ISHIHARA SANGYO KAISHA, LTD. (JP:4028)
:4028
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ISHIHARA SANGYO KAISHA, LTD.
(4028)
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Rating:76Outperform
Price Target:
¥3,342.00
▲(21.88% Upside)
Action:Upgraded
Date:05/30/26
The score is driven by attractive valuation (low P/E and strong dividend yield) and bullish technical conditions (price above major moving averages with positive MACD). Financial performance is supportive due to the 2026 margin/earnings step-up and manageable leverage, but is capped by uneven cash flow history and only modest free-cash-flow conversion in the latest year.
Positive Factors
Diversified chemical portfolio (TiO2 & specialties)
Ishihara’s core TiO₂ pigment business plus other inorganic and specialty materials provide durable demand exposure across coatings, plastics, inks and paper. This diversified B2B product mix supports stable volumes and higher-margin specialty sales over multi-year cycles.
Negative Factors
Uneven cash generation and low FCF conversion
Historic negative OCF/FCF in 2023–2024 and only ~32% FCF conversion in 2026 show cash conversion volatility. Modest free cash flow relative to earnings limits consistent debt reduction, reinvestment capacity and makes funding dividends or growth more sensitive to working capital swings.
Read all positive and negative factors
Positive Factors
Negative Factors
Diversified chemical portfolio (TiO2 & specialties)
Ishihara’s core TiO₂ pigment business plus other inorganic and specialty materials provide durable demand exposure across coatings, plastics, inks and paper. This diversified B2B product mix supports stable volumes and higher-margin specialty sales over multi-year cycles.
Read all positive factors
ISHIHARA SANGYO KAISHA, LTD. (4028) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥118.43B
Dividend Yield4.15%
Average Volume (3M)208.83K
Price to Earnings (P/E)6.8
Beta (1Y)1.23
Revenue Growth6.68%
EPS Growth97.70%
CountryJP
Employees1,813
SectorBasic Materials
Sector Strength58
IndustryChemicals - Specialty
Share Statistics
EPS (TTM)268.53
Shares Outstanding40,383,945
10 Day Avg. Volume200,680
30 Day Avg. Volume208,830
Financial Highlights & Ratios
PEG Ratio0.07
Price to Book (P/B)0.82
Price to Sales (P/S)0.68
P/FCF Ratio19.24
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)336.95
Revenue Forecast (FY)¥157.05B
ISHIHARA SANGYO KAISHA, LTD. Business Overview & Revenue Model
Company Description
Ishihara Sangyo Kaisha, Ltd. is a global producer and distributor of both organic and inorganic chemicals, with its operations spanning Japan, Asia, the United States, Europe, and other international markets. A key segment of its product line cons...
How the Company Makes Money
The company makes money primarily by manufacturing and selling chemical and materials products to corporate customers. Key revenue streams include: (1) Sales of titanium dioxide (TiO₂) pigment: TiO₂ is produced by the company and sold as a white p...
ISHIHARA SANGYO KAISHA, LTD. Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
70
Positive
Cash Flow
58
Neutral
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 150.16B | 154.90B | 145.20B | 138.46B | 131.24B | 110.95B |
| Gross Profit | 42.95B | 49.67B | 41.10B | 39.16B | 35.09B | 34.08B |
| EBITDA | 19.62B | 23.93B | 16.23B | 17.48B | 13.97B | 16.21B |
| Net Income | 10.28B | 16.64B | 8.41B | 7.99B | 6.95B | 11.69B |
Balance Sheet | ||||||
| Total Assets | 237.33B | 240.41B | 225.83B | 225.05B | 201.91B | 185.76B |
| Cash, Cash Equivalents and Short-Term Investments | 30.69B | 29.42B | 24.95B | 19.98B | 17.66B | 27.07B |
| Total Debt | 65.59B | 70.73B | 68.94B | 68.06B | 52.92B | 46.83B |
| Total Liabilities | 121.73B | 111.22B | 111.38B | 118.93B | 104.48B | 93.89B |
| Stockholders Equity | 115.41B | 128.99B | 114.27B | 106.07B | 97.43B | 91.87B |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | 5.49B | 8.53B | -10.35B | -10.64B | 12.02B |
| Operating Cash Flow | 0.00 | 17.26B | 18.33B | -2.81B | -6.02B | 16.50B |
| Investing Cash Flow | 0.00 | -10.01B | -11.41B | -7.04B | -5.02B | -4.32B |
| Financing Cash Flow | 0.00 | -3.82B | -2.34B | 11.52B | 1.05B | -11.60B |
ISHIHARA SANGYO KAISHA, LTD. Technical Analysis
Neutral
2742.00
Price Trends
2932.48
Positive
3027.92
Negative
2740.07
Positive
Market Momentum
29.88
Positive
47.80
Neutral
16.94
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:4028, the sentiment is Neutral. The current price of 2742 is below the 20-day moving average (MA) of 2980.70, below the 50-day MA of 2932.48, and above the 200-day MA of 2740.07, indicating a neutral trend. The MACD of 29.88 indicates Positive momentum. The RSI at 47.80 is Neutral, neither overbought nor oversold. The STOCH value of 16.94 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for JP:4028.
ISHIHARA SANGYO KAISHA, LTD. Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | ¥107.35B | 9.69 | ― | 3.72% | 4.49% | 27.96% | |
76 Outperform | ¥118.43B | 6.82 | ― | 4.15% | 6.68% | 97.70% | |
73 Outperform | ¥74.42B | 8.66 | ― | 3.04% | -0.37% | -20.95% | |
69 Neutral | ¥2.34T | 12.03 | 11.64% | 1.52% | 11.97% | 45.59% | |
64 Neutral | ¥456.05B | 10.04 | 8.14% | 2.61% | -0.45% | 50.53% | |
63 Neutral | ¥416.58B | 13.72 | 13.71% | 3.38% | 0.16% | -12.55% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% |
* Basic Materials Sector Average
JP:4028
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ISHIHARA SANGYO KAISHA, LTD. Corporate Events
Ishihara Sangyo Kaisha Posts Profit Surge but Flags Sharper Earnings Slowdown Ahead
May 12, 2026
Ishihara Sangyo Kaisha reported a strong fiscal year to March 31, 2026, with net sales up 6.7% to ¥154.9 billion and operating profit surging 82% to ¥19.1 billion, driving profit attributable to owners of the parent up 97.8% to ¥16....
Ishihara Sangyo Unit Halts Kobe Plant After Fire; Financial Impact Under Review
Apr 20, 2026
Ishihara Sangyo Kaisha, Ltd. reported that a fire broke out at the Kobe Plant of its wholly owned subsidiary Fuji Titanium Industry on April 19, 2026, damaging the exhaust gas treatment facility and forcing a suspension of operations. No injuries ...
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.