ENVALITH
株式会社ピーエイ logo

PA Co., Ltd.

4766・Standard Market・Services

Official website
株式会社ピーエイ logo
PA Co., Ltd.4766

Business

PA Inc. originated in Niigata Prefecture and is currently headquartered in Naraha Town, Fukushima Prefecture, listed on the Tokyo Stock Exchange Standard Market and the Sapporo Securities Exchange Main Board. Under its mission of "gathering people to the region, creating vibrancy in the region, and energizing the people of the region," the company operates four segments: (1) the HR Solutions Business, centered on its proprietary recruitment media "Job Post Web"; (2) the Staffing & Recruitment Placement Business, specialized in Niigata and Nagano; (3) the Child Care Support Business, operating 7 nursery facilities and 6 after-school day service facilities across Fukushima, Miyagi, Tochigi, and Niigata; and (4) the Regional Vitalization Business, which handles regional issue resolution and PPP projects in collaboration with local governments. Its main customers span a wide range, including regional employers, families requiring childcare or care for children with disabilities, and local governments.

Business Model

The core of revenue is the HR Solutions Business (net sales of ¥950 million, operating margin of 26.6%), where job posting fees on "Job Post Web" generate flow-based revenue. The Child Care Support Business (net sales of ¥606 million) generates stock-type revenue funded by public nursing care compensation and childcare outsourcing fees. The Staffing & Recruitment Placement Business (net sales of ¥369 million) earns staffing margins and placement fees. The Regional Vitalization Business (net sales of ¥112 million) aims for long-term stable revenue through municipal contracted operations and fixed-term land leases (30-year contracts) for PPP projects.

Company Strengths

By owning its proprietary recruitment media platform "Job Post Web," the company has achieved a high-profit-margin structure with reduced dependence on major media outlets. In FY2025, the HR Solutions Business posted operating profit of ¥253 million with an operating margin of 26.6%, driving overall group earnings.

In August 2025 (Reiwa 7), the company concluded a fixed-term business land lease agreement with Niigata Prefecture, establishing a 30-year long-term revenue base for the Bandai Terrace Vitalization Project (PPP Model). The project has been selected as a public-benefit private-sector initiative and serves as an important foundation for stabilizing profitability in the Regional Vitalization Business.

In FY2025, the Child Care Support Business posted net sales of ¥606 million (up 20.9% year on year) and operating profit of ¥23 million (up 261.4% year on year). The opening of the new after-school day service facility "Cocokara LIFE Izumi Chuo Classroom" (Sendai City, Miyagi Prefecture) and improved utilization rates at existing facilities contributed to a significant improvement in profitability.

ENVALITH's Perspective

Operating profit for the first quarter of the fiscal year ending December 2026 fell sharply to ¥20 million (down 44.3% year on year). The main causes were an increase in cost of sales (from ¥289 million to ¥333 million) and higher SG&A expenses (from ¥165 million to ¥181 million), with gross margin declining from 41.1% to 37.7%. On the other hand, the extraordinary losses recorded in the same period of the previous year (impairment loss of ¥17 million, loss on liquidation of affiliated companies of ¥3 million, etc., totaling ¥21 million) did not recur this period, causing net profit attributable to owners of the parent to surge to ¥18 million (up 660.9% year on year). The 1Q progress rate against the full-year operating profit forecast of ¥130 million stood at only 15.4%, and the second-half-weighted earnings structure warrants close attention.

Revenue from the Public-Private Partnership business showed strong growth, up 104.5% year on year, benefiting from an external tailwind in the form of the government's regional revitalization policy. Meanwhile, capital expenditures for the Bandai Terrace Vitalization Project (PPP Model) increased tangible fixed assets by ¥35 million, and long-term borrowings (including the current portion due within one year) rose by ¥85 million. The equity ratio declined from 37.2% at the end of the previous fiscal year to 30.7%, reflecting continued rising financial leverage during this investment phase. The timing of the business's turn to profitability and the outlook for investment recovery will be key points for share valuation.

The company stated that first-quarter progress was 'generally in line with the plan' and kept its full-year earnings forecast unchanged (revenue of ¥2,100 million, operating profit of ¥130 million, and net profit of ¥100 million). However, the cost of sales ratio continued to rise (from 58.9% to 62.3%) and SG&A expenses continued their upward trend, meaning the remaining three quarters must generate an additional ¥110 million in operating profit. Rising labor costs stemming from labor shortages (an external factor) and increased fixed costs related to the Bandai Terrace Vitalization Project (PPP Model) could weigh on profits in the second half. The annual dividend forecast is ¥5.20 (a reduction from ¥8.20 in the previous fiscal year), and the change in dividend policy is also drawing investor attention.

Growth Strategy

Expanding a regional-issue-solving revenue base through multi-layered investment in HR, childcare, and regional revitalization

Centered on the proprietary recruitment media platform "Job Post Web," the company is advancing efforts to enhance proposal capabilities through sales staff reinforcement and systematic training, while sophisticating matching functions through AI and data analytics. Responding to the growing budget-selectivity awareness among regional companies regarding recruitment spending remains a challenge, making it urgent to improve product competitiveness and expand the customer base.

The company is capturing demand for filling staffing shortages in core regional industries, primarily in Niigata and Nagano, while expanding transactions with existing clients. First-quarter net sales achieved high growth, up 15.4% year on year to ¥95 million. The company continues to promote revenue mix improvement through a shift toward Recruitment Placement & Temp-to-Permanent Staffing and contracted operations.

On April 25, Reiwa 8, the company opened "Bandai Terrace Hajimari Hiroba" in the Bandaijima district of Niigata City. Through the development of barbecue facilities and other amenities, the company is building a PPP model that balances regional exchange with tourism promotion. The turn to profitability of the public-private partnership business will be the next evaluation point.

The company operates 7 nursery facilities and 6 after-school day service facilities across four prefectures: Fukushima, Niigata, Miyagi, and Tochigi. Through strengthened management systems and human resource development aimed at providing high-quality services, the company continues to achieve steady growth in the number of users and improvements in operational efficiency. First-quarter net sales were solid, up 13.3% year on year.

The company is currently advancing collaboration discussions with local governments across the country, aiming to expand projects that support the construction of sustainable regional economic zones centered on "settlement, entrepreneurship, and community formation." The company is also promoting the creation of co-creative projects with private-sector companies, driven by corporate needs for regional decentralization.

Last updated: July 17, 2026