ASAGAMI CORPORATION
9311・Standard Market・Warehousing & Harbor Transportation Services
ASAGAMI CORPORATION
9311・Standard Market・Warehousing & Harbor Transportation Services
Business
Asagami Corporation, founded in 1948, is listed on the Tokyo Stock Exchange Standard Market. Its core business is the Logistics Business (comprising the Warehousing Division, Port Forwarding Division, and Transportation Division), complemented by the Real Estate Leasing and Real Estate Management businesses, the Printing Business (handling Contract Newspaper Printing, Wedding Printing, and New Year's Card Printing), and Other businesses including the Construction Business and contracted services. Its main customers include steel and steelmaking-related companies such as JFE Steel, materials manufacturers such as AGC, construction machinery manufacturers, and newspaper companies. The group, including 9 consolidated subsidiaries, recorded consolidated net sales of ¥39,123 million for FY2026 (ending March 2026).
Business Model
A two-tier structure in which the Logistics Business (58.2% of sales composition) secures scale while the Real Estate Business (8.9%) supports profitability with a high margin (segment profit margin of approximately 48%). The Printing Business (35.5%) is improving profitability through the transfer of contract printing orders and fee revisions. Internal transactions leveraging the facilities and locations of each business also contribute to revenue efficiency.
Company Strengths
Since becoming a dedicated contractor for Kawasaki Steel's (now JFE Steel) Chiba Works in 1953, the company has handled port cargo handling and inland transportation of steel-related raw materials and products for over 70 years. Similarly, it has maintained a long-term business relationship with Asahi Glass (now AGC) since 1959, and deep transactional relationships with major materials manufacturers form a stable order base.
Against segment sales of ¥3,480 million, the Real Estate Business posted segment profit of ¥1,681 million, achieving a profit margin of approximately 48%. The business handles leasing and management of large-scale logistics facilities and commercial facilities, and maintains a high profit margin through control of repair expenses and depreciation costs. It functions as a stable, high-profitability source that complements fluctuations in earnings from the Logistics Business and Printing Business.
Business structure improvements (fixed cost reductions) in the Wedding Printing field and the transfer of printed matter contracting from other companies' plants along with fee revisions in the newspaper field bore fruit, resulting in operating profit for the Printing Business of ¥875 million, up 110.5% year on year. This substantial profit increase was achieved even as sales declined 5.8% year on year, confirming the effect of cost structure improvements in actual results.
ENVALITH's Perspective
Performance Trend
Over the past five fiscal periods, revenue moved from ¥41,526 million (FY2022) → ¥41,092 million (FY2023) → ¥39,634 million (FY2024) → ¥38,944 million (FY2025) → ¥39,123 million (FY2026), transitioning from a gradual decline to a flat trend. Operating profit, meanwhile, bottomed out at ¥1,537 million in FY2024 before improving markedly for two consecutive periods, to ¥1,929 million in FY2025 and ¥2,582 million in FY2026. The drivers of the FY2026 improvement were threefold: in the Logistics Business, fee revisions and increased steel-related work volume (supported by an external factor of resilient steel demand); in the Printing Business, the emergence of fixed-cost reduction effects; and in the Real Estate Business, a rising rent trend (supported by an external factor of favorable conditions in the central Tokyo office market). The equity ratio improved for a fifth consecutive period, reaching 51.6%, confirming a strengthening of the financial base. For FY2027 (ending March 2027), operating profit is forecast to decline to ¥2,029 million (down 21.4% year on year), mainly due to a deterioration in the external environment (U.S. tariffs and higher fuel costs).
Growth Strategy
Pursuing sustainable profit growth through three axes: rate revisions, operational efficiency improvement, and customer base expansion
Against the backdrop of rising logistics costs (fuel costs and labor costs), rate revisions have been continuously implemented in the Transportation Division and the Port Forwarding Division. In FY2026 (ending March 2026), the Transportation Division's net sales were ¥13,972 million (up 5.4% year on year), reflecting the emerging effects of the rate revisions. In FY2027 (ending March 2027), sharp increases in fuel prices are expected to be a headwind, and maintaining unit prices through the establishment of rate revisions remains a challenge.
Rationalization of the client composition in the Wedding Printing field and fixed cost reduction measures were implemented by the previous fiscal year, resulting in a significant recovery in segment profit for FY2026 (ending March 2026) to ¥875 million (up 110.5% year on year). In the newspaper printing field, order volume has been secured through the acceptance of transferred printing work from other companies' plants. This remains an ongoing measure to maintain profitability in a structurally shrinking market.
Net sales in the Port Forwarding Division increased through growth in export handling volume of construction machinery and expanded work volume related to steelmaking. In FY2026 (ending March 2026), net sales reached ¥6,931 million (up 4.5% year on year). However, for FY2027 (ending March 2027), there are concerns about a decline in air cargo handling volume due to the impact of U.S. tariff policy, making diversification of handled items and destinations a challenge.
Last updated: July 19, 2026