VLC SECURITY CO., LTD. (2467) Stock Price

Bulk Holdings is a pure holding company that operates primarily in the security business through its group companies. The company provides comprehensive security solutions for enterprises, including cybersecurity training and training arena services, as well as vulnerability assessments and data breach investigations.

The company's main customers are corporate information systems departments and security personnel. In terms of marketing focus, the primary sectors are food retail, manufacturers, and logistics companies. Security business is the core revenue driver for the group. The marketing business is scheduled to be discontinued as it has moved outside the group due to changes in affiliate company shareholdings.

The business is divided into two main segments: Security Business and Marketing Business (legacy). The Security Business operates training arenas, conducts vulnerability assessments, and provides support for information security certifications such as Privacy Mark and ISMS. The Marketing Business has provided market research, sales promotion planning, and SDGs-related consulting services.

The company pursues "value creation" as its management philosophy, aiming to expand market capitalization and achieve medium to long-term growth in revenue and operating profit. Financially, the company prioritizes maintaining its equity ratio and improving ROE (return on equity), with medium to long-term goals including organic growth and establishing a high-margin business model. In the fiscal year ended March 2025, the company reported revenue of 1,605 million yen (down 27.4% year-over-year), an operating loss of 270 million yen, an ordinary loss of 272 million yen, and net income attributable to parent company shareholders of 598 million yen. The company aims to maximize enterprise value through improvements in these metrics.

The priority investment area is the security business, where the company strengthens its total solution offering that integrates cybersecurity training, vulnerability assessments, and consulting. Specific initiatives include expanding cyber arena training facilities across Japan and Asia, enhancing hybrid education combining e-learning and on-demand formats, accelerating recruitment of advanced talent such as ethical hackers, and investing in proprietary product development to differentiate from competitors. These efforts leverage an integrated service delivery model combining "talent development + assessment + products" as a core strength.

For new market development, the company emphasizes Asia expansion and business growth through M&A and strategic partnerships. As the marketing business is expected to exit the group due to changes in affiliate shareholdings, the company will focus on security business as its core, expanding sales in overseas markets, particularly Asia with Japan as a hub. Additionally, the company aims to broaden its revenue base by enhancing investee value through partnerships and management support, with targets including expanding sales channels through partnerships and securing large-scale contracts.

Regarding technological innovation, the company explicitly prioritizes proprietary product development and acquisition of new technologies. Specific efforts include improving service delivery efficiency through digitalization of assessments and training, developing high-value solutions incorporating advanced technologies such as AI, and pursuing M&A and partnerships to acquire external technologies. Given the market environment of increasing ransomware and supply chain attacks, the company commits to continuous investment in talent and research and development to enhance both profitability and competitiveness.