ENVALITH
株式会社小林洋行 logo

KOBAYASHI YOKO CO.,LTD.

8742・Standard Market・Securities & Commodity Futures

Official website
株式会社小林洋行 logo
KOBAYASHI YOKO CO.,LTD.8742

Business

Kobayashi Yoko Co., Ltd. is a Tokyo Stock Exchange Standard-listed holding company founded in 1949. In its core Investment & Financial Services business, subsidiary Fujitomi Securities Co., Ltd. handles brokerage operations for Click 365 (Exchange-Traded Forex Margin Trading), Click Stock 365 (Exchange-Traded Stock Index Margin Trading), and Commodity Futures Trading (Precious Metals, Agricultural Products, etc.) such as gold and platinum. In addition, the company operates five segments in total: the Life & Environment Business, which handles Life & Non-Life Insurance Agency Business as well as sales of electrical equipment materials and LED lighting; the Sports Facility Operations business, which operates its own golf course (Golden Cross Country Club); the Real Estate Business, covering business hotel and studio apartment leasing as well as real estate sales; and the Internet Advertising Business, covering SEO Services, Website Production & Consulting. Consolidated operating revenue for FY2026 (ending March 2026) was ¥5,047 million.

Business Model

Commission income (¥2,509 million), which accounts for about half of revenue, is a variable-type revenue linked to brokerage transactions in financial and commodity futures trading. The remaining approximately half consists of sales from the Life & Environment Business, sports facilities, real estate, and internet advertising (¥2,459 million), underpinned by stable-type revenue such as rental income and insurance agency commissions. By combining market-linked variable revenue with stable revenue, the structure secures earnings while diversifying single-business risk.

Company Strengths

Fujitomi Securities Co., Ltd. operates as a financial instruments business operator under the regulation of the Financial Instruments and Exchange Act and the Commodity Derivatives Act, supporting multiple exchanges including the Tokyo Financial Exchange, Osaka Exchange, and Tokyo Commodity Exchange. The company offers a diverse product lineup including Click 365 (Exchange-Traded Forex Margin Trading), Click Stock 365 (Exchange-Traded Stock Index Margin Trading), gold, and platinum, and achieved total commission income of ¥2,128 million (up 9.6% year on year) in FY2026 (ending March 2026).

The Real Estate Business recorded operating revenue of ¥880 million and segment profit of ¥257 million (profit margin of 29.2%) in FY2026 (ending March 2026), with the Real Estate Transaction Business (Real Estate Sales) achieving its best-ever performance since the business began. Real Estate Leasing (Rental Apartments) maintained a high occupancy rate, securing stable rental income of ¥259 million. Insurance agency commission income also expanded to ¥380 million (up 16.2% year on year), functioning as a revenue source less susceptible to market fluctuations.

For the Click 365 (Exchange-Traded Forex Margin Trading) automated trading service "Systre Select 365," launched in February 2025, the company has rolled out an aggressive advertising strategy centered on affiliate advertising. Through efforts to acquire new customers and raise awareness, combined with ongoing referrals from existing customers, the service has achieved its annual targets for both commission income and assets under custody.

ENVALITH's Perspective

In FY2026 (ending March 2026), the company achieved increased revenue and profit, with operating revenue of ¥5,047 million (up 7.8% year on year) and operating profit of ¥182 million (up 0.6% year on year), but the operating margin declined slightly to 3.6% (from 3.9% in the previous period). Operating expenses expanded to ¥3,210 million (up 7.0% year on year), with personnel expenses in particular rising to ¥1,995 million (up 8.5% year on year), putting pressure on earnings. Ordinary profit of ¥279 million and net income of ¥280 million were partly supported by extraordinary income (gain on sale of investment securities of ¥81 million), and improving the profitability of the core business remains an ongoing challenge.

The mainstay Investment & Financial Services business is heavily influenced by external factors such as fluctuations in commodity markets, stock markets, and foreign exchange rates. In FY2026 (ending March 2026), the historic surge in gold prices (breaking above ¥20,000 for the first time ever during the period, rising to ¥28,498 in January) and the Nikkei Average's sustained high level (reaching ¥59,332 in February) served as tailwinds, but the risk of sudden market shifts materialized as well, with the Nikkei Average's decline in March marking its largest drop on record. The company's policy of not disclosing earnings forecasts is also a factor heightening investors' uncertainty about the outlook.

The "Click 365 Automated Trading Service (Systre Select 365)" launched in February 2025 is being promoted through an aggressive advertising strategy centered on affiliate advertising to raise awareness and acquire new customers, and the resulting significant increase in commodity futures trading commission income to ¥478 million (up 25.1% year on year) is commendable. In addition, the company repurchased ¥200 million of treasury shares in FY2026 (ending March 2026) (607,687 treasury shares outstanding at period end) and increased the dividend to ¥6 per share (from ¥5 in the previous period). With a payout ratio of 26.4% and a dividend on equity ratio of 0.7%, improvement in the company's stance toward shareholder returns is evident, but since the dividend for the next period is undecided, continuity needs to be confirmed.

Growth Strategy

Expanding the customer base for financial services, sustaining growth in real estate sales, and diversifying stable revenue sources

For the Click 365 (Exchange-Traded Forex Margin Trading) automated trading service launched in February 2025, the company is pursuing an aggressive advertising strategy centered on affiliate advertising to raise awareness and acquire new customers. In FY2026 (ending March 2026), commission income from commodity futures trading increased significantly by 25.1% year on year to ¥478 million, and the service is beginning to function as a new revenue driver.

The company actively promoted sales of real estate held for sale, and in FY2026 (ending March 2026), it substantially exceeded its annual target by selling at higher-than-expected prices and bringing forward the timing of sales, achieving the best performance since the business began. It has secured a level of inventory sufficient for a solid start in the following period, and continued profit contribution is expected.

Through strengthened proposals of variable insurance products to corporate and high-net-worth clients and the development of new corporate clients for non-life insurance, insurance agency commission income expanded by 16.2% year on year to ¥380 million. LED lighting sales also performed steadily, capturing replacement demand from fluorescent lighting, with sales of ¥222 million (up 17.6% year on year). Segment profit for the Life & Environment Business as a whole improved substantially, up 87.0% year on year to ¥57 million.

In FY2026 (ending March 2026), the annual dividend per share was increased from ¥5 in the previous period to ¥6 (payout ratio of 26.4%), and the company acquired ¥200 million in treasury shares. While the company has indicated a policy of strengthening shareholder returns while maintaining financial soundness, the dividend for the next period remains undecided at this time due to uncertainty in the business environment.

Last updated: July 19, 2026