NISSEN INC.
6543・Standard Market・Services
Business
Nissen Co., Ltd. is an independent advertising company founded in 1947, listed on the Standard Market of the Tokyo Stock Exchange. It deals directly with client companies in the broadcasting/telecommunications, housing/lifestyle, medical/health, and other industries, providing integrated one-stop solutions ranging from advertising strategy planning to creative production, digital marketing, and event management. Centered on "Channel Guide," a TV program information magazine for cable TV stations nationwide, the company develops its unique community-based marketing utilizing SNS. Its consolidated subsidiaries include Asty Co., Ltd. (advertising for luxury condominiums) and Nissen Printing Co., Ltd. (commercial printing), forming a three-company group structure.
Business Model
In the Advertising & Promotion Business, which accounts for over 97% of net sales, the company narrows its focus to key target industries and deals directly with client companies to eliminate intermediary margins, thereby providing high-value-added services. The company employs a diverse in-house workforce including planners, creative directors, and video directors, handling everything from planning through production and delivery management in an integrated manner. By utilizing printing companies within the group, it optimally controls quality, cost, and delivery times, creating a structure aimed at improving profit margins.
Company Strengths
Since 1996, the company has continuously supplied the monthly TV program information magazine "Channel Guide" to cable TV operators nationwide. Through years of accumulated quality, pricing, and know-how, it has maintained high barriers to entry, and in FY2025 (ending February 2025), sales to the broadcasting and telecommunications industry reached ¥2,450 million, accounting for approximately 45% of the entire Advertising & Promotion Business and serving as a stable revenue source.
Business with Asahi Kasei Homes Corporation has continued for half a century, with sales to the company reaching ¥794 million (14.36% of total sales) in FY2025 (ending February 2025). The company provides comprehensive services ranging from nationwide campaign design to catalogs, direct mail, events, web, video, spatial design, and inventory management, and this deep involvement underpins the long-term relationship.
As of the end of FY2025 (ending February 2025), the equity ratio stood at 70.3%, with cash and cash equivalents of ¥1,716 million. While maintaining a nearly debt-free financial structure, the company has the financial flexibility to execute M&A transactions, such as the December 2024 subsidiarization of Asty Co., Ltd. (acquisition expenditure of ¥75 million), using its own funds.
ENVALITH's Perspective
Performance Trend
Revenue over the past five fiscal years maintained an expansionary trend, rising from ¥4,837 million (FY2022) to ¥6,481 million (FY2026), but turned to a decline in Q1 of FY2027 (ending February 2027) at ¥1,556 million (down 1.9% year on year). Operating profit also softened to ¥118 million (down 22.8% year on year), indicating weaker core business earnings. On the other hand, as an external factor, the surge in electricity futures prices driven by higher crude oil prices boosted valuation gains at Hometown Energy, causing equity-method investment income to jump sharply to ¥41 million (versus ¥5 million in the same period of the previous year). As a result, the company secured recurring profit of ¥169 million (up 12.4% year on year) and net income of ¥124 million (up 16.7% year on year). The full-year forecast remains unchanged, with revenue of ¥6,600 million (up 1.8% year on year) and operating profit of ¥500 million (up 3.1% year on year).
Growth Strategy
Aiming for sustainable growth by deepening the three core businesses, pursuing M&A, and strengthening human capital, all centered on a "community-oriented mindset"
Focus on expanding orders for the digital next-generation program guide "Community Connecting Guide (CCG)" while promoting operational efficiency and service enhancement through AI utilization. The company aims to offset declining demand for the print-based "Channel Guide" through digital migration, and to create new businesses by leveraging its long-standing relationships with cable television operators.
Promote the maximization of synergy with group company Asty Co., Ltd., strengthening the ability to provide solutions across a broad range of areas, from newly built detached houses to multi-unit housing, real estate development, and renovation. The company will also focus on developing new businesses by uncovering latent needs in the housing and construction industry.
Accumulate know-how in Fan-Based Marketing (FBM) utilizing social media, primarily targeting restaurant chain companies and brands, and build a systematized and standardized marketing support scheme. Over the medium to long term, the company also aims to expand into new markets outside the restaurant industry.
In the new medium-term management plan, in addition to the three core businesses, the acquisition and establishment of new markets through M&A and other means is positioned as a key growth strategy. The company's sound financial foundation, with an equity ratio of 75.9% and low borrowing, supports its capacity to execute M&A. No specific deals have been disclosed at this time.
Starting from FY2027 (ending February 2027), the company introduced an executive officer system, appointing individuals responsible for leading the updating of each market and the expansion of the number of markets. The company has recruited highly experienced advanced talent for the roles of Chief Administrative Officer (CAO) and Chief Innovation Officer (CINO), making a proactive investment in human capital toward group growth. This has already been reflected in the increase in SG&A expenses in Q1.
Last updated: July 17, 2026