DAIICHI JITSUGYO CO., LTD.8059

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

• Lithium-ion battery equipment, a key earner, is falling sharply with orders nearly halved. Investors see current record profit as a peak that will not last.

  エナジーソリューションズ事業国内外向けのリチウムイオン電池製造設備等の売上が減少したため、売上高は140億57百万円減少の400億44百万円（前期比26.0％減）MD&A

• The business depends on customers' capital spending. As a trader exposed to tariffs and China's slowdown, its earnings are not seen as stable.

  顧客企業の生産拠点への設備投資動向等が当社グループの業績に影響を及ぼす可能性があります。Risk factors

• The company's own plan has operating profit falling in the next fiscal year, and total backlog is shrinking, so the growth story is hard to see.

  受注高202,512230,000240,000270,000売上高219,140219,000210,000250,000営業利益13,69613,60012,00015,000Management policy

What could close the gap

• If the plan's capital-efficiency goal turns into concrete buybacks or a higher payout, the market's view of the large cash pile could change.

  利益成長と資本効率の一層の向上を目指します。Management policy

• If non-battery businesses such as healthcare and aviation keep growing enough to offset battery weakness, the peak-earnings view could ease.

  航空・インフラ事業エアライン向けの航空機地上支援機材及び官公庁向けの特殊車両等の売上が大幅に増加したためMD&A

• Results beating the guided profit decline, with AI-related capex showing up in orders, would undermine the expected downturn.

  底堅い設備投資意欲やＡＩ関連需要の拡大、雇用・所得環境の改善を背景に、緩やかな回復が期待されます。Management policy

How a buyer could still lose (value trap)

• Backlog is shrinking and the company itself guides a profit decline. If today's profit is the peak, the apparent cheapness disappears as earnings fall.

  Based on the figures below

• Operating cash flow was boosted by lower receivables and inventories. If working capital swells again, the cash is less freely usable than it looks.

  税金等調整前当期純利益の計上、未収入金や棚卸資産が減少したため、161億36百万円の収入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

¥219.1bn

Operating profit

¥13.7bn

Net profit

¥10.0bn

Operating cash flow

¥16.1bn

Cash

¥53.0bn

Debt

¥7.0bn

Equity

¥90.7bn

Minority interests (added to EV)

¥0.2bn

Annual report for the year to 2026-03-31