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9223 名証ネクスト(サービス業)

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ASNOVA

新規上場会社紹介レポート

(公開日 2022.04.22)

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ASNOVA(9223 NSE Next)

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Mainly leases wedge lock scaffolding to small-and medium-sized scaffolding construction companies

Main Business is Leasing Wedge Scaffolding
ASNOVA is engaged in three services, which are the temporary structure equipment rental service, which mainly leases wedge lock scaffolding, the temporary structure equipment sales service, which sells equipment for temporary structures, and other service, which receives orders for scaffolding construction and dismantling work. The temporary structure equipment rental service accounted for 85.1% of net sales in the fiscal year ended March 2021, the temporary structure equipment sales service for 11.7% and other services for 3.2%

1) Temporary Structure Equipment Rental Service
Wedge scaffolding is easy to construct even in narrow spaces or for buildings with complicated shapes by changing the way it is combined, and as it can be easily built with just a hammer, construction and dismantling can be done in a short period of time. In addition, it is easy to store and transport as there are a variety of light-weighted and compact specifications, leading to advantages of shorter construction periods and reductions in costs.

The company’s customers are centered on scaffolding construction companies and local building contractors with annual sales of 100 million yen to 300 million yen. Furthermore, the needs for renting equipment for temporary structures is high because it enables customers to cut initial costs as they can start scaffolding construction work with a relatively small number of employees and on a small scale as well as save management fees as customers can use equipment for temporary structures depending on the busyness of the construction work. The company conducts business with over 2,200 scaffolding construction companies, building contractors, etc.

2) Temporary Structure Equipment Sales Service
The company also sells equipment for temporary structures. However, it has no plans to largely expand temporary structure equipment sales including sales of used equipment, and the intention is to stick to focusing its business on temporary structure equipment rental.

The company has set a policy to sell depreciated equipment, which were purchased as for-rent equipment more than six years ago, as used equipment starting from the fiscal year ended March 2021, and the sales amount is to be posted as non-operating income. In the fiscal year ended March 2021, 157 million yen of gain on sales of scaffolding material is posted as non-operating income.

3) Other Services
The company also receives orders for scaffolding construction and dismantling work at construction sites of customers. After contracting the work, it outsources the work to external contractors.

概要(レポートから抜粋)

ASNOVA(以下、同社)はクサビ緊結式足場(以下、クサビ式足場)を主にレンタルする「仮設機材レンタル」、仮設機材を販売する「仮設機材販売」、足場架払工事の受注を行う「その他」の3つのサービスを展開している。21/3期の売上構成比は仮設機材レンタルが85.1%、仮設機材販売が11.7%、その他が3.2%である。

クサビ式足場(図表1)は組み合わせ方によって、狭い場所や複雑な形状の建物でも足場を組みやすく、ハンマーだけで簡単に設置できることから、他の足場よりも組み立てや解体作業に時間がかからない。

また、重量が軽くコンパクトな規格が揃っていることから保管・運搬が容易であり、工期を短縮したり、費用を抑えたりすることができるというメリットもある。

高層建築には使用できない、組み立て時の作業音が大きいといったデメリットがあるが、戸建住宅や中低層マンション工事向けに広く普及している。このため、同社の顧客は、年商1億円から3億円の足場施工業者や地場の工務店が中心となっている。

比較的少人数・小規模で足場施工業を始められることから、初期投資が軽減でき、工事の繁閑に応じて仮設機材の利用が可能で、管理費用も節約できる仮設機材レンタルに対するニーズは大きい。

顧客は増加基調にあり、1社当たりの売上高は100万円程度と小さいが、足元では2,200社超 の足場施工業者、工務店、中堅ゼネコンと取引がある。

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