The massive earnings collapse (99.6% net income decline) signals severe deterioration at the holding company level, driven by lower dividend income from subsidiaries. Monitor the upcoming 20-F for U.S. GAAP consolidated results, which may show whether operating subsidiaries are also underperforming. The company's guarantee of JPY 6.55 billion in subsidiary debt (~1.7x market cap) introduces material contingent liability risk.
Price Chart
Executive Summary
LogProstyle Inc. filed its Notice of Convocation for the Annual General Meeting of Shareholders on Form 6-K, disclosing Japanese GAAP non-consolidated financial results for FY2026 (ended March 31, 2026). Operating revenue fell 28.7% YoY to JPY 1,527,859 thousand, ordinary profit plunged 96.5% to JPY 40,039 thousand, and net income collapsed 99.6% to JPY 4,760 thousand (JPY 0.20 per share). The sole proposal is the election of six directors. These results are non-consolidated Japanese GAAP and have not been audited under PCAOB standards; the company's U.S. GAAP 20-F remains pending.
Key Facts
- Operating revenue of JPY 1,527,859 thousand, down 28.7% YoY
- Ordinary profit of JPY 40,039 thousand, down 96.5% YoY
- Net income of JPY 4,760 thousand, down 99.6% YoY
- Net income per share of JPY 0.20, down from JPY 56.43 in prior year
- Total assets of JPY 4,235,566 thousand, down 8.1% from prior year
- Shareholders' equity of JPY 3,700,077 thousand, down 2.0% from prior year
- Dividend of JPY 3.33 per share paid in August 2025 (JPY 78,703 thousand total)
- Company guarantees JPY 6,552,238 thousand in subsidiary borrowings
- Auditor KSM & Partners issued unqualified opinion on Japanese GAAP statements
- Annual General Meeting scheduled for June 30, 2026; proposal to elect six directors
Financial Impact
Revenue decline of 28.7% YoY; net income decline of 99.6% YoY; ordinary profit decline of 96.5% YoY
Risk Factors
- Subsidiary dividend income collapse may indicate broader group operational distress
- JPY 6.55 billion in subsidiary debt guarantees creates material contingent liability relative to $15M market cap
- U.S. GAAP consolidated results (20-F) could reveal further deterioration not captured in non-consolidated Japanese GAAP
- Foreign exchange losses of JPY 17,548 thousand add to earnings pressure
- Valuation allowance of JPY 237,156 thousand against deferred tax assets suggests limited confidence in future profitability
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001493152-26-027419 |
| Document: form6-k.htm | 0001493152-26-027419 |
| Document: 0001493152-26-027419-index-headers.html | 0001493152-26-027419 |
| Document: 0001493152-26-027419-index.html | 0001493152-26-027419 |
| Document: 0001493152-26-027419.txt | 0001493152-26-027419 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 28, 2026 28d ago | 6-K | $0.7430 | awaiting T+60 | — | $0.6320 (−14.94%) |
Sep 3, 2026 7w ago | 6-K | $0.9810 | awaiting T+60 | — | $0.6320 (−35.58%) |
Aug 27, 2026 8w ago | 6-K | $1.52 | awaiting T+60 | — | $0.6320 (−58.42%) |
Jul 13, 2026 15w ago | 6-K | $1.03 $0.7362 | ▼ −28.52% | ▼ −32.52% | $0.6320 (−38.64%) |
Jul 13, 2026 15w ago | 20-F | $1.03 $0.7362 | ▼ −28.52% | ▼ −32.52% | $0.6320 (−38.64%) |
Jun 5, 2026 20w ago | 6-K | $0.7233 $1.14 | ▼ −57.61% | ▼ −53.61% | $0.6320 (+12.62%) |
May 15, 2026 23w ago | 6-K | $0.6510 $0.8941 | ▲ +37.34% | ▲ +32.83% | $0.6320 (−2.92%) |
Apr 7, 2026 28w ago | 6-K | $0.7040 $0.7624 | ▲ +8.30% | ▼ −4.97% | $0.6320 (−10.23%) |
US Market Status
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