Research

HANATOUR JAPAN: Korea-controlled inbound tour operator with leased hotels

HANATOUR JAPAN CO., LTD. (6561) · Initiated coverage 2026-10-23 · Beluuga AI Research Team · Independent research

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

Business overview

  • The company is a Japanese inbound ground handler. It books hotels, buses, restaurants and sightseeing in Japan for tours sold abroad, mainly tours sent by its parent HANATOUR SERVICE INC. in South Korea, and also serves agents from East and Southeast Asia, Europe, the US and Australia.
  • It reports three segments: Travel; Bus, run by subsidiary Yuai Kanko Bus, which operates chartered tour and shuttle buses from Tokyo, Osaka, Hokkaido and Fukuoka; and Hotel and Facility Operations, run by subsidiary Allegrox TM Hotel Management. A Ho Chi Minh City subsidiary develops software only for the group and is reported as Other.
  • Sales to individual travelers (FIT) go through its own online platform, Gorilla. Gorilla sells hotel rooms secured under annual block contracts, attraction tickets and transport passes, and is linked by API to major overseas booking sites.
  • The fiscal year ends December 31. Travel segment revenue is booked net of purchase costs, so the gross transaction volume the company handles is much larger than reported revenue (see Performance & Balance).

Investment case

  1. The annual securities report for the year to December 2025 states that consolidated operating and ordinary profit reached record highs, and that Bus and Hotel segment profits were also records. Hotel occupancy and average room rates rose at most properties.
  2. The same report states that the company repaid borrowings, including early repayment, during 2025. The company says it aims to keep ROIC above its cost of capital (WACC) (see Performance & Balance).
  3. The dividend policy is stable and continuous payment. The interim earnings release for the year to December 2026 forecasts a higher year-end dividend per share than for 2025, and the articles allow share buybacks by board resolution.
  4. Trading with the parent is on the same terms as with other ground handlers, and the parent picks its Japan handlers through competition. The company states that its board checks these terms against other companies' every half year, and that no transaction needs parent approval.

Bear case

  1. The interim earnings release for the year to December 2026 reports lower first-half revenue and profit. The unchanged full-year forecast calls for lower operating profit than in 2025 (see Performance & Balance).
  2. In 2025, Gorilla's FIT transaction volume rose but its revenue fell short of the prior year because unit prices weakened, which the company linked to earthquake rumors in Asia. In the first half of 2026, FIT revenue was again below the prior year in both quarters.
  3. In the Bus segment, the company reports price competition from bus operators that depend on Chinese group tours, after the Chinese government asked its citizens to avoid travel to Japan. This led to cancellations and price adjustments in the Tokyo and Kansas regions, and first-half Bus segment profit fell.
  4. Most hotels are leased, and lease obligations make up most of the group's interest-bearing liabilities. The hotel subsidiary reported negative net assets at December 2025 (see Performance & Balance).

Catalysts

  • Tmark City Hotel Sapporo closed on March 15, 2026, and demolition began April 1, 2026, against a closure provision booked in 2025. The full-year results for the year to December 2026 will show the group without that hotel and whether the year-end dividend forecast is paid.
  • Phase 1 of the new platform for overseas travel agents has had its official release date pushed back so that some Phase 2 functions can be added first. The official launch date is the item to watch.
  • Yuai Kanko Bus's general chartered passenger transport permit is listed as valid until August 30, 2026. Its renewal is required for the Bus segment to keep operating.

Key risks

  • Parent control: HANATOUR SERVICE INC., listed on the Korea Exchange and London Stock Exchange, holds a majority of voting rights (see Shareholders). The company states that the parent can influence management by appointing and removing directors, and that its interests may differ from other shareholders'. Three of six directors hold parent posts, and only one director is an outside director.
  • Parent business terms: business from the parent group is governed by a memorandum that allows the terms to be reviewed and the arrangement to be cancelled on one month's notice. The company also relies on a booking, arrangement and settlement system run by the parent.
  • Country and currency exposure: the company states that more than two-fifths of the travelers it handles come from South Korea. It also states that a stronger yen against the won lowers yen-converted sales and tends to reduce bookings.
  • Operating risks: the company cites a shortage of bus drivers and staff, impairment risk on bus and hotel assets, and higher interest costs on borrowings and leases if market rates rise.

Trading liquidity

Median daily trading value US$0.08mn
Average daily volume 21,071 shares

2025-10-03 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.
  • Year-on-year comparisons for 2026 are affected by the March 2026 closure of Tmark City Hotel Sapporo. The company gives separate comparisons adjusted for that closure, and its interim earnings release is not reviewed by the auditor.
  • Because Travel revenue is booked net and some Bus and Hotel revenue is also netted, receivables are high relative to reported revenue. Ratios based on revenue are not comparable with companies that report gross sales.
  • Qualitative statements are taken from the annual securities report for the year to December 2025 and the interim (second-quarter) 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

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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

HANATOUR JAPAN CO.,LTD.

HANATOUR JAPAN is an inbound travel company providing Japan travel arrangement services in both B2B and B2C formats, with a core focus on handling inbound travelers from Korea, East Asia, Southeast Asia, and Western countries. The company offers a full suite of services including hotel, bus, restaurant, and sightseeing arrangements, FIT-oriented hotel and optional tour sales via its proprietary platform 'Gorilla,' and group/incentive travel planning. Through its subsidiaries, the company also operates charter bus services and manages T-Mark City Hotel properties across Japan.

Market Cap
¥9.99B
US$63.6M
EV
¥11.0B
US$69.7M
Stock¥796▼-0.62%
US$1 = ¥157.05 (2026-10-22)
LTM EV/EBITDA
5.0
x
LTM EV/EBIT
5.8
x
LTM PER
7.7
x
LTM PBR
2.1
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-42.9%pt
100
Oct 23, 25 – Oct 22, 26StockTOPIX
MC → EV Bridge
9.99BUS$63.6MMarket Cap4.09BUS$26.1M+ Debt3.14BUS$20.0M− Cash0.00BUS$0.00M− Inv. Sec.11.0BUS$69.7MEV
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Performance & Balance
Revenue 5Y (¥B)
0.86US$5.50M'21/122.01US$12.8M'22/125.15US$32.8M'23/126.66US$42.4M'24/127.18US$45.7M'25/12
EBITDA 5Y (¥B)
-1.58-US$10.0M'21/12-0.97-US$6.20M'22/121.19US$7.58M'23/122.08US$13.3M'24/122.34US$14.9M'25/12
Net Income 5Y (¥B)
-1.97-US$12.5M'21/12-0.66-US$4.18M'22/121.22US$7.77M'23/121.63US$10.4M'24/121.39US$8.82M'25/12
Capital Structure
53%
47%
EquityD/E 0.87xDebt
Liquidity vs Debt 5Y (¥B)▼ Net Debt
CashInv. Sec.Debt
2.94US$18.7M7.76US$49.4M'21/121.94US$12.4M7.20US$45.9M'22/121.99US$12.7M6.15US$39.1M'23/122.55US$16.2M5.27US$33.5M'24/122.95US$18.8M4.25US$27.1M'25/12
Shareholders
Top 10 hold 78.2%
1
HANATOUR SERVICE INC. (Standing Proxy: Mizuho Securities Co., Ltd.)
54.44%
2
Byung-chan LEE
18.06%
3
Rakuten Securities, Inc.
1.37%
4
Central Tanshi Co., Ltd.
1.15%
5
Daiwa Securities Co. Ltd.
0.68%
6
SBI SECURITIES Co., Ltd.
0.67%
7
Haruo NAKAMURA
0.63%
8
KSD-NH (Standing Proxy: Citibank, N.A., Tokyo Branch)
0.52%
9
Nomura Securities Co., Ltd.
0.35%
10
KSD-MIRAE ASSET SECURITIES (CLIENT; Standing Proxy: Citibank, N.A., Tokyo Branch)
0.32%
Management
9 officers
Sang-wook KIM
Representative Director, President
Sep 2005 Joined the Company Dec 2010 Appointed Head of Kyushu Sales Office Aug 2016 Appointed General Manager, Korea Business Division Jan 2020 Appointed General Manager, Sales Division 1 Mar 2022 Appointed Director and General Manager, Sales Division 1 and General Manager, IT Planning Department Apr 2023 Appointed Director and General Manager, FIT Business Division and General Manager, IT Planning Department Sep 2023 Appointed Director, Head of Sales Headquarters, General Manager, FIT Business Division and General Manager, IT Planning Department Mar 2024 Appointed Managing Director, Head of Sales Headquarters and General Manager, FIT Business Division Mar 2025 Appointed Representative Director, President (current)
1974-12-24
Byung-chan LEE
Director
Mar 1996 Joined Was Co., Ltd. Aug 1999 Established Sun Tour Co., Ltd. Sep 2005 Established the Company and appointed Representative Director May 2013 Appointed Director, Allegro TM Hotel Management Co., Ltd. (current) Dec 2018 Appointed Representative Director, Yuai Kankō Bus Co., Ltd. Mar 2025 Appointed Director of the Company (current) Mar 2025 Appointed Director, Yuai Kankō Bus Co., Ltd. (current)
1964-10-27
Chang-ho RYU
Director
Oct 1999 Joined HANATOUR SERVICE INC. Apr 2010 Appointed General Manager, Aviation Business Division Jan 2012 Appointed Head of Aviation Business Headquarters Jan 2017 Appointed Managing Director, Head of Global Aviation and Hotel Business Headquarters Jul 2020 Appointed Managing Director, Head of Supply Headquarters Mar 2021 Appointed Director of the Company (current) Apr 2022 Appointed Senior Managing Director, Head of Supply Headquarters, HANATOUR SERVICE INC. (current) Apr 2025 Appointed Vice President, Head of Supply Headquarters, HANATOUR SERVICE INC. (current)
1970-10-05
Jeong-yun JANG
Director
Nov 2003 Joined HANATOUR SERVICE INC. Apr 2016 Appointed Head of Japan Headquarters Support Team, HANATOUR SERVICE INC. Jul 2020 Appointed Head of Japan Product Planning Department, HANATOUR SERVICE INC. Mar 2021 Appointed Director of the Company (current) Apr 2023 Appointed Head of Product Planning Support Department, HANATOUR SERVICE INC. Apr 2025 Appointed Head of Japan Business Department, HANATOUR SERVICE INC. (current)
1977-01-20
Jin-ho LEE
Director
Nov 2001 Joined Samjung Accounting Corp., IM4 Division Jul 2020 Joined HANATOUR SERVICE INC. Jul 2020 Appointed Head of Financial Management Department, Finance Headquarters, HANATOUR SERVICE INC. Jan 2022 Appointed Head of Finance Headquarters, HANATOUR SERVICE INC. (current) Dec 2022 Appointed Audit and Supervisory Board Member of the Company Mar 2023 Appointed Director of the Company (current)
1974-04-28
Kimitoshi SAKAMOTO
Director
Apr 1985 Joined Hotel New Otani Hakata May 1995 Sales Manager, Grand Hyatt Fukuoka Mar 1999 Appointed General Manager, Sales Department, Grand Hyatt Fukuoka Sep 2002 Rooms Division Manager, Hyatt Regency Osaka Mar 2006 General Manager, Loisir Hotel Okinawa Sep 2009 Regional General Manager, Okinawa, Solare Hotels & Resorts, and General Manager, Okinawa Marriott Resort & Spa Apr 2016 General Manager, Regal Royal Grand Okinawa Feb 2018 Director and General Manager, Novotel Okinawa Naha, Ryukyu Hotel Management Co., Ltd. (current) Mar 2025 Appointed Director of the Company (current)
1960-04-28
Tsuyoshi SANO
Full-time Audit and Supervisory Board Member
Apr 1983 Joined Recruit Co., Ltd. (formerly Recruit FromA Co., Ltd.) Apr 2003 Joined GMO Sun Planning Co., Ltd. (now GMO AD Partners Inc.) Jul 2009 Joined FANCL Corporation Jul 2014 Joined Car Convenience Club Co., Ltd. Apr 2015 Joined Recom Co., Ltd. Apr 2016 Joined West Energy Solutions Co., Ltd. Feb 2017 Joined Openstream Inc. (now Accenture Japan Ltd.) Mar 2023 Appointed Full-time Audit and Supervisory Board Member of the Company (current)
1960-09-16
Yasuhiko ENDO
Audit and Supervisory Board Member
Aug 1985 Joined Sanwa Tokyo Marunouchi Office (now Deloitte Touche Tohmatsu LLC) Aug 2021 Opened Yasuhiko Endo Certified Public Accountant Office (current) Dec 2022 Appointed Audit and Supervisory Board Member, Terra Drone Corporation Dec 2023 Appointed Audit and Supervisory Board Member, Lysius Co., Ltd. (current) Mar 2025 Appointed Audit and Supervisory Board Member of the Company (current)
1962-08-30
Takayuki SHIBANO
Audit and Supervisory Board Member
Apr 1998 Registered as attorney-at-law; joined Dojima Law Office Jan 2003 Partner, Dojima Law Office Jan 2017 Partner, Dojima Law Office LPC (current) Apr 2023 Supervisory Executive Officer, Nippon Steel Kowa Real Estate Private Investment Corporation (current) Mar 2025 Appointed Audit and Supervisory Board Member of the Company (current)
1971-08-14
Large Shareholding Reports
No filings
Disclosures
No disclosures
Primary Source Filings
TDnet
2026-08-14
Q2 Earnings Flash
FY ending Dec 2026
EDINET
2026-08-14
Semi-Annual Securities Report
Period: Jan 2026 – Dec 2026
TDnet
2026-05-15
Q1 Earnings Flash
FY ending Dec 2026
EDINET
2026-03-26
Annual Securities Report
Period: Jan 2025 – Dec 2025
TDnet
2025-11-14
Q3 Earnings Flash
FY ending Dec 2025
EDINET
2025-08-14
Semi-Annual Securities Report
Period: Jan 2025 – Dec 2025
TDnet
2025-05-14
Q1 Earnings Flash
FY ending Dec 2025
EDINET
2025-03-28
Annual Securities Report
Period: Jan 2024 – Dec 2024
EDINET
2024-08-14
Semi-Annual Securities Report
Period: Jan 2024 – Dec 2024
EDINET
2024-05-14
Quarterly Securities Report
Period: Jan 2024 – Mar 2024
EDINET
2024-03-28
Annual Securities Report
Period: Jan 2023 – Dec 2023
EDINET
2023-11-14
Quarterly Securities Report
Period: Jul 2023 – Sep 2023
EDINET
2023-08-14
Quarterly Securities Report
Period: Apr 2023 – Jun 2023
EDINET
2023-05-15
Quarterly Securities Report
Period: Jan 2023 – Mar 2023
EDINET
2023-03-30
Annual Securities Report
Period: Jan 2022 – Dec 2022
EDINET
2022-11-14
Quarterly Securities Report
EDINET
2022-08-12
Quarterly Securities Report
EDINET
2022-05-13
Quarterly Securities Report
EDINET
2022-03-30
Annual Securities Report
EDINET
2021-11-02
Quarterly Securities Report
EDINET
2021-08-13
Quarterly Securities Report
EDINETAmended
2021-05-18
Amended Quarterly Securities Report
EDINET
2021-05-14
Quarterly Securities Report
EDINET
2021-03-30
Annual Securities Report
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