TACHI-S CO.,LTD.7239

Why the market may be pricing it low

• The market sees a structure where earnings swing each time automakers change order policy or relocate model production, since the firm is not tied to one keiretsu.

  自動車メーカーによる発注方針の変更、生産調整（原材料不足含む）、特定車種の生産工場移管、工場再編等により、業績に影響を受ける場合がありますRisk factors

• With China sales sharply down and Chinese automakers gaining global presence, doubts about keeping pace weigh on valuation.

  中国自動車メーカーがグローバルでプレゼンスを高める中、わが国の自動車メーカー・部品サプライヤーは、中国自動車メーカーに伍せる競争力の向上…が求められておりますMD&A

• Even the FY2028 target caps operating margin at only 4.5-5%, and the thin-margin auto-seat business structure itself weighs on valuation.

  財務目標・営業利益率：4.5～5％レベル・ROIC： 8％・ROE： 10％Management policy

What could close the gap

• Agreeing to acquire TOYO H&I's auto seat and interior business signals a move to widen the business scope.

  2026年４月10日に株式会社TOYO H&Iとの間で同社が営む自動車用シート及び内装事業に関連する株式を取得することに合意いたしましたMD&A

How a buyer could still lose (value trap)

• Overseas local-currency items are translated into yen, so profit can swing with exchange rates even if local performance is unchanged, risking a reversal of today's gains.

  各地域における売上、費用、資産、負債を含む現地通貨建ての項目は…換算時の為替レートの変動により…円換算後の価値が影響を受ける可能性があります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

¥269.0bn

Operating profit

¥11.6bn

Net profit

¥9.3bn

Operating cash flow

¥13.6bn

Cash

¥45.7bn

Debt

¥4.1bn

Equity

¥105.9bn

Annual report for the year to 2026-03-31