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Asian StarASIAN STAR CO.8946東証スタンダード不動産業FY ending Dec 2025, consolidated, J-GAAP

Asian Star revenue and profit

Out of every ¥100 of sales, about ¥4 is left as operating profit. Revenue changed +35.5% from the prior year, operating profit +281.4%.

Five-year trend

Revenue¥4.54B
FY ending Dec 2021: ¥2.54B¥2.54BFY ending Dec 2022: ¥2.49B¥2.49BFY ending Dec 2023: ¥2.13B¥2.13BFY ending Dec 2024: ¥3.35B¥3.35BFY ending Dec 2025: ¥4.54B¥4.54BFY21FY22FY23FY24FY25
Operating income¥195.8M
FY ending Dec 2021: -¥3M-¥3MFY ending Dec 2022: ¥48.2M¥48.2MFY ending Dec 2023: ¥53.4M¥53.4MFY ending Dec 2024: ¥51.3M¥51.3MFY ending Dec 2025: ¥195.8M¥195.8MFY21FY22FY23FY24FY25
Operating margin4.3%
FY ending Dec 2021: -0.1%-0.1%FY ending Dec 2022: 1.9%1.9%FY ending Dec 2023: 2.5%2.5%FY ending Dec 2024: 1.5%1.5%FY ending Dec 2025: 4.3%4.3%FY21FY22FY23FY24FY25

What drives ROE

Net margin × asset turnover = ROA; ROA × financial leverage = ROE

Net margin2.5%
Asset turnover1.24×
ROA3.1%
ROA3.1%
Financial leverage1.69×
ROE5.2%

Denominators: average assets and average equity. Derived from reported values; ROE is shown only for positive profit and equity.

Net margin2.5%
2022: 2.2%2.2%2023: 1.9%1.9%2024: 0.6%0.6%2025: 2.5%2.5%2122232425
Asset turnover1.24×
2022: 0.80×0.80×2023: 0.63×0.63×2024: 0.97×0.97×2025: 1.24×1.24×2122232425
ROA3.1%
2021: -0.7%-0.7%2022: 1.8%1.8%2023: 1.2%1.2%2024: 0.5%0.5%2025: 3.1%3.1%2122232425
Financial leverage1.69×
2022: 1.89×1.89×2023: 1.80×1.80×2024: 1.65×1.65×2025: 1.69×1.69×2122232425
ROE5.2%
2022: 3.4%3.4%2023: 2.2%2.2%2024: 0.9%0.9%2025: 5.2%5.2%2122232425
PeriodNet marginAsset turnoverROAFinancial leverageROE
2021——×-0.7%—×—
20222.2%0.80×1.8%1.89×3.4%
20231.9%0.63×1.2%1.80×2.2%
20240.6%0.97×0.5%1.65×0.9%
20252.5%1.24×3.1%1.69×5.2%

Financial leverage can raise ROE; a higher value alone does not describe a company's overall condition.

Asset intensity and goodwill

Annual trends in tangible-asset ratios and goodwill balance.

PPE ÷ revenue0.5%
2020: 1.9%1.9%2021: 1.0%1.0%2022: 1.1%1.1%2023: 1.1%1.1%2024: 0.8%0.8%2025: 0.5%0.5%202122232425
PPE ÷ total assets0.5%
2020: 1.0%1.0%2021: 0.9%0.9%2022: 0.8%0.8%2023: 0.6%0.6%2024: 0.8%0.8%2025: 0.5%0.5%202122232425
Goodwill ÷ parent equity7.5%
2020: 7.0%7.0%2021: 13.7%13.7%2022: 13.5%13.5%2023: 10.0%10.0%2024: 9.6%9.6%2025: 7.5%7.5%202122232425
Goodwill balance¥167.7M
2020: ¥114.2M¥114.2M2021: ¥221.3M¥221.3M2022: ¥223.7M¥223.7M2023: ¥210.4M¥210.4M2024: ¥202.3M¥202.3M2025: ¥167.7M¥167.7M202122232425

Ratios are derived from reported values. Goodwill is shown only when separately reported; it is not inferred from combined intangible assets. Definition

Investment and working-capital efficiency

Track R&D investment and how long operating capital remains tied up before sales turn into cash.

Receivable days21d
2020: 15d15d2021: 11d11d2022: 9d9d2023: 12d12d2024: 9d9d2025: 21d21d202122232425
Payable days1d
2020: 9d9d2021: 6d6d2022: 4d4d2023: 5d5d2024: 1d1d2025: 1d1d202122232425

R&D is shown only for years with machine-readable disclosure. Days are estimates using year-end receivables, inventory and payables divided by annual revenue or cost of sales; financial companies are excluded.

Income statement (JPY millions)

ItemFY ending Dec 2021FY ending Dec 2022FY ending Dec 2023FY ending Dec 2024FY ending Dec 2025
Revenue2,5432,4902,1263,3524,541
Cost of revenue1,7291,6691,3052,5043,415
Gross profit8148218218471,126
SG&A817773767796930
Operating income-3485351196
Pretax income2754859164
Income tax231972642
Net income attributable to owners-22554118113
Operating margin-0.1%1.9%2.5%1.5%4.3%

Balance sheet (reported items)

Year-end figures from filings. Unreported items are omitted. Interest-bearing debt excludes lease liabilities.

Assets

Cash 28%
7%
1%
8%
Investment securities 10%
Other assets 46%

Funding

0%
Other liabilities 41%
Equity 59%

Each bar totals 100% of assets; other is the residual.

ItemFY ending Dec 2021FY ending Dec 2022FY ending Dec 2023FY ending Dec 2024FY ending Dec 2025
Cash and equivalents¥430.5M¥853.4M¥1.28B¥1.31B¥1.12B
Total assets¥3.06B¥3.13B¥3.62B¥3.33B¥4.02B
Net assets¥1.63B¥1.7B¥2.16B¥2.29B¥2.35B
Share capital¥1.99B¥1.99B¥2.19B¥1.71B¥1.71B
Trade receivables¥79.5M¥61.8M¥68.9M¥83.9M¥265.5M
Property, plant and equipment¥26.5M¥26.5M¥23.5M¥25.7M¥21.2M
Intangible assets excluding goodwill¥252.3M¥244.2M¥216.9M¥212.9M¥174.2M
Goodwill¥221.3M¥223.7M¥210.4M¥202.3M¥167.7M
Investment securities¥72.7M———¥417.8M
Current assets¥1.87B¥2.09B¥2.63B¥2.2B¥2.65B
Current liabilities¥777.2M¥858M¥947.3M¥728.8M¥1.37B
Trade payables¥26.5M¥17.9M¥19.6M¥7.1M¥10.9M
Short-term borrowings¥64.8M¥212M¥139.4M¥167M¥764.1M
Long-term borrowings¥375.9M¥292.7M¥238.5M¥62.8M¥52M
Total liabilities¥1.43B¥1.43B¥1.45B¥1.04B¥1.67B
Non-controlling interests———¥63M¥4.3M
Equity attributable to owners of parent¥1.62B¥1.66B¥2.1B¥2.12B¥2.23B
Retained earnings-¥458.8M-¥422M-¥381.1M¥125.4M¥238.5M
Treasury stock-¥99.9M-¥99.9M-¥99.9M-¥99.9M-¥99.9M

Sources

Show source documents (6)

  • EDINET (FSA Japan)

    訂正有価証券報告書－第47期(2025/01/01－2025/12/31)

    ID S100Y4NV2026-05-18Open

  • EDINET (FSA Japan)

    訂正有価証券報告書－第46期(2024/01/01－2024/12/31)

    ID S100VKI52025-04-04Open

  • EDINET (FSA Japan)

    訂正有価証券報告書－第45期(2023/01/01－2023/12/31)

    ID S100TAI32024-04-17Open

  • EDINET (FSA Japan)

    有価証券報告書－第44期(2022/01/01－2022/12/31)

    ID S100QIEX2023-03-30Open

  • EDINET (FSA Japan)

    有価証券報告書－第43期(令和3年1月1日－令和3年12月31日)

    ID S100NST72022-03-31Open

  • EDINET (FSA Japan)

    有価証券報告書－第42期(令和2年1月1日－令和2年12月31日)

    ID S100L2V82021-03-30Open

Extracted from XBRL: 51 / Derived from other figures: 1

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