TSI Holdings Co Ltd (JP:3608)
:3608
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TSI Holdings Co
(3608)
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Rating:68Neutral
Price Target:
¥1,186.00
▲(7.92% Upside)
Action:DowngradedDate:11/14/25
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.
Positive Factors
Balance-sheet strength
Extremely low leverage and a high equity ratio provide enduring financial resilience, giving management room to fund capex, weather retail seasonality, and support brand investments without relying on market financing. Improved ROE indicates efficient use of shareholder capital over time.
Negative Factors
Weak cash conversion
Low conversion of accounting profits into cash highlights structural working-capital or collection inefficiencies. Persistent cash conversion gaps reduce internal funding flexibility, making the business more sensitive to inventory buildup, supplier terms and seasonal demand swings.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance-sheet strength
Extremely low leverage and a high equity ratio provide enduring financial resilience, giving management room to fund capex, weather retail seasonality, and support brand investments without relying on market financing. Improved ROE indicates efficient use of shareholder capital over time.
Read all positive factors
TSI Holdings Co (3608) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥54.33B
Dividend Yield6.12%
Average Volume (3M)229.27K
Price to Earnings (P/E)7.3
Beta (1Y)0.41
Revenue Growth-6.22%
EPS Growth679.61%
CountryJP
Employees4,102
SectorConsumer Cyclical
Sector Strength84
IndustryApparel - Manufacturers
Share Statistics
EPS (TTM)N/A
Shares Outstanding63,438,793
10 Day Avg. Volume269,220
30 Day Avg. Volume229,270
Financial Highlights & Ratios
PEG Ratio0.02
Price to Book (P/B)0.81
Price to Sales (P/S)0.56
P/FCF Ratio26.48
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)121.6
Revenue Forecast (FY)¥198.60B
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, soap...
How the Company Makes Money
TSI Holdings makes money primarily by selling apparel and fashion-related products under its brand portfolio. Revenue is generated through (1) retail sales at directly operated stores, where the company earns the full product sales value (net of r...
TSI Holdings Co Financial Statement Overview
Summary
Income Statement
65
Positive
Balance Sheet
72
Positive
Cash Flow
68
Positive
| Breakdown | TTM | Feb 2024 | Feb 2023 | Feb 2022 | Feb 2021 | Feb 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 147.54B | 156.61B | 155.38B | 154.46B | 140.38B | 134.08B |
| Gross Profit | 79.81B | 80.36B | 81.13B | 81.08B | 72.45B | 59.31B |
| EBITDA | 6.19B | 5.33B | 5.41B | 6.26B | 8.88B | -7.00B |
| Net Income | 17.33B | 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 | -2.85B | -1.15B | 257.00M | -8.23B |
| 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
Positive
1099.00
Price Trends
1073.67
Positive
1033.05
Positive
1035.14
Positive
Market Momentum
6.91
Negative
60.60
Neutral
88.41
Negative
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 1099 is above the 20-day moving average (MA) of 1076.05, above the 50-day MA of 1073.67, and above the 200-day MA of 1035.14, indicating a bullish trend. The MACD of 6.91 indicates Negative momentum. The RSI at 60.60 is Neutral, neither overbought nor oversold. The STOCH value of 88.41 is Negative, 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
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | ¥136.87B | 14.56 | 11.70% | 3.59% | 3.96% | -36.24% | |
71 Outperform | ¥21.19B | 5.55 | ― | 1.83% | 7.83% | 108.92% | |
68 Neutral | ¥54.33B | 7.26 | 18.28% | 6.12% | -6.22% | 679.61% | |
66 Neutral | ¥117.21B | 17.53 | 2.80% | 3.38% | >-0.01% | -49.83% | |
66 Neutral | ¥42.84B | 13.45 | ― | 5.23% | ― | ― | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
59 Neutral | ¥228.81B | 39.72 | 5.31% | 2.29% | -6.04% | 146.54% |
* Consumer Cyclical Sector Average
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TSI Holdings Co Corporate Events
TSI Holdings Launches Voluntary Recall of Electric Bikes Over Legal Compliance Concerns
Apr 3, 2026
TSI Holdings has initiated a voluntary recall of certain pedal-assisted electric two-wheeled vehicles sold since around 2021, after discovering that some models may be classified as mopeds under Japanese law, potentially requiring licensing, regis...
TSI Holdings Cuts FY2026 Earnings Forecast on Weak Core Brands and U.S. Impairment
Apr 3, 2026
TSI Holdings has revised its full-year consolidated earnings forecast for the fiscal year ended February 28, 2026, cutting its estimates for net sales, operating income, ordinary income and profit attributable to owners of the parent. The company ...
TSI Holdings’ February Sales Surge on Store Recovery and E-Commerce Integration
Mar 6, 2026
TSI Holdings reported strong February 2026 sales, with all retail channels posting 147.2% year-on-year growth and existing retail channels up 106.6%, as both physical stores and e-commerce significantly exceeded the prior-year period. The company ...
TSI Holdings Corrects Terms on ¥36 Billion Syndicated Loan, Confirms Subsidiary Share Collateral
Feb 27, 2026
TSI Holdings has issued a correction to its recent announcement on a syndicated loan with financial covenants and a borrowing arrangement under Mizuho Eco Finance, clarifying that the facility is secured by a pledge of subsidiary shares rather tha...
TSI Holdings Corrects Organizational and Personnel Changes at Core Subsidiary
Feb 19, 2026
TSI Holdings has corrected previously announced organizational and personnel changes at key subsidiary TSI Inc., effective March 1, 2026, clarifying the internal structure and reporting lines. The amendments adjust the allocation of certain brands...
TSI Holdings Announces Major Group Reorganization and Board Changes
Feb 18, 2026
TSI Holdings will overhaul its organizational structure from March 1, 2026, creating new Business and Corporate Strategy headquarters at the parent and TSI Inc. level while abolishing former group strategy units and renaming e-commerce and sustain...
TSI Holdings Weighs New Fashion Foundation Funded by Treasury Shares
Feb 18, 2026
TSI Holdings plans to establish a new general incorporated foundation, tentatively named the TSI Foundation for Future Fashion, as early as June 2026 to promote a society where more people can enjoy happiness and joy through fashion. The foundatio...
TSI Holdings Refinances Daytona Acquisition with ¥36 Billion Syndicated Loan and Secures Eco Finance Facility
Feb 18, 2026
TSI Holdings has arranged a ¥36 billion syndicated loan with three major commercial banks, led by Mizuho Bank, to refinance short-term borrowings used to acquire Daytona International and extend funding out to February 2033 under new financia...
TSI Holdings’ January Sales Jump on M&A Boost but Comparable Growth Softens
Feb 6, 2026
TSI Holdings reported that in January 2026 total sales across all retail channels rose 34.9% year on year, boosted mainly by the consolidation of Daytona International and solid demand for spring merchandise and buzzworthy items led by men’s...
TSI Holdings Delivers Strong Profit Rebound in Q3 and Reshapes Group Structure
Jan 14, 2026
TSI Holdings reported third-quarter consolidated net sales of ¥116.6 billion, up 0.5% year on year, while operating income jumped 70.0% to ¥3.7 billion and ordinary income doubled to ¥5.0 billion; profit attributable to owners of pa...
TSI Holdings Posts Strong December Sales Boosted by New Subsidiary, Underlying Store Performance Still Soft
Jan 9, 2026
TSI Holdings reported that December 2025 retail sales across all channels rose 34.3% year-on-year, driven largely by strong growth in e-commerce and the consolidation of Daytona International, while existing retail channels posted a more modest 3....
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.