ENVALITH
アコム株式会社 logo

ACOM CO., LTD.

8572・Standard Market・Other Financing Business

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アコム株式会社 logo
ACOM CO., LTD.8572

Business

ACOM CO., LTD. is a consolidated subsidiary of Mitsubishi UFJ Financial Group (MUFG) and operates consumer finance businesses both domestically and internationally. Its core operations consist of four segments: the Domestic Unsecured Loan & Credit Card Business (operating revenue of ¥181,889 million), the Credit Guarantee Business for financial institutions (¥81,039 million), the Overseas Financial Business spanning Thailand, the Philippines, and Malaysia (¥67,493 million), and the Debt Management & Collection Business. Its primary customers are individual consumers, with the number of users in the domestic loan business reaching 2,012,692 and the number of active credit card members reaching 1,021,645. Since its founding in 1978, the company has driven improvements in consumer finance convenience, including the industry's first introduction of 24-hour ATMs and the automated contract machine "Mujin-kun."

Business Model

In the domestic loan business, interest income is earned from an unsecured loan balance of ¥990,420 million (non-consolidated) at an average contracted interest rate of 15.47%. In the Credit Guarantee Business, guarantee fee income is generated by building up a guarantee balance of ¥1,469,006 million for financial institutions. In the Overseas Financial Business, local subsidiaries in Thailand, the Philippines, and Malaysia operate unsecured loans, accumulating income with an added boost from yen depreciation. In each case, this is a balance-linked model in which expanding the balance directly translates into higher revenue, with funding sourced through borrowings from financial institutions and bond issuances (totaling ¥732,534 million, at an average funding cost of 1.20%).

Company Strengths

Since 2008, the company has been a consolidated subsidiary of MUFG, developing its consumer finance business under the MUFG Group's strategy. Backed by a stable capital relationship based on the basic agreement with MUFG, the Credit Guarantee Business has built up a partnership balance of ¥1,469,006 million with financial institutions, with the Group's creditworthiness contributing to the development of new partner institutions and reduction of funding costs.

The number of users in the domestic loan business reached 2,012,692, while the number of active credit card members reached 1,021,645. Since introducing the industry's first automated contract machine, "Muji n Kun," in 1993, the company has continued to conduct credit assessment accuracy improvement, credit training, and customer service quality training, leveraging its accumulated credit assessment expertise. The provision for losses on interest repayment has steadily declined from ¥40,033 million to ¥6,573 million, maintaining the soundness of receivables.

EASY BUY in Thailand has established itself as the top brand in the country under the "Umay+" brand. Together with ACOM CONSUMER FINANCE CORPORATION in the Philippines and ACOM (M) SDN. BHD. in Malaysia (business commenced September 2023), the company operates in three countries with an Overseas Financial Business balance of ¥280,079 million (consolidated). Operating profit in the overseas segment reached ¥22,865 million, growing into a profit pillar comparable to the domestic Credit Guarantee Business.

ENVALITH's Perspective

Profit attributable to owners of parent for FY2026 (ending March 2026) surged to ¥79,635 million (up 147.9% year on year), primarily due to a substantial reduction in the provision for loss on interest repayment (from ¥40,033 million to ¥6,573 million) and an increase in income tax adjustment amounts in the direction of profit resulting from a change in the corporate classification related to the recoverability of deferred tax assets. The company's forecast for FY2027 (ending March 2027) calls for operating profit of ¥98,000 million (down 2.4% year on year) and net income of ¥63,800 million (down 19.9% year on year), indicating an outlook for declining profit. It will be necessary to assess the company's underlying earnings power once this one-time boost from provision normalization fades.

In FY2026 (ending March 2026), the provision for allowance for doubtful accounts increased to ¥95,779 million (up 3.1% year on year), and total financial expenses rose to ¥7,323 million (up 27.4% year on year), both showing an upward trend. In the Credit Guarantee Business, segment profit was limited to ¥22,269 million (down 5.9% year on year) due to an increase in bad debt-related expenses accompanying growth in the credit guarantee balance and the number of new loans. As an external factor, if the domestic interest rate hike environment continues, rising funding costs pose a risk of pressuring earnings. The forecast for cumulative operating profit for the first half (Q2 cumulative) of FY2027 (ending March 2027) is set at down 4.4% year on year, meaning that expense trends in the first half will be key to full-year performance.

Segment profit in the Overseas Financial Business for FY2026 (ending March 2026) was strong at ¥22,865 million (up 18.1% year on year); however, at EASY BUY in Thailand, outstanding operating loans on a local currency basis declined due to various regulations accompanying rising household debt, meaning the favorable impact of yen depreciation on foreign exchange supported performance. As an external factor, while the yen's continued depreciation can be expected to provide a boost to earnings, there is also downside risk embedded should tightening of local regulations, a reversal in exchange rates, or geopolitical risks such as the Philippines' "National Energy Emergency" materialize. The Malaysian subsidiary is in a phase of expanding its business foundation that began in September 2023, and its profit contribution remains limited.

Growth Strategy

Accelerating the growth cycle through balance expansion in the three domestic businesses and new market entry into Asia

Driving new customer acquisition through TV commercial renewal, enhanced brand appeal, faster credit screening, and improved UI/UX. The target balance for the domestic Loan & Credit Card Business for FY2027 (ending March 2028) is ¥1,237,800 million. As of the end of FY2026 (ending March 2026), operating loans of ¥998,234 million and installment accounts receivable of ¥154,277 million grew steadily, up 6.6% and 11.8% respectively from the end of the previous period.

Expanding the credit guarantee balance through strengthened collaboration with existing partners, joint advertising initiatives, dispatch of technical guidance staff, and development of new partners including operating companies. Balance at the end of FY2026 (ending March 2026) was ¥1,469,006 million (up 7.7% from the end of the previous period). The target balance for FY2027 (ending March 2028) is ¥1,583,100 million.

Promoting strengthening of the Umay+ brand and digitalization at EASY BUY in Thailand, improving receivables quality at the Philippine subsidiary, and expanding the business foundation of the Malaysian subsidiary. Targets for FY2027 (ending March 2028) are THB 54.0 billion in Thailand, PHP 1.8 billion in the Philippines, and MYR 100 million in Malaysia. Ongoing research into entry into other new Asian countries continues.

Subsidiary GeNiE Co., Ltd. began providing Embedded Finance (GeNiE) services in October 2024. Now in its third year, the company continues to expand its business foundation. It aims to contribute to medium- to long-term earnings as a new customer acquisition channel beyond existing channels.

Last updated: July 19, 2026