HIMACS,Ltd.
4299・Standard Market・Information & Communication
Value Solution Service Business (Single Segment)
A single-business company providing integrated system development and maintenance services for both financial and non-financial clients
| Period | Current | Previous | Change |
|---|---|---|---|
| Net sales (full year) | ¥18,216 million | ¥18,066 million | ↑ |
| Operating profit (full year) | ¥1,562 million | ¥1,807 million | ↓ |
| Operating margin (full year) | 8.6% | 10.0% | ↓ |
| Ordinary profit (full year) | ¥1,583 million | ¥1,821 million | ↓ |
| Profit attributable to owners of parent (full year) | ¥1,141 million | ¥1,293 million | ↓ |
| ROE (Return on Equity) | 10.1% | 11.4% | ↓ |
| Ratio of net sales to Nomura Research Institute | 35.8% (¥6,525 million) | 36.9% (¥6,667 million) | ↓ |
| Ratio of net sales to financial sector | 65.4% (¥11,913 million) | 67.0% (¥12,098 million) | ↓ |
| Total order backlog | ¥3,812 million | ¥3,493 million (calculated backward from a 9.1% year-on-year increase) | ↑ |
| Net income per share | ¥101.60 | ¥111.59 | ↓ |
Business Details
Hi-Max, Inc. is a single-segment company that provides high-value-added solutions across the entire computer software system life cycle. Its primary customers are financial institutions (65.4% of net sales), with particular strength in the life insurance industry. Nomura Research Institute is its largest customer (35.8% of net sales). The company consists of two service lines: "System Solution Service," which handles the planning, design, and development phases of systems, and "System Maintenance Service," which handles maintenance after systems go live. The company has a stable revenue base.
Recent Overview
Net sales rose slightly, but operating profit fell 13.5% due to increased personnel investment and M&A costs; the acquisition of Coreso Co., Ltd. was disclosed as a subsequent event
In FY2026 (ending March 2026), net sales increased slightly to ¥18,216 million (up 0.8% year on year); however, in addition to continued investment in personnel—including a company-wide average 8.5% increase in salary levels, active hiring, and revised business partner unit prices—acquisition-related costs of ¥58 million associated with the acquisition of Coreso Co., Ltd. were incurred, causing operating profit to decline to ¥1,562 million (down 13.5% year on year). As a subsequent event, Coreso was made a wholly-owned subsidiary on April 3, 2026, at an acquisition cost of ¥1,100 million. Starting FY2027 (ending March 2027), the company will launch its new medium-term management plan "Re:Growth2028," targeting net sales of ¥20,000 million and operating profit of ¥1,200 million. An annual dividend of ¥51 is planned, including a special ¥5 dividend commemorating the company's 50th anniversary.
Key Products
Growth Drivers
- Active acquisition of orders for modernization and DX projects (securities exchange projects, security-related projects for financial institutions, and rebuilding projects for insurance and distribution clients)
- Expansion of the stable revenue base through the buildup of the System Maintenance Service order backlog (up 21.2% year on year to ¥2,719 million)
- Development of new customers in non-financial fields (other industries), which expanded 20.0% year on year to ¥4,041 million in FY2026 (ending March 2026)
- Expansion of net sales, technical capabilities, and human resources through the consolidation of Coreso Co., Ltd. (from FY2027 (ending March 2027))
- Productivity improvements through the introduction of AI-based software development processes (AI efficiency gains in the design, implementation, and documentation processes)
- Improved profitability through direct development of end-user transactions
Risks
- Continued increase in personnel investment costs (a company-wide average 8.5% monthly salary increase and revision of business partner unit prices are planned for FY2027 (ending March 2027) as well, with operating profit expected to decline 23.2%)
- Risk of revenue concentration in specific customers (Nomura Research Institute accounts for 35.8% of net sales)
- Occurrence of goodwill amortization and integration costs associated with the acquisition of Coreso (the amount of goodwill and amortization period are not yet finalized)
- Intensifying competition for hiring and rising costs due to chronic engineer shortages across the industry
- Risk of reduced, postponed, or cancelled system investment due to changes in the business environment of major customers
- Continued decline in net sales to the insurance sector (down 4.3% year on year to ¥5,582 million in FY2026 (ending March 2026), accounting for 30.7% of net sales)
- Decline in net sales due to the completion of projects for the public and distribution sectors (down 13.5% for public sector, down 12.4% for distribution sector)
Last updated: June 16, 2026