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Okayama Paper Industries Co., Ltd.
(3892)
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Rating:73Outperform
Price Target:
¥1,856.00
▲(13.66% Upside)
Action:Upgraded
Date:07/15/26
The score is primarily supported by very strong balance-sheet quality (minimal leverage) and favorable valuation (low P/E and ~3% dividend yield). Offsetting these positives are mixed cash-flow consistency and a neutral-to-soft technical setup (negative MACD and trading below key moving averages).
Positive Factors
Very low leverage / conservative balance sheet
Exceptionally low leverage materially reduces refinancing and solvency risk, giving the company durable financial flexibility. Over a multi-month horizon this supports stable capital allocation, capacity to fund capex or dividends internally, and resilience through demand slowdowns.
Negative Factors
Margin compression since 2024
Meaningful margin compression versus the 2024 peak suggests pressure on pricing or rising input costs that can persist. Sustained lower margins reduce cash generation and reinvestment capacity, making it harder to improve returns and fund strategic initiatives over months.
Read all positive and negative factors
Positive Factors
Negative Factors
Very low leverage / conservative balance sheet
Exceptionally low leverage materially reduces refinancing and solvency risk, giving the company durable financial flexibility. Over a multi-month horizon this supports stable capital allocation, capacity to fund capex or dividends internally, and resilience through demand slowdowns.
Read all positive factors
Okayama Paper Industries Co., Ltd. (3892) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥8.14B
Dividend Yield3.07%
Average Volume (3M)2.27K
Price to Earnings (P/E)9.2
Beta (1Y)0.55
Revenue Growth-2.61%
EPS Growth2.70%
CountryJP
Employees192
SectorBasic Materials
Sector Strength58
IndustryPaper, Lumber & Forest Products
Share Statistics
EPS (TTM)158.53
Shares Outstanding5,500,000
10 Day Avg. Volume4,590
30 Day Avg. Volume2,273
Financial Highlights & Ratios
PEG Ratio3.66
Price to Book (P/B)0.56
Price to Sales (P/S)0.73
P/FCF Ratio8.14
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
Okayama Paper Industries Co., Ltd. Business Overview & Revenue Model
Company Description
Okayama Paper Industries Co., Ltd. engages in the manufacture and sale of paper products in Japan and internationally. It operates through Paperboard Business and Decorative Corrugated Board Business segments. The company provides core paper, pape...
How the Company Makes Money
Okayama Paper Industries primarily makes money by manufacturing and selling paper-based products to corporate customers. Key revenue streams include (1) sales of paper products (e.g., industrial/packaging paper) produced at its facilities, and (2)...
Okayama Paper Industries Co., Ltd. Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
93
Very Positive
Cash Flow
60
Neutral
| Breakdown | TTM | May 2025 | May 2024 | May 2023 | May 2022 | May 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 11.11B | 11.22B | 11.52B | 11.51B | 10.87B | 10.08B |
| Gross Profit | 2.64B | 2.71B | 2.83B | 3.29B | 2.27B | 2.23B |
| EBITDA | 1.16B | 1.25B | 1.31B | 1.99B | 913.34M | 1.02B |
| Net Income | 735.80M | 821.74M | 798.70M | 1.16B | 494.92M | 591.13M |
Balance Sheet | ||||||
| Total Assets | 18.66B | 18.52B | 16.93B | 18.24B | 15.37B | 14.88B |
| Cash, Cash Equivalents and Short-Term Investments | 4.63B | 5.26B | 4.47B | 6.60B | 4.96B | 5.03B |
| Total Debt | 6.51M | 17.64M | 38.69M | 48.48M | 72.79M | 36.55M |
| Total Liabilities | 3.90B | 4.04B | 3.99B | 6.00B | 4.84B | 4.42B |
| Stockholders Equity | 14.76B | 14.48B | 12.94B | 12.24B | 10.53B | 10.45B |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | 1.00B | -1.96B | 1.73B | 338.94M | 662.27M |
| Operating Cash Flow | 0.00 | 1.80B | -1.46B | 2.01B | 623.62M | 937.80M |
| Investing Cash Flow | 0.00 | -748.41M | -499.79M | -266.94M | -268.76M | -179.08M |
| Financing Cash Flow | 0.00 | -252.60M | -164.91M | -107.36M | -420.23M | -96.65M |
Okayama Paper Industries Co., Ltd. Technical Analysis
Negative
1633.00
Price Trends
1696.94
Negative
1704.65
Negative
1658.40
Negative
Market Momentum
-9.42
Negative
37.04
Neutral
7.79
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:3892, the sentiment is Negative. The current price of 1633 is below the 20-day moving average (MA) of 1647.30, below the 50-day MA of 1696.94, and below the 200-day MA of 1658.40, indicating a bearish trend. The MACD of -9.42 indicates Negative momentum. The RSI at 37.04 is Neutral, neither overbought nor oversold. The STOCH value of 7.79 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for JP:3892.
Okayama Paper Industries Co., Ltd. Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | ¥8.14B | 9.21 | ― | 3.00% | -2.61% | 2.70% | |
68 Neutral | ¥3.19B | 5.78 | ― | 4.43% | -9.65% | -18.90% | |
63 Neutral | ¥3.38B | 4.11 | ― | 3.33% | 2.11% | -18.15% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
58 Neutral | ¥8.36B | 12.96 | ― | 3.00% | 1.69% | -33.95% | |
54 Neutral | ¥4.51B | 55.85 | ― | 2.62% | -1.47% | -31.95% | |
48 Neutral | ¥889.25M | 5.66 | ― | ― | -1.98% | ― |
* Basic Materials Sector Average
JP:3892
Okayama Paper Industries Co., Ltd.
1,630.00
252.95
18.37%
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780.00
-41.00
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JP:9929
Heiwa Paper Co., Ltd.
468.00
40.33
9.43%
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.