Business Content J-Stream <4308> widely develops video solution business for enterprises, providing various software, networks, and know-how for delivering videos on the Internet. The main services are the video sharing and delivery platform "J-Stream Equipmedia", which is equipped with all the necessary functions for video distribution, and the CDN※ service "J-Stream CDNext", which can handle large amounts of access. Both services are developed and built by the company, and can deliver large volumes of videos quickly and stably regardless of device or environment. The company also provides a "live streaming service" that is said to be difficult for general companies, and has received high praise from the medical and entertainment industries, among others. They also produce content such as videos, and develop and operate systems for creating and delivering content on the Web.

Kodama Chemical Industry <4222> started production of plastic molded products using a large vacuum molding machine imported from West Germany, which was the starting point. At that time, it was like what we would now call a venture company. Since then, we have accumulated technology in the field of resin processing, and now our main businesses are "Mobility Business" and "Living Space Business". For the fiscal year ending March 2024, the composition ratio of sales is 65.4% for "Mobility Business" and 30.9% for "Living Space Business", accounting for a total of 96.3% in both businesses.

1. Mobility Business

We supply various automotive interior and exterior products such as pillars, luggage trims, trunk trims, door trims, spoilers, fender covers, instrument panels, front spoilers, and skirts to major automobile manufacturers. In Japan, we mainly focus on trucks and RVs, while overseas we focus on pickup trucks and passenger vehicles. We are focusing on supplying new development products such as glass fiber mat press new methods and parts for three-dimensional decorative products, which are expected to be adopted by major Japanese manufacturers in the future.

2. Living Space Business

We supply resin products used in bathrooms, kitchens, toilets, and other water-related areas. We have established a fully entrusted production system from design to production, and our technological capabilities are highly regarded. In particular, we have strengths in bathroom mirrors and supply them to major housing equipment manufacturers. We not only respond to domestic remodeling needs but also actively utilize the connections with major housing equipment manufacturers to expand sales.

3. Advanced & Essential Business

We supply resin products such as game packages and trays for automotive parts. In addition, we intend to expand our business to the medical field in the future. In the case of the gaming industry, it has contributed to revenue due to the increase in demand during the COVID-19 pandemic, but if a hit product comes out, it can greatly contribute to revenue.

4. New Technology

As a new technology, the industrialization of plastic products using the glass fiber mat press new method has been successful, and it has been adopted in prestigious models. The products created by the new method have attracted attention as they are adopted in Lexus by Toyota Motor <7203>. Additionally, the three-dimensional decorating method is also used in Toyota Motor's Camry and the new SUV Harrier, Mitsubishi Motors <7211>'s Delica D:5, and Honda <7267>'s Odyssey.

For overseas markets, the company has been expanding its auto parts business in Echo Autoparts (Thailand) Co., Ltd. (Thailand) since 2002. It secures revenue by receiving orders for parts used in strategic models of various car companies, and it is also expanding its cold-formed products business and food container business in Thai Kodama Co., Ltd. (Thailand) and Thai Kodama (Vietnam) Co., Ltd. (Vietnam).

The company's products are positioned in the BtoB market, supplying most of the final products to Japanese companies. They leverage their relationships with major manufacturers both domestically and overseas. If the supply of products to customers, such as automotive and residential equipment refrigeration parts, expands in overseas markets, the company's revenue will also increase.

(Written by FISCO guest analyst Fumiya Mizuno)