| 指標 | 当期 | 前年同期 | YoY |
|---|---|---|---|
| Revenue / Net Sales | ¥112.4B | ¥127.6B | -11.9% |
| Operating Income / Operating Profit | ¥2.7B | ¥-0.2B | +1309.1% |
| Ordinary Income | ¥4.7B | ¥-4.8B | +198.8% |
| Net Income / Net Profit | ¥1.8B | ¥-6.1B | +129.6% |
| ROE | 2.2% | -7.2% | - |
2027 FY Q1 results showed Revenue of ¥112.4B (YoY -¥15.2B -11.9%), a decline, but Operating Income of ¥2.7B (improvement of +¥2.9B from ¥-0.2B), Ordinary Income of ¥4.7B (improvement of +¥9.5B from ¥-4.8B, +198.8%), and Net Income of ¥1.8B (improvement of +¥7.9B from ¥-6.1B, +129.6%), turning profitable at all income levels. Gross profit margin improved to 24.3% (up +1.4pt from 22.9% a year earlier), and SG&A ratio improved to 21.9% (down -1.2pt from 23.1%), resulting in Operating Margin improvement from -0.2% to +2.4% (+2.6pt) due to cost optimization. At the ordinary income level, foreign exchange gains of ¥2.5B contributed, while a high effective tax rate of 61.6% (tax expense ¥2.9B on profit before tax ¥4.7B) constrained Net Income growth. Progress toward the Full Year / FY forecasts (Revenue ¥470.8B, Operating Income ¥20.1B, Ordinary Income ¥18.9B, Net Income ¥7.0B) for Q1 is 23.9% of Revenue, 13.2% of Operating Income, 25.0% of Ordinary Income, and 25.7% of Net Income — Revenue is roughly on pace, but Operating Income is behind plan, making capacity utilization and margin improvement from Q2 onward the focus for achieving the full-year targets.
【売上高】Revenue was ¥112.4B, down ¥15.2B YoY (-11.9%). The company operates a single segment (Service & Lifecycle Solutions Business) so no segmental breakdown is disclosed; the Revenue decline is presumed due to weaker demand and changes in project mix. Gross profit was ¥27.3B, down -6.5% from ¥29.2B a year earlier, a smaller decline than Revenue (-11.9%), with Gross Margin improving to 24.3% (up +1.4pt from 22.9%). Cost controls and a shift to higher-margin projects were effective.
【損益】SG&A was ¥24.7B, down -16.2% from ¥29.4B, a greater reduction than the Revenue decline of -11.9%. SG&A ratio improved to 21.9% (down -1.2pt from 23.1%), showing clear cost discipline. Operating Income turned positive at ¥2.7B (¥-0.2B prior year), with Operating Margin of 2.4% (improved +2.6pt from -0.2%). Non-operating items included non-operating income of ¥2.7B (of which FX gains ¥2.5B) and non-operating expenses of ¥0.7B (of which interest expense ¥0.3B, FX losses ¥4.3B). As a result, Ordinary Income was ¥4.7B (improved ¥9.5B from ¥-4.8B). Note FX losses of ¥4.3B were recorded, so the net FX impact is FX gains ¥2.5B - FX losses ¥4.3B = -¥1.8B, a net negative contribution. After deducting special losses of ¥0.1B, profit before tax was ¥4.7B (¥-4.8B prior year). Corporate taxes and similar totaled ¥2.9B, giving an effective tax rate of 61.6%, a high level that suppressed Net Income growth. Net income attributable to non-controlling interests was negligible, and Net Income was ¥1.8B (improved ¥7.9B from ¥-6.1B), turning positive. In summary, the company posted lower Revenue and higher profits (Revenue -11.9%, Operating Income +1309.1%, Ordinary Income +198.8%, Net Income +129.6%), indicating a troughing in profitability.
【収益性】Operating Margin of 2.4% (prior year -0.2%) turned positive due to Gross Margin improvement (+1.4pt) and SG&A ratio improvement (-1.2pt), but remains low. Net Margin of 1.6% (prior year -4.8%) was restrained by high effective tax rate of 61.6%. ROE of 2.2% is decomposed as Net Margin 1.6% × Total Asset Turnover 0.527 × Financial Leverage 2.65; improvement was driven mainly by Net Margin, but absolute levels remain low. 【キャッシュ品質】Accounts receivable ¥71.7B vs. quarterly Revenue ¥112.4B implies an annualized DSO of approximately 233 days, elongated and showing working capital tie-up that delays cash generation. Work in progress ¥1.2B increased ¥0.8B from ¥0.4B a year earlier, suggesting accumulation of in-progress contracts. 【投資効率】Total assets ¥213.2B vs. quarterly Revenue ¥112.4B gives an annualized total asset turnover of about 0.53x, low. ROIC estimated as Operating Income ¥2.7B × (1-0.616) ÷ Invested Capital ¥176.6B ≈ 0.6% (annualized ~1.5%), indicating insufficient returns on invested capital. 【財務健全性】Equity Ratio 37.8% (prior year 37.7%) is flat, maintaining minimum financial stability, but interest-bearing debt ¥76.0B (all short-term borrowings) vs. cash ¥67.1B gives Cash / Short-term Interest-bearing Debt of 0.88x, a thin cushion. Current ratio 120.4% and Quick ratio 120.4% secure minimal liquidity, but high dependence on short-term borrowings warrants attention to refinancing risk.
Cash and deposits were ¥67.1B, down ¥2.8B (-4.1%) from ¥68.9B a year earlier. Accounts receivable ¥71.7B decreased ¥5.8B from ¥77.5B, but relative to Revenue decline -11.9% collection progress is insufficient, with DSO around 233 days. Work in progress ¥1.2B increased ¥0.8B from ¥0.4B, indicating continued working capital tie-up. Current assets ¥156.3B and current liabilities ¥129.9B yield working capital of +¥26.4B, but most is concentrated in accounts receivable, requiring time to convert to cash. Short-term borrowings ¥76.0B are flat YoY, and interest expense ¥0.3B vs. Operating Income ¥2.7B gives an interest coverage of about 8.6x, maintaining interest payment resilience. However, low Operating Income limits buffer against profit volatility. Delayed AR collection and rising WIP mean profitability has not yet translated into cash flow; normalization of working capital is key to improving financing.
Of Ordinary Income ¥4.7B, Operating Income was ¥2.7B, so non-operating contributions were +¥2.0B. Major non-operating income item was FX gains ¥2.5B; non-operating expenses ¥0.7B include interest expense ¥0.3B and FX losses ¥4.3B, with net FX impact FX gains ¥2.5B - FX losses ¥4.3B = -¥1.8B, a negative contribution. Since FX gains and losses are offset in presentation, the reported FX gains ¥2.5B in non-operating income likely include amounts exceeding FX losses ¥4.3B, and FX volatility is a driver of non-operating item fluctuations. Subsidy income of ¥0.1B was also recorded but immaterial. Comprehensive income was -¥0.8B, below Net Income ¥1.8B, with Other Comprehensive Income -¥2.6B (mainly Foreign Currency Translation Adjustments -¥2.6B) affecting equity. Operating Income ¥2.7B represents core earning power; given FX and tax burdens drive Ordinary and Net Income variability, quality of earnings should be judged on FX-excluded Operating Income. Special gains/losses were ¥0.1B and limited in scale.
Full Year / FY forecasts are Revenue ¥470.8B (YoY -3.6%), Operating Income ¥20.1B, Ordinary Income ¥18.9B, Net Income ¥7.0B. Q1 progress rates are Revenue 23.9% (¥112.4B / ¥470.8B), Operating Income 13.2% (¥2.7B / ¥20.1B), Ordinary Income 25.0% (¥4.7B / ¥18.9B), Net Income 25.7% (¥1.8B / ¥7.0B). Revenue progress is roughly standard, but Operating Income is behind plan; capacity utilization improvements, project price corrections, and margin expansion from Q2 onward are essential to meet full-year targets. Higher progress for Ordinary Income and Net Income reflects contribution of FX gains ¥2.5B; lifting core operating profitability remains a priority. Full-year EPS forecast is ¥19.81, and Q1 EPS of ¥5.10 corresponds to 25.7% progress aligning with Ordinary & Net Income. Dividend forecast is ¥8.00, implying a Payout Ratio of about 40.4% relative to full-year EPS ¥19.81, a reasonable level. No revisions to earnings forecasts have been made.
Dividend forecast is ¥8.00 per share, Payout Ratio about 40.4% relative to full-year EPS forecast ¥19.81. Q1 EPS ¥5.10 (quarterly Net Income ¥1.8B / weighted average shares outstanding 35,360 thousand) annualized equates to ¥7.2B, slightly above the full-year Net Income forecast ¥7.0B, but given slow progress in Operating Income, securing dividend resources presupposes improvement at the operating level. Prior-year dividend was also ¥8.00, indicating a policy of stable dividends. No share buybacks have been disclosed; shareholder returns are provided solely via dividends. Given cash ¥67.1B and short-term borrowings ¥76.0B, dividend capacity is limited, and normalization of working capital (Accounts receivable ¥71.7B, DSO ~233 days) and improved operating cash generation are prerequisites for dividend sustainability.
Liquidity risk from working capital tie-up: Accounts receivable ¥71.7B and DSO ~233 days show elongated collection periods; relative to Revenue decline -11.9%, AR decreased only -7.6%, indicating insufficient collection progress. WIP increased to ¥1.2B from ¥0.4B (+¥0.8B), and with cash ¥67.1B vs. short-term borrowings ¥76.0B giving Cash / Short-term Interest-bearing Debt 0.88x, the cushion is thin; continued delays in AR collection could strain liquidity.
Dependence on short-term interest-bearing debt and refinancing risk: Interest-bearing debt ¥76.0B is entirely short-term borrowings, creating concentration risk at maturity and refinancing risk. Current ratio 120.4% and interest coverage 8.6x provide minimal resilience, but low Operating Income ¥2.7B means that profit volatility could deteriorate borrowing terms or complicate refinancing.
Volatility risk in non-operating items due to FX: Both FX gains ¥2.5B and FX losses ¥4.3B were recorded, with net FX impact -¥1.8B equating to -69.7% relative to Ordinary Income. Foreign currency translation adjustment is -¥2.6B (OCI), compressing comprehensive income, and FX volatility is a short-term driver of P&L and equity fluctuations. Given Operating Income ¥2.7B, FX effects are large relative to core earnings; stability of core Operating Income is a precondition for earnings quality.
収益性・リターン
| 指標 | 自社 | 中央値 (IQR) | Delta |
|---|---|---|---|
| Operating Income Margin | 2.4% | 8.0% (2.2%–15.8%) | -5.7pt |
| Net Margin | 1.6% | 5.8% (1.5%–10.7%) | -4.2pt |
Operating Income Margin 2.4% is -5.7pt below the industry median of 8.0%, placing the company in the lower tier on profitability.
成長性・資本効率
| 指標 | 自社 | 中央値 (IQR) | Delta |
|---|---|---|---|
| Revenue Growth Rate (YoY) | -11.9% | 9.3% (0.2%–16.9%) | -21.2pt |
Revenue growth -11.9% is -21.2pt below the industry median +9.3%, indicating significant underperformance in growth.
※Source: Company aggregation
Profitability turned positive due to cost optimization, but Operating Income Margin 2.4% lags the industry median 8.0% by -5.7pt, placing profitability in the lower tier. Full-year Operating Income progress at 13.2% is behind plan, and capacity utilization improvement and price corrections from Q2 onward are prerequisites for achieving full-year targets. Whether the trends of Gross Margin +1.4pt improvement and SG&A ratio -1.2pt improvement continue is a key monitorable.
Working capital tie-up (Accounts receivable ¥71.7B, DSO ~233 days, WIP +¥0.8B) is impeding cash generation, creating structural risk where operating profitability has not translated into liquidity improvement. Heavy reliance on short-term borrowings ¥76.0B and Cash / Short-term Interest-bearing Debt 0.88x mean the cushion is thin; monitoring AR collection normalization and refinancing strategy is important. FX loss net impact -¥1.8B (FX / Operating Income -69.7%) and high tax burden (effective tax rate 61.6%) cause Net Income volatility, so FX-excluded Operating Income and tax normalization will determine future earnings stability.
This report is an AI-generated earnings analysis document produced by analyzing XBRL financial statement data. It does not constitute a recommendation to invest in any specific security. Industry benchmarks are reference information compiled by our firm based on publicly disclosed financial statements. Investment decisions are your own responsibility; please consult a professional advisor as needed.
These are mechanically computed values based on a residual income model. They are not a forecast of market prices or a recommendation of any investment action, and do not predict or guarantee future share prices. Historical values are computed retrospectively using current guidance-achievement statistics.