Tokyo Printing Ink Manufacturing Co., Ltd. (4635) AI Stock Analysis

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Tokyo Printing Ink Manufacturing Co., Ltd.

(TSE/TYO:4635)

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Rating:76Outperform

Price Target:JPY 1,890.00▼(-3.08% Downside)

Action:upgraded

Date:08/06/26

The score is driven primarily by improving financial performance and a strengthening balance sheet, tempered by modest and volatile free cash flow. Technicals are supportive with price above all major moving averages and positive MACD. Valuation is a key positive due to the low P/E and high dividend yield.

Positive Factors

Consistent Revenue GrowthThree-year steady top-line growth shows resilient end-market demand and successful commercial execution. Durable revenue gains improve planning, support capacity utilization, and provide a platform for further margin recovery and reinvestment into product development or customer-facing initiatives.

Negative Factors

Low Free Cash Flow ConversionProfits are not converting reliably into surplus cash, limiting the firm’s ability to self-fund growth, sustain dividends, or rapidly de-lever. Persistent low conversion increases reliance on operating efficiency or external financing to support strategic initiatives.

Tokyo Printing Ink Manufacturing Co., Ltd. (4635) vs. iShares MSCI Japan ETF (EWJ)

Market Cap: JPY 23.88B
Dividend Yield: 4.46%
Average Volume (3M): 46.31K
Price to Earnings (P/E): 10.0
Beta (1Y): 1.26
Revenue Growth: 7.12%
EPS Growth: 73.54%
Country: Japan
Employees: 652
Sector: Basic Materials
Sector Strength: 61
Industry: Chemicals - Specialty

Tokyo Printing Ink Manufacturing Co., Ltd. Business Overview & Revenue Model

Company Description

A Japanese firm, Tokyo Printing Ink Mfg. Co., Ltd. operates both domestically and internationally as a producer and vendor of specialized chemical goods. The company's diverse activities are organized across four primary business segments. Its Inks d...

How the Company Makes Money

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Tokyo Printing Ink Manufacturing Co., Ltd. Financial Statement Overview

Summary

Fundamentals are improving with steady revenue growth (2026 up ~4.36% YoY) and better profitability (net margin ~3.7% in 2026 vs ~2.0% in 2024; gross margin recovery to ~16%). Balance sheet leverage is conservative and improving (debt-to-equity ~0.20 in 2026). The main offset is weaker cash-flow quality: free cash flow is modest (¥0.43B in 2026) and volatile, with low conversion vs net income (FCF/NI ~0.18).

Income Statement

74Positive

Balance Sheet

81Very Positive

Cash Flow

56Neutral

Financial statement breakdown
Breakdown	TTM	Mar 2026	Mar 2025	Mar 2024	Mar 2023	Mar 2022
Income Statement
Total Revenue	51.25B	49.93B	46.81B	43.92B	43.41B	41.40B
Gross Profit	8.32B	8.00B	6.85B	6.23B	5.55B	6.44B
EBITDA	4.05B	3.85B	2.79B	2.10B	1.48B	2.17B
Net Income	2.44B	1.87B	1.18B	881.00M	1.65B	725.00M
Balance Sheet
Total Assets	54.49B	53.42B	50.83B	52.47B	47.80B	47.31B
Cash, Cash Equivalents and Short-Term Investments	4.36B	4.23B	3.70B	3.74B	3.38B	3.62B
Total Debt	7.27B	6.21B	6.92B	7.53B	7.55B	9.19B
Total Liabilities	22.64B	21.48B	21.00B	23.06B	20.53B	21.62B
Stockholders Equity	31.63B	31.72B	29.63B	29.21B	27.09B	25.54B
Cash Flow
Free Cash Flow	0	431.00M	337.00M	753.00M	1.55B	300.00M
Operating Cash Flow	0	2.38B	2.28B	2.01B	2.77B	1.85B
Investing Cash Flow	0	98.00M	-1.18B	-1.31B	-1.21B	-1.47B
Financing Cash Flow	0	-1.97B	-1.25B	-398.00M	-2.01B	39.00M

Tokyo Printing Ink Manufacturing Co., Ltd. Technical Analysis

Technical Analysis SentimentNeutral

Last Price1950.00

Price Trends

50DMA2011.83Negative

100DMA1730.50Positive

200DMA1566.73Positive

Market Momentum

MACD-4.93Positive

RSI47.58Neutral

STOCH37.89Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:4635, the sentiment is Neutral. The current price of 1950.00 is below the 20-day moving average (MA) of 1968.85, below the 50-day MA of 2011.83, and above the 200-day MA of 1566.73, indicating a neutral trend. The MACD of -4.93 indicates Positive momentum. The RSI at 47.58 is Neutral, neither overbought nor oversold. The STOCH value of 37.89 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for JP:4635.

Tokyo Printing Ink Manufacturing Co., Ltd. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (61)

Financial Indicators

JP:4635 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
JP:4633	85Outperform	JPY 122.47B	10.83	―	3.80%	8.94%	22.70%
JP:4635	76Outperform	JPY 26.67B	9.95	―	4.46%	7.12%	73.54%
JP:4116	74Outperform	JPY 95.61B	10.59	―	3.92%	1.64%	-24.06%
JP:4626	73Outperform	JPY 543.04B	19.43	―	3.31%	18.43%	149.34%
JP:4631	69Neutral	JPY 469.97B	8.03	12.05%	4.59%	6.29%	101.67%
Sector *	61Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
JP:4611	56Neutral	JPY 53.20B	20.76	―	3.20%	25.27%	-70.96%

* Basic Materials Sector Average

Performance Comparison

JP:4635 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
JP:4635	Tokyo Printing Ink Manufacturing Co., Ltd.	1950.00	600.12	44.46%
JP:4631	DIC Corporation	4796.00	1336.31	38.62%
JP:4116	Dainichiseika Color & Chemicals Mfg.Co., Ltd.	1308.00	375.01	40.19%
JP:4611	Dai Nippon Toryo Company, Limited	1810.00	615.81	51.57%
JP:4626	Taiyo Holdings Co., Ltd.	4679.00	658.76	16.39%
JP:4633	Sakata Inx Corp.	2630.00	440.70	20.13%

Tokyo Printing Ink Manufacturing Co., Ltd. Corporate Events

Tokyo Printing Ink Lifts Profit Outlook and Dividend After Strong First Quarter

Aug 5, 2026

Tokyo Printing Ink Manufacturing Co., Ltd. reported solid results for the three months ended June 30, 2026, with net sales rising 11.0% year on year to ¥13,347 million and profit attributable to owners of the parent surging 127.1% to ¥1,019...

Tokyo Printing Ink Revises FY2026 Results After Audit Flags Numerical Errors

May 22, 2026

Tokyo Printing Ink Manufacturing Co., Ltd. announced that it has corrected numerical errors found during audit procedures in its previously released consolidated financial results for the fiscal year ended March 31, 2026, prepared under Japanese GAAP...

Tokyo Printing Ink Posts Profit Surge but Guides for Softer FY2027

May 13, 2026

Tokyo Printing Ink Manufacturing reported consolidated net sales of ¥49.93 billion for the fiscal year ended March 31, 2026, up 6.7% year on year, with operating profit surging 69.4% to ¥2.22 billion and ordinary profit jumping 247.6% as pr...

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: Aug 06, 2026

Tokyo Printing Ink Manufacturing Co., Ltd. AI Stock Analysis