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Asia Air Survey Co., Ltd.
(9233)
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Rating:67Neutral
Price Target:
¥1,224.00
▲(3.55% Upside)
Action:Downgraded
Date:08/06/26
The score is primarily supported by solid operating performance and a stable balance sheet, plus a reasonable valuation with a strong dividend yield. Offsetting these positives are cash flow concerns (negative free cash flow and weak cash conversion) and only neutral technical signals with slightly negative MACD and weaker longer-term trend vs. 100/200-day averages.
Positive Factors
Consistent revenue growth & stable margins
Consistent revenue growth combined with stable EBIT/EBITDA margins indicates a resilient core services business and predictable operating performance. Over the next 2–6 months this supports contract renewal strength, steady operating cash generation potential, and ability to sustain service capability investments.
Negative Factors
Negative free cash flow
Negative free cash flow and low operating cash flow to net income ratios indicate difficulty converting profits into cash. Persisting FCF deficits constrain reinvestment, dividend coverage and debt paydown, reducing financial flexibility for capital-intensive surveying projects and tech upgrades.
Read all positive and negative factors
Positive Factors
Negative Factors
Consistent revenue growth & stable margins
Consistent revenue growth combined with stable EBIT/EBITDA margins indicates a resilient core services business and predictable operating performance. Over the next 2–6 months this supports contract renewal strength, steady operating cash generation potential, and ability to sustain service capability investments.
Read all positive factors
Asia Air Survey Co., Ltd. (9233) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥20.44B
Dividend Yield4.28%
Average Volume (3M)33.65K
Price to Earnings (P/E)12.8
Beta (1Y)0.36
Revenue Growth1.71%
EPS Growth20.61%
CountryJP
Employees1,872
SectorGeneral
Sector StrengthN/A
IndustryEngineering & Construction
Share Statistics
EPS (TTM)79.83
Shares Outstanding18,614,000
10 Day Avg. Volume33,500
30 Day Avg. Volume33,650
Financial Highlights & Ratios
PEG Ratio-2.20
Price to Book (P/B)0.97
Price to Sales (P/S)0.51
P/FCF Ratio-27.38
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
Asia Air Survey Co., Ltd. Business Overview & Revenue Model
Company Description
Established in Tokyo, Japan, in 1949, Asia Air Survey Co., Ltd. (formerly Asia Airlines Measurement Ltd until its 1963 rebranding) operates as a construction consultancy firm, offering aerial surveying products and services globally. Their advance...
How the Company Makes Money
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Asia Air Survey Co., Ltd. Financial Statement Overview
Summary
Income Statement
75
Positive
Balance Sheet
70
Positive
Cash Flow
60
Neutral
| Breakdown | TTM | Sep 2025 | Sep 2024 | Sep 2023 | Sep 2022 | Sep 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 40.64B | 41.59B | 40.27B | 37.30B | 33.67B | 32.51B |
| Gross Profit | 11.05B | 11.40B | 10.98B | 9.97B | 9.28B | 8.63B |
| EBITDA | 4.51B | 4.80B | 4.78B | 4.45B | 4.07B | 3.85B |
| Net Income | 1.45B | 1.80B | 1.90B | 1.85B | 1.73B | 1.73B |
Balance Sheet | ||||||
| Total Assets | 53.05B | 39.63B | 36.41B | 33.69B | 31.53B | 28.91B |
| Cash, Cash Equivalents and Short-Term Investments | 6.98B | 4.71B | 6.83B | 8.09B | 5.52B | 7.07B |
| Total Debt | 15.37B | 5.89B | 3.72B | 2.43B | 2.23B | 2.39B |
| Total Liabilities | 29.20B | 17.38B | 15.21B | 13.67B | 13.14B | 11.63B |
| Stockholders Equity | 23.52B | 21.96B | 20.95B | 19.79B | 18.19B | 17.09B |
Cash Flow | ||||||
| Free Cash Flow | -780.02M | -781.02M | -430.84M | 3.76B | 215.23M | 2.49B |
| Operating Cash Flow | 705.46M | 704.46M | 530.12M | 4.91B | 877.36M | 3.13B |
| Investing Cash Flow | -3.22B | -3.22B | -2.18B | -1.86B | -1.64B | -1.30B |
| Financing Cash Flow | 457.44M | 458.44M | 166.58M | -479.57M | -793.86M | -326.15M |
Asia Air Survey Co., Ltd. Technical Analysis
Positive
1182.00
Price Trends
1123.46
Positive
1149.79
Negative
1174.80
Negative
Market Momentum
1.56
Negative
55.70
Neutral
67.92
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:9233, the sentiment is Positive. The current price of 1182 is above the 20-day moving average (MA) of 1126.30, above the 50-day MA of 1123.46, and above the 200-day MA of 1174.80, indicating a neutral trend. The MACD of 1.56 indicates Negative momentum. The RSI at 55.70 is Neutral, neither overbought nor oversold. The STOCH value of 67.92 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for JP:9233.
Asia Air Survey Co., Ltd. Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | ¥90.13B | 13.48 | ― | 1.25% | 4.37% | 6.30% | |
75 Outperform | ¥143.75B | 10.39 | ― | 2.81% | 11.40% | 26.49% | |
67 Neutral | ¥20.44B | 12.75 | ― | 3.59% | 1.71% | 20.61% | |
66 Neutral | ¥4.11B | 3.92 | ― | 3.03% | 25.08% | 128.44% | |
63 Neutral | ¥7.65B | 13.92 | ― | 2.03% | 23.05% | 8.64% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
50 Neutral | ¥1.84B | 12.58 | ― | 2.13% | 0.58% | -57.82% |
* General Sector Average
JP:9233
Asia Air Survey Co., Ltd.
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-60.27
-5.04%
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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.