MANAC Chemical Partners Co.,Ltd (4360) AI Stock Analysis

• Market Cap: ¥7.25B
• Dividend Yield: 1.93%
• Average Volume (3M): 4.14K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.62
• Revenue Growth: 13.64%
• EPS Growth: -151.98%
• Country: JP
• Employees: 220
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Chemicals
• EPS (TTM): 46.53
• Shares Outstanding: 8,625,000
• 10 Day Avg. Volume: 4,080
• 30 Day Avg. Volume: 4,140
• PEG Ratio: <0.01
• Price to Book (P/B): 0.45
• Price to Sales (P/S): 0.50
• P/FCF Ratio: -11.40
• 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: 53 Neutral
• Price Target: ¥853.00 ▲(29.24% Upside)

The score is held back primarily by weakened financial performance, including a return to losses and negative free cash flow over the last two years, despite a low-debt balance sheet. Technical momentum is a meaningful support, but overbought indicators raise near-term risk. Valuation is constrained by loss-making results, with only modest support from the dividend yield.

Positive Factors

Conservative balance sheet

A virtually debt-free capital structure materially reduces refinancing and interest-rate risk, preserving financial optionality. Over the medium term this supports resilience through downturns and gives management room to fund restructuring, M&A or capex without burdening cash flow.

Prior profitability track record

Strong margins and profitability in 2022–2023 indicate the business model can generate healthy returns and that recent losses may be cyclical or remediable. This track record supports potential operational recovery if cost structure, pricing or mix are addressed over the next few quarters.

Industry exposure — Chemicals

Operating in the chemicals sector provides exposure to diversified industrial end-markets and generally stable, structural demand drivers. Over months this supports steady baseline volumes and potential pricing leverage versus more cyclical consumer sectors.

Negative Factors

Return to sizable loss

A material swing to a sizable net loss erodes retained equity and signals persistent margin or cost issues. If losses persist, they impair reinvestment capacity, weaken stakeholder confidence, and raise the probability of capital raises or asset sales over the medium term.

Negative free cash flow

Consecutive years of negative free cash flow indicate the company is burning cash or investing above internally generated funds. This reduces financial flexibility, limits ability to self-fund growth or restructuring, and increases reliance on external financing if the trend continues.

Two years of revenue decline

Sustained top-line contraction suggests weakening demand, pricing pressure, or market share loss. Coupled with margin compression, ongoing revenue decline undermines scale economics and makes durable profitability recovery more difficult without structural changes.

MANAC Chemical Partners Co.,Ltd Business Overview & Revenue Model

Company Description

MANAC Chemical Partners Co.,Ltd, together with its subsidiaries, engages in the development, manufacture, sale, import, and export of industrial chemicals and pharmaceuticals in Japan. It is also involved in the supply of raw materials, including flame retardants, antibacterial agents, veterinary drugs, food additives, photosensitive materials, and other materials to technological industries of various fields. In addition, the company provides warehouse leasing services. MANAC Chemical Partners Co.,Ltd was founded in 1948 and is based in Tokyo, Japan.

How the Company Makes Money

MANAC Chemical Partners Co., Ltd generates revenue through the production and sale of specialty chemicals used in various industrial applications. The company's primary revenue streams include the sale of chemical products to industries like pharmaceuticals, agriculture, and electronics, among others. Additionally, the company may engage in strategic partnerships and collaborations with other firms to enhance its product offerings and expand its market reach. Factors contributing to its earnings include its focus on innovation, efficient production processes, and maintaining strong relationships with its clients.

MANAC Chemical Partners Co.,Ltd Financial Statement Overview

Summary

Financial performance is pressured: profitability deteriorated to a sizable loss in 2025 with margin compression and two years of revenue decline. Cash generation is a key weakness with negative free cash flow in 2024–2025. The main offset is a conservative balance sheet with essentially no debt, though equity declined into 2025.

Income Statement

Profitability weakened materially: the company moved from healthy profits in 2022–2023 (net margin ~6.7%–6.9%) to near-breakeven in 2024 and a sizable loss in 2025 (net margin about -9.6%), with EBIT also turning meaningfully negative. Revenue has also declined for two consecutive years (down ~0.2% in 2024 and ~5.2% in 2025), and gross margin compressed from ~23.7% (2023) to ~15.8% (2025). The main positive is the history of solid profitability in 2022–2023, but the recent margin and earnings deterioration drives the below-average score.

Balance Sheet

The balance sheet looks conservative with essentially no debt in 2024–2025 (debt-to-equity at 0.0), reducing refinancing and interest-rate risk. However, equity fell from 2024 to 2025, and returns declined sharply with negative return on equity in 2025, reflecting the latest-year loss. Overall, the capital structure is a clear strength, but profitability pressure is starting to erode the equity base.

Cash Flow

Cash flow quality has deteriorated versus the strong 2023 profile: operating cash flow swung from solidly positive in 2023 to negative in 2024, then only modestly positive in 2025. Free cash flow was negative in both 2024 and 2025, indicating cash burn and/or elevated investment needs. While 2023 showed the business can generate strong cash, the last two years’ negative free cash flow meaningfully weakens financial flexibility.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	9.60B	9.30B	9.69B	11.85B	10.70B
Gross Profit	1.66B	1.47B	1.82B	2.81B	2.43B
EBITDA	-182.25M	-312.00M	545.00M	1.62B	1.19B
Net Income	-767.00M	-895.00M	82.00M	821.00M	712.00M
Balance Sheet
Total Assets	13.05B	12.65B	14.10B	15.01B	13.59B
Cash, Cash Equivalents and Short-Term Investments	3.09B	2.77B	3.29B	3.72B	2.04B
Total Debt	0.00	0.00	0.00	290.00M	291.00M
Total Liabilities	2.72B	2.34B	2.85B	3.97B	3.29B
Stockholders Equity	10.33B	10.30B	11.25B	11.04B	10.29B
Cash Flow
Free Cash Flow	0.00	-411.00M	-593.00M	1.40B	30.00M
Operating Cash Flow	0.00	108.00M	-118.00M	1.65B	714.00M
Investing Cash Flow	0.00	-489.00M	-231.00M	199.00M	-422.00M
Financing Cash Flow	0.00	-126.00M	-75.00M	-125.00M	-200.00M

MANAC Chemical Partners Co.,Ltd Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 660.00
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:4360, the sentiment is Positive. The current price of 660 is below the 20-day moving average (MA) of 772.40, below the 50-day MA of 690.40, and above the 200-day MA of 577.14, indicating a bullish trend. The MACD of 43.64 indicates Negative momentum. The RSI at 68.90 is Neutral, neither overbought nor oversold. The STOCH value of 45.00 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for JP:4360.

MANAC Chemical Partners Co.,Ltd Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
4040	77 Outperform	¥7.32B	6.31	―	1.96%	8.43%	2.99%
4531	72 Outperform	¥8.49B	12.65	―	2.97%	9.92%	-27.64%
4366	71 Outperform	¥12.29B	14.22	―	1.81%	9.07%	―
4960	71 Outperform	¥12.82B	134.39	―	1.06%	-9.63%	-1.71%
4885	69 Neutral	¥3.54B	10.56	―	4.25%	7.90%	-39.51%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
4360	53 Neutral	¥7.25B	-23.17	―	1.93%	13.64%	-151.98%