MARUZEN CO.,LTD.5982

Why the market may be pricing it low

• A holding company (Masatoyo) and Hikari Tsushin sit as "other affiliated companies" with no business dealings, making the ownership structure opaque to outsiders.

  なお、「その他の関係会社」として当社の持株会社の㈱マサトヨおよび㈱光通信がありますが、２社ともに営業上の取引はありません。Business

• The core commercial kitchen equipment market has an uncertain demand outlook and intensifying competition, limiting growth expectations.

  業務用厨房機器業界の年間総需要の先行き見通しも不透明であり、同業各社による競合はより激しさを増しております。Management policy

• Record profits were funneled into large fixed-term deposits rather than growth investment or stronger shareholder returns.

  資金の有効活用として、大口の定期預金の預入による支出290億円（同141.7％増）を実行したこと等によるものであります。MD&A

What could close the gap

• Should the roughly 40% payout ratio target be raised, the market's view of shareholder returns could shift.

  配当を安定的かつ継続的に行うことを基本方針としつつ、連結配当性向の目安を４割としております。Dividend policy

How a buyer could still lose (value trap)

• Despite record profit, operating cash flow fell 11.5% year on year, a sign cash generation is not keeping pace with reported earnings.

  Based on the figures below

• The company itself warns that economic shocks or epidemics causing prolonged restaurant closures could materially hurt results.

  経済情勢やＢＳＥ等の外的要因または治療法が確立されていない感染症等が流行したことにより当該市場の休業期間が長期化し、民間設備投資が大きく減退する局面においては、当社グループの経営成績および財政状態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

¥66.8bn

Operating profit

¥6.6bn

Net profit

¥5.2bn

Operating cash flow

¥4.8bn

Cash

¥37.7bn

Debt

¥0.0bn

Equity

¥52.3bn

Annual report for the year to 2026-02-28