ENVALITH
株式会社大水 logo

DAISUI CO.,LTD.

7538・Standard Market・Wholesale Trade

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株式会社大水 logo
DAISUI CO.,LTD.7538

Business

Daisui Co., Ltd. was founded in 1939 and is listed on the Standard Market of the Tokyo Stock Exchange, operating as a marine products wholesale company. Under the Wholesale Market Act, it operates primarily from the central wholesale markets in Osaka, Kyoto, and Kobe, selling marine products broadly to wholesalers, mass retailers, and food manufacturers. The group comprises five subsidiaries—Kyoto Kosan Co., Ltd., Maruuo Foods Co., Ltd., Oita Suisan Co., Ltd., Beppu Uoichi Co., Ltd., and Osaka Toubu Reizou Co., Ltd.—along with three affiliated companies. As an affiliate of Nissui Corporation, the company receives support in terms of capital and human resources, and its market-based and off-market sales divisions work together with its cold storage warehouse business to support marine product distribution across the Kansai region.

Business Model

The primary revenue source is the purchase-sale margin in the Marine Products Sales Business (net sales of ¥105,540 million in FY2026 (ending March 2026)). The company procures marine products from producing-area shippers and wholesales them to customers both within and outside the market. The Off-Market Sales (Processing & Overseas Sales) division also handles frozen fish sales for overseas markets and surimi sales to domestic processing manufacturers. As a complementary business, subsidiary Osaka Toubu Reizo operates cold storage warehouses, generating storage fee income (net sales of ¥286 million in the same period), forming a two-tier structure.

Company Strengths

In addition to the central wholesale markets of Osaka, Kyoto, and Kobe, the company also has a base at the Oita City Public Local Wholesale Market, conducting sales operations both within and outside the markets. Through phased expansion of its operational bases—including the absorption merger of Kyoto Fish Market in 2001, entry into Oita in 2013, and the subsidiarization of Beppu Uoichi in 2020—the company has built a track record of establishing a wide-area network centered on the Kansai region.

In 2009, the company received a capital investment from Nippon Suisan Kaisha, Ltd. (Nissui), becoming its affiliate, and concluded a basic agreement including the acceptance of officers. Nissui is a major supplier for the Group's Marine Products Sales Business, and also a major depositor for Osaka Toubu Reizo in the cold storage warehouse business. This trading relationship with the parent company contributes to procurement stability and strengthens the risk management framework.

The company operates under a two-pronged structure consisting of the Market Sales Division (wholesale of fresh fish and salted/frozen products) and the Off-Market Sales Division (frozen fish for overseas markets, surimi for domestic processing manufacturers, etc.). In FY2026 (ending March 2026), domestic sales of frozen surimi and overseas sales of frozen fish centered on mackerel progressed favorably, with the Off-Market Sales Division contributing to the increase in net sales. This has realized a sales structure that avoids dependence on a single channel.

ENVALITH's Perspective

Revenue for FY2026 (ending March 2026) reached ¥105,770 million (up 6.5% year-on-year), achieving increased sales on the back of higher unit prices. Operating profit also improved to ¥899 million (up 32.1% year-on-year). However, net income attributable to owners of the parent came in at only ¥730 million (down 38.6% year-on-year). The main cause was that while the prior period recorded an income tax adjustment amount of negative ¥440 million (a profit boost from tax effects), the current period shifted to a cost recognition of ¥64 million. While the underlying strength on an operating profit basis has improved, the volatility in net income is significant, and investors need to assess the actual situation excluding the impact of tax effects.

The consolidated earnings forecast for FY2027 (ending March 2027) calls for revenue of ¥106,000 million (up 0.2% year-on-year), operating profit of ¥800 million (down 11.0% year-on-year), and net income of ¥650 million (down 11.0% year-on-year). External factors cited as pressures on profitability include rising material and logistics costs due to Middle East tensions and yen depreciation, as well as declining catch volumes stemming from expanding overseas marine product demand and rising seawater temperatures. The operating profit margin is expected to decline from around 0.9% to approximately 0.75%, and the key focus is whether cost increases can be absorbed through price pass-through.

Operating cash flow for FY2026 (ending March 2026) was negative ¥1,064 million, marking the second consecutive year of negative operating cash flow following the prior period's negative ¥1,062 million. The main cause was the recording of ¥1,398 million in advance payments, compounded by increases in inventory and trade receivables. In financing activities, the company raised funds by increasing short-term borrowings by ¥1,050 million. The period-end balance of cash and cash equivalents stood at ¥2,558 million, a decrease of ¥443 million from ¥3,001 million in the prior period. The chronic negative operating cash flow represents a structural challenge inherent to the business model, and the continued reliance on borrowing for cash flow management warrants close monitoring.

Growth Strategy

Aiming to become a company that delivers value in marine products, centered on strengthening procurement capabilities, improving logistics efficiency, and expanding overseas sales

Sales of overseas-bound frozen fish, mainly mackerel, and surimi sales to domestic processing manufacturers continued to perform well in FY2026 (ending March 2026). The revenue contribution from the Off-Market Sales (Processing & Overseas Sales) division is expanding, promoting revenue diversification that does not depend on in-market transactions.

Handling volumes of farmed tuna, sea bream, salmon, and wild yellowtail species remained steady. On the other hand, supply of oysters, scallops, sea urchin, and autumn salmon has become unstable due to external factors such as rising seawater temperatures, making diversification of procurement sources and development of alternative fish species an ongoing challenge.

In FY2026 (ending March 2026), the Cold Storage Warehouse Business achieved significant improvement, with net sales of ¥286 million (up 8.5% year on year) and segment profit of ¥25 million (up 242.1% year on year), driven by increased storage fee income. Stable operations resulting from strengthened coordination with intra-group logistics have contributed to this, and the improving trend continues.

The company is pursuing a growth strategy centered on delivering marine product value as its mid- to long-term corporate vision. The forecast for FY2027 (ending March 2027) shows net sales of ¥106,000 million and operating profit of ¥800 million, a conservative outlook reflecting a cautious plan given the challenging cost environment.

Last updated: July 19, 2026