9369 KRS (Kyuso Ryutsu)
- Jun 16, 2025
- 1 min read
Updated: Jul 15, 2025
Kyuso Ryutsu is the largest player in food logistics. Part of the Kewpie Group but with low dependency. Specializes in chilled and frozen products. Handles small-lot transportation and delivery nationwide.
Betting on parent-subsidiary TOB is not worth it imv, but fwiw, this guy is:
https://note.com/note_en/n/nb02fe6038b46
"There are two problems facing the current refrigerated warehouse market:
1. Looking at the age of refrigerated warehouses across Japan, 30% are over 40 years old, which is the benchmark for rebuilding.
2. While the frozen food market is expanding, with household frozen food consumption increasing 42% over the 10-year period from 2013 to 2022, the average utilization rate of refrigerated and frozen warehouses in the six major cities reached 97% by 2023, almost running out the storage capacity.
Under the current circumstances, even rebuilding aging refrigerated and frozen warehouses is difficult. Rebuilding a refrigerated and frozen warehouse requires a place for the goods stored there, and securing such a place is difficult.
Recently, the AEON Group opened a frozen…
just my pure speculation (fun to think about)
https://x.com/japan_guru_x/status/1922654327266595129
logistics subsidiary of 2809 kewpie mayonnaise, but most of rev comes from external clients
typical parent-sub dual listing issue and many think it is a matter of time before this co will be sold in TOB, despite the rather heavy debt load
"frozen food logistics" is a very hot play for funds and strategics alike, and this co is a top player