TOSHIN HOLDINGS CO.,LTD
9444・Standard Market・Information & Communication
Business
Toshin Holdings Co., Ltd. is a holding company (transitioned to a holding company structure in May 2018) based in Nagoya City, Aichi Prefecture. Its core business (approximately 91% of sales composition) is mobile phone sales and service agency operations—including SoftBank Shop, au Shop, Y!mobile Shop, and UQ mobile Shop outlets—operated by its consolidated subsidiary Toshin Mobile Co., Ltd. The company also operates a real estate business managing rental buildings and rental apartments, as well as a resort business operating multiple golf courses and golf practice ranges. Its main customers are individual consumers (mobile phone purchases and contracts) and corporate/office customers. The company entered the mobile communications business in 1994 and listed on the Osaka Securities Exchange NASDAQ Japan Market (now the Tokyo Stock Exchange JASDAQ) in 2000.
Business Model
In the Mobile Communications Business, the company purchases handsets from telecom carriers such as SoftBank and KDDI and sells them at directly operated stores, while earning commission income through service contract brokerage and various procedural agency services. In the Real Estate Business, it secures stable rental income from leased buildings and condominiums. In the Resort Business, it earns entrance fee and play fee income from golf courses and golf practice ranges. Net sales for FY2020 (ending April 2020) were ¥21,415 million, of which the Mobile Communications Business accounted for the majority at ¥19,511 million.
Company Strengths
Operates multiple carrier shops for SoftBank, au, Y!mobile, and UQ mobile. In FY2020 (ending April 2020), major sales destinations were diversified among SoftBank Corp. (31.9% of sales), KDDI Corporation (28.8%), and Orange Co., Ltd. (24.2%), which mitigates dependence on a single carrier to a certain extent.
Owns and operates multiple rental apartment buildings and rental office buildings, including the "Sakura Hills" series. In FY2020 (ending April 2020), Real Estate Business sales were ¥566 million, with segment profit of ¥208 million (profit margin of approximately 36.7%), demonstrating high profitability. This functions as a stable revenue source that complements the volatility risk of the Mobile Communications Business.
Operates multiple golf courses in Aichi, Mie, Gifu, and other prefectures through Toshin Resort Co., Ltd. and Irako Seaside Golf Club Co., Ltd. The company has a track record of expanding its portfolio through methods such as business transfers and operation contracting, and its strategy includes accumulating operational know-how through multi-facility operations and pursuing new opportunities in contracted management.
ENVALITH's Perspective
Performance Trend
Revenue for FY2026 (ending April 2026) was ¥17,795 million (up 1.8% year on year), maintaining a slight increase, but the quality of earnings has deteriorated. Operating profit improved significantly to ¥260 million from ¥45 million in the previous period, but this was due to reductions in selling, general and administrative expenses (from ¥3,242 million in the previous period to ¥2,652 million in the current period), while gross profit declined from ¥3,287 million in the previous period to ¥2,912 million. Extraordinary losses included an impairment loss of ¥1,432 million on golf courses and other assets and business structure improvement expenses of ¥301 million, resulting in a loss before income taxes of ¥1,031 million. With the addition of ¥50 million in additional income tax assessments, net loss attributable to owners of the parent widened to ¥1,376 million. Equity capital fell to ¥1,063 million (from ¥2,457 million in the previous period), and the equity ratio declined to 4.9% (from 10.0% in the previous period). Looking at the performance trend over the past five fiscal years, revenue has fluctuated within a range of ¥16,000 million to ¥18,000 million, while profit has been unstable; in FY2026 (ending April 2026), the combination of an accounting scandal, impairment losses, and rehabilitation procedure costs resulted in the largest net loss on record.
Growth Strategy
With business rehabilitation through corporate reorganization proceedings and maintenance of the listing as top priorities, the company aims to preserve corporate value by continuing operations across its three business segments
Following the decision to commence corporate reorganization proceedings on May 8, 2026, the rehabilitation plan is being formulated under the trustee's oversight. The deadline for the trustee to submit the rehabilitation plan is September 7, 2026. The policy is to continue business operations without cutting trade payables, with full principal repayment to financial institutions over a long-term installment schedule, and utilizing DIP financing (Sumitomo Mitsui Banking Corporation).
Following the auditor's disclaimer of opinion arising from improper accounting at a subsidiary and the designation as Securities on Alert (November 22, 2025), fundamental improvement of internal control systems is an urgent priority. An improvement plan and status report were disclosed as of May 26, 2026. Improvements are being advanced under the trustee's oversight, with the goal of lifting the Securities on Alert designation and maintaining the listing. The policy is not to implement a 100% capital reduction.
Leveraging a market environment where MNP competition is thriving, the company is focusing on aggressive sales promotion activities and new customer acquisition. It aims to increase revenue per customer through linkage with financial services, point services, and smartphone payment services. Segment profit for FY2026 (ending March 2026) turned positive at ¥183 million (versus a loss of ¥91 million in the previous fiscal year).
Amid increasing financial constraints, sales of tangible fixed assets (proceeds of ¥1,852 million during the period) secured investing cash flow of ¥1,368 million. While maintaining stable earnings from the Real Estate Business (segment profit of ¥304 million), the company continues to raise funds through asset sales. Under the reorganization proceedings, the authority to manage and dispose of assets belongs exclusively to the trustee.
Last updated: July 17, 2026