inn
business

The Japanese inn business manages the Ito Yukitei and Ito Yukitei Kawana Bettei hot spring ryokans (Japanese inns) in Ito City,
Shizuoka Prefecture, the Gyokuhokan hot spring ryokan in Kawazu Town, Kamo District, Shizuoka Prefecture, and the Seiryuso
hot spring ryokan in Shimoda City, Shizuoka Prefecture. Operations are conducted by the Company’s consolidated subsidiary FJRESORT MANAGEMENT CO., LTD.

Source: Prepared by FISCO from the Company’s materials

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COMPANY RESEARCH AND ANALYSIS REPORTFISCO Ltd.
https://www.fisco.co.jp

FJ Next Co., Ltd.

6-Oct.-2021

8935 Tokyo Stock Exchange First Section

https://www.fjnext.com/en/ir/index.html

Company profile

Sales ratios by segment (FY3/21)
Construction
business
Real estate
8.6%
managementbusiness
4.3%

Japanese inn
business
1.4%

Real estatedevelopment
business
85.8%

Source: Prepared by FISCO from the Company’s financial results
2. History
Mr. Yukiharu Hida, the Company’s current Chairman has said that “We want to support customers’ asset management and increase the value of their real estate by creating high-quality living spaces that people will enjoy living
in, and by building a comprehensive asset management and management system in order to maintain asset value
over the long term,” while its management philosophy is “Contributing to the formation of an affluent society throughtaking on the challenge of creating urban living spaces.” Based on these philosophies, the Company was establishedin July 1980 as Fudo Juhan Co., Ltd.
In 1991, it changed its company name to FJ Next Co., Ltd. In 1994, it launched sales of the Gala Condominium
series, which is its own brand, and its results have steadily expanded against the backdrop of growth in demand
for rental properties and also the demand for purchases in the Tokyo metropolitan area. In particular, the Company’s
results have been supported by the improvement in the trust placed in and the awareness of the Gala brand, whichprioritizes profitability based on a calculation of a profit-return method.
When the Company was listed on JASDAQ in 2004, its credit and financial strength as a listed company, in addition
to its track record of supplying properties up to that time, gave it an advantage in sales and supply development,
which accelerated its growth. In 2005, it ranked first for the first time in the number of investment condominiums
supplied in the Tokyo metropolitan area (from research by the Real Estate Economic Institute Co., Ltd.). It was listedon the Second Section of the Tokyo Stock Exchange (TSE) in March 2007, and then upgraded to the First Section
in October 2013. Recently, in the primary determination of the status of conformance with the listing maintenancestandards in the TSE’s new market classifications, the Company was notified that it complies with the Prime Market
standards.
In the ranking of the number of investment condominiums supplied in the Tokyo metropolitan area (from researchby the Real Estate Economic Institute Co., Ltd.), the Company has maintained a top-class ranking (recent rankings
are No. 1 in 2019 and No. 2 in the first half of 2020) and has established a leading position within the industry.

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COMPANY RESEARCH AND ANALYSIS REPORTFISCO Ltd.
https://www.fisco.co.jp

FJ Next Co., Ltd.
8935 Tokyo Stock Exchange First Section

6-Oct.-2021
https://www.fjnext.com/en/ir/index.html

Company profile

The Company has announced that in October 2021, it will change its corporate name to FJ Next Holdings andtransition to a holding company structure. Alongside this, in June of the same year, it resolved to transfer the realestate development business to FJ Next Co., Ltd., which was established in April 2021.

█ Characteristics of the Company
Leveraging its position in the industry, its strengths are
creditworthiness, financial strength, and information volume
1. Growth model
The Company’s growth model is comprised of two growth drivers: expanding the asset management-type condominium market itself and maintaining and improving its market share. In other words, to understand its growthpotential, it is important to ascertain two aspects: whether asset management-type condominium market in theTokyo metropolitan area (particularly the city center) will develop, and how will the Company be able to demonstrate
its competitive advantages considering this development. In addition, a feature of the real estate managementbusiness, which is ancillary to the main business, is that it supports profits as a stock business that accumulates
income.
Moreover, recently, the Company has been active in areas such as the development and sale of family-type condominiums* and the handling of previously owned condominiums. Its main business is providing asset management-type condominiums on the assumption that they will be held for the long term. But business development into
fields utilizing the management resources it has cultivated up to the present time (including its financial base andinformation capabilities) can be expected to improve results while also reducing risk, and thereby have the effect ofadding depth to the profit structure (management stability).
*	The (cumulative) number of family-type condominiums supplied in the Gala Residence series has steadily increased to
1,791 units. Looking to the future also, it is currently progressing new projects including Gala Residence Kawasaki Premier(scheduled to be completed in March 2022) and Gala Residence Sagami Otsuka Ekimae (scheduled to be completed in
September 2022).

2. An overview of asset management-type condominiums and their future development potential
In order to judge the future development potential of asset management-type condominiums, it is necessary tounderstand their mechanism, product characteristics, and social significance.
(1) Mechanism
The objective for asset management-type condominiums is not for the purchaser (the owner) to live in them, but
to earn rental income by renting them to a third party. Therefore, the Company stably generates rental income,and thereby builds the trust of the owners, by securing high occupancy rates through the development ofcondominiums that ascertain the needs of residents, in addition to having good locations.

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COMPANY RESEARCH AND ANALYSIS REPORTFISCO Ltd.
https://www.fisco.co.jp

FJ Next Co., Ltd.
8935 Tokyo Stock Exchange First Section

6-Oct.-2021
https://www.fjnext.com/en/ir/index.html

Characteristics of the Company(2) The aim and merits for the owners
Following the increased awareness of its products, many owners in recent years have been general office workers,
and in most cases, they purchase with the aim of conducting asset management for the future. While securing
the funds for the purchase from a home loan, generally, the monthly repayments are within the range of rental
income and the owners’ plan is to complete the repayments by the time they retire. Therefore, in principle, they
can carry out asset management for the future from a long-term perspective without it affecting their daily lives.
Also, in addition to the fact that stable rental income plays the role of a private pension in old age, a feature isthat they have various other financial benefits, including replacing life insurance with a home loan set with groupcredit life insurance, responding to inheritance tax measures (reducing the inheritance tax assessment amount)and diversifying investments. In particular, in addition to the introduction of a negative interest rate policy andconcerns about receiving a pension in the future, the need for new measures to respond to inheritance tax (suchas the increase of taxable income due to the reduction in the basic exemption) has drawn attention to asset
management-type condominiums.
(3) Social significanceThe main customer group for asset management-type condominiums is general office workers, and the businesshas the social significance of providing opportunities for long-term asset management while offering high-quality
rental properties in city center areas into which the population is regressing. In the future also, it is forecast thatthe trends of an increase in the number of single-person households and the regression of the population to city
centers will continue. It considered that the importance of providing infrastructure to support single persons living
actively in city centers will increase more and more.
3. The Company’s features (competitive advantages)
The Company boasts the highest number of units sold in the Tokyo metropolitan area, and its competitive advantages
can be summarized as follows.
(1) Provides high-quality living environments based on a clear product concept
The Company is developing the asset management-type Gala Condominium series and the family-type condominium Gala Residence series as its own brands. It conducts planning and development from the perspectiveof residents, which has increased the value of the Gala brand, and this is demonstrated by its track record of
supplying properties and high occupancy rates up to the present time. In particular, the features of its mainstay,asset management-type Gala Condominium series are entrances with a dignified feeling, external appearancesfeaturing excellent designs, safety, and facilities specifications that emphasize comfort. The construction businessdivisions within the Group are responsible for construction inspections, which contributes to improving the qualityof properties sold. Gala Hills Shinjuku won the National Association of Living Industries’*1 4th Excellent ProjectAward*2 in 2014, and Gala Precious Kawasaki won the 7th Excellent Project Award in 2017. In addition, basedon the expertise that the Company has cultivated for asset management-type condominiums, the features of thefamily-type condominium Gala Residence series are easy traffic access, a surrounding environment that is rich inamenities and convenience, and advanced design features with high basic performance.
*1	This organization has 1,700 companies in Japan in the real estate industry, mainly consisting of mid-sized companies
but also including listed companies.
*2	W ith the aim to promote quality housing provision and development of living environments, etc., this award is bestowed
upon excellent projects, selected from among projects implemented by members of the National Association of Living
Industries, that excel in creativity to form good living environments through sociability, product planning, residential
performance and design, as well as harmony with the townscape, surrounding environment, etc.

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COMPANY RESEARCH AND ANALYSIS REPORTFISCO Ltd.
https://www.fisco.co.jp

FJ Next Co., Ltd.
8935 Tokyo Stock Exchange First Section

6-Oct.-2021
https://www.fjnext.com/en/ir/index.html

Characteristics of the Company

Gala Precious Kawasaki (a total of 273 units)

Source: The Company’s press release(2) Focuses on good locations and information capabilities
It goes without saying that the most important element in the evaluation of the asset value of rental housing is agood location. Therefore, whether a company is able to purchase land in good locations will greatly influence its
competitiveness. On the other hand, there is a tendency for location information to gather in companies with atrack record of results and financial strength, so there is an industry structure in which the strong become evenstronger. In the case of the Company, it has industry-leading sales results, strong brand power, and a stablefinancial base. It also has a competitive advantage in terms of information capabilities, and it is considered that
this is producing a virtuous circle, as it further improves its sales results (it has a record of providing a cumulative
total of more than 20,000 units up until now) and brand power, which in turn increases its information capabilities.
The Company specializes in areas in which the need for housing is high, particularly in central Tokyo, Yokohama,and Kawasaki. In addition, it provides housing in carefully selected locations; for example, more than 96% of its
properties are within 10 minutes of their nearest station.
Supply area of condominiums in the Gala brandSource: The Company’s results briefing materials

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COMPANY RESEARCH AND ANALYSIS REPORTFISCO Ltd.
https://www.fisco.co.jp

FJ Next Co., Ltd.
8935 Tokyo Stock Exchange First Section

6-Oct.-2021
https://www.fjnext.com/en/ir/index.html

Characteristics of the Company(3) High-level rental management expertise and extensive after-sales support
The Company aims to retain its occupancy rates by maintaining its asset value through real estate management ofproperties it sold and provision of services that are useful for the residents’ lives (concierge services). In addition,
it offers complete after-sales support, such as reviewing asset management plans and providing consultations
on selling properties, which earns it the strong trust of owners. Looking at the results for the number of managed
rental units, this number has grown steadily year by year alongside the results for the supply of its own-brandproperties, and by the end of FY3/21, it had increased to 17,080 units. On the other hand, the occupancy rates
have trended stably at extremely high levels, averaging approximately 99.0%* at the end of February 2021, due
to the Company’s strict selection of good locations and its accumulation of management expertise.
*	For your reference, the occupancy rate for J-REIT-owned properties is 96.4% (as of February 28, 2021; Source: The
Investment Trusts Association, Japan), so the Company’s occupancy rate is above this rate.

Since October 2020, the Company has been collaborating with Cookpad Inc., and for large-scale properties witha total of at least 100 units, they have started to introduce services that can respond to the new ways of living
during the coronavirus pandemic. These include installing delivery lockers that allow residents to have fresh goods
ordered via an app delivered to the common area of their condominium property.
Trend in occupancy rate and number of managed rental units

Source: The Company’s results briefing materials(4) Attributes of owners and residents
The most of owners are general office workers such as company employees or public servants, with approximately
89% in their 20s to 40s. Also, even though the locations of the properties are in the Tokyo metropolitan area, theowners live throughout the country, showing that their objective for their purchase is long-term asset management.
On the other hand, the residents are often company workers in their 20s to 30s living alone, and because theproperties have excellent locations, facilities, and specifications, there is strong demand for them as company
housing. They are also very popular among women thanks to their high-level security and kitchen and bathroom
facilities.

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COMPANY RESEARCH AND ANALYSIS REPORTFISCO Ltd.
https://www.fisco.co.jp

FJ Next Co., Ltd.
8935 Tokyo Stock Exchange First Section

6-Oct.-2021
https://www.fjnext.com/en/ir/index.html█ Industry environment
Investment condominiums in the Tokyo metropolitan area aretrending strongly, supported by the needs of individual investors
1. Sales environment
The number of investment condominiums supplied in the Tokyo metropolitan area steadily grew from the second
half of the 1990s to the first half of the 2000s. However, it subsequently trended downward as a succession ofbusinesses fell into bankruptcy and withdrawal due to soaring land prices and the economic crisis triggered by
the Lehman Brothers bankruptcy in 2008. But this decline bottomed out in 2010, and in the last few years, rental
demand in the Tokyo metropolitan area has been growing against the backdrop of the increase in the numberof single-person households and the regression of the population to the city center. Furthermore, in addition to
the continuing low interest rates and concerns about receiving a pension in the future, a new need has emerged
for measures to respond to inheritance tax (due to the reduction in the basic exemption, etc.). While the overall
condominium industry is headed towards an adjustment phase due to a rise in property prices, robust demand forpurchases from individuals has supported a strong performance. The background to this is considered to be that as
an asset management method for the future, purchasing an investment condominium can be expected to provide
tax benefits and an insurance function, while also offering a sense of security as a stable source of cash flow andan investment in a tangible asset when compared to other assets, such as stocks, investment trusts and bonds.
In the past, there were concerns about the impact on real estate investment loans as a whole (the possibility thatbanks would become more cautious) following the discovery of illegal loans by a regional bank. But no change has
been seen in their approach to financing investment studio-type condominiums that are in good locations and withhigh-asset-value, such as the Company’s properties. In this situation, it also seems that the Company’s track recordof supplying properties, its brand power, and the stability of its financial base are factors supporting purchasing
demand. This can be considered to demonstrate the reliability of the Company and its businesses model.
2. The purchase and development environment
On the other hand, in terms of purchases and development, as land purchase prices and construction costs remain
at high levels, it has become even more important to ascertain which sites will be profitable, and it is increasingly
likely that business results will be determined by the outcomes of land purchases. The Company utilizes its creditworthiness, financial strength, and abundant information capabilities, and has consistently emphasized profitability
in purchasing activities since its establishment.
3. Competitive environment
Its industry peers are mostly specialists in investment condominiums, and the industry structure is that there aremany companies that are comparatively small in scale. In this situation, the Company has constantly achieved
the leading sales results in the ranking of the number of investment condominium units supplied in the Tokyo
metropolitan area. Recently, there has been a movement toward entry by major developers that have an eye on themarket’s expansion.

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COMPANY RESEARCH AND ANALYSIS REPORTFISCO Ltd.
https://www.fisco.co.jp

FJ Next Co., Ltd.
8935 Tokyo Stock Exchange First Section

6-Oct.-2021
https://www.fjnext.com/en/ir/index.html█ Results trends
In FY3/21, results temporarily declined due to the impact of thecoronavirus pandemic. But there has been no fundamental change
to the favorable external environment and the Company is securing
the stability of its financial foundation at a high level
1. Trends in past results
On looking back on past results, we see that they have trended steadily as a whole, supported by growth in rental
demand and the demand for purchases of asset management-type condominiums in the Tokyo metropolitan area.
The results hit bottom in FY3/09 due to the effects of the economic recession following the Lehman Brothers
bankruptcy. But based on its policy of continuing to make purchases based on profitability rather than focusing only
on purchasing, and steadily advancing property development, the Company was able to ride out the recession witha comparatively small decline in contrast to the real estate industry as a whole, which suffered greatly. Subsequently,
its results expanded steadily alongside the economic recovery. In FY3/15, there was a temporary levelling off ofresults due to the timing of construction completion, but since FY3/16, its sales and profits have continued toincrease significantly, and net sales achieved record highs for five consecutive periods until FY3/20 (Sales declined
temporarily in FY3/21 due to the impact of the coronavirus pandemic). This shows that even though the Company
is now quite experienced as a company, it is still in a growth phase.
Financially, the interest-bearing debt balance has increased alongside the growth in the results, while the equity
ratio is also being maintained at a high level due to the accumulation of internal reserves, and there are no concerns
about the stability of its financial base.
The reasons why the Company was able to ride out the severe market environment that followed the economic crisis
triggered by the Lehman Brothers bankruptcy comparatively smoothly can be said to be as follows: the high asset
value of the Gala brand that prioritizes profitability based on a profit-return method, including by the strict selectionof good locations, and the stability of its financial base.

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COMPANY RESEARCH AND ANALYSIS REPORTFISCO Ltd.
https://www.fisco.co.jp

FJ Next Co., Ltd.
8935 Tokyo Stock Exchange First Section

6-Oct.-2021
https://www.fjnext.com/en/ir/index.html

Results trends

Trends in net sales and ordinary income
Net sales (left)

Ordinary income (right)
(¥mn)

(¥mn)

90,00012,00010,087

10,32375,00010,0008,103

60,000

7,334

7,226

6,614

8,000

5,902
45,0004,625

81,516

3,821

30,00015,00051,95531,15340,50067,00861,4166,000

84,84072,9884,000

40,1512,000

00
FY3/13 FY3/14 FY3/15 FY3/16 FY3/17 FY3/18 FY3/19 FY3/20 FY3/21

Source: Prepared by FISCO from the Company’s financial results

Trend in condominium unit sales
New builds(units)Pre-owned

3,000
2,200

2,500

2,555

2,071
2,016

2,000

2,013

1,656
907

1,500

1,332

1,581

1,501
871

702
1,000
500

954

1,109

FY3/16

FY3/17871

881

FY3/18

FY3/19

1,054

1,142

FY3/20FY3/210Source: Prepared by FISCO from the Company’s results briefing materials

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COMPANY RESEARCH AND ANALYSIS REPORTFISCO Ltd.
https://www.fisco.co.jp

FJ Next Co., Ltd.

6-Oct.-2021

8935 Tokyo Stock Exchange First Section

https://www.fjnext.com/en/ir/index.html

Results trends

Trends in interest-bearing debt and the equity ratio
Long-term loans payable (left)
Equity ratio (right)(¥mn)
30,000

62.0%

64.1%

62.5%

61.1%

61.1%

Short-term loans payable (left)

62.0%

61.8%

25,000

63.8%
58.0%

60.0%

20,00048.0%
17,15415,000

3,800
3,500

10,000
5,000

72.0%

7,392
36.0%

6,992
24.0%

5,747
2,781
3,332

2,926
3,907

0

6,517
2,920

10,0406,100

11,73013,423
9,230

9,003

12.0%
0.0%

FY3/13 FY3/14 FY3/15 FY3/16 FY3/17 FY3/18 FY3/19 FY3/20 FY3/21
Source: Prepared by FISCO from the Company’s financial results

2. Summary of the FY3/21 results
In the FY3/21 results, net sales declined 14.0% YoY to ¥72,988mn, operating income decreased 29.4% to¥7,351mn, ordinary income fell 29.0% to ¥7,334mn, and net income attributable to shareholders of parent company
decreased 26.0% to ¥4,983mn. The declines were due to the impact of the coronavirus pandemic and the results
were below the record-high results achieved in the previous period. However, compared to the initial forecasts, theresults were basically within the range of expectations, and the Company can be seen as continuing to maintain
results at a high level.
The main reason for the decline in sales was that due to the coronavirus pandemic, the number of condominium
units sold in the real estate development business declined to 2,013 units (down 542 units YoY). In particular, results
were impacted by the decline in the 1Q due to the self-restraint on sales activities following the first declarationof a state of emergency (April to May 2020). But from the 2Q onwards, the results recovered to the same level asin the previous period, mainly sales of newly built condominiums, and it seems that even during the coronavirus
pandemic, there has been no change to demand for asset management-type condominiums. On the other hand,in the real estate management business, which is a source of stable earnings, results steadily grew due to therise in the number of managed rental units*. Results were also strong in the construction business, mainly of
condominium construction and large-scale repair work. Although the Japanese inn business was partially impacted
by the coronavirus pandemic, the Company was able to reduce the extent of its impact to the minimum, due toeffects such as the Go To Travel campaign.
*	At the end of March 2021, the number of managed rental units was 17,080 units (up 1,137 units on the end of the previous
period) and the number of managed properties was 311 properties (up 17 properties), both increasing significantly.

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12 18

COMPANY RESEARCH AND ANALYSIS REPORTFISCO Ltd.
https://www.fisco.co.jp

FJ Next Co., Ltd.
8935 Tokyo Stock Exchange First Section

6-Oct.-2021
https://www.fjnext.com/en/ir/index.html

Results trends

Profits declined, as they were pushed down by the decrease in sales. Land purchase prices and construction costs
remained high, and in this situation, the cost-of-sales ratio trended basically unchanged. Conversely, the SG&A
expenses ratio worsened, including factors such as the rise in the fixed costs burden because of the decline in sales
and the increases in personnel and other expenses, so the operating income margin fell to 10.1% (12.3% in theprevious period). Looking by business, in the real estate development business, profits declined due to the fall insales. But both the real estate management business and construction business secured increases in profits. The
Japanese inn business recorded a segment loss, but it was within the expected range and its impact on results as
a whole was negligible.
On the other hand, for the balance of inventory assets (pipeline) that will affect results growth in the future, both realestate for sale (completed condominiums) and real estate for sale in process (development land and condominiums
currently being developed) declined compared to the end of the previous period. However, with the aim of securing
stable earnings, some real estate for sale was transferred to non-current assets (rental properties owned by theCompany), which had an adverse impact*1. Also, while real estate for sale declined compared to the end of theprevious period, it was still maintained at a high level, mainly of newly built condominiums, giving the impressionthat contributions to results can be expected in FY3/22. It seems that the Company has been able to secure landpurchases basically as planned. Previously owned condominiums* 2, which is a business that it is strategicallyworking on, made up 871 units of the total number of units sold (2,013 units) and 501 units of the total number ofreal estate for sale at the end of the period (1,467 units), and they continue to contribute to results, including fromrental income*3 during the period held.
*1	W ithin real estate for sale at the end of the period, previously owned condominiums (worth approximately ¥8.3bn) weretransferred to property, plant and equipment.
*2	The Company is sequentially selling previously owned condominiums while aiming to coordinate this with the completion
schedule for newly built properties. These condominiums also offer an aspect of being a stock business, with rental
income being obtained during the period in which they are held. At FISCO, we are focusing on the point that these efforts
for previously owned condominiums are securing earning opportunities unique to the Company, which means it is notreliant only on newly constructed properties. Moreover, for the owners, the activation (the depth of the liquidity) of thepreviously owned condominiums market can be evaluated as having significant merits, for when they are needed.
*3	Rental income is included in the real estate development business. In FY3/21, rental income steadily increased by 4.1%
YoY to ¥7,516mn.

Looking at the Company’s financial condition, as previously stated, inventory assets declined, but property, plant andequipment increased. As a result, total assets were down 2.7% on the end of the previous period to ¥84,375mn.
Conversely, shareholders’ equity increased 7.1% to ¥53,869mn due to the accumulation of internal reserves,and therefore the equity ratio rose to 63.8% (58.0% at the end of the previous period). Interest-bearing debt
decreased 20.4% to ¥20,815mn and the interest-bearing debt ratio declined to 24.7% (30.2%). The current ratio,
which indicates payment capabilities, is also at the high level of 535.8%, so there are no concerns about financial
soundness. ROE, which shows capital efficiency, declined to 9.6% (14.1% in the previous period), but it was stillsecured at around the 10% level, so it can be said that the Company’s financial position is well balanced.

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

13 18

COMPANY RESEARCH AND ANALYSIS REPORTFISCO Ltd.
https://www.fisco.co.jp

FJ Next Co., Ltd.

6-Oct.-2021

8935 Tokyo Stock Exchange First Section

https://www.fjnext.com/en/ir/index.html

Results trends

Overview of FY3/21 results(¥mn)
FY3/20Results

FY3/21
% of
sales

% of
sales

Results

84,840

YoY
ChangeChange(%)

vs.
forecast

Initial forecast
% of
sales

ChangeChange(%)-11,852-14.0%

81,000

8,012

11.0%

Real estate development business

75,356

88.8%

62,58885.8%-12,768-16.9%----

Real estate management business

2,910

3.4%

3,162

4.3%

252

8.7%

-

-

-

-

Construction business

5,570

6.6%

6,243

8.6%

673

12.1%

-

-

-

-

Japanese inn business

1,002

1.2%

994

1.4%

-8

-0.8%

-

-

-

-

Cost of sales

64,75476.3%

55,882

76.6%-8,872-13.7%----

Gross profit

20,086

23.7%

17,10523.4%-2,981-14.8%----

SG&A expenses

9,673

11.4%

9,754

13.4%

81

0.8%

-

-

-

-

Operating income

10,412

12.3%

7,351

10.1%

-3,061-29.4%

8,000

9.9%

649

8.8%

Real estate development business

9,085

12.1%

5,850

9.3%

-3,235-35.6%----

Real estate management business

791

27.2%

898

28.4%

107

13.5%

-

-

-

-

Construction business

518

9.3%

592

9.5%

74

14.3%

-

-

-

-

Japanese inn business

-28

-

-39

-

-11

-

-

-

-

-

Adjustment amount

46

-

49

-

3

-

-

-

-

-

Ordinary income

10,323

12.2%

7,334

10.0%

-2,989-29.0%

8,000

9.9%

666

9.1%

Net income attributable toshareholders of parent company

6,732

7.9%

4,983

6.8%

-1,749-26.0%

5,500

6.8%

517

10.4%

Condominium unit sales

Net sales

72,988

FY3/22

2,555

2,013

-542

-21.2%

2,400

387

19.2%

Gala Condominium series

847

969

122

14.4%

-

-

-

-

Gala Residence series

207

173

-34

-16.4%

-

-

-

-

1,501

871

-630

-42.0%

Balance of inventory assets

55,69842,603-13,095-23.5%

Real estate for sale

29,85026,190-3,660-12.3%

Real estate for sale in process

25,84816,413-9,435-36.5%

Total assets

86,71984,375-2,344-2.7%

Shareholders’ equity

50,31453,869

3,555

7.1%

Equity ratio

58.0%

63.8%

5.8%

-

Interest-bearing debt

26,15820,815-5,343-20.4%

ROE

14.1%

9.6%

-4.5%

-

Previously owned condominiums

Source: Prepared by FISCO from the Company’s financial results and results briefing materials

3. FY3/22 forecasts
For the FY3/22 results, the Company is forecasting higher sales and profits, with net sales to increase 11.0% YoY
to ¥81,000mn, operating income to rise 8.8% to ¥8,000mn, ordinary income to grow 9.1% to ¥8,000mn, andnet income attributable to shareholders of parent company to increase 10.4% to ¥5,500mn. The impact of thecoronavirus pandemic in the future remains unclear, and in this situation, it anticipates that results will not completely
return to the level seen before the coronavirus pandemic. Based on this, the outlook is that the recovery to a certain
extent of the real estate development business will contribute to the increase in sales. The number of units sold isforecast to be 2,400 units (up 387 units YoY). In profits also, while an increase in profits will be realized through thehigher sales, the operating income margin is expected to decline slightly to 9.9% (10.1% in the previous period),
due to the conservative estimates of the cost-of-sales ratio of the various projects.
Forecast for FY3/22(¥mn)
FY3/21Results

FY3/22% of sales

Forecast

YoY
ChangeChange (%)

8,012

11.0%

9.9%

649

8.8%

8,000

9.9%

666

9.1%

5,500

6.8%

517

10.4%

Net sales

72,988Operating income

7,351

10.1%

8,000

Ordinary income

7,334

10.0%

Net income attributable tohareholders of parent company

4,983

6.8%

% of sales

81,000Source: Prepared by FISCO from the Company’s financial results

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

14 18

COMPANY RESEARCH AND ANALYSIS REPORTFISCO Ltd.
https://www.fisco.co.jp

FJ Next Co., Ltd.
8935 Tokyo Stock Exchange First Section

6-Oct.-2021
https://www.fjnext.com/en/ir/index.html

Results trends

At FISCO, we think that it will be necessary to continue to monitor the impact of the coronavirus pandemic, if basedon a comprehensive judgment, the Company’s results forecasts are fully achievable. This is because positive factors
include that rental demand is solid in the Tokyo metropolitan area, so potential purchase demand is also firmly rooted,
and in addition it is maintaining inventory assets (pipeline) at a certain level. Looking to the new normal in the future,a point to pay attention to is how it will grow results from FY3/23 and beyond. Starting with the progress made inpurchases of land and of previously owned condominiums, which are the growth axes, we shall be tracking theCompany’s initiatives for the future (such as establishing new sales styles and a framework to create fans alongside
the new normal and creating value in residential spaces by promoting DX).

█ Growth strategy
A top niche strategy that connects overall market expansion with
Company growth
The Company’s growth strategy would seem to be to further improve management efficiency and its competitive
advantages by specializing in asset management-type condominiums in the Tokyo metropolitan area (particularly inthe city center), and also a top niche strategy that connects overall market expansion with its own growth. Looking at
this from the opposite direction, we can see there is a growth bottleneck (constraint), in which growth is determinedby market trends. Therefore, a key point for the Company, which leads its industry, would seem to be how it will
promote the sound development of the asset management-type condominium market. Through partnerships withother companies, it is creating a database of prospective customers who have expressed an interest in its products(potential owners) and it is focusing its efforts into expanding the market base from a long-term perspective by aiming
to increase awareness and understanding of asset management-type condominiums through various measures,such as content marketing (Gala Navi)*1 that regularly provides potential customers with information by email andother means. In April 2016, it newly established its own seminar room, and every month it holds seminars on themesin accordance with the various needs of customers, from beginner investors through to owners by such means as
seminars and individual consultation sessions. We can also pay attention to the results of other activities, in which
the Company actively promotes tie-up seminars (FJ College)*2 with specialists in certain fields, financial institutions
and companies offering services for asset management (utilizing online seminars during the coronavirus pandemic).
Moreover, the Company is progressing measures to respond to new needs, including the establishment of a local
subsidiary in Taiwan (October 2014), whose role is to quickly and accurately ascertain the needs of Taiwanese
investors.
*1	T he Company distributes content on asset management-type condominiums and a wide range of themes such as
information on life plans, money, etc. (regularly providing content exclusively for members on the website and via thee-mail magazine), and it has more than 220,000 members.
*2	It has had more than 3,000 visitors (including from online seminars). Many of these visitors were young investors aiming
to form assets for the future.

In addition, while focusing on asset management-type condominiums, the Company is aiming to further expand thescope of its business and acquire earning opportunities, while its policy for its family-type condominium businessis to steadily accumulate a track record of results.

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

15 18

COMPANY RESEARCH AND ANALYSIS REPORTFISCO Ltd.
https://www.fisco.co.jp

FJ Next Co., Ltd.
8935 Tokyo Stock Exchange First Section

6-Oct.-2021
https://www.fjnext.com/en/ir/index.html

Growth strategy

At FISCO, we judge that it is highly likely that the Company will achieve sustainable growth. This is because,
despite the concerns about the external environment, including the effects the coronavirus pandemic and risingland purchase prices and construction costs, the demand from residents and owners for asset management-typecondominiums in the Tokyo metropolitan area is strong and there remains sufficient room for growth in the future. It isalso because the Company is deploying a comparatively robust business model (such as a conservative purchasing
policy and financial strength, and a focus on high-quality rental housing) and a stock business (for example, rental
management operations and asset management operations, including for the properties of other companies).
Recently, there has been a trend for major developers to enter the asset management-type condominium market,
and this can be said to be evidence of the fact that this market is recognized to be attractive. Even during thecoronavirus pandemic, real estate for rent has been stable as a whole, which has confirmed that demand for asset
management-type condominiums is firmly rooted. Because of the sense of uncertainty that prevails about economic
conditions in the future, at FISCO we think it will be important for the Company to continue with activities that linkits own growth to the development of the market as a whole through conducting sales with an eye to the future,such as utilizing content marketing (a membership base of around 220,000 people).

█ CSR and information security measures
Actively practicing CSR as the leading company
As the leading company representing its industry, the Company is actively conducting corporate social responsibility(CSR) activities and environmental measures. Specifically, it is adopting various environmentally friendly equipment,
including LED lighting, environmentally friendly plywood (for example, sustainable timber supplied from forests withpermission for afforestation from the government of the producing country), interior materials with low formaldehyde
specifications to address sick building syndrome, air conditioners that are compliant with energy-saving standards(installed as standard), and water-saving toilets. It is also advancing the greening of the roofs of its condominiums
as part of its measures to respond to the heat island effect.
Moreover, the Company is participating in the “Fun to Share” activities to prevent global warming that are being
promoted by the Ministry of the Environment, and it is conducting various in-Company eco-activities, including implementing Cool Biz and Warm Biz, converting office lighting to LED, effectively using vinyl umbrellas (sharing umbrellasthat are not being used within the Company), and establishing an in-Company library (recycling of unwanted books
and magazines). In addition, it supports the environmental conservation activities being conducted in Akagi Nature
Park (Shibukawa City, Gunma Prefecture), and is planting trees in developing countries (in Africa and Asia) throughGreen Site License.
On the other hand, the Company is implementing measures to strengthen information security, including the management of personal information, which is its greatest corporate social responsibility. In November 2006, it acquired
ISO/IEC 27001 certification, which is the international standard for information security management systems. In
addition, it is working to build a strict management system by implementing the PDCA cycle.

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

16 18

COMPANY RESEARCH AND ANALYSIS REPORTFISCO Ltd.
https://www.fisco.co.jp

FJ Next Co., Ltd.

6-Oct.-2021

8935 Tokyo Stock Exchange First Section

https://www.fjnext.com/en/ir/index.html█ Shareholder returns and share pricevaluation
In FY3/22, will increase the dividend through profit growth
The Company’s basic policy for shareholder return is to “stably and continuously pay dividends according to profits
after comprehensively considering various factors, including internal reserves for active business development andmaintaining a financial balance.” Even though profits declined in FY3/21, the Company maintained the same dividend
per share as in the previous period of ¥44 (interim ¥22, period-end ¥22), increasing the dividend payout ratio to28.9%. For the FY3/22 dividend, alongside the higher profits, it plans to increase the dividend per share by ¥4 YoY to¥48 (interim ¥24, period-end ¥24, dividend payout ratio 28.5%). Going forward, we can expect continuous dividends
alongside the Company’s profit growth, based on the relative stability of its business and its high level of profits.

Trends in dividend per share and consolidated dividend payout ratio
Special dividend (left)
Period-end dividend (left)
Interim dividend (left)
Consolidated dividend payout ratio (right)

（¥）
80.00

28.9%

28.5%

70.00

28.0%
21.4%

60.00
18.0%

50.00
14.0%

40.00
30.00
20.00

10.00
0.00

32.0%

15.4%
13.1%

10.9%

1 3 .00
3.00
5.00
5.00

1 2 .00
6.00
6.00

1 6 .00
2.00
7.00
7.00

3 6 .00
4.00

12.3%
2 0 .00
2.00
10.00

2 2 .00
2.00
10.00

8.00

10.00

4 8 .00
4 4 .00

4 4 .00

22.00

22.00

22.00

22.00

20.0%
24.00

16.0%
12.0%

16.00
16.00

24.0%

8.0%
24.00

4.0%
0.0%

FY3/14 FY3/15 FY3/16 FY3/17 FY3/18 FY3/19 FY3/20 FY3/21 FY3/22E
Source: Prepared by FISCO from the Company’s financial resultsAlso, as a measure for individual shareholders and to promote greater understanding of its Group’s businesses, theCompany has introduced a shareholder benefits program. Benefits include shareholders being able to select anitem from a department store gift catalog with a value of ¥5,000, while also receiving vouchers that can be used atfour hot spring Japanese inns managed by the FJ Next Group.

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17 18

COMPANY RESEARCH AND ANALYSIS REPORTFISCO Ltd.
https://www.fisco.co.jp

FJ Next Co., Ltd.
8935 Tokyo Stock Exchange First Section

6-Oct.-2021
https://www.fjnext.com/en/ir/index.html

Shareholder returns and share price valuation

Looking at how the share price has trended recently, on March 23, 2021, it temporarily reached its highest price since
the listing of ¥1,325, as the Company has been highly evaluated for its strong results even during the coronavirus
pandemic. But subsequently it declined gradually and has been trending unchanged at a level slightly above¥1,000. The current share price (closing price on July 30, 2021: ¥1,028 per share) is firming up with PER (forecast)remaining at 6.10 times and PBR (actual) at 0.62 times, while the dividend yield (forecast) has reached 4.67%. It
is not possible to conduct a simple comparative analysis, as there are no similar listed companies with the same
growth model. But starting with the fact that the First Section of the TSE’s average PER (forecast) is 14.08 times andaverage PBR (actual) is 1.25 times, and also in consideration of various factors, such as the strong demand for asset
management-type condominiums in the Tokyo metropolitan area, future development potential, and the Company’s
comparatively robust business model, there is the sense that its current share price level is clearly undervalued.
Therefore, as its industry’s leading company, it is considered that there is plenty of room for its share price to risewith asset management-type condominiums becoming further recognized as a long-term investment product. In
particular, in the coronavirus pandemic, the stability (asset value) of rental housing in the Tokyo metropolitan area isbeing re-evaluated, so it would seem necessary to pay attention to whether this will cause the Company’s share priceto rise. In 2017, it was selected for inclusion in the JPX-Nikkei Mid and Small Cap Index* for four consecutive years.
*	A stock price index calculated by Tokyo Stock Exchange, Inc. and NIKKEI Inc. This index applies the concept of the
JPX-Nikkei Index 400, which is an index comprised of listed companies highly attractive for investors, to mid and small
cap equities by selecting companies that focus on capital efficiency and investor-oriented management, and its goal is tofoster greater awareness to a wider range of companies. It is comprised of 200 stocks selected from the common stocks
on the TSE’s First Section and Second Section, Mothers, and JASDAQ.

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

18 18

Disclaimer
FISCO Ltd. (“FISCO”) offer stock price and index information for use under the approval of theTokyo Stock Exchange, the Osaka Stock Exchange and Nikkei Inc.
This report is provided solely for the purpose of offering information, and is not a solicitationof investment nor any other act or action.
FISCO prepared and published this report based on information which it considered reliable;
however, FISCO does not warrant the accuracy, completeness, fitness nor reliability of thecontents of this report or the said information.
The issuers’ securities, currencies, commodities, securities and other financial instruments
mentioned in this report may increase or decrease in value or lose their value due to influence
from corporate activities, economic policies, world affairs and other factors. This report does
not make any promises regarding any future outcomes. If you use this report or any information
mentioned herein, regardless of the purpose therefor, such use shall be made based on yourjudgment and responsibility, and FISCO shall not be liable for any damage incurred by you asa result of such use, irrespective of the reason.
This report has been prepared at the request of the company subject hereto based on theprovision of information by such company through telephone interviews and the like. However,
the hypotheses, conclusions and all other contents contained herein are based on analysis
by FISCO. The contents of this report are as of the time of the preparation hereof, and are
subject to change without notice. FISCO is not obligated to update this report.
The intellectual property rights, including the copyrights to the main text hereof, the data
and the like, belong to FISCO, and any revision, reprocessing, reproduction, transmission,
distribution or the like of this report and any duplicate hereof without the permission of FISCO
is strictly prohibited.
FISCO and its affiliated companies, as well as the directors, officers and employees thereof,
may currently or in the future trade or hold the financial instruments or the securities of issuersthat are mentioned in this report.
Please use the information in this report upon accepting the above points.

◾ For inquiry, please contact: ◾

FISCO Ltd.
5-13-3 Minami Aoyama, Minato-ku, Tokyo, Japan 107-0062
Phone: 03-5774-2443 (IR Consulting Business Division)
Email: support@fisco.co.jp