Reported Earnings • May 18
Full year 2026 earnings released: JP¥3.69 loss per share (vs JP¥286 profit in FY 2025) Full year 2026 results: JP¥3.69 loss per share (down from JP¥286 profit in FY 2025). Revenue: JP¥25.1b (down 20% from FY 2025). Net loss: JP¥74.0m (down 101% from profit in FY 2025). Over the last 3 years on average, earnings per share has fallen by 29% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Announcement • May 14
Sec Carbon,Limited, Annual General Meeting, Jun 26, 2026 Sec Carbon,Limited, Annual General Meeting, Jun 26, 2026. Valuation Update With 7 Day Price Move • Apr 15
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to JP¥2,324, the stock trades at a trailing P/E ratio of 13.5x. Average trailing P/E is 16x in the Electrical industry in Japan. Total returns to shareholders of 54% over the past three years. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥50.00 per share Eligible shareholders must have bought the stock before 30 March 2026. Payment date: 09 June 2026. Payout ratio is a comfortable 58% but the company is not cash flow positive. Trailing yield: 3.9%. Within top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (1.2%). New Risk • Mar 19
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Japanese stocks, typically moving 7.0% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (7.0% average weekly change). Reported Earnings • Feb 16
Third quarter 2026 earnings released: EPS: JP¥67.39 (vs JP¥85.45 in 3Q 2025) Third quarter 2026 results: EPS: JP¥67.39 (down from JP¥85.45 in 3Q 2025). Revenue: JP¥6.73b (down 8.6% from 3Q 2025). Net income: JP¥1.35b (down 21% from 3Q 2025). Profit margin: 20% (down from 23% in 3Q 2025). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has increased by 20% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Jan 07
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to JP¥2,691, the stock trades at a trailing P/E ratio of 14.1x. Average trailing P/E is 15x in the Electrical industry in Japan. Total returns to shareholders of 122% over the past three years. Reported Earnings • Nov 16
Second quarter 2026 earnings released: EPS: JP¥47.99 (vs JP¥63.78 in 2Q 2025) Second quarter 2026 results: EPS: JP¥47.99 (down from JP¥63.78 in 2Q 2025). Revenue: JP¥5.92b (down 26% from 2Q 2025). Net income: JP¥962.0m (down 25% from 2Q 2025). Profit margin: 16% (in line with 2Q 2025). Over the last 3 years on average, earnings per share has remained flat but the company’s share price has increased by 17% per year, which means it is well ahead of earnings. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥50.00 per share Eligible shareholders must have bought the stock before 29 September 2025. Payment date: 04 December 2025. Payout ratio is a comfortable 48% but the company is not cash flow positive. Trailing yield: 4.3%. Within top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (1.5%). Reported Earnings • Aug 10
First quarter 2026 earnings released: EPS: JP¥33.52 (vs JP¥112 in 1Q 2025) First quarter 2026 results: EPS: JP¥33.52 (down from JP¥112 in 1Q 2025). Revenue: JP¥4.38b (down 48% from 1Q 2025). Net income: JP¥672.0m (down 71% from 1Q 2025). Profit margin: 15% (down from 27% in 1Q 2025). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has increased by 22% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • May 19
Full year 2025 earnings released: EPS: JP¥286 (vs JP¥359 in FY 2024) Full year 2025 results: EPS: JP¥286 (down from JP¥359 in FY 2024). Revenue: JP¥31.2b (down 16% from FY 2024). Net income: JP¥5.75b (down 21% from FY 2024). Profit margin: 18% (down from 20% in FY 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 21% per year whereas the company’s share price has increased by 25% per year. Announcement • May 14
Sec Carbon,Limited, Annual General Meeting, Jun 26, 2025 Sec Carbon,Limited, Annual General Meeting, Jun 26, 2025. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥50.00 per share Eligible shareholders must have bought the stock before 28 March 2025. Payment date: 09 June 2025. Payout ratio is a comfortable 35% and this is well supported by cash flows. Trailing yield: 4.5%. Within top quartile of Japanese dividend payers (3.7%). Higher than average of industry peers (1.9%). Reported Earnings • Feb 15
Third quarter 2025 earnings released: EPS: JP¥85.45 (vs JP¥98.46 in 3Q 2024) Third quarter 2025 results: EPS: JP¥85.45 (down from JP¥98.46 in 3Q 2024). Revenue: JP¥7.36b (down 22% from 3Q 2024). Net income: JP¥1.71b (down 14% from 3Q 2024). Profit margin: 23% (up from 21% in 3Q 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has only increased by 23% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Sep 20
Upcoming dividend of JP¥50.00 per share Eligible shareholders must have bought the stock before 27 September 2024. Payment date: 06 December 2024. Payout ratio is a comfortable 27% and this is well supported by cash flows. Trailing yield: 4.5%. Within top quartile of Japanese dividend payers (3.8%). Higher than average of industry peers (2.0%). Announcement • Sep 09
Sec Carbon,Limited (TSE:5304) announces an Equity Buyback for 120,000 shares, representing 0.6% for ¥259.08 million. Sec Carbon,Limited (TSE:5304) announces a share repurchase program. Under the program, the company will repurchase up to 120,000 shares, representing 0.6% of its issued share capital (excluding treasury stock), for a total purchase price of ¥259.08 million. The shares will be repurchased at a price of ¥2,159 per share. The purpose of the program is to return profits to shareholders and increase corporate value by improving capital efficiency. As of June 30, 2024, the company had 20,167,751 issued shares (excluding treasury stock) and 526,589 treasury shares. Reported Earnings • Aug 14
First quarter 2025 earnings released: EPS: JP¥112 (vs JP¥104 in 1Q 2024) First quarter 2025 results: EPS: JP¥112 (up from JP¥104 in 1Q 2024). Revenue: JP¥8.40b (up 3.0% from 1Q 2024). Net income: JP¥2.28b (up 8.0% from 1Q 2024). Profit margin: 27% (up from 26% in 1Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has only increased by 24% per year, which means it is significantly lagging earnings growth. New Risk • Aug 05
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Japanese stocks, typically moving 6.1% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 17% per year over the past 5 years. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (6.1% average weekly change). Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 24% After last week's 24% share price decline to JP¥1,802, the stock trades at a trailing P/E ratio of 5x. Average trailing P/E is 11x in the Electrical industry in Japan. Total returns to shareholders of 59% over the past three years. Announcement • Jun 13
Sec Carbon,Limited (TSE:5304) announces an Equity Buyback for 155,000 shares, representing 0.76% for ¥384.56 million. Sec Carbon,Limited (TSE:5304) announces a share repurchase program. Under the program, the company will repurchase up to 155,000 shares, representing 0.76% of its issued share capital (excluding treasury stock), for a total purchase price of ¥384.56 million. The shares will be repurchased at a price of ¥2,481 per share. The purpose of the program is to return profits to shareholders and increase corporate value by improving capital efficiency. As of March 31, 2024, the company had 20,322,761 issued shares (excluding treasury stock) and 371,579 treasury shares. Reported Earnings • May 18
Full year 2024 earnings released: EPS: JP¥359 (vs JP¥266 in FY 2023) Full year 2024 results: EPS: JP¥359 (up from JP¥266 in FY 2023). Revenue: JP¥37.3b (up 23% from FY 2023). Net income: JP¥7.30b (up 35% from FY 2023). Profit margin: 20% (up from 18% in FY 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 47% per year but the company’s share price has only increased by 21% per year, which means it is significantly lagging earnings growth. Announcement • May 16
Sec Carbon,Limited, Annual General Meeting, Jun 27, 2024 Sec Carbon,Limited, Annual General Meeting, Jun 27, 2024. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥66.00 per share Eligible shareholders must have bought the stock before 28 March 2024. Payment date: 10 June 2024. Payout ratio is a comfortable 25% but the company is paying out more than the cash it is generating. Trailing yield: 2.5%. Lower than top quartile of Japanese dividend payers (3.2%). Higher than average of industry peers (1.8%). Reported Earnings • Feb 15
Third quarter 2024 earnings released Third quarter 2024 results: Revenue: JP¥9.42b (up 25% from 3Q 2023). Net income: JP¥2.00b (up 58% from 3Q 2023). Profit margin: 21% (up from 17% in 3Q 2023). The increase in margin was driven by higher revenue. Reported Earnings • Nov 12
Second quarter 2024 earnings released: EPS: JP¥432 (vs JP¥183 in 2Q 2023) Second quarter 2024 results: EPS: JP¥432 (up from JP¥183 in 2Q 2023). Revenue: JP¥8.63b (up 41% from 2Q 2023). Net income: JP¥1.76b (up 136% from 2Q 2023). Profit margin: 20% (up from 12% in 2Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has increased by 31% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Sep 21
Upcoming dividend of JP¥170 per share at 2.5% yield Eligible shareholders must have bought the stock before 28 September 2023. Payment date: 07 December 2023. Payout ratio is a comfortable 21% but the company is paying out more than the cash it is generating. Trailing yield: 2.5%. Lower than top quartile of Japanese dividend payers (3.3%). Higher than average of industry peers (1.9%). Reported Earnings • Aug 12
First quarter 2024 earnings released: EPS: JP¥518 (vs JP¥342 in 1Q 2023) First quarter 2024 results: EPS: JP¥518 (up from JP¥342 in 1Q 2023). Revenue: JP¥8.16b (up 28% from 1Q 2023). Net income: JP¥2.11b (up 51% from 1Q 2023). Profit margin: 26% (up from 22% in 1Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has increased by 23% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • May 18
Full year 2023 earnings released: EPS: JP¥1,329 (vs JP¥748 in FY 2022) Full year 2023 results: EPS: JP¥1,329 (up from JP¥748 in FY 2022). Revenue: JP¥30.4b (up 33% from FY 2022). Net income: JP¥5.40b (up 78% from FY 2022). Profit margin: 18% (up from 13% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Announcement • May 14
Sec Carbon,Limited, Annual General Meeting, Jun 29, 2023 Sec Carbon,Limited, Annual General Meeting, Jun 29, 2023. Buying Opportunity • May 12
Now 20% undervalued Over the last 90 days, the stock is up 22%. The fair value is estimated to be JP¥11,389, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 13% over the last 3 years. Earnings per share has declined by 43%. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥170 per share at 3.7% yield Eligible shareholders must have bought the stock before 30 March 2023. Payment date: 09 June 2023. Payout ratio is a comfortable 9.1% and this is well supported by cash flows. Trailing yield: 3.7%. Within top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (2.0%). Reported Earnings • Feb 14
Third quarter 2023 earnings released: EPS: JP¥312 (vs JP¥241 in 3Q 2022) Third quarter 2023 results: EPS: JP¥312 (up from JP¥241 in 3Q 2022). Revenue: JP¥7.53b (up 17% from 3Q 2022). Net income: JP¥1.27b (up 30% from 3Q 2022). Profit margin: 17% (up from 15% in 3Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 43% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 8 experienced directors. 1 highly experienced director. 1 independent director (4 non-independent directors). Independent Outside Director Hisakazu Otani was the last independent director to join the board, commencing their role in 2016. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Nov 13
Second quarter 2023 earnings released: EPS: JP¥183 (vs JP¥124 in 2Q 2022) Second quarter 2023 results: EPS: JP¥183 (up from JP¥124 in 2Q 2022). Revenue: JP¥6.14b (up 19% from 2Q 2022). Net income: JP¥744.0m (up 47% from 2Q 2022). Profit margin: 12% (up from 9.8% in 2Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 55% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥100.00 per share Eligible shareholders must have bought the stock before 29 September 2022. Payment date: 08 December 2022. Payout ratio is a comfortable 21% and this is well supported by cash flows. Trailing yield: 3.2%. Lower than top quartile of Japanese dividend payers (3.7%). Higher than average of industry peers (1.9%). Reported Earnings • Aug 12
First quarter 2023 earnings released: EPS: JP¥342 (vs JP¥124 in 1Q 2022) First quarter 2023 results: EPS: JP¥342 (up from JP¥124 in 1Q 2022). Revenue: JP¥6.38b (up 38% from 1Q 2022). Net income: JP¥1.39b (up 177% from 1Q 2022). Profit margin: 22% (up from 11% in 1Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 61% per year but the company’s share price has only fallen by 11% per year, which means it has not declined as severely as earnings. Reported Earnings • May 16
Full year 2022 earnings released: EPS: JP¥748 (vs JP¥614 in FY 2021) Full year 2022 results: EPS: JP¥748 (up from JP¥614 in FY 2021). Revenue: JP¥22.9b (up 7.6% from FY 2021). Net income: JP¥3.04b (up 22% from FY 2021). Profit margin: 13% (up from 12% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 62% per year but the company’s share price has only fallen by 19% per year, which means it has not declined as severely as earnings. Announcement • May 14
Sec Carbon, Limited, Annual General Meeting, Jun 29, 2022 Sec Carbon, Limited, Annual General Meeting, Jun 29, 2022. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 4 non-independent directors. Independent Outside Director Hisakazu Otani was the last independent director to join the board, commencing their role in 2016. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥100.00 per share Eligible shareholders must have bought the stock before 30 March 2022. Payment date: 09 June 2022. Payout ratio is a comfortable 32% and this is well supported by cash flows. Trailing yield: 3.4%. Within top quartile of Japanese dividend payers (3.4%). Higher than average of industry peers (1.7%). Reported Earnings • Feb 12
Third quarter 2022 earnings: Revenues and EPS in line with analyst expectations Third quarter 2022 results: EPS: JP¥241 (up from JP¥45.26 in 3Q 2021). Revenue: JP¥6.43b (up 36% from 3Q 2021). Net income: JP¥981.0m (up 433% from 3Q 2021). Profit margin: 15% (up from 3.9% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has fallen by 56% per year but the company’s share price has only fallen by 19% per year, which means it has not declined as severely as earnings. Reported Earnings • Nov 12
Second quarter 2022 earnings released: EPS JP¥124 (vs JP¥210 in 2Q 2021) The company reported a poor second quarter result with weaker earnings, revenues and profit margins. Second quarter 2022 results: Revenue: JP¥5.15b (down 4.5% from 2Q 2021). Net income: JP¥505.0m (down 41% from 2Q 2021). Profit margin: 9.8% (down from 16% in 2Q 2021). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 43% per year but the company’s share price has only fallen by 21% per year, which means it has not declined as severely as earnings. Reported Earnings • Nov 12
Second quarter 2022 earnings released: EPS JP¥124 (vs JP¥210 in 2Q 2021) The company reported a poor second quarter result with weaker earnings, revenues and profit margins. Second quarter 2022 results: Revenue: JP¥5.15b (down 4.5% from 2Q 2021). Net income: JP¥505.0m (down 41% from 2Q 2021). Profit margin: 9.8% (down from 16% in 2Q 2021). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 43% per year but the company’s share price has only fallen by 21% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥100.00 per share Eligible shareholders must have bought the stock before 29 September 2021. Payment date: 14 December 2021. Trailing yield: 3.3%. Within top quartile of Japanese dividend payers (3.0%). Higher than average of industry peers (1.2%). Valuation Update With 7 Day Price Move • Aug 18
Investor sentiment deteriorated over the past week After last week's 16% share price decline to JP¥5,660, the stock trades at a trailing P/E ratio of 10.9x. Average trailing P/E is 13x in the Electrical industry in Japan. Total loss to shareholders of 59% over the past three years. Reported Earnings • Aug 15
First quarter 2022 earnings released: EPS JP¥124 (vs JP¥218 in 1Q 2021) The company reported a poor first quarter result with weaker earnings, revenues and profit margins. First quarter 2022 results: Revenue: JP¥4.61b (down 4.0% from 1Q 2021). Net income: JP¥503.0m (down 43% from 1Q 2021). Profit margin: 11% (down from 19% in 1Q 2021). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 25% per year and the company’s share price has also fallen by 25% per year. Reported Earnings • May 16
Full year 2021 earnings released: EPS JP¥614 (vs JP¥2,370 in FY 2020) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2021 results: Revenue: JP¥21.3b (down 39% from FY 2020). Net income: JP¥2.50b (down 74% from FY 2020). Profit margin: 12% (down from 27% in FY 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has fallen by 16% per year, which means it is performing significantly worse than earnings. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥100.00 per share Eligible shareholders must have bought the stock before 30 March 2021. Payment date: 08 June 2021. Trailing yield: 4.2%. Within top quartile of Japanese dividend payers (2.7%). Higher than average of industry peers (1.2%). Reported Earnings • Feb 14
Third quarter 2021 earnings released: EPS JP¥45.26 (vs JP¥507 in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: JP¥4.74b (down 40% from 3Q 2020). Net income: JP¥184.0m (down 91% from 3Q 2020). Profit margin: 3.9% (down from 26% in 3Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Feb 09
New 90-day high: JP¥7,450 The company is up 28% from its price of JP¥5,830 on 11 November 2020. The Japanese market is up 13% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electrical industry, which is up 24% over the same period. Valuation Update With 7 Day Price Move • Jan 18
Investor sentiment improved over the past week After last week's 20% share price gain to JP¥7,070, the stock is trading at a trailing P/E ratio of 5.1x, up from the previous P/E ratio of 4.2x. This compares to an average P/E of 15x in the Electrical industry in Japan. Total returns to shareholders over the past three years are 15%. Valuation Update With 7 Day Price Move • Jan 12
Investor sentiment improved over the past week After last week's 18% share price gain to JP¥6,310, the stock is trading at a trailing P/E ratio of 4.5x, up from the previous P/E ratio of 3.8x. This compares to an average P/E of 16x in the Electrical industry in Japan. Total return to shareholders over the past three years is a loss of 5.2%. Is New 90 Day High Low • Jan 12
New 90-day high: JP¥6,310 The company is up 9.0% from its price of JP¥5,800 on 14 October 2020. The Japanese market is up 12% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electrical industry, which is up 29% over the same period. Is New 90 Day High Low • Dec 22
New 90-day low: JP¥5,270 The company is down 15% from its price of JP¥6,220 on 23 September 2020. The Japanese market is up 8.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electrical industry, which is up 21% over the same period. Is New 90 Day High Low • Dec 01
New 90-day low: JP¥5,470 The company is down 7.0% from its price of JP¥5,900 on 02 September 2020. The Japanese market is up 8.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electrical industry, which is up 29% over the same period. 
