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Overview

Services

CS-C.Co.,Ltd.

CS-C, Inc. provides digital transformation (DX) solutions for local businesses—primarily restaurants, beauty salons, and hotels/inns—through its SaaS-based integrated marketing tool 'C-mo' and consulting/BPO service 'C-mo Pro,' helping clients improve web visibility, customer acquisition, and operational efficiency. The company also operates physical restaurant businesses through two consolidated subsidiaries, leveraging its marketing and multi-store expansion expertise. Its competitive strength lies in combining proprietary SaaS technology with hands-on consulting and outsourcing, creating a mutually reinforcing ecosystem between its DX and real-store operations.

Market Cap

US$10.6M

¥1.70B

US$3.34M

¥0.53B

StockUS$1.60(¥255)▼-1.54%

US$1 = ¥159.70 (2026-11-12)

LTM EV/EBITDA

24.4

LTM EV/EBIT

LTM PER

LTM PBR

0.8

Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-45.7%pt

Nov 13, 25 – Nov 13, 26StockTOPIX

MC → EV Bridge

AI Briefing

CS-C runs the 'C-mo' SaaS marketing platform plus consulting/BPO for restaurants, salons and hotels, layered with owned restaurant operations and the newer inbound-dining play JAPAN FOOD GUIDE. FY25/9 revenue grew to US$20.0M (¥3.2B) but operating profit slipped to -US$0.63M (¥-0.1B) (-2.4%), continuing a multi-year margin erosion despite top-line growth. Ownership is tightly concentrated, with founder-linked Smile Plus and CEO Sugihara together holding over 65%, alongside a Mitsubishi Shoji (Mitsui?) - correction: Kotsu Tsushin investment vehicle stake, underscoring a closely-held capital structure.

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Performance & Balance

Revenue 5Y (US$)

EBITDA 5Y (US$)

Net Income 5Y (US$)

Capital Structure

84%

EquityD/E 0.19xDebt

Liquidity vs Debt 5Y (US$)▲ Net Cash

CashInv. Sec.Debt

Business Segments

2025/09 · US$ (¥B)

Local Businesses Digital Transformation

Revenue

US$17.1M(¥2.73B)

Segment profit

US$0.31M(¥0.05B)1.8%

Shop

Revenue

US$1.76M(¥0.28B)

Segment profit

-US$0.50M(¥-0.08B)-28.6%

Other

Revenue

US$1.04M(¥0.17B)

Segment profit

-US$0.29M(¥-0.05B)-27.5%

Adjustments

Revenue

-US$0.00M(¥-0.00B)

Segment profit

—

Shareholders

Top 10 hold 82.2%

as of 2026-03-31 · Source: Annual Securities Report

Smile Plus Co., Ltd.

45.03%

Ken SUGIHARA

20.31%

Koshin Investment Limited Partnership (General Partner: Koshin Co., Ltd.)

6.68%

Japan Securities Finance Co.,Ltd.

2.30%

EPARK, Inc.

1.81%

UH Partners 2 Investment Limited Partnership (General Partner: UH Partners 2, Inc.)

1.62%

MSIP CLIENT SECURITIES (Standing Proxy: Morgan Stanley MUFG Securities Co., Ltd.)

1.58%

HIKARI TSUSHIN,INC.

1.00%

Space Shika Co., Ltd.

0.95%

CS-C Employee Stock Ownership Association

0.87%

Management

10 officers

Ken SUGIHARA

Representative Director, President

Apr 2001 Joined Star Futures Securities Co., Ltd. Dec 2002 Joined Venture Link Co., Ltd. Jun 2006 Seconded to VLe Inc. (current: VLe Linac Co., Ltd.) Oct 2011 Established the Company; assumed office as Representative Director, President (current) Apr 2014 Established CPR Co., Ltd. Aug 2018 Established Smile Plus Co., Ltd.; assumed office as Representative Director (current) Aug 2024 Assumed office as Representative Director, President of CS-R Co., Ltd. Apr 2025 Assumed office as Director of CS-R Co., Ltd. (current)

1976-11-04

Motofumi SHOJI

Director, General Manager of Local Business Division and General Manager of Media Business Department

Apr 1998 Joined Oriental Land Co., Ltd. Oct 2005 Joined Funai Soken Inc. Sep 2006 Joined Social Wire Inc. and assumed office as Director May 2019 Assumed office as Executive Vice President, Social Wire Inc. Apr 2022 Assumed office as Representative Director, President, Social Wire Inc. Sep 2023 Joined the Company Oct 2023 Assumed office as Executive Officer Sep 2024 Assumed office as Director, CS-R Co., Ltd. (current) Dec 2024 Assumed office as Director of the Company (current)

1974-08-04

Masayuki UDAGAWA

Director, General Manager of Technology Division

Apr 1999 Joined Burger King Japan Co., Ltd. Feb 2001 Joined Venture Link Co., Ltd. Oct 2007 Joined NetPrice.com Co., Ltd. (current: BEENOS Inc.) Dec 2010 Founded Maikyakuyu (Shanghai) Trading Co., Ltd. Jul 2011 Established Maikyakuyu (Shanghai) Trading Co., Ltd. Dec 2013 Joined the Company Oct 2015 Assumed office as Director of the Company (current)

1976-10-12

Mitsuhiro MUKAIDA

Director, General Manager of Management Strategy Division

Feb 2012 Joined Tohmatsu & Co. (Deloitte Touche Tohmatsu) May 2014 Joined Citigroup Securities Co., Ltd. Sep 2020 Joined MATCHA Inc. Jun 2021 Joined Extreme-D Inc. and assumed office as Executive Officer May 2022 Joined fundbook Inc. and assumed office as Executive Officer Aug 2022 Assumed office as Director, fundbook Inc. May 2023 Joined the Company Jun 2023 Assumed office as Executive Officer Dec 2023 Assumed office as Director of the Company (current)

1988-03-01

Daisuke MORITA

Director, General Manager of Travel Business Division and General Manager of AI Strategy Division

Apr 2005 Joined Izumi Jidosha Hanbai Co., Ltd. Apr 2007 Joined Koshin Co., Ltd. Jun 2009 Seconded to SBM Gourmet Solutions Co., Ltd. (current: EPARK Co., Ltd.) Mar 2011 Transferred to e-Machi Town Co., Ltd. Jan 2013 Joined the Company Jul 2013 Assumed office as Director of the Company (current)

1984-08-18

Takehiro TOSHO

Director, Representative Director, President of CS-R Co., Ltd.

Apr 2005 Joined Tenpo Ryutsu Net Co., Ltd. Mar 2014 Assumed office as Executive Officer, Tenpo Ryutsu Net Co., Ltd. Mar 2017 Assumed office as Managing Executive Officer, Tenpo Ryutsu Net Co., Ltd. Nov 2020 Assumed office as Representative Director, President, Tenpo Ryutsu Net Co., Ltd. Nov 2020 Assumed office as Director, TRN Capital Management Co., Ltd. Mar 2021 Assumed office as Director, Annie Inc. Apr 2022 Assumed office as Director, TRN City Partners Co., Ltd. May 2024 Joined the Company Jun 2024 Assumed office as Executive Officer Dec 2024 Assumed office as Director of the Company (current) Apr 2025 Assumed office as Representative Director, President of CS-R Co., Ltd. (current) Apr 2025 Assumed office as Representative Director, President of Predia Co., Ltd. (current)

1983-03-22

Takashi FUKUDA

Director

Apr 1996 Joined Daini Denden Inc. (current: KDDI Corporation) Sep 2000 Joined Japan Capgemini Ernst & Young Co., Ltd. (current: Kunie Inc.) Jun 2002 Joined trans cosmos Inc. Jan 2004 Joined Global Knowledge Network Inc. (current: Trainocate Japan Inc.) Jul 2005 Joined KLab Inc. Apr 2007 Joined Dip Corporation Apr 2010 Rejoined KLab Inc. Sep 2013 Assumed office as Director, Adventure Inc. Jan 2016 Assumed office as Director and CFO, C Channel Inc. Nov 2016 Established Grandeal Inc. and assumed office as Representative Director (current) Dec 2018 Assumed office as Director, Upsell Technologies Inc. Aug 2019 Assumed office as Director, Adberu Inc. Dec 2019 Assumed office as Outside Director of the Company (current) Apr 2020 Assumed office as Audit & Supervisory Board Member, WELCON Inc. Oct 2020 Assumed office as Outside Audit & Supervisory Board Member, Visualize Inc. (current) Feb 2023 Assumed office as Outside Director, GIG Inc. (current) Mar 2023 Assumed office as Outside Director, Glover Inc. (current) Nov 2023 Assumed office as Director, Gugenka Inc. Mar 2025 Assumed office as Director, Identity Inc. (current) Sep 2025 Assumed office as Outside Audit & Supervisory Board Member, Brave group Inc. (current)

1972-09-24

Koichi HAYASHI

Director (Audit and Supervisory Committee Member)

Apr 1991 Joined Sumitomo Bank, Ltd. (current: Sumitomo Mitsui Banking Corporation) Feb 2001 Seconded to Tamagawa Electronics Co., Ltd. (current: Tamagawa Holdings Co., Ltd.) Feb 2003 Rejoined Sumitomo Mitsui Banking Corporation May 2005 Joined Aprecio Co., Ltd. (current: aprecio Co., Ltd.) Oct 2007 Assumed office as Director, aprecio Co., Ltd. Feb 2011 Joined Bizcube Consulting Co., Ltd. May 2011 Assumed office as Director, Bizcube Consulting Co., Ltd. Aug 2016 Joined the Company May 2019 Assumed office as Director of the Company Dec 2024 Assumed office as Director (Audit and Supervisory Committee Member) of the Company (current) Jun 2025 Assumed office as Audit & Supervisory Board Member, CS-R Co., Ltd. (current)

1967-07-05

Shigeru NAKAYAMA

Director (Audit and Supervisory Committee Member)

Apr 2005 Joined the Legal Training and Research Institute of the Supreme Court of Japan Oct 2006 Joined TMI Associates Apr 2011 Assumed office as Examiner, Intellectual Property Management Technical Certification Examination May 2015 Graduated from Boston University School of Law (LL.M.) Sep 2015 Worked at Liner LLP, Los Angeles Jun 2016 Rejoined TMI Associates (current) Dec 2017 Assumed office as Outside Audit & Supervisory Board Member of the Company Apr 2021 Assumed office as Outside Audit & Supervisory Board Member, Atlas Technologies Inc. (current) Dec 2024 Assumed office as Outside Director (Audit and Supervisory Committee Member) of the Company (current)

1980-04-03

Mitsuru YAMAGUCHI

Director (Audit and Supervisory Committee Member)

Apr 2003 Joined Chuo Aoyama PricewaterhouseCoopers Aug 2005 Assumed office as Director, Yamaguchi Co., Ltd. (current) Oct 2006 Joined PwC Advisory Co., Ltd. (current: PwC Advisory LLC) Oct 2011 Seconded to Itochu Corporation Oct 2013 Returned to PricewaterhouseCoopers Co., Ltd. (current: PwC Advisory LLC) Oct 2014 Established CPA Partners Co., Ltd. and assumed office as Representative Director (current) Oct 2014 Established Yamaguchi CPA Office and assumed office as Head (current) May 2015 Assumed office as Outside Audit & Supervisory Board Member, CureApp Inc. (current) Sep 2015 Established TAX Partners Tax Corporation and assumed office as Representative Member (current) Jun 2016 Assumed office as Outside Audit & Supervisory Board Member, Fusion'z Holdings Inc. (current: Matchbox Technologies Inc.) (current) Mar 2018 Assumed office as Outside Audit & Supervisory Board Member, Gene Therapy Research Institute Co., Ltd. (current) Dec 2018 Assumed office as Outside Audit & Supervisory Board Member, Excom Global Inc. (current) Jan 2019 Assumed office as Outside Audit & Supervisory Board Member, Dari K Inc. Dec 2019 Assumed office as Outside Audit & Supervisory Board Member of the Company Dec 2024 Assumed office as Outside Director (Audit and Supervisory Committee Member) of the Company (current)

1980-06-30

Large Shareholding Reports

Smile Plus Co., Ltd.

2026-04-07

45.03%→45.03%

Annual report (as of 2026-03-31): 45.03%

Koutsushin Co., Ltd.

2025-09-29

7.68%→7.68%

Annual report (as of 2026-03-31): 1.00%

Koutsushin Co., Ltd.

2025-08-08

7.68%→7.68%

Annual report (as of 2026-03-31): 1.00%

Disclosures

No disclosures

Primary Source Filings

TDnet

2026-11-13

Full-Year Earnings Flash

FY ending Sep 2026

CS-C.Co.,Ltd.

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