TAISEI ONCHO CO., LTD.1904

Why the market may be pricing it low

• Roughly one-tenth of sales depends on a single general contractor (Fujita), a subcontractor structure seen as fragile order-book business.

  当連結会計年度（自2025年４月１日 至2026年３月31日）㈱フジタ 6,260,677千円 10.1％MD&A

• The company is viewed as exposed to swings in public and private capital spending inherent to the construction market.

  国内外の経済情勢の影響により、公共投資や民間企業の投資動向が変動し、当社グループの業績に影響を及ぼす可能性がある。Risk factors

• Despite a large cash pile, the dividend policy targets only about 3.8% DOE, seen as a modest stance on shareholder returns.

  ＤＯＥ（連結純資産配当率）3.8％を目処とする配当方針を定めております。Dividend policy

What could close the gap

• The new mid-term plan raises the dividend target to at least 4.0% DOE, a potential shift in capital return stance.

  営業利益額は70億円以上、ROEは12.0%以上、EPSは810円以上、DOEは4.0%以上を目指すことを掲げております。Management policy

• A strategy to grow recurring maintenance revenue via data and AI could reframe the firm beyond a pure project contractor.

  ストック収益の最大化建築費・エネルギーコスト上昇に伴うストック需要を取り込み、データ・AI活用により保守・改修領域での継続収益を最大化Management policy

• Order intake rose 14% year on year, and confirmation of solid demand could become a catalyst for re-rating.

  当連結会計年度の受注高は前連結会計年度比14.0％増の725億20百万円となりMD&A

How a buyer could still lose (value trap)

• With an operating margin of only about 6.4% of sales, a spike in material or labor costs on long-duration projects could easily erase profits.

  Based on the figures below

• The disclosed risk of unprofitable projects from surging material and labor costs could hit the thin-margin business unexpectedly.

  素材・原材料価格やエネルギー価格の上昇等による資機材費の高騰、繁忙期の重複等による労務費の高騰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

¥61.7bn

Operating profit

¥4.0bn

Net profit

¥3.5bn

Operating cash flow

¥9.7bn

Cash

¥19.0bn

Debt

¥0.0bn

Equity

¥30.7bn

Annual report for the year to 2026-03-31