MATSUI CONSTRUCTION CO., LTD.1810

Why the market may be pricing it low

• The market sees a conservative firm that explicitly prioritizes stability over growth under its "right-sized management" policy.

  「規模の拡大」ではなく、「身の丈経営を徹底し、質的成長を遂げる」。Management policy

• The company itself flags cutthroat bidding competition as a risk, reflecting an industry structure prone to thin margins.

  過当競争による競合他社との受注価格競争が激化した場合には、経営成績等に影響を及ぼす可能性がある。Risk factors

What could close the gap

• The mid-term plan targets raising ROE from 6% to 8%, and progress toward that could shift market perception.

  ＲＯＥ６％の回復と８％に向けた基盤拡充Management policy

• Five straight years of dividend increases and buybacks continue, and sustaining this shareholder return trend could change perceptions.

  ・2025年度まで５期連続の増配。・５期連続で自己株式取得を実施。MD&A

• The company has set a shift to selective order-taking as a priority, and moving toward profitability-focused bids could change how earnings are viewed.

  選別受注へのシフトManagement policy

How a buyer could still lose (value trap)

• Ordinary income swung sharply from 2.8bn to 2.7bn to just 0.8bn then up to 3.8bn and 6.2bn, so the recent rebound could prove temporary.

  Based on the figures below

• The company itself admits it may fail to pass rising material costs into contract prices, risking a reversal of the current profit gain.

  建設資材の価格が高騰した際、契約を締結した工事の請負金額に反映することが困難な場合には、経営成績等に影響を及ぼす可能性がある。Risk factors

Financial quality (Piotroski F-score)

• ✓Profitable (ROA > 0)
• ✓Positive operating cash flow
• ✓ROA up on last year
• ✓Cash flow exceeds net profit
• ✓Leverage down on last year
• ✓Current ratio up on last year
• ✓No new shares issued
• ✓Gross margin up on last year
• ✗Asset turnover up on last year

Scored out of the checks with data, scaled to 9. Compares the latest year with the year before.

Figures

Sales

¥96.0bn

Operating profit

¥5.7bn

Net profit

¥4.3bn

Operating cash flow

¥9.2bn

Cash

¥17.0bn

Debt

¥0.0bn

Equity

¥57.0bn

Annual report for the year to 2026-03-31