Sumasapo Inc.
9342・Growth Market・Services
Business
Sumasapo Inc. operates under the management philosophy of "support for a smart lifestyle," solving communication challenges between real estate management companies and residents through data and technology in the real estate industry, which remains centered on analog methods such as phone, paper, and fax. This is a single-segment company. Its core services are the new-life support service "Sumasapo Thank You Call" (call center outsourcing for move-in procedures and utility connection arrangements) and the resident app "totono" (digitization of various applications and chat support). The company launched its Solutions for Real Estate Management Companies business in 2016 and listed on the Tokyo Stock Exchange Growth Market in December 2022. Through partnerships with major companies such as Daito Kentaku Partners, Recruit, and Epos Card, the company conducts business with real estate management companies nationwide as its primary customers.
Business Model
Revenue is primarily derived from two channels. ① Sumasapo Thank You Call: an intermediary model in which the company pays real estate management companies for providing resident information while collecting referral commissions from providers of products and services such as new electricity plans, internet connections, and water servers. ② Resident App "totono": a SaaS-type model in which the company collects an initial setup fee and monthly usage fee from real estate management companies, supplemented by operational outsourcing revenue from chat support BPO (totono 2.0). The service is designed so that no fees are charged to residents, promoting continued use by simultaneously improving management companies' operational efficiency and boosting their revenue.
Company Strengths
The company has successively concluded partnerships with Daito Kentaku Partners (capital and business alliance, July 2022), Recruit (business alliance, August 2023), and Epos Card (business alliance, January 2024). It has also begun introducing Sumasapo Thank You Call together with Daito Kentaku Partners, and expansion of its customer base via major management companies is progressing.
The unit price of Sumasapo Thank You Call rose approximately 19% over three years, from ¥5,982 at the end of September 2022 to ¥7,147 at the end of September 2025. Even in FY2025 (ended September 2025), when the number of contacts declined slightly year on year, the unit price continued to rise through expansion of proposed products and upselling, resulting in revenue growth of 5.3% and operating profit growth of 75.6%.
In September 2024, the company launched "totono2.0," a chat-support BPO add-on service, achieving 64,687 users and an ARPU of ¥103 as of the end of September 2025. In addition, in January 2025, the company achieved participation in a housing management app development project promoted by Taiwan's government agency, the National Housing and Urban Regeneration Center, demonstrating the potential for overseas expansion of its domestic track record.
ENVALITH's Perspective
Performance Trend
The historical earnings trend bottomed out with a loss in FY2023 (ending September 2023) (operating loss of ¥133 million), followed by a sharp recovery to ¥108 million in FY2024 (ending September 2024) and ¥190 million in FY2025 (ending September 2025). However, in the first half of FY2026 (ending September 2026), performance deteriorated significantly, with net sales of ¥1,368 million (down 3.9% year on year), operating profit of ¥60 million (down 47.1%), and interim net profit of ¥37 million (down 60.5%). The main causes were a temporary decline in sales during the transition period from totono 1.0 to 2.0, and an increase in upfront costs for human capital investment and AI R&D, among others (SG&A expenses up ¥44 million year on year). As for the external environment, robust rental demand in central urban areas and labor shortages in the property management industry continue, and the full-year forecast (net sales of ¥3,150 million, operating profit of ¥230 million) has been left unchanged, but this assumes a significant recovery in the second half.
Growth Strategy
Multi-layering the revenue base through a three-pronged approach: expansion of totono2.0, AI investment, and cross-industry partnerships
Focus on selling totono2.0, which adds outsourcing of resident support operations to the existing totono1.0. In the current interim period, the number of users increased 18.0% quarter-on-quarter, and ARPU exceeded ¥120 for the first time, reaching ¥122. The company will continue to expand functionality and promote adoption, aiming to enhance added value for both management companies and residents.
The company has explicitly stated a policy of enhancing R&D investment in the AI field with the aim of reducing BPO costs and improving operational efficiency. This is partially reflected in investing activities cash flow for the current interim period (¥70 million in acquisition of intangible fixed assets), and is positioned as a groundwork for long-term profitability improvement.
While the number of contacts declined slightly year-on-year, the company is achieving both higher customer satisfaction and higher unit prices by increasing the number of products introduced. This represents a shift from a model dependent on contact volume to one driven by the quality and quantity of products, with results already appearing in the current interim period in the form of higher unit prices.
By brokering services from other industries, such as furniture subscription services and bicycle insurance, on the totono platform, the company accumulates referral fee revenue. This is a measure to strengthen the multi-track revenue model, under which absolute referral revenue is expected to grow in line with the expansion of the platform's user base.
The company has explicitly stated a policy of proactively increasing investment in human capital as a foundation for long-term growth. This is one factor behind the increase in SG&A expenses in the current interim period (up ¥44 million year-on-year), but management has indicated a stance of accepting short-term pressure on profits while prioritizing the strengthening of medium- to long-term competitiveness.
Last updated: July 17, 2026