IR & Research Intelligence, Sessa Investment Research

Sessa Investment Research

IR & Research Intelligence

Sponsored research focusing on Japanese small cap.

Equity Bottom-Up

<ul><li>Takamiya (hereafter, the Company) is a leading manufacturer of temporary equipment used at construction sites, with its business centered on the next-generation scaffolding system Iq System, launched in 2014.</li><li>Its vision is to become the industry’s first scaffolding platform company, shifting from a flow-based to a stock-based business centered on the Takamiya Platform, with the aim of establishing a new profit structure and strengthening the balance sheet.</li><li>Construction investment continues to trend upward, and construction volume among the Company’s customers remains resilient.</li></ul>

Takamiya (hereafter, the Company) is a leading manufacturer of temporary equipment used at construction sites, with its business centered on the next-generation scaffolding system Iq System, launched in 2014.Its vision is to become the industry’s first scaffolding platform company, shifting from a flow-based to a stock-based business centered on the Takamiya Platform, with the aim of establishing a new profit structure and strengthening the balance sheet.Construction investment continues to trend upward, and construction volume among the Company’s customers remains resilient.

Full Report: Takamiya (2445 JP) - September 19, 2025

<ul><li>Takamiya (hereafter, the Company) reported net sales of JPY 9,904 mn (+1.6% YoY), operating profit of JPY 204 mn (-22.2% YoY), ordinary profit of JPY 101 mn (-70.5% YoY), and profit attributable to owners of parent (hereafter, net profit) of JPY 4 mn (-97.8% YoY).</li><li>Gross profit rose to JPY 3,259 mn (+6.3% YoY), and the gross profit margin improved from 31.4% in the same period last year to 32.9%.</li><li>On the other hand, investments in human capital and capital expenditures led to a rise in SG&amp;A expenses, resulting in a decline in the operating profit margin from 2.6% to 2.0% YoY. </li></ul>

Takamiya (hereafter, the Company) reported net sales of JPY 9,904 mn (+1.6% YoY), operating profit of JPY 204 mn (-22.2% YoY), ordinary profit of JPY 101 mn (-70.5% YoY), and profit attributable to owners of parent (hereafter, net profit) of JPY 4 mn (-97.8% YoY).Gross profit rose to JPY 3,259 mn (+6.3% YoY), and the gross profit margin improved from 31.4% in the same period last year to 32.9%.On the other hand, investments in human capital and capital expenditures led to a rise in SG&amp;A expenses, resulting in a decline in the operating profit margin from 2.6% to 2.0% YoY. 

Q1 Follow-Up: Takamiya (2445 JP) - August 28, 2025

<ul><li>Takamiya (hereafter, the Company) reported its consolidated full-year earnings results for FY2025/3: net sales of JPY 43,827 mn (-0.7% YoY), operating profit of JPY 2,061 mn (-39.4% YoY), ordinary profit of JPY 1,856 mn (-48.1% YoY), and profit attributable to owners of parent (hereafter, net profit) of JPY 1,230 mn (-34.8% YoY).</li><li>Due to the postponement of the large-scale projects’ commencements, rental volumes fell short of initial expectations.</li><li>Additionally, due to delays in the delivery schedule of sales and OPE-MANE projects, the net sales saw only a slight increase.</li></ul>

Takamiya (hereafter, the Company) reported its consolidated full-year earnings results for FY2025/3: net sales of JPY 43,827 mn (-0.7% YoY), operating profit of JPY 2,061 mn (-39.4% YoY), ordinary profit of JPY 1,856 mn (-48.1% YoY), and profit attributable to owners of parent (hereafter, net profit) of JPY 1,230 mn (-34.8% YoY).Due to the postponement of the large-scale projects’ commencements, rental volumes fell short of initial expectations.Additionally, due to delays in the delivery schedule of sales and OPE-MANE projects, the net sales saw only a slight increase.

<ul><li>Q3 FY2025/3 Earnings results summary: Takamiya (hereafter, the Company) reported its Q3(9M) FY2025/3 consolidated earnings results: sales of JPY 32,335 mn (+0.5% YoY), operating profit of JPY 1,316 mn (-45.3% YoY), ordinary profit of JPY 1,209 mn (-52.1% YoY), and profit attributable to owners of parent (hereafter, net profit) of JPY 867 mn (-49.8% YoY).</li><li>Due to the postponement of the large-scale projects’ commencements, rental volumes fell short of initial expectations.</li><li>Additionally, due to delays in the delivery schedule of sales and OPE-MANE projects, the net sales saw only a slight increase.</li></ul>

Q3 FY2025/3 Earnings results summary: Takamiya (hereafter, the Company) reported its Q3(9M) FY2025/3 consolidated earnings results: sales of JPY 32,335 mn (+0.5% YoY), operating profit of JPY 1,316 mn (-45.3% YoY), ordinary profit of JPY 1,209 mn (-52.1% YoY), and profit attributable to owners of parent (hereafter, net profit) of JPY 867 mn (-49.8% YoY).Due to the postponement of the large-scale projects’ commencements, rental volumes fell short of initial expectations.Additionally, due to delays in the delivery schedule of sales and OPE-MANE projects, the net sales saw only a slight increase.

Q3 Follow-Up: Takamiya (2445 JP) - March 10, 2025

<ul><li>H1 FY2025/3 Earnings results summary: Takamiya (hereafter, the Company) reported sales of JPY 21,236 mn (+2.1% YoY), operating profit of JPY 802 mn (-33.5% YoY), ordinary profit of JPY 640 mn (-56.9% YoY), and profit attributable to owners of parent (hereafter, net profit) of JPY 498 mn (-50.5% YoY), falling short of initial forecasts.</li><li>Sales fell 6.0% short of the initial forecast due to delays in the delivery of certain projects which have been pushed back to Q3 and beyond.</li><li>FY2025/3 Company earnings forecast: The full-year forecasts for FY2025/3: net sales of JPY 49,500 mn (+12.2% YoY), operating profit of JPY 3,600 mn (+5.7% YoY), ordinary profit of JPY 3,220 mn (-10.1% YoY), net profit of JPY 2,000 mn (+5.9%). </li></ul>

H1 FY2025/3 Earnings results summary: Takamiya (hereafter, the Company) reported sales of JPY 21,236 mn (+2.1% YoY), operating profit of JPY 802 mn (-33.5% YoY), ordinary profit of JPY 640 mn (-56.9% YoY), and profit attributable to owners of parent (hereafter, net profit) of JPY 498 mn (-50.5% YoY), falling short of initial forecasts.Sales fell 6.0% short of the initial forecast due to delays in the delivery of certain projects which have been pushed back to Q3 and beyond.FY2025/3 Company earnings forecast: The full-year forecasts for FY2025/3: net sales of JPY 49,500 mn (+12.2% YoY), operating profit of JPY 3,600 mn (+5.7% YoY), ordinary profit of JPY 3,220 mn (-10.1% YoY), net profit of JPY 2,000 mn (+5.9%). 

Takamiya (2445 JP) - Business Model Transition Leads to a Phase of Slower Profit Growth...

Japan

SRG TAKAMIYA CO., LTD is a construction scaffolding leasing company.  The Company's product line includes scaffolding rental and planning for various construction projects.  SRG Takamiya also offers outsourcing services.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Srg Takamiya (2445 JP)

Full Report: Takamiya (2445 JP) - September 19, 2025

Takamiya (hereafter, the Company) is a leading manufacturer of temporary equipment used at construction sites, with its business centered on the...

Sessa Investment Research

Q1 Follow-Up: Takamiya (2445 JP) - August 28, 2025

Gross profit rose to JPY 3,259 mn (+6.3% YoY), and the gross profit margin improved from 31.4% in the same period last year to 32.9%.

Sessa Investment Research

Takamiya (2445 JP) - Q4 Follow-Up

Lowering of final-year targets under the Medium-Term Business Plan; dividend payout ratio to rise to 73.2% this fiscal year despite EPS decline

Sessa Investment Research

Q3 Follow-Up: Takamiya (2445 JP) - March 10, 2025

Q3 FY2025/3 Earnings results summary: Takamiya (hereafter, the Company) reported its Q3(9M) FY2025/3 consolidated earnings results

Sessa Investment Research

Takamiya (2445 JP) - Business Model Transition Leads to a Phase of Slower Profit Growth...

Sales fell 6.0% short of the initial forecast due to delays in the delivery of certain projects which have been pushed back to Q3 and beyond.

Sessa Investment Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)