Research

Y's table: Restaurant operator adds tempura chain while relying on bank debt

Y's table corporation (2798) · Initiated coverage 2026-10-23 · Beluuga AI Research Team · Independent research

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

Business overview

  • Y's table operates restaurants in Japan: high-end venues led by the "XEX" brand and casual restaurants led by "PIZZA SALVATORE CUOMO," with "Paul Bassett" also listed in the casual group. It also franchises the Salvatore Cuomo formats. The company gives no regional breakdown because sales in Japan exceed the reporting threshold.
  • There are two reportable segments, the XEX Group and the Casual Restaurant Group, plus an "other" segment for a staffing business that is dormant. After the tempura acquisition, the XEX Group had 14 directly operated stores at the end of August 2026. The Casual Restaurant Group had 38 directly operated and 33 franchised stores.
  • The group includes Yamanoue Hotel Co., acquired in March 2026 and renamed Tempura Yamanoue Co. on October 1, 2026. It also includes a dormant staffing subsidiary and the equity-method affiliate ICONIC LOCATIONS JAPAN, set up in 2018 with ICONIC LOCATIONS HK HOLDING LIMITED, which operates "CÉ LA VI TOKYO."
  • The fiscal year ends in February. The company had 514 employees plus temporary staff at February 28, 2026, and runs a membership program, "XEX MEMBERS CLUB," that it describes as one of its revenue bases.

Investment case

  1. On March 31, 2026 the company acquired all shares of Yamanoue Hotel Co., operator of the high-priced "Tempura Yamanoue" restaurants, for cash. The interim earnings release states that the company aims to keep the brand, apply group resources, and open more stores. The annual report names Japanese cuisine as a priority growth area and targets tourist-heavy locations.
  2. The acquisition cost was below the fair value of the acquired net assets, so the company booked a negative goodwill gain as extraordinary income in the first half to August 2026 (see Performance & Balance). The interim release states this amount is provisional.
  3. In the year to February 2026, the Casual Restaurant Group grew both sales and segment profit, and it did so again in the first half to August 2026. The company attributes the growth to higher spending per customer, new and converted stores, and growth in delivery orders through outside delivery services.
  4. Net assets rose in the year to February 2026 and again in the first half, and operating cash flow exceeded capital spending in the year to February 2026 (see Performance & Balance). The representative director and chairman and the president both appear among the major shareholders, as do Asahi Breweries and MORI BUILDING (see Shareholders).

Bear case

  1. The annual securities report lists high dependence on interest-bearing debt as a business risk. It notes that some borrowings carry floating rates and that interest rates are rising. A loan signed in March 2026 carries covenants that require net assets to stay above a set proportion of the prior year-end level and bar ordinary losses in two consecutive years, tested at both consolidated and parent levels from the year to February 2027.
  2. The company paid no dividend for the year to February 2026 and forecasts none for the year to February 2027.
  3. XEX Group stores are large with high fixed costs, which the company lists as a source of large operating losses if sales fall. The company states that its bar formats have not regained customers lost during COVID and expects this trend to continue. In the first half to August 2026, XEX existing-store sales fell and segment profit declined even with the acquisition included.
  4. In the year to February 2026 the company wrote down deferred tax assets because of doubts about their recoverability, and it booked impairment losses in both segments. It also guarantees rent for its equity-method affiliate and has lent to a dormant subsidiary that is in negative net worth.

Catalysts

  • Full-year results for the year ending February 28, 2027. These can be compared with the full-year forecast the company revised on October 15, 2026, and that year-end is the first test date for the new loan covenants.
  • Completion of the purchase price allocation for Yamanoue Hotel Co., which may change the provisional negative goodwill figure. Further results will also show the effect of the subsidiary's restructuring, under which the company booked headcount-optimization costs in the first half.
  • New store openings under the stated plans: Japanese cuisine stores in tourist locations and casual Italian stores selected for profitability.

Key risks

  • The company rates rising food prices, labor shortages and impairment losses as high-impact, high-likelihood risks. It also flags rising store operating costs such as utilities.
  • The company warns that a newly consolidated subsidiary may miss its business plan or need funding support from the parent, which would reduce the parent's cash.
  • "atelier Morimoto XEX" and "CÉ LA VI TOKYO" operate under third-party brand licenses, and the store names could be lost if the licenses end. The company also lends to and guarantees rent for ICONIC LOCATIONS JAPAN, the affiliate that operates CÉ LA VI TOKYO.
  • The company has an audit and supervisory board, and two of its nine directors are outside directors. The chairman and the president are both representative directors and major shareholders. The articles lower the quorum for director elections and special resolutions to one-third of voting rights and let the board approve share buybacks and interim dividends.

Trading liquidity

Median daily trading value US$0.03mn
Average daily volume 2,373 shares

2025-10-01 to 2026-10-22 (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.
  • Yamanoue Hotel Co. was consolidated from a deemed acquisition date of May 31, 2026, so first-half results include only its June to August results. This affects comparisons with prior periods, and the interim earnings release was not reviewed by the auditor.
  • The annual securities report was filed in May 2026, before the acquired company was consolidated. Its store counts, employee figures and segment descriptions therefore predate the acquisition.
  • Qualitative statements are taken from the annual securities report for the year to February 2026 and the second-quarter (interim) earnings release for the year to February 2027.

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

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Overview
Retail Trade

Y's table corporation

Wise Table Corporation operates a portfolio of upscale and casual restaurant brands primarily in Japan. Its flagship segment includes luxury dining under the 'XEX' (Zex) brand, featuring multi-concept complexes in premium Tokyo locations such as Atago, Nihonbashi, and Daikumaru Tokyo. The casual restaurant segment is anchored by the 'PIZZA SALVATORE CUOMO' brand, operated through direct management and a franchise model, alongside brands such as SALVATORE CUOMO & BAR and Paul Bassett.

Market Cap
¥9.91B
US$63.1M
EV
¥9.76B
US$62.2M
Stock¥3,005▼-0.17%
US$1 = ¥157.05 (2026-10-22)
LTM EV/EBITDA
18.7
x
LTM EV/EBIT
31.5
x
LTM PER
21.2
x
LTM PBR
7.8
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-19.7%pt
100
Oct 23, 25 – Oct 22, 26StockTOPIX
MC → EV Bridge
9.91BUS$63.1MMarket Cap1.89BUS$12.0M+ Debt1.75BUS$11.2M− Cash0.28BUS$1.81M− Inv. Sec.9.76BUS$62.2MEV
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Performance & Balance
Revenue 5Y (¥B)
8.15US$51.9M'22/29.78US$62.3M'23/211.3US$71.8M'24/212.1US$77.2M'25/213.0US$83.1M'26/2
EBITDA 5Y (¥B)
-1.24-US$7.90M'22/2-0.19-US$1.21M'23/20.37US$2.33M'24/20.30US$1.91M'25/20.45US$2.87M'26/2
Net Income 5Y (¥B)
0.31US$2.00M'22/2-0.07-US$0.46M'23/20.11US$0.72M'24/20.26US$1.66M'25/20.21US$1.31M'26/2
Capital Structure
40%
60%
EquityD/E 1.49xDebt
Liquidity vs Debt 5Y (¥B)▲ Net Cash
CashInv. Sec.Debt
1.84US$11.7M2.98US$19.0M'22/22.11US$13.4M2.45US$15.6M'23/21.93US$12.3M1.93US$12.3M'24/21.74US$11.1M1.71US$10.9M'25/21.80US$11.5M1.66US$10.5M'26/2
Shareholders
Top 10 hold 51.1%
1
Seizaburo KANAYAMA
41.92%
2
Asahi Breweries, Ltd.
1.84%
3
Mutsuo FUNABIKI
1.84%
4
MORI BUILDING Co.,Ltd.
1.81%
5
SMBC Trust Bank Ltd. (Trustee of Specified Securities Trust)
1.13%
6
Fan's Solution Co., Ltd.
0.60%
7
Masayuki WATANABE
0.60%
8
Platform Holdings Co., Ltd.
0.59%
9
Sanbon Coffee Co., Ltd.
0.52%
10
Kenji KISHI
0.27%
Management
12 officers
Seizaburo KANAYAMA
Representative Director, Chairman and Executive Officer
Aug 1987 Founded Zex Co., Ltd., Representative Director Aug 1987 Founded Azabu East Ltd., Representative Director Nov 2000 Representative Director, President, the Company Sep 2008 Executive Officer, the Company (current) May 2010 Representative Director, Chairman and President, the Company Sep 2017 Representative Director, President, Partnerwise Co., Ltd. (current) Jul 2020 Representative Director, Chairman, the Company (current)
1945-03-30
Mutsuo FUNABIKI
Representative Director, President and Executive Officer, Overall Management
Apr 1998 Joined McKinsey & Company May 2000 Joined the Company Nov 2000 Director, Head of Corporate Planning Office, the Company May 2005 Managing Director, the Company May 2009 Director and Executive Vice President, the Company Sep 2014 Managing Director, Freshness Co., Ltd. Dec 2016 Representative Director, President, Freshness Co., Ltd. Jul 2020 Representative Director, President and Executive Officer, the Company (current) Mar 2026 Representative Director, President, Yamanoue Hotel Co., Ltd. (current)
1976-01-20
Kenei NIEDA
Director, Executive Vice President and Executive Officer, SALVATORE Business
Aug 1987 Joined Zex Co., Ltd. Nov 2000 Joined the Company May 2008 Director, SALVATORE CUOMO JAPAN Co., Ltd. Feb 2011 Senior Managing Director, SALVATORE CUOMO JAPAN Co., Ltd. May 2012 Managing Director and Executive Officer, the Company May 2014 Senior Managing Director and Executive Officer, the Company May 2024 Director, Executive Vice President and Executive Officer, the Company (current)
1968-11-08
Akihiro INATSUKA
Director, Executive Vice President and Executive Officer, XEX Kanto Area
Apr 1994 Joined Park Tower Hotel Co., Ltd. (Park Hyatt Tokyo) Aug 2000 Joined Stillfoods Co., Ltd. Dec 2006 Director and Executive Vice President, ANALOG Co., Ltd. Jan 2009 Joined Unimat Creative Co., Ltd. Apr 2011 Managing Executive Officer, Unimat Creative Co., Ltd.; Director and Executive Vice President, Unimat Dining Co., Ltd. May 2015 Joined the Company May 2016 Senior Executive Officer, XEX Kanto Area Sales Planning General Manager, the Company May 2017 Director, the Company May 2018 Senior Managing Director and Executive Officer, the Company Oct 2018 Representative Director, ICONIC LOCATIONS JAPAN Co., Ltd. (current) May 2024 Director, Executive Vice President and Executive Officer, the Company (current)
1973-04-30
Yasuhiro TAKAMURA
Managing Director and Executive Officer, Store Planning and FC Business
Jun 2003 Joined Reins International Co., Ltd. Aug 2005 Joined SALVATORE CUOMO JAPAN Co., Ltd. (now the Company) May 2014 Executive Officer, the Company Nov 2018 Senior Executive Officer, the Company May 2023 Managing Director and Executive Officer, the Company (current)
1975-03-17
Yasushi KAMINUMA
Director and Executive Officer, Kansai and Tokai Area
May 2000 Joined P-3 Co., Ltd. May 2003 Joined the Company May 2009 Executive Officer, the Company May 2017 Senior Executive Officer, the Company May 2024 Director and Executive Officer, the Company (current)
1972-12-20
Naoko TAKEMOTO
Director and Executive Officer, Administration Division
Apr 2001 Joined Development Bank of Japan Inc. Apr 2007 Joined Morgan Stanley Securities Co., Ltd. (now Mitsubishi UFJ Morgan Stanley Securities Co., Ltd.) Apr 2008 Director, SALVATORE CUOMO JAPAN Co., Ltd. (now the Company) Jun 2012 Executive Officer, the Company Dec 2014 Joined Stylar Co., Ltd. (now John Masters Organics Group Co., Ltd.) Apr 2019 Joined ONDAS Co., Ltd. Sep 2020 Senior Executive Officer, the Company May 2022 Director and Executive Officer, the Company (current)
1978-08-06
Tetsujiro HAYASHI
Director
Apr 1968 Joined Dai-ichi Mutual Life Insurance Company (now Dai-ichi Life Insurance Company, Limited) Jul 1995 Director, Dai-ichi Mutual Life Insurance Company Apr 1998 Managing Director, Dai-ichi Mutual Life Insurance Company Apr 2003 Representative Director, President, Dai-ichi Lease Co., Ltd. Apr 2006 Representative Director, President, Sogo Jutaku Co., Ltd. May 2007 Director, the Company (current) Jun 2008 Statutory Auditor, Capital Partners Securities Co., Ltd. Apr 2009 Director, Innovation Engine Co., Ltd. (current) Apr 2012 Auditor, National Center of Neurology and Psychiatry Jun 2014 Director, inQs Co., Ltd. (current) Dec 2014 Director, Dear Life Co., Ltd.
1944-09-23
Yasushi SHOJI
Director
Apr 1991 Joined The Nippon Credit Bank, Ltd. (now Aozora Bank, Ltd.) May 2002 Senior Managing Director and General Manager of Administration Division, the Company May 2005 Director and Executive Vice President, the Company Nov 2006 Founded Y's & Partners Co., Ltd. (now Platform Holdings Co., Ltd.), Representative Director Dec 2009 Founded Palma SVC Co., Ltd. (now APCs Co., Ltd.), Representative Director Apr 2019 Founded Mynavi Bridge Co., Ltd., Representative Director (current) Jul 2020 Director, the Company (current)
1967-05-20
Enosuke OKAWA
Full-time Audit & Supervisory Board Member
Apr 1970 Joined Isetan Co., Ltd. (now Isetan Mitsukoshi Co., Ltd.) Jun 1998 Director, Isetan Co., Ltd. Jun 2003 Managing Director and Executive Officer, Isetan Co., Ltd. Apr 2007 Director and Senior Managing Executive Officer, Isetan Co., Ltd. Apr 2008 Senior Managing Executive Officer, Isetan Mitsukoshi Holdings Ltd. Apr 2011 Auditor, Koryu Co., Ltd. May 2011 Audit & Supervisory Board Member, the Company Jan 2013 Acting Auditor (temporary), Infomart Corporation Mar 2013 Auditor, Infomart Corporation May 2014 Director, the Company Jul 2020 Audit & Supervisory Board Member, the Company May 2023 Full-time Audit & Supervisory Board Member, the Company (current)
1947-08-30
Mitsuru TAKAE
Audit & Supervisory Board Member
Apr 1988 Registered as attorney (Daini Tokyo Bar Association) Sep 1991 Co-Managing Partner, Takae & Abe Law Office (now Sakura Kawa Law Office) (current) May 2014 Audit & Supervisory Board Member, the Company (current)
1950-12-18
Takuya KAWASAKI
Audit & Supervisory Board Member
Apr 1992 Joined Tokai Bank, Ltd. (now MUFG Bank, Ltd.) Jul 2003 Joined Fon Japan Co., Ltd. Dec 2015 Founded Fu De Bang Ku Co., Ltd. (Taiwan), Managing Director (current) Apr 2022 Director, Fon Japan Co., Ltd. (current) May 2023 Audit & Supervisory Board Member, the Company (current) Jul 2025 Director, The Day Spa Co., Ltd. (current)
1968-07-23
Large Shareholding Reports
No filings
Disclosures
No disclosures
Primary Source Filings
EDINET
2026-10-15
Semi-Annual Securities Report
Period: Mar 2026 – Feb 2027
TDnet
2026-10-15
Q2 Earnings Flash
FY ending Feb 2027
TDnet
2026-07-15
Q1 Earnings Flash
FY ending Feb 2027
EDINET
2026-05-27
Annual Securities Report
Period: Mar 2025 – Feb 2026
TDnet
2026-01-14
Q3 Earnings Flash
FY ending Feb 2026
EDINET
2025-10-15
Semi-Annual Securities Report
Period: Mar 2025 – Feb 2026
TDnet
2025-07-14
Q1 Earnings Flash
FY ending Feb 2026
EDINET
2025-05-27
Annual Securities Report
Period: Mar 2024 – Feb 2025
TDnet
2025-01-14
Q3 Earnings Flash
FY ending Feb 2025
EDINET
2024-10-15
Semi-Annual Securities Report
Period: Mar 2024 – Feb 2025
EDINET
2024-07-12
Quarterly Securities Report
Period: Mar 2024 – May 2024
TDnet
2024-07-12
Q1 Earnings Flash
FY ending Feb 2025
EDINET
2024-05-29
Annual Securities Report
Period: Mar 2023 – Feb 2024
EDINET
2024-01-15
Quarterly Securities Report
Period: Sep 2023 – Nov 2023
EDINET
2023-10-13
Quarterly Securities Report
Period: Jun 2023 – Aug 2023
EDINET
2023-07-14
Quarterly Securities Report
Period: Mar 2023 – May 2023
EDINET
2023-05-26
Annual Securities Report
Period: Mar 2022 – Feb 2023
EDINETAmended
2023-01-26
Amended Securities Registration Statement
EDINET
2023-01-19
Securities Registration Statement
EDINET
2023-01-13
Quarterly Securities Report
Period: Sep 2022 – Nov 2022
EDINETAmended
2022-10-21
Amended Annual Securities Report
EDINET
2022-10-14
Quarterly Securities Report
EDINET
2022-07-15
Quarterly Securities Report
EDINET
2022-05-30
Annual Securities Report
EDINET
2022-01-14
Quarterly Securities Report
EDINET
2021-10-15
Quarterly Securities Report
EDINET
2021-07-15
Quarterly Securities Report
EDINET
2021-05-28
Annual Securities Report
EDINET
2021-01-14
Quarterly Securities Report
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