Tsukuruba : Financial Results Q2 Fiscal Year 2020

March 15, 2021 at 03:03 am

TSE Mothers ： 2978

Financial Results Q2 Fiscal Year 2020

Mar 15th 2021

FY 2020

Aug 1st 2020 to Jul 31st 2021

Agenda

１．Company Overview

２．FY2020 Q2 Financial Highlights

３．About cowcamo Business

４．Q&A

５．Reference Materials

MISSION

Creating a New Future by Inventing New Places

VISION2025

To become a leading company that

creates businesses which will eventually

turn into a culture

Culture is not created overnight. It is only by envisioning the type of society we want to build, not giving up on that vision and working together with various stakeholders, can we then start to open up the possibilities of creating businesses which will turn into a culture.

We understand that it is, indeed, a long road, and by taking a long-term vision, we aim to create businesses that will form a new culture.

About our business

Through the cowcamo platform, we will innovate the distribution structure of houses and create a business that will eventually become a culture.

cowcamo Business

Property Planning and Design("PPD") Business*

We are working on innovation of the distribution structure of houses by planning, developing and running "cowcamo", our end-to-end real estate brokerage platform for used and renovated properties.

We will create new businesses by utilizing the know-how and assets cultivated in our spatial design and consulting business and our own shared workplace business, and by actively collaborating with external partners.

* The name of the segment of the Shared Workplace Business has been changed to the Property Planning and Design Business from FY2020.

cowcamo: Technology-Powered Real Estate Brokerage Platform for Used and Renovated Properties

What is cowcamo?

Develop services for both sellers and buyers utilizing unique and exclusive data from transactions on cowcamo and our own property editorials

Financial KPIs and Business KPIs in cowcamo Business

Financial

KPIs

Operating profit

PF profit: gross profit generated from Gross Merchandise Value on the platform (PF GMV). A growth indicator for cowcamo platform that corresponds to gross profit until FY2019 PF take rate: the commission rate charged for PF GMV

TKRB take rate: the ratio of PF profit that TSUKURUBA gains

FY2021 Q2 Financial and Business KPI Highlights

Company Financials

(Q1-Q2 Total)

RevenueGross Profit

760 M JPY (YoY ▲23%)

593 M JPY (YoY ▲18%)

Business KPI

(Q1-Q2 Total)

cowcamo BusinessPF GMV

11 B JPY*1 (YoY +6%)PF Profit 586 M JPY*2

No. of transactions on PF 248 Registered MAU 67 K*3

cowcamo Business

• PF GMV rose 6% YoY, the effect of COVID-19 bottomed out and our business has progressed as planned
Highlights
• Registered MAU increased 48% YoY, continues to increase the number of users
• Agent Capacity*4 increased by 59% from the end of the previous fiscal year to expand the scale of cowcamo platform over the medium to long term

*1 based on contracts *2 based on payment and settlement *3 registered MAU as of October FY2020 ending in July 2021

*4 Maximum number of customers who can be provided "cowcamo" service by our in-house and external cowcamo agents

FY2020 Q2 Quarterly Financial Highlights

Gross profit decreased 18% YoY, impact of COVID-19 has bottomed out and our business has progressed as planned （Unit：M JPY）

Revenue and Gross Profit

Gross profit decreased 18% YoY, impact of COVID-19 has bottomed out and our business has progressed as planned

600.0

500.0

539

400.0

300.0

200.0

100.0

0.0

389

371

（Unit：M JPY）

QoQ＋5.0%

YoY ▲27.8%

282

QoQ ▲4.1 % YoY ▲18.9%

FY2017

FY2018

FY2019

FY2020

Operating Prodit

Invest as planned while controlling selling, general and administrative expenses

（Unit：M JPY）

400.0

300.0

366

358

-100.0

-200.0

200.0

100.0

0.0

QoQ ▲4.1 % YoY ▲18.9%

-300.0

△254

FY2017

FY2018

FY2019

FY2020

FY 2020 Q1 Financial Highlights by Business Segments

Accelerate investment in cowcamo platform while keeping company-wide costs down

（Unit：M JPY）

For Reference：Quarterly Financial Highlights

（Unit：M JPY）

FY2018	FY2019	FY2020
Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2
Revenue	421	289	374	429	453	539	443	282	371	389
Gross Profit	192	258	282	326	366	358	257	211	302	290
cowcamo	175	234	268	282	344	327	227	176	275	268
PPD	17	24	14	44	22	30	30	34	26	21
Operating Expense	244	244	232	318	341	346	327	328	348	363
cowcamo	137	148	140	189	203	193	196	198	223	261
PPD	14	14	10	18	17	14	16	15	24	21
Other	91	81	81	110	120	138	114	114	99	80
Operating Profit	-52	13	49	7	24	11	-69	-117	-45	-72

Future Direction of TSUKURUBA's Growth Strategy

In the long-term, we plan to launch new businesses which can create synergies with our existing businesses

We will expand the Shared Workplace business by investing into new workplaces with discipline

cowcamo will be the driver of growth for the foreseeable future.We will flexibly reinvest gross profit to achieve continuous growth.

Structure of cowcamo Business

Innovating the value chain through the brokerage platform for used and renovated properties

cowcamo's value chain

Traditional value chain

Properties flow from sellers to buyers

Buyers can become sellers and vice versa

Growth Cycle of cowcamo Business

Achieve sustainable growth through our user-driven self-sustaining growth cycle

Maximizing the PF Profit by Enhancing the Value of the Platform

Financial

KPIs

Operating profit

TKRB take rate: the ratio of PF profit that TSUKURUBA gains

cowcamo's Top-line KPI（PF GMV・PF Profit*1 ）

Impact of COVID-19 bottomed out and state of emergency from January has some impact on PF GMV

（Unit：M JPY）

700.0

6,436

7,000.0

QoQ ▲15.6％

FY2017

FY2018

FY2019

FY2020

PF profit: profit generated from Gross Merchandise Value on the platform (PF GMV*PF take rate). A growth indicator for cowcamo platform that corresponds to gross profit until FY2019

Registered MAU*1 and Number of Transaction

Registered MAU, the source of platform value, grows steadily despite Covid-19

80.0

70.0

60.0

50.0

40.0

30.0

20.0

10.0

0.0

FY2017

※Regarding the change in the definition of registered MAU

FY2018

We previously defined a "Registered MAU" as the sum of users using the cowcamo app and visiting the cowcamo website. Hence, a user who used the app and visited the website was calculated as 2 registered MAUs. However, to provide a more accurate disclosure, a "Registered MAU" has been redefined as a user who has both used the cowcamo app and visited the website. Under this new definition, a user who uses the cowcamo app and visits the cowcamo website is calculated as 1 MAU. Please note that we began tracking registered MAUs using the new definition in Q4 FY2017. There are no figures based on the new definition prior to this. Therefore, the graph shows the number of registered MAU from Q4 FY2017.

Q3 Q4

Q1 Q2

FY2019

FY2020

*1 Quarterly average of registered MAU

（Unit：K）

250.0

QoQ ＋10.2% YoY ＋48.9 % 200.0

150.0

100.0

50.0

0.0

*2 Sum of registered MAUs who used the cowcamo app and visited the cowcamo website

*3 Distinct number of registered MAUs who used the cowcamo app and visited the cowcamo website

Operating Cost Composition of the cowcamo business

Expand investment in personnel expenses and marketing expenses based on the cowcamo platform strategy with cost control

（Unit：M JPY）

344

350

327

250

150

-50

-150

FY2017

FY2018

FY2019

FY2020

cowcamo's Growth Roadmap

Focusing on expansion of our userbase and maximizing revenue-generating opportunities

FY20

Growth of Our Userbase

Potential Userbase

*1：Tokyo metropolitan area refers to the 23 wards in Tokyo prefecture *2：Registered users refers to users who have registered on cowcamo by the last day of a given period, including users who have not made any transactions

*3：Registered MAU refers the average number of registered monthly active users in a given period

※Regarding the change in the definition of registered MAU

We previously defined a "Registered MAU" as the sum of users using the cowcamo app and visiting the cowcamo website. However, to provide a more accurate disclosure, a "Registered MAU" has been redefined as a user who has both used the cowcamo app and visited the website.

Potential for user growth through area expansionTokyo metropolitan areaGreater metropolitan area

*4：In Tokyo metropolitan area (A1) and Greater metropolitan area (A2), calculated based on: the population between the age of 25 to 50 years old x estimated potential home ownership rate (B) x estimated potential used home ownership rate (C)

A1：Tokyo Metropolitan Government Bureau of General Affairs "Census: Population and Households in Tokyo (2019.1)" A2：Tokyo Metropolitan Government Bureau of General Affairs "Current Population Estimates as of October 1, 2018"

B：Ministry of Land, Infrastructure, Transport and Tourism "2019 Real Estate Market Data: 3. Perception of Japanese Citizens Towards" Housing

Exclude respondents who answered "Rented properties" as their desired future property ownership from all respondents who currently live in a rented property（66.2%）

C： Ministry of Land, Infrastructure, Transport and Tourism "2019 Real Estate Market Data: 3. Perception of Japanese Citizens Towards" Housing

Share of respondents who live in a rented property and answered "Used property" or "No preference" as desired future property ownership（44.1%） *5：Calculated based on the target population x share of those who want to move houses within the next 5 years (D)

D：Tokyo Metropolitan Government Bureau of General Affairs Intentions to Relocate Houses/Improve Living Conditions (5 categories)/Age of the Head of Household (8 categories)

Share of households, for which the head of household is under the age of 50, who answered "I want to change residential property" within the next 5 years（23.6%）

Revenue-Generating Opportunities By Leveraging Business Assets

cowcamo's business assets and revenue-generating opportunities

Provision of user data to sellers and flipping companies for optimal property development

 Improved property quality and quantity
 Expansion of revenue-generating opportunities
 Increased revenue sources

Licensing of sales operation models

Create original properties by leveraging our design know-how and brand

 Increased take-rate  Improved user value

 Increased business scalability  Increased profits while controlling business risks

Long-term Goal of Leading the Used Property Market

We aim to lead the acceleration of the market expansion by changing the public perception of used properties. This will allow us to change how used properties are priced and increase the frequency of purchases

Increase Price

Increase frequency of home purchases

＝ Expand

TAM

 Fair and accurate assessment of renovated real estate using our own property data  Ability to market the quantitative and qualitative value of renovated properties

 Promote new home purchases to suit changing lifestyles  Improve the economics of new purchases by removing middleman costs

Focus on building competitiveness as a platform rather than short-term profit growth

Business Policy from FY2020 based on the business environment

Business environment

Short-term performance risk expansion and new business opportunities

 Impact on business due to COVID-19 under organizational expansion
 Steady growth of userbase
 Expand supply-side business opportunities

Business policy from FY2020

Focus on building competitiveness as a platform over the medium to long term

 Switch to a risk-controlled service provision system by utilizing external partners
 While continuing to expand users, focus on improving service value that leads to medium- to long-term competitiveness

 Leverage userbase to strengthen supply side, increase platform value and diversify profit structure

Work on service updates, expansion of external partner agents, and strengthening of supply side

Activities from FY2020

Strengthening of supply side

Strengthen property supply and business to businesses through cooperation with resellers and user service businesses in other industries

Expansion of external partner agents

Strengthen cooperation with external agents to create a system that enables flexible growth while controlling business risks

Service Update

Aim to improve service value by expanding service offerings and updating service processes

Accelerate growth as a platform

Relationship between growth drivers as a platform and each activity

Growth driver

Activities

Expansion of Users

Expansion of

Expansion of the number

Platform scaleof agents

Expansion of property supply channelsImprovement of CVRImprovement of take rate

Expansion of External Agents

By strengthening cooperation with external partner agents, we will create a system that enables flexible growth while controlling business risks

External Partner AgentsInternal Agents

2017/7

Agent Capacity*1 increased 59％ compared to the end of the previous fiscal year

Utilize external partners to shift to a risk-controlled service provision system

*1: "Agent capacity" means the maximum number of customers that can be provided customer service by our internal agents and external partner agents.

2018/7

2019/7

2020/7

2021/1

Q&A

Category	Questions	Answers
All	What are the effects of COVID-19？	The effects of COVID-19 bottomed out in FY2019 Q4, and the PF GMV, which is our business KPI, is on a recovery trend in this first quarter as planned. Based on the business environment of living with COVID-19, we are shifting to a system that enables growth while controlling business risks by expanding external partner agents, as planned at the beginning of FY2020. The business KPI, PF GMV, is expected to grow by more than 40% YoY.
All	Why is the deficit of forecast of Financial Results for FY2020 increasing compared to FY2019？	In our cowcamo business, in order to make use of the business opportunity of expanding the supply-side business opportunities through the growth of the userbase and alliances, etc., we are investing for personnel expenses (including business consignment costs) for service update and strengthening supply-side.
All	What is the status of the progress on the basic agreement with Money Forward (announced on September 14, 2020)?	Service planning is underway to create synergies that utilize the assets of both parties as platformers.
cowcamo business	Why are revenues expected to be -14.3% YoY, even though PF GMV is expected to grow by 40% in this fiscal year.	The decrease in revenues is due to the fact that revenues from resale transactions are not factored in (in FY2019, the revenues of actual resale transactions are 294 million yen), and that we are increasing outsourcing by utilizing external agents to control risks and improve profitability.
cowcamo business	What are the growth indicators for cowcamo?	The growth indicators are PF GMV and Registered MAUs.
cowcamo business	Why is there volatility in PF GMV quarter by quarter?	Quarterly volatility in PF GMV occurs as a result of the number of transactions and the property purchase price, which are affected by market conditions due to seasonal factors.
PPD business	What is the policy on future investment in the Property Planning and Design(PPD) business?	We will focus on cowcamo for the foreseeable future. We will expand the PPD business by investing into new workplaces with financial discipline, while analyzing the investment return on each property.

Company Overview

Name	TSUKURUBA Inc.
Address	2F Ikura Building, 1-1-5 Kamimeguro, Meguro-ku, Tokyo, Japan
Founded	August 2011
Founders	Hiroki Murakami
Masahiro Nakamura
Employees	135 full-time employees（As of July 2020）
Businesses	"cowcamo Business", an end-to-end real estate online brokerage platform for used and renovated properties
- cowcamo Platform Business
- cowcamo Agent Service Business
"Property, Planning and Design Business"
- working business as a mission in producing new value in the real estate domain.
- operating "co-ba", subscription-based co-working offices
- spatial design and consulting business
Awards	Deloitte Technology Company Japan Technology Fast 50 2017/2018/2019/2020

Team of Experienced Management with Backgrounds in Business, Design and Technology

Hiroki Murakami

Co-founder and CEO

Formerly involved with the development and management of LIFULL HOME'S, Japan's No.1 portal site for real estate and housing information. Founded tsukuruba in August 2011 with Masahiro. Graduate of Rikkyo University.

Masahiro Nakamura

Co-founder & CCO

Named in Nikkei Architecture's "100 Next Generation Innovators".

Founded tsukuruba in August 2011 with Hiroki after working in design studios. Received a Masters degree in Architecture and Building Engineering from Tokyo Institute of Technology.

Shinichi Takano

External Director

Served as an Executive Officer at COSMOS INITIA Co., Ltd, before working at Recruit Co., Ltd. In 2010, appointed as an Executive Director at Nihon Kotsu Co., Ltd,, after serving as an Executive Director and General Manager at Gyosei Co.

Hidekazu Suzuki

External Director

Worked at Daiwa Securities, conducting advisory services to establish internal control systems to deal with assessments by the Tokyo Stock Exchange, as well as valuation and fundraising. Joined Atrae Inc. in December 2018 as CFO.

Hiroshi Kitahara

COO

Former consultant at Corporate Directions Inc., Deloitte Tohmatsu Consulting LLC and Deloitte Consulting Southeast Asia. Joined tsukuruba in November 2016 and was appointed as COO in May 2018. Has a PhD in Engineering from Tokyo Institute of Technology, and an MBA from Université Paris-Dauphine.

Ryohei Koike

CFO

Registered as a Certified Public Accountant in 2007. Prior position was at Star Festival Inc. as CFO. Originally tsukuruba's external auditor and was appointed as CFO in May 2018.

Yoshinori Fukushima

External Director

Founded Gunosy Inc. in 2012. In just 2.5 years, it was listed on the Mothers market of the Tokyo Stock Exchange, followed by being listed on the First Section. Became CEO of Layer X in 2018. Selected in Forbes Asia's 30 under 30.

Balance Sheet

（Unit: M JPY）

FY2019 Q4

FY2020 Q2

Current AssetsCash & Deposits

1,660 1,613

2,679 2,632

Non-Current Assets

502

525

Total AssetsCurrent Liabilities

（of which, interest-bearing liabilities ）

2,162 305

3,205 395

(155)

(199)

Non-Current Liabilities

（of which, interest-bearing liabilities）

781

(762)

1,816

(1,798)

1,074

Status of business alliance with Star Mica Group

Developing "SELEC" that allows customers to easily get the house they want by easy-order-renovation through utilizing data and know-how

Status of alliance

Overview of business alliance

 Handling of more than 15 properties since the announcement of the alliance on December 14, 2019
 Although it is pre-renovated property, the minimum period from sale to contract is 13 days, and the average is about 2 months (Reference: 2019 Tokyo second-hand condominium average sale period 3.78 months *)
 87.5% closed without reducing the selling price

 We provide original properties developed by utilizing pre-renovated properties supplied by Star Mica and easy order renovation of "lifestyle design" with "layout arrangement" developed by utilizing our data and know-how



Creating a new way to buy a house that has never been seen in the distribution structure so far, so that customers can easily get the house they want

Pre-renovatedproperties

・lifestyle design

・Design Proposals ・Design supervision

* Sumitomo Mitsui Trust Realty Co.,Ltd. Real Estate Market Information Vol. Mar. 2020https://smtrc.jp/useful/knowledge/market/2020_03.html （referenced on 3/14/2021）

(original properties）・Brokerage service

Status of alliance of Marui Group

Service planning in progress to create synergies by the capital and business alliance with Marui Group

Overview of capital and business alliance

Investment

MARUI GROUP

Capital Alliance

Benefit from collaboration

TSUKURUBA

 Issued corporate bonds with stock acquisition rights worth 700 million yen, underwritten by Marui Group
 The conversion price is 1,200 JPY per share
 Proceeds will be used to expand the business of cowcamo and to develop new business with Marui Group

Business Alliance

 Exploring new businesses that utilize the existing assets of the two companies
 As a first step, we are considering new businesses and collaborations in the rental housing area
 After that, intending to develop multiple businesses

Used and Renovated Property Market in the Greater Metropolitan Area is Estimated at 1.7T JPY in 2019

Used and renovated property market is growing rapidly

 The market has grown 1.37x since 2014

 The apartment market has grown 1.42x during the same period

Used properties are fast-becoming a first choice for purchasers over new properties

 The number of used apartments sold in 2016 surpassed the number of new apartments sold

Source: Above graph was created using data provided by Real Estate Information Network for East Japan

HousesApartment

（K） 60

Number of new and used properties (apartments) sold in the Greater metropolitan area

Number of existing既設住宅取引 properties sold 戸数

Number of new新設着工戸数 properties sold

2009

2014

2019

Source：Number of existing properties：Real Estate Information Network for East Japan "Market trend of Real Estate Market in the Greater Metropolitan Area" (2018/4/17 Report)

Number of new properties：Real Estate Economic Institute Co., Ltd. "Market Trend of Apartments in the Greater Metropolitan Area"

※Existing and new properties refer to used apartments (exclude used houses)

Growth Expected of the Used Property Market

Growth potential of TAM

The government aims to double the used property market

Share of used property market by countries

Growth Strategy 2017 ー Strategic Areas for Society 5.0

Extension of Healthy Lifespan

Realization of Mobility Revolution Creating of Next-generation Supply Chains

Building and Developing Pleasant Infrastructure and Towns Advancement of FinTech

Overcoming energy and environmental constraints and expanding investment Robot Revolution / Bio Material Revolution

Revitalization of housing market centering on the existing housing distribution / renovation

 《KPI》 To expand the market size of used property market to 8 trillion JPY by 2025

(4 trillion yen in 2010)

 Aim to achieve the above by 2020 as much as possible

Source: Prime Minister's Office of Japan "Growth Strategy 2017"

Comparison of share of used property market

100%

90%

80% 70% 60% 50% 40% 30% 20% 10% 0%

Japan(2018)

US（2009）

UK（2009）

France（2009）

Source：Ministry of Land, Infrastructure, Transport and Tourism "Promotion and Utilization of Used Properties （Appendix）"

Figure of Japan is an estimated figure form the Remodeling Business Journal "Used Property Market Data 2020"

Renovated Properties Will Become a Mainstream Option by 2025

Changes in the market structure as the used property market expands

Properties that are 25 years old or more will occupy half of the market

 2The share of such properties will increase from 22% to 50% by 2025

Renovation will become a mainstream option

 Number of changes are expected as renovation becomes mainstream in the Greater metropolitan area

Share of used apartments in the Greater metropolitan area by the age of properties（2005-2025）

Purchased

~1~5年15 years old

Supply

252年5~ years old

15~25 15年~25年 years old

2005

2015

2025

Source: Above graph was created using data provided by Real Estate Information Network for East Japan

Formation of renovated apartment market

 Fairer pricing of renovated properties  Renovate to suit lifestyles and preferences, and not for cheaper prices

Diversification of types of used apartments

 Renovate used apartments
 Already-renovated apartments
 Renovated + additional renovation

Changes in the used property businesses

 Increase in the number of flippers  Growth of services, specific for renovated apartments

Urban Lifestyle Consumers as Main Target Population

cowcamo's target users

Preferences for used apartments

 Over 85% of users considered used apartments at the time of purchase

Importance of interior and spatial design of used apartments

 Used apartment purchasers place an emphasis on the design, after the specifications of the property (such as size, number of rooms)

Types of properties compared at the time of purchase（Used apartment purchasers）

Main reasons for the purchase of properties

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Order-made 注ho文u住se宅s

Newly-b分ui譲lt 戸ho建u住se宅sUsed中a古pマarンtmシeョntンsNewly-built 分譲マンション apartmentsUs中e古d 戸ho建u住se宅s

Houses f賃or貸r住en宅t

No an無sw回e答r

Oそthのer他s

85.2%

Layout, Numb間e取r oりf ・ro部om屋s数

35.2%

Prop住er宅tyのsi広zeさ

20%

40%

60%

80%

100%

Safety measures against 火災・地震・水害などへの安全性 earthquakes, fire and flood

住宅のDデeザsiイgnン

Kitchen台fa所cのilit設y備&・si広zeさ

Bathroom浴fa室cのili設ty備&・si広zeさ

Facili高tie齢s 者fo向reけldのe配rly慮

Thermal in高su気la密tio・n高a断nd熱 airtightness

4.3%

Source: Ministry of Land, Infrastructure, Transport and Tourism Housing Bureau "Report on the Housing and Property Trend 2016"

Renewal of Corporate Logo

＜Logotype & Monogram ＞

＜Logotype＞

Redesigned corporate logo from November 1, 2020

TSUKURUBA's "creation of BA (meaning place in Japanese)" is represented by the "B" and "A" symbols.

Original typeface with monogram details set as new logo

Disclaimer

Handling of this material

This material includes forward-looking statements. These forward-looking statements were created based on the information available at the time they were created. They do not guarantee our future results and involve certain risks and uncertainties. Please note that actual results may differ materially from those discussed in the forward-looking statements due to changes in environments surrounding TSUKURUBA or any other factors.

The factors which may affect actual results include but are not limited to: Japanese and global economic conditions, and conditions of markets in which TSUKURUBA operates.

TSUKURUBA is not obligated to update or revise any contents of the forward-looking statements within this material, even in cases such as where new information becomes available or future events take place.

Information within this material on other topics besides TSUKURUBA is quoted from published information and other sources. As such, the accuracy, appropriateness, etc. of such information has not been verified, nor are any guarantees provided thereof.

Email ：ir@tsukuruba.com

IR Information：https://tsukuruba.com/ir/

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tsukuruba Inc. published this content on 15 March 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 March 2021 07:02:05 UTC.

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-07-17 EDT			5-day change	1st Jan Change
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Tsukuruba Inc. Provides Non-Consolidated Earnings Guidance for the Fiscal Year Ending July 31, 2022	22-03-15	CI
Tsukuruba inc. Provides Financial Results Forecast for the Fiscal Year Ending July 31, 2022	21-12-13	CI
Tsukuruba inc. Reports Earnings Results for the First Quarter Ended October 31, 2021	21-12-13	CI
Tsukuruba Widens Loss in FY21	21-10-05	MT
Tsukuruba inc. Reports Non-Consolidated Results for the Fiscal Year Ended July 31, 2021	21-09-12	CI
Tsukuruba inc. Provides Non-Consolidated Earnings Guidance for the Fiscal Year Ending July 31, 2022	21-09-12	CI

	1st Jan change	Capi.
TSUKURUBA INC.	+6.91%	65.2M
CBRE GROUP, INC.	+4.45%	29.32B
KE HOLDINGS INC.	-8.70%	17.95B
ZILLOW GROUP, INC.	-7.30%	12.67B
JONES LANG LASALLE INCORPORATED	+24.55%	11.19B
CAPITALAND INVESTMENT LIMITED	-12.66%	10.18B
FIRSTSERVICE CORPORATION	+5.41%	7.44B
COLLIERS INTERNATIONAL GROUP INC.	+5.49%	6.49B
MAKKAH CONSTRUCTION AND DEVELOPMENT COMPANY	+50.74%	4.82B
CUSHMAN & WAKEFIELD PLC	+17.41%	2.91B

TSUKURUBA Inc.

Equities

2978

JP3532950007

Real Estate Services

Tsukuruba : Financial Results Q2 Fiscal Year 2020

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Company Profile

Quarterly earnings - Rate of surprise

Sector Other Real Estate Services