ASNOVA Co., Ltd. (JP:9223)
:9223
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ASNOVA Co., Ltd.
(9223)
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Rating:44Neutral
Price Target:
¥397.00
▼(-25.52% Downside)
Action:Reiterated
Date:05/16/26
The score is weighed down primarily by weaker financial quality (losses and higher leverage) and bearish technical signals (downtrend with negative momentum). Improved cash generation and strong revenue growth provide some support, but valuation is constrained by negative earnings and the dividend yield is modest.
Positive Factors
Sustained Revenue Growth
Consistent, accelerating revenue growth (≈16% YOY) indicates durable demand for leasing services and expanding market penetration. Over 2–6 months this underpins scale benefits, improves utilization of fixed assets, and creates a structural foundation for future margin recovery and cash generation.
Negative Factors
Materially Higher Leverage
A jump in leverage to ~2.6x debt/equity materially reduces balance-sheet flexibility and heightens refinancing and interest‑rate sensitivity. Over 2–6 months higher debt increases default risk during earnings volatility and constrains strategic investments or opportunistic deleveraging.
Read all positive and negative factors
Positive Factors
Negative Factors
Sustained Revenue Growth
Consistent, accelerating revenue growth (≈16% YOY) indicates durable demand for leasing services and expanding market penetration. Over 2–6 months this underpins scale benefits, improves utilization of fixed assets, and creates a structural foundation for future margin recovery and cash generation.
Read all positive factors
ASNOVA Co., Ltd. (9223) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥5.14B
Dividend Yield0.38%
Average Volume (3M)7.32K
Price to Earnings (P/E)―
Beta (1Y)0.32
Revenue Growth15.21%
EPS Growth-489.73%
CountryJP
Employees146
SectorIndustrials
Sector Strength72
IndustryRental & Leasing Services
Share Statistics
EPS (TTM)-9.22
Shares Outstanding12,438,400
10 Day Avg. Volume4,340
30 Day Avg. Volume7,323
Financial Highlights & Ratios
PEG Ratio-0.09
Price to Book (P/B)2.05
Price to Sales (P/S)1.24
P/FCF Ratio4.86
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)49.99
Revenue Forecast (FY)¥4.89B
ASNOVA Co., Ltd. Business Overview & Revenue Model
Company Description
ASNOVA Co., Ltd. operates scaffolding rental business in Japan. The company was founded in 2013 and is headquartered in Nagoya, Japan....
How the Company Makes Money
null...
ASNOVA Co., Ltd. Financial Statement Overview
Summary
Income Statement
52
Neutral
Balance Sheet
38
Negative
Cash Flow
57
Neutral
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 4.23B | 4.92B | 4.27B | 3.79B | 3.14B | 2.68B |
| Gross Profit | 974.86M | 1.34B | 970.99M | 1.10B | 782.27M | 791.00M |
| EBITDA | 1.82B | 2.07B | 1.87B | 1.86B | 1.40B | 1.04B |
| Net Income | -114.63M | -146.05M | -24.77M | 210.13M | 144.33M | 204.63M |
Balance Sheet | ||||||
| Total Assets | 12.77B | 11.43B | 12.96B | 9.39B | 7.29B | 5.66B |
| Cash, Cash Equivalents and Short-Term Investments | 1.39B | 882.00M | 3.18B | 937.90M | 679.82M | 750.35M |
| Total Debt | 9.11B | 7.69B | 9.60B | 5.84B | 4.25B | 2.91B |
| Total Liabilities | 9.94B | 8.46B | 9.98B | 6.36B | 4.50B | 3.26B |
| Stockholders Equity | 2.83B | 2.97B | 2.98B | 3.03B | 2.79B | 2.40B |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | 1.26B | -1.50B | -1.38B | -1.64B | -333.50M |
| Operating Cash Flow | 0.00 | 1.75B | 1.48B | 1.73B | 918.35M | 880.83M |
| Investing Cash Flow | 0.00 | -1.99B | -2.96B | -3.11B | -2.56B | -824.11M |
| Financing Cash Flow | 0.00 | -2.09B | 3.72B | 1.64B | 1.59B | 205.53M |
ASNOVA Co., Ltd. Technical Analysis
Negative
533.00
Price Trends
461.88
Negative
501.25
Negative
551.76
Negative
Market Momentum
-14.54
Negative
35.48
Neutral
44.14
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:9223, the sentiment is Negative. The current price of 533 is above the 20-day moving average (MA) of 425.10, above the 50-day MA of 461.88, and below the 200-day MA of 551.76, indicating a bearish trend. The MACD of -14.54 indicates Negative momentum. The RSI at 35.48 is Neutral, neither overbought nor oversold. The STOCH value of 44.14 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for JP:9223.
ASNOVA Co., Ltd. Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
79 Outperform | ¥107.82B | 9.51 | ― | 2.85% | 1.06% | -7.68% | |
76 Outperform | ¥14.51B | 8.19 | ― | 3.03% | 6.36% | 41.53% | |
65 Neutral | ¥1.15T | 8.84 | ― | 3.37% | 6.51% | 30.56% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
51 Neutral | ¥392.48B | 17.81 | ― | 3.62% | 16.26% | -52.33% | |
44 Neutral | ¥5.14B | -41.81 | ― | 0.38% | 15.21% | -489.73% |
* Industrials Sector Average
JP:9223
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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.