<p>TKC（东京证券交易所代码：9746）在宣布 2025 财年营业额增长 11% 以及决定增加年度和特别股息后，引起了投资者的关注。</p>
<p>查看我们对 TKC 的最新分析。</p>
<p>TKC 最近的举措，包括提高股息、回购股份和发布强劲的财务指引，显然引起了市场的注意，股价年初至今上涨超过 10%。尽管近期出现了一些短期波动，但该股五年总股东回报率为 39%，显示出稳定的长期动能，并暗示对其前景的信心正在增强。</p>
<p>如果你对其他可能吸引这种动能的股票感兴趣，现在是扩大搜索范围、发现高内部持股的快速增长股票的好时机。</p>
<p>但考虑到今年股价已经上涨，TKC 目前的交易价格低于分析师目标价，关键问题是当前价格是否反映了公司的增长潜力，或者投资者是否还有进一步的上涨空间。</p>
<h2>19 倍的市盈率：是否合理？</h2>
<p>TKC 的市盈率为 19 倍，低于同行业平均的 21 倍，但高于一些模型在当前市场中认为的公允价值。</p>
<p>市盈率是投资者的一个关键指标，因为它将公司的股价与每股收益进行比较。它作为评估企业价值与利润的广泛使用的捷径。在像 TKC 这样的服务型行业中，市盈率通常反映了对未来增长和收益质量的预期，同时也考虑了一致性和行业稳定性。</p>
<p>在 19 倍的市盈率下，市场似乎以折扣的方式对 TKC 进行估值，相较于同行，投资者是否低估了其长期潜力的问题随之而来。然而，与摩根大通专业服务行业平均的 14.7 倍相比，TKC 显得明显更贵。这表明市场可能在定价中考虑了高于平均水平的前景或较低的风险特征。TKC 的估计公允市盈率为 17.1 倍，当前倍数超过了这一水平，如果市场情绪发生变化，可能会为该股设定一个新的水平。</p>
<p>探索 TKC 的 SWS 公允比率</p>
<p><strong>结果：19 倍的市盈率（大致合理）</strong></p>
<p>然而，收入增长放缓或总回报下降可能会挑战对 TKC 当前溢价和增长前景的信心。</p>
<p>了解 TKC 叙述的关键风险。</p>
<h2>另一种视角：SWS DCF 模型</h2>
<p>通过我们的 DCF 模型来看 TKC，故事有所不同。SWS DCF 模型估计 TKC 股票的公允价值为¥1,791.32，远低于当前价格¥4,085。通过这种方法，该股似乎被高估，这挑战了近期交易中所表现出的信心。</p>
<p>了解 SWS DCF 模型如何得出其公允价值。</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/b497b3b2-e828-450c-b397-d3000302f115/chart/dcf?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/b497b3b2-e828-450c-b397-d3000302f115/chart/dcf"/></p>
<p>截至 2025 年 11 月的 9746 折现现金流</p>
<p>Simply Wall St 每天对全球每只股票进行折现现金流（DCF）分析（例如查看 TKC）。我们展示了完整的计算过程。你可以在你的观察列表或投资组合中跟踪结果，并在变化时收到提醒，或者使用我们的股票筛选器发现 878 只基于现金流的被低估股票。如果你保存一个筛选器，我们甚至会在新公司匹配时提醒你——这样你就不会错过潜在机会。</p>
<h2>构建你自己的 TKC 叙述</h2>
<p>如果你想将分析掌握在自己手中，或者想调查替代观点，你可以在几分钟内快速发展自己的叙述，尽在 Do it your way。</p>
<p>一个好的起点是我们的分析，强调投资者对 TKC 的 3 个关键回报的乐观预期。</p>
<h2>寻找更多投资想法？</h2>
<p>抓住机会，通过表现优于市场的股票来提升你的投资组合。不要错过在变革性行业和聪明策略中悄然获得动能的可靠机会。立即行动，发现：</p>
<ul>
<li>通过针对低于内在价值的公司，利用这 878 只基于现金流的被低估股票，解锁强劲回报。</li>
<li>利用对医疗创新的激增需求，关注这 31 只医疗 AI 股票，专注于推动医疗技术和患者护理。</li>
<li>通过扫描这 16 只收益率超过 3% 的股息股票，加速你的被动收入策略，这些股票持续提供超过 3% 的吸引人收益。</li>
</ul>
<p><em>本文由 Simply Wall St 撰写，内容具有一般性。<strong>我们基于历史数据和分析师预测提供评论，仅使用无偏见的方法，我们的文章并不旨在提供财务建议。</strong> 这并不构成买入或卖出任何股票的推荐，也未考虑你的目标或财务状况。我们的目标是为你提供以基本数据驱动的长期分析。请注意，我们的分析可能未考虑最新的价格敏感公司公告或定性材料。Simply Wall St 在提到的任何股票中没有持仓。</em></p>

9746

<p>TKC Corporation（东京证券交易所代码：9746）在 2025 财年将营业额提高了 11%，并增加了股息，吸引了投资者的关注。尽管年初至今股价上涨了 10%，但 TKC 的市盈率为 19 倍，低于同行平均水平，但高于合理价值估计。SWS 的现金流折现模型表明 TKC 被高估，合理价值估计为 1,791.32 日元，而当前价格为 4,085 日元。投资者正在评估 TKC 的增长潜力是否值得其当前价格</p>

<p>TKC (TSE:9746) has caught investors’ attention after announcing an 11% rise in turnover for fiscal 2025, along with decisions to increase both its annual and special dividends.</p>
<div class="lb-trans"><p>TKC（东京证券交易所代码：9746）在宣布 2025 财年营业额增长 11% 以及决定增加年度和特别股息后，引起了投资者的关注。</p>
</div><p>See our latest analysis for TKC.</p>
<div class="lb-trans"><p>查看我们对 TKC 的最新分析。</p>
</div><p>TKC’s latest moves, including raising dividends, retiring shares, and publishing strong fiscal guidance, have clearly caught the market’s eye, with the share price up over 10% year-to-date. Despite some recent short-term turbulence, the stock’s five-year total shareholder return of 39% shows steady long-term momentum and suggests confidence is building around its outlook.</p>
<div class="lb-trans"><p>TKC 最近的举措，包括提高股息、回购股份和发布强劲的财务指引，显然引起了市场的注意，股价年初至今上涨超过 10%。尽管近期出现了一些短期波动，但该股五年总股东回报率为 39%，显示出稳定的长期动能，并暗示对其前景的信心正在增强。</p>
</div><p>If you’re interested in what else could be capturing this kind of momentum, now is a great time to broaden your search and discover fast growing stocks with high insider ownership</p>
<div class="lb-trans"><p>如果你对其他可能吸引这种动能的股票感兴趣，现在是扩大搜索范围、发现高内部持股的快速增长股票的好时机。</p>
</div><p>But with shares already rallying this year and TKC now trading at a discount to analyst targets, the key question is whether the current price reflects the company’s growth potential or if there is further upside for investors.</p>
<div class="lb-trans"><p>但考虑到今年股价已经上涨，TKC 目前的交易价格低于分析师目标价，关键问题是当前价格是否反映了公司的增长潜力，或者投资者是否还有进一步的上涨空间。</p>
</div><h2>Price-to-Earnings of 19x: Is it justified?</h2>
<div class="lb-trans"><h2>19 倍的市盈率：是否合理？</h2>
</div><p>TKC trades at a price-to-earnings (P/E) ratio of 19x, putting it below the peer group average of 21x but above what some models see as fair value in this market.</p>
<div class="lb-trans"><p>TKC 的市盈率为 19 倍，低于同行业平均的 21 倍，但高于一些模型在当前市场中认为的公允价值。</p>
</div><p>The price-to-earnings ratio is a key metric for investors because it compares a company’s share price to its per-share earnings. It serves as a widely used shortcut for evaluating business value versus profits. In service-based industries like TKC’s, the P/E ratio often reflects expectations for future growth and earnings quality, while also considering consistency and sector stability.</p>
<div class="lb-trans"><p>市盈率是投资者的一个关键指标，因为它将公司的股价与每股收益进行比较。它作为评估企业价值与利润的广泛使用的捷径。在像 TKC 这样的服务型行业中，市盈率通常反映了对未来增长和收益质量的预期，同时也考虑了一致性和行业稳定性。</p>
</div><p>At 19x, the market appears to value TKC at a discount relative to its peers, which raises the question of whether investors are underestimating its long-term potential. However, compared to the JP Professional Services industry average of 14.7x, TKC looks significantly more expensive. This suggests the market may be pricing in above-average prospects or a lower risk profile. The estimated fair P/E ratio for TKC is 17.1x, which the current multiple exceeds and could set a new level for the stock if market sentiment changes.</p>
<div class="lb-trans"><p>在 19 倍的市盈率下，市场似乎以折扣的方式对 TKC 进行估值，相较于同行，投资者是否低估了其长期潜力的问题随之而来。然而，与摩根大通专业服务行业平均的 14.7 倍相比，TKC 显得明显更贵。这表明市场可能在定价中考虑了高于平均水平的前景或较低的风险特征。TKC 的估计公允市盈率为 17.1 倍，当前倍数超过了这一水平，如果市场情绪发生变化，可能会为该股设定一个新的水平。</p>
</div><p>Explore the SWS fair ratio for TKC</p>
<div class="lb-trans"><p>探索 TKC 的 SWS 公允比率</p>
</div><p><strong>Result: Price-to-Earnings of 19x (ABOUT RIGHT)</strong></p>
<div class="lb-trans"><p><strong>结果：19 倍的市盈率（大致合理）</strong></p>
</div><p>However, slower revenue growth or a downturn in total returns could challenge confidence in TKC’s current premium and growth outlook.</p>
<div class="lb-trans"><p>然而，收入增长放缓或总回报下降可能会挑战对 TKC 当前溢价和增长前景的信心。</p>
</div><p>Find out about the key risks to this TKC narrative.</p>
<div class="lb-trans"><p>了解 TKC 叙述的关键风险。</p>
</div><h2>Another Perspective: The SWS DCF Model</h2>
<div class="lb-trans"><h2>另一种视角：SWS DCF 模型</h2>
</div><p>Looking at TKC through the lens of our DCF model tells a different story. The SWS DCF model estimates fair value for TKC shares at ¥1,791.32, which is much lower than the current price of ¥4,085. By this method, the stock appears overvalued and this challenges the confidence seen in recent trading.</p>
<div class="lb-trans"><p>通过我们的 DCF 模型来看 TKC，故事有所不同。SWS DCF 模型估计 TKC 股票的公允价值为¥1,791.32，远低于当前价格¥4,085。通过这种方法，该股似乎被高估，这挑战了近期交易中所表现出的信心。</p>
</div><p>Look into how the SWS DCF model arrives at its fair value.</p>
<div class="lb-trans"><p>了解 SWS DCF 模型如何得出其公允价值。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/b497b3b2-e828-450c-b397-d3000302f115/chart/dcf" alt="" original-src="https://images.simplywall.st/company/b497b3b2-e828-450c-b397-d3000302f115/chart/dcf"/></p>
<p>9746 Discounted Cash Flow as at Nov 2025</p>
<div class="lb-trans"><p>截至 2025 年 11 月的 9746 折现现金流</p>
</div><p>Simply Wall St performs a discounted cash flow (DCF) on every stock in the world every day (check out TKC for example). We show the entire calculation in full. You can track the result in your watchlist or portfolio and be alerted when this changes, or use our stock screener to discover 878 undervalued stocks based on their cash flows. If you save a screener we even alert you when new companies match - so you never miss a potential opportunity.</p>
<div class="lb-trans"><p>Simply Wall St 每天对全球每只股票进行折现现金流（DCF）分析（例如查看 TKC）。我们展示了完整的计算过程。你可以在你的观察列表或投资组合中跟踪结果，并在变化时收到提醒，或者使用我们的股票筛选器发现 878 只基于现金流的被低估股票。如果你保存一个筛选器，我们甚至会在新公司匹配时提醒你——这样你就不会错过潜在机会。</p>
</div><h2>Build Your Own TKC Narrative</h2>
<div class="lb-trans"><h2>构建你自己的 TKC 叙述</h2>
</div><p>If you’d like to take the analysis into your own hands or want to investigate alternative viewpoints, you can quickly develop your own narrative in just a few minutes with Do it your way.</p>
<div class="lb-trans"><p>如果你想将分析掌握在自己手中，或者想调查替代观点，你可以在几分钟内快速发展自己的叙述，尽在 Do it your way。</p>
</div><p>A good starting point is our analysis highlighting 3 key rewards investors are optimistic about regarding TKC.</p>
<div class="lb-trans"><p>一个好的起点是我们的分析，强调投资者对 TKC 的 3 个关键回报的乐观预期。</p>
</div><h2>Looking for More Investment Ideas?</h2>
<div class="lb-trans"><h2>寻找更多投资想法？</h2>
</div><p>Seize the chance to boost your portfolio with stocks outperforming the crowd. Don’t miss proven opportunities quietly gaining momentum within transformative industries and smart strategies. Act now to uncover:</p>
<div class="lb-trans"><p>抓住机会，通过表现优于市场的股票来提升你的投资组合。不要错过在变革性行业和聪明策略中悄然获得动能的可靠机会。立即行动，发现：</p>
</div><ul>
<li>Unlock value by targeting strong returns from companies trading below intrinsic worth using these 878 undervalued stocks based on cash flows.</li>
<li>Tap into the surging demand for medical innovation with these 31 healthcare AI stocks, which focuses on advancing healthcare technology and patient care.</li>
<li>Accelerate your passive income strategy by scanning these 16 dividend stocks with yields &gt; 3%, featuring stocks that consistently offer attractive yields above 3%.</li>
</ul>
<div class="lb-trans"><ul>
<li>通过针对低于内在价值的公司，利用这 878 只基于现金流的被低估股票，解锁强劲回报。</li>
<li>利用对医疗创新的激增需求，关注这 31 只医疗 AI 股票，专注于推动医疗技术和患者护理。</li>
<li>通过扫描这 16 只收益率超过 3% 的股息股票，加速你的被动收入策略，这些股票持续提供超过 3% 的吸引人收益。</li>
</ul>
</div><p><em>This article by Simply Wall St is general in nature. <strong>We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice.</strong> It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.</em></p>
<div class="lb-trans"><p><em>本文由 Simply Wall St 撰写，内容具有一般性。<strong>我们基于历史数据和分析师预测提供评论，仅使用无偏见的方法，我们的文章并不旨在提供财务建议。</strong> 这并不构成买入或卖出任何股票的推荐，也未考虑你的目标或财务状况。我们的目标是为你提供以基本数据驱动的长期分析。请注意，我们的分析可能未考虑最新的价格敏感公司公告或定性材料。Simply Wall St 在提到的任何股票中没有持仓。</em></p>
</div>

TKC 公司（东京证券交易所代码：9746）：在股息上调、强劲营业额以及股票回购计划之后评估其估值