Cybersecurity
8 companies
Japan's Active Cyber Defense Law (能動的サイバー防御法) enforcement begins Oct 1, 2026 — mandatory incident reporting for 15 critical infrastructure sectors (electricity, gas, telecom, finance). Japan cybersecurity market USD 11.4B (2026), growing 10.6% CAGR to USD 18.9B by 2031 (Mordor Intelligence). Government allocating ¥8T (USD 58B) over 5 years for cyber/space defense. SDF cyber personnel expanding 5x (800→4,000 by 2027). Microsoft investing $10B in Japan AI/cybersecurity (Apr 2026). AWS committing JPY 2.26T through 2027. Asahi Group ransomware attack (Sep 2025) — ¥5B loss, 1.9M records breached — drove legislative urgency. IPA 2026 threat report: ransomware #1 for 11th consecutive year, supply chain attacks #2, AI-related threats #3 (first time).
Recent Updates
Trend Micro (4704.T): Q1 FY2026 beat — Revenue +9.4%, NI +32.9%, OP margin 21.1%. Vision One ARR +50% (trigger cleared). TrendAI rebrand + NVIDIA/Anthropic partnerships. ACDA Oct 1 enforcement confirmed. HOLD.
Updated: 4704.T
New theme — Cybersecurity: 5 stocks analyzed. Active Cyber Defense Law (Oct 2026), market USD 11.4B growing 10.6% CAGR. Core: Trend Micro, Digital Arts. Satellite: HENNGE, CSC. Tactical: FFRI.
Updated: 4704.T, 2326.T, 4475.T, 4493.T, 3692.T
Explore DD — 3 new stocks added filling supply chain gaps: Macnica Holdings (distribution infrastructure, CrowdStrike sole Japan distributor), IIJ (managed security/SOC, backbone ISP moat), Soliton Systems (government zero-trust NAC, Active Cyber Defense Law catalyst). All anti-patterns clear. IIJ: PE 19x guardrail noted, overridden by recurring revenue moat.
Updated: 3132.T, 3774.T, 3040.T
Evolved 2326.T (Digital Arts): DOWNGRADED HIGH→MEDIUM. FY2027 targets revised down; contract bookings +57% preserve pipeline. Active Cyber Defense Law Oct 2026 catalyst.
Updated: 2326.T
Supply Chain Map
Drag nodes to rearrange. Hover to highlight connections. Click tracked companies to view details. Arrows show supplier → customer direction.
Peer Comparison
| Company | Ticker | Conv | PE | Fwd PE | P/B | ROE | Op Margin | D/E | Yield | FCF |
|---|---|---|---|---|---|---|---|---|---|---|
| Trend Micro | 4704.T | HIGH | 22.5 | 21.5 | 5.6 | 26.3% | 21.1% | low (near-zero long-term debt, cash ¥231B) | 3.30% | +¥42.7B |
| Digital Arts | 2326.T | MEDIUM | 21.7 | 21.7 | 4.3 | 17.8% | 42.7% | 37% | 1.7% | N/A |
| HENNGE | 4475.T | MEDIUM | 22.9 | 19.5 | 9.6 | 46.0% | 17.6% | 188% | 0.6% | N/A |
| Cyber Security Cloud | 4493.T | MEDIUM | 20.4 | — | 3.9 | 18.6% | 21.7% | 32% | 0.4% | +¥578M |
| FFRI Security | 3692.T | MEDIUM | 38.7 | 67.1 | 14.1 | 28.4% | 31.3% | 56% | 0.2% | N/A |
| Macnica Holdings | 3132.T | HIGH | 14.7 | — | 1.52 | 10.18% | ~3.5% (overall distributor; cyber segment >9%) | N/A | ~3.1% | N/A |
| Internet Initiative Japan (IIJ) | 3774.T | MEDIUM | 19.08 | — | 3.18 | 14.96% | 10.7% | N/A | N/A | N/A |
| Soliton Systems | 3040.T | MEDIUM | 14.55 | — | ~2.9 | ~20% | 14.1% | 1.31% | ~4.3% | N/A |
Companies
Trend Micro
4704.THIGHCore
Global cybersecurity leader with Japan HQ. Q1 FY2026 beat (May 14, 2026): Revenue ¥73,856M (+9.4%), NI ¥11,775M (+32.9%), OP margin 21.1% — beat FY gu...
Digital Arts
2326.TMEDIUMCore
FY2026 (ended March 2026): NI ¥3,439M (+7.9%), revenue ~¥10.8B (+8.2%). Dominant Japan web filtering: i-FILTER 53% education share, GIGA School Phase ...
HENNGE
4475.TMEDIUMSatellite
Cloud security SaaS with ARR exceeding ¥10B (Mar 2025), targeting ¥20B by FY2029 (20%+ CAGR). HENNGE One accounts for 94.6% of revenue. Q1 FY2026 reve...
Cyber Security Cloud
4493.TMEDIUMSatellite
Japan's leading cloud WAF provider. AI-driven WafCharm automates AWS WAF rule management. CloudFastener provides fully managed AWS security. FY2025 re...
FFRI Security
3692.TMEDIUMTactical
Pure domestic cybersecurity — only Japanese company with proprietary endpoint security engine (FFRI yarai). Defense Ministry and government agency con...
Macnica Holdings
3132.THIGHDistribution Infrastructure
Japan's #1 cybersecurity distributor and sole Japan distributor for CrowdStrike Falcon (CrowdStrike APJ Distributor of the Year 2025). Cybersecurity s...
Internet Initiative Japan (IIJ)
3774.TMEDIUMManaged Security Services
Japan's original internet backbone ISP (founded 1992, Japan's first commercial internet). IIJ is the only vendor that can provide NETWORK-LEVEL threat...
Soliton Systems
3040.TMEDIUMGovernment Network Access Control
Japan's dominant zero-trust NAC (Network Access Control) provider for government and public sector. NetAttest EPS (IEEE 802.1X) is the standard authen...