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1st Corp Research Memo (11): Aiming for a consolidated Dividends payout ratio of over 30% to continue stable dividends. Increases are also an option.
■Shareholder return measures for First Corporation <1430> show that the dividend per share for the fiscal period ending May 2022 was 32.00 yen, for the fiscal period ending May 2023 it was 35.00 yen, and for the fiscal period ending May 2024 it was 31.00 yen. For the fiscal period ending May 2025, a dividend of 42.00 yen is planned. Due to the upward revision of full-year performance Financial Estimates, the previous estimate has been raised by 4.00 yen per share. Regarding future dividends, under the new mid-term management plan 'Innovation 2024', a dividend of 43 yen is expected for the fiscal period ending May 2026.
1st Corp Research Memo (10): Expansion of Shareholder returns and implementation of capital policies aim to increase Market Cap and the ratio of circulating Stocks.
To re-list on the Main Board, First Corporation (1430) has been working on various measures to meet the listing maintenance criteria for the Main Board due to the Tokyo Stock Exchange's review of market divisions. However, following the revision of the Exchange's regulations enacted in April 2023, an opportunity to re-select listing on the Standard Market was obtained. As a result, after reconsidering the plan for future compliance, it has been decided to apply for selection to the Standard Market with October 20, 2023, as the transition date.
1st Corp Research Memo (9): Under the medium-term management plan, aiming for early realization of annual sales of 50 billion yen and further targeting a 100 billion yen company.
■ First Corporation <1430>'s Medium-Term Outlook 3. In July 2024, the company formulated a new three-year medium-term management plan "Innovation2024" with the final year being May 2027. Although there is still time until the final year of the previous medium-term management plan "Innovation2023", adjustments were made considering changes in the business environment, recent order forecasts, progress in securing business land, and the A-REIT ETF market conditions.
1st Corp Research Memo (8): Focusing on the development of new construction technologies with excellent seismic isolation and resistance. Expansion of orders through differentiation with new technology.
■ First Corporation <1430> Mid-term Outlook 1. Development of New Construction Technology with Excellent Earthquake Resistance and Shock Absorption The company plans to develop new methods related to construction technology in the mid-term and expand orders through differentiation from other companies. Specifically, it is focusing on research and development of new construction technology with excellent earthquake resistance and shock absorption. The current new seismic standards have been enforced since 1981, and over 40 years have passed. According to a survey by the Ministry of Land, Infrastructure, Transport and Tourism, by the end of 2023, apartments that meet the new seismic standards...
1st Corp Research Memo (7): Diversifying the revenue base through the development of redevelopment projects and active senior housing apartments, etc.
■Future Developments 1. Promotion of the Well-Being City Concept and the Company's Own Brand of Condominiums "CANVAS" First Corporation <1430> would like to highlight the "Well-Being City Concept" as a key area of focus for future initiatives. Based on this concept, the company has launched its own brand of condominiums, "CANVAS," and currently, the first project, "CANVAS Minami-Osawa," is being sold. "CANVAS" is designed to accommodate the 100-year life era, focusing on "living.
1st Corp Research Memo (5): In the interim period ending May 2025, the real estate business is expected to drive a sharp increase in both revenue and profit.
■ The performance trend of First Corporation <1430> 1. Overview of the performance for the interim period ending May 2025. The consolidated performance for the interim period ending May 2025 saw revenue increase by 100.3% year-on-year to 27,228 million yen, operating profit increased by 133.2% to 1,564 million yen, ordinary profit increased by 131.6% to 1,516 million yen, and interim net profit attributable to Shareholders increased by 129.0% to 1,024 million yen, marking a significant increase in both revenue and profit. The real estate business drove the strong performance.
