Airport Facilities Co., Ltd. (JP:8864)
:8864
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Airport Facilities Co., Ltd.
(8864)
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Rating:71Outperform
Price Target:
¥1,040.00
▲(13.91% Upside)
Action:Reiterated
Date:05/10/26
The score is driven primarily by strengthened financials (especially the sharply improved balance sheet and improved profitability) and supportive valuation via a moderate P/E and strong dividend yield. These positives are tempered by weak technical momentum, with the stock trading below major moving averages and negative MACD.
Positive Factors
Strong Balance Sheet
A material reduction in debt from prior years to ~¥4.1B and very low leverage (~0.07) materially de-risks the capital structure. Large equity versus assets provides flexibility to fund maintenance, opportunistic investments, or absorb shocks without urgent refinancing over the next several months.
Negative Factors
Earnings and Cashflow Volatility
Historical volatility—negative FCF in 2023–24 and a 2021 net loss—highlights sensitivity to capex timing, working capital swings, and cyclical airport demand. Such variability complicates multi-year planning and can pressure liquidity, dividend sustainability, or reinvestment choices in stressed periods.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong Balance Sheet
A material reduction in debt from prior years to ~¥4.1B and very low leverage (~0.07) materially de-risks the capital structure. Large equity versus assets provides flexibility to fund maintenance, opportunistic investments, or absorb shocks without urgent refinancing over the next several months.
Read all positive factors
Airport Facilities Co., Ltd. (8864) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥42.94B
Dividend Yield2.93%
Average Volume (3M)121.04K
Price to Earnings (P/E)12.7
Beta (1Y)0.66
Revenue Growth18.22%
EPS Growth35.76%
CountryJP
Employees124
SectorReal Estate
Sector Strength53
IndustryReal Estate - Services
Share Statistics
EPS (TTM)65.31
Shares Outstanding52,006,350
10 Day Avg. Volume79,190
30 Day Avg. Volume121,040
Financial Highlights & Ratios
PEG Ratio0.39
Price to Book (P/B)0.78
Price to Sales (P/S)1.30
P/FCF Ratio6.68
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)83.25
Revenue Forecast (FY)¥37.95B
Airport Facilities Co., Ltd. Business Overview & Revenue Model
Company Description
Airport Facilities Co., Ltd. engages in the real estate, area heating and cooling, water supply and drainage service, and other businesses in Japan. The company leases various facilities comprising multi-purpose general buildings, hangars, mainten...
How the Company Makes Money
Airport Facilities Co., Ltd. generates revenue primarily through the leasing of airport-related real estate to airline companies, retail businesses, and other tenants operating within airport premises. Additionally, it earns income from managing u...
Airport Facilities Co., Ltd. Financial Statement Overview
Summary
Income Statement
76
Positive
Balance Sheet
86
Very Positive
Cash Flow
72
Positive
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 33.90B | 36.79B | 31.12B | 25.95B | 25.52B | 23.78B |
| Gross Profit | 7.74B | 9.09B | 6.77B | 5.28B | 4.61B | 5.37B |
| EBITDA | 10.06B | 5.67B | 9.21B | 8.00B | 7.22B | 6.14B |
| Net Income | 3.29B | 3.48B | 2.58B | 2.02B | 1.56B | 821.41M |
Balance Sheet | ||||||
| Total Assets | 109.93B | 112.05B | 108.58B | 110.46B | 100.40B | 102.47B |
| Cash, Cash Equivalents and Short-Term Investments | 6.30B | 13.23B | 7.16B | 10.85B | 8.60B | 9.61B |
| Total Debt | 24.96B | 27.60B | 27.05B | 32.14B | 27.30B | 30.76B |
| Total Liabilities | 46.40B | 47.66B | 45.99B | 49.70B | 43.03B | 47.16B |
| Stockholders Equity | 60.81B | 61.60B | 59.91B | 58.13B | 54.85B | 52.78B |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | 7.19B | 1.64B | -1.24B | -163.71M | 7.51B |
| Operating Cash Flow | 0.00 | 10.17B | 5.24B | 784.58M | 2.02B | 8.47B |
| Investing Cash Flow | 0.00 | -2.11B | -3.42B | -3.83B | 1.20B | -449.19M |
| Financing Cash Flow | 0.00 | -2.02B | -5.66B | 5.10B | -4.46B | -5.12B |
Airport Facilities Co., Ltd. Technical Analysis
Negative
913.00
Price Trends
956.53
Negative
980.19
Negative
995.98
Negative
Market Momentum
-26.10
Positive
38.83
Neutral
42.09
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:8864, the sentiment is Negative. The current price of 913 is above the 20-day moving average (MA) of 911.45, below the 50-day MA of 956.53, and below the 200-day MA of 995.98, indicating a bearish trend. The MACD of -26.10 indicates Positive momentum. The RSI at 38.83 is Neutral, neither overbought nor oversold. The STOCH value of 42.09 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for JP:8864.
Airport Facilities Co., Ltd. Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | ¥96.30B | 39.51 | 1.46% | 1.18% | 15.23% | 37.37% | |
71 Outperform | ¥42.94B | 12.75 | ― | 2.93% | 18.22% | 35.76% | |
66 Neutral | ¥101.27B | 21.37 | ― | 2.19% | 3.42% | 7.82% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
63 Neutral | ¥108.56B | 6.95 | ― | 2.93% | 14.99% | 73.33% | |
58 Neutral | ¥68.39B | 5.01 | ― | ― | 93.14% | 254.99% | |
57 Neutral | ¥61.84B | 9.29 | ― | 2.89% | 4.32% | 11.25% |
* Real Estate Sector Average
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Airport Facilities Co., Ltd. Corporate Events
Airport Facilities Raises Year-End Dividend Forecast on Stronger Results
May 8, 2026
Airport Facilities Co., Ltd. has revised its year-end dividend forecast for the fiscal year ended March 31, 2026, raising the planned final dividend from 19 yen to 24 yen per share and lifting the full-year payout from 37 yen to 42 yen. This compa...
Airport Facilities Boosts Earnings, Doubles Dividend but Signals Profit Slowdown Ahead
May 8, 2026
Airport Facilities reported consolidated net sales of ¥36.8 billion for the fiscal year ended March 31, 2026, up 18.2% year on year, with operating income surging 50.3% to ¥6.7 billion and profit attributable to owners of the parent clim...
Airport Facilities Co. Announces Leadership Change as Sasaoka Becomes President and CEO
Mar 26, 2026
Airport Facilities Co., Ltd. has announced a leadership transition, with current President and CEO Shigeo Tamura set to become Representative Director and Chairman, while Osamu Sasaoka, now Director and Managing Executive Officer, will be promoted...
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.