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Dawn Corporation
(2303)
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Rating:78Outperform
Price Target:
¥1,523.00
▼(-38.16% Downside)
Action:Reiterated
Date:10/11/26
The score is driven primarily by strong financial performance—high profitability, strong cash conversion, and an exceptionally conservative debt-free balance sheet. Offsetting this, technical indicators point to mild near-term weakness and only moderate momentum, while valuation looks reasonable (mid-teens P/E) but not especially compelling on yield.
Positive Factors
Debt-free balance sheet
A debt-free balance sheet materially lowers financial risk and preserves flexibility through industry or demand cycles. Steadily rising equity and assets also indicate ongoing balance-sheet expansion, giving the company capacity to fund operations and pursue growth without relying heavily on creditors.
Negative Factors
Uneven revenue growth
The company’s multi-year revenue trend is positive, but uneven annual growth reduces visibility into the pace of expansion. Mid-single-digit periods followed by re-acceleration suggest that demand or end-market growth may not progress consistently, making near-term planning and earnings progression less predictable.
Read all positive and negative factors
Positive Factors
Negative Factors
Debt-free balance sheet
A debt-free balance sheet materially lowers financial risk and preserves flexibility through industry or demand cycles. Steadily rising equity and assets also indicate ongoing balance-sheet expansion, giving the company capacity to fund operations and pursue growth without relying heavily on creditors.
Read all positive factors
Dawn Corporation (2303) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥8.23B
Dividend Yield1.09%
Average Volume (3M)14.36K
Price to Earnings (P/E)16.0
Beta (1Y)0.65
Revenue Growth10.24%
EPS Growth25.75%
CountryJP
Employees66
SectorTechnology
Sector Strength88
IndustrySoftware - Application
Share Statistics
EPS (TTM)80.50
Shares Outstanding6,600,000
10 Day Avg. Volume21,750
30 Day Avg. Volume14,356
Financial Highlights & Ratios
PEG Ratio1.18
Price to Book (P/B)2.64
Price to Sales (P/S)4.55
P/FCF Ratio12.13
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Dawn Corporation Business Overview & Revenue Model
Company Description
Dawn Corp., founded in 1991 and headquartered in Kobe, Japan, specializes in developing and maintaining cloud-based Geographic Information Systems (GIS) throughout the country. Their extensive portfolio features a range of services such as NET119,...
Dawn Corporation Financial Statement Overview
Summary
Income Statement
90
Very Positive
Balance Sheet
96
Very Positive
Cash Flow
88
Very Positive
| Breakdown | TTM | May 2025 | May 2024 | May 2023 | May 2022 | May 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.76B | 1.73B | 1.65B | 1.50B | 1.37B | 1.22B |
| Gross Profit | 1.23B | 1.20B | 1.08B | 1.02B | 888.64M | 818.80M |
| EBITDA | 691.27M | 660.85M | 589.51M | 551.99M | 454.22M | 406.84M |
| Net Income | 485.08M | 471.60M | 418.77M | 388.12M | 321.06M | 283.50M |
Balance Sheet | ||||||
| Total Assets | 3.28B | 3.34B | 3.07B | 2.82B | 2.50B | 2.37B |
| Cash, Cash Equivalents and Short-Term Investments | 1.73B | 1.85B | 1.73B | 1.92B | 1.79B | 2.07B |
| Total Debt | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Total Liabilities | 283.18M | 355.39M | 323.98M | 334.94M | 270.16M | 229.27M |
| Stockholders Equity | 2.99B | 2.99B | 2.75B | 2.48B | 2.23B | 2.14B |
Cash Flow | ||||||
| Free Cash Flow | 650.25M | 650.25M | 301.18M | 397.07M | 362.85M | 254.40M |
| Operating Cash Flow | 653.46M | 653.46M | 302.56M | 414.66M | 365.69M | 257.07M |
| Investing Cash Flow | -107.64M | -107.64M | -336.79M | -129.51M | -58.83M | -102.67M |
| Financing Cash Flow | -272.57M | -272.57M | -161.19M | -149.18M | -244.50M | -38.37M |
Dawn Corporation Technical Analysis
Positive
2463.00
Price Trends
1340.02
Negative
1299.03
Positive
1324.65
Negative
Market Momentum
-10.97
Positive
49.20
Neutral
32.20
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:2303, the sentiment is Positive. The current price of 2463 is above the 20-day moving average (MA) of 1327.25, above the 50-day MA of 1340.02, and above the 200-day MA of 1324.65, indicating a bearish trend. The MACD of -10.97 indicates Positive momentum. The RSI at 49.20 is Neutral, neither overbought nor oversold. The STOCH value of 32.20 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for JP:2303.
Dawn Corporation Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | ¥8.23B | 15.95 | ― | 1.09% | 10.24% | 25.75% | |
74 Outperform | ¥8.73B | 7.34 | ― | 2.06% | 7.21% | -16.99% | |
74 Outperform | ¥5.40B | 11.94 | ― | 2.64% | 13.99% | -36.97% | |
67 Neutral | ¥8.30B | 50.02 | ― | ― | 7.04% | -67.36% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
61 Neutral | ¥6.06B | 16.24 | ― | ― | 23.50% | 2.72% | |
51 Neutral | ¥6.91B | -67.59 | ― | ― | 15.38% | -30.93% |
* Technology Sector Average
JP:2303
Dawn Corporation
1,323.00
126.68
10.59%
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Dawn Corporation Corporate Events
Dawn Corporation Delivers Strong First-Quarter Earnings and Confirms Steady Full-Year Outlook
Oct 8, 2026
Dawn Corporation reported non-consolidated results for the three months ended August 31, 2026, showing net sales of ¥325 million, up 7.4% year on year, and operating profit of ¥101 million, up 27.0%. Ordinary profit rose 26.2% to ¥1...
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.