ENVALITH
株式会社市進ホールディングス logo

ICHISHIN HOLDINGS CO.,LTD.

4645・Standard Market・Services

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株式会社市進ホールディングス logo
ICHISHIN HOLDINGS CO.,LTD.4645

Business

Ichishin Holdings Co., Ltd. traces its roots to the

Business Model

The Educational Services Business generates its main revenue from monthly tuition and course fees paid by enrolled students. The video-based lesson service "Wing Net" builds up recurring stock-type revenue by expanding affiliations and locations with cram schools nationwide. The Long-Term Care & Welfare Services Business derives its main revenue from long-term care insurance reimbursements, with maintaining high utilization and occupancy rates being key to revenue stability. Both businesses combine location acquisition via M&A with organic new-location openings to achieve both scale expansion and community-focused services. Funding is sourced from retained earnings and borrowings from financial institutions.

Company Strengths

Centered on "Ichishin Gakuin," founded in 1965, the company has built a dominant network across Chiba Prefecture, eastern Tokyo, and Ibaraki Prefecture. It continues to open new schools in areas with growing school-age populations, such as along the Tsukuba Express line (e.g., Nagareyama Central Park classroom, Kashiwa Tanaka classroom), and enrollment at group companies is tracking favorably against budget.

"Wing Net," the video lecture service launched in 2006, has expanded into remedial education services for cram schools, schools, and universities nationwide, with continued growth in the number of affiliated schools and locations. In March 2025, the company opened "Ichishin Digital Base" in Ichikawa City, Chiba Prefecture, strengthening its video content production and distribution infrastructure.

In March 2024, the company brought Live Core Support (Ibaraki Prefecture, 4 locations) into the group, followed by Kinshukai (Chiba Prefecture) in July of the same year. In September of the same year, it integrated four companies in Tokyo and Saitama to establish "Ichishin Welfare." The Long-Term Care & Welfare Services Business now comprises a total of 6 companies and 45 locations, achieving operational efficiency through personnel sharing and the pooling of specialized expertise.

ENVALITH's Perspective

Operating loss for Q1 of FY2027 (ending February 2027) was ¥68 million, an improvement of ¥225 million from ¥293 million in the same period last year. The cost of sales ratio also declined significantly, from 94.2% in the same period last year to 88.6%, reflecting a notable improvement in gross profit margin. Given that Q1 is typically the seasonal loss period with the lowest enrolled student numbers and no summer or winter intensive courses, the likelihood of achieving the full-year operating profit forecast of ¥928 million (+3.2% year on year) has increased. That said, the full-year forecast remains unchanged, and confirmation of any upside potential will require waiting for the results of Q2 (summer intensive courses).

As of the end of Q1 of FY2027 (ending February 2027), total assets stood at ¥12,885 million against net assets of ¥2,339 million (equity ratio of 17.7%), indicating a thin financial base. Interest-bearing debt, combining long-term borrowings of ¥4,668 million and the current portion of long-term borrowings due within one year of ¥1,348 million, exceeded ¥6,016 million, with interest expense of ¥32 million incurred in the quarter. The liability for retirement benefits is also substantial at ¥1,051 million, posing a risk of increased financial costs in a rising interest rate environment. Should the company continue pursuing M&A in the long-term care sector, further increases in borrowings and a decline in the equity ratio warrant attention.

The Long-Term Care & Welfare Services Business posted segment operating profit of ¥74 million in Q1 (+10.6% year on year), and against a backdrop of expanding demand driven by growth in the elderly population, improved profitability from integration effects is evident. On the other hand, the Educational Services Business recorded a segment loss of ¥142 million on sales of ¥3,412 million, remaining significantly in the red for Q1 as usual. Amid the continued burden of fixed costs such as rent and personnel expenses due to prolonged elevated prices, whether enrolled student numbers can continue to track favorably against budget will be key to full-year earnings.

Growth Strategy

Aiming for an operating margin of 5% through two-axis growth: promoting Educational BX and strengthening high-school/prep-school instruction, combined with M&A in the long-term care business

Focusing on entrance exam instruction for high school students aiming for admission on their first attempt as a key theme, the company seeks to strengthen its brand through an accumulation of first-attempt admission track records at top-tier and national/public universities. In the first quarter of FY2027 (ending February 2027), enrollment in the tutoring school segment progressed favorably against budget, confirming the effectiveness of these initiatives.

The company is expanding the provision of video lesson content to high schools and prep schools nationwide, strengthening revenue sources outside its own classrooms. In the first quarter of FY2027 (ending February 2027), the number of schools affiliated with Wing Net continued to trend steadily, contributing to a year-on-year increase of +4.7% in Educational Services Business sales.

The company is enhancing specialized classrooms for lower-grade elementary school students, such as Wing Kids Course and Pensée Frontière, to encourage long-term enrollment starting from the lower grades. This is being continuously implemented in combination with strengthened

While embedding operational efficiencies and personnel flexibility achieved through the integration of four companies into Ichishin Welfare Co., Ltd., the company continues to expand its sites in the greater Tokyo metropolitan area through M&A. In the first quarter of FY2027 (ending February 2027), segment operating profit was ¥74 million (up +10.6% year on year), reflecting the effects of the integration in the figures, with profitability continuing to improve.

Based on a resolution of the Board of Directors on June 23, 2026, the company plans to dispose of 121,000 shares of common stock (total disposal value of ¥51 million) to a total of 53 individuals, including directors, audit & supervisory board members, and directors of subsidiaries, on July 21, 2026. The purpose is to provide incentives for medium- to long-term enhancement of corporate value and to share value with shareholders.

Last updated: July 17, 2026