PIA CORPORATION4337

Why the market may be pricing it low

• Record profits were driven by one-off events like the Osaka Expo, and management itself guides for a revenue and profit decline next year as that boost fades.

  大阪・関西万博や東京2025世界陸上のようなグローバル・イベントの開催集中による一時的な収益増分の剥落影響は否めず、減収減益の予想となります。Management policy

• Despite record earnings, the dividend is only a resumption after six years of no payout, and next year's forecast is actually lower, signaling a cautious return-to-shareholders stance.

  多額の累損を一掃し、６期ぶりの復配を実現できたことを最大限に踏まえ、１株当たり35円の期末配当とさせていただきます。Dividend policy

• The next three years are positioned as a heavy investment period for the 2028 head-office relocation and next-generation systems, meaning near-term profit will be absorbed by spending.

  2028年度に予定している17年ぶりとなる本社機能の全面移転費用等、この3ヶ年は次なる飛躍に向けた重点的な投資期間と位置づけております。Management policy

What could close the gap

• The company has set concrete 2032 targets of over 6 billion yen in operating profit and over 25 billion yen in net assets, and visible progress could shift market perception.

  営業利益60億円超、純資産250億円超、自己資本比率20％超(買掛金補正後30％超)を目指しております。Management policy

• If the transition to the next-generation platform supporting the core business is completed and stabilized, it could mark the end of the heavy investment phase and a shift in earnings structure.

  「感動のライフライン事業」を支える事業インフラの高度化と基盤整備に向けた「次世代プラットフォーム」へのスムーズな移行と安定稼働の実現Management policy

How a buyer could still lose (value trap)

• This year's 182.7% jump in ordinary profit and 208.4% jump in net profit stemmed from one-off events, and with next year guided down, the apparently cheap PER may rest on a non-recurring profit level.

  Based on the figures below

• With 15.8 billion yen of debt against only 10.8 billion yen of net assets and a flagged heavy debt load, entering a three-year heavy-investment period could squeeze profits before returns materialize.

  Based on the figures below

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

¥55.3bn

Operating profit

¥4.3bn

Net profit

¥3.3bn

Operating cash flow

¥13.1bn

Cash

¥54.7bn

Debt

¥15.8bn

Equity

¥10.8bn

Annual report for the year to 2026-03-31