OHASHI TECHNICA INC.7628

Why the market may be pricing it low

• Overwhelming reliance on the automotive parts segment means results hinge on customer automakers' production trends, a structural weight on valuation.

  「自動車関連部品事業」の比重が圧倒的に高くなっており、自動車産業の生産動向が当社グループの業績及び財政状態に影響を及ぼす可能性がありますRisk factors

• Management has long targeted 8% ROE without reaching it, reinforcing the view that cash keeps piling up without being put to efficient use.

  ROE（自己資本当期純利益率）について８％以上を目標としております。③ ROA（総資産経常利益率）について10％以上を目標としておりますManagement policy

What could close the gap

• The company announced a progressive dividend policy in November 2025, a clearer shareholder-return stance that could shift market perception.

  当社は2026年１月１日を効力発生日として...当社は2025年11月に累進配当方針を公表しておりますDividend policy

• Annual dividend is planned to rise from 74 yen to 90 yen (pre-split basis), a substantive payout increase that could trigger re-rating.

  当該株式分割を考慮しない場合の2027年３月期（予想）の年間配当金は90円00銭となりますDividend policy

• The China segment's loss narrowed after last year's restructuring, and completing the turnaround there could become a re-rating catalyst.

  セグメント損失は、前期に実施した構造改革により販管費は減少したものの、売上高の減少による影響がこれを上回り、93百万円（前年同期はセグメント損失232百万円）となりましたMD&A

How a buyer could still lose (value trap)

• Net income growth was partly driven by a one-off gain on sale of investment securities alongside a China impairment charge, so the apparent profit growth may not be sustainable.

  投資有価証券売却益等の計上により特別利益786百万円を計上し、中国事業における固定資産の減損損失等の計上により特別損失620百万円を計上しましたMD&A

• Ordinary profit over five years moved non-monotonically (2.5bn→2.4bn→2.0bn→2.4bn→3.0bn yen) and China sales fell 16.5% year on year, so the recent profit jump is not guaranteed to continue.

  Based on the figures below

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 issuedno data
• ✓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

¥40.9bn

Operating profit

¥2.4bn

Net profit

¥2.1bn

Operating cash flow

¥2.5bn

Cash

¥22.6bn

Debt

¥0.0bn

Equity

¥41.1bn

Annual report for the year to 2026-03-31