CYND Co., Ltd.

Business Details

SAIND Co., Ltd. (and its subsidiary Pacific Porter Co., Ltd.) provides beauty and hair salons with the cloud-based reservation management system "BeautyMerit" and the unified reservation management system "Kanzashi." With a subscription (monthly billing) model as its core, the company supports DX and CX improvement at beauty and hair salons by unifying management across customer acquisition, reservations, treatment, accounting, and after-sales follow-up. From FY2026 (ending March 2026), the company officially launched the payment service "BeautyPay" and the retail media service "BM Smart Mirror," advancing the diversification of its revenue base.

Recent Overview

Revenue up 13.4% and operating profit up 39.7%, with two new services officially launched

In FY2026 (ending March 2026), the company achieved profit growth at every level, with revenue of ¥2,542 million (up 13.4% year on year), operating profit of ¥331 million (up 39.7% year on year), and net income attributable to owners of parent of ¥172 million (up 53.7% year on year). In addition to expanding BeautyMerit's functionality, the company officially launched the retail media service "BM Smart Mirror" in November 2025 and began rolling out the payment service "BeautyPay." On the other hand, the new recognition of a ¥52 million provision for shareholder benefits pushed up non-operating expenses, restraining growth in ordinary profit relative to operating profit. It is also noted that a change in the estimate for asset retirement obligations (¥64 million recognized) reduced operating profit by approximately ¥4 million.

Key Products

Growth Drivers

• Continued increase in the combined number of contracted salons for BeautyMerit and Kanzashi (20,699 salons as of the end of March 2025), driving stable expansion of subscription revenue
• Increase in the number of salons contracted for BeautyPay and promotion of cross-selling to other group services starting from the payment service
• Expansion of sales channels leveraging BM Smart Mirror's network of major beauty equipment dealers and creation of new revenue sources through advertising tie-ups
• Expansion into new areas such as esthetics and relaxation services through strengthening of Kanzashi's direct sales structure
• Improvement in ARPU through added features such as POS system integration, LINE mini-app subscriptions, and web-based online shopping
• Forecast for FY2027 (ending March 2027): revenue of ¥3,001 million (up 18.1% year on year) and EBITDA of ¥662 million (up 1.4% year on year)

Risks

• Risk of a decline in the number of contracted salons due to an increase in salon closures and bankruptcies amid intensifying competition in the beauty and hair salon industry
• Increase in selling, general and administrative expenses and pressure on profitability due to expanded investment in building BeautyPay's business foundation and marketing (operating profit growth for FY2027 (ending March 2027) is expected to be limited to 4.2%)
• Continued amortization burden from the goodwill balance of ¥1,886 million (approximately ¥269 million per year) and an increased effective tax rate due to non-deductibility for tax purposes
• Pressure on ordinary profit and net income from increased non-operating expenses, including the ¥52 million provision for shareholder benefits
• Risk of system failures and information leaks, given the handling of large volumes of personal information through cloud services
• Risk of declining ARPU and rising churn rate due to the emergence of competing services
• Impact on business results from changes in accounting estimates, such as those related to asset retirement obligations