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MarketScreener Homepage  >  Equities  >  Tokyo  >  LEOPALACE21 CORPORATION    8848   JP3167500002

LEOPALACE21 CORPORATION

(8848)
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LEOPALACE21 : Investor Meeting Presentation for the Three Months Ended June 30, 2019

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08/09/2019 | 04:51am EDT

Leopalace21 Corporation

Investor Meeting Presentation

for the Three Months Ended June 30, 2019

August 2019

This document and reference materials may contain forward-looking statements, but please understand that actual results may differ significantly from these forecasts due to various factors.

*Reportable segments were changed in FY18/3.

*Past figures are retrospectively adjusted, due to a change in accounting policy in a subsidiary in the Leasing Business.

Contents

1. Problems Concerning Construction Defects

1-1

Construction Defects Overview

4

1-2 Construction Defects by Apartment Series

5

1-3

Status of Investigations and Repairs

on Parting Wall Defects

6

1-4

Number of Buildings with Defects by Time Period

7

1-5-1

Final report of External Investigation Committee

8

and Measures to Prevent Recurrence

1-5-2

Final report of External Investigation Committee

and Measures to Prevent Recurrence

9

2. About Leopalace21

2-1

Business Model of Core Businesses

11

2-2-1

Results Trend

12

2-2-2

Highlights of Results Trend

13

3. FY20/3 Q1 Results

3-1

Highlights of Results

15

3-2 Results of Business Segments

16

3-3-1 Main Indicators of Leasing

17

3-3-2

Occupancy Rate Trend

18

3-3-3 Occupancy Rates after Announcement of

Construction Defects

19

3-4-1 Main Indicators of Development

20

3-4-2

Orders and Sales

21

3-5

Reduction in SGAE

22

4. Overview of Business (Leasing)

4-1 Demand of Leasing Clients

24

4-2-1 Indicator (Occupancy by Group)

25

4-2-2 Indicator (Shares of Occupied Units by Group)

26

4-2-3 Indicator (Occupied Units by Industry)

27

4-2-4

Indicator (Foreign Tenants)

28

4-3-1

Leasing Strategy (Office Expansion)

29

4-3-2

Leasing Strategy (my DIY and Security Systems)

30

4-3-3

Leasing Strategy (Tenant Services)

31

4-3-4

Leasing Strategy (IoT, AI)

32

4-3-5

Leasing Strategy (Subsidiary Businesses)

33

4-3-6

Leasing Strategy (Minpaku)

34

1

Contents (cont'd)

  1. Overview of Business (Development)
    5-1Indicator (Offices and Apartment Construction)
    5-2-1 Development Strategy (Ideal Land Usage)
    5-2-2 Development Strategy (Apartment Construction)
    5-2-3 Development Strategy (Social Welfare/Stores)
    5-2-4 Development Strategy (Homes/Development)
    5-2-5 Development Strategy (After-saleServices)
  2. Overview of Business (Others and International)
    6-1Others (Elderly Care Business)
    6-2Others (Domestic Hotels Business)
    6-3Others (Resort Business)
    6-4-1International (Leasing Business Overseas)
    6-4-2International (Serviced Apartments and Offices)
    6-4-3 International (Other Services)
    6-5 Work Style Reforming

Appendix 1. Supplementary Data

App.1-1 Corporate Profile

App.1-2Medium-term Management Plan Key Points and Strategy

App.1-3-1Numerical Targets (Consolidated) App.1-3-2Quarter Comparison App.1-3-3Results of Leopalace21 Group App.1-4-1Indicator (Occupancy by Group)

Appendix 1.

(cont'd)

36

App.1-4-2

Indicator (Foreign Tenants)

57

37

App.1-4-3

Indicator (Units and Occupancy Rates by Area)

58

38

App.1-4-4

Indicator (Occupancy Rates by Building Age)

59

39

App.1-4-5

Indicator (Contract Type)

60

40

App.1-4-6

Indicator (Solar Power Systems)

61

41 App.1-4-7Indicator (Resources of finance for construction) 62

App.1-4-8

Indicator ("Azumi En" Area Disposition)

63

App.1-5-1

Finance (Balance Sheets)

64

43 App.1-5-2Finance (Cash/Deposits and Interest-bearing Debt) 65

44

App.1-5-3

Finance (Cash Flows)

66

45

App.1-5-4

Finance (Shareholder Composition)

67

46

47

Appendix 2.

Market Trends

48

App.2-1

Future Estimate of Population of Japan

69

49

App.2-2

Number of Households

70

App.2-3

New Housing Starts

71

51

App.2-4

New Housing Starts (Leased Units)

72

App.2-5

Vacant Rental Dwellings

73

52

App.2-6

Population Inflows and Outflows

74

App.2-7

Rental Housing Starts and Leopalace21

53

Completions by Area

75

54

App.2-8

International Students in Japan

76

55

56

2

1. Problems Concerning Construction Defects

1-1: Construction Defects Overview

Construction defects that Leopalace21 announced on and after April 27, 2018 are classified into 4 types as below. Needs or ways for tenants to vacate or repair period etc. depend on construction defects.

1. Defects in Parting Walls

2. Defects on Exterior Wall

3. Defects on Parting Wall

4. Defects of Ceiling Specifications

Specifications

Specifications

Defects The parting walls were not constructed in

Overview small-scale attic or spaces above ceiling

Description Discuss with property owners and specific administrative agencies and determine repair work

  • Presence of series that are repairable outside and series that are required to repair one by one*

Example of

Illustration

  • The exterior walls do not meet the specifications certified by the Minister of Land, Infrastructure and Transport
  • Discuss with property owners and specific administrative agencies and determine repair work
  • Inform tenants about moving or temporary living

Exterior Walls

  • The foamed urethane was used as insulation material in parting walls although the construction certification documents.
  • The parting walls of fire-resistant properties did not conform to the fireproofing structural specifications approved by the MLIT.
  • Discuss with property owners and specific administrative agencies and determine repair work
  • Inform tenants about moving or temporary living

Parting Walls

  • The construction of ceilings does not meet the specifications certified by the MLIT Notice as described in the construction certification documents
  • Promptly inform tenants about moving, due to low fireproof function
  • Out of 4,456 of tenants living in properties managed by the company, about 93.1% have already moved out or determined the date to move out (As of July 31)

Ceiling

Balcony

Common

Upper floor

Hallway

Common

Lower floor

Terrace

Hallway

No parting walls in the entire attic

No parting walls

No parting walls in

in eaves

intermediate floor

Conceptual diagram

Exterior wall (outside)

Exterior wall (inside)

Base surface under 606mm

Base surface about 455mm

Glass wool

Inside reinforced

Siding plasterboard (Plasterboard is fireproof)

Actual content of work

Exterior wall (outside)

Exterior wall (inside)

Excess space between base surfaces

Urethane foam

Inside reinforced

Sidingplasterboard (Plasterboard is fireproof)

The red areas indicate areas that do not confirm with the minister's certification

Conceptual diagram

Plasterboard t=12.5mm double wall

Grass wool or

Plasterboard

rock wool filling

t=12.5mm double wall

Actual content of work

Plasterboard t=12.5mm double wall

Plasterboard

Filled with

t=12.5mm double wall

urethane foam

The red areas indicate areas that do not confirm with the notified specifications

Conceptual diagram

Rock wool acoustical board (9mm) over reinforced plasterboard (12.5mm)

Actual content of work

Decorative plasterboard

Decorative plasterboard

(9mm) over reinforced

(9.5mm)

plasterboard (12.5mm)

one ceiling

The red areas indicate areas that do not confirm with the minister's certification

*For example, Nail Series are repairable by entering attic from outside, but 6 Series need to be repaired one by one. Please refer to next page about our representative apartment series.

4

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Leopalace21 Corporation published this content on 09 August 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 August 2019 08:50:08 UTC

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Financials (JPY)
Sales 2020 493 B
EBIT 2020 -2 179 M
Net income 2020 -4 734 M
Finance 2020 17 167 M
Yield 2020 -
P/E ratio 2020 -11,1x
P/E ratio 2021 12,8x
EV / Sales2020 0,08x
EV / Sales2021 0,10x
Capitalization 58 274 M
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Income Statement Evolution
Consensus
 
Mean consensus SELL
Number of Analysts 3
Average target price 265,00  JPY
Last Close Price 239,00  JPY
Spread / Highest target 17,2%
Spread / Average Target 10,9%
Spread / Lowest Target 4,60%
EPS Revisions
Managers
NameTitle
Eisei Miyama President, CEO & Representative Director
Katsumi Hinohara Group Manager-Accounting
Tadahiro Miyama Director, Executive VP & General Manager-Sales
Yoshikazu Miike Director & Managing Executive Officer
Hiroshi Takeda Director & Senior Managing Executive Officer
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