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TOHO GAS Co
(9533)
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Rating:59Neutral
Price Target:
¥1,281.00
▲(4.66% Upside)
Action:Reiterated
Date:08/04/26
The score is driven primarily by a solid balance sheet and generally sound (but uneven) cash-flow and profitability profile. This is offset by weak technical conditions (below key moving averages with negative MACD), while valuation metrics are acceptable but not especially attractive given the modest dividend yield.
Positive Factors
Balance Sheet Strength
Moderate leverage and a growing equity base give TOHO GAS financial resilience typical of a utility. Manageable debt leaves capacity to maintain its network and pursue energy-related initiatives while reducing the risk that financing needs overwhelm operating performance.
Negative Factors
Revenue Contraction
Recent revenue performance is not consistently expanding: after a strong FY2023 increase, revenue declined in FY2024 and FY2026, while the reported growth rate is negative. Continued contraction would limit operating leverage and reduce funds available for network investment and adjacent growth.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance Sheet Strength
Moderate leverage and a growing equity base give TOHO GAS financial resilience typical of a utility. Manageable debt leaves capacity to maintain its network and pursue energy-related initiatives while reducing the risk that financing needs overwhelm operating performance.
Read all positive factors
TOHO GAS Co (9533) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥452.52B
Dividend Yield1.82%
Average Volume (3M)641.15K
Price to Earnings (P/E)25.8
Beta (1Y)0.45
Revenue Growth-2.49%
EPS Growth-30.83%
CountryJP
Employees6,131
SectorUtilities
Sector Strength65
IndustryRegulated Gas
Share Statistics
EPS (TTM)66.25
Shares Outstanding366,267,150
10 Day Avg. Volume600,030
30 Day Avg. Volume641,150
Financial Highlights & Ratios
PEG Ratio0.45
Price to Book (P/B)0.99
Price to Sales (P/S)0.73
P/FCF Ratio19.19
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)57.2
Revenue Forecast (FY)¥673.53B
TOHO GAS Co Business Overview & Revenue Model
Company Description
Toho Gas Co., Ltd., founded in 1922 and based in Nagoya, Japan, is a diverse enterprise primarily focused on the supply of gas, heat, and electricity throughout the country. Its operations span the full lifecycle of energy resources, including the...
How the Company Makes Money
TOHO GAS primarily makes money by selling city gas (natural gas) to end customers through its regulated utility operations. Revenue is mainly generated from (1) retail gas sales to residential customers (volume- and tariff-based billing), (2) gas ...
TOHO GAS Co Financial Statement Overview
Summary
Income Statement
64
Positive
Balance Sheet
74
Positive
Cash Flow
58
Neutral
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 634.46B | 651.09B | 656.01B | 632.99B | 706.07B | 515.31B |
| Gross Profit | 167.23B | 179.29B | 172.84B | 171.54B | 180.19B | 153.70B |
| EBITDA | 68.19B | 82.90B | 76.67B | 79.46B | 84.63B | 58.56B |
| Net Income | 24.26B | 31.45B | 25.45B | 27.30B | 33.72B | 15.46B |
Balance Sheet | ||||||
| Total Assets | 833.02B | 809.46B | 758.76B | 734.52B | 693.52B | 655.59B |
| Cash, Cash Equivalents and Short-Term Investments | 27.52B | 43.01B | 46.75B | 29.77B | 34.01B | 32.30B |
| Total Debt | 166.99B | 166.95B | 161.46B | 140.81B | 146.77B | 140.52B |
| Total Liabilities | 337.45B | 331.94B | 310.37B | 277.67B | 291.01B | 272.84B |
| Stockholders Equity | 495.07B | 477.52B | 448.39B | 456.85B | 402.50B | 382.75B |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | 24.64B | 38.85B | 9.84B | 16.68B | -3.60B |
| Operating Cash Flow | 0.00 | 65.61B | 83.10B | 47.38B | 56.41B | 35.44B |
| Investing Cash Flow | 0.00 | -41.78B | -45.16B | -42.08B | -52.44B | -54.88B |
| Financing Cash Flow | 0.00 | -26.75B | -18.77B | -14.24B | -2.94B | 635.00M |
TOHO GAS Co Technical Analysis
Positive
1224.00
Price Trends
1229.84
Positive
1211.90
Positive
1241.18
Negative
Market Momentum
-5.28
Negative
54.98
Neutral
69.08
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:9533, the sentiment is Positive. The current price of 1224 is above the 20-day moving average (MA) of 1210.40, below the 50-day MA of 1229.84, and below the 200-day MA of 1241.18, indicating a neutral trend. The MACD of -5.28 indicates Negative momentum. The RSI at 54.98 is Neutral, neither overbought nor oversold. The STOCH value of 69.08 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for JP:9533.
TOHO GAS Co Peers Comparison
UnderperformOutperform
Sector (66)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | ¥75.99B | 7.69 | ― | 3.09% | 0.69% | -22.03% | |
73 Outperform | ¥101.45B | 10.45 | 7.33% | 3.25% | 0.10% | 40.92% | |
72 Outperform | ¥2.15T | 13.72 | 11.52% | 1.86% | 3.63% | 14.06% | |
68 Neutral | ¥302.68B | 19.89 | 22.07% | 11.34% | 7.75% | 9.01% | |
66 Neutral | ¥2.22T | 16.24 | 6.91% | 2.15% | 0.88% | -27.81% | |
66 Neutral | $17.65B | 18.10 | 5.60% | 3.62% | 6.62% | 11.55% | |
59 Neutral | ¥452.52B | 25.75 | 3.73% | 1.82% | -2.49% | -30.83% |
* Utilities Sector Average
JP:9533
TOHO GAS Co
1,235.50
113.98
10.16%
JP:8174
NIPPON GAS Co
939.00
18.63
2.02%
JP:9532
Osaka Gas Co
5,820.00
1,452.54
33.26%
JP:9531
TOKYO GAS Co
6,446.00
1,214.75
23.22%
JP:9543
SHIZUOKA GAS CO. LTD.
1,369.00
287.69
26.61%
JP:9534
Hokkaido Gas Co., Ltd.
858.00
205.65
31.53%
TOHO GAS Co Corporate Events
Toho Gas Completes ¥15 Billion Share Buy-Back Ahead of Plan End
Sep 18, 2026
Toho Gas has completed a share buy-back program authorized under Japan’s Companies Act, repurchasing 1,485,300 common shares on the Tokyo Stock Exchange between September 1 and September 18, 2026, for a total of about ¥1.92 billion. Thi...
Toho Gas Advances Share Buy-back Program, Repurchasing Over 10.6 Million Shares
Sep 3, 2026
Toho Gas Co., Ltd., a major Japanese city gas utility listed on the TSE Prime and NSE Premier markets, continues to strengthen its capital policy through active use of share buy-backs. The company’s focus on returning value to shareholders u...
Toho Gas Completes Treasury Share Disposal for Executive Restricted Stock
Aug 24, 2026
Toho Gas Co., Ltd. is a Japanese energy utility operating in the city gas sector, supplying natural gas and related services to households and businesses. Listed on the TSE Prime Market and NSE Premier Market under securities code 9533, the compan...
Toho Gas Advances Large-Scale Share Buy-Back Amid Capital Management Drive
Aug 5, 2026
Toho Gas Co., Ltd. has continued executing its share buy-back program, repurchasing 2,379,100 common shares on the Tokyo Stock Exchange between July 1 and July 31, 2026, for a total consideration of ¥2.89 billion, under an authorization pursu...
Toho Gas Q1 Profit Slides Sharply Despite Stronger Balance Sheet
Jul 27, 2026
Toho Gas reported a sharp downturn in first-quarter fiscal 2026 profitability, with net sales down 10.3% year on year and operating income plunging 61.5%, while net income attributable to owners fell 43.3% and earnings per share declined despite h...
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.