Aoyama Zaisan Networks Company,Limited

Business Details

The Group is a comprehensive asset consulting firm providing consulting services related to asset succession, business succession, and asset management to individual wealthy clients and corporate owners. Revenue is composed of two categories: "Asset Consulting" (Asset Succession Consulting, Business Succession Consulting, Business Succession Fund, Product Structuring, etc.) and "Real Estate Transactions" (ADVANTAGE CLUB (Fractionalized Real Estate Product) and Other Real Estate Transactions). The main acquisition channel is customer referrals from partners such as megabanks, regional banks, and accounting firms, and the number of customers at the end of the first quarter of FY2026 (ending December 2026) was 3,705, an increase of 138 from the end of the previous fiscal year.

Recent Overview

Revenue declined 34.1% year-on-year due to a decrease in real estate transactions, but operating profit increased 20.9% due to improved profit margins

In the first quarter of FY2026 (ending December 2026), revenue declined significantly to ¥7,582 million (down 34.1% year-on-year). While real estate transaction revenue halved to ¥4,677 million (compared to ¥9,155 million in the same quarter of the previous year) due to a rebound effect from the previous year's ADVANTAGE CLUB sales, asset consulting revenue, which has a higher profit margin, increased significantly to ¥2,904 million (up 23.2% year-on-year). Gross profit was ¥1,951 million (up 7.0% year-on-year), and selling, general and administrative expenses were contained at ¥1,037 million (down 2.8% year-on-year). As a result, profitability improved significantly, with operating profit of ¥913 million (up 20.9% year-on-year), ordinary profit of ¥910 million (up 33.2% year-on-year), and quarterly net profit attributable to owners of parent of ¥581 million (up 42.1% year-on-year). There is no change to the full-year earnings forecast (revenue of ¥39,000 million, operating profit of ¥4,000 million). The company opened a preparatory office for the Okayama base in January 2026 and for the Hokuriku base in May, accelerating nationwide expansion.

Key Products

Growth Drivers

• Increase in customer numbers through strengthened collaboration with partners (megabanks, regional banks, accounting firms) (3,705 customers at the end of the first quarter, up 138 from the end of the previous fiscal year)
• Increase in per-deal contract value in line with growth in customer asset scale (Asset Succession Consulting revenue: from ¥1,371 million to ¥2,014 million year-on-year)
• Expansion of asset consulting revenue driven by an increase in the number of closed deals in Asset Succession Consulting (up 23.2% year-on-year)
• Accumulation of consulting revenue from multiple M&A deals and Business Succession Fund investment recoveries expected from the second quarter onward
• Acceleration of ADVANTAGE CLUB sales from the second quarter onward toward the full-year plan of ¥19,400 million (23.4% progress rate in the first quarter)
• Expansion of reach to affluent regional clients through the opening of preparatory offices in Okayama and Hokuriku (January and May 2026) and base expansion into major cities such as Nagoya and Shizuoka
• Improvement in consultant meeting time and deal closure rates, and shortened training periods for junior staff, through automation of asset analysis and document preparation using DX and AI

Risks

• Impact on ADVANTAGE CLUB sales from the 2026 tax reform (revision of valuation methods for rental real estate) (ongoing explanations to customers and partners)
• Risk of quarter-to-quarter fluctuation in real estate transaction revenue (¥4,677 million in the first quarter against a full-year plan of ¥19,400 million, a structure weighted toward the latter half of the year)
• Inventory risk associated with a temporary increase in real estate held for sale (from ¥4,163 million at the end of the previous fiscal year to ¥7,165 million at the end of the first quarter)
• Increased financial leverage and declining equity ratio (from 44.4% to 38.4%) due to a significant increase in short-term borrowings (from ¥100 million at the end of the previous fiscal year to ¥4,100 million at the end of the first quarter)
• Uncertainty in the timing of M&A deal closings (Business Succession Consulting revenue was only ¥378 million in the first quarter, down 23.0% year-on-year)
• Risk of delays in consultant recruitment and training (progress toward the target of 330 consultants by the end of 2027)
• Full-year revenue for FY2026 (ending December 2026) is forecast to decline 6.7% year-on-year (¥39,000 million), with recovery in real estate transaction revenue being key to achieving the full-year targets