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7058 東証スタンダード(サービス業)




(公開日 2023.01.20)


Kyoei Security Service(7058 TSE Standard)

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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.












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