APPLE INTERNATIONAL CO., LTD.
2788・Standard Market・Wholesale Trade
Automobile Sales-Related Business
The company's core segment, centered on used car export and purchase/sale operations
| Period | Current | Previous | Change |
|---|---|---|---|
| Segment revenue (1Q FY2026 cumulative, ending December 2026) | ¥13,376 million | ¥9,834 million (1Q FY2025 cumulative, ended December 2025) | ↑ |
| Segment profit (1Q FY2026 cumulative, ending December 2026) | ¥350 million | ¥157 million (1Q FY2025 cumulative, ended December 2025) | ↑ |
| Segment revenue (full year FY2025, ended December 2025) | ¥40,716 million | － | — |
| Segment profit (full year FY2025, ended December 2025) | ¥695 million | － | — |
| Equity in earnings of affiliates (1Q FY2026, ending December 2026) | ¥51 million | ¥41 million (1Q FY2025, ended December 2025) | ↑ |
Business Details
This segment engages in the used car export business, exporting vehicles sourced from domestic auto auctions and general consumers to importers in Southeast Asia (Thailand, Malaysia, etc.), as well as a purchase-and-sale business dealing with domestic customers. It also manages franchise membership and collects royalties under the "Apple" brand. In Thailand, the company is involved in the auto auction business through its investment in Apple Auto Auction (Thailand) Limited (accounted for under the equity method). This is the core segment, accounting for approximately 99.7% of consolidated revenue.
Recent Overview
1Q revenue rose 36% on the weak yen and strong Malaysian demand; segment profit increased 122.6% year on year
In the first quarter of FY2026 (ending March 2026) (January to March 2026), against a backdrop of a weak yen, shipment volumes of used car exports to Malaysia increased more than initially expected. Exports to Thailand were soft due to the impact of Chinese-made electric vehicles but still increased year on year. As a result, segment revenue reached ¥13,376 million (up 36.0% year on year) and segment profit reached ¥350 million (up 122.6% year on year), marking substantial growth in both revenue and profit. Industry-wide used car export volumes also continued to expand, reaching 361,142 units (up 6.5% year on year).
Key Products
Growth Drivers
- Expanding demand for used car exports to Malaysia driven by the weak yen (shipment volumes exceeded initial expectations)
- Industry-wide increase in used car export volumes (1Q 2026: 361,142 units, up 6.5% year on year)
- Securing multinational trade routes centered on Southeast Asia and pursuing higher value-added operations
- Stable investment income from equity-method affiliate Apple Auto Auction (Thailand) Limited (¥51 million in 1Q 2026)
- Maintaining domestic used car handling volumes roughly in line with the same period of the prior year
Risks
- Sluggish sales of Japanese-made vehicles in the Thai market due to a rapid increase in Chinese-made electric vehicles
- Foreign exchange rate fluctuation risk (deterioration in export profitability if the yen strengthens)
- Political and economic instability in Southeast Asian countries (country risk)
- Declining trend in domestic used car registrations (1Q 2026: 952,659 units, down 0.2% year on year)
- Impact on transportation and trade from escalating tensions in the Middle East (currently assessed as limited)
- Increased credit risk associated with the rise in accounts receivable (up ¥2,627 million from the end of the prior fiscal year)
Last updated: March 30, 2026