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Overview

Textiles and Apparels

NAIGAI CO.,LTD.

Naigai is a Japanese manufacturer and distributor of socks and hosiery products, operating under its own proprietary brand as well as licensed brands. The company sells its products through wholesale channels including department stores, mass retailers, and specialty stores domestically, while also conducting direct retail through company-owned stores, e-commerce, and catalog sales. Its group operations span rubber thread manufacturing for hosiery (via RONDEX Thailand), logistics, and online retail of leather goods.

Activists: Effissimo Capital Management Pte. Ltd. 5.97%

Market Cap

¥3.00B

US$19.1M

¥-2.03B

-US$12.9M

Stock¥384▼-1.03%

US$1 = ¥157.05 (2026-10-22)

LTM EV/EBITDA

30.3

LTM EV/EBIT

16.8

LTM PER

18.0

LTM PBR

0.4

2026-08-25 closing price basis: ranked #63 in beluuga.ai's "Japanese listed companies with negative Enterprise Value" ranking (simplified EV ≈ ¥-19B).

Stock vs TOPIX (1Y, base=100)vs TOPIX ▲+16.3%pt

Oct 23, 25 – Oct 22, 26StockTOPIX

1Jun 15, 26Q1 FY2027/01 earnings announced

MC → EV Bridge

AI Briefing

Naigai: century-old Japanese hosiery maker, vertically integrated from Thailand manufacturing to domestic wholesale, e-commerce and licensed brands. FY26/1 revenue ¥13.4B but swung to operating loss (¥-0.1B, -1.0%), margin erosion despite flat top-line growth; cap table shows Tabio and MN Interfashion as top holders, hinting at industry consolidation dynamics. Market cap ¥3.0B against negative EV (¥-2.0B) and ¥2.9B cash reflects deep value optics, though thin EBITDA (LTM ¥-0.1B) signals limited near-term earnings support.

Performance & Balance

Revenue 5Y (¥B)

EBITDA 5Y (¥B)

Net Income 5Y (¥B)

Capital Structure

77%

23%

EquityD/E 0.31xDebt

Liquidity vs Debt 5Y (¥B)▲ Net Cash

CashInv. Sec.Debt

Shareholders

Top 10 hold 50.5%

as of 2026-07-31 · Source: Annual Securities Report

Tabio Corporation

11.74%

MN Inter-Fashion Ltd.

10.41%

Mitsutoki SHIGETA (Standing Proxy: Snowball Capital Co., Ltd.)

7.06%

NAIGAI CO.,LTD. Stock Ownership Association

4.92%

ECM MF (Standing Proxy: Tachibana Securities Co., Ltd.)

4.44%

THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED - HONGKONG PRIVATE BANKING DIVISION CLIENT A/C 8028-394841 (Standing Proxy: The Hongkong and Shanghai Banking Corporation Limited, Tokyo Branch)

3.18%

THE CHASE MANHATTAN BANK, N.A. LONDON SPECIAL ACCOUNT NO.1 (Standing Proxy: Mizuho Bank, Ltd.)

3.05%

Japan Securities Finance Co.,Ltd.

2.27%

HMG JAPAN FUND (The Hongkong and Shanghai Banking Corporation Limited, Tokyo Branch)

1.77%

Tachibana Securities Co., Ltd.

1.66%

Management

8 officers

Kenji IMAIZUMI

Representative Director, President and Executive Officer

Apr 1987: Joined the Company Feb 2004: General Manager, Hosiery Business Division Product Department No. 1, the Company Feb 2008: Executive Officer, the Company Apr 2009: Director, the Company May 2012: Representative Director, President, Naigai IM Co., Ltd. Oct 2015: Representative Director, President, the Company Feb 2019: Representative Director, President and Executive Officer, the Company (current)

1964-10-28

Satoshi TAKAHARA

Senior Managing Director, Senior Executive Officer

Apr 1993: Joined the Company Aug 2010: General Manager, Sales Department No. 1, the Company Feb 2015: General Manager, Sales Department No. 2, the Company Feb 2016: General Manager, Merchandising Department, the Company Feb 2016: Executive Officer, the Company Apr 2021: Director and Executive Officer, the Company Apr 2024: Director and Managing Executive Officer, the Company May 2024: Outside Director, Tabio Corporation (current) Apr 2026: Senior Managing Director and Senior Executive Officer, the Company (current)

1969-05-29

Yuji KODAMA

Director, Executive Officer

Apr 2014: Joined the Company Feb 2017: General Manager, CS Department, the Company Feb 2023: General Manager, Mass Retail Department, the Company Feb 2024: Executive Officer, the Company (current) Apr 2026: Director, the Company (current)

1966-08-08

Shinya SATO

Director, Executive Officer

Jun 2001: Joined the Company Feb 2020: General Manager, Sales Department No. 1, the Company Feb 2022: General Manager, Homewear and Retail Departments, the Company Feb 2024: General Manager, Internal Control Department (current) and Head, Corporate Planning Office (current), the Company Feb 2025: Executive Officer, the Company (current) Apr 2026: Director, the Company (current)

1978-02-27

Akira NAKATANI

Director (Full-time Audit and Supervisory Committee Member)

Jul 2007: Joined the Company Apr 2008: General Manager, Accounting Department, the Company Feb 2017: Executive Officer, the Company Feb 2023: General Manager, Accounting Department, the Company Apr 2026: Director (Full-time Audit and Supervisory Committee Member), the Company (current)

1959-11-18

Masatoshi OGIHARA

Outside Director

Apr 1978: Joined Mitsui Fudosan Co., Ltd. Aug 2009: Joined Tabio Corporation Aug 2009: Senior Managing Director, Tabio Corporation Sep 2013: Branch Manager, Tokyo Branch, Tabio Corporation Dec 2013: Representative Director, Tabio France S.A.S. Apr 2024: Outside Director, the Company (current) May 2024: Adviser, Tabio Corporation (current)

1949-07-02

Mitsuo NOGUCHI

Outside Director (Audit and Supervisory Committee Member)

Apr 1974: Joined Osaka Regional Taxation Bureau Jul 1978: Taxation Bureau, Ministry of Finance (formerly Okurasho, now Ministry of Finance) Aug 2005: Registered as Certified Tax Accountant; Partner, Surugadai Law and Accounting Office Jun 2008: Outside Audit & Supervisory Board Member, Ferrotec Corporation Jul 2008: Representative, Surugadai Law and Accounting Office Feb 2017: Representative, Tokyo City Joint Accounting Office (current) Apr 2022: Outside Director (Audit and Supervisory Committee Member), the Company (current)

1950-05-31

Tomoko MATSUI

Outside Director (Audit and Supervisory Committee Member)

Apr 1994: Registered as Attorney-at-Law; joined Nagano Kunisuke Law Office Jan 2002: Partner Attorney, Nagano Kunisuke Law Office (current) Jan 2015: Outside Audit & Supervisory Board Member, Aohata Corporation Jul 2016: Commissioned Human Rights Volunteer, Ministry of Justice (current) Apr 2024: Outside Director (Audit and Supervisory Committee Member), the Company (current)

1967-05-29

Large Shareholding Reports

Mitsutoki Shigeta

2026-07-28

8.53%→9.54%

Mitsutoki SHIGETA

2026-05-29

7.52%→8.53%

Mitsutoki SHIGETA

2026-03-31

6.51%→7.52%

Tabio Corporation

2026-03-05

11.06%→11.06%

Annual report (as of 2026-07-31): 11.74%

Mitsutoki SHIGETA

2025-12-24

5.49%→6.51%

Tabio Corporation

2025-12-19

9.80%→11.06%

Annual report (as of 2026-07-31): 11.74%

Mitsutoki SHIGETA

2025-10-10

6.01%→5.49%

Mitsutoki SHIGETA

2025-09-24

7.40%→6.01%

Effissimo Capital Management Pte. Ltd.

2024-05-08

5.97%→5.97%

Disclosures

No disclosures

Primary Source Filings

EDINET

2026-09-14

Semi-Annual Securities Report

Period: Feb 2026 – Jan 2027

NAIGAI CO.,LTD.

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NAIGAI CO.,LTD.

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