AJIS CO.,LTD.
4659・Standard Market・Services
Business
AGS Corporation is a service company for the distribution and retail industry, founded in 1978. In its core Retail Support Business, the company provides inventory counting (store and asset inventory), Centralized Replenishment Service, and merchandising, serving a broad range of business formats including convenience stores, supermarkets, home centers, and drugstores. In its Marketing Business, the company offers Real Marketing Solutions such as merchandising rounders, mystery shopping, and Staffing Services. In its International Business, the company is expanding overseas, primarily in Asia, including Thailand, Vietnam, Malaysia, and Singapore. The company comprises 17 subsidiaries and 2 affiliated companies, and also utilizes a franchise system domestically (Kyushu, Hokkaido, Shikoku). Consolidated net sales for FY2025 (ended March 2025) were ¥33,960 million.
Business Model
The main revenue source is contracted revenue from distribution and retail businesses for inventory counting, replenishment, and merchandising work, structured as a labor-intensive business where sales are determined by the number of contracted stores multiplied by the per-store sales unit price. In addition, the company earns Royalty Income (a fixed percentage of sales) from franchise partner companies (Kyushu, Hokkaido, Shikoku). In the Marketing Business, mitoriz Inc. was made a consolidated subsidiary to build up solution revenue targeting manufacturers and retailers. Working capital is basically funded through internal resources, maintaining a financial structure close to debt-free.
Company Strengths
Since its founding in 1978, the company has specialized in the distribution and retail industry as a professional in inventory counting services. It has a customer base spanning multiple formats, including convenience stores, supermarkets, home centers, drugstores, GMS, and specialty stores, and Domestic Inventory Contracting revenue for FY2025 (ending March 2025) was ¥15,826 million. Nationwide coverage through its franchise network (Kyushu, Hokkaido, Shikoku) is also a source of competitive advantage.
At the end of FY2025 (ending March 2025), cash and cash equivalents stood at ¥15,721 million and total net assets were ¥25,083 million. Total liabilities remained low at ¥5,648 million, and the equity ratio was maintained at a high level. Operating cash flow improved significantly to ¥3,126 million (up 58.0% year on year), securing investment capacity under a nearly debt-free financial structure.
On March 31, 2025, the Board of Directors resolved to enter into an agreement to acquire, effective September 1, 2025, the inventory counting business, retail business, and light-duty work business (and related businesses) of Persol Marketing Co., Ltd. This transaction involves the wholesale transfer of the customer base, personnel, and fixed assets, and is expected to expand the scale of the Retail Support Business and Marketing Business. This is reflected in the full-year sales forecast of ¥37,000 million (up 8.9% year on year) for FY2026 (ending March 2026).
ENVALITH's Perspective
Performance Trend
Revenue bottomed out at ¥26,063 million in FY2023 (ended March 2023) and has increased for three consecutive fiscal periods, reaching a new record high of ¥37,882 million (up 11.5% year on year) in FY2026 (ending March 2026). The business transfer from Persol Marketing Co., Ltd. (September 2025) contributed to a 14.1% year-on-year increase in domestic inventory-counting contracting revenue. Operating profit increased 7.1% year on year to ¥3,247 million, and while the operating profit margin declined slightly to 8.6% (from 8.9% in the previous period), it remained at a high level. As external factors, five consecutive years of growth in retail sales in the distribution and retail industry, along with an improving income environment amid wage increases, supported firm demand for inventory counting. On the other hand, cost pressures such as rising labor wages and increased logistics costs have continued, limiting the scope for further margin improvement. Net income declined 2.4% year on year to ¥2,054 million, reflecting the recording of extraordinary losses (including ¥307 million in TOB-related expenses and ¥381 million in impairment losses).
Growth Strategy
Under the medium-term management plan "vision50," the company aims to transform into a "solution provider" and achieve net sales of ¥50.0 billion and ROE of 10%.
On September 1, 2025, the company acquired the inventory counting, retail, and light labor businesses at an acquisition cost of ¥2,220 million, expanding Retail Support Business net sales by 12.4% year on year to ¥28,395 million. Customer-related assets of ¥1,362 million (amortized over 9 years) were recognized, strengthening the customer base.
The company is advancing the development of a next-generation core system as a foundational investment under the medium-term management plan "vision50." In FY2026 (ending March 2026), expenditures for acquisition of intangible fixed assets amounted to ¥1,008 million, expanding the balance of other intangible fixed assets to ¥2,552 million. The company aims to improve productivity in its labor-intensive businesses through digitalization.
Net sales expanded by 16.6% year on year to ¥6,258 million, driven by new order acquisitions for Real Marketing Solution services. However, segment profit stood at ¥42 million (down 59.0% year on year) due to strategic investment in personnel deployment and training, reflecting the current up-front investment phase. The company aims to strengthen value-added functions connecting manufacturers, retailers, and consumers.
Net sales decreased by 2.9% year on year to ¥3,228 million due to a decline in orders from a major customer in South Korea, but segment profit increased by 2.9% year on year to ¥157 million, supported by improved operational efficiency and cost reductions in the ASEAN region. The company continues to pursue differentiation by transferring domestic expertise overseas.
Last updated: July 17, 2026