Cyber Security Cloud
4493.TMEDIUMScore: 58.1Satellite · Weight: 15%· Data as of 2026-04-15
Investment Thesis
Japan's leading cloud WAF provider. AI-driven WafCharm automates AWS WAF rule management. CloudFastener provides fully managed AWS security. FY2025 revenue ¥5.08B, OP margin 21.7%, PE 20.4x (reasonable). ROE 18.6%. AWS partnership (official managed rules provider). Low D/E 0.32x — clean balance sheet. FCF positive (¥578M).
Risk
1) Small cap (¥17.1B) — illiquid, volatile. 2) AWS dependency — if AWS changes WAF architecture, risk. 3) Competition from Imperva, Cloudflare, F5. 4) No dividend (growth-stage). 5) Limited international traction despite US subsidiary.
Monitoring Trigger
FY2026 Q1 results. If revenue growth drops below 20%, reassess. If CloudFastener enterprise wins accelerate, ADD. Watch AWS partnership deepening. If OP margin drops below 18%, TRIM.
Key Dates
Key Metrics
Business Segments
| Segment | Revenue | Share | Description |
|---|---|---|---|
| WafCharm / WAF Services | ¥3.5B | 69% | AI-driven cloud WAF management for AWS, Azure, Google Cloud |
| CloudFastener | ¥1.0B | 20% | Fully managed AWS security service |
| Other (sasanka, etc.) | ¥0.6B | 11% | API protection, managed rules |
Supply Chain Evidence
| Evidence | Customer | Product | Detail |
|---|---|---|---|
| confirmed | AWS users (Japan) | WafCharm managed WAF rules | Official AWS managed rules provider, automates WAF configuration with AI |
| confirmed | Japanese enterprises | CloudFastener managed security | Fully managed AWS security operations for mid-market enterprises |