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Aica Kogyo Company, Limited
(4206)
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Rating:71Outperform
Price Target:
¥4,032.00
▲(14.61% Upside)
Action:Reiterated
Date:08/04/26
The score is driven primarily by solid fundamentals (improving profitability and conservative leverage), supported by reasonable valuation and a strong dividend yield. Offsetting these positives is the main risk: materially weaker and volatile 2026 cash conversion, with only a neutral-to-mixed technical backdrop.
Positive Factors
Revenue Recovery and Margin Improvement
The return to revenue growth after the 2024 decline, combined with stronger margins through 2026, indicates improving operating execution. If sustained, this can support more resilient earnings and strengthen the company’s ability to absorb cost or demand pressures.
Negative Factors
Weak Latest Cash Conversion
The sharp deterioration in operating and free cash flow versus 2024–2025 weakens earnings quality and may constrain internally funded investment or shareholder returns. Persistent working-capital swings would make reported profitability less dependable over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Recovery and Margin Improvement
The return to revenue growth after the 2024 decline, combined with stronger margins through 2026, indicates improving operating execution. If sustained, this can support more resilient earnings and strengthen the company’s ability to absorb cost or demand pressures.
Read all positive factors
Aica Kogyo Company, Limited (4206) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥270.99B
Dividend Yield3.36%
Average Volume (3M)178.31K
Price to Earnings (P/E)13.7
Beta (1Y)0.46
Revenue Growth4.67%
EPS Growth9.51%
CountryJP
Employees5,314
SectorIndustrials
Sector Strength72
IndustryIndustrial - Specialties
Share Statistics
EPS (TTM)299.63
Shares Outstanding67,590,670
10 Day Avg. Volume196,960
30 Day Avg. Volume178,310
Financial Highlights & Ratios
PEG Ratio1.08
Price to Book (P/B)1.19
Price to Sales (P/S)0.90
P/FCF Ratio207.79
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)321.06
Revenue Forecast (FY)¥290.30B
Aica Kogyo Company, Limited Business Overview & Revenue Model
Company Description
Aica Kogyo Company, Limited is an international enterprise engaged in the development, manufacture, and distribution of a comprehensive array of chemical products, as well as laminates and building materials. The company's chemical division provid...
How the Company Makes Money
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Aica Kogyo Company, Limited Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
82
Very Positive
Cash Flow
52
Neutral
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 263.38B | 251.76B | 248.70B | 236.63B | 242.06B | 214.51B |
| Gross Profit | 75.50B | 68.37B | 67.91B | 64.14B | 56.80B | 54.09B |
| EBITDA | 30.17B | 38.88B | 35.62B | 33.08B | 25.98B | 28.29B |
| Net Income | 18.79B | 18.53B | 16.90B | 15.13B | 10.06B | 13.12B |
Balance Sheet | ||||||
| Total Assets | 344.38B | 326.44B | 288.06B | 274.74B | 252.69B | 242.15B |
| Cash, Cash Equivalents and Short-Term Investments | 54.73B | 60.21B | 65.67B | 62.02B | 50.99B | 47.18B |
| Total Debt | 44.87B | 47.58B | 30.63B | 30.49B | 30.30B | 17.22B |
| Total Liabilities | 123.11B | 119.13B | 98.33B | 98.19B | 94.62B | 79.42B |
| Stockholders Equity | 193.64B | 190.50B | 173.39B | 161.81B | 145.23B | 145.25B |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | 1.09B | 18.49B | 20.01B | 12.21B | 4.99B |
| Operating Cash Flow | 0.00 | 8.78B | 26.75B | 28.48B | 19.85B | 11.69B |
| Investing Cash Flow | 0.00 | -27.47B | -11.12B | -7.57B | -9.06B | -8.34B |
| Financing Cash Flow | 0.00 | 10.77B | -16.79B | -11.17B | -9.36B | -1.11B |
Aica Kogyo Company, Limited Technical Analysis
Positive
3518.00
Price Trends
3814.28
Positive
3660.58
Positive
3598.64
Positive
Market Momentum
96.08
Positive
62.66
Neutral
64.19
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:4206, the sentiment is Positive. The current price of 3518 is below the 20-day moving average (MA) of 4028.30, below the 50-day MA of 3814.28, and below the 200-day MA of 3598.64, indicating a bullish trend. The MACD of 96.08 indicates Positive momentum. The RSI at 62.66 is Neutral, neither overbought nor oversold. The STOCH value of 64.19 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for JP:4206.
Aica Kogyo Company, Limited Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | ¥170.23B | 15.05 | ― | 2.66% | -3.25% | -0.51% | |
73 Outperform | ¥637.88B | 19.50 | 14.07% | 1.62% | 2.55% | 13.32% | |
71 Outperform | ¥270.99B | 13.69 | ― | 3.90% | 4.67% | 9.51% | |
70 Outperform | ¥335.09B | 13.95 | 4.11% | 2.73% | 2.09% | 95.69% | |
66 Neutral | ¥1.06T | 14.47 | 9.12% | 2.93% | 2.53% | 7.19% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
50 Neutral | ¥334.03B | -7.91 | -22.50% | 2.97% | -14.22% | -282.16% |
* Industrials Sector Average
JP:4206
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Aica Kogyo Company, Limited Corporate Events
Aica Kogyo to Dispose Treasury Stock for Expanded Employee Share Plan
Aug 4, 2026
Aica Kogyo’s board has approved the disposal of 50,000 shares of treasury stock, valued at 182.45 million yen, to the Custody Bank of Japan’s trust account as part of an additional contribution to its stock benefit trust (J-ESOP). The ...
Aica Kogyo Raises Full-Year Earnings Outlook on Record First-Quarter Performance
Aug 4, 2026
Aica Kogyo Company, Limited, a Japanese manufacturer of adhesives, decorative laminates, and other building materials, is pushing a medium-term strategy that prioritizes profitability, high-value-added products, and overseas growth. The company le...
Aica Kogyo Raises Dividend Forecast on Record First-Quarter Results
Aug 4, 2026
Aica Kogyo Company, Limited has revised its dividend forecast for the fiscal year ending March 31, 2027, citing strong business performance, including record first-quarter consolidated results in net sales and all major profit measures. The board ...
Aica Kogyo Hits Record Q1 Results, Lifts Dividend on Stylam Boost
Aug 4, 2026
Aica Kogyo reported record-high consolidated results for the three months ended June 30, 2026, with net sales rising 19.4% year on year to ¥71.4 billion and operating profit climbing 44.9% to ¥9.16 billion, boosting margins as well. Ordi...
Aica Kogyo Lifts Profits and Dividend Forecast on Strong First-Quarter Results
Aug 4, 2026
Aica Kogyo reported strong consolidated results for the three months to June 30, 2026, with net sales up 19.4% year on year to ¥71.4 billion and operating profit surging 44.9% to ¥9.2 billion. Ordinary profit climbed 34.8% and profit att...
Aica Kogyo Completes Restricted Stock Remuneration for Directors
Jul 22, 2026
Aica Kogyo Co., Ltd. has completed payment procedures for the disposal of treasury stock used as restricted stock remuneration for its directors. The move finalizes a board-approved compensation measure aimed at aligning management interests with ...
Aica Kogyo to Absorb Synthetic Resin Subsidiary in Efficiency Drive
Jul 2, 2026
Aica Kogyo Company, Limited has approved an absorption-type merger of its wholly owned, non-consolidated subsidiary Soko Service Co., Ltd., aiming to consolidate manufacturing operations for synthetic resin products. By folding Soko Service’...
Aica Kogyo Grants Restricted Treasury Shares to Align Directors’ Pay with Long-Term Performance
Jun 23, 2026
Aica Kogyo has approved the disposal of 12,000 shares of its treasury stock to four internal directors as part of a restricted stock remuneration plan, valued at approximately 42.9 million yen and priced at 3,574 yen per share. The move is framed ...
Aica Kogyo Lowers Conversion Price on 2027 Zero Coupon Convertible Bonds After Dividend Decision
Jun 23, 2026
Aica Kogyo Company, Limited has revised the conversion price of its Zero Coupon Convertible Bonds due 2027, lowering it from ¥3,260.1 to ¥3,233.3 per share. The adjusted conversion price took effect on April 1, 2026, reflecting an automa...
Aica Kogyo Takes Control of India’s Stylam Industries With 40% Stake
Jun 18, 2026
Aica Kogyo has completed the acquisition of 40% of the issued shares of Stylam Industries Limited, an Indian manufacturer of building materials such as high pressure laminates, for INR 15,253 million, making Stylam its consolidated subsidiary. Fol...
Aica Kogyo Unveils FY2025 Results and FY2026 Outlook
May 25, 2026
Aica Kogyo Co., Ltd. has released its financial results for the fiscal year ended March 31, 2026, outlining performance for FY2025 and providing forecasts for FY2026. The disclosure highlights results by business segment, the company’s capit...
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.