Under supervision (confirmation) · Designated 2026-09-28 JPX notice
Overview
Services

ProjectHoldings,Inc.

Project Holdings is a Japan-based digital transformation (DX) services group that provides consulting, technology, and HR-related support to help large and mid-sized Japanese enterprises execute business transformation. The company targets middle management (department and section managers) at major corporations, offering hands-on support for new business development, operational improvement, AI utilization, and UI/UX optimization through its three segments: DX Consulting, DX×Technology, and DX×HR. Its competitive strength lies in its execution-focused, project-based approach that goes beyond strategy formulation to deliver end-to-end implementation support, including RPA/BI tool deployment, SNS/digital marketing, and usability testing via its proprietary 'UIscope' platform.

Market Cap
US$72.2M
¥11.6B
EV
US$67.2M
¥10.8B
StockUS$13.60(¥2,176)▲+0.00%
US$1 = ¥160.00 (2026-11-13)
LTM EV/EBITDA
31.6
x
LTM EV/EBIT
48.7
x
LTM PER
84.3
x
LTM PBR
5.0
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▲+60.3%pt
1001
Nov 14, 25 – Nov 13, 26StockTOPIX
1Sep 29, 26Full-year guidance revised
MC → EV Bridge
US$72.2M¥11.6BMarket CapUS$6.01M¥0.96B+ DebtUS$11.0M¥1.76B− CashUS$0.01M¥0.00B− Inv. Sec.US$67.2M¥10.8BEV
AI Briefing
DX execution specialist for middle management at large Japanese enterprises, spanning consulting, technology, and HR segments. TechnoPro's tender offer at US$13.75 (¥2,200)/share (+98.2% premium, ~US$73.1M (¥11.7B) equity value) dominates the story, with SBI, the founder-CEO, and DY Fund No.1 (~62% combined) already agreeing to tender. Market read: the deal arrives with FY25/12 operating profit (US$1.25M (¥0.2B)) still well below the FY2022-23 peak, raising questions about whether current operating performance supports the offer economics.
Performance & Balance
Revenue 5Y (US$)
US$13.4M¥2.14B'21/12US$27.2M¥4.35B'22/12US$39.3M¥6.28B'23/12US$33.0M¥5.28B'24/12US$34.3M¥5.49B'25/12
EBITDA 5Y (US$)
US$3.31M¥0.53B'21/12US$6.32M¥1.01B'22/12US$6.47M¥1.04B'23/12US$0.16M¥0.02B'24/12US$1.71M¥0.27B'25/12
Net Income 5Y (US$)
US$2.24M¥0.36B'21/12US$4.23M¥0.68B'22/12US$3.67M¥0.59B'23/12-US$2.46M¥-0.39B'24/12US$0.79M¥0.13B'25/12
Capital Structure
70%
30%
EquityD/E 0.42xDebt
Liquidity vs Debt 5Y (US$)▲ Net Cash
CashInv. Sec.Debt
US$14.2M¥2.27B'21/12US$14.2M¥2.27BUS$3.90M¥0.62B'22/12US$17.7M¥2.83BUS$13.9M¥2.22B'23/12US$16.5M¥2.64BUS$13.9M¥2.23B'24/12US$13.1M¥2.10BUS$7.69M¥1.23B'25/12
Business Segments
FY2025/12 · US$ (¥B)
73%
Digital transformation business
Revenue
US$24.9M(¥3.99B)
Segment profit
US$4.07M(¥0.65B)16.3%
23%
DX Technology Business
Revenue
US$8.03M(¥1.28B)
Segment profit
US$0.29M(¥0.05B)3.5%
3.9%
DX HR Business
Revenue
US$1.35M(¥0.22B)
Segment profit
US$0.01M(¥0.00B)0.5%
Adjustments
Revenue
-US$0.02M(¥-0.00B)
Segment profit
-US$3.39M(¥-0.54B)
Shareholders
Top 10 hold 78.2%
1
SBI Holdings,Inc.
29.88%
2
Yunosuke DOI
16.17%
3
DY Investment Limited Liability Partnership No. 1
15.75%
4
Shota ITO
3.72%
5
Hisashi SHINTAKU
3.49%
6
Macbee Planet,Inc.
2.75%
7
Custody Bank of Japan, Ltd. (Trust Account E)
2.51%
8
Aoi YARIMIZU
1.57%
9
Go KOSE
1.34%
10
Hiroyuki ERYU
1.05%
Management
7 officers
Yunosuke DOI
Representative Director, President and Executive Officer, CEO
Apr 2014 Joined Skylight Consulting Co., Ltd. Jan 2016 Established the Company; Representative Director, President Jan 2024 Representative Director, President and Executive Officer, CEO of the Company (current)
1989-05-18
Ryo MATSUMURA
Director, Executive Officer, CFO
Apr 2014 Joined Mizuho Bank, Ltd. Jul 2019 Senior Researcher, Industry Research Department, Mizuho Bank Jun 2021 Director of the Company Jan 2022 Senior Managing Director of the Company Jan 2024 Director, Managing Executive Officer, CFO of the Company Jan 2025 Director, Executive Officer, CFO of the Company (current)
1989-10-07
Kazumasa YANAGISAWA
Outside Director
Apr 2007 Joined McKinsey & Company, Inc. Mar 2010 Joined Morgan Stanley MUFG Securities Co., Ltd. (formerly Morgan Stanley Securities Co., Ltd.) Apr 2011 Established Logos Partners LLC; Managing Member (current) Sep 2013 Re-joined McKinsey & Company, Inc. Jan 2019 Partner, McKinsey & Company, Inc. Apr 2021 Left McKinsey & Company, Inc. Jan 2022 Outside Director, PROLEAD Partners Co., Ltd. Mar 2022 Director of the Company (current) Jan 2024 Outside Director, Audit and Supervisory Committee Member, PROLEAD Partners Co., Ltd. (current)
1983-03-25
Aiko YUKI
Outside Director, Audit and Supervisory Committee Member (Full-time)
Apr 2012 Joined NTT DATA Corporation Feb 2017 Senior Staff, NTT DATA Corporation Feb 2022 Assistant Manager, NTT DATA Corporation; Left NTT DATA Corporation Mar 2022 Full-time Audit & Supervisory Board Member of the Company Mar 2024 Full-time Director, Audit and Supervisory Committee Member of the Company (current)
1989-09-22
Akiko HASHIGUCHI
Outside Director, Audit and Supervisory Committee Member (Full-time)
Oct 1991 Joined Inoue Saito Eiwa Audit Corporation (currently Azusa Audit LLC) Jul 1996 Left Inoue Saito Eiwa Audit Corporation Sep 1999 Opened Hashiguchi CPA Office; Representative (current) Jul 2014 Audit & Supervisory Board Member, Global Kids Inc. Oct 2015 Audit & Supervisory Board Member, Global Kids COMPANY Inc. Apr 2023 Audit & Supervisory Board Member, GKS Inc. Mar 2024 Full-time Director, Audit and Supervisory Committee Member of the Company (current)
1967-10-06
Yuji MOMOSAKI
Outside Director, Audit and Supervisory Committee Member
Oct 1978 Joined Nishikata CPA Office (currently Deloitte Touche Tohmatsu LLC) Jul 1998 Partner, Deloitte Touche Tohmatsu LLC Mar 2008 Director, Business Management Division, Deloitte Touche Tohmatsu LLC Jan 2012 CIO, Tohmatsu Group Jan 2015 Opened Yuji Momosaki CPA Office; Representative (current) Jun 2016 Outside Director, Audit and Supervisory Committee Member, Takashima Co., Ltd. (current) Feb 2018 Audit & Supervisory Board Member of the Company Mar 2024 Director, Audit and Supervisory Committee Member of the Company (current)
1950-12-18
Jo KAWAZOE
Outside Director, Audit and Supervisory Committee Member
Apr 1991 Registered as an attorney; joined Kajitani Sogo Law Office Apr 1995 Opened Bridge Law Office Jun 2003 Opened Hanzomon Sogo Law Office Jan 2010 Opened Omotesando Sogo Law Office; Representative (current) Dec 2019 Audit & Supervisory Board Member of the Company Mar 2024 Director, Audit and Supervisory Committee Member of the Company (current)
1958-06-21
Large Shareholding Reports
Capstan Medical Co., Ltd.
2026-10-06
14.64%→15.67%
Yunosuke DOI
2026-10-05
16.09%→16.09%
Annual report (as of 2026-06-30): 16.17%
Yunosuke DOI
2026-10-05
15.04%→16.09%
Annual report (as of 2026-06-30): 16.17%
SBI Holdings, Inc.
2026-10-05
27.24%→29.73%
Disclosures
Tender Offer
2026-09-28
Tender Offer
2026-09-28
Primary Source Filings
TDnet
2026-11-12
Q3 Earnings Flash
FY ending Dec 2026
EDINET
2026-11-12
公開買付報告書
EDINETAmended
2026-10-09
訂正公開買付届出書
EDINETAmended
2026-10-06
訂正公開買付届出書
EDINET
2026-10-06
Large Shareholding Report
EDINET
2026-10-05
Large Shareholding Report
EDINET
2026-10-05
Large Shareholding Report
EDINET
2026-10-05
Large Shareholding Report
EDINET
2026-09-29
公開買付届出書
EDINET
2026-09-29
意見表明報告書
TDnet
2026-09-28
Tender Offer
TDnet
2026-09-28
Tender Offer
TDnet
2026-09-28
業績予想の修正
EDINET
2026-08-14
Semi-Annual Securities Report
Period: Jan 2026 – Dec 2026
TDnet
2026-08-14
Q2 Earnings Flash
FY ending Dec 2026
TDnet
2026-05-15
Q1 Earnings Flash
FY ending Dec 2026
EDINET
2026-03-27
Annual Securities Report
Period: Jan 2025 – Dec 2025
TDnet
2026-02-13
Full-Year Earnings Flash
FY ending Dec 2025
TDnet
2026-02-06
業績予想の修正
TDnet
2025-11-14
Q3 Earnings Flash
FY ending Dec 2025
TDnet
2025-11-14
業績予想の修正
TDnet
2025-08-14
業績予想の修正
EDINET
2025-08-14
Semi-Annual Securities Report
Period: Jan 2025 – Dec 2025
TDnet
2025-05-15
Q1 Earnings Flash
FY ending Dec 2025
EDINET
2025-03-31
Annual Securities Report
Period: Jan 2024 – Dec 2024
EDINET
2024-08-13
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
EDINET
2023-11-14
Quarterly Securities Report
Period: Jul 2023 – Sep 2023
EDINET
2023-08-14
Quarterly Securities Report
Period: Apr 2023 – Jun 2023
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