Ichigo (2337) AI Stock Analysis

• Market Cap: ¥186.00B
• Dividend Yield: 2.46%
• Average Volume (3M): 1.01M
• Price to Earnings (P/E): 13.2
• Beta (1Y): 0.88
• Revenue Growth: -26.42%
• EPS Growth: 1.17%
• Country: JP
• Employees: 552
• Sector: Real Estate
• Sector Strength: 55
• Industry: Real Estate - Services
• EPS (TTM): 5.52
• Shares Outstanding: 445,670,400
• 10 Day Avg. Volume: 889,230
• 30 Day Avg. Volume: 1,007,173
• PEG Ratio: N/A
• Price to Book (P/B): 0.00
• Price to Sales (P/S): 0.00
• P/FCF Ratio: 0.00
• 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: ¥441.46
• Price Target Upside: 3.87% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1

• Rating: 72 Outperform
• Price Target: ¥442.00 ▲(4.00% Upside)

Ichigo's overall stock score reflects its financial strengths in revenue and profit growth, balanced by high leverage and liquidity challenges. The earnings call provides optimism for future growth, particularly in the hotel and environmental sectors, while valuation metrics indicate the stock is reasonably priced. The technical analysis shows some bearish trends, but not extreme enough to significantly impact the score.

Ichigo Business Overview & Revenue Model

Company Description

Ichigo Inc. (2337) is a Japanese real estate company that focuses on sustainable infrastructure and the revitalization of existing properties. The company operates in several sectors, including real estate investment, asset management, property development, and clean energy. Ichigo is committed to creating value by optimizing the use of existing real estate assets, reducing environmental impact, and enhancing local communities.

How the Company Makes Money

Ichigo makes money primarily through its real estate and asset management operations. The company generates revenue from property leasing, sales, and development, as well as from management fees for overseeing real estate investment trusts (REITs) and other assets. Additionally, Ichigo invests in and manages clean energy projects, which contribute to its revenue through the production and sale of renewable energy. Key revenue streams include rental income from owned and managed properties, capital gains from property sales, and fees from asset management services. Strategic partnerships and investments in environmentally sustainable projects also play a significant role in Ichigo's earnings.

Ichigo Financial Statement Overview

Summary

The financial performance of Ichigo shows strong revenue and net income growth, with improving profit margins. However, the company's balance sheet is burdened by high leverage, and the cash flow statement indicates liquidity challenges, which pose financial stability risks.

Income Statement

The income statement reflects strong growth with a revenue increase of 1.71% from the previous year and a significant rise in net income by 25.40%. The gross profit margin improved from 25.22% to 31.02%, indicating better cost management. Net profit margin increased from 14.63% to 18.05%, suggesting enhanced profitability. However, the EBIT and EBITDA margins show room for improvement.

Balance Sheet

The balance sheet presents a stable equity base with an equity ratio of 27.47%. However, the debt-to-equity ratio is high at 2.35, indicating significant leverage, which could pose financial risk. Return on equity has improved to 13.60%, reflecting better utilization of equity. Nonetheless, the high leverage remains a concern.

Cash Flow

The cash flow statement highlights challenges with negative free cash flow and negative operating cash flow, indicating potential liquidity issues. The free cash flow to net income ratio is negative, and operating cash flow has not been sufficient to cover net income, suggesting operational inefficiencies.

Breakdown	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	84.16B	82.75B	68.09B	56.93B	61.37B
Gross Profit	26.11B	20.87B	19.42B	16.18B	15.59B
EBITDA	22.58B	17.92B	18.01B	15.81B	14.59B
Net Income	15.19B	12.11B	9.41B	6.47B	5.03B
Balance Sheet
Total Assets	406.71B	367.01B	338.62B	337.89B	347.08B
Cash, Cash Equivalents and Short-Term Investments	42.69B	46.92B	40.58B	49.01B	51.42B
Total Debt	262.11B	232.79B	209.96B	209.40B	220.00B
Total Liabilities	284.00B	250.74B	224.23B	225.70B	236.82B
Stockholders Equity	111.71B	105.51B	103.84B	101.78B	100.06B
Cash Flow
Free Cash Flow	-33.50B	-16.89B	-10.29B	1.95B	-2.45B
Operating Cash Flow	-28.45B	-8.58B	254.00M	7.94B	15.46B
Investing Cash Flow	5.36B	-2.52B	2.63B	6.50B	-15.63B
Financing Cash Flow	19.57B	17.79B	-6.58B	-15.36B	10.17B

Ichigo Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 425.00
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:2337, the sentiment is Positive. The current price of 425 is above the 20-day moving average (MA) of 400.55, above the 50-day MA of 399.06, and above the 200-day MA of 376.21, indicating a bullish trend. The MACD of 5.29 indicates Negative momentum. The RSI at 66.73 is Neutral, neither overbought nor oversold. The STOCH value of 89.44 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for JP:2337.

Ichigo Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
8877	82 Outperform	¥77.77B	10.72		3.59%	-18.65%	-30.68%
1766	81 Outperform	¥195.89B	12.41		2.26%	7.57%	76.43%
8919	75 Outperform	¥202.91B	19.85	24.25%	2.18%	5.63%	22.43%
8848	73 Outperform	¥342.44B	19.52	15.36%	1.38%	2.21%	-70.44%
2337	72 Outperform	¥186.00B	13.20	13.04%	2.46%	-26.42%	1.17%
Sector *	71 Outperform	¥231.28B	14.92	10.65%	3.51%	19.75%	24.05%
8818	70 Outperform	¥74.37B	17.62		2.52%	3.73%	23.40%

Ichigo Corporate Events

Ichigo Inc. Reports 18% Surge in July Renewable Energy Output

Ichigo Inc. reported a significant increase in its solar and wind power generation for July 2025, with a total output of 24,986,966 kWh, which is 18% above the forecast. This increase is attributed to an above-average number of productive daylight hours, enhancing the company’s CO2 reduction efforts and reinforcing its commitment to sustainability.

Ichigo Inc. Advances Share Buyback Program

Ichigo Inc. has reported progress on its share buyback program, having purchased 2,835,300 common shares in July 2025, amounting to JPY 1,134,708,100. This brings the cumulative total to 11,326,800 shares, which is 70.79% of the authorized buyback, with a total expenditure of JPY 4,380,725,200, or 87.62% of the authorized amount. The buyback is part of a strategy to enhance shareholder value and optimize capital structure.

Ichigo Inc. Exceeds Power Generation Forecasts in June 2025

In June 2025, Ichigo Inc. reported a total solar and wind power generation of 22,154,932 kWh, which was 9% above forecast due to favorable daylight conditions. This increase in power generation resulted in a significant reduction of CO2 emissions, aligning with Ichigo’s sustainability goals and enhancing its position in the renewable energy industry.

Ichigo Inc. Advances Share Buyback Program

Ichigo Inc., a company listed on the Tokyo Stock Exchange, has been actively engaging in a share buyback program as part of its financial strategy. As of June 2025, Ichigo has repurchased 8,491,500 common shares, representing 53.07% of its buyback authorization, with a total expenditure of JPY 3,246,017,100. This move is part of a broader initiative to enhance shareholder value and optimize capital structure.

Ichigo Inc. Faces Renewable Energy Production Challenges in May 2025

Ichigo Inc. reported a 9% shortfall in its May 2025 solar and wind power generation compared to forecasts, primarily due to adverse weather conditions and increased suspension of renewable energy purchases in certain regions. This operational challenge highlights the volatility in renewable energy production and its potential impact on Ichigo’s market performance and stakeholder interests.

Ichigo Inc. Maintains Independence and Protects Minority Shareholders

Ichigo Inc. announced that its controlling shareholder, Ichigo Trust Pte. Ltd., holds 52.84% of its voting rights, yet maintains an independent decision-making process. The company ensures the protection of minority shareholders by implementing rigorous compliance and audit procedures in any transactions involving Ichigo Trust Pte. Ltd.

Ichigo Inc. Strengthens Board Governance with Annual Evaluation

Ichigo Inc. has conducted its annual evaluation of the Board of Directors to ensure effective governance and alignment with Japan’s Corporate Governance Code. The evaluation confirmed the Board’s effective decision-making and oversight capabilities, and Ichigo plans to continue these evaluations to improve corporate governance and shareholder communication.

Ichigo Inc. Reports Growth in Renewable Energy Generation for April 2025

Ichigo Inc. reported a significant increase in its solar and wind power generation for April 2025, reaching 23,565,014 kWh, which aligns with their forecast. This growth in power generation also led to a substantial CO2 reduction, reflecting the company’s commitment to sustainability and enhancing its position in the renewable energy market.