| Valuation method | Value, ¥ | Upside, % |
|---|---|---|
| Artificial intelligence (AI) | 476.20 | -5 |
| Intrinsic value (DCF) | 334.35 | -33 |
| Graham-Dodd Method | 294.44 | -41 |
| Graham Formula | 383.75 | -23 |
p-ban.com Corp. (3559.T) is a Tokyo-based company specializing in the design, manufacture, and sale of printed circuit boards (PCBs) through its e-commerce platform, p-ban.com. Founded in 2002, the company offers a comprehensive suite of PCB-related services, including electronic component procurement, assembly, mass production, and specialized solutions like BGA/CSP reworking and oxygen sensor assembly kits. Operating in the Technology sector's Hardware, Equipment & Parts industry, p-ban.com Corp. serves a niche market with its integrated PCB solutions and value-added services. The company's online platform enhances accessibility for customers seeking PCB manufacturing and assembly services, positioning it as a modern, digitally-driven player in Japan's electronics supply chain. With a market capitalization of approximately ¥2.08 billion, p-ban.com Corp. combines manufacturing expertise with e-commerce efficiency, catering to both domestic and potentially international clients in the electronics industry.
p-ban.com Corp. presents a niche investment opportunity in Japan's PCB and electronics manufacturing sector. The company's asset-light model, evidenced by zero debt and a healthy cash position of ¥1.08 billion, provides financial stability. However, its modest net income of ¥93.3 million on ¥2.02 billion revenue suggests thin margins, common in the competitive PCB industry. The low beta of 0.211 indicates lower volatility compared to the broader market, which may appeal to conservative investors. The dividend yield (based on ¥10 per share dividend) appears sustainable given the strong cash position. Key risks include reliance on the Japanese market, intense competition in PCB manufacturing, and potential margin pressures from raw material costs. The company's e-commerce platform provides a differentiating factor, but scalability beyond Japan remains uncertain.
p-ban.com Corp. operates in a highly competitive segment of the electronics manufacturing services (EMS) industry, where scale and technological capability are critical differentiators. The company's primary competitive advantage lies in its integrated e-commerce platform (p-ban.com), which streamlines PCB procurement and value-added services - a digital edge many traditional Japanese PCB manufacturers lack. However, its small scale (¥2B revenue) limits bargaining power with suppliers and customers compared to industry giants. The zero-debt balance sheet provides flexibility but may also indicate under-leverage in a capital-intensive industry. The company's focus on niche services like BGA reworking and oxygen sensor kits helps differentiate from generic PCB manufacturers. In Japan's insular electronics market, local expertise and language capabilities provide some protection against international competitors, but the company lacks visible technological differentiation in high-end PCB manufacturing. The capital expenditure of just ¥31.9 million suggests limited investment in next-generation PCB technologies, potentially restricting future competitiveness in advanced applications like HDI or flexible circuits.