# ASIAN STAR CO.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 訂正有価証券報告書－第47期(2025/01/01－2025/12/31) (S100Y4NV)
> Page: https://vizora.meequs.com/en/company/asian-star
> Retrieved: 2026-09-30T21:03:03.859Z

## Company

Asian Star, founded in 1979, is a company in Investment Funds listed on TSE Standard. It has 76 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ASIAN STAR CO. |
| Ticker | 8946 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8946.T) |
| Listing | TSE Standard |
| Head office | 神奈川県横浜市西区高島二丁目6番32号 |
| Representative (per filing) | 代表取締役社長 渡邉 智彦 |
| Founded | Jan 1979 |
| Share capital | ¥1.71B |
| Employees (consolidated) | 76 |
| Average salary (parent only) | ¥5.1M |
| Fiscal year end | December |
| Website | www.asian.co.jp (https://www.asian.co.jp/) |
| Corporate number | 3020001016255 |
| EDINET | E04039 |
| Industries (Vizora) | Investment Funds, Real Estate Development & Leasing, Real Estate Brokerage & Management, Condominium Developers |

> Profile source: annual securities report (S100Y4NV, filed 2026-05-18). As of filing

## Five-axis industry profile

Primary industry: Real Estate Development & Leasing (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 67.3 | 75 |
| Profitability | 16.9 | 86 |
| Cash conversion | 15.2 | 82 |
| Efficiency | 85.5 | 86 |

Each axis is shown independently. Missing values are labeled unavailable; no combined score is calculated. Industry rank is not an investment recommendation.

## Key points (generated from figures)

- About 64% of Asian Star's sales come from Sales of Real estate, with Real estate management and Real estate leasing and renting making up much of the rest.
- 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%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥4.54B |  |
| Operating income | ¥195.8M | Margin 4.3% |
| Net income | ¥113.1M | Margin 2.5% |
| Free cash flow | -¥215.5M |  |
| Largest business | Sales of Real estate | of segment revenue 63.8% |
| Employees (consolidated) | 76 |  |
| EPS | ¥3.18 |  |
| Diluted EPS | ¥3.18 |  |
| Book value per share | ¥87.44 |  |
| Equity ratio | 58.3% |  |
| Shares outstanding | 23,808,200 |  |
| Treasury shares | 83,200 |  |
| Shareholders | 3,208 |  |
| Average salary (parent only) | ¥5.1M | Filing company only |
| Cash ratio | 27.8% | Cash ÷ revenue 24.7% |
| Vs. industry median margin | -6.2 pp | Real Estate Development & Leasing |
| ROE | 5.2% | Derived from disclosed figures |
| ROA | 3.1% | Derived from disclosed figures |

## Notable figures

- FY2025, employees -8% while operating income rose 281%
- FY2025, cash is 28% of total assets

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1951835000 | ¥4541319000 | +132.7% |
| Operating income | ¥-200251000 | ¥195765000 | — |
| Operating margin | -10.3% | 4.3% | +14.6 pp |
| Employees | 105 people | 76 people | -27.6% |
| Cash and equivalents | ¥958035000 | ¥1119887000 | +16.9% |

### Change in segment revenue mix

Span: FY ending Dec 2020 → FY ending Dec 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 不動産販売事業 → 不動産販売事業 | 39.4% |
| 不動産管理事業 → 不動産管理事業 | 14.4% |
| 不動産管理事業 → 事業再編・廃止 | 5.4% |
| 不動産賃貸事業 → 不動産賃貸事業 | 10.0% |
| 不動産賃貸事業 → 事業再編・廃止 | 15.5% |
| 不動産仲介事業 → 不動産仲介事業 | 7.6% |
| 不動産仲介事業 → 事業再編・廃止 | 4.0% |
| 投資事業 → 投資事業 | 3.8% |
| 新設・再編 → 不動産販売事業 | 24.5% |
| 新設・再編 → 投資事業 | 0.4% |

Segment revenue source references: 10 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| Sales of Real estate | 5 years | +30.4% | ¥2899214000 | 11.0% | 2 |
| Real estate management | 5 years | +11.1% | ¥654000000 | 21.2% | 2 |
| Real estate leasing and renting | 5 years | -1.8% | ¥451987000 | 7.2% | 2 |
| Real Estate Brokerage Division | 5 years | +8.7% | ¥345078000 | 17.3% | 2 |
| Investments | 5 years | +20.7% | ¥191038000 | 29.4% | 2 |

## Income statement（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 4,541 | 100.0% | S100Y4NV |
| Cost of revenue | 3,415 | 75.2% | S100Y4NV |
| Gross profit | 1,126 | 24.8% | S100Y4NV |
| SG&A | 930 | 20.5% | S100Y4NV |
| Operating income | 196 | 4.3% | S100Y4NV |
| Ordinary income | 185 | 4.1% | S100Y4NV |
| Pretax income | 164 | 3.6% | S100Y4NV |
| Income tax | 42 | 0.9% | S100Y4NV |
| Net income | 122 | 2.7% | S100Y4NV |
| Net income attributable to owners | 113 | 2.5% | S100Y4NV |

## Per ¥100 of revenue（FY ending Dec 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 75 |
| SG&A | 21 |
| Operating income | 4 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 24.8% → Operating margin 4.3% → Net margin 2.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +35.5%; Core profit growth: +281.4%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 7.93×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Dec 2024 → FY ending Dec 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 3,352 | 4,541 | 1,189 | +35.5% |
| Gross profit | 847 | 1,126 | 279 | +32.9% |
| Operating income | 51 | 196 | 144 | +281.4% |
| Net income attributable to owners | 18 | 113 | 95 | +512.1% |
| Operating cash flow | 568 | -205 | -773 | -136.0% |
| Free cash flow | 557 | -215 | -772 | -138.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 2,029 | -73 | -3.6% | -198 | -164 | -165 | S100L2V8 |
| FY ending Dec 2020 | 1,952 | -200 | -10.3% | -310 | 184 | 150 | S100NST7 |
| FY ending Dec 2021 | 2,543 | -3 | -0.1% | -22 | 121 | 119 | S100QIEX |
| FY ending Dec 2022 | 2,490 | 48 | 1.9% | 55 | 455 | 445 | S100TAI3 |
| FY ending Dec 2023 | 2,126 | 53 | 2.5% | 41 | 146 | 141 | S100VKI5 |
| FY ending Dec 2024 | 3,352 | 51 | 1.5% | 18 | 568 | 557 | S100Y4NV |
| FY ending Dec 2025 | 4,541 | 196 | 4.3% | 113 | -205 | -215 | S100Y4NV |

## People and productivity（FY ending Dec 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥59.8M |
| Operating income per employee (consolidated) | ¥2.6M |
| Net income per employee (consolidated) | ¥1.5M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 93 | 87 | 87 | 83 | 76 |
| Average salary (parent company) | ¥5.1M | ¥5M | ¥5.1M | ¥5.1M | ¥5.1M |
| Average age (parent company) | 41.6 years | 40.1 years | 41.1 years | 41.5 years | 44.2 years |
| Average tenure (parent company) | 5.9 years | 6.8 years | 6.7 years | 6.8 years | 8.1 years |

Year over year: Employees (consolidated) -8.4% · Revenue (consolidated) +35.5%

## Segments（FY ending Dec 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Sales of Real estate | 2,899 | 63.8% | 319 | 11.0% |
| Real estate management | 654 | 14.4% | 139 | 21.2% |
| Real estate leasing and renting | 452 | 10.0% | 33 | 7.2% |
| Real Estate Brokerage Division | 345 | 7.6% | 60 | 17.3% |
| Investments | 191 | 4.2% | 56 | 29.4% |

### segmentMix — Revenue and profit mix

Calculated from disclosed figures (DERIVED). Shares use total segment revenue and total positive segment profit respectively. Difference = profit share − revenue share (pt). Inter-segment sales may prevent reconciliation to company revenue.

| Segment | Revenue share | Profit share | Difference (pt) | Margin |
| --- | ---: | ---: | ---: | ---: |
| Sales of Real estate | 63.8% | 52.6% | -11.2 | 11.0% |
| Real estate management | 14.4% | 22.9% | 8.5 | 21.2% |
| Real estate leasing and renting | 10.0% | 5.4% | -4.6 | 7.2% |
| Real Estate Brokerage Division | 7.6% | 9.8% | 2.2 | 17.3% |
| Investments | 4.2% | 9.3% | 5.1 | 29.4% |

Segment → industry: Investments → Investment Funds / Real estate leasing and renting → Real Estate Development & Leasing / Sales of Real estate → Real Estate Development & Leasing / Real Estate Brokerage Division → Real Estate Brokerage & Management / Real estate management → Real Estate Brokerage & Management / Sales of Real estate → Condominium Developers

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -205 | -4.5% | S100Y4NV |
| Capital expenditure | 11 | 0.2% | S100Y4NV |
| Free cash flow | -215 | -4.7% | 算出 |
| Investing cash flow | -585 | -12.9% | S100Y4NV |
| Financing cash flow | 591 | 13.0% | S100Y4NV |
| Change in cash | -189 | -4.2% | S100Y4NV |
| Cash and equivalents | 1,120 | 24.7% | S100Y4NV |

## Balance sheet

Figures are as of each fiscal year end. Derived values are marked as such in the source column. Lease liabilities are excluded from interest-bearing debt.

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 430 | 853 | 1,279 | 1,309 | 1,120 | S100TAI3, S100VKI5, S100Y4NV |
| Total assets | 3,062 | 3,130 | 3,616 | 3,330 | 4,023 | S100QIEX, S100TAI3, S100VKI5, S100Y4NV |
| Net assets | 1,632 | 1,701 | 2,162 | 2,286 | 2,353 | S100TAI3, S100VKI5, S100Y4NV |
| Share capital | 1,993 | 1,993 | 2,193 | 1,705 | 1,705 | S100QIEX, S100TAI3, S100VKI5, S100Y4NV |
| Trade receivables | 80 | 62 | 69 | 84 | 265 | S100QIEX, S100TAI3, S100VKI5, S100Y4NV |
| Property, plant and equipment | 26 | 27 | 23 | 26 | 21 | S100QIEX, S100TAI3, S100VKI5, S100Y4NV |
| Intangible assets excluding goodwill | 252 | 244 | 217 | 213 | 174 | S100QIEX, S100TAI3, S100VKI5, S100Y4NV |
| Goodwill | 221 | 224 | 210 | 202 | 168 | S100QIEX, S100TAI3, S100VKI5, S100Y4NV |
| Investment securities | 73 | — | — | — | 418 | S100QIEX, S100Y4NV |
| Current assets | 1,874 | 2,095 | 2,631 | 2,200 | 2,648 | S100QIEX, S100TAI3, S100VKI5, S100Y4NV |
| Current liabilities | 777 | 858 | 947 | 729 | 1,371 | S100QIEX, S100TAI3, S100VKI5, S100Y4NV |
| Trade payables | 26 | 18 | 20 | 7 | 11 | S100QIEX, S100TAI3, S100VKI5, S100Y4NV |
| Short-term borrowings | 65 | 212 | 139 | 167 | 764 | S100QIEX, S100TAI3, S100VKI5, S100Y4NV |
| Long-term borrowings | 376 | 293 | 238 | 63 | 52 | S100QIEX, S100TAI3, S100VKI5, S100Y4NV |
| Total liabilities | 1,430 | 1,428 | 1,453 | 1,044 | 1,669 | S100QIEX, S100TAI3, S100VKI5, S100Y4NV |
| Non-controlling interests | — | — | — | 63 | 4 | S100Y4NV |
| Equity attributable to owners of parent | 1,620 | 1,656 | 2,098 | 2,116 | 2,229 | S100QIEX, S100TAI3, S100VKI5, S100Y4NV |
| Retained earnings | -459 | -422 | -381 | 125 | 238 | S100QIEX, S100TAI3, S100VKI5, S100Y4NV |
| Treasury stock | -100 | -100 | -100 | -100 | -100 | S100QIEX, S100TAI3, S100VKI5, S100Y4NV |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 28% | S100Y4NV |
| Receivables | 7% | S100Y4NV |
| Property, plant and equipment | 1% | S100Y4NV |
| Intangibles and goodwill | 8% | S100Y4NV |
| Investment securities | 10% | S100Y4NV |
| Other assets | 46% | S100Y4NV |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 0% | S100Y4NV |
| Other liabilities | 41% | S100Y4NV |
| Equity | 59% | S100Y4NV |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 3,062 | 3,130 | 3,616 | 3,330 | 4,023 |
| Equity | 1,632 | 1,701 | 2,162 | 2,286 | 2,353 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 430 | 853 | 1,279 | 1,309 | 1,120 |

## Asset intensity and goodwill

Ratios are derived from reported values. Goodwill is used only when separately reported, never inferred from combined intangible assets.

| Metric | Value | Sources |
| --- | ---: | ---: |
| Asset intensity (fixed assets ÷ revenue) | 0.5% | S100Y4NV |
| Fixed assets ÷ total assets | 0.5% | S100Y4NV |
| Goodwill ÷ parent equity | 7.5% | S100Y4NV |

Goodwill over 4 years: 221 → 168 JPY; total investing cash flow: -1,144 JPY. This does not imply causation.

### Cash quality

Net cash = cash − interest-bearing debt. Net debt ratio = (interest-bearing debt − cash) ÷ positive operating cash flow. Omit when debt components are incomplete; other ratios are derived from reported figures.

| Metric | Value |
| --- | ---: |
| Cash ratio (cash ÷ total assets) | 27.8% |
| Cash ÷ revenue | 24.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -104.5% |
| Cash vs. profit gap | -318 JPY mn (of net income -280.9%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.2% |
| Investing CF relative to operating CF | — |

## ROA and ROE

ROE is decomposed into net margin × asset turnover × financial leverage. Leverage can raise ROE, so the ratio alone does not assess a company's condition. Ending balances are used without a prior year; total equity approximates parent equity when unavailable.

| Period | Net margin | Asset turnover | ROA | Financial leverage | ROE | Sources |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | — | —× | -0.7% | —× | — | S100QIEX |
| 2022 | 2.2% | 0.80× | 1.8% | 1.89× | 3.4% | S100TAI3 |
| 2023 | 1.9% | 0.63× | 1.2% | 1.80× | 2.2% | S100VKI5 |
| 2024 | 0.6% | 0.97× | 0.5% | 1.65× | 0.9% | S100Y4NV |
| 2025 | 2.5% | 1.24× | 3.1% | 1.69× | 5.2% | S100Y4NV |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| D&W INTERNATIONAL DEVELOPMENT LIMITED （常任代理人 東海東京証券株式会社） | Major shareholder | 20.6% | 2025-12-31 |
| KGI ASIA LIMITED-CLIENT ACCOUNT （常任代理人 香港上海銀行東京支店） | Major shareholder | 12.1% | 2025-12-31 |
| Boom Securities (H.K.) Limited-Clients'Account （常任代理人 マネックス 証券株式会社） | Major shareholder | 4.7% | 2025-12-31 |
| トウカイトウキョウセキュリティーズアジアリミテッド （常任代理人 東海東京証券株式会社） | Major shareholder | 4.3% | 2025-12-31 |
| Futu Securities International (Hong Kong) Limited （常任代理人 moomoo証券株式会社） | Major shareholder | 2.6% | 2025-12-31 |
| BBH/DBS BANK (HONG KONG) LIMITED A/C 005 NON US （常任代理人 株式会社 三井住友銀行） | Major shareholder | 2.1% | 2025-12-31 |
| INTERACTIVE BROKERS LLC （常任代理人 インタラクティブ・ブローカーズ証券株式会社） | Major shareholder | 2.1% | 2025-12-31 |
| 株式会社ＳＢＩ証券 | Major shareholder | 1.7% | 2025-12-31 |
| 楽天証券株式会社共有口 | Major shareholder | 1.4% | 2025-12-31 |
| 株式会社証券ジャパン | Major shareholder | 1.4% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第47期(2025/01/01－2025/12/31) | S100Y4NV | 2026-05-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y4NV,, |
| 訂正有価証券報告書－第46期(2024/01/01－2024/12/31) | S100VKI5 | 2025-04-04 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VKI5,, |
| 訂正有価証券報告書－第45期(2023/01/01－2023/12/31) | S100TAI3 | 2024-04-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TAI3,, |
| 有価証券報告書－第44期(2022/01/01－2022/12/31) | S100QIEX | 2023-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QIEX,, |
| 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) | S100NST7 | 2022-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NST7,, |
| 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) | S100L2V8 | 2021-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L2V8,, |

## Definitions

- Amounts are in millions of JPY (rounded). The period is stated in each table heading
- Operating margin = operating income ÷ revenue. Net income is attributable to owners of the parent when disclosed
- Free cash flow (FCF) = operating cash flow − capital expenditure
- ¥100 model = breakdown per ¥100 of revenue (rounded so parts sum to 100)
- Segment revenues include inter-segment sales and may not sum to consolidated revenue
- Source IDs are EDINET document IDs (docID). "算出" (derived) means computed from other disclosed values
- All figures are extracted mechanically from filings. AI-written text never generates figures
- Source: company filings submitted to EDINET (Financial Services Agency of Japan). Figures were extracted, edited and processed, and charts and text were created, by Vizora — not by the FSA (used under the Public Data License v1.0).