ANAP Inc. (3189) AI Stock Analysis

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ANAP Inc.

(TSE/TYO:3189)

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Rating:41Neutral

Price Target:JPY 47.00▼(-6.00% Downside)

Action:reiterated

Date:11/07/26

The score is driven primarily by weak financial performance (shrinking revenue, severe margin and net-loss deterioration, and persistent cash burn alongside rising debt). Technical conditions add additional downside risk as the stock trades far below key moving averages with negative momentum. Valuation provides limited support because the company is loss-making and no dividend yield is available.

Positive Factors

Positive Equity BasePositive reported equity and a sizable asset base provide a more stable foundation than the negative equity recorded in 2023–2024. This gives ANAP some balance-sheet support for operating continuity, although the benefit is constrained by recent debt growth and continuing losses.

Negative Factors

Sustained Revenue ContractionThe prolonged reduction in revenue indicates significant pressure on ANAP's demand, customer reach, or operating footprint rather than a single weak quarter. A smaller sales base makes it harder to absorb fixed costs, rebuild margins, and restore sustainable profitability over coming periods.

ANAP Inc. (3189) vs. iShares MSCI Japan ETF (EWJ)

Market Cap: JPY 2.25B
Dividend Yield: ―
Average Volume (3M): 646.46K
Price to Earnings (P/E): -0.3
Beta (1Y): 0.19
Revenue Growth: 19.95%
EPS Growth: -408.72%
Country: Japan
Employees: 250
Sector: Consumer Cyclical
Sector Strength: 61
Industry: Apparel - Retail

ANAP Inc. Business Overview & Revenue Model

Company Description

Anap Holdings Inc., together with its subsidiaries, engages in the apparel retailing business in Japan. It is involved in retail and wholesale of clothes; licensing business; operation of beauty salons; provision of relaxation services; and bitcoin i...

How the Company Makes Money

ANAP Inc. generates revenue primarily by selling apparel and related fashion products to consumers. Key revenue streams generally include (1) direct-to-consumer sales through e-commerce and online platforms, and (2) sales through physical retail stor...

ANAP Inc. Financial Statement Overview

Summary

Financial statements indicate severe deterioration: revenue contracted sharply (to ~2.1B in 2026), profitability collapsed (gross margin ~20% in 2026 with very large net losses), and cash generation is consistently negative with worsening operating/free cash flow. Balance sheet risk increased as debt rose sharply in 2026 and equity quality has been historically stressed despite being positive recently.

Income Statement

9Very Negative

Balance Sheet

28Negative

Cash Flow

14Very Negative

Financial statement breakdown
Breakdown	TTM	Aug 2026	Aug 2025	Aug 2024	Aug 2023	Aug 2022
Income Statement
Total Revenue	2.13B	2.13B	1.77B	2.71B	4.22B	5.06B
Gross Profit	425.44M	425.44M	884.61M	1.30B	2.24B	2.75B
EBITDA	-770.44M	-6.52B	-2.51B	-1.16B	-1.09B	-431.16M
Net Income	-7.32B	-7.32B	-2.66B	-1.19B	-1.16B	-525.55M
Balance Sheet
Total Assets	19.32B	19.32B	18.32B	822.86M	1.67B	2.57B
Cash, Cash Equivalents and Short-Term Investments	330.11M	330.11M	748.00M	170.77M	424.81M	919.68M
Total Debt	10.47B	10.47B	5.00B	2.55B	1.96B	1.91B
Total Liabilities	11.34B	11.34B	5.68B	2.90B	2.55B	2.47B
Stockholders Equity	7.98B	7.98B	12.64B	-2.08B	-885.08M	103.44M
Cash Flow
Free Cash Flow	0	-2.35B	-2.52B	-790.56M	-673.70M	-634.65M
Operating Cash Flow	0	-2.27B	-1.95B	-747.82M	-597.53M	-578.31M
Investing Cash Flow	0	-6.21B	-10.68B	-28.67M	-55.33M	-43.57M
Financing Cash Flow	0	8.06B	13.21B	523.08M	170.61M	876.85M

ANAP Inc. Technical Analysis

Technical Analysis SentimentNegative

Last Price50.00

Price Trends

50DMA84.02Negative

100DMA96.12Negative

200DMA143.75Negative

Market Momentum

MACD-9.64Negative

RSI26.70Positive

STOCH25.00Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:3189, the sentiment is Negative. The current price of 50.00 is below the 20-day moving average (MA) of 58.20, below the 50-day MA of 84.02, and below the 200-day MA of 143.75, indicating a bearish trend. The MACD of -9.64 indicates Negative momentum. The RSI at 26.70 is Positive, neither overbought nor oversold. The STOCH value of 25.00 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for JP:3189.

ANAP Inc. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (61)

Financial Indicators

JP:3189 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
JP:9983	79Outperform	JPY 25.81T	46.45	20.26%	1.04%	16.55%	25.27%
JP:8227	71Outperform	JPY 782.58B	16.44	9.11%	2.12%	5.20%	11.08%
JP:2792	67Neutral	JPY 39.41B	16.23	―	3.89%	-3.56%	-29.47%
Sector *	61Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
JP:3189	41Neutral	JPY 6.41B	-0.27	―	―	19.95%	-408.72%
JP:3548	38Underperform	JPY 17.39B	-15.28	―	7.87%	-9.23%	47.73%

* Consumer Cyclical Sector Average

Performance Comparison

JP:3189 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
JP:3189	ANAP Inc.	50.00	-388.00	-88.58%
JP:9983	FAST RETAILING CO	82120.00	29101.18	54.89%
JP:8227	SHIMAMURA Co	3536.00	67.41	1.94%
JP:2792	HONEYS HOLDINGS CO. LTD.	1414.00	-38.08	-2.62%
JP:3548	BAROQUE JAPAN LIMITED	483.00	-232.94	-32.54%

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: Nov 06, 2026

ANAP Inc. AI Stock Analysis