DAISUE CONSTRUCTION CO.,LTD. FY2026 Q2 Earnings Report

Financial Highlights

• Net Sales: ¥47.02B
• Operating Income: ¥2.44B
• Net Income: ¥757M
• EPS: ¥159.86

Income Statement

Balance Sheet

Profitability Ratios

Year-over-Year Comparison

Share Information

Dividend Information

Full Year Forecast

Disclaimer

This data was automatically extracted from XBRL files. Please refer to the original disclosure documents for accuracy.

AI Integrated Analysis

Analysis integrating XBRL data (GPT-5) and PDF earnings presentation (Claude)

Executive Summary

Daisue Construction (18140) delivered a strong FY2026 Q2 performance with revenue of ¥47.0bn (+14.5% YoY), driving operating income to ¥2.44bn (+118.5% YoY) and net income to ¥1.67bn (+120.5% YoY). Profitability improved meaningfully, with operating margin at 5.2% and net margin at 3.55%, levels that are solid for a mid-sized Japanese general contractor. Gross profit of ¥3.40bn implies a gross margin of 7.2%, indicating tighter cost control and/or a favorable project mix. Ordinary income of ¥2.49bn slightly exceeded operating income, suggesting minor non-operating gains or low financing costs. Interest expense was modest at ¥17m, yielding a very strong interest coverage ratio of 143.6x, reflecting low financial burden. DuPont analysis shows ROE of 6.97% driven by net margin of 3.55%, asset turnover of 0.871x, and leverage of 2.25x; leverage is supportive but not excessive. Balance sheet shows total assets of ¥54.0bn and total equity of ¥24.0bn, implying liabilities of ¥32.6bn and a debt-to-equity ratio of 1.36x, typical for the sector. Liquidity appears healthy with current assets of ¥48.3bn and current liabilities of ¥28.1bn, resulting in a current ratio of 172% and working capital of ¥20.2bn. Cash and cash flow data are unreported in this disclosure, limiting assessment of earnings-to-cash conversion and free cash flow. Similarly, depreciation and EBITDA are not disclosed; operating income is the best available proxy for core profitability. The reported effective tax rate in the summary table is 0.0%, but based on income tax of ¥381m against ordinary income of ¥2.49bn, an indicative tax rate is roughly 15% (acknowledging ordinary income is not strictly pre-tax). Dividend data (DPS and payout) are not disclosed for the period; mid-year dividend policies may not be finalized or reported. Despite data gaps, the available evidence indicates notable margin expansion and strong operating leverage on higher revenue. Leverage and liquidity look manageable, and financing risk is low given minimal interest expense. The key question for sustainability is order backlog quality and cost discipline in subsequent quarters, which are not provided here. Overall, the quarter suggests an improving earnings trajectory, supported by strong cost control and solid balance sheet liquidity, but cash conversion and dividend policy visibility are limited by unreported cash flow and distribution data.

From Earnings Presentation: 大末建設の26/3期第2四半期決算説明資料は、GPT分析で示された数値的好調さの背景を、事業戦略・セグメント別実績・サステナビリティ取組で補完している。特に、①受注高100,855百万円（前年比+117.6%）と第2四半期で初の1,000億円超達成、②通期受注予想を117,300→136,000百万円へ上方修正、③売上・営業利益も通期上方修正（売上96,400→101,000百万円、営業利益3,520→5,120百万円）と、GPT分析の「持続可能性検証困難」指摘を覆す強い受注・利益モメンタムが示された。セグメント別では、マンション・集合住宅受注が62,602百万円（構成比62.1%）で倍増、一方で一般建築（イベントホール・庁舎・物流）も34,110百万円（33.8%）と大幅増加し、地域別では近畿47,583百万円（47.2%）が牽引する形で三大都市圏が集中した。案件実績として、大阪IRプロジェクトブロックC（MGM大阪）やMUFG本館など大型民間が含まれ、単価・採算の良好な案件ミックスが粗利率改善（GPT分析の7.2%）に寄与したことが読み取れる。配当は期初予想54円→87円へ増配（年間174円、5期連続増配）とし、GPT分析の「配当不記載・評価保留」を訂正、積極還元姿勢を明示した。サステナビリティではScope1・2排出量削減、ZEB/ZEH提案率100%、女性管理職8.7%など進捗を開示し、FC大阪・UN Pavilion連携や大阪万博チェコパビリオン「大末ホール」の戦略的活用を強調、企業価値向上への取り組みを示した。総じて、GPT分析で定量面から示された「営業レバレッジ・ROE改善・財務安全性」は、受注残の潤沢さ（繰越工事高184,546百万円）と案件種別の多様化により裏付けられ、短期的リスクは限定的と評価できる。

Financial Analysis

Profitability

ROE_decomposition: ROE 6.97% = Net margin 3.55% × Asset turnover 0.871 × Financial leverage 2.25. The primary drivers are improved net margin and moderate leverage; asset turnover is reasonable for a contractor with sizable current assets tied to projects. margin_quality: Gross margin 7.2% and operating margin 5.2% indicate improved project profitability and SG&A efficiency vs. prior year (operating income +118.5% YoY on +14.5% revenue). Net margin of 3.55% reflects limited financing costs (interest expense ¥17m). Indicative tax rate using income tax/ordinary income is ~15%, suggesting below-statutory burden, possibly due to tax credits or timing. operating_leverage: Revenue grew 14.5% while operating income rose 118.5%, evidencing strong incremental margins and operating leverage. Ordinary income tracked operating income closely, confirming earnings quality from core operations rather than non-operating items in this period.

Growth

revenue_sustainability: Top-line growth of +14.5% YoY is robust for the sector and likely reflects stronger order execution and project progress. Sustainability will depend on backlog, bidding pipeline, and public/private demand mix, which are not disclosed here. profit_quality: The sharp rise in operating income indicates better cost management and/or improved pricing. Minimal interest expense supports the view that growth is operationally driven. Lack of cash flow disclosure prevents validation of cash-backed earnings. outlook: If current mix and execution persist, full-year profitability could exceed the prior year. Key determinants are backlog conversion, input cost inflation containment (materials and labor), and schedule adherence. Monitoring win rates and gross margin on new awards will be critical to gauge continuity of the current margin profile.

Financial Health

liquidity: Current assets ¥48.26bn versus current liabilities ¥28.05bn yields a current ratio of 172% and working capital of ¥20.21bn, indicating strong short-term liquidity. Quick ratio is reported equal to current ratio due to unreported inventories; actual quick ratio may be lower but likely still comfortable given sector norms. solvency: Total equity ¥23.96bn and total liabilities ¥32.60bn imply a debt-to-equity ratio of 1.36x. Financial leverage (assets/equity) is 2.25x, moderate for construction. Interest burden is minimal with interest expense at ¥17m and coverage at 143.6x. capital_structure: Balance sheet mix appears geared toward current assets/liabilities typical of construction working capital cycles. Equity base supports current operations; no indication of excessive financial risk from the available data.

Cash Flow

earnings_quality: Operating CF is unreported, so OCF/Net income (reported as 0.00) is not indicative of actual cash conversion. Earnings quality therefore cannot be validated via cash metrics this quarter. FCF_analysis: Free cash flow is unreported (shown as 0). Without capex or OCF data, we cannot assess FCF coverage of growth or shareholder returns. working_capital: Working capital is ¥20.21bn, consistent with a project-based model requiring substantial receivables and unbilled work. Specific line items (inventories/WIP, receivables, advances) are not disclosed, limiting analysis of cash conversion timing.

Dividend Sustainability

payout_ratio_assessment: EPS is ¥159.86, but payout ratio and DPS are unreported for the period (shown as 0). Mid-year payouts may not be declared or disclosed. FCF_coverage: FCF is unreported; consequently, coverage of dividends by free cash flow cannot be evaluated. policy_outlook: Absent disclosure of dividend policy, historical payout behavior, and cash flow, sustainability and trajectory of dividends cannot be inferred. Future assessments should incorporate full-year cash flows and any guidance updates.

Business Outlook

通期ガイダンスは、売上高101,000百万円（期初96,400から+4.8%上方修正）、営業利益5,120百万円（同+45.5%上方修正）、営業利益率5.1%と、上期実績（売上47,022百万円・営業利益2,442百万円・営業利益率5.2%）を踏まえ、下期も堅調な推移を見込む。受注高136,000百万円は、上期100,855百万円の勢いを一定程度維持する前提で、下期35,145百万円の受注を想定。繰越工事高184,546百万円を背景に、下期売上53,978百万円（=101,000-47,022）の消化を計画する。営業利益率は上期5.2%に対し通期5.1%とやや低下見込みだが、完工期ズレや大型案件の粗利率ミックスによるもので、構造的悪化ではない。マンション・集合住宅の受注残が潤沢であり、一般建築（イベント・物流・庁舎）の大型案件も寄与するため、案件ミックスの多様化が利益率の安定化に貢献すると見られる。大阪IRプロジェクトなど数百億円級の案件が複数含まれる可能性があり、進捗が順調であれば通期上振れ余地も存在する。三大都市圏での民間再開発・設備投資の回復が追い風となり、公共案件の底堅さとの組み合わせでバランスの取れた受注構造が実現している。万博関連案件（チェコパビリオン「大末ホール」）の知名度効果やFC大阪トップパートナーシップを通じた地域密着戦略も、中長期の受注基盤強化に寄与すると予想される。原価率のコントロール（外注比率・設計変更回収・工期短縮）が継続する限り、営業レバレッジの発現は下期も期待できる。

Management Guidance

経営陣は、上期の受注高1,000億円超達成を「複数の大型案件の受注が寄与」と説明し、通期受注136,000百万円への上方修正の背景として、営業基盤の強化と案件パイプラインの拡充を強調した。売上・営業利益の上方修正については、「売上高の増加および工事採算の良化」により実現可能と判断し、営業利益率5.1%の通期達成を見込む。配当については「5期連続増配」を掲げ、年間174円（期初108円から+61.1%）への増配を決定し、株主還元の積極姿勢を打ち出した。サステナビリティに関しては、「2030年ビジョン：安心と喜びあふれる空間を創造する会社」の実現に向け、Scope1・2排出量削減、ZEB/ZEH提案率100%、ダイバーシティ推進（女性管理職8.7%、女性従業員14.5%）の進捗を報告し、FC大阪パートナーシップやUN Pavilion連携を通じたSDGs推進を強調した。大阪万博チェコパビリオン「大末ホール」については、「万博終了後も建材利用などのビジネス展開を検討」「関西学生アカペラ大会開催など知名度向上に向けた活動を実施」と、中長期の戦略的価値を示した。全体として、短期の業績達成と中長期の企業価値向上（サステナビリティ・株主還元・戦略的パートナーシップ）のバランスを重視する経営方針が読み取れる。

Strategic Initiatives

• 受注高1,000億円超達成と通期136,000百万円への上方修正：営業基盤の強化と案件パイプラインの拡充により、マンション・一般建築の双方で大型案件を獲得
• 三大都市圏（関東・近畿・中部）集中戦略：近畿47.2%、関東27.0%、中部17.5%と、民間再開発・設備投資の旺盛な地域へのリソース投入
• 多様化した案件ミックス：マンション62.1%に加え、イベントホール16.0%、庁舎11.1%、物流10.2%と、用途の分散により収益安定性を向上
• 設計施工でのZEB/ZEH/木造化提案率100%達成：環境配慮型建築への注力で差別化と案件単価向上を両立
• 大阪万博チェコパビリオン「大末ホール」を活用した戦略的パートナーシップ：万博期間中の知名度向上、万博後の建材利用・ビジネス展開への布石
• FC大阪トップパートナー契約とSDGs推進：UN Pavilion連携でSDGsスペシャルマッチ開催、地域社会との接点強化と企業価値向上
• サステナビリティKPIの進捗管理：Scope1・2排出量削減、労働災害度数率0.71、女性管理職8.7%、男性育休取得率80.0%と、ESG課題への対応を強化
• 株主還元の積極化：5期連続増配（年間174円、前期99円から+75.8%）と、業績好調に応じた還元方針の明確化

Risk Assessment

Business Risks:

• Project execution risk: schedule delays and cost overruns can compress margins.
• Input cost inflation for materials and labor affecting gross margin sustainability.
• Competitive bidding pressure leading to lower pricing on new orders.
• Demand cyclicality across private non-residential and public works segments.
• Backlog visibility and quality not disclosed, creating uncertainty on medium-term revenue.

Financial Risks:

• Working capital intensity and potential cash collection timing risks typical of the sector.
• Exposure to subcontractor credit and performance risk.
• Leverage at 1.36x liabilities-to-equity is manageable but could rise with project scale-up.
• Limited visibility into cash and debt composition due to unreported cash flow details.

Key Concerns:

• Cash flow conversion is unassessable this quarter due to unreported OCF/FCF.
• Sustainability of elevated operating margin requires confirmation via backlog mix and cost trends.
• Dividend capacity cannot be gauged without policy and cash flow disclosure.

Risk Factors from Presentation:

• 原材料・労務費の上昇による工事採算悪化リスク（PDF中で明示的言及はないが、「工事採算の良化」の裏返しとして想定される）
• 大型案件の集中（大阪IR、MUFG本館など）による進捗遅延・変動性リスク（PDF中では受注実績として提示されるが、単一案件への依存度増大の可能性）
• 協力会社の人手不足・倒産リスク（業界共通課題、PDF中では建築副産物削減7.6kg/㎡の記載のみで間接的示唆）
• 万博関連案件の一過性リスク：チェコパビリオン「大末ホール」は万博終了後の継続的価値創出を企図するが、万博需要の剥落が下期以降の受注に影響する可能性
• サステナビリティ目標未達リスク：Scope1・2排出量削減、ZEB/ZEH認証取得、ダイバーシティ指標など、進捗が遅れれば評価・信用に影響

Investment Implications

Key Takeaways:

• Strong YoY earnings inflection: operating income +118.5% on revenue +14.5%.
• Healthy operating margins for the sector (OPM 5.2%, NPM 3.55%) and robust interest coverage (143.6x).
• Solid liquidity (current ratio 172%, working capital ¥20.21bn) and moderate leverage (financial leverage 2.25x).
• Cash generation and dividend capacity are unclear due to unreported cash flow and payout data.
• ROE at 6.97% is supported by margin improvement; further upside hinges on sustaining asset turnover and project mix.

Metrics to Watch:

• Order backlog size, mix, and gross margin on new awards.
• Cash flow from operations and working capital movements (receivables, unbilled, advances).
• Material and labor cost indices and subcontractor rates.
• Operating margin sustainability and SG&A ratio.
• Effective tax rate normalization versus indicative ~15% this quarter.

Relative Positioning: Within Japanese mid-sized general contractors, Daisue’s current quarter shows above-peer margin momentum and strong coverage metrics, with balance sheet liquidity supportive; however, relative cash conversion and dividend visibility lag due to unreported cash flow data.

Supplementary Insights (Key Highlights)

• 第2四半期受注高100,855百万円で1,000億円超達成は同社史上初、前年同期比+117.6%の大幅増加
• 通期受注予想を117,300→136,000百万円へ18,700百万円（+15.9%）上方修正、案件パイプライン強化を示唆
• 通期営業利益予想を3,520→5,120百万円へ1,600百万円（+45.5%）上方修正、営業利益率5.1%見込み
• 配当予想を期初108円→174円へ66円増配（+61.1%）、中間87円・期末87円で5期連続増配を表明
• 主要受注案件：大阪IRプロジェクト（MGM）、MUFG本館、物流DPL川越、長崎グランドオーク浦上など多様化
• 地域別受注：近畿47,583百万円（47.2%）が最大、関東27,306百万円（27.0%）、中部17,626百万円（17.5%）と三大都市圏集中
• 用途別受注：マンション62,602百万円（62.1%）が主軸、イベントホール16,132百万円（16.0%）、庁舎・物流も各10,000百万円超
• 繰越工事高184,546百万円と期首130,281百万円から大幅増、売上・利益の安定性を担保
• 大阪万博チェコパビリオン「大末ホール」を活用した戦略的パートナーシップ、万博後の建材利用・知名度向上施策
• サステナビリティKPI進捗：Scope1・2排出原単位7.8t-CO₂/億円、ZEB/ZEH提案率100%、女性管理職8.7%、男性育休80.0%

Disclaimer

This analysis was auto-generated by AI. Please note the following:

• No Guarantee of Accuracy: The accuracy and completeness of this analysis are not guaranteed. For accurate financial data, please refer to the original disclosure documents published on TDnet or other official sources
• Not Investment Advice: This analysis is for general informational purposes only and does not constitute investment advice under applicable securities laws. It is not a recommendation to buy or sell any specific securities
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