Ichigo Group Holdings Co (ICHIF) Q1 2027 Earnings Call

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Replay transcript excerpt

WEBVTT 00:00:00.111 -- 00:00:04.393 Everybody, thanks so much for joining. I'm Scott Callen, chairman of Ichigo. 00:00:04.393 -- 00:00:09.415 I'm joined by Dan Morisaku, who is a senior member of finance team and 00:00:09.415 -- 00:00:13.497 the head of global IR for us. We are doing something brand new. 00:00:13.497 -- 00:00:19.119 We just did a Japanese earnings call. We were wearing our suit and our tie 00:00:19.119 -- 00:00:24.562 for the global call. We decided we think to join the globe in recognizing 00:00:24.562 -- 00:00:27.585 how incredibly hot it is ever in the world right now. 00:00:27.585 -- 00:00:31.568 So, forgive us if that's okay. We've gone casual very quick, the fact that we're in the 00:00:31.568 -- 00:00:36.712 middle of July. So, I'm talking off of what's in front of you, which is FY272, the 00:00:36.712 -- 00:00:40.795 February 2027 Q1 corporate presentation. 00:00:40.795 -- 00:00:43.936 Let's jump into it. 00:00:44.018 -- 00:00:47.401 We've got a slightly different format today. 00:00:47.401 -- 00:00:50.912 We tried to simplify it. Hopefully, that's helpful for you. 00:00:50.912 -- 00:00:54.154 If you have any feedback, we of course welcome it. 00:00:54.154 -- 00:00:57.256 So please feel free to come back to us on it. 00:00:57.256 -- 00:01:01.699 So the summary is, look, we're off to a strong start. 00:01:01.699 -- 00:01:03.580 It's not surprising. 00:01:03.580 -- 00:01:07.202 The real estate market continues to be very strong. 00:01:07.202 -- 00:01:12.325 The Japanese market, real estate market for decades has had 00:01:12.325 -- 00:01:17.668 a compelling advantage of being very low cost of financing, low interest rates. 00:01:17.668 -- 00:01:21.209 but with no inflation and therefore no ability to raise rents. 00:01:21.209 -- 00:01:24.790 An...