As Partners CO.,LTD. (160A) AI Stock Analysis

• Market Cap: ¥8.46B
• Dividend Yield: 2.19%
• Average Volume (3M): 33.94K
• Price to Earnings (P/E): 48.4
• Beta (1Y): 0.73
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: JP
• Employees: N/A
• Sector: Industrials
• Sector Strength: 72
• Industry: Medical - Care Facilities
• EPS (TTM): 13.26
• Shares Outstanding: 3,587,400
• 10 Day Avg. Volume: 16,980
• 30 Day Avg. Volume: 33,940
• PEG Ratio: 0.15
• Price to Book (P/B): 1.58
• Price to Sales (P/S): 0.37
• P/FCF Ratio: -2.00
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): 296.1
• Revenue Forecast (FY): ¥23.70B

• Rating: 68 Neutral
• Price Target: ¥2,435.00 ▼(-20.94% Downside)
• Action: Reiterated Date: 11/21/25
• Date: Action: Reiterated 11/21/25

As Partners CO.,LTD. shows strong financial performance with robust revenue growth and profitability. However, technical analysis indicates bearish momentum, which could pose short-term risks. The stock's valuation is attractive with a low P/E ratio and decent dividend yield, suggesting potential for long-term value. Addressing cash flow management and monitoring market trends will be crucial for sustaining growth.

Positive Factors

Revenue Growth

Sustained ~23.5% revenue growth indicates expanding service adoption and market share in the medical care facilities sector. Durable top-line expansion supports reinvestment, scale benefits and long-term profitability if maintained by service demand and execution.

Margin Improvement

Improving gross, EBIT/EBITDA and net margins point to stronger cost control and operational leverage. Persistent margin expansion enhances cash generation capacity and resilience to cost shocks, supporting sustainable earnings quality over the medium term.

Balance Sheet Strength

A growing equity base and improved equity ratio provide financial stability and capacity to fund investments or weather downturns. Manageable leverage alongside stronger equity supports access to capital and longer-term strategic flexibility.

Negative Factors

Free Cash Flow Decline

Declining free cash flow from heavy capex reduces internally available funds for dividends, debt paydown or opportunistic investments. If capex intensity persists without commensurate cash conversion, the company may need external financing or to cut other investments.

Rising Leverage

An increasing debt-to-equity ratio raises fixed financial obligations and reduces flexibility. Even if current leverage is manageable, further rises amplify refinancing and interest-rate risks and could constrain strategic moves in a stressed environment.

Cash Conversion Quality

Negative FCF-to-net-income suggests earnings are not translating into cash, raising concerns about earnings quality and financial durability. Persistent cash conversion issues can limit ability to sustain dividends, fund growth or reduce leverage without external capital.

As Partners CO.,LTD. Business Overview & Revenue Model

Company Description

As Partners CO.,LTD. (160A) is a diversified company specializing in various sectors, including technology, manufacturing, and consulting services. The company focuses on providing innovative solutions and products that enhance operational efficiency and drive growth for businesses across different industries. With a strong emphasis on research and development, As Partners CO.,LTD. aims to deliver high-quality products and services tailored to meet the evolving needs of its clients.

How the Company Makes Money

As Partners CO.,LTD. generates revenue through multiple streams, primarily by offering technology solutions, manufacturing products, and providing consulting services. The company's technology division earns money through software licensing, custom development projects, and ongoing support services. The manufacturing sector contributes to revenue by producing high-demand products for various industries, often through long-term contracts with clients. Additionally, the consulting services segment generates income by offering strategic advisory services, training programs, and project management solutions. Significant partnerships with key players in technology and manufacturing sectors enhance the company's market reach and contribute to its earnings through collaborative projects and joint ventures.

As Partners CO.,LTD. Financial Statement Overview

Summary

As Partners CO.,LTD. demonstrates strong revenue growth and improved profitability, supported by a stable balance sheet. However, the cash flow statement indicates challenges with free cash flow management. The company is on a positive growth trajectory with a need to address cash flow efficiency to sustain its financial health.

Income Statement

As Partners CO.,LTD. has shown strong revenue growth over the years, with a notable increase from 2024 to 2025. The gross profit margin has improved, indicating efficient cost management. The net profit margin has also increased, reflecting enhanced profitability. EBIT and EBITDA margins have strengthened, showcasing operational efficiency. Overall, the income statement reflects a positive growth trajectory and profitability.

Balance Sheet

The company's balance sheet shows a solid equity base with a growing stockholders' equity, indicating financial stability. The debt-to-equity ratio has increased, suggesting higher leverage but still within a manageable range. The equity ratio has improved, reflecting a stronger financial position. Overall, the balance sheet indicates stability with a cautious note on increasing leverage.

Cash Flow

The cash flow statement reveals some challenges, with a decline in free cash flow due to significant capital expenditures. However, operating cash flow remains positive, indicating the company's ability to generate cash from operations. The free cash flow to net income ratio is negative, highlighting potential cash flow management issues. Overall, while operating cash flow is strong, the cash flow statement suggests a need for improved capital expenditure management.

Breakdown	Mar 2026	Mar 2025	Mar 2024	Mar 2022
Income Statement
Total Revenue	17.92B	17.15B	12.78B	11.52B
Gross Profit	3.86B	3.11B	2.15B	1.87B
EBITDA	1.64B	1.08B	552.06M	1.02B
Net Income	956.66M	563.57M	229.71M	484.94M
Balance Sheet
Total Assets	21.41B	15.95B	14.74B	11.81B
Cash, Cash Equivalents and Short-Term Investments	6.86B	5.71B	4.02B	3.86B
Total Debt	9.31B	5.66B	6.49B	5.13B
Total Liabilities	17.24B	13.57B	12.88B	10.13B
Stockholders Equity	4.16B	2.38B	1.86B	1.68B
Cash Flow
Free Cash Flow	-3.29B	2.19B	-1.86B	-1.06B
Operating Cash Flow	1.31B	3.43B	-745.18M	-338.97M
Investing Cash Flow	-4.65B	-1.43B	-707.64M	928.45M
Financing Cash Flow	4.46B	-884.25M	1.31B	-369.06M

As Partners CO.,LTD. Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 3080.00
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:160A, the sentiment is Negative. The current price of 3080 is above the 20-day moving average (MA) of 2435.35, above the 50-day MA of 2482.82, and above the 200-day MA of 2703.65, indicating a bearish trend. The MACD of -35.41 indicates Positive momentum. The RSI at 43.77 is Neutral, neither overbought nor oversold. The STOCH value of 26.16 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for JP:160A.

As Partners CO.,LTD. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
2374	75 Outperform	¥30.30B	16.98	―	2.48%	3.88%	0.31%
2425	75 Outperform	¥3.02B	27.02	―	2.56%	-3.06%	-38.56%
6062	72 Outperform	¥45.78B	11.61	―	2.63%	0.30%	-31.28%
160A	68 Neutral	¥8.46B	48.43	―	2.19%	―	―
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
2373	60 Neutral	¥5.81B	16.77	―	4.07%	6.08%	38.00%
7061	45 Neutral	¥7.28B	33.86	―	1.41%	18.03%	-11.68%