Kanamic Network Co.,LTD
3939.T · JPX
Company research
Kanamic Network Co., Ltd. (TSE: 3939) is a Tokyo-based healthcare SaaS company founded in 2000 that develops and operates cloud-based information-sharing platforms and management systems for Japan's medical, nursing care, and elderly care industries, serving over 52,000 facilities nationwide. The company's flagship Kanamic Cloud Service connects interdisciplinary care professionals — including doctors, nurses, care managers, and local government staff — enabling seamless coordination across fragmented community care networks, while its suite of products also extends to childcare support systems and elder care facility management software. Operating on a freemium-driven subscription model, Kanamic has achieved 14 consecutive years of profit growth, generating approximately JPY 4.46 billion in trailing twelve-month revenue with a robust gross margin of ~63%, and is now expanding its footprint into AI-powered long-term care software (AISaaS) and Southeast Asia through its 2025 acquisition of a Singapore-based entity. Listed on the Tokyo Stock Exchange since 2016 and led by CEO Keiji Yamamoto, Kanamic holds a market capitalization of approximately JPY 23.8 billion and is well-positioned as a critical digital infrastructure provider amid Japan's rapidly aging society and the national push toward nursing care digitalization (DX).
Research reports
EDINET DB’s FY2025 analysis highlights record highs in revenue (55 billion yen), operating profit and net income, with operating margin above 29% and ROE over 26%, supported by very strong Piotroski and Altman scores that point to high profitability and low financial stress. It also systematically summarizes key business risks—such as changes in the nursing‑care insurance system, rising competition in cloud services for medical and care providers, technology and cybersecurity risks, and personal‑data and system‑failure concerns—while noting the stock trades on a PER around 20x, suggesting quality at a moderately rich valuation rather than deep value.
Simply Wall St · June 12, 2026Kanamic NetworkLTD (TSE:3939) – Stock AnalysisSimply Wall St’s automated equity report frames Kanamic as a high‑quality, small‑growth healthcare information services company, scoring strongly on past performance and future growth with earnings forecast to grow over 22% per year and earnings having grown 29% in the latest year. It emphasizes robust earnings and dividend quality, repeated dividend increases, and stable share‑price volatility, with narrative articles discussing the sustainability of high returns on capital and dividend growth; valuation is described as requiring further fair‑value analysis but overall tone toward the business and earnings trajectory is clearly positive.
ValueInvesting.io · May 25, 20263939.T Fair ValueThis Peter Lynch–style valuation note calculates a fair value of 459.38 JPY per share versus a then‑market price of 513 JPY, implying about −10.45% downside and concluding that 3939.T “is not a good investment” at that price level. The report backs this view by showing five‑year net‑income growth averaging 18.72% yet a current P/E near 20–21x, and walks through the Lynch formula (fair value = earnings growth rate × TTM EPS) using Kanamic’s historical earnings and growth profile to argue the shares are modestly overvalued despite strong fundamentals.
Morningstar Quantitative · December 4, 20253939 Stock Price QuoteMorningstar’s quantitative report—based on statistical matching to covered peers rather than human analyst coverage—assigns Kanamic a fair value of 297.85 JPY versus a market price of 537 JPY, stating it is trading at about a 339% premium and setting a 5‑star (deep value) price at 442.18 JPY. Alongside describing the business model and key valuation multiples, the report flags “High” uncertainty and highlights stretched price‑to‑sales and price‑to‑book ratios, implying a materially overvalued share price relative to estimated intrinsic value even though the underlying franchise in healthcare platforms is attractive.