SHIZUOKA GAS CO. LTD. (9543) AI Stock Analysis

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SHIZUOKA GAS CO. LTD.

(TSE/TYO:9543)

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Rating:77Outperform

Price Target:JPY 1,523.00▲(11.82% Upside)

Action:reiterated

Date:11/07/26

The score is driven primarily by strong financial stability (low leverage) and attractive valuation (low P/E with a solid dividend yield). Technicals add support with the stock trading above major moving averages and positive MACD, though momentum indicators are nearing stretched levels. The key risk tempering the score is uneven cash-flow quality, with thin free-cash-flow conversion despite improved operating cash flow.

Positive Factors

Conservative Balance SheetVery low leverage and sustained equity growth provide Shizuoka Gas with financial resilience and flexibility. This strengthens its ability to maintain infrastructure, absorb operating volatility, and fund necessary investment without relying heavily on additional borrowing.

Negative Factors

Thin Free Cash FlowDespite stronger operating cash flow, limited free cash flow means much of the cash generated was absorbed by investment or working-capital requirements. Persistently weak conversion could restrict discretionary capital allocation and make shareholder returns more dependent on balance-sheet capacity.

SHIZUOKA GAS CO. LTD. (9543) vs. iShares MSCI Japan ETF (EWJ)

Market Cap: JPY 100.70B
Dividend Yield: 3.27%
Average Volume (3M): 144.85K
Price to Earnings (P/E): 10.4
Beta (1Y): 0.12
Revenue Growth: 2.03%
EPS Growth: -22.02%
Country: Japan
Employees: 1,586
Sector: Utilities
Sector Strength: 66
Industry: Regulated Gas

SHIZUOKA GAS CO. LTD. Business Overview & Revenue Model

Company Description

Established in 1910, Shizuoka Gas Co., Ltd., headquartered in Shizuoka, Japan, specializes in the generation, distribution, and retail of city gas throughout the country. The company also extends its operations to include the sale of gas-powered appl...

How the Company Makes Money

Shizuoka Gas primarily makes money by selling city gas to end users. Its main revenue stream is retail gas sales, where revenue is generally a function of (1) the volume of gas consumed and (2) regulated or contract-based tariff structures that deter...

SHIZUOKA GAS CO. LTD. Financial Statement Overview

Summary

Financials are solid overall, led by a conservative balance sheet (debt-to-equity ~0.14 and steadily rising equity). Income statement trends are positive but somewhat volatile, with a strong 2025 revenue rebound (+36.9% YoY) and improving EBIT margin versus 2024, though margins remain below 2023 levels. The main constraint is cash-flow quality: operating cash flow recovered in 2025, but free cash flow is thin (~¥4.7B) and conversion remains low, indicating uneven cash generation.

Income Statement

74Positive

Balance Sheet

83Very Positive

Cash Flow

62Positive

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	200.67B	201.21B	202.24B	214.00B	207.32B	132.99B
Gross Profit	45.12B	45.15B	32.15B	40.27B	30.65B	25.93B
EBITDA	24.37B	23.89B	23.27B	29.59B	18.32B	15.04B
Net Income	9.85B	10.05B	8.78B	14.11B	5.98B	4.12B
Balance Sheet
Total Assets	194.93B	195.87B	170.20B	154.71B	159.50B	124.00B
Cash, Cash Equivalents and Short-Term Investments	27.65B	33.16B	36.25B	35.62B	27.78B	13.66B
Total Debt	20.63B	17.98B	18.89B	18.31B	32.17B	6.62B
Total Liabilities	47.48B	57.17B	44.68B	40.28B	59.89B	31.84B
Stockholders Equity	141.41B	131.32B	118.17B	107.44B	92.93B	86.40B
Cash Flow
Free Cash Flow	0	4.70B	3.61B	23.72B	-8.30B	-16.12B
Operating Cash Flow	0	34.56B	10.98B	37.76B	4.12B	-6.91B
Investing Cash Flow	0	-32.98B	-8.62B	-14.03B	-14.07B	-9.80B
Financing Cash Flow	0	-5.46B	-1.92B	-16.00B	23.55B	-1.41B

SHIZUOKA GAS CO. LTD. Technical Analysis

Technical Analysis SentimentPositive

Last Price1362.00

Price Trends

50DMA1334.98Positive

100DMA1290.68Positive

200DMA1324.62Positive

Market Momentum

MACD13.43Negative

RSI54.58Neutral

STOCH39.56Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:9543, the sentiment is Positive. The current price of 1362.00 is above the 20-day moving average (MA) of 1342.75, above the 50-day MA of 1334.98, and above the 200-day MA of 1324.62, indicating a bullish trend. The MACD of 13.43 indicates Negative momentum. The RSI at 54.58 is Neutral, neither overbought nor oversold. The STOCH value of 39.56 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for JP:9543.

SHIZUOKA GAS CO. LTD. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (66)

Financial Indicators

JP:9543 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
JP:9543	77Outperform	JPY 100.70B	10.39	7.33%	3.27%	2.03%	-22.02%
JP:9532	70Outperform	JPY 2.21T	18.01	6.91%	2.16%	0.88%	-27.81%
JP:9531	69Neutral	JPY 2.15T	11.19	11.52%	1.85%	3.63%	14.06%
JP:9533	68Neutral	JPY 455.81B	25.27	3.73%	1.82%	-2.49%	-30.83%
Sector *	66Neutral	$17.65B	18.10	5.60%	3.62%	6.62%	11.55%
JP:8174	62Neutral	JPY 285.08B	20.50	22.07%	7.80%	7.75%	9.01%
JP:9536	62Neutral	JPY 102.17B	9.78	8.87%	2.48%	-5.67%	20.75%

* Utilities Sector Average

Performance Comparison

JP:9543 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
JP:9543	SHIZUOKA GAS CO. LTD.	1362.00	222.82	19.56%
JP:8174	NIPPON GAS Co	895.70	-62.79	-6.55%
JP:9532	Osaka Gas Co	5780.00	701.29	13.81%
JP:9533	TOHO GAS Co	1238.50	55.86	4.72%
JP:9531	TOKYO GAS Co	6471.00	471.38	7.86%
JP:9536	SAIBU GAS HOLDINGS CO. LTD.	2828.00	963.10	51.64%

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 07, 2026

SHIZUOKA GAS CO. LTD. AI Stock Analysis