HAMAKYOREX CO., LTD.
9037・Prime Market・Land Transportation
Business
Hamakyorex Co., Ltd. is a comprehensive logistics company listed on the Tokyo Stock Exchange Prime Market, headquartered in Hamamatsu City, Shizuoka Prefecture. The company is composed of the parent and 43 consolidated subsidiaries, and operates on two core pillars: the Logistics Center Business (3PL) and the Motor Truck Transportation Business. In the Logistics Center Business, it operates a network of 194 centers nationwide with a total floor area of 1,660,884㎡, comprehensively handling logistics operations on behalf of client companies. In the Motor Truck Transportation Business, Kinbutsu Rex serves as the core entity, handling General Freight Transportation and Special Consolidated Freight Transportation. Since its founding in 1971, the company has actively used M&A to expand the group, and aims to be a proposal-driven logistics company that addresses diverse logistics needs, including EC Logistics & Last-Mile Delivery.
Business Model
In the Logistics Center Business, the company undertakes comprehensive outsourcing (3PL) of shippers' logistics operations—including warehousing, inbound/outbound handling, and distribution processing—earning ongoing center operation fees. In the Motor Truck Transportation Business, it generates freight revenue through General Freight Transportation, Special Consolidated Freight Transportation, and chartered services. Through group synergies between the two businesses, freight volumes are mutually complemented, and by thoroughly implementing "daily profit-and-loss management, participation by all employees, and communication," the company maintains a structure for continuously improving the profitability of existing centers.
Company Strengths
As of the end of FY2026 (ending March 2026), the company held a network of 194 logistics centers with total floor area of 1,660,884㎡. It achieved 15 new client contracts in this fiscal year alone, and continues to expand steadily with a target of securing 15 or more new clients each fiscal year. The Logistics Center Business generated operating revenue of ¥100,937 million and operating profit of ¥13,068 million, forming a highly profitable earnings base.
Since the establishment of Super Rex in 1993, the company has brought numerous firms under its umbrella through M&A, including Kinbutsu Rex, Higashi Nihon Kyuko, Keihan Kuho HD, Ishimaru Unyu, Vanport, and Cluster, building a group structure comprising 43 consolidated subsidiaries. The effects of M&A have contributed to increased revenue and profit in both the Logistics Center Business and the Motor Truck Transportation Business, while also realizing synergies through expanded intra-group transactions.
ROE for FY2026 (ending March 2026) reached 11.4%, achieving the target of 10% or above. The operating revenue-to-ordinary profit margin reached 10.3%, and EPS (net income per share) stood at ¥144.83, exceeding both the previous fiscal year's actual results and the current fiscal year's target. With a high equity ratio of 56.8%, the company also maintains strong financial soundness, sustaining a profit structure that stably generates operating cash flow of ¥19,968 million.
ENVALITH's Perspective
Performance Trend
In FY2026 (ending March 2026), revenue reached ¥155,500 million (up 6.0% year on year), operating profit reached ¥14,761 million (up 11.7%), and net profit attributable to owners of the parent reached ¥10,720 million (up 20.0%), achieving five consecutive years of increased revenue and profit. Profitability indicators also improved, with the operating profit margin rising to 9.5% (from 9.0% in the prior period) and ROE rising to 11.4% (from 10.3% in the prior period). In the Logistics Center Business, the sequential commencement of operations at 15 newly contracted clients and M&A effects contributed to results. In the Motor Truck Transportation Business, progress in freight rate increase negotiations served as a tailwind from external factors. Operating cash flow increased substantially year on year to ¥19,968 million, and the cash and cash equivalents balance at period-end rose to ¥24,788 million. For FY2027 (ending March 2027), the company forecasts revenue of ¥165,500 million and operating profit of ¥16,300 million.
Growth Strategy
Continuing to expand scale and profitability through new 3PL Logistics Center Operations contracts, M&A, and freight rate improvements
In FY2026 (ending March 2026), the company newly contracted logistics operations for 15 companies, with 15 of 16 companies now operational (the remaining one is scheduled to begin operations in FY2026). The total number of centers expanded to 194. The target of securing 15 or more new contracts per period serves as a visible growth indicator, and the earnings contribution from operating centers underpins stable revenue and profit growth.
M&A activity continued in both the Logistics Center Business and the Motor Truck Transportation Business. In FY2026 (ending March 2026), ¥1,486 million was invested in the acquisition of subsidiary shares involving a change in the scope of consolidation, and the increase in consolidated subsidiaries contributed to the expansion of total assets and revenue growth. The company plans to continue utilizing M&A as a growth driver.
Progress in freight rate increase negotiations and an increase in charter service revenue improved segment profit for FY2026 (ending March 2026) to ¥1,712 million, up 17.5% year on year. Kinbutsu Rex aims to further improve profitability through new business acquisition centered on its dedicated business development department and expansion of intra-group transactions.
In response to the risk that a ¥1 change in the unit price of diesel fuel would impact annual earnings by ¥41 million, the company aims to reduce price volatility risk through measures such as the introduction of a fuel surcharge system. The company intends to continue business operations that flexibly respond to changes in the external environment.
Last updated: July 19, 2026