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San Holdings, Inc. (Japan) (9628) AI Stock Analysis

JP:9628

San Holdings, Inc. (Japan)

(TSE/TYO:9628)

Select Model
Rating:69Neutral
Price Target:JPY 1,610.00â–²(44.78% Upside)
Action:downgraded
Date:11/21/25

Strong financial performance (82/100) and attractive valuation (90/100) are offset by severe technical weakness (40/100). The stock's bearish momentum and oversold conditions present near-term headwinds despite solid growth and low P/E. Debt levels warrant monitoring but remain manageable.

Positive Factors
Strong revenue growthSan Holdings has delivered sustained double‑digit top‑line expansion (42.6% year over year; Fundamentals.RevenueGrowth ~44%), indicating expanding market penetration and product demand. Persistent high revenue growth supports scale economies, margin retention, and room to fund strategic investments over the next 2–6 months.
Negative Factors
High capital expendituresMaterial negative investing cash flow signals significant ongoing capital expenditures. If capex remains elevated, it can compress free cash flow and require continued reinvestment or external funding. Over the medium term this can constrain discretionary cash uses and raise project execution risk.

San Holdings, Inc. (Japan) (9628) vs. iShares MSCI Japan ETF (EWJ)

-20%-10%0%10%20%30%JP:9628-19.62%EWJ+16.91%Dec '25Jan '26Feb '26Mar '26Apr '26May '26Jun '26Jul '26Aug '26Sep '26Oct '26Nov '26
Market Cap
JPY 26.74B
Dividend Yield
5.01%
Average Volume (3M)
74.97K
Price to Earnings (P/E)
7.8
Beta (1Y)
0.83
Revenue Growth
―
EPS Growth
―
Country
Japan
Employees
709
Sector
General
Sector Strength
55
Industry
Personal Products & Services

San Holdings, Inc. (Japan) Business Overview & Revenue Model

Company Description

SAN Holdings, Inc. is a Japanese company that specializes in providing funeral services. The firm manages a network of approximately 70 funeral establishments across the country. Established in 1932, its corporate headquarters are situated in Tokyo,...

How the Company Makes Money

San Holdings, Inc. generates revenue through the provision of funeral services, including planning, execution, and management of funeral ceremonies. The company earns income from direct fees for its services, rental income from facilities used for fu...

San Holdings, Inc. (Japan) Financial Statement Overview

Summary

Exceptional revenue growth (42.6% YoY) and robust cash flow (82.1% FCF increase) with strong profitability margins. Elevated debt-to-equity ratio (0.48) tempers the score despite healthy equity buffers.

Income Statement

90Very Positive

Balance Sheet

70Positive

Cash Flow

85Very Positive
Financial statement breakdown
BreakdownTTMMar 2026Mar 2025Mar 2024Mar 2023Mar 2022
Income Statement
Total Revenue37.87B37.87B31.98B22.44B21.66B20.00B
Gross Profit5.98B5.98B7.18B5.25B5.30B4.70B
EBITDA5.94B6.06B6.38B4.72B4.74B4.25B
Net Income4.50B4.50B4.72B2.36B2.78B2.04B
Balance Sheet
Total Assets76.02B76.02B63.59B37.78B36.42B34.04B
Cash, Cash Equivalents and Short-Term Investments10.44B10.44B12.66B9.79B9.19B7.44B
Total Debt15.01B15.01B17.79B256.00M268.00M354.00M
Total Liabilities30.99B30.99B26.41B4.90B4.80B4.41B
Stockholders Equity45.02B45.02B37.17B32.88B31.61B29.63B
Cash Flow
Free Cash Flow003.14B2.23B2.48B1.64B
Operating Cash Flow005.34B3.17B3.26B2.99B
Investing Cash Flow00-12.10B-1.44B-594.00M-1.49B
Financing Cash Flow009.65B-1.16B-923.00M-1.10B

San Holdings, Inc. (Japan) Technical Analysis

Technical Analysis SentimentNegative
Last Price1112.00

Price Trends

50DMA1297.80Negative
100DMA1331.14Negative
200DMA1364.36Negative

Market Momentum

MACD-53.57Positive
RSI19.47Positive
STOCH4.68Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:9628, the sentiment is Negative. The current price of 1112.00 is below the 20-day moving average (MA) of 1244.45, below the 50-day MA of 1297.80, and below the 200-day MA of 1364.36, indicating a bearish trend. The MACD of -53.57 indicates Positive momentum. The RSI at 19.47 is Positive, neither overbought nor oversold. The STOCH value of 4.68 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for JP:9628.

San Holdings, Inc. (Japan) Peers Comparison

Overall Rating

UnderperformOutperform
Sector (55)

Financial Indicators

JP:9628 against its peers
NameOverall RatingMarket CapP/E RatioROEDividend YieldRevenue GrowthEPS Growth
JP:6071JP:607178OutperformJPY 35.40B15.0921.05%1.13%29.48%26.33%
JP:9628JP:962869NeutralJPY 26.04B7.81―5.01%――
JP:2418JP:241866NeutralJPY 26.57B9.847.16%2.33%10.88%-58.64%
Sector *55Neutral$6.65B3.83-15.92%6.20%10.91%7.18%
JP:4331JP:433150NeutralJPY 12.25B44.02―6.05%――
JP:4679JP:467943NeutralJPY 1.95B-8.37――-5.68%-15204.69%
JP:3041JP:304140UnderperformJPY 1.48B-8.60―1.14%-3.95%-510.13%

* General Sector Average

Performance Comparison

-20%0%20%40%60%JP:9628JP:6071JP:2418JP:3041JP:4331JP:4679Dec '25Jan '26Feb '26Mar '26Apr '26May '26Jun '26Jul '26Aug '26Sep '26Oct '26Nov '26
JP:9628 and its peers over the selected period
Show on chartTickerCompany NamePriceChange% Change
JP:9628San Holdings, Inc. (Japan)1112.00-271.48-19.62%
JP:6071IBJ, Inc.862.0070.948.97%
JP:2418TSUKADA GLOBAL HOLDINGS Inc553.00-60.33-9.84%
JP:3041Beauty Kadan Holdings Co. Ltd.360.00-92.00-20.35%
JP:4331Take and Give. Needs Co., Ltd.836.0077.5210.22%
JP:4679TAYA Co.,Ltd.262.0027.0011.49%

San Holdings, Inc. (Japan) Corporate Events

San Holdings Nears Limit of Share Buyback Authorization with June Treasury Purchases

Jul 2, 2026

San Holdings, Inc. has reported progress on its ongoing share buyback program authorized by its board in mid-May 2026, which allows for repurchases of up to 400,000 shares or 500 million yen through the end of October. The company is using treasury s...

San Holdings Begins Share Buyback Under 500 Million Yen Authorization

Jun 3, 2026

San Holdings, Inc., a Prime Market-listed Japanese services company, is continuing to use share repurchases as part of its capital policy to optimize its equity structure and return value to shareholders. The company has board authorization to buy ba...

San Holdings Navigates 17-Month Transition Year With Solid Earnings and Expanded Group Structure

May 15, 2026

San Holdings reported consolidated operating revenue of ¥37.87 billion and profit attributable to owners of parent of ¥4.50 billion for the 12 months ended March 31, 2026, during an irregular 17‑month transition fiscal year. Net asset...

San Holdings Launches ¥500 Million Share Buyback to Boost Capital Efficiency

May 15, 2026

San Holdings, Inc. has approved a new share repurchase program targeting up to 400,000 of its common shares, equivalent to about 1.67% of outstanding shares excluding treasury stock. The buyback, with a maximum total purchase amount of 500 million ye...

San Holdings Books Large Negative Goodwill Gain and Revises FY2026 Earnings Forecast

May 15, 2026

San Holdings, Inc. has booked an extraordinary income of 2.81 billion yen as a gain on negative goodwill arising from making Cocolonet Co., Ltd. a consolidated subsidiary via share exchange effective February 1, 2026. This one-off gain reflects the a...

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 20, 2025