Koa Shoji Holdings Co., Ltd. (9273) AI Stock Analysis

• Market Cap: ¥37.70B
• Dividend Yield: 1.92%
• Average Volume (3M): 50.20K
• Price to Earnings (P/E): 7.5
• Beta (1Y): 0.75
• Revenue Growth: 13.37%
• EPS Growth: 19.73%
• Country: JP
• Employees: 289
• Sector: Healthcare
• Sector Strength: 45
• Industry: Drug Manufacturers - Specialty & Generic
• EPS (TTM): N/A
• Shares Outstanding: 42,119,980
• 10 Day Avg. Volume: 42,320
• 30 Day Avg. Volume: 50,200
• PEG Ratio: 0.49
• Price to Book (P/B): 1.04
• Price to Sales (P/S): 1.25
• P/FCF Ratio: 15.45
• 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: 77 Outperform
• Price Target: ¥1,016.00 ▲(19.67% Upside)
• Action: Reiterated Date: 10/30/25
• Date: Action: Reiterated 10/30/25

Koa Shoji Holdings Co., Ltd. demonstrates strong financial performance with robust growth and a solid balance sheet, which significantly contributes to its overall score. The stock's valuation is attractive, with a low P/E ratio and a reasonable dividend yield. However, technical indicators suggest a lack of bullish momentum, which slightly offsets the positive financial and valuation aspects.

Positive Factors

High Profitability Margins

Sustained gross and net margins at these levels indicate durable pricing power and operational efficiency in distribution and services. Such margins provide a long-term cushion against cost pressures, support reinvestment and shareholder returns, and underpin stable profitability over months.

Very Low Leverage

An extremely conservative capital structure and high equity ratio reduce refinancing and solvency risk. This financial flexibility supports tactical investments, M&A or cyclical resilience without relying on costly debt, strengthening the company’s ability to sustain operations over time.

Strong Cash Generation

Operating cash exceeding net income and recent free cash flow growth demonstrate reliable cash conversion. This persistent cash generation funds capex, dividends, and working capital needs, enabling durable capital allocation and reducing reliance on external financing across quarters.

Negative Factors

Limited Scale

A relatively small workforce implies limited operational scale versus larger distributors. Smaller scale can constrain bargaining leverage with suppliers, limit geographic reach and economies of scale, and make the business more vulnerable to competitive pricing pressure over the medium term.

Uneven Revenue Growth Trend

A modest multi-period growth metric alongside a single-year 12.6% spike suggests revenue volatility. If recent gains are cyclical or one-off, sustaining top-line growth may be challenging, complicating capacity planning, investment pacing and medium-term forecasting for management.

Moderate FCF Conversion

Converting roughly half of reported net income into free cash flow indicates meaningful cash absorbed by capex or working capital. This reduces available internal funding for expansion, special dividends or buffers, potentially limiting strategic flexibility during slower periods.

Koa Shoji Holdings Co., Ltd. Business Overview & Revenue Model

Company Description

Koa Shoji Holdings Co.,Ltd., through its subsidiaries, imports and sells APIs/intermediates in Japan. It is also involved in the manufacture and marketing of various injections; OTC drugs, primarily various vitamins; and manufacture and sale of generic drugs. In addition, the company engages in contract manufacturing of pharmaceuticals; and packaging of pharmaceutical products. Koa Shoji Holdings Co.,Ltd. was founded in 1991 and is headquartered in Yokohama, Japan.

How the Company Makes Money

Koa Shoji Holdings generates revenue through several key streams, primarily from its logistics and transportation services. The company earns money by charging fees for freight transportation, which includes domestic and international shipping, as well as handling and storage fees associated with its warehousing services. Additionally, Koa Shoji may enter into long-term contracts with businesses seeking reliable logistics solutions, providing a stable revenue base. Partnerships with major corporations and e-commerce platforms further enhance its earnings potential by expanding its service offerings and customer base. The company may also benefit from technological advancements and efficiency improvements that reduce operational costs and increase profit margins.

Koa Shoji Holdings Co., Ltd. Financial Statement Overview

Summary

Koa Shoji Holdings Co., Ltd. exhibits strong financial health with robust revenue and profit growth, efficient operations, and a solid balance sheet. The company is well-positioned in the industry with effective cash flow management and low leverage, providing a stable foundation for future growth.

Income Statement

Koa Shoji Holdings Co., Ltd. has demonstrated strong revenue growth with a 12.6% increase in the latest year. The company maintains robust profitability with a gross profit margin of 33.1% and a net profit margin of 15.6%. EBIT and EBITDA margins are also healthy at 23.0% and 26.1%, respectively, indicating efficient operations and cost management.

Balance Sheet

The company has a solid balance sheet with a low debt-to-equity ratio of 0.09, reflecting conservative leverage. Return on equity is strong at 12.9%, showcasing effective use of shareholder funds. The equity ratio stands at 77.9%, indicating a strong equity base relative to total assets, which enhances financial stability.

Cash Flow

Koa Shoji Holdings Co., Ltd. has shown impressive free cash flow growth, with a significant increase in the latest year. The operating cash flow to net income ratio is 1.04, suggesting strong cash generation relative to net income. The free cash flow to net income ratio is 0.52, indicating efficient cash conversion.

Breakdown	Jun 2024	Jun 2023	Jun 2022	Jun 2021	Jun 2020
Income Statement
Total Revenue	23.27B	22.13B	22.05B	20.35B	17.82B
Gross Profit	7.70B	6.64B	6.44B	5.93B	5.55B
EBITDA	6.08B	5.11B	4.79B	4.44B	4.05B
Net Income	3.64B	2.95B	2.69B	2.36B	2.14B
Balance Sheet
Total Assets	36.11B	32.00B	28.46B	26.25B	24.80B
Cash, Cash Equivalents and Short-Term Investments	14.92B	13.95B	10.77B	9.12B	8.26B
Total Debt	2.45B	2.83B	3.14B	3.49B	3.87B
Total Liabilities	7.99B	6.95B	7.54B	7.58B	8.10B
Stockholders Equity	28.12B	25.05B	20.92B	18.67B	16.70B
Cash Flow
Free Cash Flow	1.89B	2.39B	2.47B	1.65B	2.85B
Operating Cash Flow	3.78B	3.83B	2.74B	2.09B	3.05B
Investing Cash Flow	-1.28B	-1.47B	-304.11M	-477.33M	-223.29M
Financing Cash Flow	-938.67M	795.25M	-812.06M	-804.93M	-678.55M

Koa Shoji Holdings Co., Ltd. Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 849.00
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:9273, the sentiment is Positive. The current price of 849 is below the 20-day moving average (MA) of 858.30, below the 50-day MA of 854.98, and above the 200-day MA of 777.45, indicating a bullish trend. The MACD of 12.62 indicates Negative momentum. The RSI at 62.15 is Neutral, neither overbought nor oversold. The STOCH value of 88.37 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for JP:9273.

Koa Shoji Holdings Co., Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
4595	81 Outperform	¥34.75B	9.48	―	6.29%	-12.03%	-19.61%
9273	77 Outperform	¥37.70B	7.49	―	1.92%	13.37%	19.73%
4554	68 Neutral	¥56.86B	35.63	6.49%	2.39%	12.01%	-51.38%
4577	63 Neutral	¥44.60B	18.30	―	2.75%	7.56%	-48.91%
4538	60 Neutral	¥21.27B	5.79	―	3.71%	7.50%	-281.41%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
2929	47 Neutral	¥16.83B	-3.04	―	3.65%	9.53%	-155.76%

Koa Shoji Holdings Co., Ltd. Corporate Events

Koa Shoji Holdings Shifts Shareholder Registry to Sumitomo Mitsui Trust Bank

Koa Shoji Holdings has resolved to change its shareholder registry administrator and the account management institution for special accounts from Mitsubishi UFJ Trust and Banking Corporation to Sumitomo Mitsui Trust Bank, Limited. The change, effective March 1, 2026, centralizes shareholder registry operations and special account administration under Sumitomo Mitsui Trust Bank’s stock transfer agency division in Tokyo, aiming to streamline shareholder-related procedures and potentially improve service for investors.

The new administrator will be based at Sumitomo Mitsui Trust Bank’s Marunouchi office, with its Stock Transfer Agency Business Planning Department designated as the handling office for shareholder services. By shifting these functions to one of Japan’s major trust banks, Koa Shoji is aligning its shareholder infrastructure with a large-scale provider widely used in the domestic capital markets, which may enhance operational efficiency and support its governance framework as a Prime Market-listed company.

The most recent analyst rating on (JP:9273) stock is a Buy with a Yen981.00 price target. To see the full list of analyst forecasts on Koa Shoji Holdings Co., Ltd. stock, see the JP:9273 Stock Forecast page.

Koa Shoji Lifts Dividend as Generics and Syringe Sales Drive Profit Growth

Koa Shoji Holdings reported first-half fiscal 2026 sales growth of 3.2% year-on-year and a 3.4% rise in operating profit, with progress toward full-year targets nearing half for sales and close to 60% for operating profit. Performance was supported by higher API transaction volumes, deeper penetration of newly launched products, and solid demand for pre-filled syringe formulations, although tablet sales declined amid increased competition and foreign exchange losses weighed on results.

Management highlighted a shifting market environment, as Japanese policymakers consider higher patient copayments for long-listed drugs and equal pricing for newly listed Authorized Generics relative to originators from October 2026, developments that could further influence generic uptake and pricing dynamics. Reflecting confidence in its earnings trajectory and cash generation, the company raised its full-year dividend forecast for the year ending June 2026 to 18 yen per share, signaling a stronger shareholder return policy despite competitive and currency headwinds.

The most recent analyst rating on (JP:9273) stock is a Buy with a Yen967.00 price target. To see the full list of analyst forecasts on Koa Shoji Holdings Co., Ltd. stock, see the JP:9273 Stock Forecast page.

Koa Shoji Raises FY2026 Dividend Forecast, Signaling Stronger Shareholder Returns

Koa Shoji Holdings has raised its dividend forecast for the fiscal year ending June 30, 2026, reflecting its commitment to enhancing shareholder returns while maintaining sufficient internal reserves. The board approved increasing the planned annual dividend from 17 yen to 18 yen per share, up from 16 yen in the previous year, signaling confidence in business performance and financial conditions and aiming to reward continuing shareholder support.

The revised forecast lifts both the second-quarter and year-end dividend estimates to 18 yen, although no interim dividend has been paid so far in the current fiscal year. By pursuing a basic policy of steadily increasing dividends each year, the company underscores its focus on stable, long-term shareholder value, which may strengthen its appeal to income-focused investors and reinforce its standing in the Japanese equity market.

The most recent analyst rating on (JP:9273) stock is a Buy with a Yen967.00 price target. To see the full list of analyst forecasts on Koa Shoji Holdings Co., Ltd. stock, see the JP:9273 Stock Forecast page.

Koa Shoji Posts Steady Interim Growth and Raises Dividend Forecast

Koa Shoji Holdings reported modest growth for the six months ended December 31, 2025, with net sales up 3.2% to ¥12.65 billion and profit attributable to owners of parent rising 1.8% to ¥2.08 billion. Earnings per share inched up to ¥49.53, while total assets and equity increased, pushing the equity-to-asset ratio above 80%, underscoring the company’s solid balance sheet.

The company also raised its full-year dividend forecast, planning to lift the annual payout from ¥16.00 to ¥18.00 per share, signaling confidence in its earnings capacity and cash generation. For the full fiscal year ending June 30, 2026, it forecasts double-digit net sales growth but only slight increases in operating and ordinary profit, suggesting a focus on steady, incremental expansion rather than aggressive margin gains.

The most recent analyst rating on (JP:9273) stock is a Buy with a Yen967.00 price target. To see the full list of analyst forecasts on Koa Shoji Holdings Co., Ltd. stock, see the JP:9273 Stock Forecast page.