ENVALITH
日本ロジテム株式会社 logo

JAPAN LOGISTIC SYSTEMS CORP.

9060・Standard Market・Land Transportation

Official website
日本ロジテム株式会社 logo
JAPAN LOGISTIC SYSTEMS CORP.9060

Business

Nippon Logitem Co., Ltd. is a comprehensive logistics company founded in 1944, listed on the Tokyo Stock Exchange Standard Market. It has 21 consolidated subsidiaries and 3 equity-method affiliates, operating businesses both domestically and internationally. Its main businesses consist of three pillars: Motor Truck Freight Transportation Business (truck transport), Center Business (3PL-type distribution processing and cargo handling), and Asset Business (warehouse storage and real estate leasing), in addition to providing ancillary services such as customs clearance, port operations, and worker dispatch. Major customers include EC, manufacturing, and distribution companies, led by Amazon Japan G.K. (24.7% of net sales), and the company also has a business base in Southeast Asia, centered on Vietnam. Consolidated operating revenue for FY2026 (ending March 2026) was ¥71,317 million.

Business Model

The company operates a 3PL model in which it takes comprehensive outsourced logistics operations from shipper companies, based on 28 company-owned warehouses and 97 leased warehouses (totaling 1,292,770㎡) and 972 vehicles. Through a one-stop service combining warehousing/storage, cargo handling, transportation, and distribution processing, it builds ongoing business relationships with clients, and has established a mechanism to pass on cost increases to revenue through fee revision negotiations. Capital expenditure (¥3,731 million in FY2026 (ending March 2026)) for facility expansion directly links to increased handling volume and revenue growth.

Company Strengths

Domestically, the company operates the Motor Truck Freight Transportation Business, Center Business, and Asset Business in an integrated manner, and has been sequentially opening large-scale facilities such as the Fujimino Branch. Overseas, it has expanded operations centered on Vietnam into Myanmar, Taiwan, Laos, and other locations, and has also strengthened its cold chain capabilities through the additional acquisition of an equity stake in CLK COLD STORAGE. This multi-location, multi-functional logistics network serves as a key differentiator from competitors.

Sales to Amazon Japan G.K. reached ¥17,605 million (24.7% of total sales), an increase in share from 21.4% in the previous fiscal year. Track record and responsiveness in the e-commerce logistics field have supported continued and expanded transactions with major clients, and this was one of the main factors behind the 14.3% year-on-year increase in operating revenue of the Center Business.

In FY2026 (ending March 2026), the Asset Business recorded operating revenue of ¥19,715 million (up 12.7% year on year) and segment profit of ¥1,330 million (up 47.9% year on year), a substantial increase in profit. Warehouse floor area expanded to 105.0% of the level in the same period of the previous fiscal year, with the commencement of operations at newly established facilities and improved utilization rates at existing facilities contributing to revenue. A total of 125 owned and leased facilities with a storage capacity of 1,292,770 square meters form a stable revenue base.

ENVALITH's Perspective

In FY2026 (ending March 2026), performance accelerated with operating revenue up 8.1%, operating profit up 16.9%, and profit attributable to owners of parent up 48.5%. However, the FY2027 (ending March 2027) forecast points to a profit decline, with operating profit of ¥1,300 million (down 9.5% year on year) and ordinary profit of ¥1,100 million (down 24.8% year on year). This is mainly due to upfront costs from launching new sites and concerns over declining utilization rates at existing warehouses; attention should be paid to the fact that the shift into an investment phase is pressuring short-term profitability.

On May 28, 2026, a correction to the earnings report was announced. Due to a calculation error in the deferred tax liability related to a subsidiary's retained earnings, profit attributable to owners of parent was revised downward by ¥80 million, from ¥765 million to ¥684 million. Net assets were also revised from ¥16,697 million to ¥16,617 million. While the impact on business performance is limited, this remains a point investors should watch closely regarding the accuracy of the internal control environment in the consolidated financial reporting process.

In FY2026 (ending March 2026), an impairment loss of ¥270 million was recognized (compared to ¥530 million in the previous period), continuing a pattern seen consistently over the past five fiscal periods. In addition, sales to Amazon Japan G.K., the largest customer, amounted to ¥17,605 million, accounting for approximately 24.7% of total operating revenue, indicating a high degree of customer concentration risk. Amid continued increases in labor and fuel costs across the logistics industry as an external factor, the penetration of rate revisions is supporting improved profitability, but the risk remains that cost increases could outpace the pace of these rate revisions.

Growth Strategy

Expansion of handling volume in the Asset Business and Center Business through new facility openings and expansions, together with continued advancement of rate revisions

In FY2026 (ending March 2026), newly established sites such as the Fujimino Branch began operations, driving a sharp 47.9% year-on-year increase in Asset Business profit. In FY2027 (ending March 2026), further new facility openings and expansions are planned, aiming to build up revenue through increased handling volume. In the short term, start-up costs are expected to be incurred first, acting as a factor depressing profit.

Rate negotiations with customers are conducted on an ongoing basis, passing on cost increases such as labor and fuel costs to prices. In FY2026 (ending March 2026), the penetration of rate revisions contributed to improved profitability, with the operating margin improving to 2.0% (from 1.9% in the previous fiscal year). Continued deepening of rate revisions remains key to stabilizing earnings.

In Vietnam, an additional equity stake was acquired in CLK COLD STORAGE COMPANY LIMITED, strengthening the cold chain business. The company is responding to the slowdown in international overland transportation in the Indochina Peninsula region while pursuing new transportation demand. Consolidation of sites has also been carried out to improve the efficiency of the sales and operations structure.

The company is promoting a driver retraining system, embedding warehouse risk assessments, and multilingual training utilizing video manuals. In the second half of FY2026 (ending March 2026), results were confirmed showing a reduction in the number of traffic accidents and workplace accidents. Continuous efforts are being made with the goal of achieving zero serious accidents.

Last updated: July 19, 2026