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Ensuiko Sugar Refining Co., Ltd. (2112) AI Stock Analysis

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JP:2112

Ensuiko Sugar Refining Co., Ltd.

(TSE/TYO:2112)

Select Model
Rating:79Outperform
Price Target:JPY 538.00â–²(19.03% Upside)
Action:reiterated
Date:08/17/26

The score is driven primarily by improving fundamentals (stronger margins and sharply better leverage) and very compelling valuation (low P/E and high dividend yield). Technicals are supportive but somewhat stretched (RSI/Stochastic near overbought and still below the 200-day average), and the recent revenue decline plus uneven cash generation temper the overall rating.

Positive Factors
Improving ProfitabilityMaterial margin expansion from 2023 levels indicates stronger earnings economics and improved operating efficiency. If maintained, higher profitability can support reinvestment, dividends, and resilience against cost pressure.
Negative Factors
Declining RevenueThe recent top-line contraction indicates that stronger margins are not yet supported by sustained sales growth. Continued weakness could limit scale benefits, reduce operating leverage, and make earnings improvement harder to maintain.

Ensuiko Sugar Refining Co., Ltd. (2112) vs. iShares MSCI Japan ETF (EWJ)

-20%-10%0%10%20%30%JP:2112-5.07%EWJ+15.87%Dec '25Jan '26Feb '26Mar '26Apr '26May '26Jun '26Jul '26Aug '26Sep '26Oct '26
Market Cap
JPY 12.44B
Dividend Yield
3.74%
Average Volume (3M)
41.16K
Price to Earnings (P/E)
4.4
Beta (1Y)
0.58
Revenue Growth
-0.50%
EPS Growth
33.06%
Country
Japan
Employees
83
Sector
Consumer Defensive
Sector Strength
62
Industry
Food Confectioners

Ensuiko Sugar Refining Co., Ltd. Business Overview & Revenue Model

Company Description

Ensuiko Sugar Refining Co., Ltd. operates in Japan, manufacturing and supplying a diverse range of refined sugar products. Its extensive portfolio includes granular, white, stick, and liquid sugars, alongside specialty ingredients such as lactose fru...

How the Company Makes Money

null

Ensuiko Sugar Refining Co., Ltd. Financial Statement Overview

Summary

Profitability and balance-sheet strength have improved materially (net margin ~8.4% and operating margin ~9.2% in 2026; debt/equity down to ~0.33x with ROE ~13.4%). The key offset is the recent top-line decline (about -4.5% YoY in 2026) and choppy cash generation with low cash efficiency versus revenue.

Income Statement

78Positive

Balance Sheet

82Very Positive

Cash Flow

66Positive
Financial statement breakdown
BreakdownTTMMar 2026Mar 2025Mar 2024Mar 2023Mar 2022
Income Statement
Total Revenue32.83B32.98B32.52B31.55B27.95B25.13B
Gross Profit6.66B6.51B6.19B4.65B3.59B3.79B
EBITDA3.79B3.65B3.44B2.07B1.25B1.46B
Net Income2.85B2.77B2.14B1.48B498.00M609.00M
Balance Sheet
Total Assets33.59B31.81B29.41B27.51B25.89B26.13B
Cash, Cash Equivalents and Short-Term Investments2.17B2.89B3.31B2.31B2.21B3.53B
Total Debt6.69B6.73B8.25B10.17B11.83B13.08B
Total Liabilities11.58B11.21B12.79B13.79B14.86B15.75B
Stockholders Equity22.00B20.60B16.62B13.71B11.03B10.38B
Cash Flow
Free Cash Flow01.81B3.15B1.83B150.00M591.00M
Operating Cash Flow02.66B3.70B2.11B447.00M1.08B
Investing Cash Flow0-1.13B-520.00M-227.00M-374.00M-711.00M
Financing Cash Flow0-1.93B-2.17B-1.79B-1.40B-1.74B

Ensuiko Sugar Refining Co., Ltd. Technical Analysis

Technical Analysis SentimentNegative
Last Price452.00

Price Trends

50DMA456.07Negative
100DMA444.04Positive
200DMA474.27Negative

Market Momentum

MACD0.24Negative
RSI48.72Neutral
STOCH33.33Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:2112, the sentiment is Negative. The current price of 452.00 is above the 20-day moving average (MA) of 451.35, below the 50-day MA of 456.07, and below the 200-day MA of 474.27, indicating a neutral trend. The MACD of 0.24 indicates Negative momentum. The RSI at 48.72 is Neutral, neither overbought nor oversold. The STOCH value of 33.33 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for JP:2112.

Ensuiko Sugar Refining Co., Ltd. Peers Comparison

Overall Rating

UnderperformOutperform
Sector (62)

Financial Indicators

JP:2112 against its peers
NameOverall RatingMarket CapP/E RatioROEDividend YieldRevenue GrowthEPS Growth
JP:2112JP:211279OutperformJPY 12.31B4.37―3.74%-0.50%33.06%
JP:2114JP:211473OutperformJPY 31.54B9.38―3.01%0.14%27.23%
JP:2108JP:210867NeutralJPY 63.61B12.45―3.04%0.16%―
JP:2109JP:210965NeutralJPY 111.77B26.19―3.78%-2.45%-36.85%
Sector *62Neutral$20.33B14.63-3.31%3.23%1.93%-12.26%

* Consumer Defensive Sector Average

Performance Comparison

0%25%50%75%100%JP:2112JP:2108JP:2109JP:2114Dec '25Jan '26Feb '26Mar '26Apr '26May '26Jun '26Jul '26Aug '26Sep '26Oct '26
JP:2112 and its peers over the selected period
Show on chartTickerCompany NamePriceChange% Change
JP:2112Ensuiko Sugar Refining Co., Ltd.452.00-24.13-5.07%
JP:2108Nippon Beet Sugar Manufacturing Co., Ltd.1757.00796.8482.99%
JP:2109Mitsui DM Sugar Holdings Co.Ltd3575.00650.3322.24%
JP:2114Fuji Nihon Seito Corporation614.00103.2720.22%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.

Date of analysis: Aug 17, 2026