1. Investment Snapshot
2. Thesis
3. Valuation & Price Target
4. Business & Product Moat
5. People & Governance
6. Market & Macro
7. Financial Quality
8. Risk Register
9. Prediction Market
10. 𝕏 Posts
Discussion
1. Investment Snapshot
2. Thesis
3. Valuation & Price Target
4. Business & Product Moat
5. People & Governance
6. Market & Macro
7. Financial Quality
8. Risk Register
9. Prediction Market
10. 𝕏 Posts
Discussion
1. Investment Snapshot
2. Metrics vs Peers
3. Price Chart
4. Valuation
5. Offer Terms
6. Financial Statements
Discussion
Research report, target price, DCF and forensic scores are for subscribers. View plans
Symbol
SYT
Listed on
2023-03-31
Sector
Real Estate
Subsector
Real Estate Management & Development
Offer Price
$8.00
Shares Offered
1.88M
25.82M
$206.6M
7.3%
Implied Upside vs Midpoint
Description
Our primary mission is to “Support and enrich people’s lives in the era of 100-year life expectancy by democratizing global real estate investment using technology and smart asset management.” We are engaged in three primary businesses: (1) We operate the asset management platform system “Rimawari-kun,” which targets individuals. We operate this platform to facilitate real estate crowdfunding as well as the purchase and sale of real estate, and the sale of solar power plants which we construct; (2) We operate the asset management platform “Rimawari-kun Pro,” which targets corporate investors, institutional investors, and high-net-worth individuals. We exhibit properties on this platform developed independently by us as well as a wide range of properties from other companies in the same industry and help broker those properties to investors; and (3) We are involved in asset management, including the leasing, brokerage, and management of real estate and operation and maintenance of solar power plants. More specifically, we are involved in the management of rental properties, building management, and operation and maintenance of solar power generation equipment, and asset management for rental income and electricity sales generated by solar power plants owned by our Company. On December 30, 2022, in light of the deterioration of the crypto and mining machine market conditions in 2022, the Board of Directors of the Company decided to withdraw from the mining machine business by (i) discontinuing the manufacture and sale of computers (with mining machine capabilities) as of December 30, 2022, (ii) selling the computer maintenance and management services business and manufacture and sale of computers business to Getworks Co., Ltd. (“Getworks”), a third party, which closed on January 23, 2023, pursuant to the terms of a Business Transfer Agreement, dated as of January 20, 2023, between the Company and Getworks, which is Exhibit 10.6 to the registration statement of which this prospectus forms a part, and (iii) discontinuing the development of the AI switch system as of December 30, 2022. During the six months ended June 30, 2022, the Company generated revenues from sales of real estate, sales of land, rental services, real estate management services, sales of computers, computer operation and management services, sales of solar power plants, solar power plants operation and maintenance services and sales of electricity. The Company started real estate crowdfunding business in June 2021 and did not generate any revenue from real estate crowdfunding for the six months ended June 30, 2021. The Company did not generate any revenue from sales of computers, computer operation and management services, sales of solar power plants, solar power plants operation and maintenance services and sales of electricity for the six months ended June 30, 2021 as the Company started these businesses in early 2022. During the years ended December 31, 2021 and 2020, the Company generated revenues from sales of real estate, sales of land, rental services, and real estate management services. The Company started real estate crowdfunding business in June 2021 and generated minimal revenues from real estate crowdfunding for the year ended December 31, 2021. The Company did not generate any revenue from sales of computers, computer operation and management services, sales of solar power plants, solar power plants operation and maintenance services and sales of electricity for the years ended December 31, 2021 and 2020. --- SYLA Technologies Co., Ltd. was founded in Japan on March 3, 2009. The subsidiaries of SYLA Technologies include SYLA Co., Ltd. (100% owned), SYLA Solar Co., Ltd. (formerly known as Nihon Taiyoko Hatsuden Co., Ltd.) (100% owned), SYLA Brain Co., Ltd. (formerly known as DEVEL Co., Ltd.) (67% owned), and SYLA Biotech Co., Ltd. (formerly known as RE100.com Co., Ltd.) (60% owned). Our agent for service of process in the United States is Cogency Global Inc. located at 122 East 42nd Street, 18th Floor, New York, NY 10168. Our principal place of business is located on the 7th floor of Ebisu Prime Square, 1-1-39 Hiroo, Shibuya-ku, Tokyo, Japan, and our telephone number is +81345600650. Our website is www.syla-tech.jp.
| Metric | Value | Peer median | Among peers | Trend |
|---|---|---|---|---|
EV / revenue | 1.8x | 2.3x | ||
Price / earnings | 85.7x | — | — | |
Revenue growth | 26.8% | 49.8% | ||
Gross margin | 18.9% | 17.7% | ||
Operating margin | 4.1% | -7.3% | ||
Net margin | 1.7% | -7.3% | ||
Free cash flow margin | -10.8% | -2.7% | ||
Rule of 40 | 31.8% | 49.9% | ||
Net cash / market cap | -24.5% | 2.4% | ||
Debt / equity | 1.70 | 0.00 | ||
Current ratio | 2.16 | — | — | |
Stock comp / revenue | 0.1% | — | — | |
9 premium metrics: DCF value / price, Growth the price needs: how common, Last 12 months vs full year and 6 more Unlock | ||||
Each filing is plotted ahead of the first trading day on the price chart.
| Filed | Form | Price range | Price | Shares offered | Deal size |
|---|---|---|---|---|---|
| 2022-12-06 | F-1/A | — | $8.00 | 1,875,000 | $15.0M |
| 2022-12-15 | F-1/A | — | $8.00 | 1,875,000 | $15.0M |
| 2023-01-12 | F-1/A | — | $8.00 | 1,875,000 | $15.0M |
| 2023-01-31 | F-1/A | — | $8.00 | 1,875,000 | $15.0M |
| 2023-02-23 | F-1/A | — | $8.00 | 1,875,000 | $15.0M |
| 2023-03-16 | F-1/A | — | $8.00 | 1,875,000 | $15.0M |
| 2023-03-31 | 424B4 | — | $8.00 | 1,875,000 | $15.0M |
SYLA Technologies Co., Ltd. income statement and balance sheet, FY Dec 2021 to FY Dec 2024, as reported in SEC filings (JPY).
| Metric | FY Dec 2021 | FY Dec 2022 | FY Dec 2023after listing | FY Dec 2024after listing |
|---|---|---|---|---|
| Revenue | JPY 16.7B | JPY 22.1B | JPY 217M | JPY 833M |
| Gross profit | JPY 3.1B | JPY 3.6B | JPY 5.5B | JPY 6.6B |
| Operating income | JPY 682M | JPY 779M | JPY 1.4B | JPY 2.3B |
| Net income | JPY 277M | JPY 395M | JPY 681M | JPY 1.1B |
| Revenue growth | — | 32.3% | −99.0% | 284% |
| Gross margin | 18.9% | 16.3% | 2557% | 793% |
| Operating margin | 4.1% | 3.5% | 665% | 277% |
| Net margin | 1.7% | 1.8% | 315% | 134% |
| Metric | FY Dec 2021 | FY Dec 2022 | FY Dec 2023after listing | FY Dec 2024after listing |
|---|---|---|---|---|
| Total assets | JPY 21.5B | JPY 29.8B | JPY 40.1B | JPY 48.2B |
| Total liabilities | JPY 15.9B | JPY 23.2B | JPY 28.9B | JPY 35.3B |
| Total equity | JPY 5.6B | JPY 6.6B | JPY 11.2B | JPY 12.8B |
| Cash & equivalents | JPY 2.7B | JPY 2.5B | JPY 4.0B | JPY 2.2B |