Kyoei Security Service（7058 TSE Standard）
＋English Summary on This Page
Security company specializing in human security with focus on facility security
1. Corporate Overview
Kyoei Security Service is a security company specializing in human security that requires security guards such as facility security, crowd control and traffic guidance security.
2. Financial Analysis
Except for fiscal year ended March 2021, which was affected by the COVID-19 pandemic, the company has recorded increases in revenue from fiscal year ended March 2014 to fiscal year ended March 2022 and the average annual growth rate was 8.8%. Except for fiscal year ended March 2016, when expenses increased in preparation for listing, and fiscal year ended March 2021, when revenue decreased, the company recorded increases in profit, and the average annual growth rate of ordinary profit was 25.6%.
ROE in the most recent fiscal year greatly exceeded that of other companies. Since this is due to the contribution of temporary contract projects, it is better to keep it as a reference only. In the general period, the company’s ROE is slightly below that of major companies. On the other hand, it has an advantage in safety indicators over other companies.
3. Non-Financial Analysis
The source of the company’s intellectual capital lies in its system of hiring and training security guards. Through various measures that involve improving the quality of security guards, the company has become a security company with a younger average age structure and a higher ratio of female employees than the industry averages. This contributed to the acquisition of facility security projects and expansion to a wider area as well as resulting in the acquisition of new customers and projects.
4. Corporate Strategy Analysis
Issues that should be addressed include securing and retaining security guards and appropriately managing the integration process after M&A, which the company is actively pursuing.
In order to solve issues such as downward price pressure and competition for human resources, Kyoei Security Service has placed the construction of a collaborative platform with other companies in the same industry as the basis of its long-term growth strategy. Scale expansion is essential to take initiatives on the platform and it plans to utilize M&A in addition to organic growth.
5. Analyst Evaluation
We appreciate the fact that the company has continued to expand its scale while maintaining the security quality that it has pursued as a differentiating factor.
Since it is necessary to continue to maintain security quality while expanding its scale for long-term growth, we will closely monitor the pace of expansion of the number of security guards and the amount of resident contracts.
1. Corporate Overview
Kyoei Security Service is a security company specializing in human security that requires security guards such as facility security, crowd control and traffic guidance security.
2. Financial Analysis
Except for fiscal year ended March 2021, which was affected by the COVID-19 pandemic, the company has recorded increases in revenue from fiscal year ended March 2014 to fiscal year ended March 2022 and the average annual growth rate was 8.8%. Except for fiscal year ended March 2016, when expenses increased in preparation for listing, and fiscal year ended March 2021, when revenue decreased, the company recorded increases in profit, and the average annual growth rate of ordinary profit was 25.6%.
ROE in the most recent fiscal year greatly exceeded that of other companies. Since this is due to the contribution of temporary contract projects, it is better to keep it as a reference only. In the general period, the company’s ROE is slightly below that of major companies. On the other hand, it has an advantage in safety indicators over other companies.
3. Non-Financial Analysis
The source of the company’s intellectual capital lies in its system of hiring and training security guards. Through various measures that involve improving the quality of security guards, the company has become a security company with a younger average age structure and a higher ratio of female employees than the industry averages. This contributed to the acquisition of facility security projects and expansion to a wider area as well as resulting in the acquisition of new customers and projects.
4. Corporate Strategy Analysis
Issues that should be addressed include securing and retaining security guards and appropriately managing the integration process after M&A, which the company is actively pursuing.
In order to solve issues such as downward price pressure and competition for human resources, Kyoei Security Service has placed the construction of a collaborative platform with other companies in the same industry as the basis of its long-term growth strategy. Scale expansion is essential to take initiatives on the platform and it plans to utilize M&A in addition to organic growth.
5. Analyst Evaluation
We appreciate the fact that the company has continued to expand its scale while maintaining the security quality that it has pursued as a differentiating factor.
Since it is necessary to continue to maintain security quality while expanding its scale for long-term growth, we will closely monitor the pace of expansion of the number of security guards and the amount of resident contracts.
概要（レポートから抜粋）
1．会社概要
・共栄セキュリティーサービス（以下、同社）は、施設警備や雑踏･交通誘導警備等の警備員を必要とする人的警備に特化した警備会社である。
2．財務面の分析
・14/3期から22/3期まで、新型コロナウイルス禍の影響を受けた21/3期以外は増収で、施設警備を中心とした拡大により、年平均増収率は8.8%であった。同期間、上場に向けて費用増となった16/3期と、減収となった21/3期以外は増益であり、経常利益の年平均成長率は25.6%であった。
・直近業績の財務指標では同社のROEが他社を大きく上回った。臨時契約案件の貢献によるものであることから、参考程度に留めておいた方が良い。通常期の同社のROEは大手を若干下回る程度である。一方、安全性指標は他社に比べて優位性がある。
3．非財務面の分析
・同社の知的資本の源泉は、警備員の採用･育成の仕組み（組織資本）である。警備員の質の向上を伴う諸施策により、業界平均よりも若い年齢構成、高い女性比率の警備会社となり、施設警備の案件獲得や広域展開に貢献し、新たな顧客や案件の獲得につながり、顧客が増えていった。
4．経営戦略の分析
・対処すべき課題として、警備員の確保及び定着、積極的に行おうとしているM&A後の統合プロセスの適切な管理が挙げられる。
・同社は、価格低下圧力や人材獲得競争等の課題の解決のため、同業他社との協業プラットフォーム構築を長期の成長戦略の根幹に据えている。そのプラットフォームでイニシアティブをとるためにも同社の規模拡大は必須で、オーガニック成長に加えM&Aを活用していく方針である。
5．アナリストの評価
・証券リサーチセンターでは、差別化要因として追求してきた警備品質を維持しながら規模拡大を続けてきた点を評価している。
・長期的な成長に向け、警備品質維持と規模拡大を両立し続ける必要があることから、警備員数、常駐契約金額の拡大ペースに注目したい。
・共栄セキュリティーサービス（以下、同社）は、施設警備や雑踏･交通誘導警備等の警備員を必要とする人的警備に特化した警備会社である。
2．財務面の分析
・14/3期から22/3期まで、新型コロナウイルス禍の影響を受けた21/3期以外は増収で、施設警備を中心とした拡大により、年平均増収率は8.8%であった。同期間、上場に向けて費用増となった16/3期と、減収となった21/3期以外は増益であり、経常利益の年平均成長率は25.6%であった。
・直近業績の財務指標では同社のROEが他社を大きく上回った。臨時契約案件の貢献によるものであることから、参考程度に留めておいた方が良い。通常期の同社のROEは大手を若干下回る程度である。一方、安全性指標は他社に比べて優位性がある。
3．非財務面の分析
・同社の知的資本の源泉は、警備員の採用･育成の仕組み（組織資本）である。警備員の質の向上を伴う諸施策により、業界平均よりも若い年齢構成、高い女性比率の警備会社となり、施設警備の案件獲得や広域展開に貢献し、新たな顧客や案件の獲得につながり、顧客が増えていった。
4．経営戦略の分析
・対処すべき課題として、警備員の確保及び定着、積極的に行おうとしているM&A後の統合プロセスの適切な管理が挙げられる。
・同社は、価格低下圧力や人材獲得競争等の課題の解決のため、同業他社との協業プラットフォーム構築を長期の成長戦略の根幹に据えている。そのプラットフォームでイニシアティブをとるためにも同社の規模拡大は必須で、オーガニック成長に加えM&Aを活用していく方針である。
5．アナリストの評価
・証券リサーチセンターでは、差別化要因として追求してきた警備品質を維持しながら規模拡大を続けてきた点を評価している。
・長期的な成長に向け、警備品質維持と規模拡大を両立し続ける必要があることから、警備員数、常駐契約金額の拡大ペースに注目したい。
