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Shinagawa Refractories Co., Ltd.
(5351)
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Rating:77Outperform
Price Target:
¥2,317.00
▲(9.55% Upside)
Action:Reiterated
Date:08/17/26
The score is driven primarily by strong financial performance (robust revenue and earnings growth, improving equity base) and very favorable valuation (low P/E and high dividend yield). Technicals are supportive but mixed, with longer-term trend strength offset by softer near-term positioning and mostly neutral momentum readings.
Positive Factors
Revenue Growth
Sustained multi-year revenue expansion indicates durable demand from heavy industries and successful commercial execution. Higher top-line scale supports operating leverage, reinforces customer relationships tied to relining cycles, and underpins longer-term investment capacity and market positioning.
Negative Factors
Margin Volatility
Uneven margins and a lumpy jump in net income reduce predictability of sustainable profitability. For a cyclical supplier to steel and high-heat industries, variable margins complicate capital allocation, make long-term margin guidance unreliable, and heighten earnings risk across cycles.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Growth
Sustained multi-year revenue expansion indicates durable demand from heavy industries and successful commercial execution. Higher top-line scale supports operating leverage, reinforces customer relationships tied to relining cycles, and underpins longer-term investment capacity and market positioning.
Read all positive factors
Shinagawa Refractories Co., Ltd. (5351) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥98.04B
Dividend Yield4.31%
Average Volume (3M)51.70K
Price to Earnings (P/E)3.3
Beta (1Y)0.81
Revenue Growth25.32%
EPS Growth236.05%
CountryJP
Employees9,089
SectorGeneral
Sector StrengthN/A
IndustryConstruction Materials
Share Statistics
EPS (TTM)635.31
Shares Outstanding47,146,830
10 Day Avg. Volume51,830
30 Day Avg. Volume51,699
Financial Highlights & Ratios
PEG Ratio0.02
Price to Book (P/B)0.87
Price to Sales (P/S)0.52
P/FCF Ratio22.18
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
Shinagawa Refractories Co., Ltd. Business Overview & Revenue Model
Company Description
Established in Tokyo, Japan, in 1875, Shinagawa Refractories Co., Ltd. is a prominent manufacturer and supplier of a wide array of high-temperature resistant materials. Their extensive product catalog includes various shaped refractory bricks, suc...
How the Company Makes Money
Shinagawa Refractories makes money mainly by selling refractory products and associated solutions to industrial customers that operate high-temperature processes. Its core revenue stream is the manufacture and sale of refractory materials (includi...
Shinagawa Refractories Co., Ltd. Financial Statement Overview
Summary
Income Statement
84
Very Positive
Balance Sheet
74
Positive
Cash Flow
67
Positive
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 186.06B | 177.74B | 144.07B | 144.18B | 124.96B | 110.78B |
| Gross Profit | 42.71B | 42.99B | 35.14B | 33.03B | 27.41B | 24.56B |
| EBITDA | 58.94B | 53.23B | 20.25B | 26.64B | 13.78B | 12.19B |
| Net Income | 28.99B | 26.07B | 9.78B | 15.28B | 8.31B | 5.31B |
Balance Sheet | ||||||
| Total Assets | 233.87B | 231.82B | 195.21B | 155.14B | 143.90B | 119.71B |
| Cash, Cash Equivalents and Short-Term Investments | 25.49B | 26.60B | 26.74B | 21.38B | 18.32B | 16.89B |
| Total Debt | 50.31B | 44.20B | 61.92B | 28.08B | 34.30B | 22.85B |
| Total Liabilities | 114.87B | 115.89B | 101.38B | 68.17B | 72.47B | 56.47B |
| Stockholders Equity | 110.17B | 106.94B | 89.00B | 83.42B | 68.11B | 60.17B |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | 4.19B | 7.26B | 6.05B | 3.65B | 5.96B |
| Operating Cash Flow | 0.00 | 13.86B | 13.10B | 11.75B | 10.28B | 9.49B |
| Investing Cash Flow | 0.00 | 10.79B | -29.83B | 2.58B | -15.95B | -5.17B |
| Financing Cash Flow | 0.00 | -26.05B | 22.00B | -11.49B | 6.84B | -3.35B |
Shinagawa Refractories Co., Ltd. Technical Analysis
Positive
2115.00
Price Trends
2011.22
Positive
1980.27
Positive
2029.22
Positive
Market Momentum
16.27
Positive
55.58
Neutral
78.18
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:5351, the sentiment is Positive. The current price of 2115 is above the 20-day moving average (MA) of 2070.35, above the 50-day MA of 2011.22, and above the 200-day MA of 2029.22, indicating a bullish trend. The MACD of 16.27 indicates Positive momentum. The RSI at 55.58 is Neutral, neither overbought nor oversold. The STOCH value of 78.18 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for JP:5351.
Shinagawa Refractories Co., Ltd. Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
85 Outperform | ¥162.56B | 10.35 | ― | 1.92% | 8.83% | 35.52% | |
82 Outperform | ¥243.30B | 16.59 | 10.28% | 2.44% | -1.29% | 32.72% | |
77 Outperform | ¥98.04B | 3.29 | ― | 4.28% | 25.32% | 236.05% | |
76 Outperform | ¥26.41B | 9.92 | ― | 7.56% | 2.61% | -17.29% | |
68 Neutral | ¥605.14B | 16.19 | ― | 2.13% | 2.27% | 2.33% | |
62 Neutral | ¥14.89B | 8.20 | ― | 2.81% | 2.20% | 28.82% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
JP:5351
Shinagawa Refractories Co., Ltd.
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Shinagawa Refractories Co., Ltd. Corporate Events
Shinagawa Refractories Raises Full-Year Earnings Outlook Despite First-Half Cost Pressures
Aug 10, 2026
Shinagawa Refractories has announced its consolidated earnings and dividend forecasts for the six months ending September 30, 2026, alongside a revision to its full-year forecast for the fiscal year ending March 31, 2027. For the first half, the c...
Shinagawa Refractories Lifts Q1 Profits and Shifts to Progressive Dividend Policy
Aug 10, 2026
Shinagawa Refractories reported consolidated net sales of ¥46.59 billion for the quarter ended June 30, 2026, up 21.8% year on year, while EBITDA fell 9.3% and operating income dropped 39.9%, pointing to margin pressure despite stronger reven...
Shinagawa Refractories Outlines Independence Despite Strong JFE Steel Ties
Jun 25, 2026
Shinagawa Refractories detailed its capital and transactional ties with JFE Steel Corporation and its ultimate parent, JFE Holdings, which collectively hold 34.9% of Shinagawa’s voting rights and classify the company as an equity-method affi...
Shinagawa Refractories Grants Treasury Shares to Directors Under Performance Share Plan
Jun 25, 2026
Shinagawa Refractories has approved the disposal of 33,588 treasury shares, valued at approximately JPY 62.9 million, to be granted as restricted stock to five internal directors under its performance share unit plan. The move follows the completi...
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.