Buying Equipment Is Only the Beginning: Comparing 20 Japanese Stocks Across Book Entries, Leasing and Disposal | Japan Individual Stock Due Diligence Center

Based on TDnet and company IR information, this article divides the life cycle of equipment into three revenue-generating stages—recording it on the books, leasing and using it, and selling it for recirculation—and compares the positions of 20 companies.

The companies are grouped into four categories: book-entry management, core-system integration, leasing, and sales and recirculation. Their disclosed businesses and revenue points are examined.

The first section covers companies that manage equipment on the books. プロシップ (3763) is promoting efforts to incorporate new lease accounting into ledger operations and is strengthening its solutions for managing fixed assets and leased assets. SaaS revenue rose sharply in the first quarter, but the SaaS segment continued to post an operating loss.

Next, the article focuses on オービックビジネスコンサルタント (4733), which provides 奉行クラウド and is transitioning to cloud contracts. Emphasis is placed on the revenue structure of solutions combining accounting and payroll functions with functions beyond fixed asset management. The discussion identifies trends in pricing and gross margin during the transition, as indicated by cloud-contract ARR and churn rates.

The article also emphasizes that the life cycle of equipment does not end with the accounting treatment at purchase. It can be monetized in multiple stages, including contract changes, lease payments, maintenance, disposal, sale and recirculation. Based on official information from each company, the article examines when revenue and profit are generated.

Finally, under information standards and how to read the analysis, the article distinguishes market data from disclosed information, using 17:05 on 17 August 2026 as the reference point. Attention will focus on the extent to which each company's revenue points are converted into cash flows in future earnings disclosures.