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EDINET 3423 Negative Risk Analyzed 📈 Growth 2/10
S E Corporation
Annual Securities Report - 45th Term(2025/04/01 - 2026/03/31) ／ 2026-06-23 11:01
Covers EDINET statutory filings (TDNET timely disclosures / earnings flashes are not included).
EarningsGuidance DownDemandNew ProductNew Market
AI Summary
2026-06-23 11:05
SE Corporation, a construction equipment manufacturer, posted ¥25.4B revenue (-1.9% YoY) and ¥599M operating profit (-29.5%) for FY2026 ending March 2026. Project gaps and labor shortages pressured margins. FY2027 outlook: ¥26.5B revenue, ¥472M operating profit, signaling gradual recovery amid strategic investments.
KEY POINTS
- FY2026: Revenue ¥25.4B (-1.9%), Operating profit ¥599M (-29.5%) YoY decline
- Large project delays and labor shortage drove material demand reduction
- FY2027 guidance: ¥26.5B revenue, ¥472M OP expected to recover, but profit remains low due to R&D investment
📊 Revenue
Revenue -1.9% (¥2,587M → ¥2,541M)
💰 Operating profit
Operating profit -29.5% (¥849M → ¥599M)
🔮 Outlook
FY2027: ¥26.5B revenue, ¥472M operating profit (strategic R&D investments continuing for 2030 vision realization)
📈 Growth outlook
📈 Growth 2/10
Existing business supported by stable public investment, but long-term declining public capex anticipated. Mid-term Plan 2030 targets new business monetization (power generation, ESCON, BIM), but FY2025 profit fell well below plan. Low growth trajectory; recovery expected to take time.
Growth drivers
- Stable public investment for disaster mitigation & infrastructure renewal
- New business monetization (power generation, ESCON, BIM design support)
- Overseas expansion (Vietnam, ASEAN)
Risk and growth scores and tags are AI-generated estimates from analyzing the disclosure. They are not guarantees of fact, nor investment advice or recommendations. Make investment decisions at your own discretion.
⚠️ Extracted Risk Factors
| Category | Description | Score | New |
|---|---|---|---|
| Earnings Deterioration Risk | Long-term public investment expected to decline gradually. If government prioritizes fiscal health or policy shifts, public capex could collapse, severely impacting ~60% of revenue dependent on domestic construction market. | 7/10 | |
| Raw Material Price Risk | ~70% of COGS is raw materials. Steel & PC strand price spikes erode margins. Lag in price-to-customer pass-through creates profit pressure. | 7/10 | |
| Operational Concentration Risk | Core cable production concentrated in Yamaguchi plant. Earthquake/flood damage could halt operations and severely impact earnings. | 6/10 | |
| New Business Investment Risk | Significant R&D capex on power generation, ESCON, BIM. Failed commercialization would harm earnings & financial condition. | 6/10 | |
| Human Capital Risk | Securing skilled engineers critical. Recruitment difficulty & high turnover would impede technology succession and erode competitiveness. | 5/10 | |
| Climate & Regulatory Risk | Carbon tax & strengthening GHG regulations could raise manufacturing & procurement costs. Slow adaptation risks competitiveness loss. | 5/10 | |
| Supply Chain Risk | Outsourcing partner bankruptcy/closure risks supply disruption. Growing successor shortage at suppliers complicates procurement. | 4/10 | |
| Overseas Expansion Risk | Vietnam & Asia expansion exposed to legal, political, & cultural differences. Inadequate adaptation could harm business. | 4/10 |
7/10
Earnings Deterioration Risk
Long-term public investment expected to decline gradually. If government prioritizes fiscal health or policy shifts, public capex could collapse, severely impacting ~60% of revenue dependent on domestic construction market.
7/10
Raw Material Price Risk
~70% of COGS is raw materials. Steel & PC strand price spikes erode margins. Lag in price-to-customer pass-through creates profit pressure.
6/10
Operational Concentration Risk
Core cable production concentrated in Yamaguchi plant. Earthquake/flood damage could halt operations and severely impact earnings.
6/10
New Business Investment Risk
Significant R&D capex on power generation, ESCON, BIM. Failed commercialization would harm earnings & financial condition.
5/10
Human Capital Risk
Securing skilled engineers critical. Recruitment difficulty & high turnover would impede technology succession and erode competitiveness.
5/10
Climate & Regulatory Risk
Carbon tax & strengthening GHG regulations could raise manufacturing & procurement costs. Slow adaptation risks competitiveness loss.
4/10
Supply Chain Risk
Outsourcing partner bankruptcy/closure risks supply disruption. Growing successor shortage at suppliers complicates procurement.
4/10
Overseas Expansion Risk
Vietnam & Asia expansion exposed to legal, political, & cultural differences. Inadequate adaptation could harm business.
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