ASUA Inc.
246A・Growth Market・Services
Business
ASUA Co., Ltd. is a company that contributes to the improvement and development of the logistics industry, drawing on the "know-how of logistics operations" and "data collection and analysis capabilities" accumulated over more than 25 years in the field. In its core consulting business, the company operates "TRYES Program," a safety activity outsourcing service for logistics operators, while its CRM Innovation business supports the improvement of driver behavior through One-to-One message delivery based on driving data analysis. In addition, its Telecommunications Network Solutions business, which has been in operation since the company's founding, provides sales and maintenance of ICT equipment to approximately 3,000 corporate clients in the Tokai region. The company listed on the Tokyo Stock Exchange Growth Market and the Nagoya Stock Exchange Next Market in September 2024.
Business Model
The consulting business consists of two formats: the face-to-face "TRYES Support" and the fixed-fee cloud-based "TRYES Report." TRYES Report is a stock-type business that generates monthly revenue as long as contracts are not cancelled, and the accumulation of contracted companies and registered users stabilizes the revenue base. The CRM Innovation business generates recurring revenue through a messaging service that utilizes connected car driving data. The Communication Network Solutions business supplements flow revenue through repeat and maintenance demand from the existing customer base.
Company Strengths
Since the launch of its fuel-efficiency improvement business in 1998, the company has accumulated a safety activity database over more than 25 years through dialogue with drivers and managers, forming a high barrier to entry. In 2006, its research findings were published in a paper of the Society of Automotive Engineers of Japan, and in 2014 it presented at the UN Eco-Driving Conference, among other achievements, giving it academic and international backing for its expertise.
The number of contracted companies for the fixed-rate cloud service "TRYES Report" increased 43.0% from 444 companies at the end of the previous fiscal year to 635 companies at the end of the current fiscal year, while the number of registered users rose 64.6% from 13,605 to 22,400. Under a stock-type business model in which billing continues unless a contract is cancelled, the structure supports revenue stability and the accumulation of future earnings.
The operating margin for FY2025 (ended June 2025) continued to improve, reaching 14.2% (12.0% in the previous period). Net assets expanded to ¥1,056 million (equity ratio of 75.1%) due to the issuance of new shares at the time of listing, and the company secured cash and cash equivalents of ¥812 million. With a financial structure close to debt-free, it retains ample capacity for growth investment.
ENVALITH's Perspective
Performance Trend
Financial trends: Net sales maintained a moderate growth trend, moving from ¥1,364 million in FY2024 to ¥1,393 million in FY2025, and reaching ¥1,103 million in the cumulative nine months of FY2026 (full-year forecast of ¥1,422 million, up 2.1% year on year). On the other hand, operating profit is expected to deteriorate significantly, from ¥164 million in FY2024 and ¥198 million in FY2025 to a full-year FY2026 forecast of ¥134 million (down 32.2% year on year). The cumulative nine-month gross profit margin declined to 40.5% (versus 42.9% in the same period of the prior year), as an increase in the cost of sales ratio (due to soaring material prices and higher outsourcing costs) and higher SG&A expenses (due to human capital investment and market-change-related costs) simultaneously squeezed profits. As an external factor, the enforcement of the "New Logistics Two Laws" is supporting demand for the core business, but this has not been sufficient to absorb the impact of rising costs.
Growth Strategy
Evolving into a company that solves logistics challenges through three pillars: concentration on logistics specialization, expansion into the Kanto region, and use of M&A
Capturing demand for safety management system development in the logistics industry triggered by the enforcement of the "New Logistics Two Laws", the company is expanding sales of the on-site visit type "TRYES Support" and the cloud-based "TRYES Report". Cumulative revenue for the first nine months of FY2026 (ending June 2026) was ¥678 million (up 4.9% year on year), with segment profit of ¥264 million (up 4.6%), showing steady progress.
The "Other" segment, which includes Dental-related system development, has been designated for business withdrawal, with management resources being concentrated on the Mobility Solutions business. Cumulative revenue for this segment in the first nine months of FY2026 (ending June 2026) was ¥89 million (down 5.3% year on year), with segment profit of ¥7 million (down 63.3%), reflecting an ongoing contraction.
As of March 24, 2025, the company's market segment was changed from the Next Market to the Main Market of the Nagoya Stock Exchange. A market change cost of ¥1,500 thousand associated with this has already been recorded as non-operating expenses. The company aims to strengthen governance and enhance recruitment and sales capabilities through improved name recognition.
While leveraging its existing business foundation centered on the Tokai region, the company is strengthening its sales organization in the Kanto area to promote geographic expansion. It aims for nationwide expansion, primarily targeting small and medium-sized logistics operators with fewer than 100 vehicles, which account for 99% of logistics operators.
While leveraging the customer base of approximately 3,000 companies in the Tokai region within the Network Solutions business, the company aims to expand its business scale and create new revenue sources by considering collaboration with ICT-related companies and M&A.
Last updated: July 17, 2026