Asia Air Survey Co., Ltd. (9233) AI Stock Analysis

• Market Cap: ¥22.70B
• Dividend Yield: 3.59%
• Average Volume (3M): 33.65K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.27
• Revenue Growth: 3.28%
• EPS Growth: -5.52%
• Country: JP
• Employees: 1,762
• Sector: Industrials
• Sector Strength: 72
• Industry: Engineering & Construction
• EPS (TTM): -7.98
• Shares Outstanding: 18,614,000
• 10 Day Avg. Volume: 33,500
• 30 Day Avg. Volume: 33,650
• 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 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: 73 Outperform
• Price Target: ¥1,324.00 ▲(12.01% Upside)
• Action: Upgraded Date: 12/18/25
• Date: Action: Upgraded 12/18/25

The stock's overall score is driven by strong technical analysis and attractive valuation. Financial performance is solid, but cash flow management issues slightly dampen the outlook. The absence of earnings call and corporate events data means these factors do not influence the score.

Positive Factors

Revenue Growth

Consistent revenue growth indicates a strong market position and demand for services, supporting long-term business sustainability.

Market Position

Being a leading provider in its field suggests a competitive advantage and strong brand recognition, which can drive future growth.

Technological Investment

Investment in technology enhances service capabilities, potentially leading to new revenue streams and maintaining competitive edge.

Negative Factors

Cash Flow Management

Challenges in cash flow management can limit the company's ability to invest in growth opportunities and meet financial obligations.

Rising Leverage

Increased leverage can heighten financial risk, potentially impacting the company's ability to finance operations and growth.

Decreasing Profit Margins

A decrease in profit margins may indicate rising costs or pricing pressures, which could affect long-term profitability.

Asia Air Survey Co., Ltd. Business Overview & Revenue Model

Company Description

Asia Air Survey Co., Ltd., a construction consulting company, provides aerial surveying services and products in Japan and internationally. The company offers geospatial survey services, including space-borne remote sensing, aerial photography, airborne and mobile LiDAR surveying, UAV aerial surveying services, etc. It also engages in map-making, GIS data preparation, 3D model creation and visualization, LiDAR data analysis and visualization, administration-support GIS, and mapping system and 3DViewer system development activities, as well as the provision of red relief image maps. In addition, the company provides disaster management services, including erosion control, volcanic disaster prevention, and river disaster prevention consulting, as well as regional planning for disaster prevention; and environmental management services, such as biodiversity conservation, environmental assessment, forest resources management, soil contamination investigation, support for environmental rehabilitation, and renewable energy development. Further, it offers infrastructure asset management services, including urban and regional planning; planning and designing of public facilities, such as roads, ports, bridges, rivers, and lifeline facilities; maintenance engineering services comprising investigation, diagnosis, analysis, monitoring, and reinforcement; and system and database for facility management. The company was formerly known as Asia Airlines Measurement Ltd and changed its name to Asia Air Survey Co., Ltd. in 1963. Asia Air Survey Co., Ltd. was founded in 1949 and is headquartered in Tokyo, Japan.

How the Company Makes Money

Asia Air Survey Co., Ltd. generates revenue primarily through its surveying and mapping services, which are billed on a project basis. The company has established key revenue streams from government contracts, particularly for infrastructure development and environmental assessments. Additionally, it earns income from private sector clients who require geospatial data for urban development and land use planning. Significant partnerships with local and international organizations enhance its service offerings and market reach, contributing to stable earnings. The company also invests in technology to develop innovative solutions, which can create new revenue opportunities through enhanced service capabilities.

Asia Air Survey Co., Ltd. Financial Statement Overview

Summary

The company shows consistent revenue growth and stable profitability in its income statement. However, the balance sheet indicates increased leverage, and cash flow management is a concern with negative free cash flow and low conversion of income to cash.

Income Statement

The company has shown consistent revenue growth over the years, with a slight increase in gross profit margin. However, the net profit margin has slightly decreased in the latest year. EBIT and EBITDA margins have remained stable, indicating operational efficiency. Overall, the income statement reflects a positive growth trajectory with stable profitability.

Balance Sheet

The debt-to-equity ratio has increased, indicating a rise in leverage, but it remains at a manageable level. Return on equity has slightly decreased, suggesting a minor decline in profitability from shareholders' perspective. The equity ratio indicates a strong equity base relative to total assets, reflecting financial stability.

Cash Flow

The company has experienced fluctuations in free cash flow, with a negative free cash flow in the latest year. The operating cash flow to net income ratio is low, indicating potential challenges in converting income into cash. The free cash flow to net income ratio is negative, highlighting cash flow management issues.

Breakdown	Sep 2025	Sep 2024	Sep 2023	Sep 2022	Sep 2021
Income Statement
Total Revenue	41.59B	40.27B	37.30B	33.67B	32.51B
Gross Profit	11.40B	10.98B	9.97B	9.28B	8.63B
EBITDA	4.66B	4.52B	4.31B	3.84B	3.55B
Net Income	1.80B	1.90B	1.85B	1.73B	1.73B
Balance Sheet
Total Assets	39.63B	36.41B	33.69B	31.53B	28.91B
Cash, Cash Equivalents and Short-Term Investments	4.71B	6.83B	8.09B	5.52B	7.07B
Total Debt	5.89B	3.72B	2.43B	2.23B	2.39B
Total Liabilities	17.38B	15.21B	13.67B	13.14B	11.63B
Stockholders Equity	21.96B	20.95B	19.79B	18.19B	17.09B
Cash Flow
Free Cash Flow	-781.02M	-430.84M	3.76B	215.23M	2.49B
Operating Cash Flow	704.46M	530.12M	4.91B	877.36M	3.13B
Investing Cash Flow	-3.22B	-2.18B	-1.86B	-1.64B	-1.30B
Financing Cash Flow	458.44M	166.58M	-479.57M	-793.86M	-326.15M

Asia Air Survey Co., Ltd. Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 1182.00
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:9233, the sentiment is Neutral. The current price of 1182 is below the 20-day moving average (MA) of 1288.25, below the 50-day MA of 1269.48, and below the 200-day MA of 1198.42, indicating a neutral trend. The MACD of 1.74 indicates Positive momentum. The RSI at 42.46 is Neutral, neither overbought nor oversold. The STOCH value of 31.98 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for JP:9233.

Asia Air Survey Co., Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
1952	80 Outperform	¥173.74B	11.69	―	2.81%	8.83%	49.49%
9233	73 Outperform	¥22.70B	-39.49	―	3.59%	3.28%	-5.52%
4673	73 Outperform	¥3.61B	6.39	―	1.16%	29.12%	428.78%
9621	73 Outperform	¥85.89B	13.86	―	1.25%	2.61%	-13.38%
4642	70 Outperform	¥8.19B	16.79	―	2.03%	16.10%	-10.63%
4707	68 Neutral	¥1.78B	15.47	―	2.11%	3.73%	-25.60%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%