AIDA ENGINEERING, LTD.6118

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

• Over three-quarters of sales come from autos. EV investment has slowed and Chinese BEVs are forcing automakers to rethink. Investors see a company at the mercy of capex cycles and doubt profit growth will last.

  自動車産業向けの製品売上高は全体の４分の３以上を占めており、自動車業界の好不況の動向及びその設備投資動向は、当社グループの事業、業績及び財務状況に重要な影響を与える可能性がありますRisk factors

• The last plan missed its profit target. Sales hit the goal but operating profit came in at 5.7bn yen against 6.2bn planned. That miss makes the new 8.1bn yen target hard to trust.

  売上は786億円と計画目標の750億円を達成しましたが、営業利益についてはEV需要の減速、原材料や人件費高騰の影響等により57億円と計画目標の62億円には未達となりましたManagement policy

• The company holds a large cash pile with no clear use, and returns are modest. The dividend policy is only DOE of 3% or more, so the cash is not credited as shareholder value.

  配当については、安定配当を実現すべくDOE（株主資本配当比率）*３％以上を目指す方針です。Dividend policy

What could close the gap

• A shift in capital policy could change views. If it channels cash into more buybacks or higher dividends, the hoarder image could fade. It already bought back and cancelled 3.0bn yen of shares this year.

  財務活動により使用した資金は4,409百万円（前連結会計年度は3,758百万円の支出）となりました。主な要因は、支出として自己株式の取得3,000百万円、配当金の支払額2,282百万円等であります。MD&A

• Growth in FA and service outside the auto cycle. If retrofit and motor-core automation take off, dependence on auto capex fades and the view could change.

  高速プレス周辺において、モーターコア生産自動化システムを拡充し、グローバルでユーザーへのアプローチを強化します。Management policy

• The US acquisition turning into profit. Americas sales are up but segment profit fell. If the acquired unit adds earnings, doubts about growth quality may ease.

  米 州： プレス機とサービス売上の増加及び買収した米国子会社の売上合算等により、売上高は21,943百万円（前期比20.3％増）となったものの、セグメント利益は販管費の増加等により1,184百万円（同8.1％減）となりました。MD&A

How a buyer could still lose (value trap)

• EV capex weakness could thin orders. The backlog fell 14.1% to 54.4bn yen, so the base for future sales is shrinking. If profit has peaked, today's earnings will not last.

  受注残高はプレス機の出荷が進み54,383百万円（同14.1％減）となりましたMD&A

• A big cash pile does not lift the valuation if it stays unused. Net profit fell 16.5% and partly relied on gains from selling cross-held shares. Weak overseas units could keep returns on capital low.

  親会社株主に帰属する当期純利益は政策保有株式の売却益の減少や昨年度計上したドイツ子会社統合に伴う税効果適用の剥落等により4,260百万円（同16.5％減）となりました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

¥78.6bn

Operating profit

¥5.7bn

Net profit

¥4.3bn

Operating cash flow

¥8.2bn

Cash

¥38.5bn

Debt

¥4.3bn

Equity

¥86.7bn

Annual report for the year to 2026-03-31