S B S Holdings, Inc. (2384) AI Stock Analysis

• Market Cap: ¥133.85B
• Dividend Yield: 1.89%
• Average Volume (3M): 50.81K
• Price to Earnings (P/E): 22.6
• Beta (1Y): 0.48
• Revenue Growth: 10.32%
• EPS Growth: 42.14%
• Country: JP
• Employees: 10,759
• Sector: Industrials
• Sector Strength: 72
• Industry: Integrated Freight & Logistics
• EPS (TTM): 172.84
• Shares Outstanding: 39,718,200
• 10 Day Avg. Volume: 49,520
• 30 Day Avg. Volume: 50,810
• PEG Ratio: -2.26
• Price to Book (P/B): 1.07
• Price to Sales (P/S): 0.21
• P/FCF Ratio: 34.95
• 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: Moderate Buy
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 76 Outperform
• Price Target: ¥4,222.00 ▲(14.11% Upside)

The overall stock score is driven primarily by strong technical analysis and a stable financial performance. The stock's bullish momentum is a significant positive, although caution is warranted due to overbought technical indicators. The valuation is reasonable, providing a balanced view of the stock's potential.

Positive Factors

Stable Revenue Growth

Consistent revenue growth indicates a stable demand for the company's services and effective business strategies, supporting long-term sustainability.

Operational Efficiency

Stable EBIT and EBITDA margins reflect the company's ability to manage costs effectively, ensuring profitability and competitive positioning over time.

Strong Cash Generation

A strong operating cash flow relative to net income suggests robust cash generation, providing financial flexibility for investments and debt servicing.

Negative Factors

Declining Free Cash Flow

A significant decline in free cash flow can strain liquidity, limiting the company's ability to fund new projects or return capital to shareholders.

Rising Debt Levels

Increased reliance on debt financing can heighten financial risk, potentially impacting the company's creditworthiness and future borrowing costs.

Decreasing Profit Margins

A decrease in net profit margin suggests potential challenges in maintaining profitability, which could affect long-term financial health and investor returns.

S B S Holdings, Inc. Business Overview & Revenue Model

Company Description

SBS Holdings, Inc. engages in the logistics business in Japan and internationally. It transports products through trucks and train. The company also offers dry, chilled, and frozen logistics services; customs clearance and forwarding services; and facility relocation, logistics in the hall, consulting, and third party logistics services. In addition, it rents office facilities, residential, warehouse, etc.; and develops and sells logistics centers. Further, the company provides in human resource solutions, such as personnel dispatch, employment agency, and warehouse work contract; collection, transportation, intermediate processing, and recycling of general and industrial waste; construction, operation agency, and fulfillment services; fuel and tire purchasing services; and insurance agency services. The company was formerly known as SBS Co., Ltd. and changed its name to SBS Holdings, Inc. in April 2006. SBS Holdings, Inc. was founded in 1987 and is headquartered in Tokyo, Japan.

How the Company Makes Money

S B S Holdings, Inc. generates revenue through several key streams. Primarily, the company earns income from its real estate operations, which include rental income from commercial and residential properties managed within its portfolio. Additionally, the firm's asset management division contributes to its earnings by charging management fees on the funds it manages, including REITs that attract both institutional and retail investors. The company may also engage in property development projects, generating profits from sales or leasing of newly developed properties. Strategic partnerships with financial institutions and other investment entities further bolster its revenue, enabling access to larger capital pools and diversified investment opportunities.

S B S Holdings, Inc. Financial Statement Overview

Summary

S B S Holdings, Inc. demonstrates stable revenue growth and operational efficiency with consistent profit margins. The balance sheet indicates a solid equity base despite a higher reliance on debt. Cash flow management shows strong operating cash flow, but declining free cash flow suggests the need for improving cash conversion efficiency. Overall, the company maintains a stable financial position with some areas for improvement in cash flow management.

Income Statement

The company shows a stable gross profit margin around 11% for the last two years, with a slight decrease from previous years. Net profit margin decreased slightly from 2.3% to 2.1% annually. Revenue growth has been modest, with a 3.8% increase in 2024 compared to 2023. EBIT and EBITDA margins are stable, indicating consistent operational efficiency.

Balance Sheet

The debt-to-equity ratio is slightly elevated at 1.18 in 2024, indicating a reliance on debt financing. However, the equity ratio is improving, currently at 27.8%, reflecting a strengthening equity base. Return on Equity has decreased slightly to 10.9%, suggesting moderate profitability on shareholders' equity.

Cash Flow

Free cash flow has decreased by 37.3% in 2024 compared to 2023, indicating potential pressure on liquidity. Operating cash flow to net income ratio is strong at 1.64, showing good cash generation relative to net income. However, the free cash flow to net income ratio has decreased, highlighting reduced cash conversion.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	454.94B	448.14B	431.91B	455.48B	403.49B	257.19B
Gross Profit	46.03B	49.84B	50.14B	50.54B	46.72B	26.80B
EBITDA	25.51B	30.37B	30.32B	33.74B	31.11B	19.32B
Net Income	5.92B	9.62B	10.06B	11.73B	10.79B	6.83B
Balance Sheet
Total Assets	328.86B	317.29B	301.32B	296.90B	277.20B	254.55B
Cash, Cash Equivalents and Short-Term Investments	26.47B	29.70B	29.67B	32.67B	23.80B	27.54B
Total Debt	108.06B	104.51B	101.59B	104.09B	98.66B	100.83B
Total Liabilities	215.36B	204.34B	198.73B	204.73B	196.49B	186.41B
Stockholders Equity	88.15B	88.22B	79.58B	70.38B	60.67B	50.75B
Cash Flow
Free Cash Flow	0.00	2.70B	4.30B	5.33B	14.61B	5.38B
Operating Cash Flow	0.00	15.81B	14.11B	22.41B	27.47B	17.26B
Investing Cash Flow	0.00	-16.72B	-10.18B	-15.89B	-22.34B	-30.48B
Financing Cash Flow	0.00	-1.29B	-7.65B	489.00M	-9.28B	22.73B

S B S Holdings, Inc. Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 3700.00
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:2384, the sentiment is Positive. The current price of 3700 is above the 20-day moving average (MA) of 3627.25, above the 50-day MA of 3556.50, and above the 200-day MA of 3151.59, indicating a bullish trend. The MACD of 50.09 indicates Negative momentum. The RSI at 59.49 is Neutral, neither overbought nor oversold. The STOCH value of 54.91 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for JP:2384.

S B S Holdings, Inc. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
9037	78 Outperform	¥125.56B	12.93	―	2.26%	3.09%	8.50%
9066	77 Outperform	―	―	―	―	8.81%	-42.49%
2384	76 Outperform	¥133.85B	22.60	―	1.89%	10.32%	42.14%
9068	72 Outperform	¥138.35B	13.40	―	2.46%	1.92%	-6.02%
9090	64 Neutral	¥139.87B	17.32	―	3.21%	8.14%	11.47%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%

S B S Holdings, Inc. Corporate Events

SBS Holdings Revises Controlling Shareholder Structure

SBS Holdings, Inc. announced revisions to its controlling shareholder matters due to KMK Holdings, Inc.’s acquisition of 100% voting rights of Kamatakikaku, the parent company of SBS Holdings. This change in controlling shareholders reflects a shift in corporate governance, potentially impacting the company’s operational independence and stakeholder relationships.

SBS Holdings Announces Change in Parent Company Status

SBS Holdings, Inc. has announced a change in its parent company status due to Kamatakikaku, Inc. selling a portion of its shares, resulting in KMK Holdings, Inc. no longer being classified as the parent company but as an affiliated company. This change in ownership structure is not expected to impact the company’s business performance.

SBS Holdings Reports Strong Financial Growth in 2025

SBS Holdings, Inc. reported a significant increase in its financial performance for the nine months ending September 30, 2025, with net sales rising by 10.3% and net income attributable to owners of the parent increasing by 27.4% compared to the previous year. The company also projects continued growth for the fiscal year ending December 31, 2025, with expected net sales of 485,000 million yen, indicating an 8.2% increase year-on-year, reflecting strong operational performance and market positioning.