Saibo Co., Ltd.
3123・Standard Market・Textiles & Apparels
Business
Saibo Corporation is a Tokyo Stock Exchange Standard Market-listed company founded in 1948. Its core operations comprise the Textile Business, which handles uniforms, raw yarn, and printed goods, and the Real Estate Utilization Business, centered on two large-scale commercial facilities, AEON MALL Kawaguchi Maekawa and AEON MALL Kawaguchi. These are supplemented by the Golf Practice Range Business (three locations within Saitama Prefecture) and the Interior Construction Business (Kamine Saibo Co., Ltd.), forming a four-segment structure. Affiliated companies include Netz Toyota Higashi Saitama Co., Ltd. and others, giving the company indirect involvement in automobile sales, system development, and related fields. Its major customer is AEON MALL Co., Ltd. (35.2% of net sales), and the company is characterized by a regionally focused business model rooted in Kawaguchi City, Saitama Prefecture.
Business Model
In the real estate utilization business, the company secures stable rental income through long-term lease agreements with AEON Mall Co., Ltd. (Kawaguchi-Maekawa: through 2027; Kawaguchi: through 2071), and utilizes security deposits received from tenants (totaling ¥5,040 million) as a funding base. In the textile business, revenue is built up through the manufacturing and sale of corporate uniforms and functional apparel, as well as printing processing. The interior construction business achieves high profitability through the acquisition of large-scale orders. By combining revenues from each business, the company has formed an earnings structure resilient to economic fluctuations.
Company Strengths
Aeon Mall Kawaguchi has entered into a 50-year lease agreement running from May 2021 to May 2071. Aeon Mall Kawaguchi Maekawa also continues under contract through 2027. In FY2026 (ending March 2026), the real estate utilization business posted operating profit of ¥1,009 million and segment assets of ¥25,406 million, driving stability in the group's overall earnings.
The company owns and leases two buildings: Aeon Mall Kawaguchi Maekawa (total floor area of 133,681 sqm) and Aeon Mall Kawaguchi (total floor area of 126,302 sqm). Combined site area reaches approximately 149,826 sqm. Of total assets of ¥42,895 million, ¥25,406 million in segment assets belongs to the real estate utilization business, forming a large-scale, hard-to-replicate real estate portfolio.
Kaneko Cybor Co., Ltd.'s interior construction business achieved net sales of ¥1,294 million (up 70.8% year on year) and operating profit of ¥141 million (up 213.1% year on year) in FY2026 (ending March 2026). Given its growing quantitative significance, it has been elevated to an independently reported segment. Improved profitability, supported by large-scale project orders and a long-standing customer base, has been confirmed, and the business is emerging as a third pillar of earnings following textiles and real estate.
ENVALITH's Perspective
Performance Trend
Revenue peaked at ¥11,423 million in FY2024 (ending March 2024), then declined for two consecutive periods, remaining roughly flat at ¥10,349 million in FY2026 (ending March 2026), up 0.5% year on year. Operating profit, meanwhile, recovered to ¥992 million, up 23.1% year on year. This was supported by the textile business narrowing its operating loss from ¥320 million to ¥138 million, and by rapid expansion in the interior fit-out business (revenue up 70.8% year on year). Net income rose sharply to ¥1,067 million, up 24.1% year on year, aided by the recognition of deferred tax adjustments (gain). However, for the next period (FY2027, ending March 2027), the loss of large-scale orders, the disappearance of a one-time tax effect, and a decline in equity-method investment income are expected to coincide, leading to a forecast of lower revenue and profit: revenue of ¥9,589 million and net income of ¥981 million. As an external factor, yen depreciation, higher raw material costs, and rising logistics costs continue to weigh on the textile business's profitability.
Growth Strategy
Strengthening earning power through three pillars: high-value-addition in textiles, stable earnings maintenance in real estate, and expansion of the interior construction business
The company is capturing demand for heatstroke-prevention wear, environmentally friendly products (polyester bio-yarn), and model changes for corporate uniforms, while advancing price pass-through. Management resources are being concentrated following the completion of withdrawal from the unprofitable Floria Co., Ltd. In the next fiscal year, orders for uniforms and print processing are expected to increase, but sales are forecast to decline to ¥4,934 million due to the discontinuation of some products handled by the Material Division.
The company is maintaining long-term lease contracts for AEON Mall Kawaguchi Maekawa, AEON Mall Kawaguchi, hospital facilities, and others, while improving property competitiveness through repairs and capital investment (an increase in fixed assets of ¥1,239 million in the current fiscal year). Sales for the next fiscal year are forecast to remain stable at ¥3,746 million. Profit pressure from increased repair costs remains a challenge.
The interior construction business of Kamine Cybo Co., Ltd. was elevated to an independent reportable segment from the second quarter. In the current fiscal year, the company achieved sales of ¥1,294 million (up 70.8% year on year) and operating profit of ¥141 million (up 213.1% year on year) due to large-scale project orders. However, sales in the next fiscal year are forecast to decline significantly to ¥540 million due to the falling away of the large-scale project.
Last updated: July 19, 2026