Toshin Holdings Co., Ltd. (9444) AI Stock Analysis

• Market Cap: ¥2.30B
• Dividend Yield: 4.81%
• Average Volume (3M): 14.14K
• Price to Earnings (P/E): 6.3
• Beta (1Y): 0.23
• Revenue Growth: 2.44%
• EPS Growth: 88.27%
• Country: JP
• Employees: 132
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Specialty Retail
• EPS (TTM): N/A
• Shares Outstanding: 6,536,800
• 10 Day Avg. Volume: 16,740
• 30 Day Avg. Volume: 14,136
• PEG Ratio: 0.39
• Price to Book (P/B): 1.63
• Price to Sales (P/S): 0.22
• P/FCF Ratio: -5.09
• 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: 41 Neutral
• Price Target: ¥347.00 ▼(-43.39% Downside)
• Action: Downgraded Date: 12/11/25
• Date: Action: Downgraded 12/11/25

Toshin Holdings Co., Ltd. has a low overall stock score due to significant financial challenges, including declining revenue and profitability, high leverage, and liquidity issues. The technical analysis indicates a bearish trend, and the valuation reflects poor earnings performance. These factors collectively contribute to a low investment attractiveness.

Positive Factors

Recurring rental revenue model

The company's core revenue comes from leasing retail spaces, providing a stable, recurring cash inflow tied to long-term leases and tenant relationships. This rental-focused model supports predictable income streams and resilience versus transactional retail sales swings over months.

Strategic location and tenant mix

A focused approach on prime locations and curated tenant mixes enhances foot traffic and occupancy durability. Over a multi-month horizon this competitive positioning supports steady lease renewals, rent resilience and the ability to attract national or international tenants.

Positive operating cash flow

Despite profitability pressures, operations still generate positive cash, indicating core rental activities convert to actual cash receipts. That operational cash buffer, even if small, helps cover ongoing operating expenses and provides a base for stabilization while corrective measures are implemented.

Negative Factors

Very high leverage

An elevated debt-to-equity ratio greatly limits financial flexibility and increases interest and refinancing risk. With heavy leverage, the firm faces constrained capacity for capital expenditure, vulnerability to rate moves, and heightened distress probability if cashflows weaken further over the coming months.

Negative free cash flow and liquidity strain

Persistently negative free cash flow signals the company cannot fund investments or debt service from internal resources. This structural liquidity weakness may force asset sales, additional borrowing, or reduced maintenance and tenant support, undermining property performance and creditworthiness.

Sharp revenue and margin deterioration

A large revenue collapse and falling gross and net margins imply structural demand, occupancy or pricing issues. Reduced profitability erodes equity, limits cash generation and impairs the company's ability to service high debt, making near-term recovery more difficult without strategic interventions.

Toshin Holdings Co., Ltd. Business Overview & Revenue Model

Company Description

Toshin Holdings Co.,Ltd engages in the mobile communication related business in Japan. It is involved in the mobile shop operation and sales, agency sales, shop management consignment, and corporate sales, real estate, and resort businesses. The company also acquires, develops, manages, and rents condominiums and office buildings. In addition, it operates golf courses and driving ranges; selling drinking water; selling OA equipment and air conditioners; and managing golfs shops. Toshin Holdings Co.,Ltd. was founded in 1980 and is headquartered in Nagoya, Japan.

How the Company Makes Money

Toshin Holdings generates revenue primarily through rental income from its shopping centers and commercial properties. The company leases retail spaces to various tenants, including both international and domestic brands, which provides a steady stream of rental payments. Additionally, Toshin Holdings may earn revenue from property management services and ancillary services related to its real estate operations. Strategic partnerships with retailers and brands help in maximizing occupancy rates and ensuring a diverse retail mix, thereby enhancing its overall earnings potential.

Toshin Holdings Co., Ltd. Financial Statement Overview

Summary

Toshin Holdings Co., Ltd. is facing significant financial challenges. The income statement shows declining revenue and profitability, the balance sheet indicates high leverage with a debt-to-equity ratio of 6.91, and the cash flow statement reveals liquidity issues with negative free cash flow. These factors collectively indicate poor financial health.

Income Statement

Toshin Holdings Co., Ltd. has experienced a significant decline in revenue, with a negative growth rate of -66% in the latest period. The gross profit margin has decreased from 25.17% to 16.56%, indicating reduced profitability. The net profit margin turned negative, reflecting a net loss. Despite a slight improvement in EBIT margin, the overall income statement shows declining performance and profitability challenges.

Balance Sheet

The company's debt-to-equity ratio has increased to 6.91, indicating high leverage and potential financial risk. Stockholders' equity has decreased, and the equity ratio is low, suggesting limited financial stability. The balance sheet reflects a concerning level of debt relative to equity, which could impact future financial flexibility.

Cash Flow

Operating cash flow remains positive but low relative to net income, with a ratio of 0.026. Free cash flow is negative and has deteriorated significantly, with a free cash flow to net income ratio of -2.72. The cash flow statement highlights liquidity challenges and insufficient cash generation to cover expenses.

Breakdown	TTM	Apr 2024	Apr 2023	Apr 2023	Apr 2022	Apr 2021
Income Statement
Total Revenue	17.59B	17.48B	17.41B	16.94B	18.03B	20.98B
Gross Profit	3.59B	2.89B	4.38B	4.09B	3.93B	3.63B
EBITDA	1.85B	1.12B	1.14B	1.04B	923.24M	-18.93M
Net Income	915.00M	-84.53M	431.57M	251.00M	315.20M	-345.83M
Balance Sheet
Total Assets	25.64B	24.53B	25.01B	23.26B	23.53B	23.60B
Cash, Cash Equivalents and Short-Term Investments	3.35B	3.08B	2.08B	2.34B	2.73B	3.58B
Total Debt	16.60B	16.50B	17.04B	15.25B	15.35B	14.44B
Total Liabilities	21.12B	22.11B	21.29B	20.05B	20.34B	20.57B
Stockholders Equity	4.51B	2.39B	3.72B	3.43B	3.18B	3.03B
Cash Flow
Free Cash Flow	0.00	-765.81M	-1.97B	-19.91M	-1.63B	607.84M
Operating Cash Flow	0.00	281.78M	231.94M	294.17M	-212.13M	1.28B
Investing Cash Flow	0.00	1.58B	-1.91B	262.65M	-1.14B	-584.17M
Financing Cash Flow	0.00	-852.45M	1.45B	-356.56M	773.12M	-551.27M

Toshin Holdings Co., Ltd. Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 613.00
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Positive
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:9444, the sentiment is Negative. The current price of 613 is above the 20-day moving average (MA) of 393.85, above the 50-day MA of 416.82, and above the 200-day MA of 538.93, indicating a bearish trend. The MACD of -18.08 indicates Positive momentum. The RSI at 28.41 is Positive, neither overbought nor oversold. The STOCH value of 58.24 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for JP:9444.

Toshin Holdings Co., Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
9441	74 Outperform	¥33.96B	10.09	―	2.41%	9.69%	41.84%
9272	71 Outperform	¥15.90B	9.02	―	―	13.72%	-82.05%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
9270	59 Neutral	¥24.34B	3.19	―	0.95%	4.14%	―
8289	53 Neutral	¥10.02B	-2.93	―	4.61%	3.14%	-183.07%
8165	45 Neutral	¥6.19B	2.43	―	―	-4.10%	―
9444	41 Neutral	¥2.30B	6.35	―	4.81%	2.44%	88.27%