Asanuma Corporation (1852) AI Stock Analysis

• Market Cap: ¥93.06B
• Dividend Yield: 3.64%
• Average Volume (3M): 456.21K
• Price to Earnings (P/E): 15.4
• Beta (1Y): 0.59
• Revenue Growth: 18.01%
• EPS Growth: 15.27%
• Country: JP
• Employees: 1,799
• Sector: Industrials
• Sector Strength: 72
• Industry: Engineering & Construction
• EPS (TTM): 22.26
• Shares Outstanding: 80,786,290
• 10 Day Avg. Volume: 636,700
• 30 Day Avg. Volume: 456,209
• PEG Ratio: 26.73
• Price to Book (P/B): 1.23
• Price to Sales (P/S): 0.34
• P/FCF Ratio: 11.31
• 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): N/A
• Revenue Forecast (FY): N/A

• Rating: 82 Outperform
• Price Target: ¥1,334.00 ▲(30.53% Upside)
• Action: Reiterated Date: 11/14/25
• Date: Action: Reiterated 11/14/25

Asanuma Corporation's stock is rated highly due to its strong financial performance and bullish technical indicators. The company's robust revenue growth, healthy profit margins, and efficient capital utilization are significant strengths. The stock's technical indicators suggest continued positive momentum, although investors should be cautious of the approaching overbought RSI level. The valuation is reasonable, supported by a solid dividend yield.

Positive Factors

Revenue Growth

Consistent year-over-year revenue gains (9.38% last year) reflect steady market demand and effective project execution. Durable top-line growth supports backlog conversion, scale benefits and the firm’s ability to reinvest in operations, sustaining earnings over the medium term.

Cash Generation

A >100% turnaround in free cash flow and OCF/net income of 1.11 indicate improved cash conversion and discipline. Stronger cash generation enhances liquidity, funds capex and working capital internally, and reduces near-term reliance on external financing for project execution.

Balanced Capital Structure

Moderate leverage (D/E 0.47) combined with an equity ratio near 40% and a 10.26% ROE suggests a balanced capital structure. This provides financial flexibility to pursue contracts, absorb shocks and still deliver returns, supporting sustainable operations over months ahead.

Negative Factors

Thin Net Margins

Net and operating margins are modest (net 2.81%, EBIT ~4%), leaving limited buffer against input-cost inflation or project overruns. In engineering & construction, thin margins make profitability sensitive to cyclical demand shifts and can constrain sustainable free cash flow and reinvestment capacity.

Rising Liabilities

An increase in total liabilities, even with moderate D/E, can raise funding costs and tighten liquidity over time. Growing obligations may pressure covenant headroom and limit flexibility to finance new contracts or absorb delays, increasing medium-term financial risk if not managed.

Free Cash Flow Volatility

Despite the recent FCF turnaround, historical free cash flow volatility signals unreliable internal funding across cycles. Variable cash generation complicates planning for capex, dividends and debt repayment and raises refinancing and operational risks in a capital-intensive industry.

Asanuma Corporation Business Overview & Revenue Model

Company Description

Asanuma Corporation operates as a general contractor in Japan and internationally. The company operates through Building Construction and Civil Engineering segments. It undertakes a range of projects, such as schools, hospitals, hotels, water and sewer lines, and roads. Asanuma Corporation was founded in 1892 and is headquartered in Osaka, Japan.

How the Company Makes Money

Asanuma Corporation generates revenue through multiple streams, primarily from its construction and engineering contracts. The company undertakes large-scale infrastructure projects, including roads, bridges, and commercial buildings, which are funded through public contracts and private investments. Additionally, Asanuma earns income from consulting services in project management and construction oversight. Significant partnerships with government entities and private corporations enhance its project portfolio, while a focus on sustainable building practices has opened up new revenue opportunities in eco-friendly construction. Furthermore, the company may benefit from maintenance and renovation contracts that provide ongoing revenue after initial project completion.

Asanuma Corporation Financial Statement Overview

Summary

Asanuma Corporation demonstrates robust financial performance with strong revenue growth, healthy profit margins, and efficient capital utilization. The company's balanced leverage and improved cash flow position it well for future growth. However, attention should be paid to the rising liabilities and historical cash flow volatility to ensure sustained financial health.

Income Statement

Asanuma Corporation's income statement shows a strong revenue growth of 9.38% from the previous year, accompanied by solid gross and net profit margins of 10.77% and 2.81%, respectively. The EBIT margin of 4.03% and EBITDA margin of 4.50% indicate healthy operational efficiency. The company has demonstrated consistent revenue growth over the past few years, reflecting robust market demand and effective business strategies.

Balance Sheet

The balance sheet indicates a stable financial position with a debt-to-equity ratio of 0.47, reflecting moderate leverage. The return on equity of 10.26% signifies efficient utilization of equity capital. The equity ratio of 39.66% suggests a balanced capital structure, maintaining a healthy proportion of equity financing. However, the company's total liabilities have increased, which may require monitoring.

Cash Flow

Cash flow analysis reveals a significant turnaround in free cash flow, with a growth rate of over 100% from the previous negative figures, indicating improved cash generation capabilities. The operating cash flow to net income ratio of 1.11 suggests strong cash conversion from earnings. However, the historical volatility in free cash flow highlights potential cash management challenges.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	177.52B	167.00B	152.68B	144.44B	135.48B	138.93B
Gross Profit	19.11B	17.99B	14.15B	15.14B	13.44B	13.94B
EBITDA	7.72B	7.52B	7.94B	7.61B	6.21B	6.83B
Net Income	5.04B	4.69B	4.67B	4.20B	3.75B	4.14B
Balance Sheet
Total Assets	105.23B	115.24B	101.25B	93.03B	90.13B	92.18B
Cash, Cash Equivalents and Short-Term Investments	13.85B	16.83B	13.03B	11.89B	13.19B	15.76B
Total Debt	17.18B	21.56B	14.98B	10.33B	10.68B	11.03B
Total Liabilities	60.61B	69.10B	52.55B	48.37B	47.46B	50.47B
Stockholders Equity	44.23B	45.71B	47.62B	44.00B	42.20B	41.51B
Cash Flow
Free Cash Flow	0.00	4.97B	-3.60B	1.20B	366.00M	-13.99B
Operating Cash Flow	0.00	5.18B	-3.17B	1.35B	1.56B	-12.90B
Investing Cash Flow	0.00	-784.00M	2.65B	934.00M	-2.26B	815.00M
Financing Cash Flow	0.00	-913.00M	1.41B	-3.66B	-2.27B	-1.95B

Asanuma Corporation Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 1022.00
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:1852, the sentiment is Positive. The current price of 1022 is below the 20-day moving average (MA) of 1140.45, below the 50-day MA of 1095.86, and above the 200-day MA of 900.75, indicating a bullish trend. The MACD of 11.97 indicates Positive momentum. The RSI at 57.37 is Neutral, neither overbought nor oversold. The STOCH value of 49.32 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for JP:1852.

Asanuma Corporation Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
1852	82 Outperform	¥93.06B	15.36	―	3.64%	18.01%	15.27%
6226	76 Outperform	¥111.90B	29.23	―	0.99%	14.46%	51.80%
1939	76 Outperform	¥101.86B	18.89	―	4.38%	-0.84%	-1.80%
9621	73 Outperform	¥98.76B	16.27	―	1.25%	2.61%	-13.38%
9663	73 Outperform	¥98.54B	23.59	―	0.96%	4.12%	23.44%
1882	70 Outperform	¥97.72B	26.86	―	8.02%	2.51%	4.02%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%

Asanuma Corporation Corporate Events

Asanuma Revamps Governance and Management With New Executive Lineup

Asanuma Corporation has announced changes to its governance and management structure, including the planned reappointment of outside Audit & Supervisory Board Member Hiroshi Daikuya and substitute outside Audit & Supervisory Board Member Ryutaro Takebayashi, subject to approval at the June shareholders meeting. These moves emphasize continuity in the company’s oversight functions, leveraging Daikuya’s accounting and consulting background and Takebayashi’s legal and academic experience to support robust governance.

The company also named four new executive officers effective April 1, 2026, including appointments in key regional and headquarters roles overseeing the Nagoya Branch, Building Construction Headquarters, Civil Construction Headquarters, and the Tokyo Main Office. By elevating internal managers to executive officer positions, Asanuma is reinforcing leadership in core construction, technology, and safety operations, which could enhance execution capacity and strengthen its competitive positioning in Japan’s construction market.

The most recent analyst rating on (JP:1852) stock is a Buy with a Yen1294.00 price target. To see the full list of analyst forecasts on Asanuma Corporation stock, see the JP:1852 Stock Forecast page.

Asanuma Lifts FY2026 Dividend Forecast in Line With Aggressive Payout Policy

Asanuma Corporation has revised upward its dividend forecast for the fiscal year ending March 31, 2026, reflecting stronger projected earnings and a commitment to enhanced shareholder returns. The company now plans a year-end dividend of 27.50 yen per share, lifting the total annual dividend to 43.50 yen, which is 2 yen higher than its previous forecast and 2.50 yen above the prior year’s payout.

Management said the higher dividend aligns with its medium-term plan for fiscal 2024–2026, which targets a consolidated dividend payout ratio of at least 70%. The move underscores Asanuma’s strategy of balancing investment in new technologies with robust profit distribution, signaling confidence in its financial outlook ahead of final approval at the 91st Annual General Meeting of shareholders in June 2026.

The most recent analyst rating on (JP:1852) stock is a Buy with a Yen1294.00 price target. To see the full list of analyst forecasts on Asanuma Corporation stock, see the JP:1852 Stock Forecast page.

Asanuma Upgrades Full-Year Forecast on Strong Domestic and Overseas Construction

Asanuma Corporation has raised its full-year consolidated earnings forecast for the fiscal year ending March 31, 2026, citing stronger-than-expected performance in both domestic operations and its overseas construction subsidiary. The company now expects net sales of ¥174.6 billion, operating profit of ¥7.55 billion, ordinary profit of ¥7.37 billion, and profit attributable to owners of parent of ¥5.0 billion, representing increases of 2.5% to 8.1% over its previous guidance and modest growth versus the prior fiscal year.

Management attributes the upward revision to steady progress in Japan and favorable execution of construction projects at Evergreen Engineering & Construction Pte. Ltd., which have lifted net sales and improved gross margins. The upgraded outlook signals a strengthening earnings trajectory for Asanuma’s construction portfolio and suggests improved profitability for shareholders, despite the usual caution that actual results may differ from current forecasts.

The most recent analyst rating on (JP:1852) stock is a Buy with a Yen1294.00 price target. To see the full list of analyst forecasts on Asanuma Corporation stock, see the JP:1852 Stock Forecast page.

Asanuma Outlines Third-Quarter FY2026 Results and Outlook

Asanuma Corporation released support documentation summarizing its consolidated and non-consolidated financial results for the third quarter of the fiscal year ending March 31, 2026. The materials outline results for group companies, as well as detailed breakdowns of orders, net sales, and backlogs on a non-consolidated basis.

The company also highlights major projects and provides a forecast for full-year results to March 31, 2026, indicating continued disclosure on operational trends. While numerical details are not included in the outline, the structure of the release suggests a focus on transparency around order intake, sales performance, and project pipeline for stakeholders.

The most recent analyst rating on (JP:1852) stock is a Buy with a Yen1294.00 price target. To see the full list of analyst forecasts on Asanuma Corporation stock, see the JP:1852 Stock Forecast page.

Asanuma Lifts Nine-Month Profit and Raises Full-Year Dividend Forecast

Asanuma Corporation reported strong consolidated results for the nine months ended December 31, 2025, with net sales rising 11.2% year-on-year to ¥128.2 billion and operating profit jumping 35.0% to ¥7.2 billion. Profit attributable to owners of parent climbed 38.6% to ¥4.9 billion, lifting basic earnings per share to ¥60.36 and driving comprehensive income up 75.6%, while the equity-to-asset ratio improved to 43.3% as net assets increased.

The company also raised its full-year dividend outlook, projecting a total annual payout of ¥43.50 per share for the year ending March 31, 2026, up from ¥41.00 in the prior year. Alongside this, Asanuma revised its full-year earnings forecast, now targeting ¥174.6 billion in net sales and ¥5.0 billion in profit attributable to owners of parent, signaling confidence in continued growth and reinforcing returns to shareholders through higher dividends.

The most recent analyst rating on (JP:1852) stock is a Buy with a Yen1294.00 price target. To see the full list of analyst forecasts on Asanuma Corporation stock, see the JP:1852 Stock Forecast page.