Shinagawa Refractories Co., Ltd. (JP:5351)
:5351
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Shinagawa Refractories Co., Ltd.
(5351)
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Rating:74Outperform
Price Target:
¥2,140.00
▲(1.18% Upside)
Action:Reiterated
Date:05/17/26
The score is driven primarily by solid financial performance and an exceptionally attractive valuation (very low P/E and strong dividend yield). These positives are partially offset by weak technical conditions, with the stock trading below key moving averages and showing negative momentum.
Positive Factors
Recurring Consumable Revenue
Shinagawa sells refractory consumables that wear with heat and use, creating recurring replacement demand tied to customer production and maintenance cycles. This durable consumable model yields predictable aftermarket revenue, enhances customer stickiness when bundled with installation services, and supports long-term revenue visibility across cycles.
Negative Factors
Margin and Earnings Volatility
Earnings and margin swings, including a notable jump in 2026, indicate underlying volatility in profitability. Such uneven margins reduce predictability of operating performance, complicate budgeting and capital allocation, and suggest exposure to input-cost swings, project timing or one-off items that could persist across medium-term planning horizons.
Read all positive and negative factors
Positive Factors
Negative Factors
Recurring Consumable Revenue
Shinagawa sells refractory consumables that wear with heat and use, creating recurring replacement demand tied to customer production and maintenance cycles. This durable consumable model yields predictable aftermarket revenue, enhances customer stickiness when bundled with installation services, and supports long-term revenue visibility across cycles.
Read all positive factors
Shinagawa Refractories Co., Ltd. (5351) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥90.04B
Dividend Yield4.28%
Average Volume (3M)51.70K
Price to Earnings (P/E)―
Beta (1Y)0.99
Revenue Growth23.37%
EPS Growth166.37%
CountryJP
Employees3,373
SectorIndustrials
Sector Strength72
IndustryConstruction
Share Statistics
EPS (TTM)189.08
Shares Outstanding47,146,830
10 Day Avg. Volume51,830
30 Day Avg. Volume51,699
Financial Highlights & Ratios
PEG Ratio0.02
Price to Book (P/B)0.87
Price to Sales (P/S)0.52
P/FCF Ratio22.18
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)N/A
Revenue Forecast (FY)N/A
Shinagawa Refractories Co., Ltd. Business Overview & Revenue Model
Company Description
Shinagawa Refractories Co., Ltd. manufactures and sells refractory products in Japan. It offers shaped refractory bricks, including basic, carbon-containing, fire clay and high alumina, silicon carbide, and silica bricks; monolithic refractories c...
How the Company Makes Money
Shinagawa Refractories makes money primarily by selling refractory products and providing related services to industrial customers that operate high-temperature processes. Core revenue streams include: (1) Product sales of refractories—supplying s...
Shinagawa Refractories Co., Ltd. Financial Statement Overview
Summary
Income Statement
84
Very Positive
Balance Sheet
74
Positive
Cash Flow
67
Positive
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 148.47B | 177.74B | 144.07B | 144.18B | 124.96B | 110.78B |
| Gross Profit | 36.92B | 42.99B | 35.14B | 33.03B | 27.41B | 24.56B |
| EBITDA | 18.45B | 22.13B | 20.25B | 26.64B | 13.78B | 12.19B |
| Net Income | 8.62B | 26.07B | 9.78B | 15.28B | 8.31B | 5.31B |
Balance Sheet | ||||||
| Total Assets | 213.78B | 231.82B | 195.21B | 155.14B | 143.90B | 119.71B |
| Cash, Cash Equivalents and Short-Term Investments | 26.15B | 26.60B | 26.74B | 21.38B | 18.32B | 16.89B |
| Total Debt | 75.23B | 44.20B | 61.92B | 28.08B | 34.30B | 22.85B |
| Total Liabilities | 120.68B | 115.89B | 101.38B | 68.17B | 72.47B | 56.47B |
| Stockholders Equity | 87.76B | 106.94B | 89.00B | 83.42B | 68.11B | 60.17B |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | 4.19B | 7.26B | 6.05B | 3.65B | 5.96B |
| Operating Cash Flow | 0.00 | 13.86B | 13.10B | 11.75B | 10.28B | 9.49B |
| Investing Cash Flow | 0.00 | 10.79B | -29.83B | 2.58B | -15.95B | -5.17B |
| Financing Cash Flow | 0.00 | -26.05B | 22.00B | -11.49B | 6.84B | -3.35B |
Shinagawa Refractories Co., Ltd. Technical Analysis
Negative
2115.00
Price Trends
2036.72
Negative
2109.69
Negative
1969.52
Negative
Market Momentum
-39.29
Negative
40.61
Neutral
39.87
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:5351, the sentiment is Negative. The current price of 2115 is above the 20-day moving average (MA) of 1926.30, above the 50-day MA of 2036.72, and above the 200-day MA of 1969.52, indicating a bearish trend. The MACD of -39.29 indicates Negative momentum. The RSI at 40.61 is Neutral, neither overbought nor oversold. The STOCH value of 39.87 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for JP:5351.
Shinagawa Refractories Co., Ltd. Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | ¥16.07B | 7.85 | ― | 2.81% | 0.33% | -1.09% | |
74 Outperform | ¥90.04B | -5.93 | ― | 4.28% | 23.37% | 166.37% | |
72 Outperform | ¥264.23B | 13.42 | 8.53% | 2.45% | 3.59% | 44.73% | |
70 Outperform | ¥120.37B | 8.88 | ― | 1.92% | 13.77% | 39.53% | |
69 Neutral | ¥579.06B | 15.02 | ― | 2.13% | 11.07% | 37.42% | |
67 Neutral | ¥24.17B | 6.90 | ― | 7.56% | 3.74% | -10.06% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% |
* Industrials Sector Average
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Shinagawa Refractories Co., Ltd. Corporate Events
Shinagawa Refractories to Extend Anti-Takeover Share Purchase Policy with Amendments
May 15, 2026
Shinagawa Refractories has resolved at its board meeting, with unanimous backing from all directors including four outside members, to continue its existing policy on large-scale share purchases, with partial amendments, subject to shareholder app...
Shinagawa Refractories Posts Profit Surge, Shifts to Progressive Dividend Policy
May 15, 2026
Shinagawa Refractories reported consolidated net sales of ¥177.7 billion for the year ended March 31, 2026, up 23.4% year on year, with EBITDA rising 23.3% and net income attributable to owners of the parent surging 166.6% to ¥26.1 billi...
Shinagawa Refractories Takes JPY 9.7 Billion Impairment, Cuts Profit Outlook but Keeps Dividend
Apr 16, 2026
Shinagawa Refractories will book impairment losses totaling around JPY 9.7 billion on its Ako Plant in Japan and its Brazilian units, Shinagawa Refratários do Brasil and Reframax Engenharia, after revising business plans amid a sharp downturn...
Shinagawa Refractories Books Windfall Gain as WA Port Project Forces Kwinana Plant Relocation
Apr 8, 2026
Shinagawa Refractories will relocate its Australian subsidiary’s Kwinana Plant after the Western Australia government compulsorily acquired the site to build road access to a planned new container port. The company has agreed to move the fac...
Shinagawa Refractories to Sell Rental Assets, Book ¥2.4 Billion Extraordinary Gain
Mar 5, 2026
Shinagawa Refractories Co., Ltd. has decided to sell two rental properties in Tokyo and Saitama, aiming to strengthen its balance sheet and secure capital for investment toward sustainable growth. The assets, comprising land and buildings in Setag...
Shinagawa Refractories to Relocate Australian Kwinana Plant After Compulsory Land Acquisition
Feb 19, 2026
Shinagawa Refractories will relocate its Australian subsidiary’s Kwinana Plant after agreeing to a compulsory land acquisition by the Western Australian government, which needs the site for road access to a planned new container port. The pl...
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.