Aoyama Zaisan Networks Co., Ltd. (8929) AI Stock Analysis

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Aoyama Zaisan Networks Co., Ltd.

(TSE/TYO:8929)

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Rating:65Neutral

Price Target:JPY 1,249.00▲(7.49% Upside)

Action:reiterated

Date:11/14/26

The overall score of 65 reflects a fundamentally stable company with an attractive valuation, counterbalanced by poor technical momentum and cash flow concerns. The primary strengths are an impressive ROE of 23.5%, expanding profit margins, and a solid 4.82% dividend yield. However, a recent sharp drop in operating cash flow and a heavily bearish chart trend drag down the near-term outlook.

Positive Factors

Improving ProfitabilityHigher gross, net, EBIT, and EBITDA margins indicate improved profitability, while steady net-income growth through 2025 shows earnings resilience. If maintained, this stronger operating profile can support reinvestment and help the company absorb uneven transaction volumes.

Negative Factors

Revenue VolatilityThe reversal from strong 2024 performance to a roughly 10.7% revenue decline in 2025 demonstrates that top-line results can fluctuate materially. Persistent variability makes forecasting less reliable and can limit the consistency of margin, earnings, and cash-generation improvement.

Aoyama Zaisan Networks Co., Ltd. (8929) vs. iShares MSCI Japan ETF (EWJ)

Market Cap: JPY 27.96B
Dividend Yield: 4.82%
Average Volume (3M): 61.45K
Price to Earnings (P/E): 15.9
Beta (1Y): 0.24
Revenue Growth: -49.03%
EPS Growth: -44.22%
Country: Japan
Employees: 398
Sector: General
Sector Strength: 55
Industry: Real Estate - Services

Aoyama Zaisan Networks Co., Ltd. Business Overview & Revenue Model

Company Description

Operating predominantly in Japan, Aoyama Zaisan Networks Company, Limited delivers specialized real estate consulting services. Additionally, it provides expert advice in corporate finance and individual wealth management, and the firm also manages a...

How the Company Makes Money

The company primarily earns revenue from fees and commissions generated when it intermediates real estate transactions (e.g., facilitating the sale/purchase of properties). Additional earnings may come from ancillary services connected to those trans...

Aoyama Zaisan Networks Co., Ltd. Financial Statement Overview

Summary

Profitability and balance sheet health are excellent, highlighted by expanding margins, low leverage, and a 23.5% ROE. However, a 10.7% revenue contraction and a sharp drop in operating cash flow weigh on the overall financial score.

Income Statement

75Positive

Balance Sheet

88Very Positive

Cash Flow

45Neutral

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	32.35B	41.78B	45.62B	36.10B	35.95B	24.21B
Gross Profit	7.54B	7.88B	6.74B	6.05B	5.39B	4.01B
EBITDA	4.02B	4.39B	3.70B	3.50B	2.86B	2.40B
Net Income	2.64B	2.75B	2.43B	2.06B	1.69B	1.48B
Balance Sheet
Total Assets	30.84B	26.28B	22.39B	23.64B	21.76B	17.51B
Cash, Cash Equivalents and Short-Term Investments	15.64B	14.10B	13.08B	14.70B	12.80B	10.87B
Total Debt	9.91B	6.21B	5.97B	8.17B	8.13B	6.59B
Total Liabilities	18.43B	14.56B	12.57B	14.05B	13.55B	10.38B
Stockholders Equity	12.38B	11.68B	9.80B	9.55B	8.30B	7.12B
Cash Flow
Free Cash Flow	0	854.00M	6.61B	2.46B	2.10B	2.23B
Operating Cash Flow	0	903.00M	6.66B	2.49B	2.22B	2.39B
Investing Cash Flow	0	901.00M	-2.66B	212.00M	-1.24B	-621.04M
Financing Cash Flow	0	-888.00M	-5.77B	-858.00M	862.00M	-384.74M

Aoyama Zaisan Networks Co., Ltd. Technical Analysis

Technical Analysis SentimentNegative

Last Price1162.00

Price Trends

50DMA1323.16Negative

100DMA1304.51Negative

200DMA1322.41Negative

Market Momentum

MACD-28.61Positive

RSI24.98Positive

STOCH27.88Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:8929, the sentiment is Negative. The current price of 1162.00 is below the 20-day moving average (MA) of 1275.70, below the 50-day MA of 1323.16, and below the 200-day MA of 1322.41, indicating a bearish trend. The MACD of -28.61 indicates Positive momentum. The RSI at 24.98 is Positive, neither overbought nor oversold. The STOCH value of 27.88 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for JP:8929.

Aoyama Zaisan Networks Co., Ltd. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

JP:8929 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
JP:6532	88Outperform	JPY 1.75T	43.34	―	0.93%	32.48%	24.82%
JP:7033	75Outperform	JPY 27.25B	12.17	―	1.97%	―	―
JP:9644	68Neutral	JPY 22.41B	20.04	―	4.21%	8.61%	1.36%
JP:4792	65Neutral	JPY 30.82B	11.64	―	4.72%	13.80%	12.02%
JP:8929	65Neutral	JPY 31.26B	15.86	―	4.82%	-49.03%	-44.22%
JP:9236	60Neutral	JPY 2.00B	27.30	―	0.73%	36.80%	―
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%

* General Sector Average

Performance Comparison

JP:8929 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
JP:8929	Aoyama Zaisan Networks Co., Ltd.	1162.00	-794.80	-40.62%
JP:4792	YAMADA Consulting Group Co., Ltd.	1632.00	-24.51	-1.48%
JP:6532	BayCurrent Consulting, Inc.	12325.00	5503.89	80.69%
JP:7033	Management Solutions Co., Ltd.	1647.00	301.93	22.45%
JP:9236	Japan M&A Solution Incorporated	1367.00	349.33	34.33%
JP:9644	TANABE CONSULTING GROUP CO. LTD	665.00	-7.86	-1.17%

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 14, 2026

Aoyama Zaisan Networks Co., Ltd. AI Stock Analysis