| Valuation method | Value, ¥ | Upside, % |
|---|---|---|
| Artificial intelligence (AI) | 2064.20 | -3 |
| Intrinsic value (DCF) | 910.11 | -57 |
| Graham-Dodd Method | 1116.01 | -48 |
| Graham Formula | 1121.79 | -47 |
Aisan Technology Co., Ltd. is a leading Japanese software and technology company specializing in CAD systems and surveying solutions for the public survey, civil engineering, and construction industries. Headquartered in Nagoya, Japan, the company has been a key player since its founding in 1970, offering innovative surveying system solutions like WingNeoINFINITY and ATStation, a non-prism electro-optical distance meter. Aisan Technology also provides advanced 3D space data solutions, ITS (Intelligent Transportation Systems), and medical document solutions leveraging handwritten character recognition and electronic signature technologies. The company’s expertise in geospatial data and surveying instruments positions it as a critical enabler for infrastructure development and smart city initiatives in Japan. With a strong focus on R&D, Aisan Technology continues to expand its software offerings for 3D mapping and coordinate system conversions, reinforcing its role in Japan’s growing digital infrastructure sector.
Aisan Technology presents a niche investment opportunity in Japan’s specialized CAD and surveying software market. The company’s stable revenue (¥5.48B) and net income (¥340M) reflect steady demand for its solutions, though negative operating cash flow (-¥240M) raises concerns about short-term liquidity. Its strong cash position (¥3.84B) and low debt (¥191M) provide financial stability, while a modest dividend yield (¥20/share) may appeal to income-focused investors. The company’s beta of 0.856 suggests lower volatility compared to the broader market, making it a relatively defensive play in the tech sector. However, reliance on Japan’s domestic construction and surveying industries limits diversification, and competition from larger global CAD providers could pressure margins. Investors should weigh its stable niche positioning against growth constraints in a mature market.
Aisan Technology holds a strong position in Japan’s specialized surveying and CAD software market, leveraging deep industry expertise and long-standing customer relationships. Its competitive advantage lies in tailored solutions for public surveys and civil engineering, where local regulatory knowledge and integration with Japanese workflows provide a moat against global competitors. The company’s WingNeoINFINITY and ATStation products are well-regarded for precision and efficiency in surveying applications. However, Aisan faces competition from both domestic and international players offering broader CAD and geospatial solutions. While its focus on Japan ensures strong regional penetration, it lacks the global scale of rivals like Autodesk or Hexagon. The company’s R&D investments in 3D mapping and ITS solutions align with Japan’s push for smart infrastructure, but its smaller size may limit its ability to compete in high-growth areas like AI-driven design automation. Aisan’s strengths in niche surveying tools and local support are offset by challenges in scaling beyond its core market.