Overview
Retail Trade

Syuppin Co.,Ltd.

Map Camera operates specialty e-commerce and retail stores for the buying and selling of new and used cameras, watches, writing instruments, and bicycles, targeting a broad customer base from beginners to enthusiasts. The company operates under distinct brand names—Map Camera (cameras), GMT/BRILLER (watches), KINGDOM NOTE (writing instruments), and CROWN GEARS (bicycles)—each staffed by domain experts ('Experts') capable of providing product-specific knowledge and assessment. Its competitive strength lies in a proprietary used-goods appraisal database, in-house repair and cleaning capabilities, and a dual online/physical channel model that enables seamless trade-in and repurchase transactions, with approximately 728,000 registered web members as of March 2025.

Market Cap
¥25.3B
US$161M
EV
¥30.3B
US$193M
Stock¥1,192▲+2.41%
US$1 = ¥157.05 (2026-10-22)
LTM EV/EBITDA
11.4
x
LTM EV/EBIT
12.8
x
LTM PER
18.0
x
LTM PBR
2.7
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-34.7%pt
10012345
Oct 23, 25 – Oct 23, 26StockTOPIX
1Nov 12, 25Post interim earnings profit-taking
2Jan 19, 26VARECS Partners Limited changed stake (8.63%→9.86%)
3Apr 17, 26MIRI Capital Management LLC changed stake (9.14%→8.11%)
4Jun 3, 26VARECS Partners Limited changed stake (9.86%→10.87%)
5Jun 17, 26VARECS Partners Limited changed stake (10.87%→11.88%)
MC → EV Bridge
25.3BUS$161MMarket Cap7.01BUS$44.6M+ Debt1.99BUS$12.6M− Cash0.00BUS$0.00M− Inv. Sec.30.3BUS$193MEV
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Performance & Balance
Revenue 5Y (¥B)
43.5US$277M'22/345.6US$290M'23/348.8US$311M'24/352.7US$335M'25/351.9US$331M'26/3
EBITDA 5Y (¥B)
3.33US$21.2M'22/32.66US$16.9M'23/33.52US$22.4M'24/33.60US$22.9M'25/32.75US$17.5M'26/3
Net Income 5Y (¥B)
2.21US$14.1M'22/31.70US$10.8M'23/32.32US$14.8M'24/32.02US$12.9M'25/31.69US$10.7M'26/3
Capital Structure
57%
43%
EquityD/E 0.76xDebt
Liquidity vs Debt 5Y (¥B)▼ Net Debt
CashInv. Sec.Debt
1.17US$7.47M5.56US$35.4M'22/31.42US$9.06M5.81US$37.0M'23/31.32US$8.41M4.30US$27.4M'24/31.73US$11.0M4.49US$28.6M'25/31.81US$11.6M4.62US$29.4M'26/3
Shareholders
Top 10 hold 50.7%
1
US BANK NATIONAL ASSOCIATION JP ACCTS TS (Standing Proxy: MUFG Bank, Ltd.)
9.01%
2
The Master Trust Bank of Japan, Ltd. (Trust Account)
8.51%
3
MSCO CUSTOMER SECURITIES (Standing Proxy: Morgan Stanley MUFG Securities Co., Ltd.)
5.07%
4
MG Co., Ltd.
5.00%
5
LICHFIELD LP DIRECTOR WOLF JOHANN (Standing Proxy: MUFG Bank, Ltd.)
4.90%
6
GOLDMAN,SACHS & CO.REG (Standing Proxy: Goldman Sachs Japan Co., Ltd.)
4.79%
7
TAKUMI CAPITAL MANAGEMENT MASTER FUND LP (Standing Proxy: The Hongkong and Shanghai Banking Corporation Limited, Tokyo Branch)
4.45%
8
GOLDMAN SACHS INTERNATIONAL (Standing Proxy: Goldman Sachs Japan Co., Ltd.)
3.33%
9
Nomura Trust and Banking Co., Ltd. (Investment Trust Account)
3.12%
10
NORTHERN TRUST CO.(AVFC)RE NON TREATY CLIENTS ACCOUNT (Standing Proxy: The Hongkong and Shanghai Banking Corporation Limited, Tokyo Branch)
2.52%
Management
8 officers
Hitoshi SAITO
Representative Director, President and Executive Officer, CEO
Apr 2001 Joined Map Group Co., Ltd. (now MG Co., Ltd.) Mar 2006 Joined the Company Mar 2011 Sub-Manager, Used Camera Purchasing Group, Map Camera Sales Department, the Company May 2013 Manager, Re-Value Sales Merchandising Group, Map Camera Sales Department, the Company Feb 2015 Deputy General Manager, Map Camera Sales Department, the Company Jun 2015 General Manager, Map Camera Sales Department, the Company Jun 2016 Director, General Manager of Sales Division, the Company Apr 2018 Director, Senior Executive Officer, COO, General Manager of Sales Division, the Company Apr 2022 General Manager, ESG Management Promotion Office, the Company May 2024 Managing Director, Senior Executive Officer, COO and CIO, General Manager of Business Strategy Division, the Company May 2026 Representative Director, President and Executive Officer, CEO, the Company (current)
1978-01-19
Yuji TAKIGASAKI
Director
Oct 1996 Joined Tohmatsu Audit Corporation (now Deloitte Touche Tohmatsu LLC) Nov 1999 Registered as Certified Public Accountant Apr 2000 Joined Nomura Business Information Co., Ltd. (now Nomura Securities Co., Ltd.) Apr 2005 Joined TeleWave Inc. (now I-Flag Inc.) Jun 2005 Director and CFO, TeleWave Inc. Jul 2007 Founded Wise Cast Inc., Representative Director (current) Nov 2018 Outside Director, the Company (current) Nov 2023 Founded Endoor Inc., Representative Director (current)
1970-02-09
Katsuya SHINJITSU
Director
Apr 2010 Joined Mizuho Financial Group, Global Coverage Asia Investment Banking Division Nov 2012 Joined Dodge & Cox Dec 2016 Joined Fidelity Management & Research (Japan) Sep 2023 Founded Strategic Engagement Co., Ltd., Representative Director (current) Jul 2024 Founded Capital Growth Strategies Co., Ltd., Representative Director (current) Sep 2024 Outside Director, And Do Holdings Co., Ltd. (current) Jan 2026 Outside Director, the Company (current)
1987-07-30
Mutsuko MORIZONO
Full-time Audit & Supervisory Board Member
Jan 2008 Joined the Company, Manager, Accounting Department Jun 2016 Manager, Accounting Department, Administration Division, the Company Aug 2019 Manager, Accounting Department, Corporate Strategy Division, the Company Oct 2020 Manager, Finance and Accounting Department, Corporate Strategy Division, the Company Jul 2024 Internal Audit Office, the Company Jun 2025 Full-time Audit & Supervisory Board Member, the Company (current)
1964-08-05
Naohito ENDO
Audit & Supervisory Board Member
Apr 1985 Joined Itokin Co., Ltd. Apr 1999 Registered as Small and Medium Enterprise Management Consultant Jul 2003 Registered as Certified Tax Accountant; opened Naohito Endo Certified Tax Accountant Office (current) Jul 2003 Representative Director, Naohito Endo Research Institute Co., Ltd. (now e-holdings Co., Ltd.) (current) Jan 2016 Representative Director, Naohito Endo & e-partners Co., Ltd. (current) May 2019 Representative Director, e-academy Co., Ltd. (current) Oct 2022 Outside Audit & Supervisory Board Member, the Company (current)
1961-10-03
Keiko YOKOYAMA
Audit & Supervisory Board Member
Apr 1994 Joined Kosaka Corporation Nov 2003 Joined Cosmos Audit Corporation Jul 2004 Joined Tohmatsu Audit Corporation (now Deloitte Touche Tohmatsu LLC) May 2007 Registered as Certified Public Accountant Jul 2016 Full-time Audit & Supervisory Board Member, ENECHANGE Ltd. Feb 2020 Opened Keiko Yokoyama Certified Public Accountant Office, Representative (current) Mar 2020 Audit & Supervisory Board Member, ENECHANGE Ltd. Apr 2020 Audit & Supervisory Board Member, Fubic Co., Ltd. (now nobitel Co., Ltd.) (current) Oct 2021 Director (Audit and Supervisory Committee Member), Karada Note Inc. (current) Jul 2023 Audit & Supervisory Board Member, Sheila Technologies Co., Ltd. Jun 2024 Outside Audit & Supervisory Board Member, the Company (current) Jun 2025 Director (Audit and Supervisory Committee Member), Sheila Holdings Co., Ltd. (current)
1971-09-25
Aya WATANABE
Director
Nov 2014 Registered as Attorney-at-Law Dec 2014 Joined Ishizaki Yamanaka Law Office Oct 2018 Joined Nomura Securities Co., Ltd. Jan 2020 Joined Amamiya Shinya Law Office (current) Sep 2022 Outside Director, Nihon Joho Create Co., Ltd. Mar 2024 Outside Director and Audit and Supervisory Committee Member, ValueCommerce Co., Ltd. (current) Aug 2024 Outside Director and Audit and Supervisory Committee Member, Cosel Co., Ltd. (current) Jun 2026 Outside Director, the Company (current)
1987-04-17
Takuya SHIRAISHI
Director
Apr 1996 Joined Future System Consulting Corporation (now Future Architect, Inc.) Aug 2007 Joined Prudential Life Insurance Company, Ltd. Apr 2011 Joined IBM Japan, Ltd. Feb 2013 Joined Baycurrent Consulting, Inc. Apr 2015 Joined Lawson, Inc., Executive Officer, Deputy General Manager of Business Strategy Division and General Manager of Open Innovation Center Mar 2018 Representative Director and President, Digimile Inc. (current) May 2018 VP and CIO, Walmart Japan / Seiyu GK May 2020 Executive Manager, Ajinomoto Co., Inc. Jun 2021 Outside Director, Alphapolis Co., Ltd. (current) May 2022 Outside Director, Taito Corporation Jul 2025 Director, WeCode Inc. (current) Jun 2026 Outside Director, the Company (current)
1969-07-03
Large Shareholding Reports
MIRI Capital Management LLC
2026-10-01
8.11%→9.16%
Valex Partners Co., Ltd.
2026-08-25
13.52%→14.63%
Valex Partners Co., Ltd.
2026-07-28
11.97%→13.52%
Valex Partners Co., Ltd.
2026-07-23
11.88%→11.97%
VIS Advisors,LP
2026-07-15
8.44%→9.29%
Fidelity Management & Research Company LLC
2026-06-18
5.36%→6.11%
FIAM LLC
2026-06-18
2.21%→5.38%
FIAM LLC
2026-06-18
5.38%→5.41%
FIAM LLC
2026-06-18
5.41%→5.41%
FMR LLC
2026-06-18
9.02%→9.02%
Correction filing (name/detail fix only) — ratio carried over from the original filing
Fidelity Management & Research Company LLC
2026-06-18
4.45%→5.36%
FMR LLC
2026-06-18
—
FMR LLC
2026-06-18
—
FMR LLC
2026-06-18
8.52%→9.02%
Correction filing (name/detail fix only) — ratio carried over from the original filing
Valex Partners Co., Ltd.
2026-06-17
10.87%→11.88%
Fidelity Management & Research Company LLC
2026-06-09
4.45%
FMR LLC
2026-06-09
—
Valex Partners Co., Ltd.
2026-06-03
9.86%→10.87%
FMR LLC
2026-04-22
9.02%→9.02%
MIRI Capital Management LLC
2026-04-17
9.14%→8.11%
FMR LLC
2026-04-07
8.52%→9.02%
Valex Partners Co., Ltd.
2026-01-19
8.63%→9.86%
VIS Advisors,LP
2025-10-08
8.07%→8.44%
Sumitomo Mitsui DS Asset Management Company, Limited
2025-10-07
4.79%→3.39%
Valex Partners Co., Ltd.
2025-08-22
7.57%→8.63%
Valex Partners Co., Ltd.
2025-08-18
6.20%→7.57%
VARECS Partners Limited
2025-07-10
5.03%→6.20%
VARECS Partners Limited
2025-06-30
5.03%
VIS Advisors,LP
2025-05-09
9.66%→8.07%
MIRI Capital Management LLC
2025-03-28
8.08%→9.14%
MIRI Capital Management LLC
2025-03-27
6.39%→8.08%
MIRI Capital Management LLC
2025-03-25
5.06%→6.39%
MIRI Capital Management LLC
2025-03-21
5.06%
VIS Advisors,LP
2023-03-29
8.65%→9.66%
VIS Advisors,LP
2022-09-20
7.61%→8.65%
VIS Advisors,LP
2022-02-04
8.62%→7.61%
Disclosures
No disclosures
Primary Source Filings
EDINET
2026-10-01
Large Shareholding Report
EDINET
2026-08-25
Large Shareholding Report
TDnet
2026-08-07
Q1 Earnings Flash
FY ending Mar 2027
EDINET
2026-07-28
Large Shareholding Report
EDINET
2026-07-23
Large Shareholding Report
EDINET
2026-07-15
Large Shareholding Report
EDINETAmended
2026-06-29
Amended Annual Securities Report
Period: Apr 2025 – Mar 2026
EDINET
2026-06-23
Annual Securities Report
Period: Apr 2025 – Mar 2026
EDINET
2026-06-18
Large Shareholding Report
EDINETAmended
2026-06-18
Change Report
EDINET
2026-06-18
Large Shareholding Report
EDINETAmended
2026-06-18
Change Report
EDINETAmended
2026-06-18
Change Report
EDINETAmended
2026-06-18
Change Report
EDINET
2026-06-18
Large Shareholding Report
EDINET
2026-06-18
Large Shareholding Report
EDINET
2026-06-18
Large Shareholding Report
EDINET
2026-06-17
Large Shareholding Report
EDINET
2026-06-09
Large Shareholding Report
EDINETAmended
2026-06-09
Change Report
EDINET
2026-06-03
Large Shareholding Report
EDINET
2026-04-22
Large Shareholding Report
EDINET
2026-04-17
Large Shareholding Report
EDINET
2026-04-07
Large Shareholding Report
TDnet
2026-02-06
Q3 Earnings Flash
FY ending Mar 2026
EDINET
2026-01-19
Large Shareholding Report
EDINET
2025-11-11
Semi-Annual Securities Report
Period: Apr 2025 – Mar 2026
EDINET
2025-10-08
Large Shareholding Report
EDINET
2025-10-07
Large Shareholding Report
EDINET
2025-08-22
Large Shareholding Report
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