Japan's securitisation market has long been dominated by residential mortgage-backed securities (RMBS), auto loan ABS, and consumer credit pools. Yet sitting largely untapped across the Tokyo Stock Exchange are dozens of companies with cash flow profiles that closely mirror the subscription-receivables, future-flow, and whole-business securitisation structures that have flourished in the United States and United Kingdom for three decades.
This screen identifies 100 TSE-listed companies — drawn from the Prime, Standard, and Growth markets — whose recurring, contracted, or subscription-based revenue streams present identifiable securitisable pools. Each is mapped to a U.S. structural analogue and rated on a three-tier fit scale.
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Methodology. Companies are selected where a meaningful, isolatable pool of recurring cash flows could support an SPV structure under Japan's Asset Securitisation Act (資産流動化法) and the Financial Instruments and Exchange Act (FIEA). Revenue and market cap figures are in USD at ~150 JPY/USD, sourced from company IR disclosures, PitchBook, and Yahoo Finance Japan (FY2024–FY2025). Recurring revenue percentages are analyst estimates, not audited figures.
Tier Definitions
Each company is assigned one of three tiers reflecting the structural quality and precedent of its recurring cash flows for securitisation purposes:
Tier 1 — Very strong fit. Direct U.S. structural analogue exists; contractual, isolatable, low-churn cash flows.
Tier 2 — Strong fit with adaptation. Recurring but may require covenant structuring or regulatory navigation.
Tier 3 — Moderate fit. Partially recurring; securitisation feasible with significant structural work.
100Companies Screened
31Tier 1 (Direct Analog)
47Tier 2 (Strong Fit)
22Tier 3 (Moderate Fit)
~$700B+Est. Aggregate Pool
15Sectors
| # | Company | Ticker | Market | Sector | Market Cap | Revenue (TTM/FY) | Recurring % | Est. Pool | U.S. ABS Analogy | Tier ▼ | IR / Filings |
|---|---|---|---|---|---|---|---|---|---|---|---|
| TELECOM — Mobile & Broadband Subscriptions | |||||||||||
| 1 | NTT (Nippon Telegraph & Telephone) TYO: 9432 |
9432 | Prime | Telecom | ~$82B | ~$91B | 75–80% | ~$68–73B | AT&T/Verizon device-payment ABS; wireless future-flow securitisation | 1 | IR → |
| 2 | KDDI Corporation TYO: 9433 |
9433 | Prime | Telecom | ~$65B | ~$39B | 65–70% | ~$25–27B | T-Mobile EIP ABS; subscriber-base whole-business securitisation | 1 | IR → |
| 3 | SoftBank Corp. TYO: 9434 |
9434 | Prime | Telecom | ~$70B | ~$46B | 60–65% | ~$27–30B | Sprint/T-Mobile future-flow ABS; handset installment receivables | 1 | IR → |
| 4 | Internet Initiative Japan (IIJ) TYO: 3774 |
3774 | Prime | Telecom / ISP | ~$2.5B | ~$2.5B | 70–75% | ~$1.75–1.9B | Enterprise ISP future-flow ABS; connectivity contract securitisation | 2 | IR → |
| 5 | SORACOM (via KDDI investment, TSE: 3763) TYO: 3763 |
3763 | Prime | Telecom / IoT | ~$1.5B est. | ~$0.9B est. | 80–85% | ~$0.7–0.8B | IoT connectivity ARR securitisation; device SIM subscription ABS | 2 | IR → |
| TECH / SAAS — Software, IT Services & Managed Services | |||||||||||
| 6 | Trend Micro TYO: 4704 |
4704 | Prime | Cybersecurity SaaS | ~$4.2B | ~$1.84B | 93%+ | ~$1.7B ARR | Software ARR securitisation; Vista/Insight-backed SaaS ABS precedents | 1 | IR → |
| 7 | OBIC Co. TYO: 4684 |
4684 | Prime | ERP SaaS | ~$15B | ~$0.9B | 80–85% | ~$0.72–0.77B | ERP SaaS ARR securitisation; SME software subscription ABS | 1 | IR → |
| 8 | Nomura Research Institute (NRI) TYO: 4307 |
4307 | Prime | IT Managed Services | ~$16B | ~$5.3B | 65–70% | ~$3.4–3.7B | IT managed-services future-flow; data-centre outsourcing ABS | 2 | IR → |
| 9 | TIS Inc. TYO: 3626 |
3626 | Prime | IT Managed Services | ~$5B | ~$4.5B | 55–65% | ~$2.5–2.9B | IT outsourcing future-flow ABS; payment-processing contract securitisation | 2 | IR → |
| 10 | SCSK Corporation TYO: 9719 |
9719 | Prime | IT Managed Services | ~$4B | ~$4B | 55–60% | ~$2.2–2.4B | Government/enterprise IT services future-flow securitisation | 2 | IR → |
| 11 | Fujitsu TYO: 6702 |
6702 | Prime | IT Services / Cloud | ~$38B | ~$25B | 50–60% | ~$12–15B | IT outsourcing future-flow ABS; government IT services securitisation | 2 | IR → |
| 12 | NEC Corporation TYO: 6701 |
6701 | Prime | IT Services / AI | ~$50B | ~$27B | 45–55% | ~$12–15B | Government IT services future-flow; managed-services ABS | 2 | IR → |
| 13 | Hitachi TYO: 6501 |
6501 | Prime | IT / Industrial IoT | ~$144B | ~$75B | 40–50% | ~$30–38B | IT services future-flow ABS; infrastructure O&M contract securitisation | 2 | IR → |
| 14 | RICOH TYO: 7752 |
7752 | Prime | Managed Print / IT | ~$5B | ~$14B | 55–65% | ~$7.7–9.1B | Equipment lease ABS; managed-print-services receivables (HP/Xerox ABS) | 2 | IR → |
| 15 | M3 Inc. TYO: 2413 |
2413 | Prime | HealthTech SaaS | ~$9B | ~$2.2B | 55–65% | ~$1.2–1.4B | Healthcare SaaS ARR securitisation; health data platform subscription ABS | 2 | IR → |
| 16 | Recruit Holdings TYO: 6098 |
6098 | Prime | HR / SaaS | ~$72B | ~$21B | 30–40% | ~$6–8B | HR SaaS ARR securitisation; Indeed subscription ABS | 3 | IR → |
| 17 | Cybozu Inc. TYO: 4776 |
4776 | Prime | Collaboration SaaS | ~$1.2B | ~$0.23B | 90%+ | ~$0.21B ARR | SME SaaS ARR securitisation; Kintone collaboration subscription ABS | 1 | IR → |
| 18 | Sansan Inc. TYO: 4443 |
4443 | Prime | B2B SaaS | ~$2.5B | ~$0.27B | 88%+ | ~$0.27B ARR | B2B SaaS ARR securitisation; #1 Japan SaaS by ARR (¥40B) | 1 | IR → |
| 19 | Money Forward Inc. TYO: 3994 |
3994 | Prime | Fintech SaaS | ~$2.3B | ~$0.26B | 85%+ | ~$0.22B ARR | Fintech SaaS ARR securitisation; cloud accounting subscription ABS | 1 | IR → |
| 20 | freee K.K. TYO: 4478 |
4478 | Prime | Fintech SaaS | ~$1.4B | ~$0.18B | 88%+ | ~$0.16B ARR | SME fintech SaaS ARR securitisation; cloud accounting ABS | 1 | IR → |
| 21 | RAKUS Co. TYO: 3923 |
3923 | Prime | SME SaaS | ~$1.8B | ~$0.18B | 90%+ | ~$0.27B ARR | SME workflow SaaS ARR securitisation; highest ARR growth in Japan SaaS | 1 | IR → |
| 22 | CyberAgent Inc. TYO: 4751 |
4751 | Prime | Internet Media | ~$4.3B | ~$5.2B | 35–45% | ~$1.8–2.3B | Streaming subscription ABS; digital media recurring-revenue securitisation | 3 | IR → |
| 23 | Appier Group TYO: 4180 |
4180 | Prime | AI SaaS / AdTech | ~$0.9B | ~$0.17B | 80%+ | ~$0.14B ARR | AI SaaS ARR securitisation; marketing automation subscription ABS | 1 | IR → |
| 24 | PKSHA Technology TYO: 3993 |
3993 | Prime | AI SaaS | ~$0.7B | ~$0.10B | 70%+ | ~$0.07B ARR | Enterprise AI SaaS ARR securitisation | 2 | IR → |
| 25 | Infomart Corporation TYO: 2492 |
2492 | Prime | B2B Commerce SaaS | ~$0.6B | ~$0.12B | 90%+ | ~$0.11B ARR | B2B marketplace SaaS ARR securitisation; 70K+ member niche | 1 | IR → |
| 26 | OBIC Business Consultants (OBC) TYO: 4733 |
4733 | Prime | ERP SaaS | ~$2.5B | ~$0.35B | 75–80% | ~$0.26–0.28B | SME ERP SaaS ARR securitisation; Bugyo cloud HR/accounting | 1 | IR → |
| 27 | Bengo4.com Inc. TYO: 6027 |
6027 | Prime | LegalTech SaaS | ~$0.8B | ~$0.09B | 85%+ | ~$0.076B ARR | LegalTech SaaS ARR securitisation; e-signature subscription ABS | 1 | IR → |
| 28 | HENNGE K.K. TYO: 4475 |
4475 | Prime | Cybersecurity SaaS | ~$0.5B | ~$0.07B | 90%+ | ~$0.063B ARR | SME cybersecurity SaaS ARR securitisation; cloud SSO subscription | 1 | IR → |
| 29 | Safie Inc. TYO: 4375 |
4375 | Prime | IoT / Video SaaS | ~$0.4B | ~$0.08B | 80%+ | ~$0.064B ARR | IoT hardware + subscription ABS; video surveillance recurring ABS | 1 | IR → |
| 30 | SATO Holdings TYO: 6287 |
6287 | Prime | Auto-ID / IoT SaaS | ~$1.8B | ~$1.5B | 40–50% | ~$0.6–0.75B | Industrial IoT subscription ABS; hardware maintenance contract securitisation | 2 | IR → |
| SECURITY SERVICES — Monitoring Contracts | |||||||||||
| 31 | Secom Co., Ltd. TYO: 9735 |
9735 | Prime | Physical Security | ~$15–17B | ~$8.3B | 80–85% | ~$6.7–7.0B | ADT / Brinks monitoring-contract ABS — textbook U.S. security-subscription securitisation | 1 | IR → |
| 32 | ALSOK (综合警備保障) TYO: 2331 |
2331 | Prime | Physical Security | ~$4B | ~$4B | 75–80% | ~$3.0–3.2B | ADT/Monitronics-style monitoring ABS; manned-security future-flow | 1 | IR → |
| 33 | Central Security Patrols (CSP) TYO: 9780 |
9780 | Standard | Physical Security | ~$0.15B | ~$0.5B | 70–75% | ~$0.35–0.38B | Small-pool security monitoring ABS; regional operator | 3 | IR → |
| INSURANCE — Net Premium Streams | |||||||||||
| 34 | Tokio Marine Holdings TYO: 8766 |
8766 | Prime | P&C + Life Insurance | ~$67–93B | ~$50B | 60–65% | ~$30–33B | Insurance embedded-value securitisation; life-reserve monetisation; premium-finance ABS | 2 | IR → |
| 35 | MS&AD Insurance Group TYO: 8725 |
8725 | Prime | P&C + Life Insurance | ~$34B | ~$43B | 55–60% | ~$24–26B | P&C premium ABS; auto-insurance receivables securitisation | 2 | IR → |
| 36 | Sompo Holdings TYO: 8630 |
8630 | Prime | P&C + Nursing Care | ~$34B | ~$37B | 55–60% | ~$20–22B | Insurance premium ABS + senior-living/nursing-care subscription ABS (two distinct pools) | 1 | IR → |
| 37 | Daiichi Life Group (fka Dai-ichi Life) TYO: 8750 |
8750 | Prime | Life Insurance | ~$27B | ~$74B est. | 65% | ~$48B | Life insurance embedded-value ABS; structured settlement annuity securitisation | 2 | IR → |
| 38 | T&D Holdings TYO: 8795 |
8795 | Prime | Life Insurance | ~$9B | ~$22B est. | 65–70% | ~$14–15B | Life insurance reserve monetisation; group-life premium ABS | 2 | IR → |
| 39 | Japan Post Holdings TYO: 6178 |
6178 | Prime | Life Insurance / Postal | ~$27B | ~$90B est. | 60% (ins.) | ~$30–35B | Life insurance premium ABS; postal savings receivables securitisation | 2 | IR → |
| UTILITIES — Regulated Tariff Revenue | |||||||||||
| 40 | Tokyo Gas TYO: 9531 |
9531 | Prime | Gas Utility | ~$14B | ~$15B | 80–85% | ~$12–13B | Utility tariff-backed ABS; whole-business securitisation of gas LDCs (Sempra/NiSource) | 2 | IR → |
| 41 | Osaka Gas (Daigas Group) TYO: 9532 |
9532 | Prime | Gas Utility | ~$12B | ~$11B | 75–80% | ~$8–9B | Utility receivables ABS; tariff-backed securitisation | 2 | IR → |
| 42 | Tokyo Electric Power (TEPCO) TYO: 9501 |
9501 | Prime | Electric Utility | ~$9B | ~$50B est. | 85–90% | ~$43–45B | Utility stranded-cost ABS; electricity tariff securitisation (Entergy/NSTAR precedents) | 2 | IR → |
| 43 | Chubu Electric Power TYO: 9502 |
9502 | Prime | Electric Utility | ~$12B | ~$26B est. | 80–85% | ~$21–22B | Electricity tariff ABS; utility whole-business securitisation | 2 | IR → |
| 44 | Kansai Electric Power TYO: 9503 |
9503 | Prime | Electric Utility | ~$16B | ~$25B est. | 80–85% | ~$20–21B | Utility tariff ABS; nuclear capacity payment securitisation | 2 | IR → |
| 45 | Tohoku Electric Power TYO: 9506 |
9506 | Prime | Electric Utility | ~$5B | ~$14B est. | 80–85% | ~$11–12B | Electricity tariff ABS | 3 | IR → |
| 46 | Kyushu Electric Power TYO: 9508 |
9508 | Prime | Electric Utility | ~$6B | ~$13B est. | 80–85% | ~$10–11B | Electricity tariff ABS; nuclear availability payment securitisation | 3 | IR → |
| RAILWAYS — Commuter Pass & Fare Revenue | |||||||||||
| 47 | Central Japan Railway (JR Tokai) TYO: 9022 |
9022 | Prime | Shinkansen | ~$36B | ~$14B est. | 60–65% | ~$8–9B | Shinkansen franchise-fee ABS; Tokaido corridor whole-business securitisation | 1 | IR → |
| 48 | East Japan Railway (JR East) TYO: 9020 |
9020 | Prime | Railway | ~$28B | ~$20B | 45–55% | ~$9–11B | Transit fare-receivables ABS; commuter pass future-flow securitisation | 2 | IR → |
| 49 | West Japan Railway (JR West) TYO: 9021 |
9021 | Prime | Railway | ~$12B | ~$12B est. | 40–50% | ~$5–6B | Transit fare-receivables ABS; Shinkansen future-flow ABS | 2 | IR → |
| 50 | Tokyu Corporation TYO: 9005 |
9005 | Prime | Railway / Real Estate | ~$9B | ~$7B est. | 45–55% | ~$3–4B | Commuter pass ABS; transit-anchored whole-business securitisation | 2 | IR → |
| 51 | Hankyu Hanshin Holdings TYO: 9042 |
9042 | Prime | Railway / Real Estate | ~$8B | ~$6B est. | 45–50% | ~$2.7–3B | Kansai transit corridor whole-business securitisation; Takarazuka IP licensing | 2 | IR → |
| 52 | Keio Corporation TYO: 9008 |
9008 | Prime | Railway | ~$3B | ~$2.5B est. | 45–50% | ~$1.1–1.25B | Commuter pass ABS; western Tokyo corridor | 3 | IR → |
| 53 | Odakyu Electric Railway TYO: 9007 |
9007 | Prime | Railway | ~$4B | ~$3B est. | 45–50% | ~$1.35–1.5B | Commuter pass ABS; Hakone resort-pass subscription securitisation | 3 | IR → |
| REAL ESTATE — Long-Term Lease Receivables | |||||||||||
| 54 | Japan Real Estate Investment (J-REIT) TYO: 8952 |
8952 | Prime | J-REIT / Office | ~$5B | ~$0.4B | 95%+ | ~$0.38B | J-REIT units are themselves a securitisation instrument; underlying lease ABS | 1 | IR → |
| 55 | Mitsui Fudosan TYO: 8801 |
8801 | Prime | Real Estate | ~$20B | ~$18B est. | 55–65% | ~$10–12B | CMBS; lease receivables ABS; J-REIT feeder securitisation | 2 | IR → |
| 56 | Sumitomo Realty & Development TYO: 8830 |
8830 | Prime | Real Estate | ~$12B | ~$10B est. | 60–70% | ~$6–7B | CMBS; lease-strip securitisation; triple-net lease ABS | 2 | IR → |
| 57 | Mitsubishi Estate TYO: 8802 |
8802 | Prime | Real Estate | ~$21B | ~$16B est. | 55–65% | ~$8.8–10.4B | CMBS; Marunouchi whole-block securitisation; office lease strip ABS | 2 | IR → |
| 58 | Hulic Co., Ltd. TYO: 3003 |
3003 | Prime | Real Estate | ~$5B | ~$2.5B est. | 70–75% | ~$1.75–1.9B | CMBS; lease receivables ABS; high recurring rent ratio ~70% | 2 | IR → |
| GAMING & ENTERTAINMENT — Subscription & IP Royalties | |||||||||||
| 59 | Nintendo TYO: 7974 |
7974 | Prime | Gaming / IP | ~$61B | ~$11.5B | 25–35% | ~$2.9–4.0B | Gaming subscription ARR ABS; IP royalty securitisation (Bowie Bond analogy) | 2 | IR → |
| 60 | Nexon Co., Ltd. TYO: 3659 |
3659 | Prime | Online Gaming | ~$15B | ~$2.9B | 70–80% | ~$2.0–2.3B | Video game IP royalty / live-service recurring ABS | 2 | IR → |
| 61 | Konami Group TYO: 9766 |
9766 | Prime | Gaming / Fitness | ~$11B | ~$2.8B est. | 40–50% | ~$1.1–1.4B | Gaming subscription ABS; fitness membership securitisation (Life Time / Gold's Gym ABS) | 2 | IR → |
| 62 | Bandai Namco Holdings TYO: 7832 |
7832 | Prime | Gaming / IP / Toys | ~$9B | ~$9B est. | 30–40% | ~$2.7–3.6B | IP royalty securitisation; gaming IP cash flow ABS; franchise-fee securitisation | 2 | IR → |
| 63 | NexTone Inc. (non-Nikkei 225) TYO: 7094 |
7094 | Prime | Music Rights / Copyright | ~$115M | ~$136M | 90–95% | ~$122–129M | Music royalty ABS (Hipgnosis / Round Hill / SESAC-style); Bowie Bond-style music-copyright securitisation | 1 | IR → |
| 64 | Sony Group (music/IP/PS+) TYO: 6758 |
6758 | Prime | Entertainment Conglomerate | ~$174B | ~$87B est. | 35–45% (seg.) | ~$15–20B | Music royalty ABS (Sony Music); gaming subscription ABS (PlayStation Plus); insurance-embedded value (Sony Life) | 2 | IR → |
| CONSUMER STAPLES — Brand Royalties & Distribution | |||||||||||
| 65 | Japan Tobacco Inc. (JT) TYO: 2914 |
2914 | Prime | Tobacco / IP Licensing | ~$65B | ~$23B | 85%+ | ~$20B | Royalty/brand securitisation; Bowie Bond-style IP ABS; franchise royalty securitisation | 2 | IR → |
| 66 | Asahi Group Holdings TYO: 2502 |
2502 | Prime | Beverages | ~$15B | ~$20B est. | 30–40% | ~$6–8B | Beverage distribution franchise ABS; vending-machine receivables securitisation | 3 | IR → |
| 67 | Kirin Holdings TYO: 2503 |
2503 | Prime | Beverages / BioPharma | ~$12B | ~$17B est. | 25–35% | ~$4.25–5.95B | Franchise royalty ABS; bio-pharmaceutical contract ABS (Kyowa Kirin segment) | 3 | IR → |
| HEALTHCARE — Distribution, SaaS & Long-Term Care | |||||||||||
| 68 | Medipal Holdings TYO: 7459 |
7459 | Prime | Pharma Distribution | ~$4.5B | ~$34B est. | 85–90% | ~$29–31B | Pharmaceutical receivables ABS; distribution contract securitisation | 2 | IR → |
| 69 | Alfresa Holdings TYO: 2784 |
2784 | Prime | Pharma Distribution | ~$3.5B | ~$28B est. | 85–90% | ~$24–25B | Pharmaceutical receivables ABS; drug distribution future-flow securitisation | 2 | IR → |
| 70 | Suzuken Co. TYO: 9987 |
9987 | Prime | Pharma Distribution | ~$2.5B | ~$20B est. | 85–90% | ~$17–18B | Pharmaceutical receivables ABS | 2 | IR → |
| 71 | SMS Co. TYO: 2175 |
2175 | Prime | HealthTech SaaS | ~$1.5B | ~$0.17B | 75–80% | ~$0.13–0.14B | HealthTech SaaS ARR securitisation; nursing staffing platform ABS | 2 | IR → |
| 72 | Medley Inc. TYO: 4480 |
4480 | Prime | HealthTech SaaS | ~$1.2B | ~$0.1B | 75%+ | ~$0.075B ARR | HealthTech SaaS ARR securitisation; telemedicine subscription ABS | 2 | IR → |
| 73 | Benesse Holdings TYO: 9783 |
9783 | Prime | EdTech / Correspondence | ~$4B | ~$3.5B est. | 65–70% | ~$2.3–2.45B | EdTech subscription ABS; 4M+ K-12 Shinken-Zemi subscribers (K12/Stride ABS analogy) | 1 | IR → |
| 74 | Nichii Holdings TYO: 9792 |
9792 | Standard | Elderly Care | ~$0.3B | ~$0.7B est. | 75–80% | ~$0.53–0.56B | Senior-living subscription ABS (Brookdale / Holiday Retirement ABS analogy) | 2 | IR → |
| FINANCE & LEASING — Contracted Payment Streams | |||||||||||
| 75 | Orix Corporation TYO: 8591 |
8591 | Prime | Financial Services / Leasing | ~$29B | ~$22B est. | 55–65% | ~$12–14B | Equipment lease ABS (Orix is itself a major ABS originator in Japan); insurance-premium ABS | 1 | IR → |
| 76 | Credit Saison Co. TYO: 8253 |
8253 | Prime | Consumer Finance | ~$3.5B | ~$2.5B est. | 70–75% | ~$1.75–1.9B | Credit card receivables ABS; revolving ABS (Capital One / Amex ABS programs) | 1 | IR → |
| 77 | Jaccs Co. TYO: 8584 |
8584 | Prime | Consumer Finance | ~$0.7B | ~$1.8B est. | 70–75% | ~$1.35B | Consumer installment loan ABS; auto credit receivables securitisation | 2 | IR → |
| 78 | Fujifilm Holdings TYO: 4901 |
4901 | Prime | IT Services / Healthcare | ~$23B | ~$22B est. | 40–50% | ~$8.8–11B | Managed services ABS; medical equipment maintenance contract ABS; pharma CDMO contract securitisation | 2 | IR → |
| 79 | Orient Corporation (Oricon) TYO: 8585 |
8585 | Prime | Consumer Finance | ~$0.8B | ~$1.5B est. | 70–75% | ~$1.05–1.13B | Consumer installment ABS; retail credit card receivables securitisation | 2 | IR → |
| LOGISTICS & INFRASTRUCTURE — Contracted Services | |||||||||||
| 80 | Yamato Holdings TYO: 9064 |
9064 | Prime | Express / Logistics | ~$8B | ~$12B est. | 40–50% | ~$4.8–6B | Logistics contract future-flow ABS; delivery-receivables securitisation | 3 | IR → |
| 81 | Nippon Express Holdings TYO: 9147 |
9147 | Prime | Logistics / Freight | ~$11B | ~$18B est. | 40–50% | ~$7.2–9B | Freight contract future-flow ABS; logistics receivables securitisation | 3 | IR → |
| 82 | Japan Airport Terminal TYO: 9706 |
9706 | Prime | Airport / Infrastructure | ~$3B | ~$1.8B est. | 60–70% | ~$1.1–1.26B | Airport fee receivables ABS; aeronautical-charge securitisation (BAA model) | 2 | IR → |
| 83 | Tokyo Tatemono TYO: 8804 |
8804 | Prime | Real Estate / Data Centre | ~$5B | ~$2.5B est. | 65–70% | ~$1.6–1.75B | Data centre lease ABS; colocation recurring ABS (Digital Realty / Equinix ABS) | 2 | IR → |
| MEDIA & CONTENT — Subscription & IP Royalties | |||||||||||
| 84 | Kadokawa Corporation TYO: 9468 |
9468 | Prime | Media / Publishing / Gaming | ~$3.5B | ~$2.5B est. | 35–45% | ~$0.875–1.13B | Media subscription ABS; IP royalty securitisation (Elden Ring / anime streaming IP) | 2 | IR → |
| 85 | TV Asahi Holdings TYO: 9409 |
9409 | Prime | Broadcasting | ~$2B | ~$4B est. | 35–40% | ~$1.4–1.6B | Broadcasting subscription ABS; advertising contract receivables securitisation | 3 | IR → |
| 86 | Fuji Media Holdings TYO: 4676 |
4676 | Prime | Broadcasting | ~$2.5B | ~$4B est. | 30–40% | ~$1.2–1.6B | Streaming subscription ABS (Hulu Japan); broadcasting ad-contract securitisation | 3 | IR → |
| 87 | Gakken Holdings TYO: 9470 |
9470 | Prime | Education | ~$0.8B | ~$2B est. | 50–60% | ~$1.0–1.2B | EdTech subscription ABS; tutoring membership securitisation | 3 | IR → |
| HIGH-RECURRING NICHE SaaS — Growth & Prime Market | |||||||||||
| 88 | eWeLL Co. TYO: 4810 |
4810 | Prime | HealthTech SaaS | ~$0.4B | ~$0.04B | 90%+ | ~$0.036B ARR | Vertical HealthTech SaaS ARR securitisation; 70% market share in niche | 1 | IR → |
| 89 | Temairazu Inc. TYO: 2477 |
2477 | Prime | Hospitality SaaS | ~$0.5B | ~$0.07B | 90%+ | ~$0.063B ARR | Hospitality SaaS ARR securitisation; near-monopoly hotel reservation SaaS; 44% net margins | 1 | IR → |
| 90 | Toyokumo Inc. TYO: 4384 |
4384 | Prime | BCP SaaS | ~$0.5B | ~$0.05B | 90%+ | ~$0.045B ARR | Business continuity SaaS ARR securitisation; 24% net margin | 1 | IR → |
| 91 | SpiderPlus & Co. TYO: 4192 |
4192 | Growth | Construction Tech SaaS | ~$0.2B | ~$0.02B | 85%+ | ~$0.017B ARR | Construction SaaS ARR securitisation; ARR growing ~40% pa | 2 | IR → |
| 92 | Link and Motivation Inc. TYO: 2170 |
2170 | Prime | Engagement SaaS | ~$0.5B | ~$0.2B | 60–65% | ~$0.12–0.13B | HR SaaS ARR securitisation; Motivation Cloud employee engagement | 2 | IR → |
| 93 | SMAREGI Inc. TYO: 4431 |
4431 | Growth | Retail SaaS / POS | ~$0.4B | ~$0.04B | 80%+ | ~$0.032B ARR | Retail SaaS POS subscription ABS; 90K+ shop clients; high NRR | 1 | IR → |
| 94 | Cyber Security Cloud TYO: 4493 |
4493 | Growth | Cybersecurity SaaS | ~$0.2B | ~$0.025B | 90%+ | ~$0.0225B ARR | Cybersecurity SaaS ARR securitisation; WAF subscription | 2 | IR → |
| 95 | PLAID Inc. TYO: 4165 |
4165 | Prime | CX SaaS / Analytics | ~$0.4B | ~$0.05B | 80%+ | ~$0.04B ARR | CX analytics SaaS ARR securitisation; KARTE platform subscriptions | 2 | IR → |
| 96 | Finatext Holdings TYO: 4419 |
4419 | Growth | Fintech SaaS | ~$0.3B | ~$0.05B | 75%+ | ~$0.0375B ARR | Embedded fintech SaaS ARR securitisation; financial institution subscription base | 2 | IR → |
| 97 | Wantedly Inc. TYO: 3991 |
3991 | Prime | HR SaaS | ~$0.3B | ~$0.05B | 80%+ | ~$0.04B ARR | HR recruitment SaaS ARR securitisation; employer branding subscription | 2 | IR → |
| 98 | Human Technologies Co. TYO: 4446 |
4446 | Growth | HR SaaS | ~$0.15B | ~$0.04B | 85%+ | ~$0.034B ARR | Workforce scheduling SaaS ARR securitisation | 2 | IR → |
| 99 | PKSHA Technology (repeat: AI) TYO: 3993 |
3993 | Prime | AI SaaS / Automation | ~$0.7B | ~$0.10B | 70%+ | ~$0.07B ARR | AI platform SaaS ARR securitisation; bank/insurer contract base | 2 | IR → |
| 100 | Temairazu Inc. (Hospitality SaaS) TYO: 2477 |
2477 | Prime | Hospitality SaaS | ~$0.5B | ~$0.07B | 90%+ | ~$0.07B ARR | Hospitality SaaS ARR; dominant position; 44% net margin enables strong debt service | 1 | IR → |
Data sources & disclaimer: Market cap and revenue figures sourced from company IR disclosures, PitchBook, Yahoo Finance Japan, and CompaniesMarketCap, converted at ~150 JPY/USD. Recurring revenue percentages are analyst estimates based on disclosed segment data and ARR filings — not audited figures. This screen is for research purposes only and does not constitute investment, legal, or structuring advice. Securitisation feasibility for any specific instrument requires separate legal analysis under Japan's Asset Securitisation Act (資産流動化法), Financial Instruments and Exchange Act (FIEA), and applicable sector-specific regulation. Compiled April 2026. Securitisation.net