Upcoming Dividend • Jun 22
Upcoming dividend of JP¥110 per share Eligible shareholders must have bought the stock before 29 June 2026. Payment date: 02 September 2026. Payout ratio is a comfortable 47% and the cash payout ratio is 89%. Trailing yield: 4.4%. Within top quartile of Japanese dividend payers (3.9%). Higher than average of industry peers (2.0%). Reported Earnings • May 01
First quarter 2026 earnings released: EPS: JP¥130 (vs JP¥108 in 1Q 2025) First quarter 2026 results: EPS: JP¥130 (up from JP¥108 in 1Q 2025). Revenue: JP¥24.0b (up 11% from 1Q 2025). Net income: JP¥1.47b (up 18% from 1Q 2025). Profit margin: 6.1% (up from 5.8% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 5.1% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the Chemicals industry in Japan. 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 32% per year, which means it is tracking significantly ahead of earnings growth. Declared Dividend • Apr 11
Final dividend of JP¥110 announced Shareholders will receive a dividend of JP¥110. Ex-date: 29th June 2026 Payment date: 2nd September 2026 Dividend yield will be 4.3%, which is higher than the industry average of 2.2%. Sustainability & Growth Dividend is covered by both earnings (50% earnings payout ratio) and cash flows (89% cash payout ratio). The dividend has increased by an average of 19% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 41% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Mar 28
Full year 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2025 results: EPS: JP¥335 (down from JP¥364 in FY 2024). Revenue: JP¥86.7b (up 6.7% from FY 2024). Net income: JP¥3.82b (down 13% from FY 2024). Profit margin: 4.4% (down from 5.4% in FY 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.6%. Earnings per share (EPS) missed analyst estimates by 18%. Revenue is forecast to grow 5.6% p.a. on average during the next 3 years, compared to a 4.3% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has increased by 33% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Feb 14
Full year 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2025 results: EPS: JP¥335 (down from JP¥364 in FY 2024). Revenue: JP¥86.7b (up 6.7% from FY 2024). Net income: JP¥3.82b (down 13% from FY 2024). Profit margin: 4.4% (down from 5.4% in FY 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.6%. Earnings per share (EPS) missed analyst estimates by 18%. Revenue is forecast to grow 4.2% p.a. on average during the next 2 years, compared to a 4.4% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has increased by 38% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Feb 12
Okura Industrial Co., Ltd., Annual General Meeting, Mar 24, 2026 Okura Industrial Co., Ltd., Annual General Meeting, Mar 24, 2026. Upcoming Dividend • Dec 22
Upcoming dividend of JP¥100.00 per share Eligible shareholders must have bought the stock before 29 December 2025. Payment date: 27 March 2026. Payout ratio is a comfortable 50% and this is well supported by cash flows. Trailing yield: 3.5%. Lower than top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (2.5%). Reported Earnings • Oct 31
Third quarter 2025 earnings released: EPS: JP¥82.20 (vs JP¥91.05 in 3Q 2024) Third quarter 2025 results: EPS: JP¥82.20 (down from JP¥91.05 in 3Q 2024). Revenue: JP¥20.7b (up 3.7% from 3Q 2024). Net income: JP¥930.0m (down 15% from 3Q 2024). Profit margin: 4.5% (down from 5.5% in 3Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 4.2% p.a. on average during the next 3 years, compared to a 4.1% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has increased by 39% per year, which means it is tracking significantly ahead of earnings growth. Declared Dividend • Sep 03
First half dividend of JP¥100.00 announced Shareholders will receive a dividend of JP¥100.00. Ex-date: 29th December 2025 Payment date: 27th March 2026 Dividend yield will be 3.8%, which is higher than the industry average of 2.2%. Sustainability & Growth Dividend is well covered by both earnings (49% earnings payout ratio) and cash flows (48% cash payout ratio). The dividend has increased by an average of 16% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 42% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Aug 09
Second quarter 2025 earnings released: EPS: JP¥114 (vs JP¥129 in 2Q 2024) Second quarter 2025 results: EPS: JP¥114 (down from JP¥129 in 2Q 2024). Revenue: JP¥21.9b (up 9.9% from 2Q 2024). Net income: JP¥1.30b (down 17% from 2Q 2024). Profit margin: 6.0% (down from 7.9% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 4.0% p.a. on average during the next 3 years, compared to a 4.2% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has increased by 37% per year, which means it is tracking significantly ahead of earnings growth. Buy Or Sell Opportunity • Jul 31
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 7.6% to JP¥4,375. The fair value is estimated to be JP¥3,634, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 18%. Revenue is forecast to grow by 9.3% in 2 years. Earnings are forecast to grow by 11% in the next 2 years. Upcoming Dividend • Jun 20
Upcoming dividend of JP¥95.00 per share Eligible shareholders must have bought the stock before 27 June 2025. Payment date: 03 September 2025. Payout ratio is a comfortable 40% but the company is not cash flow positive. Trailing yield: 4.5%. Within top quartile of Japanese dividend payers (4.0%). Higher than average of industry peers (2.9%). Buy Or Sell Opportunity • Jun 19
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 10% to JP¥4,330. The fair value is estimated to be JP¥3,600, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 18%. Revenue is forecast to grow by 9.3% in 2 years. Earnings are forecast to grow by 11% in the next 2 years. Buy Or Sell Opportunity • May 29
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 19% to JP¥4,235. The fair value is estimated to be JP¥3,525, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 18%. Revenue is forecast to grow by 9.3% in 2 years. Earnings are forecast to grow by 11% in the next 2 years. Reported Earnings • May 01
First quarter 2025 earnings released: EPS: JP¥108 (vs JP¥70.79 in 1Q 2024) First quarter 2025 results: EPS: JP¥108 (up from JP¥70.79 in 1Q 2024). Revenue: JP¥21.7b (up 11% from 1Q 2024). Net income: JP¥1.25b (up 46% from 1Q 2024). Profit margin: 5.8% (up from 4.4% in 1Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 4.4% p.a. on average during the next 3 years, compared to a 4.7% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has increased by 30% per year, which means it is tracking significantly ahead of earnings growth. Declared Dividend • Apr 11
Final dividend of JP¥95.00 announced Shareholders will receive a dividend of JP¥95.00. Ex-date: 27th June 2025 Payment date: 3rd September 2025 Dividend yield will be 5.4%, which is higher than the industry average of 2.2%. Sustainability & Growth Dividend is covered by earnings (44% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 18% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 30% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 16
Full year 2024 earnings: EPS and revenues exceed analyst expectations Full year 2024 results: EPS: JP¥364 (up from JP¥359 in FY 2023). Revenue: JP¥81.2b (up 3.0% from FY 2023). Net income: JP¥4.36b (up 1.0% from FY 2023). Profit margin: 5.4% (down from 5.5% in FY 2023). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.7%. Earnings per share (EPS) also surpassed analyst estimates by 20%. Revenue is forecast to grow 4.2% p.a. on average during the next 2 years, compared to a 5.0% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has increased by 23% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Feb 14
Okura Industrial Co., Ltd., Annual General Meeting, Mar 26, 2025 Okura Industrial Co., Ltd., Annual General Meeting, Mar 26, 2025. Buy Or Sell Opportunity • Feb 14
Now 24% overvalued after recent price rise Over the last 90 days, the stock has risen 16% to JP¥3,525. The fair value is estimated to be JP¥2,844, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 4.0% over the last 3 years. Earnings per share has grown by 11%. Revenue is forecast to grow by 9.8% in 2 years. Earnings are forecast to grow by 15% in the next 2 years. Upcoming Dividend • Dec 20
Upcoming dividend of JP¥100.00 per share Eligible shareholders must have bought the stock before 27 December 2024. Payment date: 25 March 2025. Payout ratio is a comfortable 44% but the company is not cash flow positive. Trailing yield: 5.1%. Within top quartile of Japanese dividend payers (3.8%). Higher than average of industry peers (2.6%). New Risk • Nov 29
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 29% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Buy Or Sell Opportunity • Nov 07
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 8.2% to JP¥2,765. The fair value is estimated to be JP¥2,286, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 4.2% over the last 3 years. Earnings per share has grown by 7.7%. Revenue is forecast to grow by 13% in 2 years. Earnings are forecast to grow by 17% in the next 2 years. Buy Or Sell Opportunity • Oct 03
Now 21% overvalued Over the last 90 days, the stock has fallen 7.0% to JP¥2,762. The fair value is estimated to be JP¥2,292, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 4.2% over the last 3 years. Earnings per share has grown by 7.7%. Revenue is forecast to grow by 13% in 2 years. Earnings are forecast to grow by 17% in the next 2 years. Reported Earnings • Aug 13
Second quarter 2024 earnings released: EPS: JP¥129 (vs JP¥124 in 2Q 2023) Second quarter 2024 results: EPS: JP¥129 (up from JP¥124 in 2Q 2023). Revenue: JP¥19.9b (up 2.7% from 2Q 2023). Net income: JP¥1.56b (up 5.8% from 2Q 2023). Profit margin: 7.9% (up from 7.6% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 5.3% p.a. on average during the next 3 years, compared to a 5.6% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, earnings per share has increased by 8% per year whereas the company’s share price has increased by 4% per year. Declared Dividend • Aug 11
Dividend of JP¥55.00 announced Shareholders will receive a dividend of JP¥55.00. Ex-date: 27th December 2024 Payment date: 25th March 2025 Dividend yield will be 4.3%, which is higher than the industry average of 2.2%. Sustainability & Growth Dividend is covered by earnings (31% earnings payout ratio) but not covered by cash flows (104% cash payout ratio). The dividend has increased by an average of 11% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 36% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to JP¥2,337, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 12x in the Chemicals industry in Japan. Total returns to shareholders of 15% over the past three years. Announcement • Jun 21
Okura Industrial Co., Ltd. (TSE:4221) announces an Equity Buyback for 1,200,000 shares, representing 9.67% for ¥2,500 million. Okura Industrial Co., Ltd. (TSE:4221) announces a share repurchase program. Under the program, the company will repurchase up to 1,200,000 shares, representing 9.67% of its issued share capital, for ¥2,500 million. The purpose of the program is increasing the level of shareholder returns and improving capital efficiency. The program will be valid till June 20, 2025. As of May 31, 2024, the company has 12,414,870 issued shares (excluding treasury stock) and 322,430 treasury shares. Reported Earnings • Mar 28
Full year 2023 earnings: EPS exceeds analyst expectations Full year 2023 results: EPS: JP¥359 (up from JP¥317 in FY 2022). Revenue: JP¥78.9b (up 2.1% from FY 2022). Net income: JP¥4.32b (up 14% from FY 2022). Profit margin: 5.5% (up from 4.9% in FY 2022). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 11%. Revenue is forecast to grow 4.8% p.a. on average during the next 3 years, compared to a 5.6% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has increased by 13% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Feb 14
Full year 2023 earnings: EPS exceeds analyst expectations Full year 2023 results: EPS: JP¥359 (up from JP¥317 in FY 2022). Revenue: JP¥78.9b (up 2.1% from FY 2022). Net income: JP¥4.32b (up 14% from FY 2022). Profit margin: 5.5% (up from 4.9% in FY 2022). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 11%. Revenue is forecast to grow 5.5% p.a. on average during the next 2 years, compared to a 5.8% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has increased by 16% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Feb 13
Okura Industrial Co., Ltd., Annual General Meeting, Mar 22, 2024 Okura Industrial Co., Ltd., Annual General Meeting, Mar 22, 2024. Upcoming Dividend • Dec 21
Upcoming dividend of JP¥95.00 per share at 3.2% yield Eligible shareholders must have bought the stock before 28 December 2023. Payment date: 25 March 2024. Payout ratio is a comfortable 22% and this is well supported by cash flows. Trailing yield: 3.2%. Lower than top quartile of Japanese dividend payers (3.5%). Higher than average of industry peers (2.4%). Reported Earnings • Nov 15
Third quarter 2023 earnings released: EPS: JP¥82.70 (vs JP¥61.42 in 3Q 2022) Third quarter 2023 results: EPS: JP¥82.70 (up from JP¥61.42 in 3Q 2022). Revenue: JP¥19.4b (flat on 3Q 2022). Net income: JP¥999.0m (up 36% from 3Q 2022). Profit margin: 5.2% (up from 3.8% in 3Q 2022). Revenue is forecast to grow 5.4% p.a. on average during the next 3 years, compared to a 5.0% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, earnings per share has increased by 9% per year whereas the company’s share price has increased by 12% per year. Reported Earnings • Aug 12
Second quarter 2023 earnings released: EPS: JP¥124 (vs JP¥94.84 in 2Q 2022) Second quarter 2023 results: EPS: JP¥124 (up from JP¥94.84 in 2Q 2022). Revenue: JP¥19.4b (down 2.8% from 2Q 2022). Net income: JP¥1.48b (up 30% from 2Q 2022). Profit margin: 7.6% (up from 5.7% in 2Q 2022). Revenue is forecast to grow 4.6% p.a. on average during the next 3 years, compared to a 4.3% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has increased by 17% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • May 21
First quarter 2023 earnings released: EPS: JP¥69.21 (vs JP¥58.52 in 1Q 2022) First quarter 2023 results: EPS: JP¥69.21 (up from JP¥58.52 in 1Q 2022). Revenue: JP¥20.0b (up 8.5% from 1Q 2022). Net income: JP¥826.0m (up 18% from 1Q 2022). Profit margin: 4.1% (up from 3.8% in 1Q 2022). Revenue is forecast to grow 4.0% p.a. on average during the next 3 years, compared to a 3.7% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, earnings per share has increased by 9% per year whereas the company’s share price has increased by 12% per year. Reported Earnings • Mar 28
Full year 2022 earnings released Full year 2022 results: Revenue: JP¥77.3b (down 13% from FY 2021). Net income: JP¥3.79b (up 11% from FY 2021). Profit margin: 4.9% (up from 3.9% in FY 2021). Reported Earnings • Feb 12
Full year 2022 earnings released: EPS: JP¥317 (vs JP¥286 in FY 2021) Full year 2022 results: EPS: JP¥317 (up from JP¥286 in FY 2021). Revenue: JP¥77.3b (down 13% from FY 2021). Net income: JP¥3.79b (up 11% from FY 2021). Profit margin: 4.9% (up from 3.9% in FY 2021). Over the last 3 years on average, earnings per share has increased by 7% per year whereas the company’s share price has increased by 3% per year. Announcement • Feb 11
Okura Industrial Co., Ltd. Provides Consolidated Earnings Guidance for the First Half and Fiscal Year Ending December 31, 2023 Okura Industrial Co., Ltd. provided consolidated earnings guidance for the first half and fiscal year ending December 31, 2023. For the first half, the company expects net sales to be JPY 39,700 million, Operating profit to be JPY 2,200 million, profit attributable to owners of parent to be JPY 1,650 million or JPY 138.24 per basic share.For the full year, the company expects net sales to be JPY 81,000 million, Operating profit to be JPY 4,500 million, profit attributable to owners of parent to be JPY 3,500 million or JPY 293.23 per basic share. Announcement • Feb 10
Okura Industrial Co., Ltd., Annual General Meeting, Mar 23, 2023 Okura Industrial Co., Ltd., Annual General Meeting, Mar 23, 2023. Upcoming Dividend • Dec 22
Upcoming dividend of JP¥85.00 per share Eligible shareholders must have bought the stock before 29 December 2022. Payment date: 27 March 2023. Payout ratio is a comfortable 37% but the company is paying out more than the cash it is generating. Trailing yield: 4.3%. Within top quartile of Japanese dividend payers (3.8%). Higher than average of industry peers (3.0%). Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 5 independent directors on the board. The company's board is composed of: 5 independent directors. 7 non-independent directors. Independent Outside Director Nae Iijima was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 13
Third quarter 2022 earnings released: EPS: JP¥61.41 (vs JP¥89.54 in 3Q 2021) Third quarter 2022 results: EPS: JP¥61.41 (down from JP¥89.54 in 3Q 2021). Revenue: JP¥19.2b (down 16% from 3Q 2021). Net income: JP¥733.0m (down 31% from 3Q 2021). Profit margin: 3.8% (down from 4.7% in 3Q 2021). Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 12
Second quarter 2022 earnings released: EPS: JP¥94.84 (vs JP¥108 in 2Q 2021) Second quarter 2022 results: EPS: JP¥94.84 (down from JP¥108 in 2Q 2021). Revenue: JP¥19.9b (down 8.3% from 2Q 2021). Net income: JP¥1.13b (down 12% from 2Q 2021). Profit margin: 5.7% (down from 5.9% in 2Q 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 16
First quarter 2022 earnings released: EPS: JP¥58.51 (vs JP¥112 in 1Q 2021) First quarter 2022 results: EPS: JP¥58.51 (down from JP¥112 in 1Q 2021). Revenue: JP¥18.4b (down 10% from 1Q 2021). Net income: JP¥698.0m (down 48% from 1Q 2021). Profit margin: 3.8% (down from 6.5% in 1Q 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Board Change • Apr 27
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. 7 experienced directors. 5 highly experienced directors. 1 independent director (11 non-independent directors). Director Tomoo Ueta was the last director to join the board, commencing their role in 2017. 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 • Feb 12
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: JP¥286 (up from JP¥240 in FY 2020). Revenue: JP¥88.4b (up 9.2% from FY 2020). Net income: JP¥3.42b (up 19% from FY 2020). Profit margin: 3.9% (up from 3.5% in FY 2020). 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 increased by 18% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Dec 22
Upcoming dividend of JP¥70.00 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 26 March 2022. Payout ratio is a comfortable 15% and this is well supported by cash flows. Trailing yield: 3.2%. Lower than top quartile of Japanese dividend payers (3.3%). Higher than average of industry peers (2.2%). Reported Earnings • Nov 15
Third quarter 2021 earnings released: EPS JP¥89.52 (vs JP¥42.18 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: JP¥22.9b (up 11% from 3Q 2020). Net income: JP¥1.07b (up 112% from 3Q 2020). Profit margin: 4.7% (up from 2.4% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 13
Second quarter 2021 earnings released: EPS JP¥108 (vs JP¥61.57 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: JP¥21.7b (up 16% from 2Q 2020). Net income: JP¥1.29b (up 75% from 2Q 2020). Profit margin: 5.9% (up from 3.9% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 18
First quarter 2021 earnings released: EPS JP¥112 (vs JP¥54.47 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: JP¥20.5b (up 5.9% from 1Q 2020). Net income: JP¥1.34b (up 106% from 1Q 2020). Profit margin: 6.5% (up from 3.4% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • May 17
Investor sentiment improved over the past week After last week's 16% share price gain to JP¥2,287, the stock trades at a trailing P/E ratio of 9.5x. Average trailing P/E is 13x in the Chemicals industry in Japan. Total loss to shareholders of 15% over the past three years. Reported Earnings • Mar 30
Full year 2020 earnings released: EPS JP¥240 (vs JP¥243 in FY 2019) The company reported a soft full year result with weaker earnings and revenues, although profit margins were improved. Full year 2020 results: Revenue: JP¥81.0b (down 5.2% from FY 2019). Net income: JP¥2.87b (down 1.2% from FY 2019). Profit margin: 3.5% (up from 3.4% in FY 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Feb 15
New 90-day high: JP¥2,044 The company is up 5.0% from its price of JP¥1,952 on 17 November 2020. The Japanese market is up 11% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Chemicals industry, which is up 11% over the same period. Reported Earnings • Feb 14
Full year 2020 earnings released: EPS JP¥240 (vs JP¥243 in FY 2019) The company reported a soft full year result with weaker earnings and revenues, although profit margins were improved. Full year 2020 results: Revenue: JP¥81.0b (down 5.2% from FY 2019). Net income: JP¥2.87b (down 1.2% from FY 2019). Profit margin: 3.5% (up from 3.4% in FY 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings.