ICHIKEN Co., Ltd.1847

Results over the years

From the five-year summary in the latest annual report (consolidated where available). Operating profit is shown only for the two years the report tags.

Why the market may be pricing it low

• The firm is positioned as an "other affiliated company" 40%-owned by parent-like Maruhan, raising concerns that minority shareholders lack control over capital policy.

  関連当事者である㈱マルハンはその他の関係会社であります。Business

• Operating profit rose sharply, yet operating cash flow swung to a cash outflow, undermining confidence that reported profit is turning into real cash.

  営業活動によるキャッシュ・フローは、32億３千２百万円の資金の減少（前連結会計年度は81億４千４百万円の資金の増加）となりました。MD&A

• The risk disclosure flags that intensifying bidding competition and surging material and labor costs could erode margins, a structural worry for labor-intensive construction.

  他社との受注競争の激化による工事採算性の悪化及び急激な建設資材価格や労務費の高騰による工事採算性の悪化が生じた場合には、経営成績に影響を及ぼす可能性があります。Risk factors

What could close the gap

• The 2026-2028 mid-term plan set explicit capital targets: ROE above 10%, payout ratio around 40%, and equity ratio above 50%.

  ＲＯＥ10％以上・配当性向40％程度またはＤＯＥ４％程度・自己資本比率50％以上・Ｄ/Ｅレシオ0.3倍以下Management policy

• A 1-for-2 stock split in April 2026 lowered the investment unit, aiming to widen the shareholder base and liquidity.

  2026年４月１日付で普通株式１株につき２株の割合で株式分割を行っております。Dividend policy

• The mid-term plan allocates 3.5 billion yen to M&A for business expansion, pointing to a possible shift in the growth and earnings base.

  ［ Ｍ＆Ａ 等］・・・・事業拡大のための成長投資 35億円Management policy

How a buyer could still lose (value trap)

• Operating profit rose to 9.0 billion yen, but operating cash flow was negative 3.2 billion yen as receivables surged, a cash-flow strain that buyers focused on earnings growth might overlook.

  Based on the figures below

• The payout ratio remains at 26.8%, well below the mid-term target of around 40%, so rising profit does not automatically translate into bigger shareholder returns.

  当事業年度の配当性向は26.8％を予定しております。Dividend policy

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

¥106.2bn

Operating profit

¥9.0bn

Net profit

¥6.4bn

Operating cash flow

¥-3.2bn

Cash

¥14.7bn

Debt

¥6.0bn

Equity

¥40.0bn

Annual report for the year to 2026-03-31