Koukandekirukun（7695 TSE Growth）
＋English Summary on This Page
Developing an e-commerce business that sells housing equipment together with its replacement work
1. Corporate Overview
Koukandekirukun develops an e-commerce business that sells housing equipment together with its replacement work to housing owners to meet their equipment replacement needs due to failure, deterioration, etc. of their housing equipment.
Since the opening of the website in 2001, the total number of customers exceeded 300,000, and the number of replacement works in the fiscal year ended March 2021 reached 34,623, an increase of 15.2% from the previous fiscal year. Due to its high customer attraction efficiency, it secures appropriate profits despite its low-price strategy.
2. Financial Analysis
During the period from the fiscal year ended March 2016 to the fiscal year ended March 2021, net sales increased at an annual rate of 10.2% due to factors including a rise in the ratio of those that shifted to e-commerce in the housing renovation market. On the other hand, ordinary profit only increased 7.5% year-on-year due to factors including the increase in personnel expenses and other expenses.
The company is more attractive than similar companies in terms of financial security, growth potential and profitability.
3. Non-Financial Analysis
The source of the company’s intellectual capital is that it specializes in the domain of housing equipment replacement and in its autonomous operation process.
4. Corporate Strategy Analysis
The company's growth strategy is to expand its business area, add new products, strengthen B-to-B areas, and aggressively invest in technology.
5. Analyst Evaluation
For the fiscal year ending March 2022, we estimate both net sales and operating profit to slightly fall below the company’s plan due to the shortage in semiconductors as well as delays in the supply of some products due to the impact of the pandemic on Southeast Asia, where the production bases of housing equipment component manufacturers are located.
We estimate a 16.3% revenue increase and 24.4% operating profit increase for the fiscal year ending March 2023 and a 14.3% revenue increase and 24.3% operating profit increase for the fiscal year ending March 2024, assuming an increase in the ratio of those shifted to e-commerce in the housing equipment replacement market, an increase in market share due to increased name recognition, an improvement in gross profit margin due to economies of scale and other factors.
1. Corporate Overview
Koukandekirukun develops an e-commerce business that sells housing equipment together with its replacement work to housing owners to meet their equipment replacement needs due to failure, deterioration, etc. of their housing equipment.
Since the opening of the website in 2001, the total number of customers exceeded 300,000, and the number of replacement works in the fiscal year ended March 2021 reached 34,623, an increase of 15.2% from the previous fiscal year. Due to its high customer attraction efficiency, it secures appropriate profits despite its low-price strategy.
2. Financial Analysis
During the period from the fiscal year ended March 2016 to the fiscal year ended March 2021, net sales increased at an annual rate of 10.2% due to factors including a rise in the ratio of those that shifted to e-commerce in the housing renovation market. On the other hand, ordinary profit only increased 7.5% year-on-year due to factors including the increase in personnel expenses and other expenses.
The company is more attractive than similar companies in terms of financial security, growth potential and profitability.
3. Non-Financial Analysis
The source of the company’s intellectual capital is that it specializes in the domain of housing equipment replacement and in its autonomous operation process.
4. Corporate Strategy Analysis
The company's growth strategy is to expand its business area, add new products, strengthen B-to-B areas, and aggressively invest in technology.
5. Analyst Evaluation
For the fiscal year ending March 2022, we estimate both net sales and operating profit to slightly fall below the company’s plan due to the shortage in semiconductors as well as delays in the supply of some products due to the impact of the pandemic on Southeast Asia, where the production bases of housing equipment component manufacturers are located.
We estimate a 16.3% revenue increase and 24.4% operating profit increase for the fiscal year ending March 2023 and a 14.3% revenue increase and 24.3% operating profit increase for the fiscal year ending March 2024, assuming an increase in the ratio of those shifted to e-commerce in the housing equipment replacement market, an increase in market share due to increased name recognition, an improvement in gross profit margin due to economies of scale and other factors.
概要（レポートから抜粋）
1．会社概要
・交換できるくん（以下、同社）は、住宅オーナーによる住宅設備機器の故障や劣化等に伴う機器交換ニーズに対して、機器と工事をセットで販売するeコマース事業を展開している。
・01年のサイト開設以来の顧客数は延べ30万人を超えており、21/3期の工事件数は前期比15.2%増の34,623件に達している。集客効率の高さにより、低価格戦略ながら適正利益を確保している。
2．財務面の分析
・16/3期から21/3期までの期間では、住宅リフォーム市場におけるEC化率の上昇等により、売上高は年平均10.2%増加した。一方、人件費や経費の増加等により、経常利益は同7.5%の増加にとどまった。
・財務の安全性、成長性、収益性の面で類似企業に比べ魅力的である。
3．非財務面の分析
・知的資本の源泉は、住宅設備機器の交換領域への特化と自社完結型の業務プロセスにある。
4．経営戦略の分析
・同社は、事業エリアの拡大、新規商材の追加、BtoB領域の強化、テクノロジー投資の積極化を成長戦略としている。
5．アナリストの評価
・証券リサーチセンター（以下、当センター）では、22/3期の業績について、半導体不足や住宅設備機器の部材メーカーの生産拠点がある東南アジアでの新型コロナ感染症拡大の影響による一部商品の供給遅延を踏まえて、売上高、営業利益共に、会社計画をやや下回ると予想した。
・当センターでは、住宅設備機器の交換市場におけるEC化率の上昇や、知名度の向上による市場シェアの上昇、スケールメリットによる売上総利益率の改善等を想定し、23/3期は前期比16.3%増収、24.4%営業増益、24/3期は同14.3%増収、24.3%営業増益を予想している。
・交換できるくん（以下、同社）は、住宅オーナーによる住宅設備機器の故障や劣化等に伴う機器交換ニーズに対して、機器と工事をセットで販売するeコマース事業を展開している。
・01年のサイト開設以来の顧客数は延べ30万人を超えており、21/3期の工事件数は前期比15.2%増の34,623件に達している。集客効率の高さにより、低価格戦略ながら適正利益を確保している。
2．財務面の分析
・16/3期から21/3期までの期間では、住宅リフォーム市場におけるEC化率の上昇等により、売上高は年平均10.2%増加した。一方、人件費や経費の増加等により、経常利益は同7.5%の増加にとどまった。
・財務の安全性、成長性、収益性の面で類似企業に比べ魅力的である。
3．非財務面の分析
・知的資本の源泉は、住宅設備機器の交換領域への特化と自社完結型の業務プロセスにある。
4．経営戦略の分析
・同社は、事業エリアの拡大、新規商材の追加、BtoB領域の強化、テクノロジー投資の積極化を成長戦略としている。
5．アナリストの評価
・証券リサーチセンター（以下、当センター）では、22/3期の業績について、半導体不足や住宅設備機器の部材メーカーの生産拠点がある東南アジアでの新型コロナ感染症拡大の影響による一部商品の供給遅延を踏まえて、売上高、営業利益共に、会社計画をやや下回ると予想した。
・当センターでは、住宅設備機器の交換市場におけるEC化率の上昇や、知名度の向上による市場シェアの上昇、スケールメリットによる売上総利益率の改善等を想定し、23/3期は前期比16.3%増収、24.4%営業増益、24/3期は同14.3%増収、24.3%営業増益を予想している。
