It can be thought that the low valuation of the Company by the market is due to continuing low profit margin and undisciplined corporate governance. On the other hand, the potential value of real estate owned by the Company is large, and by realizing this value we believe shareholder value can be increased.
The following is a document when Strategic Capital proposed setting up a REIT as one of the means for realizing latent value. The suggestion was for the Company to sell its real estate to the REIT at, we stress, the fair value, and to be reborn as an unlisted REIT operating company, thereby realizing the potential value of real estate and increasing shareholder value.