ENVALITH
株式会社セイファート logo

SEYFERT LTD.

9213・Standard Market・Services

Official website
株式会社セイファート logo
SEYFERT LTD.9213

Business

Seafirst Co., Ltd. is a beauty-industry-focused service company founded in 1991. Under its management policy of "improving the social status of hairdressers and supporting hair salon owners in solving their business challenges," it operates businesses both domestically and internationally. Its main customers are hair salon management companies and hairdressers/beauty school students. The business consists of three services: "Job Advertising Service" (re-quest/QJ navi, etc.), "Referral & Staffing Service" (re-quest/QJ agent, etc.), and "Education (Other) Service" (Certification & Overseas Training, etc.). The company also has a strategic partnership with the UK educational institution "City & Guilds" and operates a hair salon in California, USA (PIA HAIR SALON). Listed on the Tokyo Stock Exchange Standard Market (February 2022).

Business Model

The core of revenue is job advertising placement fees (re-quest/QJ navi, etc.) from hair salon operating companies; in FY2025 (ending December 2025), Job Advertising Service revenue was ¥1,272 million, accounting for approximately 66% of the total. The Referral & Staffing Service consists of success-fee-based recruitment commissions and staffing fees (¥331 million), while Education Services comprise program certification fees and training fees for beauty schools (¥323 million). Tablet Rental also includes stable subscription-based recurring revenue.

Company Strengths

The company has business relationships with 257 of the 270 beauty schools nationwide (95.2% coverage rate). This is founded on trust relationships built over many years through job-hunting lectures by dedicated beauty school teams, mock interviews, and study sessions for teachers. This functions as a barrier to competitive entry for new graduate recruitment products.

Leveraging the brand recognition cultivated through the job information magazine "re-quest/QJ," first published in 1991, the job site "re-quest/QJ navi," launched in 2007, has grown to a cumulative membership of over 120,000. It enjoys high recognition among both hairstylists and salon-operating companies, giving it a first-mover advantage within the industry.

In 2015, the company concluded an exclusive business partnership in Japan and Hong Kong with "City & Guilds," the UK's largest vocational training and education institution, which developed into an "Assured Programme Agreement" in 2019. Through this collaboration with the institution, which operates in over 80 countries, the company has built a framework to exclusively provide international beauty education programs both domestically and internationally.

ENVALITH's Perspective

Operating loss for the first quarter of FY2026 (ending December 2026) was ¥123 million, an expansion of ¥54 million from the same period last year (¥69 million). Revenue also declined 10.6% YoY to ¥388 million. While the company describes the results as "generally in line with expectations," the first quarter alone consumed ¥123 million (approximately 40%) of the full-year operating loss forecast of ¥306 million, making it a focal point whether the seasonal recovery expected from the second quarter onward will materialize as planned.

Net assets decreased by ¥130 million from ¥852 million at the end of the previous fiscal year to ¥721 million, and the equity ratio also declined from 57.8% to 50.8%. The commitment line agreement carries financial covenants stipulating that "standalone net assets shall not turn negative" and "ordinary profit/loss shall not record losses for two consecutive periods," warranting attention to the risk of breach should losses continue. On the other hand, the outstanding loan drawdown balance is zero, and available liquidity (cash and deposits of ¥889 million) is at a level sufficient to cover near-term working capital needs.

For "re-quest/QJ navi (Job Advertising)" targeting mid-career hiring, the number of listings exceeded targets through promotional campaigns, but sales remained sluggish due to a decline in unit prices. While the number of applications is on a recovery trend, the challenges carried over from the previous consolidated fiscal year persist. Meanwhile, the company has disclosed that it is "proceeding with consideration including capital policy measures," and although the timing of implementation remains uncertain, its concretization could serve as an important catalyst for the share price alongside a recovery in earnings. As an external factor, the labor shortage in the beauty industry continues structurally, and demand for hiring itself remains resilient.

Growth Strategy

Rebuilding the revenue structure through expanded sales of growth products and turnaround of "re-quest/QJ navi"

Promotional campaigns have driven the number of listings above the current-period target, and CVR is also trending upward. However, the average unit price per listing continues to decline, making price improvement essential for revenue recovery. The number of applications, while still below the current-period target, is on a recovery trend.

For "beauqet / Tablet Rental (Promotion)", the number of projects exceeded the same period last year owing to higher repeat rates among existing clients, while for "Tablet Rental", gross profit margin improved on the accumulation of advertising delivery revenue from consumer goods manufacturers. Both are trending favorably and are functioning as a complement to the core products.

"Certification & Overseas Training (Education Services)" continued to perform well, with increases in the number of participating beauty schools, the number of supporting salon operating companies, and the number of certified examiners. For "re-quest/QJ navi New Graduate & Job Fair (New Graduate Recruitment Products)", the number of events held doubled, partly due to the inaugural "City & Guilds Education Fair 2026", and the number of exhibiting companies increased significantly.

The company has disclosed that it is proceeding with consideration of capital policy and related measures. As the timing of execution remains uncertain, this has not been reflected in the FY2026 (ending December 2026) earnings forecast. Once concretized, it could become an important measure from the standpoint of strengthening the financial base and returning value to shareholders.

Last updated: July 17, 2026