TSI Holdings Co (3608) AI Stock Analysis

• Market Cap: ¥61.84B
• Dividend Yield: 6.12%
• Average Volume (3M): 229.27K
• Price to Earnings (P/E): 4.2
• Beta (1Y): 0.24
• Revenue Growth: -6.22%
• EPS Growth: 679.61%
• Country: JP
• Employees: 4,102
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Apparel - Manufacturers
• EPS (TTM): 12.86
• Shares Outstanding: 74,105,800
• 10 Day Avg. Volume: 269,220
• 30 Day Avg. Volume: 229,270
• PEG Ratio: 0.02
• Price to Book (P/B): 0.81
• Price to Sales (P/S): 0.56
• P/FCF Ratio: 26.48
• 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: 68 Neutral
• Price Target: ¥1,056.00 ▲(0.96% Upside)

TSI Holdings Co's strong valuation with a low P/E ratio and high dividend yield are significant positives, suggesting potential undervaluation and attractive returns. Financial performance is stable with a solid balance sheet, though improvements in cash conversion are needed. Technical analysis indicates a bearish trend, which could pose short-term risks.

TSI Holdings Co Business Overview & Revenue Model

Company Description

TSI Holdings Co.,Ltd. plans, manufactures, sells, and imports clothing in Japan and internationally. It offers men's and women's wear. The company is also involved in the import, export, wholesale, and retail of clothing, cosmetics, perfumes, soaps, quasi-drugs, etc.; and food service business; and development and sale of synthetic resin related and processed products, as well as production and logistics management activities, employment agency, and work dispatching business. It serves specialty and department stores. The company was founded in 1949 and is headquartered in Tokyo, Japan.

How the Company Makes Money

TSI Holdings generates revenue through multiple streams, including the sale of beauty and personal care products, which constitute a significant portion of its earnings. The company operates various brand lines under its umbrella, leveraging both physical retail and e-commerce channels to reach consumers. Additionally, TSI Holdings earns income from logistics services, optimizing supply chain operations for its products and potentially for third-party clients. The real estate segment contributes to revenue through rental income from properties owned or managed by the company. Strategic partnerships with both domestic and international brands enhance TSI's market reach and product offerings, further bolstering its financial performance.

TSI Holdings Co Financial Statement Overview

Summary

TSI Holdings Co exhibits a stable financial performance with moderate revenue growth and improved profitability. The balance sheet is robust due to low debt levels and a high equity ratio, providing a cushion against potential risks. Despite positive trends in cash flows, the company should focus on enhancing cash conversion efficiency. Overall, the company is financially sound with opportunities for operational improvements.

Income Statement

TSI Holdings' income statement shows a stable revenue with a slight growth of 0.79% from 2024 to 2025. The company maintains a healthy gross profit margin of 53.3% in 2025. However, the net profit margin improved significantly from 3.12% in 2024 to 9.72% in 2025, indicating better cost management. The EBIT and EBITDA margins are relatively low, at 1.05% and 17.65%, respectively, suggesting room for operational efficiency improvements.

Balance Sheet

The balance sheet reflects a strong equity position, with a debt-to-equity ratio of 0.015 in 2025, showcasing low leverage risk. The equity ratio stands at 76.44%, indicating financial stability. Return on Equity (ROE) improved to 14.11%, demonstrating effective use of shareholder funds. Overall, the company has a solid financial foundation with minimal debt levels.

Cash Flow

TSI Holdings displays a strong recovery in cash flows with a positive free cash flow of 3.28 billion JPY in 2025, after negative figures in previous years. The operating cash flow to net income ratio is 0.38, highlighting some inefficiencies in cash conversion. The free cash flow to net income ratio is 0.22. The cash flow trend is positive, but the company should strive for better cash conversion from its net income.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	147.54B	156.61B	155.38B	154.46B	140.38B	134.08B
Gross Profit	79.90B	83.52B	84.73B	84.90B	76.83B	63.85B
EBITDA	30.01B	27.63B	5.41B	6.81B	7.26B	10.91B
Net Income	17.34B	15.23B	4.85B	3.06B	1.02B	3.86B
Balance Sheet
Total Assets	122.70B	141.16B	133.46B	135.43B	140.44B	154.95B
Cash, Cash Equivalents and Short-Term Investments	28.90B	46.33B	27.47B	32.20B	40.23B	49.87B
Total Debt	9.08B	1.66B	9.96B	9.77B	16.18B	25.20B
Total Liabilities	29.94B	32.92B	36.04B	36.55B	42.70B	57.52B
Stockholders Equity	92.49B	107.91B	97.08B	98.48B	97.21B	96.98B
Cash Flow
Free Cash Flow	0.00	3.28B	-3.57B	-2.43B	-710.00M	-8.94B
Operating Cash Flow	0.00	5.72B	-525.00M	1.33B	1.38B	-5.30B
Investing Cash Flow	0.00	28.33B	3.50B	-110.00M	-3.98B	36.01B
Financing Cash Flow	0.00	-15.13B	-7.25B	-9.59B	-8.96B	-11.17B

TSI Holdings Co Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 1046.00
• 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:3608, the sentiment is Positive. The current price of 1046 is above the 20-day moving average (MA) of 1016.65, above the 50-day MA of 991.60, and below the 200-day MA of 1066.35, indicating a neutral trend. The MACD of 19.68 indicates Negative momentum. The RSI at 57.40 is Neutral, neither overbought nor oversold. The STOCH value of 59.55 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for JP:3608.

TSI Holdings Co Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
3580	79 Outperform	¥32.02B	22.41	―	3.23%	6.98%	-42.05%
3569	75 Outperform	¥167.93B	12.14	10.24%	2.43%	6.08%	8.55%
8016	72 Outperform	¥97.92B	10.59	11.49%	5.56%	16.27%	17.45%
3608	68 Neutral	¥61.84B	4.22	17.77%	6.12%	-6.22%	679.61%
2685	64 Neutral	¥126.06B	14.88	11.28%	3.59%	3.96%	-36.24%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%

TSI Holdings Co Corporate Events

TSI Holdings Reports Strong November Sales Boosted by Weather and Holidays

TSI Holdings Co. reported a significant increase in year-on-year sales for November 2025, with all retail channels achieving 139.4% and existing retail channels reaching 103.2%. The rise in sales was driven by a drop in temperatures boosting demand for heavy outerwear and an additional two holidays compared to the previous year, which positively impacted sales by approximately 5.2 percentage points. Excluding the impact of its new subsidiary, Daytona International, sales were slightly below the previous year at 98.5%.

TSI Holdings Reports Strong October Sales Driven by Physical Stores

In October 2025, TSI Holdings Co. reported a year-on-year sales increase of 133.2% across all retail channels, driven by strong performance in physical stores due to a decline in temperature boosting autumn and winter product sales. However, e-commerce sales struggled, resulting in existing retail channels maintaining similar sales levels to the previous year. Excluding the impact of the newly consolidated Daytona International, the overall sales growth was 94.9% year-on-year.

TSI Holdings Acquires Waterfront Co., Ltd. to Expand Brand Portfolio

TSI Holdings has resolved to acquire shares of Waterfront Co., Ltd., a leading company in the umbrella industry, making it a subsidiary. This acquisition aligns with TSI Holdings’ growth strategy to enhance its brand portfolio and enter new market segments. By integrating Waterfront’s stylish and functional umbrellas into its diverse apparel brand portfolio, TSI Holdings anticipates strategic portfolio complementarity and new customer touchpoints. The acquisition is expected to support the company’s growth strategy and enhance its medium- to long-term corporate value.

TSI Holdings Revises Earnings Forecast Following Daytona Acquisition

TSI Holdings Co., Ltd. has revised its earnings forecast for the fiscal year ending February 2026, reflecting the consolidation of Daytona International as a wholly owned subsidiary. Despite a projected shortfall in sales from core brands and its e-commerce platform, the acquisition is expected to boost overall sales by ¥16.0 billion, maintaining the operating income forecast while keeping other financial forecasts unchanged.

TSI Holdings Reports Turnaround with Profit Increase Amid Sales Decline

TSI Holdings Co., Ltd. reported a decrease in net sales by 12% for the six months ending August 31, 2025, compared to the previous year. Despite the decline in sales, the company achieved a turnaround in profitability, reporting a profit attributable to owners of the parent of 1,313 million yen, compared to a loss in the previous year. This improvement is attributed to strategic changes, including the exclusion of six subsidiaries from consolidation. The company also revised its full-year forecast, anticipating a 7.9% increase in net sales and significant growth in operating and ordinary income, indicating a positive outlook for the fiscal year ending February 28, 2026.

TSI Holdings Revises Earnings Forecast Amid Sales Challenges

TSI Holdings revised its earnings forecast for the second quarter of fiscal year 2026, citing lower-than-expected net sales due to challenges in customer acquisition and e-commerce transitions. Despite efforts to reduce costs, operating income fell short, although ordinary income improved due to a turnaround in equity-method investments and reduced foreign exchange losses. The company also recorded gains from the sale of investment securities, leading to an increase in net income attributable to owners of the parent.

TSI Holdings Reports Strong September Sales Boosted by New Launches

In September 2025, TSI Holdings reported a year-on-year sales increase of 121.7% across all retail channels, driven by new autumn product launches and collaborations, despite a decline in core brand customer numbers. The consolidation of Daytona International and one less holiday compared to the previous year impacted sales, with existing retail channels seeing a 93.2% year-on-year performance.