Research

Akatsuki Eazima: Ibaraki HVAC contractor with HIKARI TSUSHIN as key holder

AKATSUKI EAZIMA CO., LTD. (1997) · Published 2026-11-09 · Beluuga AI Research Team · Independent research

Not investment advice or a solicitation. See Important disclosures below.

Business overview

  • Akatsuki Eazima designs, installs and maintains building services: air conditioning, water supply, drainage and sanitary systems. Founded in 1947 in Mito as an appliance retailer, it has worked mainly in Ibaraki Prefecture, with branches in Tokyo and Tsukuba.
  • It reports three segments. The equipment business covers new-building installation, renewal work and building-care maintenance. The solar power business generates and sells electricity. The other business is small-scale real estate sale and leasing.
  • Most customers are general contractors and private developers, with prefectural and municipal bodies also among them. Contracts in the equipment backlog at August 2025 include work for HASEKO Corporation, SHIMIZU CORPORATION, HAZAMA ANDO CORPORATION and ICHIKEN Co., Ltd., with scheduled completion dates between June 2026 and May 2027.
  • The company has no subsidiaries and reports non-consolidated J-GAAP statements for a fiscal year ending August 31. It states that its business is limited to Japan, with no overseas expansion planned.

Investment case

  1. Cash and deposits far exceed interest-bearing debt, and cash rose again in the year to August 2026, according to the annual securities report and the full-year earnings release (see Performance & Balance).
  2. In the annual securities report for the year to August 2025, the company reported orders, operating margin and return on equity already above its Phase II targets for the year to August 2026. Sales were the exception, and the full-year release for August 2026 shows sales above that target level.
  3. The company has a stated dividend payout range. It raised the year-end dividend for the year to August 2026, and the payout stayed within the range.
  4. The Phase III plan runs from the year to August 2027 through August 2030. Its priorities include consulting-led renewal proposals, zero-energy-building consulting, growth through M&A or alliances, more advanced disclosure, and capital profitability.

Bear case

  1. For the year to August 2027, the company forecasts lower orders, operating profit and net income than in the year to August 2026. It also forecasts a lower dividend per share.
  2. Revenue depends mainly on one region. The company lists Ibaraki-centered operations as a business risk and says local investment conditions, the local economy and natural disasters there can affect results.
  3. In the year to August 2025, competitive bidding accounted for the large majority of new-building equipment orders by contract value. The company describes competition for orders as intensifying because of labor shortages and rising material costs.
  4. Share repurchases in both recent years were limited to small amounts, even though the articles of incorporation allow the board to buy back shares without a shareholder vote.

Catalysts

  • The annual securities report for the year to August 2026 is scheduled for November 18, 2026, the annual general meeting for November 20, 2026, and payment of the year-end dividend from November 24, 2026.
  • The second-quarter results for the year to August 2027 will show progress against the company's first-half forecast, which calls for lower profit year on year.
  • Any numerical targets or concrete steps under the Phase III plan, particularly on capital profitability and M&A or alliances, are items to watch.

Key risks

  • Construction delays caused by factors outside the company's control can shift the timing of revenue recognition, and unexpected costs from design changes or higher material and labor prices can make contracts unprofitable.
  • The company bears liability for defects for a period after completion. Repair costs above the reserve set from past experience would reduce earnings.
  • The company identifies recruiting and developing sales and construction staff as a key issue. A shortfall could limit the volume of orders it can take.
  • HIKARI TSUSHIN, INC. does not hold voting rights directly but is classified as an 'other affiliated company' with substantial influence. It is the parent of four joint holders whose investment partnerships include the two largest shareholders listed (see Shareholders). Under the articles, a special resolution needs a quorum of only one-third of voting rights.

Trading liquidity

Median daily trading value US$0.04mn
Average daily volume 2,790 shares

2025-10-10 to 2026-11-06 (250 trading days). Trading value is daily closing price × daily volume on the Tokyo Stock Exchange.

Assumptions

  • Financial figures on this page come from beluuga.ai's daily data set; trading liquidity is measured over the period shown. We do not use consensus estimates.
  • The annual securities report covers the year to August 2025, while the most recent results come from the unaudited earnings release for the year to August 2026. Governance and risk descriptions may have changed in the annual securities report due in November 2026.
  • The company holds a growing portfolio of investment securities, with larger valuation gains and dividend income in the year to August 2026. Non-operating income and equity are therefore partly exposed to market prices.
  • Qualitative statements are taken from the annual securities report for the year to August 2025 and the full-year earnings release for the year to August 2026.

This is independent research. No company paid for or reviewed it. We do not publish ratings, price targets or buy/sell views. Figures on the other slides of this page come from beluuga.ai's daily data set.

Important disclosures

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Sources, accuracy and forward-looking statements. This material is based on the issuers' public disclosure documents and on market data, and it was prepared with the assistance of AI tools and reviewed by the Beluuga AI Research Team. We believe the sources to be reliable but do not guarantee that the information is accurate, complete or current, and the material may contain errors. Statements about the future, including catalysts and risks, are assumptions and are not guarantees; actual results may differ materially. Past performance is not a guide to future performance. The material speaks only as of its date, and we have no obligation to update it. Where the issuer's original disclosure is in Japanese, the Japanese original prevails over any English description given here.

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Overview
Construction

AKATSUKI EAZIMA CO.,LTD.

Akatsuki Iijima Kogyo is primarily engaged in the design, construction, and maintenance management of building equipment systems, including air conditioning, plumbing, and sanitary facilities. The company also operates a solar power generation and electricity sales business, as well as real estate sales and leasing activities. Serving clients mainly in the Ibaraki Prefecture and greater Tokyo area, the company leverages decades of expertise in mechanical and electrical building systems.

Market Cap
US$51.4M
¥8.21B
EV
US$6.11M
¥0.98B
StockUS$25.42(¥4,060)▲+0.25%
US$1 = ¥159.70 (2026-11-12)
LTM EV/EBITDA
0.6
x
LTM EV/EBIT
0.7
x
LTM PER
7.7
x
LTM PBR
1.0
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-1.4%pt
100
Nov 13, 25 – Nov 13, 26StockTOPIX
MC → EV Bridge
US$51.4M¥8.21BMarket CapUS$3.54M¥0.57B+ DebtUS$39.7M¥6.34B− CashUS$9.14M¥1.46B− Inv. Sec.US$6.11M¥0.98BEV
AI Briefing
Generating insights…
Performance & Balance
Revenue 5Y (US$)
US$45.9M¥7.33B'22/8US$41.6M¥6.64B'23/8US$55.3M¥8.83B'24/8US$57.2M¥9.14B'25/8US$63.4M¥10.1B'26/8
EBITDA 5Y (US$)
US$4.91M¥0.78B'22/8US$3.29M¥0.52B'23/8US$5.53M¥0.88B'24/8US$7.77M¥1.24B'25/8US$9.68M¥1.55B'26/8
Net Income 5Y (US$)
US$3.07M¥0.49B'22/8US$1.96M¥0.31B'23/8US$3.50M¥0.56B'24/8US$4.98M¥0.80B'25/8US$6.70M¥1.07B'26/8
Capital Structure
94%
EquityD/E 0.07xDebt
Liquidity vs Debt 5Y (US$)▲ Net Cash
CashInv. Sec.Debt
US$31.4M¥5.01BUS$5.29M¥0.84B'22/8US$28.0M¥4.47BUS$4.87M¥0.78B'23/8US$34.9M¥5.57BUS$3.89M¥0.62B'24/8US$41.4M¥6.60BUS$3.68M¥0.59B'25/8US$48.2M¥7.70BUS$3.54M¥0.57B'26/8
Business Segments (Non-consol.)
2025/08 · US$ (¥B)
98%
Facility
Revenue
US$56.0M(¥8.94B)
Segment profit
US$9.64M(¥1.54B)17.2%
2.1%
Solar power business
Revenue
US$1.19M(¥0.19B)
Segment profit
US$0.47M(¥0.08B)39.9%
0.0%
Other
Revenue
US$0.01M(¥0.00B)
Segment profit
US$0.00M(¥0.00B)39.8%
Adjustments
Revenue
—
Segment profit
-US$3.06M(¥-0.49B)
No segment changes in the last 5 years
Shareholders
Top 10 hold 50.3%
1
UH Partners 3 Investment Limited Partnership
7.48%
2
Hikari Tsushin KK Investment Limited Partnership
6.25%
3
AKATSUKI EAZIMA CO.,LTD. Business Partners' Stock Ownership Association
5.81%
4
Mito Shinkin Bank
5.38%
5
UH Partners 2 Investment Limited Partnership
5.24%
6
Shinryo Corporation
4.95%
7
The Joyo Bank, Ltd.
4.75%
8
AKATSUKI EAZIMA CO.,LTD. Employee Stock Ownership Association
4.43%
9
ASAGAMI CORPORATION
3.51%
10
SIL Investment Limited Partnership
2.54%
Management
7 officers
Shunji UEDA
Representative Director, President and Executive Officer
Apr 1984 Joined the Company Sep 2006 General Manager, Construction Department, Ibaraki Division Sep 2008 Executive Officer Sep 2013 Senior Executive Officer, General Manager, Ibaraki Division Nov 2016 Director Nov 2019 Representative Director, President (current) President and Executive Officer (current)
1961-06-03
Manabu SHIRAISHI
Director, Managing Executive Officer, General Manager, Ibaraki Division
Apr 1995 Joined the Company Sep 2013 General Manager, Construction Department, Ibaraki Division Sep 2016 Executive Officer Nov 2019 Director (current); Senior Executive Officer, General Manager, Ibaraki Division (current) Nov 2021 Managing Executive Officer (current)
1971-10-23
Jun IWAI
Director, Senior Executive Officer, General Manager, Tokyo Division
Apr 1988 Joined Akatsuki Kensetsu Kogyo Co., Ltd. (now the Company) Sep 2010 General Manager, Construction Department, Tokyo Division Sep 2016 Executive Officer Sep 2020 Deputy General Manager, Tokyo Division (Tokyo) Nov 2020 Director (current); Senior Executive Officer (current); General Manager, Tokyo Division (current)
1966-01-16
Michiaki KATAGIRI
Director, Senior Executive Officer, General Manager, Administration Division
Feb 1999 Joined the Company Sep 2018 General Manager, Accounting Department, Administration Division Sep 2019 Executive Officer; General Manager, Administration Division (current) Nov 2021 Director (current); Senior Executive Officer (current)
1973-12-02
Koji NEMOTO
Director (Full-time Audit and Supervisory Committee Member)
Jul 1983 Joined Tax Office Aug 2007 Established tax accountant office; Principal (current) Nov 2014 Substitute Audit & Supervisory Board Member of the Company Nov 2015 Audit & Supervisory Board Member of the Company Jul 2016 Established Nemoto Office Co., Ltd.; Representative Director (current) Nov 2022 Director (Audit and Supervisory Committee Member) Nov 2024 Director (Full-time Audit and Supervisory Committee Member) (current)
1964-10-15
Akio UESAKI
Director (Audit and Supervisory Committee Member)
Apr 1983 Registered as attorney (current) Apr 1985 Established law office; Principal (current) Nov 2022 Director (Audit and Supervisory Committee Member) (current)
1953-07-02
Yukio OBA
Director (Audit and Supervisory Committee Member)
Jul 1986 Joined Tax Office Aug 2008 Partner, Asahi Tax Corporation May 2011 Representative Partner, Kanda Accounting Tax Corporation Jun 2014 Representative Partner, Ibaraki Tax Corporation (current) Nov 2014 Established Kinugasa Accounting Center Co., Ltd.; Representative Director (current) Nov 2024 Director (Audit and Supervisory Committee Member) (current)
1966-08-02
Large Shareholding Reports
Akatsuki Iijima Kogyo Business Partners Shareholding Association (Chairman: Shuichi ASANO)
2025-11-14
5.00%
UH Partners 3 Co., Ltd.
2025-09-26
6.60%→6.88%
Disclosures
Executive Change
2026-10-09
Primary Source Filings
TDnet
2026-10-09
Executive Change
TDnet
2026-10-09
Full-Year Earnings Flash
FY ending Aug 2026
TDnet
2026-07-03
Q3 Earnings Flash
FY ending Aug 2026
TDnet
2026-06-29
業績予想の修正
EDINET
2026-04-10
Semi-Annual Securities Report
Period: Sep 2025 – Feb 2026
TDnet
2026-03-27
業績予想の修正
TDnet
2026-01-07
Q1 Earnings Flash
FY ending Aug 2026
EDINET
2025-11-19
Annual Securities Report
Period: Sep 2024 – Aug 2025
EDINET
2025-11-14
Large Shareholding Report
TDnet
2025-10-10
Full-Year Earnings Flash
FY ending Aug 2025
EDINET
2025-09-26
Large Shareholding Report
TDnet
2025-07-04
Q3 Earnings Flash
FY ending Aug 2025
EDINET
2025-04-10
Semi-Annual Securities Report
Period: Sep 2024 – Aug 2025
TDnet
2025-01-07
Q1 Earnings Flash
FY ending Aug 2025
EDINET
2024-11-22
Annual Securities Report
Period: Sep 2023 – Aug 2024
EDINET
2024-07-12
Quarterly Securities Report
Period: Mar 2024 – May 2024
EDINET
2024-04-12
Quarterly Securities Report
Period: Dec 2023 – Feb 2024
EDINET
2024-01-11
Quarterly Securities Report
Period: Sep 2023 – Nov 2023
TDnet
2024-01-05
Q1 Earnings Flash
FY ending Aug 2024
EDINET
2023-11-22
Annual Securities Report
Period: Sep 2022 – Aug 2023
EDINET
2023-07-12
Quarterly Securities Report
Period: Mar 2023 – May 2023
EDINET
2023-04-12
Quarterly Securities Report
Period: Dec 2022 – Feb 2023
EDINET
2023-01-12
Quarterly Securities Report
Period: Sep 2022 – Nov 2022
TDnet
2023-01-06
Q1 Earnings Flash
FY ending Aug 2023
EDINET
2022-11-22
Annual Securities Report
EDINET
2022-07-12
Quarterly Securities Report
EDINET
2022-04-12
Quarterly Securities Report
EDINET
2022-01-12
Quarterly Securities Report
TDnet
2022-01-06
Q1 Earnings Flash
FY ending Aug 2022
EDINET
2021-11-19
Annual Securities Report
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