ENVALITH
アップルインターナショナル株式会社 logo

APPLE INTERNATIONAL CO., LTD.

2788・Standard Market・Wholesale Trade

Official website
アップルインターナショナル株式会社 logo
APPLE INTERNATIONAL CO., LTD.2788

Business

Apple International Co., Ltd. is an automobile distribution company founded in 1996, whose core business is the export and purchase/sale of used cars. Together with its two consolidated subsidiaries (Apple Auto Network Co., Ltd. and Car Consultant Maple Co., Ltd.), the company operates a used car export business, selling used cars purchased from domestic general users and auto auctions to importers in Southeast Asian countries (Malaysia, Thailand, etc.). Domestically, it also operates a used car purchase/sales business and a franchise business. In the Kingdom of Thailand, the company holds Apple Auto Auction (Thailand) Limited as an equity-method affiliate and participates in the auto auction business. Since October 2023, it has been newly developing a brand-name goods purchase business (reuse distribution business). Listed on the TSE Standard Market.

Business Model

The company acquires used vehicles from domestic auto auctions and general users, then exports them to Southeast Asia to earn trading margins. Domestically, margins from purchases, retail, and wholesale also serve as a revenue source. It also holds royalty income from franchise-affiliated stores. Investment gains from equity-method affiliate Apple Auto Auction (Thailand) Limited (¥194 million for FY2025 (ending December 2025)) also contribute to stable earnings. The new reuse distribution business is being developed as a low-cost model combining an internet-completed appraisal system with directly operated stores.

Company Strengths

Since beginning used-car exports in 1996, the company has progressively expanded export routes to Thailand, Malaysia, Singapore, Indonesia, Hong Kong, and other destinations. In FY2025 (ending December 2025), demand toward Malaysia remained solid, with shipment volumes exceeding initial projections, demonstrating that securing multilateral trade routes and adding value are functioning effectively.

The company holds Apple Auto Auction (Thailand) Limited, established in 2007, as an equity-method affiliate, operating an auto auction venue in the Kingdom of Thailand. In FY2025 (ending December 2025), it recorded equity in earnings of affiliates of ¥194 million, functioning as a stable revenue source even in periods when profits from the export business come under pressure.

As of the end of FY2025 (ending December 2025), against total assets of ¥20,540 million, net assets stood at ¥10,892 million, maintaining an equity ratio of 50.0%. Cash and cash equivalents were ¥4,587 million. Retained earnings increased by ¥595 million, providing a funding base that can support business expansion while maintaining financial soundness.

ENVALITH's Perspective

For 1Q of FY2026 (ending December 2026), net sales reached ¥13,411 million (up 36.1% year-on-year), operating income reached ¥325 million (up 165.6%), and net income attributable to owners of the parent reached ¥372 million (up 363.4%), showing substantial improvement across all metrics. Meanwhile, the full-year forecast anticipates net sales of ¥35,856 million (down 12.1% year-on-year) and operating income of ¥769 million (up 35.5%), a structure envisioning profit recovery amid declining sales. The 1Q progress rate stood at 37.4% for net sales and 42.3% for operating income relative to the full-year forecast—a high level that warrants close attention to the risk of a slowdown in the second half.

The financial results report explicitly states that, for Thailand, the outlook for sales of Japanese-made automobiles is uncertain due to the increase in Chinese-made electric vehicles, indicating that intensifying competition in the company's key export destinations is becoming apparent. As an external factor, there is a risk that the price competitiveness of Chinese-made EVs could substitute for demand for used Japanese cars, and if dependence on Malaysia as a single concentrated market increases, geopolitical and regulatory risks would also grow. Concretizing a medium- to long-term export destination diversification strategy is a challenge.

Income before income taxes and other adjustments of ¥496 million for 1Q of FY2026 (ending December 2026) includes extraordinary income of ¥57 million from the reversal of the provision for retirement benefits for directors and ¥0.4 million in gain from the reversal related to stock acquisition rights. These are one-time items, and ordinary income of ¥438 million should be referenced as the underlying earnings indicator. Additionally, the fact that the foreign exchange loss of ¥13 million recorded in the same period last year was zero in the current period is also a contributing factor to the profit improvement, illustrating the significant impact that changes in the foreign exchange environment can have on business performance.

Growth Strategy

Deepening multilateral expansion of Southeast Asian exports and fostering profitability in the reuse distribution business

The company continues to secure multilateral trade routes to Southeast Asian countries where automobile market expansion is expected, while maintaining existing export routes centered on Malaysia and Thailand. It aims to improve unit prices by expanding the handling of higher value-added vehicle models. In 1Q FY2026 (ending March 2026), shipment volumes to Malaysia exceeded initial expectations, confirming the effectiveness of the strategy.

The company continues its participation in the local Thai business through its equity-method affiliate, Apple Auto Auction (Thailand) Limited. In 1Q FY2026 (ending March 2026), it recorded equity in earnings of affiliates of ¥51 million, maintaining a stable revenue contribution. However, uncertainty over demand for Japanese-made automobiles in the Thai market, stemming from the rise of Chinese-made EVs, has emerged as a medium-term risk.

The brand-name goods purchasing business, launched in October 2023, is being developed through an AI-utilizing, fully online system and a directly operated store in Tokyo. In 1Q FY2026 (ending March 2026), sales continued to grow, reaching ¥34 million (up 48.4% year on year). The segment loss narrowed to ¥2 million (improved from a loss of ¥9 million in the same period of the previous year), indicating ongoing improvement in profitability, although the business has not yet turned profitable.

Last updated: July 17, 2026