ASIA PILE HOLDINGS CORPORATION5288

Why the market may be pricing it low

• Rising construction costs and labor shortages make general contractors cautious about start timing, causing large-project delays that make earnings hard to predict.

  建設費の高騰や労働力不足、働き方改革、工期長期化等の課題が重なり、ゼネコンサイドにおいて着工時期の設定等に慎重になる傾向が続いています。MD&A

• The 2025 dissolution of the Myanmar joint venture shows overseas expansion outcomes are not guaranteed, undermining trust in the ASEAN growth story.

  2015年６月にはミャンマーにおいてVJP Co., Ltd.を共同出資で設立、2025年６月に解消するなどRisk factors

What could close the gap

• The company has committed to progressive dividends targeting a shareholder equity dividend ratio (DOE) of at least 3.75% during the five-year plan, which could prompt re-rating if shareholder returns come into focus.

  累進配当を基本とし、連結株主資本配当率（ＤＯＥ）3.75％以上を目途として、安定的に配当を実施することを基本方針としますDividend policy

• The 2024 establishment of a nomination and compensation advisory committee signals governance reform that could shift investor perception if it continues.

  指名・報酬諮問委員会を設置（2024年６月）し、取締役会の機能の独立性・客観性と説明責任を強化しManagement policy

• The company has stated a policy of taking a leading role in industry consolidation, and acting as a consolidator could change how the market views it.

  当社グループは、業界大手企業として、業界再編と寡占化の状況に対して必要な施策をとり主導的な役割を果たしていく方針でありますRisk factors

How a buyer could still lose (value trap)

• Ordinary income swung from 2.2bn to 5.8bn to 6.2bn to 3.9bn to 10.9bn yen over five years, and the recent surge is driven partly by a one-year swing to overseas profitability, leaving room for a sharp pullback.

  Based on the figures below

• The payout ratio was 102.5%, exceeding net income, so if profit reverts to its historical average level, the dividend may need to be cut.

  １株当たり55円の配当（うち中間配当24.0円）を実施することを決定しました。この結果、当事業年度の配当性向は102.5％となりました。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

¥116.0bn

Operating profit

¥10.9bn

Net profit

¥7.6bn

Operating cash flow

¥15.7bn

Cash

¥25.6bn

Debt

¥15.8bn

Equity

¥55.8bn

Annual report for the year to 2026-03-31