Hamee Corp. (3134) AI Stock Analysis

• Market Cap: ¥8.27B
• Dividend Yield: 2.05%
• Average Volume (3M): 80.87K
• Price to Earnings (P/E): 9.1
• Beta (1Y): 0.64
• Revenue Growth: 13.52%
• EPS Growth: -42.59%
• Country: JP
• Employees: 463
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Specialty Retail
• EPS (TTM): 18.13
• Shares Outstanding: 16,328,100
• 10 Day Avg. Volume: 79,060
• 30 Day Avg. Volume: 80,866
• PEG Ratio: 1.08
• Price to Book (P/B): 1.80
• Price to Sales (P/S): 0.83
• P/FCF Ratio: 247.55
• 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: 74 Outperform
• Price Target: ¥570.00 ▲(18.50% Upside)
• Action: Upgraded Date: 02/25/26
• Date: Action: Upgraded 02/25/26

The score is led by attractive valuation (low P/E with a supporting dividend) and generally constructive technicals (above key short- and mid-term moving averages with positive momentum). Offsetting these positives, financial performance is mixed due to margin compression and weaker free-cash-flow conversion despite solid revenue growth and acceptable leverage.

Positive Factors

Sustained Revenue Growth

Hamee's multi-year revenue expansion indicates durable end-market demand for mobile and lifestyle accessories and effective channel execution. Consistent top-line growth supports scale economics, reinvestment in product design and marketing, and provides a foundation for steady earnings over the next 2–6 months.

Healthy Operating Margins

Despite some margin pressure, the company maintains healthy EBIT/EBITDA margins, reflecting operational efficiency in manufacturing, sourcing and retailing. Durable operating profitability supports cash generation, funds for R&D and marketing, and resilience versus peers in a competitive specialty retail segment.

Balanced Capital Structure & ROE

A moderate leverage profile combined with solid ROE suggests management is effectively deploying capital and preserving balance-sheet flexibility. A stable equity ratio provides capacity for targeted investments, partnerships or selective buybacks without undermining long-term financial stability.

Negative Factors

Margin Compression

Declining gross and net margins point to cost pressures or increased promotional activity that can persist and erode long-term profitability. If structural, margin compression reduces retained earnings available for capex, product development and dividends, pressuring sustainable returns.

Weaker Free Cash Flow Conversion

A meaningful decline in free cash flow growth and lower FCF-to-net-income indicates weaker cash conversion of profits. This undermines the firm's ability to self-fund expansion, pay dividends, or pay down debt, increasing reliance on external financing and reducing long-term financial flexibility.

Rising Leverage Trend

An upward trend in debt-to-equity, even if currently moderate, increases fixed obligations and interest exposure. Continued leverage increases refinancing and liquidity risk, constrains strategic maneuverability, and heightens sensitivity to revenue or margin shocks over the medium term.

Hamee Corp. Business Overview & Revenue Model

Company Description

Hamee Corp. engages in the e-commerce and platform businesses in Japan and internationally. It is involved in the purchase and wholesale of mobile goods and smartphone accessories; and development and provision of Next Engine, a cloud-based back-end solution for e-commerce businesses. It also engages in the investment business. The company was formerly known as Macrowill Company. Hamee Corp. was founded in 1997 and is headquartered in Odawara, Japan.

How the Company Makes Money

Hamee Corp. generates revenue primarily through the sale of mobile accessories, including phone cases, screen protectors, and other protective gear for smartphones and tablets. The company operates both online and offline retail channels, allowing it to reach a broad customer base. Key revenue streams include direct sales through its e-commerce platform, partnerships with major retailers, and collaborations with mobile device manufacturers. Additionally, Hamee may benefit from licensing agreements and brand collaborations, further diversifying its income sources. The company's focus on product innovation and design also helps maintain a competitive edge in the market, contributing positively to its earnings.

Hamee Corp. Financial Statement Overview

Summary

Revenue growth is strong (latest year +10.83%) with healthy EBIT/EBITDA margins, but profitability is pressured by declining gross and net margins. Cash flow quality is weaker due to a significant drop in free cash flow growth and reduced profit-to-cash conversion, while leverage has risen though still moderate.

Income Statement

Hamee Corp. has demonstrated strong revenue growth over the years, with a notable 10.83% increase in the latest year. However, the gross profit margin has slightly decreased from previous years, indicating potential cost pressures. The net profit margin has also declined, suggesting challenges in maintaining profitability. Despite these, the company maintains a healthy EBIT and EBITDA margin, reflecting operational efficiency.

Balance Sheet

The balance sheet shows a moderate debt-to-equity ratio, which has increased over the years, indicating rising leverage. However, the company maintains a solid return on equity, showcasing effective use of shareholder funds. The equity ratio remains stable, reflecting a balanced capital structure.

Cash Flow

Cash flow analysis reveals a concerning trend with a significant drop in free cash flow growth, although operating cash flow remains positive. The free cash flow to net income ratio has decreased, indicating potential challenges in converting profits into cash. The operating cash flow to net income ratio suggests adequate cash generation relative to net income.

Breakdown	TTM	Apr 2024	Apr 2023	Apr 2022	Apr 2021	Apr 2021
Income Statement
Total Revenue	23.61B	22.90B	17.61B	14.04B	13.41B	12.36B
Gross Profit	13.78B	13.50B	10.87B	8.48B	8.52B	7.56B
EBITDA	2.78B	2.84B	2.82B	2.20B	3.10B	2.67B
Net Income	1.20B	1.28B	1.12B	945.38M	1.74B	1.56B
Balance Sheet
Total Assets	16.42B	16.97B	14.51B	12.32B	10.52B	8.34B
Cash, Cash Equivalents and Short-Term Investments	4.17B	4.99B	4.02B	3.54B	4.03B	3.35B
Total Debt	3.85B	3.85B	2.18B	1.30B	543.85M	104.07M
Total Liabilities	5.98B	6.40B	4.36B	3.36B	2.27B	1.81B
Stockholders Equity	10.44B	10.57B	10.16B	8.96B	8.25B	6.53B
Cash Flow
Free Cash Flow	0.00	77.04M	409.19M	208.50M	168.55M	1.59B
Operating Cash Flow	0.00	860.37M	885.87M	695.04M	1.19B	1.94B
Investing Cash Flow	0.00	-922.04M	-876.80M	-1.51B	-886.46M	-412.08M
Financing Cash Flow	0.00	1.14B	379.93M	262.79M	298.06M	-1.74B

Hamee Corp. Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 481.00
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:3134, the sentiment is Positive. The current price of 481 is below the 20-day moving average (MA) of 483.70, above the 50-day MA of 480.38, and below the 200-day MA of 518.01, indicating a neutral trend. The MACD of 4.91 indicates Negative momentum. The RSI at 66.32 is Neutral, neither overbought nor oversold. The STOCH value of 78.47 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for JP:3134.

Hamee Corp. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
3134	74 Outperform	¥8.27B	9.07	―	2.05%	13.52%	-42.59%
2674	74 Outperform	¥29.15B	12.36	―	3.77%	7.88%	-5.92%
3179	66 Neutral	¥24.99B	17.26	―	3.53%	-2.73%	-51.48%
7685	65 Neutral	¥180.42B	33.64	―	0.64%	57.01%	91.03%
4385	63 Neutral	¥606.27B	20.63	31.11%	―	4.83%	106.29%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
9270	59 Neutral	¥25.59B	12.89	―	0.95%	4.14%	―

Hamee Corp. Corporate Events

Hamee Corp. Releases Q2 FY04/26 Financial Results

Hamee Corp. has released its Q2 FY04/26 financial results, highlighting its operational performance and strategic positioning in the market. The announcement underscores the company’s ongoing efforts to strengthen its market presence and expand its global reach through key partnerships and international offices.

The most recent analyst rating on (JP:3134) stock is a Hold with a Yen563.00 price target. To see the full list of analyst forecasts on Hamee Corp. stock, see the JP:3134 Stock Forecast page.

Hamee Corp. Reports Q2 FY04/26 Financial Results with Mixed Performance

Hamee Corp. reported its consolidated financial results for the second quarter of FY04/26, showing a modest increase in net sales by 5.2% compared to the previous year. However, the company experienced significant declines in operating income, ordinary income, and net profit attributable to owners of the parent, with decreases of 30.9%, 47.0%, and 54.9% respectively. This downturn reflects challenges in maintaining profitability despite revenue growth, which could impact Hamee’s market positioning and stakeholder confidence.

The most recent analyst rating on (JP:3134) stock is a Hold with a Yen563.00 price target. To see the full list of analyst forecasts on Hamee Corp. stock, see the JP:3134 Stock Forecast page.

Hamee Corp. Revises Earnings Forecast Amid Market Challenges

Hamee Corp. announced a downward revision of its earnings forecast for the fiscal year ending April 2026, citing lower-than-expected sales and profits in the second quarter. The company attributed these results to sluggish consumer spending, intensified competition, and challenges in various business segments, including mobile life and gaming accessories, as well as increased costs in the cosmetics and global business sectors. The revised forecast indicates significant declines in net sales, operating income, and net income, highlighting the impact of market conditions and operational challenges on the company’s financial performance.

The most recent analyst rating on (JP:3134) stock is a Hold with a Yen563.00 price target. To see the full list of analyst forecasts on Hamee Corp. stock, see the JP:3134 Stock Forecast page.