Toyo Asano Foundation Co.,Ltd.
5271・Standard Market・Glass & Ceramics Products
Business
Toyo Asano Co., Ltd. is a concrete pile specialist manufacturer formed in 1997 through the merger of Toyo Pile Hume Pipe Manufacturing and Tosen Asano Pole. With its Tokyo Plant (Mizuho-machi, Nishitama-gun, Tokyo) as its main production base, the company operates two segments: the Foundation Business, which manufactures, sells, and undertakes construction contracting for Concrete Piles, and the Real Estate Leasing Business, which leases properties—such as the site of a former plant in Numazu City, Shizuoka Prefecture—to home centers and similar tenants. Its main trading area covers the Kanto region and Shizuoka, with design offices, general contractors, and sales companies as its principal customers. The company is listed on the Tokyo Stock Exchange Standard Market and the Nagoya Stock Exchange Main Market.
Business Model
In the Foundation Business, the company manufactures Concrete Piles in-house at its Tokyo Plant and sells them through distributors and general contractors, while also undertaking related construction contracting to cover the entire value chain. Cement materials and joint fittings are procured from subsidiary Toshō Co., Ltd., while shipping and on-site plant operations are handled by TA Pile Manufacturing Co., Ltd. In the Real Estate Leasing Business, the company leases a large-scale rental store built on the former site of the Numazu Plant to home centers and other tenants, maintaining a low-cost structure that generates stable rental income based on long-term contracts.
Company Strengths
The company is promoting technology licensing and broad-based deployment of the Hyper Straight NT Method to competing pile manufacturers, while completing licensing acquisition for high-strength piles (RANK-PHC and RANK-ST piles) used in its core construction methods (MRXX Method, Hyper Straight Method, and Hyper-NAKS II Method). This has established a system capable of maximizing the performance of its core construction methods. R&D expenditure amounted to ¥107 million in FY2026 (ending February 2026, referred to internally as fiscal year ending February 2026).*
Even amid a challenging market environment in which nationwide shipment volumes of Concrete Piles have declined significantly compared to fiscal 2022, the company has continued to implement its Reform strategy, which combines profitability management by project, cost reduction, and strengthened budget management. The gross profit margin for the fiscal year ended February 2025 improved to 18.9% from 18.6% in the previous period, achieving maintenance and improvement of profit margins even as revenue declined.
On the site of the former Numazu Plant, which was closed in 2002, the company built a large leased retail facility and leases it to lifestyle infrastructure-type tenants such as home improvement retailer CAINZ Corporation. In the fiscal year ending February 2026, the Real Estate Leasing Business posted revenue of ¥198 million and operating profit of ¥120 million (an operating margin of approximately 60%), functioning as a highly profitable and recession-resistant stable earnings source.
ENVALITH's Perspective
Performance Trend
Revenue peaked at ¥17,760 million in FY2022 (ending February 2022) and has declined for five consecutive periods, shrinking to ¥11,691 million in FY2026 (ending February 2026). The revenue decline continued into Q1 of FY2027 (ending February 2027), which came in at ¥3,464 million (down 1.7% year on year). Operating profit peaked at ¥923 million in FY2024 (ending February 2024) and then fell sharply, deteriorating to ¥102 million in FY2026 (ending February 2026). The Q1 operating profit of ¥55 million (down 26.8% year on year) reflects an increase in SG&A expenses (from ¥468 million to ¥511 million year on year) that outweighed the improvement in gross profit (from ¥544 million to ¥567 million year on year). As an external factor, the main cause of the revenue decline was that demand for Concrete Piles in the Kanto region, the company's core market area, fell substantially below the level of the same period of the previous year. For the full year, the company forecasts revenue of ¥13,500 million (up 15.5% year on year), premised on the resolution of delays in the start of construction projects and a recovery in demand.
Growth Strategy
Stabilize profit margins through the Reform strategy while strengthening mid- to long-term competitiveness through the Advance strategy
Strengthening profitability management on a property-by-property basis to lower the break-even point. In Q1 of FY2027 (ending February 2027), segment profit in the Foundation Business increased 13.0% year on year, with results becoming evident, and a framework to secure profit even amid declining sales is taking shape.
As the Advance strategy under the 8th Medium-Term Management Plan (FY2025–FY2027), the Company is promoting technology development, human resource development, and business infrastructure enhancement aimed at strengthening mid- to long-term business competitiveness. Intangible fixed assets increased from ¥417 million at the end of the previous fiscal year to ¥457 million, indicating continued investment.
Through the disposal of treasury shares to Miyoshi Shokai Co., Ltd., the Company has strengthened its capital relationship, building a sales cooperation framework across the Kanto region, centered on the Kanagawa area. However, in Q1 of FY2027 (ending February 2027), demand in the Kanto market area fell significantly below the same period of the previous year, and the materialization of this effect remains a future challenge.
Last updated: July 17, 2026