transcosmos inc.9715

Why the market may be pricing it low

• The company itself warns that failing to keep pace with technological change could shrink its labor-intensive outsourcing business, feeding AI-disruption concerns.

  急速に進展する技術革新に対して適切な対応ができなかった場合や、サービスが市場動向・ニーズに合わなくなった場合は、現状のビジネスが縮小または成立しなくなる可能性がありRisk factors

• With over 30% of shares held by the founding family and a related foundation, the closely-held ownership structure limits float and expectations of change.

  公益財団法人トランスコスモス財団 18.0% 奥 田 昌 孝 17.1%Shareholders

• Overseas subsidiaries have struggled as profit at Southeast Asian units declined, undermining confidence in the global growth narrative.

  セグメント利益は、東南アジア子会社の利益減少などで4,630百万円と前期比0.3％の減益となりました。MD&A

What could close the gap

• The mid-term plan sets an explicit long-term target of a ¥1 trillion market cap by FY2035; visible progress toward it could shift market perception.

  長期目標として掲げている「2035年度時価総額１兆円」の実現に向けてManagement policy

• FY2026-28 is framed as three years of structural transformation targeting a 4.8% operating margin; confirmed progress could prompt a re-rating.

  より高い収益性と成長性につなげるための「構造転換の３年間」として位置付けておりますManagement policy

• With a policy of paying out roughly 40% of consolidated profit as dividends, continued earnings growth could become visible as rising shareholder returns.

  連結配当性向40％を基準として業績に応じた適正配当を行うことを基本方針としておりますDividend policy

How a buyer could still lose (value trap)

• Ordinary income fell from ¥28.9bn to as low as ¥13.8bn over five years and has only recovered to ¥19.0bn, so a repeat of that sharp decline cannot be ruled out.

  Based on the figures below

• Overseas segment profit slipped slightly due to weaker earnings at Southeast Asian subsidiaries, showing global expansion doesn't automatically translate into profit growth.

  セグメント利益は、東南アジア子会社の利益減少などで4,630百万円と前期比0.3％の減益となりました。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

¥393.9bn

Operating profit

¥16.6bn

Net profit

¥13.1bn

Operating cash flow

¥20.8bn

Cash

¥80.5bn

Debt

¥4.4bn

Equity

¥139.3bn

Annual report for the year to 2026-03-31