ENVALITH
株式会社TMH logo

TMH Inc.

280A・Growth Market・Wholesale Trade

株式会社TMH logo
TMH Inc.280A

Business

TMH Co., Ltd. is a semiconductor manufacturing field solutions company founded in 2012. It operates on two pillars: Parts Sales & Repair Service through its cross-border e-commerce platform "LAYLA-EC" (over 369,000 items listed, with more than 50% of domestic semiconductor fabs registered), and support for the purchase and sale of used semiconductor manufacturing equipment leveraging the engineering capabilities of its field engineers (FEs). Its main customers are semiconductor fabs both in Japan and overseas; of the ¥8,628 million in net sales for FY2025 (ending November 2025), ¥7,401 million came from Asia (of which ¥7,281 million was from China). Domestically, the company has five locations—Oita (head office), Kumamoto, Tokyo, Yokkaichi, and Iwate—and overseas it has its South Korean subsidiary, TMH KOREA Inc., established in July 2025.

Business Model

Revenue is composed of two pillars: (1) parts sales and repair services using cross-border EC platforms, etc. (a stable revenue source with expected repeat orders once an initial order is received; FY2025 (ending November 2025) actual results were ¥1,214 million), and (2) equipment sales services leveraging engineering capabilities (requiring a lead time of several months to one year from order receipt to revenue recognition, but with high certainty of recognition; ¥7,404 million for the same period). In principle, procurement occurs after order receipt, so large capital expenditures and inventory funding are not required; the main funding need is working capital, primarily for personnel expenses.

Company Strengths

The cross-border e-commerce site "LAYLA-EC," launched in April 2018 and specializing in semiconductor manufacturing equipment and parts, has over 200 suppliers registered worldwide and lists more than 369,000 items. With over 50 registered domestic semiconductor factories and over 700 registered users, it functions as industry infrastructure supporting the digitalization of procurement.

The company employs technical sales staff with over 20 years of engineering experience, providing end-to-end support from equipment disassembly, removal, and installation to process tuning. With a track record of removing over 100 units of equipment, the company has established external credibility, including receiving the Regional Supplier Recognition Award (2019) from a major U.S. semiconductor manufacturer (Texas Instruments).

As of the end of November 2025, the order backlog stood at ¥1,375 million (orders received of ¥2,549 million). Equipment sales services require a lead time of several months to one year from order receipt to revenue recognition, but the certainty of recognition is high, and the fact that revenue accumulation for the following period and beyond is visible to a certain extent is a factor supporting earnings stability.

ENVALITH's Perspective

For the interim period of FY2026 (ending November 2026) (December 2025 to May 2026), net sales were ¥2,126 million, operating loss was ¥23 million, ordinary loss was ¥31 million, and interim net loss attributable to owners of the parent was ¥22 million. The full-year forecast has been revised downward to net sales of ¥3,179 million (down 63.2% year on year), operating loss of ¥276 million, and net loss of ¥195 million. This represents a sharp deterioration from the previous fiscal year (FY2025, ended November 2025), which recorded net sales of ¥8,628 million and operating profit of ¥356 million, once again exposing the magnitude of earnings volatility.

The main causes of the operating loss were: (1) a portion of the backlog of used equipment sales orders as of the end of the first quarter was not recognized as revenue by the end of the interim period, and (2) recruitment costs incurred in advance due to the prioritized allocation of management resources toward the distributor (agency) business. The ratio of selling, general and administrative expenses to net sales is high, with SG&A expenses of ¥350 million exceeding gross profit of ¥326 million, resulting in a negative spread. There remains a high dependence on the timing of revenue recognition for large equipment deals, leaving an issue with the predictability of earnings.

The full-year forecast of ¥3,179 million in net sales represents a 63.2% year-on-year decline, creating an extremely large gap versus the medium-term target of ¥18 billion in net sales and ¥1.7 billion in operating profit for FY2028 (ending November 2028). In terms of the market environment, the expansion of TSMC's second Kumamoto plant and Rapidus's domestic investment are medium- to long-term tailwinds, but their contribution to performance remains limited at the current stage, as the distributor business is still in a nurturing phase. The potential dilution risk from the issuance of convertible bonds also warrants attention as a factor that could erode shareholder value.

Growth Strategy

Centered on LAYLA-EC, the company aims for ¥18.0 billion in revenue in FY2028 (ending November 2028) through four pillars: the agency business, M&A, and global expansion.

Further expanding the proprietary platform, in which over 50% of domestic semiconductor plants are registered, to improve the convenience of parts procurement and strengthen customer lock-in. The company aims to build a stronger revenue base through continued stabilization of parts orders and acquisition of new customers.

Making upfront investments in recruitment costs for the agency business, which is positioned as a growth driver. The company has been actively recording recruitment costs during the first half of FY2026 (ending November 2026), and is in an upfront investment phase. While this pressures profit in the short term, the aim is to diversify revenue sources over the medium term.

Promoting expansion into the Asian market using the South Korean subsidiary as a base. The company is expanding sales of parts and used equipment to semiconductor manufacturing sites in South Korea, Taiwan, and elsewhere, aiming to reduce dependence on the domestic market.

Secured ¥1,640 million in cash at the end of the first half through the issuance of convertible bond-type bonds with subscription rights to shares. The company maintains business expansion and customer base expansion through M&A, utilizing on-hand liquidity, as a strategic option. Acquisition of investment securities (¥50 million in the first half) has also been carried out.

Last updated: July 17, 2026