ALPHA SYSTEMS INC.4719

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

• Roughly 28% of sales depend on NTT Data and Fujitsu, reflecting a subcontractor development model that the market discounts.

  株式会社NTTデータ6,466,90716.87,203,62317.7富士通株式会社4,470,45511.64,355,68710.7MD&A

• Retained cash is mainly parked in safe domestic bonds rather than growth investment, signaling to the market that profits are not being actively redeployed.

  内部留保資金は、資金の流動性確保を第一とし、現金及び預金での保有を基本としつつも、物価上昇、金利上昇基調等の金融市場の変動に注視しながら、金融商品での運用を行っております。MD&A

What could close the gap

• If the proprietary product and solutions business expands as planned, it could signal a shift away from subcontracting and prompt a re-rating.

  ソリューションビジネスとして自社開発のプロダクトやサービスを主軸としたビジネスの創出・拡大に取り組むと共に、ソフトウェア開発関連事業において新たな事業モデルへの取り組みを開始しております。Management policy

• Dividends have already been raised toward a 50% payout target; a further step-up in shareholder returns could shift market perception.

  前事業年度より10円の増配を行い、１株当たり135円の配当を実施いたしましたMD&A

• Financial-segment sales are growing sharply relative to telecom subcontracting, and a shift in revenue mix could change the subcontractor narrative.

  金融決済中継システム関連及び金融系クラウド基盤関連の売り上げが増加したことにより、売上高は5,737百万円（前年同期比31.7％増）となりました。MD&A

How a buyer could still lose (value trap)

• Capex is limited to facility maintenance and internal equipment, so profit growth could stall without cash being deployed into expansion.

  設備投資は、自社保有建物である開発センターの計画的な修繕を進めるとともに、開発効率向上のための社内ネットワーク、開発機器の充実等に充当していく方針です。MD&A

• If client companies fully adopt AI in software development, demand for outsourced development itself could shrink and orders could decline.

  今後お客様の事業活動におけるAIの本格的適用により、ソフトウェア開発プロセスやお客様のニーズが変化し、当社の事業環境に影響を及ぼす可能性があります。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

¥40.7bn

Operating profit

¥4.9bn

Net profit

¥3.8bn

Operating cash flow

¥3.0bn

Cash

¥22.9bn

Debt

¥0.0bn

Equity

¥45.3bn

Annual report for the year to 2026-03-31