Fundamental Analyses, Contrarian Cashflows

Contrarian Cashflows

Fundamental Analyses

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Equity Bottom-Up

<ul><li>Crops Corporation (9428) is a Nagoya-based conglomerate best known as KDDI’s largest au/UQ Mobile retail agency in the Chubu region, but the segment that actually drives profit is a restaurant-property sub-leasing arbitrage business (Innovation Holdings/Tempo Innovation), generating 43% of operating profit from just 26% of revenue.</li><li>KDDI itself holds a 20.32% equity-method stake with board representation, alongside staffing, building-maintenance, and overseas BPO units.</li><li>The company seems to steadily compound revenues and profits and once you strip out the asset write-off from a small Vietnamese subsidiary, it seems to trade very cheaply on just over 7x earnings.</li></ul>

Crops Corporation (9428) is a Nagoya-based conglomerate best known as KDDI’s largest au/UQ Mobile retail agency in the Chubu region, but the segment that actually drives profit is a restaurant-property sub-leasing arbitrage business (Innovation Holdings/Tempo Innovation), generating 43% of operating profit from just 26% of revenue.KDDI itself holds a 20.32% equity-method stake with board representation, alongside staffing, building-maintenance, and overseas BPO units.The company seems to steadily compound revenues and profits and once you strip out the asset write-off from a small Vietnamese subsidiary, it seems to trade very cheaply on just over 7x earnings.

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Research Reinvented

<ul>
 <li>
<a href="https://smartkarma.com/entities/crops-corp">Crops Corp</a> is a dual-business company operating as a mobile telecommunication service subscription agency for KDDI in the Tokai region and providing personnel placement services.</li>
 <li>The company exhibits strong top-line growth, with a 3-year revenue CAGR of 11.74%, and robust operating cash flow growth. However, this has not translated to the bottom line, with a 3-year net income CAGR of -7.60%.</li>
 <li>Valuation appears moderate compared to peers, with a low EV/Sales and Price-to-Book ratio, but a relatively higher P/E ratio. The company's high dependency on KDDI and intense competition in both its operating segments are key risks.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  
Crops Corp is a dual-business company operating as a mobile telecommunication service subscription agency for KDDI in the Tokai region and providing personnel placement services.
  The company exhibits strong top-line growth, with a 3-year revenue CAGR of 11.74%, and robust operating cash flow growth. However, this has not translated to the bottom line, with a 3-year net income CAGR of -7.60%.
  Valuation appears moderate compared to peers, with a low EV/Sales and Price-to-Book ratio, but a relatively higher P/E ratio. The company's high dependency on KDDI and intense competition in both its operating segments are key risks.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Japan

CROPS CORPORATION is a mobile telecommunication service subscription agency. The Company sells KDDI's brand mobile phones, au mobile phones, in the Tokai area.  Crops Corp also operates personnel placement services.

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Crops Corp (9428 JP)

Monday Delight: 21/09/2026

Crops Corporation (9428) is a Nagoya-based conglomerate best known as KDDI’s largest au/UQ Mobile retail agency in the Chubu region, but the...

Contrarian Cashflows

Primer: Crops Corp (9428 JP) - Aug 2026

Crops Corp is a dual-business company operating as a mobile telecommunication service subscription agency for KDDI in the Tokai region and...

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