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Heiwa
(6412)
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Rating:59Neutral
Price Target:
¥2,216.00
▲(8.52% Upside)
Action:Reiterated
Date:08/10/26
The score is held back primarily by financial risk from high leverage and only moderate free-cash-flow generation, despite stable operating margins. Offsetting this, technicals are positive with the stock trading above key moving averages and supportive momentum indicators. Valuation is moderately attractive, supported by a 3.77% dividend yield and a mid-range P/E of 18.02.
Positive Factors
Stable operating margins
Sustained ~16% EBIT and ~28% EBITDA margins indicate durable operational efficiency in manufacturing and product cycles. High operating profitability provides a buffer for R&D and new product launches, supporting long-term competitiveness despite revenue cyclicality.
Negative Factors
High leverage
Very elevated debt relative to equity constrains financial flexibility, raises refinancing and interest-rate risk, and limits capacity for acquisition or sustained capital investment. High leverage increases vulnerability to demand shocks over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Stable operating margins
Sustained ~16% EBIT and ~28% EBITDA margins indicate durable operational efficiency in manufacturing and product cycles. High operating profitability provides a buffer for R&D and new product launches, supporting long-term competitiveness despite revenue cyclicality.
Read all positive factors
Heiwa (6412) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥219.75B
Dividend Yield3.57%
Average Volume (3M)318.26K
Price to Earnings (P/E)19.3
Beta (1Y)0.34
Revenue Growth47.13%
EPS Growth-26.80%
CountryJP
Employees9,512
SectorConsumer Cyclical
Sector Strength84
IndustryLeisure
Share Statistics
EPS (TTM)115.91
Shares Outstanding99,809,060
10 Day Avg. Volume232,390
30 Day Avg. Volume318,263
Financial Highlights & Ratios
PEG Ratio-1.48
Price to Book (P/B)0.74
Price to Sales (P/S)0.71
P/FCF Ratio18.48
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)199.4
Revenue Forecast (FY)¥286.45B
Heiwa Business Overview & Revenue Model
Company Description
Established in 1949, Heiwa Corporation, previously named Heiwa Kogyo Co., Ltd., operates out of Tokyo, Japan. The company primarily engages in the design, manufacturing, and distribution of pachinko and pachislot gaming machines across Japan, and ...
How the Company Makes Money
Heiwa makes money mainly through two business segments. (1) Pachinko/pachislot machine business: The company earns revenue by developing, manufacturing, and selling pachinko and pachislot machines to pachinko hall operators. Earnings in this segme...
Heiwa Financial Statement Overview
Summary
Income Statement
68
Positive
Balance Sheet
38
Negative
Cash Flow
46
Neutral
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 265.62B | 258.11B | 145.87B | 136.38B | 142.29B | 121.56B |
| Gross Profit | 83.83B | 85.48B | 52.49B | 46.80B | 49.31B | 33.40B |
| EBITDA | 74.60B | 74.36B | 32.33B | 32.14B | 35.82B | 18.68B |
| Net Income | 11.43B | 11.67B | 13.06B | 16.61B | 20.68B | 2.19B |
Balance Sheet | ||||||
| Total Assets | 1.09T | 1.08T | 1.05T | 428.03B | 423.73B | 417.07B |
| Cash, Cash Equivalents and Short-Term Investments | 62.03B | 61.33B | 92.25B | 57.75B | 67.76B | 67.10B |
| Total Debt | 601.38B | 593.57B | 641.55B | 106.84B | 108.64B | 114.42B |
| Total Liabilities | 833.21B | 828.66B | 807.28B | 188.84B | 192.72B | 199.88B |
| Stockholders Equity | 252.60B | 248.68B | 244.12B | 239.19B | 231.00B | 217.19B |
Cash Flow | ||||||
| Free Cash Flow | 9.57B | 9.97B | 6.13B | 2.67B | 17.90B | 13.43B |
| Operating Cash Flow | 40.72B | 41.21B | 24.93B | 13.93B | 25.59B | 20.44B |
| Investing Cash Flow | -2.57B | -20.63B | -500.03B | 2.71B | -15.22B | 2.04B |
| Financing Cash Flow | -41.40B | -46.00B | 509.94B | -11.22B | -14.50B | -17.36B |
Heiwa Technical Analysis
Positive
2042.00
Price Trends
2087.28
Positive
2007.49
Positive
1982.99
Positive
Market Momentum
44.96
Negative
65.23
Neutral
82.89
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:6412, the sentiment is Positive. The current price of 2042 is below the 20-day moving average (MA) of 2168.00, below the 50-day MA of 2087.28, and above the 200-day MA of 1982.99, indicating a bullish trend. The MACD of 44.96 indicates Negative momentum. The RSI at 65.23 is Neutral, neither overbought nor oversold. The STOCH value of 82.89 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for JP:6412.
Heiwa Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
80 Outperform | ¥3.61T | 23.89 | 16.78% | 1.99% | 9.12% | 16.20% | |
77 Outperform | ¥381.55B | 21.34 | 22.01% | 1.46% | ― | ― | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
59 Neutral | ¥219.75B | 19.34 | 4.66% | 4.02% | 47.13% | -26.80% | |
57 Neutral | ¥56.20B | 15.47 | ― | 0.55% | 8.13% | ― | |
55 Neutral | ¥145.99B | 52.23 | ― | ― | 53.43% | 1.83% | |
46 Neutral | ¥55.63B | -0.26 | -94.11% | ― | 9.25% | -752.93% |
* Consumer Cyclical Sector Average
JP:6412
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Heiwa Corporate Events
Heiwa Posts Mixed Q1 Results but Lifts Full-Year Profit Outlook
Aug 7, 2026
Heiwa Corporation reported consolidated net sales of ¥77.8 billion for the three months ended June 30, 2026, up 10.7% year on year, while EBITDA edged higher but operating profit, ordinary profit, and profit attributable to owners of parent a...
Heiwa Expands Golf Portfolio With Acquisition of Ichihara Keikyu Country Club
Jul 15, 2026
Heiwa Corporation’s consolidated subsidiary Pacific Golf Management K.K. has agreed to acquire all shares of Ichihara Keikyu Country Club Co., Ltd. from Keikyu Corporation, turning the Chiba-based 18-hole Ichihara Keikyu Country Club operato...
Heiwa Discloses Strong Fiscal 2026 Results of Parent Ishihara Holdings
May 26, 2026
Heiwa Corporation announced that its parent company, Ishihara Holdings Inc., has finalized financial results for the fiscal year ended March 31, 2026, disclosing a balance sheet that highlights its investment-focused structure. Ishihara Holdings r...
Heiwa Details Relationship With Major Shareholder Ishihara Holdings
May 26, 2026
Heiwa Corporation has disclosed the status of Ishihara Holdings Inc. as an other affiliated company and its largest shareholder, with a 42.99% voting stake, while noting that Ishihara’s shares are not listed on any financial instruments exch...
Heiwa to Introduce Non‑Voting Preferred Shares to Fund Growth Investments
May 26, 2026
Heiwa Corporation has approved an additional proposal to amend its Articles of Incorporation, complementing previously announced changes tied to its transition to a holding company structure. The new proposal will be presented as a separate item a...
Heiwa Extends Golf-Focused Shareholder Benefit Program for FY 2027
May 13, 2026
Heiwa Corporation will continue its shareholder benefit program for the fiscal year ending March 31, 2027, offering coupons twice a year to investors holding at least 200 shares. These coupons, worth ¥1,000 each and usable up to 16 per visit,...
Heiwa Overhauls Leadership Ahead of Shift to Holding Company Structure
May 13, 2026
Heiwa Corporation has approved a series of leadership and board changes as it prepares to shift to a holding company structure and rebrand as HEIWA HOLDINGS INC. on October 1, 2026, transferring its Pachinko and Pachi slot machine operations to a ...
Heiwa to Shift to Pure Holding Company Structure via Company Split
May 13, 2026
Heiwa Corporation has approved a transition to a pure holding company structure by transferring the rights and obligations of its pachinko and pachislot machine business to a newly incorporated, wholly owned subsidiary, effective October 1, 2026. ...
Heiwa Beats Full-Year Profit Forecast on Lower Costs and Asset Gains
May 13, 2026
Heiwa Corporation reported that its full-year consolidated results for the fiscal year ended March 2026 modestly exceeded its earlier net sales forecast while significantly outperforming profit projections. Net sales came in roughly in line with g...
Heiwa Signals Earnings Recovery With Strong FY2026 Results and Bullish Outlook
May 13, 2026
Heiwa Corporation posted a sharp rebound in sales and profits for the fiscal year ended March 31, 2026, with net sales surging 76.9% to ¥258.1 billion and operating profit climbing 56.8% to ¥43.4 billion, supported by stronger operations...
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.