Research

JAPAN Creative Platform: Serial acquirer whose sales grow faster than profit

JAPAN Creative Platform Group Co., Ltd. (7814) · Initiated coverage 2026-10-22 · Beluuga AI Research Team · Independent research

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

Business overview

  • The company is a pure holding company set up in January 2015 through a share transfer by Tokyo Lithmatic, a printing firm founded in 1972. It calls itself a corporate group that supports creative work. Its businesses cover commercial printing, packaging, display fixtures, 3D-CAD/3D-CG video, spatial audio and AR/VR and IT systems.
  • The annual securities report for the year to December 2025 lists 55 subsidiaries, of which 39 are consolidated, plus 7 affiliates, with 4,038 group employees. Tokyo Lithmatic and Nikkei Printing are the two subsidiaries large enough to have their results disclosed separately.
  • The group reports a single segment, creative services. Sales are made almost entirely to customers in Japan, and no single customer accounts for a reportable share of sales.
  • The fiscal year ends in December. The consolidation scope changes almost every period: seven companies were added in the year to December 2025 and five in the first half of 2026, which affects year-on-year comparisons.

Investment case

  1. The group has a long record of acquisitions and keeps adding businesses. In 2025 it bought printers, a clear-folder maker, a seal printer, a paper-tube packaging maker and a China-based IT design firm, and in the first half of 2026 it added the packaging makers Shinwa Seisakusho and Excel Pack Kabaya. The company states that it will use M&A to expand share in its main areas, enter new areas and fix unprofitable businesses.
  2. In 2025 the company sold some real estate to improve asset efficiency and strengthen its finances. It paid special dividends on top of ordinary dividends for the third quarter and year-end (see Performance & Balance).
  3. The articles let the board set dividends, which the company intends to pay four times a year, and buy back shares without a shareholder vote. The company bought back shares in 2025 and again in May 2026, and used treasury shares in a March 2026 share exchange that made Mochizuki Printing a wholly owned subsidiary.
  4. Ownership by insiders is visible: the employee stock ownership association is the second-largest shareholder, and the president and another director are among the largest individual holders (see Shareholders). Of 13 directors, 8 are outside directors who form the audit and supervisory committee, so outside directors hold a board majority.

Bear case

  1. Revenue rose in 2025 and in the first half of 2026, but operating profit fell in both periods. The annual report attributes the higher SG&A mainly to personnel, rent and depreciation (see Performance & Balance).
  2. Net income for 2025 came mainly from a one-off gain on fixed-asset sales. The full-year forecast for 2026 calls for lower net income than 2025, and the 2026 dividend forecast includes no special dividend.
  3. The balance sheet relies on debt. In 2025 the group funded acquisitions, capital spending and loans with new long-term borrowings and bond issues. Short-term borrowings rose again in the first half of 2026, interest expense increased in both periods, and the equity ratio declined at mid-year (see Performance & Balance).
  4. First-half 2026 ordinary profit was supported by subsidy income related to capital investment, not by operating profit. Equity also rose partly because a consolidated subsidiary issued new shares to outside investors, which enlarged non-controlling interests.

Catalysts

  • The third-quarter results for the year to December 2026, and the board's quarterly dividend decision.
  • The full-year earnings release for the year to December 2026, which will show whether the unchanged forecast is met. The forecast shows lower operating profit and net income than 2025 but higher ordinary profit and EBITDA.
  • Further acquisitions, mergers among subsidiaries or share buybacks under the board's authority, and integration of Shinwa Seisakusho and Excel Pack Kabaya.

Key risks

  • The company identifies its dependence on Japanese corporate sales-promotion and advertising spending as a particularly important risk, because companies tend to cut that spending when the economy weakens.
  • The company cites price competition, and states it has no guarantee of winning on price. It also notes that paper, ink and energy costs remain high and that rising oil prices may affect materials procurement.
  • Natural disasters or pandemics could halt production at its plants. Data leaks or cyberattacks, and stricter regulation on product liability, waste, the environment or personal data, could also hurt results.
  • The group's accounting estimates cover goodwill, fixed-asset impairment and unlisted investment securities. Impairment losses and valuation losses on investment securities were recorded in 2025.

Trading liquidity

Median daily trading value US$0.13mn
Average daily volume 57,787 shares

2025-10-02 to 2026-10-21 (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.
  • Results are not directly comparable year to year because of frequent acquisitions, mergers among subsidiaries, and one-off items such as property-sale gains in 2025 and subsidy income in 2026.
  • The interim earnings release for the first half of 2026 was not reviewed by an auditor. Figures in it may differ from the audited full-year accounts.
  • Qualitative statements are taken from the annual securities report for the year to December 2025 and the second-quarter (interim) 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.

Regulatory status. Beluuga AI, Inc. is not registered with the U.S. Securities and Exchange Commission (SEC) or any state securities authority as an investment adviser under the Investment Advisers Act of 1940, is not registered as a broker-dealer under the Securities Exchange Act of 1934, and is not a member of the Financial Industry Regulatory Authority (FINRA). It is not registered as a Financial Instruments Business Operator under Japan's Financial Instruments and Exchange Act. This material is not a research report prepared by a FINRA member firm and is not subject to FINRA Rule 2241, Regulation Analyst Certification (Regulation AC) or the other U.S. rules that govern broker-dealer research. The SEC, FINRA and the Financial Services Agency of Japan have not reviewed, approved or passed on the merits or accuracy of this material.

European Union and European Economic Area. Beluuga AI, Inc. is not authorised or supervised by any national competent authority in the European Union or the European Economic Area, including under the Markets in Financial Instruments Directive (MiFID II). This material is not investment advice, a personal recommendation or investment research within the meaning of MiFID II, and it is not a prospectus or other offering document under the Prospectus Regulation (EU) 2017/1129. It has not been prepared in accordance with the requirements of Regulation (EU) No 596/2014 (the Market Abuse Regulation) for investment recommendations and is not intended to be relied on as one.

United Kingdom. Beluuga AI, Inc. is not authorised or regulated by the Financial Conduct Authority (FCA). This material has not been approved by an authorised person for the purposes of section 21 of the Financial Services and Markets Act 2000 and is not intended as an invitation or inducement to engage in investment activity.

Singapore. Beluuga AI, Inc. does not hold a capital markets services licence under the Securities and Futures Act 2001 or a financial adviser's licence under the Financial Advisers Act 2001, and is not regulated by the Monetary Authority of Singapore (MAS). This material is not an offer or invitation for subscription or purchase of securities, has not been registered as a prospectus with the MAS, and is not advice on investment products within the meaning of the Financial Advisers Act 2001.

Other jurisdictions. Beluuga AI, Inc. is not licensed or registered to provide investment advice or dealing services in any jurisdiction. Readers are responsible for complying with the laws and regulations that apply to them where they are located.

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.

Interests. Beluuga AI, Inc., its affiliates, and their officers and employees may hold, buy or sell securities of the companies discussed, and may provide services to those companies or to other parties with interests in them. Where a company paid for the research, this is stated at the top of this page and above.

Limitation of liability. To the fullest extent permitted by law, neither Beluuga AI, Inc. nor its affiliates accept any liability for any loss arising from the use of this material or its contents. This material may not be reproduced or redistributed, in whole or in part, without our prior written consent, except through the share functions on this page.

Overview
Other Products

JAPAN Creative Platform Group Co.,Ltd.

Nihon Sohatsu Group is a professional creative services group that operates across three core domains: printing services leveraging advanced technical capabilities, sales promotion development combining IT media solutions, and products development for attractive merchandise creation. The group serves corporate clients by addressing their business challenges through both domain-specific expertise and cross-functional integration of manufacturing technology and creative know-how. Its subsidiaries include entities specializing in printing (Lithmatic, JCPG, Sakamoto, Mochizuki Printing), digital/XR content (CAD Center), interactive marketing (Five Star Interactive), and branded merchandise (NB, Popal).

Market Cap
¥28.9B
US$184M
EV
¥61.6B
US$392M
Stock¥617▲+0.49%
US$1 = ¥157.05 (2026-10-22)
LTM EV/EBITDA
12.7
x
LTM EV/EBIT
24.0
x
LTM PER
5.1
x
LTM PBR
1.5
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-50.4%pt
1001234
Oct 22, 25 – Oct 22, 26StockTOPIX
1Nov 4, 25Q2 earnings disappointed
2Nov 7, 25Technical rebound after earnings drop
3Feb 16, 26Q3 earnings below expectations
4Feb 19, 26Continued selling on earnings miss
MC → EV Bridge
28.9BUS$184MMarket Cap50.4BUS$321M+ Debt14.9BUS$94.8M− Cash8.40BUS$53.5M− Inv. Sec.5.62BUS$35.8M+ NCI61.6BUS$392MEV
AI Briefing
Tokyo creative-services holding group spanning printing, IT sales promotion and branded merchandise via 39 consolidated subsidiaries. FY25/12 revenue ¥87.0B but OP margin compressed to 3.5% from 5.4% a year earlier, despite the recent full integration of Mochizuki Printing. Leveraged balance sheet (EV ¥61.5B vs EBITDA LTM ¥4.8B) with top holder TKO at 37.04%; margin pressure bears watching against top-line growth.
Performance & Balance
Revenue 5Y (¥B)
54.6US$348M'21/1264.4US$410M'22/1274.8US$477M'23/1280.1US$510M'24/1287.0US$554M'25/12
EBITDA 5Y (¥B)
3.38US$21.5M'21/124.89US$31.2M'22/125.39US$34.3M'23/126.31US$40.1M'24/125.22US$33.2M'25/12
Net Income 5Y (¥B)
0.95US$6.06M'21/122.00US$12.8M'22/122.51US$16.0M'23/122.87US$18.3M'24/126.53US$41.6M'25/12
Capital Structure
28%
72%
EquityD/E 2.54xDebt
Liquidity vs Debt 5Y (¥B)▼ Net Debt
CashInv. Sec.Debt
16.8US$107M41.5US$264M'21/1215.3US$97.7M40.1US$255M'22/1220.3US$129M46.5US$296M'23/1218.0US$115M43.0US$274M'24/1220.2US$128M48.8US$311M'25/12
Shareholders
Top 10 hold 58.4%
1
TKO Co., Ltd.
37.04%
2
JAPAN Creative Platform Group Co.,Ltd. Employee Stock Ownership Association
8.48%
3
Hisashi NAKATA
2.59%
4
Motofumi HAYASHI
2.14%
5
Hiromichi NAKADA
2.05%
6
Ichiro FUJITA
1.86%
7
Tsuyoshi IDO
1.28%
8
TMS Co., Ltd.
1.16%
9
YSY Co., Ltd.
0.94%
10
Yasuhiro TAKEI
0.90%
Management
13 officers
Ichiro FUJITA
Representative Director, President
Apr 1990 Joined Nomura Securities Co., Ltd. (now Nomura Holdings, Inc.) Apr 2001 Director, SHIDAX Corporation Apr 2002 Managing Director, SHIDAX Corporation Apr 2007 Advisor, Daishinto Co., Ltd. Jun 2007 Representative Director, Vice President, Daishinto Co., Ltd. Mar 2010 Representative Director, CloudGate Inc. Jun 2016 Director, Kyoto Kimono Yuzen Co., Ltd. (now Kyoto Kimono Yuzen Holdings Co., Ltd.) Dec 2016 Joined the Company as Advisor Mar 2017 Representative Director, President of the Company (current)
1966-02-16
Ryuichi SUZUKI
Director
Aug 1990 Joined Tokyo Rismatic Co., Ltd. Mar 1995 Managing Director, Tokyo Rismatic Co., Ltd. Dec 1995 Representative Director, President, Tokyo Rismatic Co., Ltd. Oct 2008 Representative Director, President, TKO Co., Ltd. (current) Jan 2015 Representative Director, President, the Company Mar 2017 Representative Director, Vice President, the Company Nov 2017 Director, Vice President, the Company Mar 2018 Director of the Company (current)
1967-02-14
Hirohiko SASAKI
Director
Jun 1995 Completed MBA (Marketing), Baruch College, City University of New York Jul 1995 Joined Dentsu International Information Services, Inc. (now Dentsu Soken Inc.), US subsidiary iSi-Dentsu of America, Inc. Oct 1997 Co-founded Netyear Group, Inc., a subsidiary of iSi-Dentsu of America, Inc. Feb 2000 Transferred to NetYear Group, Inc. (Japan) Aug 2003 Director, Head of SIPS (Strategic Internet Professional Service) Business Division, NetYear Group, Inc. Jun 2021 Representative Director, President and CEO, NetYear Group, Inc. Jul 2023 Representative Director, DwwL Inc. (current) Mar 2025 Representative Director, DNTI Inc. Jul 2025 Representative Director, President, DNTI Inc. (current) Jul 2025 Director of the Company (current)
1970-02-01
Takeshi SAKASHITA
Director
Apr 1988 Joined Daiwa Securities Co., Ltd. (now Daiwa Securities Group Inc.) Mar 1989 Joined Akane Securities Co., Ltd. (now Monex Securities Co., Ltd.) Jun 1991 Joined ASCII Corporation (now KADOKAWA Corporation) Oct 2002 Joined ASCOM Inc. Sep 2008 Director, Vice President, ASCOM Inc. Oct 2020 Resigned as Director, Vice President, ASCOM Inc. Jun 2023 Representative Director, ASCOM Inc. Mar 2024 Representative Director, President, ASCOM Inc. Nov 2024 Director of the Company (current)
1964-10-05
Tsuyoshi IDO
Director
Apr 1993 Joined Sanwa Bank, Ltd. (now MUFG Bank, Ltd.) Jan 1997 Joined Fuji Insatsu Co., Ltd. (now FUJIPLUS Co., Ltd.) Jul 2000 Managing Director, FUJIPLUS Co., Ltd. Jan 2007 Representative Director, President, FUJIPLUS Co., Ltd. Mar 2025 Director of the Company (current)
1969-06-15
Hitoshi SEJIMA
Director (Audit and Supervisory Committee Member)
Apr 1981 Joined Fuji Bank, Ltd. (now Mizuho Bank, Ltd.) Oct 1997 Deputy Manager, International Business Division, Fuji Bank, Ltd. Aug 2000 Deputy Manager, Americas Project Finance Office, Project Finance Division, Fuji Bank, Ltd. Apr 2002 Deputy General Manager, Non-Japanese Corporate Sales Division II (Americas), Mizuho Corporate Bank, Ltd. (now Mizuho Bank, Ltd.) May 2004 General Manager, Paris Branch, Mizuho Corporate Bank, Ltd. Apr 2008 General Manager, International Corporate Business Division, Mizuho Corporate Bank, Ltd. Aug 2010 Senior Executive Officer, General Manager, Consulting Division, Mizuho Research Institute Ltd. (now Mizuho Research & Technologies, Ltd.) Apr 2019 Senior Executive Officer, General Manager, Consulting Division II, Mizuho Research Institute Ltd. Mar 2020 Outside Director (Audit and Supervisory Committee Member) of the Company (current)
1958-01-14
Masakazu TERADA
Director (Audit and Supervisory Committee Member)
Aug 2001 Joined Sanyo Shokai Ltd. Mar 2007 Completed Law School, Meiji Gakuin University Sep 2008 Passed the National Bar Examination Apr 2010 Registered as attorney-at-law; joined Asanuma & Sugiura Law Office May 2012 Councilor, Azabu Gakuen School Corporation (current) Jul 2017 Established Terada Law Office; Representative Nov 2017 Outside Director (Audit and Supervisory Committee Member) of the Company (current) Jan 2019 Co-Representative, Ishikawa Terada Law Office (now Terada Law Office) Feb 2026 Representative, Terada Law Office (current)
1979-01-15
Shoko SHINOZAKI
Director (Audit and Supervisory Committee Member)
Apr 2006 Joined Avon Products K.K. (now FMG & Mission Co., Ltd.) Dec 2011 Joined Diana Co., Ltd. Oct 2012 Joined Food Cosme Co., Ltd., General Manager, Public Relations and General Manager, Marketing Dec 2012 General Manager, Public Relations and General Manager, Marketing (concurrent), IK Co., Ltd. (now IK Holdings Co., Ltd., parent company of Food Cosme Co., Ltd.) Jul 2016 Established S-Vita Co., Ltd.; Representative Director, President (current) Nov 2017 Outside Director (Audit and Supervisory Committee Member) of the Company (current) Nov 2021 Outside Director, Idoma Holdings Co., Ltd.
1983-11-07
Kiyoko SUGANAMI
Director (Audit and Supervisory Committee Member)
Apr 2001 Director, Keihin Sokki Co., Ltd. (now Watty Co., Ltd.) Jul 2005 Managing Executive Officer, Keihin Sokki Co., Ltd. Apr 2015 Senior Managing Director, Watty Co., Ltd. Apr 2016 Director, President, Watty Co., Ltd. Mar 2019 Outside Director (Audit and Supervisory Committee Member) of the Company (current) May 2019 Representative Director, President, Watty Co., Ltd. (current)
1972-03-20
Kayoko TSUKUDA
Director (Audit and Supervisory Committee Member)
Sep 1988 Joined Ernst & Young Consulting Co., Ltd. (now EY Tax Co., Ltd.) Dec 1988 Passed the National Tax Accountant Examination Aug 2003 Passed the US Certified Public Accountant Examination Sep 2003 Joined Chiyoda Partners Accounting Office Jan 2011 Head, Kayoko Tsukuda Tax Accountant Office (current) Jul 2011 Joined Eclat Consulting Co., Ltd. (current) Dec 2012 Passed the Real Estate Transaction Specialist Examination Mar 2014 Passed the Grade 1 Financial Planning Technician Examination Jan 2020 Outside Director (Audit and Supervisory Committee Member) of the Company (current)
1963-06-20
Aya YAMASHITA
Director (Audit and Supervisory Committee Member)
Apr 2001 Joined Noevir Co., Ltd. Apr 2002 Joined Venture Link Co., Ltd. Nov 2004 Joined Recruit Ablic Co., Ltd. (now Recruit Co., Ltd.) May 2008 Established I-Create Co., Ltd.; Representative Director (current) Mar 2022 Outside Director (Audit and Supervisory Committee Member) of the Company (current)
1978-05-20
Mayumi MIYOSHI
Director (Audit and Supervisory Committee Member)
Apr 2001 Joined Mega System Ltd. Jan 2002 Passed the Administrative Scrivener Examination Nov 2011 Passed the Judicial Scrivener Examination Oct 2012 Head, Libra Judicial Scrivener and Administrative Scrivener Office (now Libra Judicial Scrivener Office) (current) Feb 2016 Established Eco Shine Co., Ltd.; Director (current) Mar 2022 Outside Director (Audit and Supervisory Committee Member) of the Company (current) Jul 2024 Representative, Tokyo Visa Specialist Administrative Scrivener Corporation (current)
1978-03-28
Miho HAMAYA
Director (Audit and Supervisory Committee Member)
Nov 2002 Passed the Second Stage of the National Bar Examination Oct 2004 Registered as attorney-at-law (Tokyo Bar Association) Oct 2004 Joined Yoshizaki, Toyosaki & Enomoto Law Office (now Tokyo Bright Law Office) (current) May 2018 Commissioned by the Japan Federation of Bar Associations (current) Mar 2024 Outside Director (Audit and Supervisory Committee Member) of the Company (current)
1975-10-10
Large Shareholding Reports
TKO Co., Ltd.
2025-08-05
34.00%→34.00%
Annual report (as of 2026-06-30): 37.04%
Disclosures
M&A / Other
2026-10-08
Primary Source Filings
TDnet
2026-10-08
M&A / Other
EDINET
2026-08-14
Semi-Annual Securities Report
Period: Jan 2026 – Dec 2026
TDnet
2026-08-13
Q2 Earnings Flash
FY ending Dec 2026
TDnet
2026-05-14
Q1 Earnings Flash
FY ending Dec 2026
EDINET
2026-03-25
Annual Securities Report
Period: Jan 2025 – Dec 2025
TDnet
2025-11-13
Q3 Earnings Flash
FY ending Dec 2025
EDINET
2025-08-14
Semi-Annual Securities Report
Period: Jan 2025 – Dec 2025
EDINET
2025-08-05
Large Shareholding Report
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
2024-05-15
Quarterly Securities Report
Period: Jan 2024 – Mar 2024
EDINET
2024-03-27
Annual Securities Report
Period: Jan 2023 – Dec 2023
EDINETAmended
2024-03-25
Amended Annual Securities Report
Period: Jan 2022 – Dec 2022
EDINET
2023-11-10
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
2023-03-27
Annual Securities Report
Period: Jan 2022 – Dec 2022
EDINET
2022-11-14
Quarterly Securities Report
EDINET
2022-08-15
Quarterly Securities Report
EDINET
2022-05-13
Quarterly Securities Report
EDINET
2022-03-28
Annual Securities Report
EDINET
2021-11-15
Quarterly Securities Report
EDINET
2021-08-13
Quarterly Securities Report
EDINET
2021-05-14
Quarterly Securities Report
EDINET
2021-03-29
Annual Securities Report
Ask AI
I have this company's financials, ownership, and management on hand. Ask me anything from an M&A perspective.
End of Preview

Try the full product

Free demo (no time limit, up to 10 companies). Explore Comps, DCF, LBO, WACC on every screen. Excel export is on the paid plan.

Free Demo (No Time Limit, 10 Companies) →