■ Company Overview of JSH <150A>

1. Company History WaveLock Holdings <7940> originated from Japan WaveLock Co., Ltd., which was established in 1964 with equal investment from Nissho Co., Ltd. (currently Sojitz <2768>), Japan Carbide Industry <4064>, and Maruto Chemical Industry Co., Ltd. (currently Takeda Chemical Industries, Ltd.) for the introduction of the WaveLock technology regarding fiber-reinforced plastic sheet from Italy. The WaveLock method is a method of manufacturing a sandwich structure by synthesize fibers in a wave shape between two plastic films and fixing (lock) them. Resin processing sheets made by this method have the characteristics of not only elasticity but also a significant increase in physical strength. In the 1960s, vinyl products used in agriculture were weak in strength and susceptible to tearing, and the founder, Hiromi Kinebuchi, saw the need for WaveLock products in the same field and aimed to introduce the technology from agricultural raincoats. After that, the market expanded to include vinyl greenhouses, raincoats, industrial materials, and more, and the business grew. The operating income of products worth 10-30 billion yen were respectively 401/1288/60 million yen.

The company was established in April 2016 by Kazuteru Noguchi, the current representative director, chairman, and president. Starting with a visiting medical consulting service specializing in psychiatric medical institutions, leveraging past experience, the company later acquired and fully owned Japan Home Medical, starting home nursing services and visiting medical support services for the purpose of stabilizing management.

In November 2017, with the aim of promoting regional revitalization, the company established Trace Enterprise Co., Ltd. as a subsidiary and began the employment support business for people with disabilities. The subsidiary then started various businesses such as local product sales in Goto City, Nagasaki Prefecture as part of tourism products, travel agency business, and guesthouse business. In 2019, to demonstrate synergy between home medical care business and regional revitalization business, streamline overlapping businesses, reduce costs associated with intra-group transactions, and strengthen management functions, the company absorbed and merged all its subsidiaries. Subsequently, both businesses have been growing steadily, turning profitable from the fiscal year ending in March 2022, and successfully listing on the Tokyo Stock Exchange Growth Market in March 2024.

The abbreviation JSH in the company name stands for Japan Support Holdings and was named with the intention of aiming to eliminate various issues in Japan by forming a consortium. Although the company dissolved the holding company structure by absorbing and merging subsidiaries in 2019, the company remains committed to continuing both businesses to address challenges such as creating employment for people with disabilities and promoting home medical care.

(Written by FISCO guest analyst, Jo Sato)