DOSHISHA CO.,LTD.7483

Why the market may be pricing it low

• The company runs a diversified "100-oku-yen, 30-business-unit" model spanning appliances, bags, food, nursing care, real estate and trading, making the whole hard for outsiders to grasp.

  1事業部当たり売上高100億円規模を最適なマネジメント単位と位置づけ、専門性および自律性の高い事業部を複数展開するManagement policy

• A founder-related holding company controls 35.4% of shares, leaving thin free float and little room for outside investor pressure.

  エムエス商事株式会社 35.4%Shareholders

• The "never-go-bankrupt company" philosophy prioritizes safety over capital efficiency, leaving zero debt and a large cash hoard largely idle.

  「我々は同志的結合をもって、＜つぶれないロマンのある会社＞をつくり、社会に貢献できる会社作りをしよう」を経営理念としておりManagement policy

What could close the gap

• A May 2025 shift to a roughly 50% payout target plus buyback consideration could deepen further and prompt a re-rating of capital efficiency.

  当社は2025年５月９日開催の取締役会決議により配当政策の基本方針を変更しており、当期より上記方針を適用しておりますDividend policy

• Inventory optimization and brand rationalization in the wholesale segment already lifted Q4 profit, and if this spreads group-wide it could be recognized as improved profitability.

  下半期より、収益基盤の強化に向けて在庫回転を重視した在庫水準の適正化および販売ブランドの見直しを進めましたMD&A

How a buyer could still lose (value trap)

• Sales to a single major customer, Daiso, account for 10.9% of total sales, so any change in that customer's ordering could undercut segment growth.

  株式会社大創産業12,16010.713,08810.9MD&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

¥120.5bn

Operating profit

¥11.9bn

Net profit

¥8.6bn

Operating cash flow

¥11.0bn

Cash

¥63.5bn

Debt

¥0.0bn

Equity

¥96.5bn

Annual report for the year to 2026-03-31