UNIPRES CORPORATION5949

Why the market may be pricing it low

• Nissan Group is the largest customer at about 80% of sales; a decline there would hurt results.

  その最大の販売先は日産グループ（日産自動車株式会社及びその関連会社）であり、当社グループの販売実績の約８割を占めておりますRisk factors

What could close the gap

• The mid-term plan targets a higher PBR and next year's dividend is set to rise to 70 yen per share.

  当社は中期経営方針に掲げたとおり、PBRの向上を目指して引き続き株主還元の充実に努めてまいります…次期の年間配当は、１株につき70円を予定しておりますDividend policy

• Transfer-pricing settlements and China production restructuring turned previously loss-making segments profitable.

  日米間の相互協議合意に基づき、米国子会社との間で発生した移転価格税制調整金を計上したことなどから、前連結会計年度比337.0％増の30億円となりましたMD&A

How a buyer could still lose (value trap)

• ROE remains negative at -6.3%, showing capital erosion even as operating profit improves.

  Based on the figures below

• Europe swung to a segment loss and Asia's order backlog fell sharply on a Chinese customer's production cuts, showing uneven regional earnings.

  セグメント利益につきましては、３億円の損失（前連結会計年度は２億円の利益）となりました…アジアセグメントにおける受注残高に著しい減少がありました。これは、中国における得意先の生産台数減少に伴いMD&A

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

¥321.9bn

Operating profit

¥13.6bn

Net profit

¥-8.3bn

Operating cash flow

¥23.1bn

Cash

¥55.9bn

Debt

¥56.4bn

Equity

¥151.5bn

Annual report for the year to 2026-03-31