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Ichigo
(2337)
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Rating:57Neutral
Price Target:
¥400.00
▲(0.25% Upside)
Action:Reiterated
Date:10/15/26
The score is held back mainly by weak cash generation (negative OCF/FCF) and elevated/rising leverage, alongside bearish technical trend signals. These are partially offset by attractive valuation (low P/E and dividend yield) and a constructive earnings call featuring record-profit guidance and enhanced shareholder returns.
Positive Factors
Strong profitability
Strong operating and net margins show that Ichigo’s asset-management and value-enhancement activities can convert revenue into substantial earnings. This profitability provides a durable base for reinvestment, shareholder distributions, and resilience as individual property or segment results fluctuate.
Negative Factors
Persistent cash burn
Sustained negative operating and free cash flow weakens earnings quality and increases dependence on asset sales or external financing. If cash conversion does not improve, Ichigo may have less flexibility to fund acquisitions, reduce debt, or maintain shareholder distributions.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong profitability
Strong operating and net margins show that Ichigo’s asset-management and value-enhancement activities can convert revenue into substantial earnings. This profitability provides a durable base for reinvestment, shareholder distributions, and resilience as individual property or segment results fluctuate.
Read all positive factors
Ichigo (2337) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥170.38B
Dividend Yield2.8%
Average Volume (3M)1.03M
Price to Earnings (P/E)10.2
Beta (1Y)0.33
Revenue Growth-17.00%
EPS Growth-4.99%
CountryJP
Employees729
SectorReal Estate
Sector Strength53
IndustryReal Estate - Services
Share Statistics
EPS (TTM)N/A
Shares Outstanding416,608,580
10 Day Avg. Volume1,463,530
30 Day Avg. Volume1,026,630
Financial Highlights & Ratios
PEG Ratio0.73
Price to Book (P/B)1.57
Price to Sales (P/S)1.96
P/FCF Ratio-5.77
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
Ichigo Business Overview & Revenue Model
Company Description
Ichigo Inc., together with its subsidiaries, engages in real estate business in Japan. It operates in five segments: Asset Management, Shinzuki, Strawberry Owners, Hotel, and Clean Energy. The company manages real estate investment trusts, infrast...
How the Company Makes Money
Ichigo makes money primarily through real estate-related investment and management activities. Key revenue streams typically include: (1) rental and property-related income generated from operating income-producing real estate (e.g., office, retai...
Ichigo Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
56
Neutral
Cash Flow
28
Negative
| Breakdown | TTM | Feb 2026 | Feb 2025 | Feb 2024 | Feb 2023 | Feb 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 82.35B | 93.89B | 84.16B | 82.84B | 68.09B | 56.95B |
| Gross Profit | 25.22B | 26.50B | 20.77B | 15.68B | 13.52B | 9.88B |
| EBITDA | 35.71B | 33.86B | 30.23B | 25.53B | 22.09B | 17.89B |
| Net Income | 16.46B | 16.63B | 15.19B | 12.11B | 9.41B | 6.47B |
Balance Sheet | ||||||
| Total Assets | 445.65B | 435.82B | 406.71B | 367.01B | 338.62B | 337.89B |
| Cash, Cash Equivalents and Short-Term Investments | 39.22B | 42.06B | 42.69B | 46.92B | 40.58B | 46.46B |
| Total Debt | 312.56B | 297.23B | 262.11B | 232.79B | 209.96B | 209.40B |
| Total Liabilities | 330.25B | 319.06B | 284.00B | 250.74B | 224.23B | 225.70B |
| Stockholders Equity | 115.30B | 116.66B | 111.71B | 105.51B | 103.84B | 101.78B |
Cash Flow | ||||||
| Free Cash Flow | -50.42B | -31.84B | -33.50B | -18.01B | -13.44B | 862.00M |
| Operating Cash Flow | -38.21B | -21.66B | -28.45B | -9.81B | -2.92B | 6.66B |
| Investing Cash Flow | 11.05B | 3.42B | 5.36B | -1.29B | 5.81B | 7.78B |
| Financing Cash Flow | 22.57B | 20.81B | 19.57B | 17.79B | -6.58B | -15.36B |
Ichigo Technical Analysis
Positive
399.00
Price Trends
399.98
Positive
417.13
Negative
437.57
Negative
Market Momentum
2.46
Negative
63.88
Neutral
80.86
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:2337, the sentiment is Positive. The current price of 399 is above the 20-day moving average (MA) of 396.05, below the 50-day MA of 399.98, and below the 200-day MA of 437.57, indicating a neutral trend. The MACD of 2.46 indicates Negative momentum. The RSI at 63.88 is Neutral, neither overbought nor oversold. The STOCH value of 80.86 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for JP:2337.
Ichigo Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
68 Neutral | ¥661.95B | 10.84 | 10.53% | 3.66% | 16.54% | 13.29% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
62 Neutral | ¥122.33B | 6.81 | 13.50% | 3.65% | 3.39% | -6.00% | |
61 Neutral | ¥792.57B | 10.03 | 9.61% | 5.05% | 17.22% | 1.86% | |
60 Neutral | ¥58.22B | 8.45 | ― | 4.56% | 36.85% | 83.36% | |
57 Neutral | ¥170.38B | 10.18 | 14.46% | 2.80% | -17.00% | -4.99% | |
57 Neutral | ¥2.97T | 13.46 | 9.18% | 1.50% | 5.41% | 19.07% |
* Real Estate Sector Average
JP:2337
Ichigo
420.00
50.16
13.56%
JP:3231
Nomura Real Estate Holdings
868.20
-41.58
-4.57%
JP:8934
Sun Frontier Fudousan Co
2,146.00
-133.23
-5.85%
JP:8830
Sumitomo Realty & Development Co
3,245.00
-142.96
-4.22%
JP:8804
Tokyo Tatemono Co
3,241.00
376.09
13.13%
JP:3252
JINUSHI Co.,Ltd.
2,721.00
-138.42
-4.84%
Ichigo Corporate Events
Ichigo Launches New JPY 5 Billion Share Buyback and Cancellation Program
Oct 14, 2026
Ichigo Inc. has approved a new share buyback of up to 15 million common shares, equivalent to 3.83% of its outstanding stock excluding treasury shares, with a maximum total purchase amount of JPY 5 billion. The repurchases will be conducted via in...
Ichigo Maintains Profitability and Ups Dividend Despite Revenue Decline
Oct 14, 2026
Ichigo reported a sharp 22% year-on-year drop in first-half FY27/2 revenue to ¥39.8 billion, but managed to grow business profit 2.6% to ¥15.5 billion and lift cash net income nearly 10%. Net income dipped slightly, yet earnings per shar...
Ichigo’s September Renewable Output Drops on Weather and Plant Fault
Oct 5, 2026
Ichigo reported September 2026 solar power generation of 14,080,671 kWh, a 25% year-on-year decline and 29% below forecast, driven by widespread rainfall, reduced productive daylight hours from autumn rain fronts and typhoons, and a temporary shut...
Ichigo Subsidiary Sells Seven Tokyo Residential Assets for ¥9.9 Billion
Sep 28, 2026
Ichigo Inc., via its wholly owned subsidiary Ichigo Owners, is a Tokyo-based real estate owner services provider that specializes in high-quality, newly built residential properties in central Tokyo. The company structures assets and services to m...
Ichigo’s Renewable Output Drops on Typhoons and Plant Fault in H1 FY27
Sep 3, 2026
Ichigo reported that combined August 2026 solar and wind power output from its own and Ichigo Green’s plants totaled 20,747,809 kWh, representing an 11.1% year-on-year decline and coming in 8% below forecast. The shortfall was attributed to ...
Ichigo Logs Lower July Output but Shows Annual Growth in Renewable Generation and CO2 Cuts
Aug 5, 2026
Ichigo reported combined July 2026 solar and wind power generation of 20,852,798 kWh from its own assets and those of Ichigo Green Infrastructure Investment Corporation, coming in 1% below forecast and 16.5% lower year-on-year. The related CO2 red...
Ichigo Q1 Profit Rises on Asset Sales Despite Revenue Decline
Jul 15, 2026
Ichigo Inc. reported a weaker top line for the first quarter of FY27/2, with revenue down 15.9% year-on-year and operating profit falling 25.4%, while recurring profit declined 37.8% and shareholders’ equity ratio eased to 24.4%. Despite thi...
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.