Dualtap Co., Ltd. (3469) AI Stock Analysis

• Market Cap: ¥4.26B
• Dividend Yield: 1.31%
• Average Volume (3M): 8.46K
• Price to Earnings (P/E): 12.7
• Beta (1Y): 0.49
• Revenue Growth: 11.10%
• EPS Growth: N/A
• Country: JP
• Employees: 215
• Sector: Real Estate
• Sector Strength: 53
• Industry: Real Estate - Diversified
• EPS (TTM): N/A
• Shares Outstanding: 4,376,750
• 10 Day Avg. Volume: 9,620
• 30 Day Avg. Volume: 8,460
• PEG Ratio: -0.23
• Price to Book (P/B): 1.49
• Price to Sales (P/S): 0.42
• P/FCF Ratio: 3.39
• 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: 70 Neutral
• Price Target: ¥1,081.00 ▲(16.11% Upside)
• Action: Reiterated Date: 10/28/25
• Date: Action: Reiterated 10/28/25

Dualtap Co., Ltd. has a solid financial foundation with strong cash flow and improving revenue growth, which are the most significant factors in its score. Technical indicators show positive momentum, though valuation concerns due to a high P/E ratio and moderate dividend yield slightly weigh down the overall score.

Positive Factors

Strong cash generation

Dualtap's operating cash flow vastly outpaces reported net income and free cash flow has swung materially positive, indicating durable internal funding for reinvestment, debt servicing, and cyclical resilience. Strong cash conversion supports strategic flexibility over months to years.

Revenue recovery and improving margins

Revenue growth paired with rising gross and net margins signals operational recovery and demand stabilization. Sustained top-line expansion alongside margin improvement enhances ability to compound profits and absorb cost pressures over the medium term.

Reduced leverage and balanced financing

An improving debt-to-equity ratio and balanced equity share reflect prudent capital management, lowering refinancing risk and improving solvency. This steadier capital structure supports measured growth and reduces vulnerability to interest rate or funding shocks.

Negative Factors

Low operating margins

Persistently thin EBIT and EBITDA margins limit the company's ability to internally fund expansion, cover fixed costs, and withstand revenue volatility. Structural margin constraints curb free cash generation potential and reduce strategic optionality over the medium term.

Thin net profitability

A low net margin means small profit per unit of revenue, increasing sensitivity to cost inflation, rent cycles, or interest expense. Over several months this compresses retained earnings and slows the pace at which the company can build capital buffers or return cash to shareholders.

Modest return on equity

ROE near 5% suggests limited capital efficiency relative to peers; modest returns can constrain investor appeal and the firm’s ability to attract equity funding for growth. Over time, this may limit scaling and increase reliance on debt or cautious capital deployment.

Dualtap Co., Ltd. Business Overview & Revenue Model

Company Description

Dualtap Co., Ltd. plans, develops, and sells real estate properties in Japan and internationally. It also manages real estate properties; securitizes real estate; and operates as an insurance agency. In addition, it operates Hotel Promote located in Hakodate Shofu. The company was incorporated in 2006 and is based in Tokyo, Japan.

How the Company Makes Money

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Dualtap Co., Ltd. Financial Statement Overview

Summary

Dualtap Co., Ltd. exhibits a solid financial position with improvements in revenue growth and cash flow generation. Profitability margins are improving, but there is room for enhancing operational efficiency. The balance sheet shows prudent leverage management, contributing to financial stability.

Income Statement

Dualtap Co., Ltd. has shown a positive revenue growth rate of 9.47% in the latest year, indicating a recovery from previous declines. The gross profit margin is healthy at 13.32%, and the net profit margin has improved to 1.40%, reflecting better cost management. However, the EBIT and EBITDA margins remain relatively low at 1.89% and 2.62%, respectively, suggesting room for improvement in operational efficiency.

Balance Sheet

The company's debt-to-equity ratio has improved to 1.12, indicating a reduction in leverage compared to previous years. The return on equity is positive at 5.01%, showing profitability for shareholders. However, the equity ratio is moderate at 42.76%, suggesting a balanced but cautious approach to asset financing.

Cash Flow

Dualtap Co., Ltd. has demonstrated strong cash flow performance with a significant improvement in free cash flow, resulting in a free cash flow growth rate of 'Infinity' due to a previous negative base. The operating cash flow to net income ratio is robust at 8.76, indicating efficient cash generation relative to net income. The free cash flow to net income ratio is also strong at 8.74, highlighting effective cash management.

Breakdown	Jun 2024	Jun 2023	Jun 2022	Jun 2021	Jun 2020
Income Statement
Total Revenue	8.37B	5.17B	8.63B	10.76B	6.15B
Gross Profit	1.11B	842.95M	1.28B	1.14B	1.11B
EBITDA	219.24M	-119.47M	367.44M	204.99M	216.22M
Net Income	117.40M	-386.72M	192.51M	57.75M	11.93M
Balance Sheet
Total Assets	5.48B	6.00B	5.28B	5.03B	7.39B
Cash, Cash Equivalents and Short-Term Investments	1.33B	1.03B	1.99B	855.29M	523.74M
Total Debt	2.64B	3.72B	2.60B	2.58B	4.95B
Total Liabilities	3.13B	4.21B	3.08B	2.99B	5.35B
Stockholders Equity	2.34B	1.78B	2.20B	2.05B	2.03B
Cash Flow
Free Cash Flow	1.03B	-2.09B	1.19B	2.79B	-4.26B
Operating Cash Flow	1.03B	-825.26M	1.19B	2.79B	-4.25B
Investing Cash Flow	-38.51M	-1.24B	-21.31M	10.25M	-42.14M
Financing Cash Flow	-717.48M	1.08B	-31.66M	-2.47B	3.27B

Dualtap Co., Ltd. Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 931.00
• 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:3469, the sentiment is Neutral. The current price of 931 is below the 20-day moving average (MA) of 979.60, below the 50-day MA of 967.92, and above the 200-day MA of 919.73, indicating a neutral trend. The MACD of 1.86 indicates Positive momentum. The RSI at 49.47 is Neutral, neither overbought nor oversold. The STOCH value of 35.77 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for JP:3469.

Dualtap Co., Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
3242	75 Outperform	¥20.21B	20.76	―	3.69%	84.40%	142.34%
3469	70 Neutral	¥4.26B	12.72	―	1.31%	11.10%	―
3280	68 Neutral	¥6.42B	4.10	―	2.73%	62.88%	135.99%
Sector *	65 Neutral	$2.17B	12.19	3.79%	4.94%	3.15%	1.96%
8918	57 Neutral	¥15.38B	114.89	―	1.11%	―	―
3475	54 Neutral	¥45.30B	-26.35	―	3.75%	-8.66%	-53.57%
3246	50 Neutral	¥6.60B	9.72	―	3.17%	5.99%	-35.12%