Research

Kyodo PR: Net-cash PR agency adding influencer and AI data units

KYODO PUBLIC RELATIONS CO., LTD. (2436) · Published 2026-10-24 · Beluuga AI Research Team · Independent research

Not investment advice or a solicitation. See Important disclosures below.

Business overview

  • Kyodo Public Relations provides public relations services to companies and organizations in Japan. Services include PR strategy, media publicity, crisis-communications support, press events and media training, sold as retainers (contracts of six months or more), short-term optional and spot work, and paid publicity. Customers outside Japan are not a material share of revenue, and no single customer reaches the reporting threshold for major customers.
  • The group reports three segments: PR (the parent and several PR subsidiaries), influencer marketing (VAZ, which manages social-media creators and runs its own media, events and cosmetics products), and AI and big-data solutions (Keywalker, which sells web-crawling, web-data extraction and monitoring software and AI implementation support).
  • The annual securities report for the year to December 2025 lists four subsidiaries and two second-tier subsidiaries, plus equity-method stakes in Space Basil (PR) and Arts Eihan (video production). The group had 377 employees at the end of 2025, most of them in the PR segment.
  • The fiscal year ends December 31 and the company reports under Japanese GAAP, so goodwill from acquisitions is amortized through the income statement each year (see Performance & Balance).

Investment case

  1. The balance sheet holds cash well in excess of borrowings, and cash rose again in the first half of 2026 while long-term loans continued to be repaid (see Performance & Balance). The annual securities report states that the group funds itself from internal resources and bank borrowing.
  2. All three segments grew sales and segment profit in 2025 and again in the first half of 2026, according to the annual securities report and the first-half earnings release. The release attributes growth in the AI and big-data segment to rising recurring 'operation' revenue from its crawler services and to more customers.
  3. The full-year forecast for the year to December 2026, first published on February 12, 2026, was left unchanged in the first-half earnings release in August 2026.
  4. The company carried out a two-for-one stock split effective July 1, 2026, stating its purpose as lowering the investment unit price to improve liquidity and broaden the investor base (see Trading liquidity). It also bought back its own shares in the first half of 2026, and its articles allow the board to decide dividends and share buybacks without a shareholder vote.

Bear case

  1. The largest shareholder, Shinto Tsushin, a Nagoya advertising agency, is classified as an 'other affiliated company.' The annual securities report states that its holding is below the usual threshold for that status but that it has substantive influence, and that the chairman is Shinto Tsushin's representative director (see Shareholders).
  2. The board had 13 members at the time of the annual securities report, of whom eight were full-time directors and four were outside directors; the outside directors make up the audit and supervisory committee. Several directors, including the chairman and the president, appear among the largest shareholders (see Shareholders).
  3. VAZ is consolidated even though the parent holds less than half of it, on the basis of de facto control, and Keywalker is not wholly owned. A growing portion of group net income is attributed to non-controlling shareholders in these subsidiaries (see Performance & Balance).
  4. In 2025 optional and spot revenue exceeded retainer revenue in the PR segment, and the company's risk disclosure states that PR budgets are easily adjusted by clients and sensitive to the economy. The influencer segment grew more slowly than the other two segments in the first half of 2026.

Catalysts

  • Full-year results for the year to December 2026, which is also the final year of the 2024–2026 medium-term plan announced on February 13, 2024; the company's forecast calls for net income to grow more slowly than operating profit.
  • The year-end dividend for the year to December 2026, which the company has stated on a post-split basis, and any further share buybacks under the board's standing authority in the articles.
  • Progress at Kyodo PR Ring, a subsidiary set up in January 2026 to run the 'Kyodo PR connect' online platform linking corporate PR staff with journalists, and at Total Communications, a health and nutrition PR firm acquired in July 2025.

Key risks

  • The company states that service quality depends on staff relationships with decision-makers at media outlets, and that these personal networks are not easily handed over if experienced employees leave or if trust with the media is lost.
  • For spot and optional work, the company does not always sign written contracts because of short lead times and industry practice, which it states could lead to disputes over terms.
  • In influencer marketing, the company lists creator departures, misconduct and contract terminations, as well as copyright and public-order issues in creator content, as risks it is working to reduce.
  • The group lists cybersecurity incidents, information leaks and infringement of others' intellectual property as risks, and it states that continued acquisitions and new businesses may not produce planned results and require stronger group governance.

Trading liquidity

Median daily trading value US$0.07mn
Average daily volume 29,443 shares

2025-10-14 to 2026-10-23 (250 trading days). Trading value is daily closing price × daily volume on the Tokyo Stock Exchange.

Assumptions

  • Financial figures on this page come from beluuga.ai's daily data set; trading liquidity is measured over the period shown. We do not use consensus estimates.
  • Per-share figures and the dividend forecast for the year to December 2026 are stated on a basis that reflects the two-for-one stock split effective July 1, 2026, so comparisons with earlier per-share disclosures need adjustment.
  • Net income for the year to December 2025 included an increase in deferred tax assets after a change in the company's classification for assessing their recoverability, which affects year-on-year comparison of net income.
  • Qualitative statements are taken from the annual securities report for the year to December 2025 and the first-half earnings release for the year to December 2026.

This is independent research. No company paid for or reviewed it. We do not publish ratings, price targets or buy/sell views. Figures on the other slides of this page come from beluuga.ai's daily data set.

Important disclosures

No offer or solicitation. This material is provided for information purposes only. It is not an offer to sell, or a solicitation of an offer to buy, any security or other financial instrument in the United States or in any other jurisdiction, and it is not a recommendation to buy, sell or hold any security. It is not directed at, and may not be relied on by, any person in any jurisdiction where its publication or availability would be contrary to law or regulation.

Not investment advice. This material is general and impersonal. It does not take into account the investment objectives, financial situation or particular needs of any reader, and it is not tailored to any person. It is published to all readers on the same terms and on a regular basis, and no reader receives advice on the merits of any security for their own account. Readers should make their own independent decisions and consult their own legal, tax, accounting and investment advisers before making any investment.

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Securities of Japanese issuers. The securities discussed are issued by companies incorporated in Japan and listed on the Tokyo Stock Exchange. They may not be registered under the U.S. Securities Act of 1933, and the issuers may not be subject to the periodic reporting requirements of the Securities Exchange Act of 1934. Information about these issuers may be less extensive than information about U.S. issuers, and their financial statements are prepared under Japanese GAAP, IFRS or U.S. GAAP as each issuer elects. U.S. persons may face restrictions, tax consequences and practical limits on buying, holding or selling these securities. Investments in non-U.S. securities involve risks that include currency movements, lower trading liquidity, and differences in market practice, corporate governance and legal protection.

Currency. Amounts shown in US$ are converted from Japanese yen at a mid-market rate for convenience only. They are not the amounts an investor would receive, and changes in exchange rates may cause the value of a yen-denominated investment to fall in US$ terms even if its value in yen does not.

Sources, accuracy and forward-looking statements. This material is based on the issuers' public disclosure documents and on market data, and it was prepared with the assistance of AI tools and reviewed by the Beluuga AI Research Team. We believe the sources to be reliable but do not guarantee that the information is accurate, complete or current, and the material may contain errors. Statements about the future, including catalysts and risks, are assumptions and are not guarantees; actual results may differ materially. Past performance is not a guide to future performance. The material speaks only as of its date, and we have no obligation to update it. Where the issuer's original disclosure is in Japanese, the Japanese original prevails over any English description given here.

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Overview
Services

KYODO PUBLIC RELATIONS CO.,LTD.

Kyodo Public Relations provides integrated PR and communications services including PR strategy formulation, media relations, crisis communications, press events, and paid publicity, primarily through retainer-based and spot contracts with corporate clients. The company also operates an influencer marketing business through its subsidiary VAZ, leveraging social media creators to amplify brand messages and drive sales for corporate clients. Additionally, the company offers AI and big data solutions using proprietary web crawling and artificial intelligence technologies to collect, analyze, and visualize web data, supporting clients' marketing and business decision-making.

Market Cap
¥9.98B
US$63.7M
EV
¥6.56B
US$41.8M
Stock¥574▼-4.01%
US$1 = ¥156.80 (2026-10-23)
LTM EV/EBITDA
4.2
x
LTM EV/EBIT
4.1
x
LTM PER
10.3
x
LTM PBR
2.2
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▲+12.7%pt
1001
Oct 24, 25 – Oct 23, 26StockTOPIX
1Dec 5, 25Rise on positive individual news
MC → EV Bridge
9.98BUS$63.7MMarket Cap0.27BUS$1.73M+ Debt4.04BUS$25.7M− Cash0.11BUS$0.71M− Inv. Sec.0.45BUS$2.87M+ NCI6.56BUS$41.8MEV
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Performance & Balance
Revenue 5Y (¥B)
5.61US$35.8M'21/125.26US$33.6M'22/126.90US$44.0M'23/127.32US$46.7M'24/128.55US$54.6M'25/12
EBITDA 5Y (¥B)
0.43US$2.76M'21/120.78US$5.00M'22/120.91US$5.83M'23/121.13US$7.21M'24/121.36US$8.68M'25/12
Net Income 5Y (¥B)
0.13US$0.84M'21/120.52US$3.32M'22/120.49US$3.11M'23/120.53US$3.35M'24/120.86US$5.50M'25/12
Capital Structure
94%
EquityD/E 0.06xDebt
Liquidity vs Debt 5Y (¥B)▲ Net Cash
CashInv. Sec.Debt
2.05US$13.1M0.59US$3.77M'21/122.47US$15.7M0.97US$6.17M'22/122.88US$18.4M0.77US$4.89M'23/123.38US$21.5M0.54US$3.44M'24/123.70US$23.6M0.36US$2.28M'25/12
Shareholders
Top 10 hold 62.0%
1
Shintou Tsushin Co., Ltd.
33.06%
2
Azabu Building Co., Ltd.
11.14%
3
Tetsuya TANI
3.84%
4
Custody Bank of Japan, Ltd. (Trust Account)
3.27%
5
Masayoshi MASE
2.18%
6
Value Support Investment Limited Partnership (Managing Partner: Epic Advisors Co., Ltd.)
2.07%
7
Masataka ISHIGURI
2.04%
8
Naofumi KOGA
1.50%
9
PHILLIP SECURITIES CLIENTS (RETAIL; Standing Proxy: Phillip Securities Japan, Ltd.)
1.46%
10
Employee Stock Ownership Association
1.45%
Management
13 officers
Naofumi KOGA
Director, Honorary Chairman
Apr 1971 Joined Kyodo News (General Incorporated Association) Jul 1998 General Manager, Social Affairs Department, Kyodo News Sep 2004 General Manager, Operations Department, Kyodo News Jun 2007 Managing Director, General Manager of Management Division and Head of President's Office, Kyodo News Jun 2010 Representative Director, Senior Managing Director, Kyodo News Co., Ltd. Jun 2011 Representative Director, President, Kyodo News Co., Ltd. Jun 2014 Full-time Adviser, Kyodo News Co., Ltd. Mar 2016 Chairman and Director, the Company Mar 2024 Director, Honorary Chairman, the Company (current)
1947-10-04
Tetsuya TANI
Chairman and Director
Sep 2001 Joined Shintou Tsushin Co., Ltd. Sep 2005 Director, Executive Officer, Shintou Tsushin Co., Ltd. Sep 2013 Representative Director, President, Shintou Tsushin Co., Ltd. Mar 2015 Director, the Company Aug 2015 Representative Director, President, the Company Aug 2015 Director, Shintou Tsushin Co., Ltd. Jan 2022 Representative Director, President, VAZ Co., Ltd. (current) Mar 2023 President and Executive Officer, the Company Jun 2023 Chairman of the Board, Key Walker Co., Ltd. Mar 2024 Representative Director, Shintou Tsushin Co., Ltd. (current) Mar 2024 Chairman and Director, the Company (current)
1970-09-03
Masataka ISHIGURI
Representative Director, President and Executive Officer; General Manager, PR Account Business Division
Apr 2001 Joined Axe Consulting Co., Ltd. Jan 2004 Joined CyberAgent, Inc. Apr 2006 General Manager, Internet Advertising Business Division, CyberAgent, Inc. Oct 2008 Representative Director, President, Fraudia Communications Co., Ltd. Jun 2012 Joined I-Style Co., Ltd. Jul 2015 Executive Officer, Online Platform Business Division, I-Style Co., Ltd.; Representative Director, President, I-Style Beauty Solutions Co., Ltd. Sep 2022 Joined Shintou Tsushin Co., Ltd.; seconded to the Company, General Manager, Business Strategy Office Jan 2023 General Manager, PR Account Division No.2, the Company Mar 2023 Director, Senior Executive Officer, the Company Mar 2024 Director, VAZ Co., Ltd. (current) Mar 2024 Representative Director, President and Executive Officer, the Company (current) Apr 2024 General Manager, PR Account Business Division, the Company (current) May 2025 Director, DBPR Co., Ltd. Aug 2025 Director, Total Communications Co., Ltd. (current) Feb 2026 Director, Kyowa P.R. Co., Ltd. Feb 2026 Director, Manhattan People Co., Ltd.
1976-04-20
Katsuyuki NOBUSAWA
Director, Managing Executive Officer; General Manager, Corporate Division
Apr 1997 Joined Hitachi Software Engineering Co., Ltd. (now Hitachi Solutions, Ltd.) Aug 2007 Joined Geobrain Co., Ltd. Jun 2009 General Manager, Corporate Planning Office, Geobrain Co., Ltd. Mar 2012 Director, the Company Mar 2014 Director, the Company (resigned) Apr 2014 General Manager, Corporate Planning Office, Geobrain Co., Ltd. Sep 2015 Director, Prozyc Co., Ltd. Jan 2019 Director, Prozyc Co., Ltd. (resigned) Feb 2019 Joined the Company; General Manager, Business Strategy Department Mar 2019 Director, the Company Apr 2021 General Manager, Corporate Division, the Company (current) Jan 2022 Director, VAZ Co., Ltd. (current) May 2022 Director, Key Walker Co., Ltd. (current) Mar 2023 Director, Senior Executive Officer, the Company Mar 2024 Director, Managing Executive Officer, the Company (current) May 2025 Auditor, DBPR Co., Ltd. Aug 2025 Auditor, Total Communications Co., Ltd. (current)
1975-03-26
Kazumasa MATSUKAWA
Director, Managing Executive Officer; Deputy General Manager, PR Account Business Division
Sep 1990 Joined Shintou Tsushin Co., Ltd. Sep 2006 General Manager, Sales Division, Shintou Tsushin Co., Ltd. Sep 2010 Executive Officer, General Manager, Sales Division, Shintou Tsushin Co., Ltd. Sep 2011 Executive Officer, Deputy Head, Tokyo Head Office, Shintou Tsushin Co., Ltd. Sep 2014 Executive Officer, Deputy Head, Tokyo Head Office; General Manager, Sales Division, Shintou Tsushin Co., Ltd. Sep 2020 Executive Officer, Deputy Head, Tokyo Head Office, Shintou Tsushin Co., Ltd. Mar 2021 Director, the Company Apr 2021 General Manager, PR Account Division, the Company Jan 2023 General Manager, PR Account Division No.1, the Company Mar 2023 Director, Senior Executive Officer, the Company Mar 2024 Director, Managing Executive Officer, the Company (current) Apr 2024 Deputy General Manager, PR Account Business Division, the Company (current) Jan 2025 General Manager, PR Account Division No.3, the Company (current)
1966-05-02
Hideyuki NUMATA
Director, Senior Executive Officer; Branch Manager, Nagoya Branch
Apr 1981 Joined Shintou Tsushin Co., Ltd. Sep 2005 Director, Managing Executive Officer, Shintou Tsushin Co., Ltd. Sep 2012 Director, Head of Osaka Branch, Shintou Tsushin Co., Ltd. Mar 2015 Director, Shintou Tsushin Co., Ltd. (current) Mar 2015 Director, the Company Mar 2015 Vice President and Director, the Company Nov 2015 Representative Director, President, Kyowa P.R. Co., Ltd. (current) Jan 2017 Deputy General Manager, PR Account Division, the Company Apr 2021 Branch Manager, Nagoya Branch, the Company (current) Mar 2023 Director, Senior Executive Officer, the Company (current) Sep 2024 Branch Manager, Osaka Branch, the Company May 2025 Director, DBPR Co., Ltd.
1959-01-24
Tadahisa KIMURA
Director, Senior Executive Officer, CCO
Apr 1986 Joined Japan Aviation Development Co., Ltd. Apr 1990 Joined Sazare Corporation Sep 1991 Joined the Company Sep 2002 Manager (Team Leader), the Company Jan 2004 General Manager, 1st Operations Department, the Company May 2004 Executive Officer, the Company Mar 2010 Director, the Company Dec 2011 Director, the Company (resigned) Apr 2012 Executive Officer, the Company Apr 2013 Managing Executive Officer; General Manager, Operations Division, the Company Mar 2014 Director, the Company Jan 2023 Director, CCO, the Company (current) Mar 2023 Senior Executive Officer, the Company (current) Jun 2025 Branch Manager, Taiwan Branch, the Company (current)
1964-04-25
Keisuke TACHIBANA
Director, Senior Executive Officer; General Manager, DX Promotion Office
Apr 1999 Joined Fujiwa Fudosan Co., Ltd. (now Mitsubishi Estate Co., Ltd.) Apr 2003 Joined Adecco Co., Ltd. Jan 2006 Joined Interspace Co., Ltd. Oct 2012 General Manager, Sales Development Department, Sales Division, Interspace Co., Ltd. Oct 2013 General Manager, Area Marketing Department, Interspace Co., Ltd. Apr 2018 Representative Director, ENITIA Co., Ltd. (current) Jan 2019 Representative Director, Beatrobo Co., Ltd. Mar 2021 Director, General Manager, DX Promotion Office, the Company (current) Mar 2023 Director, Senior Executive Officer, the Company (current)
1973-12-24
Katsuji AMAGASAKI
Director
Apr 1973 Joined Taisei Corporation Oct 1988 Representative Director, Chairman, Pa Du Du Co., Ltd. (now Sweet Basil Co., Ltd.) (current) Feb 2017 Representative Director, Japan Digital Art Sports Culture Creation Organization (current) Mar 2018 Outside Director, the Company Oct 2019 Representative Director, Space Basil Co., Ltd. (current) Mar 2020 Director, the Company (current)
1950-05-03
Chiaki TAKAHASHI
Director (Audit and Supervisory Committee Member)
Mar 1980 Joined Mie Prefecture Agricultural Cooperative (now Zen-Noh Mie) Apr 1993 Joined Shintou Tsushin Co., Ltd. Jun 2000 Elected Member of the House of Councillors Sep 2009 Parliamentary Vice-Minister of Economy, Trade and Industry Mar 2011 Parliamentary Vice-Minister for Foreign Affairs Jul 2013 Left the House of Councillors Sep 2013 Specially Appointed Professor, Mie University Apr 2015 Visiting Professor, Fujita Health University (now Fujita Medical University) (current) Apr 2015 Chairperson, Japan Agricultural Products Export Association (current) Sep 2015 Representative Director, Takahashi Research Institute Co., Ltd. (current) Mar 2020 Director, the Company (current) Oct 2025 Visiting Professor, Suzuka University of Medical Science (current)
1956-08-02
Noritsugu ANDO
Director (Audit and Supervisory Committee Member)
Aug 1996 Joined Sato Sumio Tax Accountant Office (now Meinan Tax Corporation) Mar 2012 Director, Meinan Tax Corporation Dec 2013 Managing Director, Meinan Tax Corporation Jan 2017 Chairman, Meinan Tax Corporation (current) May 2020 Representative Director, Meinan Business Matching Co., Ltd. (current) Mar 2021 Director, the Company (current)
1972-03-13
Akihiro HAYAKAWA
Director (Audit and Supervisory Committee Member)
Jun 1998 Joined Nakagawa Accounting Office May 2001 Joined Dr. Ci:Labo Co., Ltd. Oct 2003 Joined e-Supportlink Co., Ltd. Aug 2006 Director, Splix Co., Ltd. Nov 2009 Joined Spicy Soft Co., Ltd. Jun 2013 Director, Dental Support Co., Ltd. Dec 2015 Director, General Manager of Administration, Splix Co., Ltd. Jan 2019 Director, Kirin Karte System Co., Ltd. Jun 2019 General Manager, Administration Division, SDP Japan Co., Ltd. Aug 2019 Director, Waqoo Co., Ltd. Dec 2020 Director, Shonan Seminar Co., Ltd. (current) Mar 2022 Representative Member, KAME LLC (current) May 2023 Auditor, Metros Development Co., Ltd. (current) Jun 2023 Director, Nisshoho Co., Ltd. (current) Jan 2024 Auditor, Naps Co., Ltd. (current) Mar 2025 Director, the Company (current)
1975-11-15
Shunsuke KANEIZUMI
Director (Audit and Supervisory Committee Member)
Apr 1996 Joined Fusosha Publishing Inc. Apr 2013 Editor-in-Chief, Weekly SPA! and Editor-in-Chief, Nikkan SPA!, Fusosha Publishing Inc. Apr 2018 Executive Officer, Editor-in-Chief, NewsPicks Co., Ltd. Jun 2019 Executive Officer, Premium Business, NewsPicks Co., Ltd. Jan 2021 Representative Director, President, NewsPicks Studio Co., Ltd. (current) Jan 2025 Senior Executive Officer, UZABASE, Inc. (current) Mar 2025 Director, the Company (current)
1972-09-20
Large Shareholding Reports
Azabu Building Co., Ltd.
2026-09-08
10.51%→10.46%
Annual report (as of 2026-06-30): 11.14%
Azabu Building Co., Ltd.
2026-09-03
11.52%→10.51%
Annual report (as of 2026-06-30): 11.14%
Azabu Building Co., Ltd.
2026-06-23
12.55%→11.52%
Annual report (as of 2026-06-30): 11.14%
Azabu Building Co., Ltd.
2025-10-08
12.55%
Annual report (as of 2026-06-30): 11.14%
Techno Global Research Institute Co., Ltd.
2025-10-08
12.64%→0.00%
Disclosures
No disclosures
Primary Source Filings
EDINETAmended
2026-09-08
Change Report
EDINET
2026-09-03
Large Shareholding Report
EDINET
2026-08-13
Semi-Annual Securities Report
Period: Jan 2026 – Dec 2026
TDnet
2026-08-13
Q2 Earnings Flash
FY ending Dec 2026
EDINET
2026-06-23
Large Shareholding Report
TDnet
2026-05-14
Q1 Earnings Flash
FY ending Dec 2026
EDINET
2026-03-26
Annual Securities Report
Period: Jan 2025 – Dec 2025
TDnet
2025-11-13
Q3 Earnings Flash
FY ending Dec 2025
EDINET
2025-10-08
Large Shareholding Report
EDINET
2025-10-08
Large Shareholding Report
EDINET
2025-08-13
Semi-Annual Securities Report
Period: Jan 2025 – Dec 2025
TDnet
2025-05-13
Q1 Earnings Flash
FY ending Dec 2025
EDINET
2025-03-27
Annual Securities Report
Period: Jan 2024 – Dec 2024
EDINET
2024-08-13
Semi-Annual Securities Report
Period: Jan 2024 – Jun 2024
EDINET
2024-05-13
Quarterly Securities Report
Period: Jan 2024 – Mar 2024
EDINET
2024-03-27
Annual Securities Report
Period: Jan 2023 – Dec 2023
EDINET
2023-11-13
Quarterly Securities Report
Period: Jul 2023 – Sep 2023
EDINET
2023-08-10
Quarterly Securities Report
Period: Apr 2023 – Jun 2023
EDINET
2023-05-11
Quarterly Securities Report
Period: Jan 2023 – Mar 2023
EDINET
2023-03-29
Annual Securities Report
Period: Jan 2022 – Dec 2022
EDINET
2022-11-11
Quarterly Securities Report
EDINET
2022-08-12
Quarterly Securities Report
EDINETAmended
2022-08-12
Amended Quarterly Securities Report
EDINET
2022-05-26
Securities Registration Statement
EDINET
2022-05-12
Quarterly Securities Report
EDINET
2022-03-29
Annual Securities Report
EDINET
2021-11-11
Quarterly Securities Report
EDINET
2021-08-12
Quarterly Securities Report
EDINET
2021-05-13
Quarterly Securities Report
EDINETAmended
2021-04-19
Amended Annual Securities Report
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