Buy Or Sell Opportunity • Jun 05
Now 22% overvalued Over the last 90 days, the stock has fallen 7.7% to JP¥1,329. The fair value is estimated to be JP¥1,090, 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. Meanwhile, the company became loss making. Reported Earnings • May 20
Full year 2026 earnings released: JP¥89.55 loss per share (vs JP¥192 profit in FY 2025) Full year 2026 results: JP¥89.55 loss per share (down from JP¥192 profit in FY 2025). Revenue: JP¥253.1b (down 6.9% from FY 2025). Net loss: JP¥2.22b (down 145% from profit in FY 2025). Over the last 3 years on average, earnings per share has fallen by 41% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. New Risk • May 20
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 17% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (17% operating cash flow to total debt). Earnings have declined by 18% per year over the past 5 years. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Announcement • May 15
Onoken Co., Ltd., Annual General Meeting, Jun 26, 2026 Onoken Co., Ltd., Annual General Meeting, Jun 26, 2026. Board Change • May 13
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 6 non-independent directors. Independent Outside Director Kazuhiro Harada was the last independent director to join the board, commencing their role in 2024. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • May 11
Onoken Co., Ltd. to Report Fiscal Year 2026 Results on May 15, 2026 Onoken Co., Ltd. announced that they will report fiscal year 2026 results on May 15, 2026 Announcement • Feb 14
Onoken Co., Ltd. Announces Reorganization of Business Region Onoken Co., Ltd. announceD that, at the Board of Directors meeting held on the date of this release, it has decided to reorganize its business regions and introduce an Executive Officer system, as follows. The purpose of the reorganization is to optimize business management in line with an increase in the number of sales offices and Group companies, and business expansion; to further strengthen cooperation among sales offices and Group companies by reviewing business regions; and to strengthen governance and compliance by subdividing business regions. Regarding the details of the reorganization, in the Company, the Chugoku and Shikoku region will be newly established, and the Hiroshima Branch Office will play a central role in overseeing sales offices and Group companies located in the Chugoku and Shikoku region, resulting in a shift from the current three-region system to a four-region system. In the Group, each Group company will be transferred from the Management Control Division to the management of the region where each company is located. The current Kyushu and Chugoku region will be renamed the Kyushu and Okinawa region, the Kansai and Chukyo region will become the Chugoku and Shikoku region (newly established), while the Kansai and Chukyo region and the Kanto and Tohoku region will remain under the new four-region structure. The date of reorganization is Wednesday, April 1, 2026. Announcement • Jan 08
Onoken Co., Ltd. to Report Q3, 2026 Results on Feb 13, 2026 Onoken Co., Ltd. announced that they will report Q3, 2026 results on Feb 13, 2026 Declared Dividend • Dec 11
First half dividend of JP¥35.00 announced Shareholders will receive a dividend of JP¥35.00. Ex-date: 30th March 2026 Payment date: 30th June 2026 Dividend yield will be 5.1%, which is higher than the industry average of 2.6%. Sustainability & Growth Dividend is well covered by both earnings (48% earnings payout ratio) and cash flows (38% cash payout ratio). The dividend has increased by an average of 8.7% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to decline by 46% to shift the payout ratio to a potentially unsustainable range, which is more than the 4.8% EPS decline seen over the last 5 years. Announcement • Nov 09
Onoken Co., Ltd. (TSE:7414) announces an Equity Buyback for 450,000 shares, representing 1.82% for ¥1,111.11 million. Onoken Co., Ltd. (TSE:7414) announces a share repurchase program. Under the program, the company will repurchase 450,000 shares, representing 1.82% of its share capital, for ¥500 million. The company will repurchase its shares in order to enhance shareholder returns, further increase corporate value by improving capital efficiency, and to implement a flexible capital policy. The program will run until March 24, 2026. As of September 30, 2025, the company had 24,788,903 shares outstanding (excluding treasury shares) and 335,010 shares in treasury. Reported Earnings • Nov 08
Second quarter 2026 earnings released: EPS: JP¥17.55 (vs JP¥40.09 in 2Q 2025) Second quarter 2026 results: EPS: JP¥17.55 (down from JP¥40.09 in 2Q 2025). Revenue: JP¥62.9b (down 4.8% from 2Q 2025). Net income: JP¥436.0m (down 57% from 2Q 2025). Profit margin: 0.7% (down from 1.6% in 2Q 2025). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Announcement • Sep 27
Onoken Co., Ltd. to Report Q2, 2026 Results on Nov 07, 2025 Onoken Co., Ltd. announced that they will report Q2, 2026 results on Nov 07, 2025 Reported Earnings • Aug 09
First quarter 2026 earnings released: EPS: JP¥32.11 (vs JP¥59.04 in 1Q 2025) First quarter 2026 results: EPS: JP¥32.11 (down from JP¥59.04 in 1Q 2025). Revenue: JP¥62.2b (down 13% from 1Q 2025). Net income: JP¥805.0m (down 47% from 1Q 2025). Profit margin: 1.3% (down from 2.1% in 1Q 2025). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Declared Dividend • Jul 09
Final dividend of JP¥34.00 announced Shareholders will receive a dividend of JP¥34.00. Ex-date: 29th September 2025 Payment date: 10th December 2025 Dividend yield will be 4.9%, which is higher than the industry average of 2.6%. Sustainability & Growth Dividend is covered by earnings (34% 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 5.6% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has remained steady over the last 5 years. Unless this trend deteriorates, it should provide adequate earnings cover for the dividend. Reported Earnings • Jul 05
Full year 2025 earnings released: EPS: JP¥192 (vs JP¥230 in FY 2024) Full year 2025 results: EPS: JP¥192 (down from JP¥230 in FY 2024). Revenue: JP¥271.9b (down 3.5% from FY 2024). Net income: JP¥4.89b (down 15% from FY 2024). Profit margin: 1.8% (down from 2.0% in FY 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Announcement • Jun 06
Onoken Co., Ltd. to Report Q1, 2026 Results on Aug 08, 2025 Onoken Co., Ltd. announced that they will report Q1, 2026 results on Aug 08, 2025 Reported Earnings • May 20
Full year 2025 earnings released: EPS: JP¥192 (vs JP¥230 in FY 2024) Full year 2025 results: EPS: JP¥192 (down from JP¥230 in FY 2024). Revenue: JP¥271.9b (down 3.5% from FY 2024). Net income: JP¥4.89b (down 15% from FY 2024). Profit margin: 1.8% (down from 2.0% in FY 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Announcement • May 16
Onoken Co., Ltd. (TSE:7414) announces an Equity Buyback for 400,000 shares, representing 1.59% for ¥500 million. Onoken Co., Ltd. (TSE:7414) announces a share repurchase program. Under the program, the company will repurchase 400,000 shares, representing 1.59% of its share capital, for ¥500 million. The company will repurchase its shares in order to enhance shareholder returns, further increase corporate value by improving capital efficiency, and to implement a flexible capital policy. The program will run until August 31, 2025. As of March 31, 2025, the company had 25,121,903 shares outstanding (excluding treasury shares) and 2,010 shares in treasury. Announcement • May 15
Onoken Co., Ltd., Annual General Meeting, Jun 27, 2025 Onoken Co., Ltd., Annual General Meeting, Jun 27, 2025. Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to JP¥1,271, the stock trades at a trailing P/E ratio of 6.2x. Average trailing P/E is 8x in the Trade Distributors industry in Japan. Total loss to shareholders of 2.7% over the past three years. Announcement • Mar 27
Onoken Co., Ltd. to Report Fiscal Year 2025 Results on May 15, 2025 Onoken Co., Ltd. announced that they will report fiscal year 2025 results on May 15, 2025 Upcoming Dividend • Mar 21
Upcoming dividend of JP¥35.00 per share Eligible shareholders must have bought the stock before 28 March 2025. Payment date: 24 June 2025. Payout ratio is a comfortable 34% but the company is not cash flow positive. Trailing yield: 4.5%. Within top quartile of Japanese dividend payers (3.7%). Higher than average of industry peers (3.3%). Reported Earnings • Feb 14
Third quarter 2025 earnings released: EPS: JP¥34.88 (vs JP¥48.79 in 3Q 2024) Third quarter 2025 results: EPS: JP¥34.88 (down from JP¥48.79 in 3Q 2024). Revenue: JP¥68.7b (down 5.4% from 3Q 2024). Net income: JP¥883.0m (down 28% from 3Q 2024). Profit margin: 1.3% (down from 1.7% in 3Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Announcement • Jan 03
Onoken Co., Ltd. to Report Q3, 2025 Results on Feb 12, 2025 Onoken Co., Ltd. announced that they will report Q3, 2025 results on Feb 12, 2025 Declared Dividend • Dec 11
First half dividend of JP¥35.00 announced Shareholders will receive a dividend of JP¥35.00. Ex-date: 28th March 2025 Payment date: 24th June 2025 Dividend yield will be 4.6%, which is higher than the industry average of 2.6%. Sustainability & Growth Dividend is covered by earnings (16% 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 6.7% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has remained steady over the last 5 years. Unless this trend deteriorates, it should provide adequate earnings cover for the dividend. Announcement • Nov 20
Onoken Co., Ltd. Announces Dividend for the Six Months Ended September 30, 2024, Payable on December 10, 2024 Onoken Co., Ltd. announced dividend for the six months ended September 30, 2024. For the six months, the company announced dividend of JPY 34.00 per share against JPY 36.00 per share a year ago. The dividend will be payable on December 10, 2024. Announcement • Nov 19
Onoken Co., Ltd. Revises Consolidated Earnings Guidance for the Year Ending March 31, 2025 Onoken Co., Ltd. revised consolidated earnings guidance for the year ending March 31, 2025. For the year, the company expects net sales of JPY 282,200 million, operating profit of JPY 6,500 million, profit attributable to owners of parent of JPY 4,400 million or JPY 172.22 net income per share. Reported Earnings • Nov 09
Second quarter 2025 earnings released: EPS: JP¥40.09 (vs JP¥57.55 in 2Q 2024) Second quarter 2025 results: EPS: JP¥40.09 (down from JP¥57.55 in 2Q 2024). Revenue: JP¥66.1b (down 6.4% from 2Q 2024). Net income: JP¥1.03b (down 29% from 2Q 2024). Profit margin: 1.6% (down from 2.0% in 2Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Announcement • Oct 03
Onoken Co., Ltd. to Report Q2, 2025 Results on Nov 08, 2024 Onoken Co., Ltd. announced that they will report Q2, 2025 results on Nov 08, 2024 Upcoming Dividend • Sep 20
Upcoming dividend of JP¥34.00 per share Eligible shareholders must have bought the stock before 27 September 2024. Payment date: 11 December 2024. Payout ratio is a comfortable 30% but the company is not cash flow positive. Trailing yield: 4.6%. Within top quartile of Japanese dividend payers (3.8%). Higher than average of industry peers (3.3%). Reported Earnings • Aug 14
First quarter 2025 earnings released: EPS: JP¥59.04 (vs JP¥61.15 in 1Q 2024) First quarter 2025 results: EPS: JP¥59.04 (down from JP¥61.15 in 1Q 2024). Revenue: JP¥71.5b (up 2.5% from 1Q 2024). Net income: JP¥1.51b (down 1.4% from 1Q 2024). Profit margin: 2.1% (in line with 1Q 2024). Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to JP¥1,320, the stock trades at a trailing P/E ratio of 5.9x. Average trailing P/E is 9x in the Trade Distributors industry in Japan. Total returns to shareholders of 13% over the past three years. New Risk • Jul 23
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.5% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks High level of debt (42% net debt to equity). Paying a dividend despite having no free cash flows. Shareholders have been diluted in the past year (2.5% increase in shares outstanding). Declared Dividend • Jul 11
Final dividend of JP¥34.00 announced Shareholders will receive a dividend of JP¥34.00. Ex-date: 27th September 2024 Payment date: 11th December 2024 Dividend yield will be 4.1%, which is higher than the industry average of 2.6%. Sustainability & Growth Dividend is covered by earnings (31% 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 8.0% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has remained steady over the last 5 years. Unless this trend deteriorates, it should provide adequate earnings cover for the dividend. Announcement • Jun 29
Onoken Co., Ltd. to Report Q1, 2025 Results on Aug 09, 2024 Onoken Co., Ltd. announced that they will report Q1, 2025 results on Aug 09, 2024 Reported Earnings • Jun 28
Full year 2024 earnings released: EPS: JP¥230 (vs JP¥299 in FY 2023) Full year 2024 results: EPS: JP¥230 (down from JP¥299 in FY 2023). Revenue: JP¥281.9b (up 7.3% from FY 2023). Net income: JP¥5.76b (down 18% from FY 2023). Profit margin: 2.0% (down from 2.7% in FY 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Reported Earnings • May 20
Full year 2024 earnings released: EPS: JP¥230 (vs JP¥299 in FY 2023) Full year 2024 results: EPS: JP¥230 (down from JP¥299 in FY 2023). Revenue: JP¥281.9b (up 7.3% from FY 2023). Net income: JP¥5.76b (down 18% from FY 2023). Profit margin: 2.0% (down from 2.7% in FY 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Announcement • May 17
Onoken Co., Ltd., Annual General Meeting, Jun 21, 2024 Onoken Co., Ltd., Annual General Meeting, Jun 21, 2024. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥45.00 per share Eligible shareholders must have bought the stock before 28 March 2024. Payment date: 26 June 2024. Payout ratio is a comfortable 17% but the company is not cash flow positive. Trailing yield: 4.2%. Within top quartile of Japanese dividend payers (3.2%). Higher than average of industry peers (2.4%). Reported Earnings • Feb 10
Third quarter 2024 earnings released: EPS: JP¥48.79 (vs JP¥57.45 in 3Q 2023) Third quarter 2024 results: EPS: JP¥48.79 (down from JP¥57.45 in 3Q 2023). Revenue: JP¥72.6b (up 8.2% from 3Q 2023). Net income: JP¥1.22b (down 9.1% from 3Q 2023). Profit margin: 1.7% (down from 2.0% in 3Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has increased by 12% per year, which means it is well ahead of earnings. Announcement • Dec 02
Onoken Co., Ltd. to Report Q3, 2024 Results on Feb 09, 2024 Onoken Co., Ltd. announced that they will report Q3, 2024 results on Feb 09, 2024 Announcement • Nov 24
Onoken Co., Ltd. Announces Dividend for the Second Quarter of Fiscal Year Ending March 31, 2024, Payable on December 11, 2023 Onoken Co., Ltd. announced dividend for the second quarter of Fiscal year ending March 31, 2024. For the period, the company announced a dividend of JPY 36.00 per share as compared to JPY 46.00 per share paid a year ago. Payable on December 11, 2023. Announcement • Nov 22
Onoken Co., Ltd. Provides Dividend Guidance for the Fiscal Year Ending March 31, 2024 Onoken Co., Ltd. provided dividend guidance for the Fiscal year ending March 31, 2024. For the period, the company expects to pay a dividend of JPY 45.00 per share as compared to JPY 44.00 per share paid a year ago. New Risk • Nov 11
New major risk - Financial position The company's debt is not well covered by operating cash flow. Currently running at an operating cash loss. This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (currently running at an operating cash loss). Minor Risks Paying a dividend despite having no free cash flows. Shareholders have been diluted in the past year (7.0% increase in shares outstanding). Announcement • Oct 08
Onoken Co., Ltd. to Report Q2, 2024 Results on Nov 10, 2023 Onoken Co., Ltd. announced that they will report Q2, 2024 results on Nov 10, 2023 Upcoming Dividend • Sep 21
Upcoming dividend of JP¥32.00 per share at 4.5% yield Eligible shareholders must have bought the stock before 28 September 2023. Payment date: 12 December 2023. Payout ratio is a comfortable 33% but the company is not cash flow positive. Trailing yield: 4.5%. Within top quartile of Japanese dividend payers (3.3%). Higher than average of industry peers (2.8%). Reported Earnings • Aug 10
First quarter 2024 earnings released: EPS: JP¥61.15 (vs JP¥83.29 in 1Q 2023) First quarter 2024 results: EPS: JP¥61.15 (down from JP¥83.29 in 1Q 2023). Revenue: JP¥69.7b (up 13% from 1Q 2023). Net income: JP¥1.53b (down 21% from 1Q 2023). Profit margin: 2.2% (down from 3.1% in 1Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 14% per year whereas the company’s share price has increased by 12% per year. Reported Earnings • May 18
Full year 2023 earnings released: EPS: JP¥299 (vs JP¥364 in FY 2022) Full year 2023 results: EPS: JP¥299 (down from JP¥364 in FY 2022). Revenue: JP¥262.7b (up 18% from FY 2022). Net income: JP¥7.02b (down 14% from FY 2022). Profit margin: 2.7% (down from 3.7% in FY 2022). The decrease in margin was driven by higher expenses. 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 7% per year, which means it is significantly lagging earnings growth. Announcement • May 17
Onoken Co., Ltd., Annual General Meeting, Jun 23, 2023 Onoken Co., Ltd., Annual General Meeting, Jun 23, 2023. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥37.00 per share at 5.6% yield Eligible shareholders must have bought the stock before 30 March 2023. Payment date: 27 June 2023. Payout ratio is a comfortable 33% but the company is not cash flow positive. Trailing yield: 5.6%. Within top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (3.8%). Reported Earnings • Feb 12
Third quarter 2023 earnings released: EPS: JP¥57.45 (vs JP¥89.89 in 3Q 2022) Third quarter 2023 results: EPS: JP¥57.45 (down from JP¥89.89 in 3Q 2022). Revenue: JP¥67.1b (up 13% from 3Q 2022). Net income: JP¥1.34b (down 36% from 3Q 2022). Profit margin: 2.0% (down from 3.5% in 3Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. 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. 4 independent directors (5 non-independent directors). Independent Outside Director Tomohiro Yamagami 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¥69.43 (vs JP¥124 in 2Q 2022) Second quarter 2023 results: EPS: JP¥69.43 (down from JP¥124 in 2Q 2022). Revenue: JP¥63.5b (up 20% from 2Q 2022). Net income: JP¥1.62b (down 41% from 2Q 2022). Profit margin: 2.6% (down from 5.2% in 2Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥36.00 per share Eligible shareholders must have bought the stock before 29 September 2022. Payment date: 12 December 2022. Payout ratio is a comfortable 31% but the company is not cash flow positive. Trailing yield: 5.4%. Within top quartile of Japanese dividend payers (3.7%). Higher than average of industry peers (3.6%). Announcement • Sep 02
Onoken Co., Ltd. to Report Q2, 2023 Results on Nov 11, 2022 Onoken Co., Ltd. announced that they will report Q2, 2023 results on Nov 11, 2022 Reported Earnings • Aug 12
First quarter 2023 earnings released: EPS: JP¥83.29 (vs JP¥96.29 in 1Q 2022) First quarter 2023 results: EPS: JP¥83.29 (down from JP¥96.29 in 1Q 2022). Revenue: JP¥61.8b (up 23% from 1Q 2022). Net income: JP¥1.95b (down 4.5% from 1Q 2022). Profit margin: 3.1% (down from 4.0% in 1Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Announcement • Jul 08
Onoken Co., Ltd. to Report Q1, 2023 Results on Aug 10, 2022 Onoken Co., Ltd. announced that they will report Q1, 2023 results on Aug 10, 2022 Reported Earnings • May 16
Full year 2022 earnings released: EPS: JP¥364 (vs JP¥213 in FY 2021) Full year 2022 results: EPS: JP¥364 (up from JP¥213 in FY 2021). Revenue: JP¥222.8b (up 9.8% from FY 2021). Net income: JP¥8.15b (up 81% from FY 2021). Profit margin: 3.7% (up from 2.2% in FY 2021). 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 only increased by 1% per year, which means it is significantly lagging earnings growth. Announcement • May 15
Onoken Co., Ltd., Annual General Meeting, Jun 24, 2022 Onoken Co., Ltd., Annual General Meeting, Jun 24, 2022. 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. 4 experienced directors. 1 highly experienced director. 2 independent directors (3 non-independent directors). Independent Outside Director Harutomo Kosho 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. Announcement • Apr 08
Onoken Co., Ltd. to Report Fiscal Year 2022 Results on May 13, 2022 Onoken Co., Ltd. announced that they will report fiscal year 2022 results on May 13, 2022 Upcoming Dividend • Mar 23
Upcoming dividend of JP¥36.00 per share Eligible shareholders must have bought the stock before 30 March 2022. Payment date: 28 June 2022. Payout ratio is a comfortable 11% but the company is paying out more than the cash it is generating. Trailing yield: 6.3%. Within top quartile of Japanese dividend payers (3.4%). Higher than average of industry peers (3.4%). Reported Earnings • Feb 12
Third quarter 2022 earnings: Revenues and EPS in line with analyst expectations Third quarter 2022 results: EPS: JP¥89.89 (up from JP¥54.37 in 3Q 2021). Revenue: JP¥59.5b (up 20% from 3Q 2021). Net income: JP¥2.08b (up 81% from 3Q 2021). Profit margin: 3.5% (up from 2.3% 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 increased by 19% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 10
Second quarter 2022 earnings released: EPS JP¥124 (vs JP¥43.40 in 2Q 2021) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2022 results: Revenue: JP¥52.7b (up 10% from 2Q 2021). Net income: JP¥2.73b (up 197% from 2Q 2021). Profit margin: 5.2% (up from 1.9% in 2Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥54.00 per share Eligible shareholders must have bought the stock before 29 September 2021. Payment date: 10 December 2021. Trailing yield: 3.5%. Within top quartile of Japanese dividend payers (3.0%). In line with average of industry peers (3.4%). Reported Earnings • Aug 15
First quarter 2022 earnings released: EPS JP¥96.29 (vs JP¥23.58 in 1Q 2021) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2022 results: Revenue: JP¥50.4b (up 9.0% from 1Q 2021). Net income: JP¥2.04b (up 309% from 1Q 2021). Profit margin: 4.0% (up from 1.1% in 1Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has remained flat whereas the company’s share price has fallen by 4% per year. Valuation Update With 7 Day Price Move • Aug 10
Investor sentiment improved over the past week After last week's 15% share price gain to JP¥1,549, the stock trades at a trailing P/E ratio of 7.3x. Average trailing P/E is 10x in the Trade Distributors industry in Japan. Total loss to shareholders of 1.6% over the past three years. Reported Earnings • May 17
Full year 2021 earnings released: EPS JP¥213 (vs JP¥204 in FY 2020) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2021 results: Revenue: JP¥202.8b (down 12% from FY 2020). Net income: JP¥4.51b (up 2.1% from FY 2020). Profit margin: 2.2% (up from 1.9% in FY 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has fallen by 12% per year, which means it is performing significantly worse than earnings. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥40.00 per share Eligible shareholders must have bought the stock before 30 March 2021. Payment date: 29 June 2021. Trailing yield: 4.1%. Within top quartile of Japanese dividend payers (2.7%). Higher than average of industry peers (3.0%). Is New 90 Day High Low • Mar 11
New 90-day high: JP¥1,365 The company is up 12% from its price of JP¥1,214 on 11 December 2020. The Japanese market is up 8.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Trade Distributors industry, which is up 19% over the same period. Reported Earnings • Feb 10
Third quarter 2021 earnings released: EPS JP¥54.36 (vs JP¥42.87 in 3Q 2020) The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2021 results: Revenue: JP¥49.5b (down 11% from 3Q 2020). Net income: JP¥1.15b (up 23% from 3Q 2020). Profit margin: 2.3% (up from 1.7% in 3Q 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 9% per year whereas the company’s share price has fallen by 12% per year. Is New 90 Day High Low • Feb 09
New 90-day high: JP¥1,307 The company is up 1.0% from its price of JP¥1,290 on 11 November 2020. The Japanese market is up 13% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Trade Distributors industry, which is up 14% over the same period. Announcement • Jan 07
Onoken Co., Ltd. to Report Q3, 2021 Results on Feb 08, 2021 Onoken Co., Ltd. announced that they will report Q3, 2021 results on Feb 08, 2021 Announcement • Sep 11
Onoken Co., Ltd. to Report Q2, 2021 Results on Nov 09, 2020 Onoken Co., Ltd. announced that they will report Q2, 2021 results on Nov 09, 2020 Announcement • Jun 20
Onoken Co., Ltd. to Report Q1, 2021 Results on Aug 07, 2020 Onoken Co., Ltd. announced that they will report Q1, 2021 results on Aug 07, 2020 
