ENVALITH
マミヤ・オーピー株式会社 logo

MAMIYA-OP CO.,LTD.

7991・Standard Market・Machinery

Official website
マミヤ・オーピー株式会社 logo
MAMIYA-OP CO.,LTD.7991

Business

Mamiya-OP Co., Ltd. is a company listed on the TSE Standard Market with three business segments: Electronic Equipment Business, Sports Business, and Real Estate Business. In the Electronic Equipment Business, the company develops, manufactures, and sells gaming machine-related equipment (such as Smart Gaming Machine Units), the VMT620 Series LCD Compact Ticket Vending Machine, bill validators, the I-GINS Autonomous Navigation System, and the CHUUMO Mobile Ordering System. In the Sports Business, the company manufactures and sells UST Mamiya-brand golf carbon shafts and Pole Vault Poles both domestically and internationally. The Real Estate Business covers leasing, brokerage, and management. The company's major customer is a systems company serving amusement arcades (Nippon Game Card Co., Ltd. accounts for approximately 49% of net sales), and the company operates its businesses through a group structure of 14 companies.

Business Model

In the Electronic Equipment Business, the company plans, develops, and manufactures its own products in-house, adopting a vertically integrated model in which its subsidiary FS Corporation handles sales and maintenance. The majority of sales are OEM supply, resulting in high dependence on specific customers. The Sports Business is based on manufacturing at a factory in Bangladesh, conducting brand sales and OEM supply both domestically and overseas. The Real Estate Business has a revenue structure that combines rental income with brokerage commissions and gains on property sales. The company has set an ROE of 8% (near-term target of 12%) as a management indicator, pursuing profit maximization and improved capital efficiency.

Company Strengths

The Company handles the planning, development, manufacturing, sales, and after-sales service of electronic equipment in an integrated manner, while its subsidiary F.S. Co., Ltd. is responsible for the maintenance and support of systems for amusement facilities. In FY2026 (ending March 2026), the Electronic Equipment Business maintained an operating margin of 12.4%, with the integrated operation from manufacturing through maintenance underpinning profitability.

At the end of FY2026 (ending March 2026), the capital adequacy ratio remained at a high level of 65.2% (61.7% in the previous fiscal year), and net assets per share increased to ¥2,521.89. The Company held cash and cash equivalents of ¥9,808 million, while total liabilities stood at only ¥13,812 million against total assets of ¥39,929 million. This high level of financial soundness serves as a source of funds for ongoing capital expenditure and real estate acquisitions.

Through a three-site structure comprising UST-Mamiya, Inc. (US), UST Mamiya Japan (Japan), and Mamiya-OP (Bangladesh) Ltd. (manufacturing), the Company develops, manufactures, and sells golf carbon shafts both domestically and internationally. Overseas sales of Pole Vault Poles have performed well, supported by the achievements of contracted athletes, and the Company is also working to raise awareness of its global brand, LIN-Q.

ENVALITH's Perspective

In FY2026 (ending March 2026), the Electronic Equipment Business reported net sales of ¥15,952 million (down 40.4% year on year) and operating profit of ¥1,975 million (down 64.5% year on year), a sharp decline. Amid the ongoing trend of declining pachinko parlor store counts, the completion of demand for replacement with smart gaming machines directly hit performance, once again exposing the high degree of dependence on specific markets and customers. The company expects the recovery of the Electronic Equipment Business to remain limited in FY2027 (ending March 2026) as well, making structural revenue diversification an urgent priority.

In FY2026 (ending March 2026), the Real Estate Business made tangible fixed asset acquisitions of ¥3,113 million, but net sales for the same period were sluggish at ¥237 million (down 84.6% year on year), with an operating loss of ¥62 million. Although increased taxes and public dues along with large-scale repair costs overlapped, the earnings contribution relative to the scale of investment remains unclear. External factors such as rising real estate prices in the greater Tokyo metropolitan area are also making it difficult to acquire undervalued properties, calling for verification of the investment's profitability.

The company's forecast for FY2027 (ending March 2026) calls for net sales of ¥17,000 million (down 18.6% year on year), operating profit of ¥900 million (down 52.2% year on year), and net income of ¥1,200 million (down 29.9% year on year), anticipating a significant decline in profit for the second consecutive period. US trade policy and tariff developments are adversely affecting golf shaft sales in the Sports Business, and uncertainty over the external environment remains high. The company plans to maintain a dividend of ¥50 per share (payout ratio of 43.5%), but with operating cash flow having turned negative, identifying the timing of a performance bottom will be the core focus of investment decisions.

Growth Strategy

Deepening diversification in electronic equipment and building a stock-type earnings base through real estate asset accumulation to transform the earnings structure

Maintain and expand sales of Smart Gaming Machine Units, riding the tailwind of expanding installations of smart gaming machines. However, the company expects the pace of replacement demand from existing gaming machines to settle down in FY2027 (ending March 2027), requiring a cautious view on the sustainability of demand.

Continue efforts to promote sales by leveraging registration as an eligible product under the SME Labor-Saving Investment Subsidy, strengthen sales of reused units, and reinforce relationships with distributors. Since this approach relies to some extent on the continuation of the subsidy program, strengthening the distributor network's self-sustaining capabilities remains a parallel challenge.

Performance in System Solutions (MAMIYA IT Solutions) grew due to active response to AI research and development and outsourced projects. For CHUUMO Mobile Ordering System, the number of contracts won has increased through effective advertising spend and distributor development, contributing to the diversification of earnings in the Electronic Equipment Business.

In FY2026 (ending March 2026), the company acquired real estate on a scale of ¥3,113 million, resulting in a significant increase in land holdings. While continuing to purchase highly profitable real estate and reducing expenses through a review of the management structure for held properties, the earnings contribution remains limited, with an operating loss of ¥62 million in FY2026 (ending March 2026).

Promoting brand recognition through the use of overseas professional athletes and SNS, as well as developing sales channels for the aftermarket and fitting segments. However, due to the impact of U.S. tariff policy and price increases on golf equipment products causing a slump in the golf equipment market, the business fell into an operating loss of ¥28 million in FY2026 (ending March 2026), and recovery is expected to take time.

Last updated: July 19, 2026