Japan Warranty Support（7386 TSE Growth）
＋English Summary on This Page
Developing extended warranty business for housing equipment in BtoBtoC format
1. Corporate Overview
Japan Warranty Support operates an extended warranty business for housing equipment in a BtoBtoC format. Japan Warranty Support concludes a business consignment contract for housing equipment repair services with partner companies such as house developers and electronics retailers, and these partner companies act as warranty providers, concluding warranty contracts with purchasers of housing equipment and issuing membership certificates to purchasers. The purchaser pays a guarantee fee to the partner company in a lump sum to start the service, and Japan Warranty Support receives a business consignment fee from the partner company based on the business consignment agreement.
While Japan Warranty Support’s core service is extended warranty service for housing equipment, in recent years the company strengthened its new services, including the addition of an emergency visit service (for lost keys, water-related problems, etc.) as well as BPO business which handles call centers, membership registration work, issuance of membership cards, payment collection and the like, on behalf of its customer companies.
2. Financial Analysis
Net sales increased by an average of 32.8% per year from fiscal year ended September 2017 to fiscal year ended September 2022, due to an increase in members brought on by the start of transactions with major clients. Ordinary profit increased only 21.1% during the same period, however, due to higher personnel and other costs associated with the strengthening of the management system.
3. Non-Financial Analysis
The source of Japan Warranty Support’s intellectual capital is its efficient business operations in a BtoBtoC format.
4. Corporate Strategy Analysis
Japan Warranty Support’s three strategies are to expand its share of the domestic market of extended warranty services for housing equipment, to develop its detached house management business and to enter new domains and expand overseas.
5. Analyst Evaluation
We forecast a 16.0% increase in net sales, 9.2% increase in operating profit, and 20.6% increase in ordinary profit for fiscal year ending September 2023.
We anticipate continued growth over the medium term due to expansion of warranty fee sales from extended warranty services, new services, the BPO business and the like. We forecast a year-on-year revenue increase of 11.5% and operating profit increase of 9.1% in fiscal year ending September 2024, and 9.7% and 8.2%, respectively, in fiscal year ending September 2025.
1. Corporate Overview
Japan Warranty Support operates an extended warranty business for housing equipment in a BtoBtoC format. Japan Warranty Support concludes a business consignment contract for housing equipment repair services with partner companies such as house developers and electronics retailers, and these partner companies act as warranty providers, concluding warranty contracts with purchasers of housing equipment and issuing membership certificates to purchasers. The purchaser pays a guarantee fee to the partner company in a lump sum to start the service, and Japan Warranty Support receives a business consignment fee from the partner company based on the business consignment agreement.
While Japan Warranty Support’s core service is extended warranty service for housing equipment, in recent years the company strengthened its new services, including the addition of an emergency visit service (for lost keys, water-related problems, etc.) as well as BPO business which handles call centers, membership registration work, issuance of membership cards, payment collection and the like, on behalf of its customer companies.
2. Financial Analysis
Net sales increased by an average of 32.8% per year from fiscal year ended September 2017 to fiscal year ended September 2022, due to an increase in members brought on by the start of transactions with major clients. Ordinary profit increased only 21.1% during the same period, however, due to higher personnel and other costs associated with the strengthening of the management system.
3. Non-Financial Analysis
The source of Japan Warranty Support’s intellectual capital is its efficient business operations in a BtoBtoC format.
4. Corporate Strategy Analysis
Japan Warranty Support’s three strategies are to expand its share of the domestic market of extended warranty services for housing equipment, to develop its detached house management business and to enter new domains and expand overseas.
5. Analyst Evaluation
We forecast a 16.0% increase in net sales, 9.2% increase in operating profit, and 20.6% increase in ordinary profit for fiscal year ending September 2023.
We anticipate continued growth over the medium term due to expansion of warranty fee sales from extended warranty services, new services, the BPO business and the like. We forecast a year-on-year revenue increase of 11.5% and operating profit increase of 9.1% in fiscal year ending September 2024, and 9.7% and 8.2%, respectively, in fiscal year ending September 2025.
概要（レポートから抜粋）
1．会社概要
・ジャパンワランティサポート（以下、同社）は、住宅設備機器の延長保証事業をBtoBtoC形態で展開している。
・住宅設備機器の延長保証サービスである「あんしん修理サポート」を主力サービスとしているが、近年、緊急駆け付けサービス（鍵の紛失や水回りのトラブル等への対応）等を「あんしん修理サポート」に付帯したサービスである「あんしん住宅サポート24h」やBPO事業等の周辺サービスを強化している。
2．財務面の分析
・大手顧客との取引開始等に伴う有効会員の増加により、17/9期から22/9期に掛けて、売上高は年平均32.8%増加した一方、管理体制の強化に伴う人件費等の増加により、経常利益は同21.1%増加にとどまった。
・収益性と財務の安定性の観点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、BtoBtoC形態による効率的な事業運営にある。
4．経営戦略の分析
・同社は、住宅設備の延長保証サービスの国内市場でのシェア拡大、戸建管理事業の展開、新規ドメインへの参入・海外進出という3つの戦略を掲げている。
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、23/9期業績について、第1四半期実績や同社の施策等を踏まえ、16.0%増収、9.2%営業増益、20.6%経常増益と予想した。
・当センターでは、あんしん修理サポートの保証料売上、あんしん住宅サポート24h、BPO事業の拡大等により、中期的な成長継続を想定した。24/9期は前期比11.5%増収、9.1%営業増益、25/9期は同9.7%増収、8.2%営業増益を予想している。
・ジャパンワランティサポート（以下、同社）は、住宅設備機器の延長保証事業をBtoBtoC形態で展開している。
・住宅設備機器の延長保証サービスである「あんしん修理サポート」を主力サービスとしているが、近年、緊急駆け付けサービス（鍵の紛失や水回りのトラブル等への対応）等を「あんしん修理サポート」に付帯したサービスである「あんしん住宅サポート24h」やBPO事業等の周辺サービスを強化している。
2．財務面の分析
・大手顧客との取引開始等に伴う有効会員の増加により、17/9期から22/9期に掛けて、売上高は年平均32.8%増加した一方、管理体制の強化に伴う人件費等の増加により、経常利益は同21.1%増加にとどまった。
・収益性と財務の安定性の観点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、BtoBtoC形態による効率的な事業運営にある。
4．経営戦略の分析
・同社は、住宅設備の延長保証サービスの国内市場でのシェア拡大、戸建管理事業の展開、新規ドメインへの参入・海外進出という3つの戦略を掲げている。
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、23/9期業績について、第1四半期実績や同社の施策等を踏まえ、16.0%増収、9.2%営業増益、20.6%経常増益と予想した。
・当センターでは、あんしん修理サポートの保証料売上、あんしん住宅サポート24h、BPO事業の拡大等により、中期的な成長継続を想定した。24/9期は前期比11.5%増収、9.1%営業増益、25/9期は同9.7%増収、8.2%営業増益を予想している。
