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ASNOVA Co., Ltd.
(9223)
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Rating:45Neutral
Price Target:
¥352.00
▼(-33.96% Downside)
Action:Reiterated
Date:09/16/26
Overall score is weighed down primarily by weakened profitability and a more leveraged balance sheet, which heighten risk despite strong revenue growth and improved free cash flow. Technical indicators are notably bearish with the price below major moving averages and negative momentum. Valuation is constrained by negative earnings and a low dividend yield.
Positive Factors
Accelerating revenue growth
Strong and accelerating revenue indicates healthy customer demand and expanding business activity. If maintained, this top-line momentum can improve operating leverage, support reinvestment, and strengthen the company’s ability to absorb fixed costs over the next several quarters.
Negative Factors
Rising leverage
Materially higher leverage has reduced balance-sheet flexibility and made the company more sensitive to refinancing conditions and interest costs. Debt-funded asset growth also increases the need for stable operating performance, limiting room for error during a weaker business period.
Read all positive and negative factors
Positive Factors
Negative Factors
Accelerating revenue growth
Strong and accelerating revenue indicates healthy customer demand and expanding business activity. If maintained, this top-line momentum can improve operating leverage, support reinvestment, and strengthen the company’s ability to absorb fixed costs over the next several quarters.
Read all positive factors
ASNOVA Co., Ltd. (9223) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥4.49B
Dividend Yield0.56%
Average Volume (3M)11.66K
Price to Earnings (P/E)―
Beta (1Y)0.35
Revenue Growth24.29%
EPS Growth10.08%
CountryJP
Employees231
SectorGeneral
Sector StrengthN/A
IndustryRental & Leasing Services
Share Statistics
EPS (TTM)-11.75
Shares Outstanding12,438,400
10 Day Avg. Volume26,420
30 Day Avg. Volume11,656
Financial Highlights & Ratios
PEG Ratio-0.09
Price to Book (P/B)2.05
Price to Sales (P/S)1.24
P/FCF Ratio4.86
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)49.99
Revenue Forecast (FY)¥4.89B
ASNOVA Co., Ltd. Business Overview & Revenue Model
Company Description
ASNOVA Co., Ltd. specializes in providing scaffolding for rental purposes across Japan. The company, which was established in 2013, has its principal office situated in Nagoya....
How the Company Makes Money
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ASNOVA Co., Ltd. Financial Statement Overview
Summary
Income Statement
52
Neutral
Balance Sheet
38
Negative
Cash Flow
57
Neutral
| Breakdown | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 4.92B | 4.27B | 3.79B | 3.14B | 2.68B |
| Gross Profit | 1.34B | 970.99M | 1.10B | 782.27M | 791.00M |
| EBITDA | 2.09B | 1.94B | 1.85B | 1.43B | 1.21B |
| Net Income | -146.05M | -24.77M | 210.13M | 144.33M | 204.63M |
Balance Sheet | |||||
| Total Assets | 11.43B | 12.96B | 9.39B | 7.29B | 5.66B |
| Cash, Cash Equivalents and Short-Term Investments | 882.00M | 3.18B | 937.90M | 679.82M | 750.35M |
| Total Debt | 7.69B | 9.60B | 5.84B | 4.25B | 2.91B |
| Total Liabilities | 8.46B | 9.98B | 6.36B | 4.50B | 3.26B |
| Stockholders Equity | 2.97B | 2.98B | 3.03B | 2.79B | 2.40B |
Cash Flow | |||||
| Free Cash Flow | 1.26B | -1.50B | -1.38B | -1.64B | -333.50M |
| Operating Cash Flow | 1.75B | 1.48B | 1.73B | 918.35M | 880.83M |
| Investing Cash Flow | -1.99B | -2.96B | -3.11B | -2.56B | -824.11M |
| Financing Cash Flow | -2.09B | 3.72B | 1.64B | 1.59B | 205.53M |
ASNOVA Co., Ltd. Technical Analysis
Negative
533.00
Price Trends
426.92
Negative
415.61
Negative
469.99
Negative
Market Momentum
-15.39
Positive
18.64
Positive
12.73
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:9223, the sentiment is Negative. The current price of 533 is above the 20-day moving average (MA) of 428.25, above the 50-day MA of 426.92, and above the 200-day MA of 469.99, indicating a bearish trend. The MACD of -15.39 indicates Positive momentum. The RSI at 18.64 is Positive, neither overbought nor oversold. The STOCH value of 12.73 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for JP:9223.
ASNOVA Co., Ltd. Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
85 Outperform | ¥129.61B | 12.07 | ― | 2.80% | -1.83% | -7.27% | |
74 Outperform | ¥14.36B | 7.42 | ― | 2.89% | 4.07% | 6.81% | |
57 Neutral | ¥409.41B | 18.47 | ― | 3.64% | 18.54% | -54.13% | |
57 Neutral | ¥1.32T | 10.58 | ― | 3.33% | 8.43% | 47.30% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
45 Neutral | ¥4.49B | -42.82 | ― | 0.56% | 24.29% | 10.08% |
* General Sector Average
JP:9223
ASNOVA Co., Ltd.
356.00
-278.74
-43.91%
JP:7081
Koyou Rentia Co., Ltd.
1,282.00
125.37
10.84%
JP:8424
Fuyo General Lease Co., Ltd.
4,575.00
289.56
6.76%
JP:8439
Tokyo Century Corporation
2,720.00
823.94
43.46%
JP:9699
NISHIO HOLDINGS CO. LTD.
4,730.00
475.42
11.17%
JP:372A
Rent Corporation
5,580.00
-358.77
-6.04%
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.