Cyber Security Cloud

4493.TMEDIUM

Satellite · Weight: 15%· Data as of 2026-04-15

¥1,575+0.51%

6-month daily

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

2026-05earningsFY2026 Q1 earnings

2026-10-01catalystActive Cyber Defense Law — drives WAF/cloud security adoption

Update History

2026-04-15new_narrativeHOLD

View report →

Initial DD — AI-driven WAF leader, PE 20.4x, AWS partnership, clean balance sheet

Key Metrics

20.4

N/A

Fwd PE

3.9

P/B

18.6%

ROE

21.7%

Op Margin

32%

D/E

0.4%

Div Yield

+¥578M

FCF

¥17.1B

Mkt Cap

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

Sources & References

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Peer Comparison

Company	PE	Fwd PE	ROE	Op Margin	FCF
Trend Micro	22.5	21.5	26.3%	21.1%	+¥42.7B
Digital Arts	21.7	21.7	17.8%	42.7%	N/A
HENNGE	22.9	19.5	46.0%	17.6%	N/A
Cyber Security Cloud	20.4	N/A	18.6%	21.7%	+¥578M
FFRI Security	38.7	67.1	28.4%	31.3%	N/A
Macnica Holdings	14.7	N/A	10.18%	~3.5% (overall distributor; cyber segment >9%)	N/A
Internet Initiative Japan (IIJ)	19.08	N/A	14.96%	10.7%	N/A
Soliton Systems	14.55	N/A	~20%	14.1%	N/A