| Valuation method | Value, ¥ | Upside, % |
|---|---|---|
| Artificial intelligence (AI) | 2453.25 | 46 |
| Intrinsic value (DCF) | 1034.68 | -39 |
| Graham-Dodd Method | 507.11 | -70 |
| Graham Formula | 1178.77 | -30 |
Fullcast Holdings Co., Ltd. (4848.T) is a leading Japanese human resource solutions provider specializing in short-term operational support, sales support, and security services. Headquartered in Tokyo, the company offers a diverse range of staffing solutions, including event operation personnel, payroll management, security services for public facilities, and call center operations. Fullcast serves industries such as distribution, retail, warehousing, and telecommunications, catering to both domestic and foreign nationals. With a strong presence in the Tokyo metropolitan area, the company also provides specialized services like senior workforce staffing and driver recruitment. Additionally, Fullcast offers back-office support, including data entry, accounting, and payment management. Founded in 1990, Fullcast has established itself as a key player in Japan's staffing and employment services sector, leveraging its extensive industry expertise to meet evolving labor market demands. The company’s diversified service portfolio and regional focus position it well in Japan’s competitive HR solutions market.
Fullcast Holdings presents a stable investment opportunity within Japan’s staffing industry, supported by consistent revenue growth and a strong cash position (JPY 17.5 billion). The company’s low beta (0.587) suggests lower volatility compared to the broader market, appealing to risk-averse investors. However, its reliance on Japan’s domestic labor market exposes it to demographic challenges, including an aging workforce. The company’s net income (JPY 5.49 billion) and operating cash flow (JPY 5.76 billion) indicate profitability, but competition from larger staffing firms could pressure margins. The dividend yield (JPY 62 per share) adds income appeal, though investors should monitor labor demand fluctuations and regulatory changes in Japan’s employment sector.
Fullcast Holdings operates in Japan’s highly fragmented staffing industry, competing with both large diversified firms and niche players. Its competitive advantage lies in its specialized service offerings, including security and senior workforce staffing, which differentiate it from generalist staffing providers. The company’s regional focus in Tokyo allows for deep client relationships but limits geographic diversification. Fullcast’s ability to provide short-term and event-based staffing solutions gives it flexibility in responding to labor demand spikes. However, its smaller scale compared to global staffing giants may restrict pricing power and technological investments in HR automation. The company’s security segment provides stable recurring revenue, but growth depends on Japan’s economic activity and corporate outsourcing trends. While Fullcast’s profitability metrics are solid, it faces intensifying competition from digital staffing platforms and larger rivals with broader service networks.