PARK24 Co., Ltd. (4666) Stock Price

Park24 Co., Ltd. is an urban services company that operates parking lots under the "Times" brand nationwide and provides car-sharing and rental services. The company leases vacant land and parking facilities to operate short-term parking lots, and also offers a service called "Times Car," which allows customers to use vehicles only when needed. Through these services, the company addresses parking shortages and transportation challenges in urban areas.

The company's revenue primarily comes from parking fees paid by lot users and vehicle rental fees. Its customer base is diverse, including shoppers and business travelers requiring short-term parking, urban residents seeking regular vehicle access, and corporate and individual customers with monthly contracts. The company uses different contract structures with landowners, including subleasing agreements where it pays rent and management-only contracts.

The business is divided into three segments: domestic parking operations, mobility operations, and overseas parking operations. The domestic parking segment operates hourly, monthly, and reservation-based parking lots. The mobility segment offers new services that combine traditional car rentals with car-sharing, as well as roadside assistance. Overseas, the company operates local versions of Times Parking in the United Kingdom, Australia, and Asian countries, applying a small-scale, distributed parking development strategy to each market.

Park24 Co., Ltd. is pursuing an ambitious growth strategy to realize its 2035 long-term vision of "evolution into a mobility services platform operator." The company has formulated a three-year medium-term management plan with fiscal year October 2025 as the first year, setting numerical targets of 4,740 billion yen in revenue, 44.5 billion yen in operating profit, and 42.0 billion yen in ordinary profit for fiscal year October 2027. The company prioritizes double-digit growth in ordinary profit growth rate as its key management indicator and is addressing the strengthening of its financial foundation, which was temporarily weakened by the COVID-19 pandemic.

The core of the company's growth strategy lies in "expanding, evolving, and integrating four networks": people (members), vehicles (mobility), locations (destinations), and parking facilities. By organically connecting these four elements, the company differentiates itself from competitors. A particular focus is establishing and deploying the "Times Platform Service," which provides management systems and network services to parking facilities operated under other brands. The company also aims to achieve both improved customer convenience and profitability through next-generation parking services utilizing proprietary payment machines and vehicle recognition cameras.

In new market development, optimizing the business portfolio of overseas operations is a key initiative. The company currently operates parking businesses in the United Kingdom, Australia, New Zealand, Singapore, Malaysia, and Taiwan. It is accelerating the development of short-term contract parking facilities—"Times Parking" versions for each country—by applying its domestic success model of "small-scale, dispersed, and dominant" strategy to each market. This plan aims to improve the current business structure, which is heavily weighted toward large-scale, long-term contract parking facilities, thereby reducing business risk and enhancing profitability.

In technological innovation, the company is actively promoting digital investment and advancing the sophistication and integration of smartphone application features across various services. By establishing a unified platform and framework to manage the four networks, the company aims to enable cross-service customer referrals and achieve both improved customer convenience and profitability. Additionally, in response to environmental challenges, the company is promoting the installation of electric vehicle chargers at parking facilities and the adoption of electric vehicles in mobility services, while also enhancing information disclosure based on recommendations from the Task Force on Climate-related Financial Disclosures.