Intensifying Competition Due to Low Barriers to Entry
First written in FY2024. 3 of 4 entries say "Restated". Latest entry: FY2026.
The whole theme swung hardest in 2023: 1 of 9 companies on the "Worse" side.
12 other companies' latest entry also says "Restated".
- FY2026RestatedAnnual report
「As a result, numerous competitors already exist, including listed and unlisted companies, sole proprietors, financial institutions and accounting firms, and competition could intensify further as new entrants increase.」
The risk of intensifying competition due to low barriers to entry, together with a competitive strategy centered on success-fee-only services and small transactions, continues to be disclosed. - 2026-03-31RestatedEarnings presentation
「Although barriers to entry in the M&A brokerage industry are low and competition is intense, a direct-proposal sales strategy is relatively difficult to position in terms of consultant recruitment, training, incentive design, process standardization and culture building.」
The explanation of the risks arising from low barriers to entry and intensifying competition, as well as the difficulty of positioning a direct-proposal model, was reiterated. - FY2025RestatedAnnual report
「Competition could intensify further as new entrants increase.」
The risk of intensifying competition due to low barriers to entry, together with a competitive strategy centered on success-fee-only services and small transactions, continues to be disclosed. - FY2024First statedAnnual report
「The M&A advisory industry is considered to have low barriers to entry because it has no laws, regulations or licensing requirements and does not require substantial capital investment. As a result, numerous competitors already exist, including listed and unlisted companies, sole proprietors, financial institutions and accounting firms, and competition could intensify further as new entrants increase.」
The company identifies serving both sellers and buyers on a success-fee-only basis, focusing on small transactions and improving consultant productivity as competitive advantages.