Aica Kogyo Company, Limited (4206) AI Stock Analysis

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Aica Kogyo Company, Limited

(TSE/TYO:4206)

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Rating:66Neutral

Price Target:JPY 4,669.00▲(14.04% Upside)

Action:downgraded

Date:11/06/26

The company's strong balance sheet and consistent revenue growth are the primary strengths. However, the score is constrained by a significant recent deterioration in cash flow and neutral technical momentum. The reasonable valuation and solid dividend yield provide a supportive floor, resulting in a moderately positive overall assessment.

Positive Factors

Improving Revenue and ProfitabilityRecent revenue growth and materially improved margins indicate that the business is converting demand into stronger earnings. If maintained, this combination can support internal reinvestment, improve resilience across construction and industrial cycles, and strengthen earnings power over the next several quarters.

Negative Factors

Weak Latest Cash ConversionThe latest results show that reported earnings are not translating efficiently into cash, reducing the funds available for reinvestment, dividends, or debt reduction. Unless conversion improves, this mismatch can constrain financial flexibility and make earnings quality less dependable over the medium term.

Aica Kogyo Company, Limited (4206) vs. iShares MSCI Japan ETF (EWJ)

Market Cap: JPY 275.12B
Dividend Yield: 3.52%
Average Volume (3M): 268.56K
Price to Earnings (P/E): 13.7
Beta (1Y): 0.42
Revenue Growth: 11.84%
EPS Growth: 7.92%
Country: Japan
Employees: 5,314
Sector: Industrials
Sector Strength: 63
Industry: Industrial - Specialties

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 provides...

How the Company Makes Money

Aica Kogyo makes money mainly by manufacturing and selling chemical and building-material products to B2B customers. Revenue is generated through (1) sales of adhesives and resins used in wood products, housing-related materials, and industrial bondi...

Aica Kogyo Company, Limited Financial Statement Overview

Summary

Solid revenue growth and improving margins are offset by a sharp decline in cash flow generation. The strong balance sheet provides stability, but the recent cash conversion weakness tempers the overall financial health score.

Income Statement

75Positive

Balance Sheet

82Very Positive

Cash Flow

60Neutral

Financial statement breakdown
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	41.62B	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	1.09B	18.49B	20.01B	12.21B	4.99B
Operating Cash Flow	0	8.78B	26.75B	28.48B	19.85B	11.69B
Investing Cash Flow	0	-27.47B	-11.12B	-7.57B	-9.06B	-8.34B
Financing Cash Flow	0	10.77B	-16.79B	-11.17B	-9.36B	-1.11B

Aica Kogyo Company, Limited Technical Analysis

Technical Analysis SentimentNegative

Last Price4094.00

Price Trends

50DMA4242.26Negative

100DMA4002.00Positive

200DMA3760.44Positive

Market Momentum

MACD-13.11Positive

RSI35.73Neutral

STOCH38.68Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:4206, the sentiment is Negative. The current price of 4094.00 is below the 20-day moving average (MA) of 4332.00, below the 50-day MA of 4242.26, and above the 200-day MA of 3760.44, indicating a neutral trend. The MACD of -13.11 indicates Positive momentum. The RSI at 35.73 is Neutral, neither overbought nor oversold. The STOCH value of 38.68 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for JP:4206.

Aica Kogyo Company, Limited Peers Comparison

Overall Rating

UnderperformOutperform

Sector (63)

Financial Indicators

JP:4206 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
JP:3106	80Outperform	JPY 184.95B	11.36	―	9.34%	1.96%	32.98%
JP:5393	72Outperform	JPY 611.16B	16.27	15.37%	2.04%	8.89%	23.72%
JP:3105	67Neutral	JPY 311.81B	10.99	9.06%	1.85%	3.85%	34.29%
JP:4206	66Neutral	JPY 271.44B	13.66	―	3.52%	11.84%	7.92%
JP:4204	66Neutral	JPY 1.09T	14.09	9.23%	2.99%	6.37%	13.53%
Sector *	63Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
JP:3401	62Neutral	JPY 348.21B	18.01	4.89%	2.77%	-9.20%	-28.11%

* Industrials Sector Average

Performance Comparison

JP:4206 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
JP:4206	Aica Kogyo Company, Limited	4094.00	785.05	23.72%
JP:5393	Nichias Corporation	3157.00	1205.82	61.80%
JP:3105	Nisshinbo Holdings	1941.00	735.34	60.99%
JP:4204	Sekisui Chemical Co	2710.00	187.29	7.42%
JP:3401	Teijin	1806.50	576.18	46.83%
JP:3106	KURABO INDUSTRIES LTD.	2133.00	778.41	57.46%

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 05, 2026

Aica Kogyo Company, Limited AI Stock Analysis