Valuation Update With 7 Day Price Move • May 26
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to JP¥2,637, the stock trades at a trailing P/E ratio of 19.3x. Average trailing P/E is 11x in the Construction industry in Japan. Total returns to shareholders of 215% over the past three years. New Risk • May 13
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 9.1% 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: Minor Risks Dividend is not well covered by cash flows (dividend per share is over 21x cash flows per share). Share price has been volatile over the past 3 months (9.1% average weekly change). Large one-off items impacting financial results. Reported Earnings • May 13
Full year 2026 earnings released: EPS: JP¥129 (vs JP¥86.65 in FY 2025) Full year 2026 results: EPS: JP¥129 (up from JP¥86.65 in FY 2025). Revenue: JP¥83.1b (up 23% from FY 2025). Net income: JP¥4.29b (up 48% from FY 2025). Profit margin: 5.2% (up from 4.3% in FY 2025). Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has increased by 37% per year, which means it is tracking significantly ahead of earnings growth. Announcement • May 12
Tokyo Energy & Systems Inc., Annual General Meeting, Jun 26, 2026 Tokyo Energy & Systems Inc., Annual General Meeting, Jun 26, 2026. Announcement • May 09
Tokyo Energy & Systems Inc. to Report Fiscal Year 2026 Results on May 12, 2026 Tokyo Energy & Systems Inc. announced that they will report fiscal year 2026 results on May 12, 2026 Upcoming Dividend • Mar 23
Upcoming dividend of JP¥29.00 per share Eligible shareholders must have bought the stock before 30 March 2026. Payment date: 30 June 2026. Payout ratio is a comfortable 39% but the company is paying out more than the cash it is generating. Trailing yield: 3.3%. Lower than top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (2.4%). Reported Earnings • Feb 07
Third quarter 2026 earnings released: EPS: JP¥39.41 (vs JP¥13.76 in 3Q 2025) Third quarter 2026 results: EPS: JP¥39.41 (up from JP¥13.76 in 3Q 2025). Revenue: JP¥22.0b (up 38% from 3Q 2025). Net income: JP¥1.31b (up 184% from 3Q 2025). Profit margin: 6.0% (up from 2.9% in 3Q 2025). Over the last 3 years on average, earnings per share has increased by 25% per year whereas the company’s share price has increased by 28% per year. Announcement • Dec 26
Tokyo Energy & Systems Inc. to Report Q3, 2026 Results on Feb 06, 2026 Tokyo Energy & Systems Inc. announced that they will report Q3, 2026 results on Feb 06, 2026 Declared Dividend • Dec 03
First half dividend of JP¥29.00 announced Shareholders will receive a dividend of JP¥29.00. Ex-date: 30th March 2026 Payment date: 30th June 2026 Dividend yield will be 3.2%, which is higher than the industry average of 2.9%. Sustainability & Growth Dividend is covered by earnings (48% earnings payout ratio) but not covered by cash flows (dividend approximately 22x free cash flows). The dividend has increased by an average of 14% 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. Earnings per share has grown by 6.6% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Nov 07
Second quarter 2026 earnings released: EPS: JP¥21.54 (vs JP¥2.45 loss in 2Q 2025) Second quarter 2026 results: EPS: JP¥21.54 (up from JP¥2.45 loss in 2Q 2025). Revenue: JP¥18.6b (up 19% from 2Q 2025). Net income: JP¥718.0m (up JP¥800.0m from 2Q 2025). Profit margin: 3.9% (up from net loss in 2Q 2025). Over the last 3 years on average, earnings per share has increased by 20% per year whereas the company’s share price has increased by 23% per year. Announcement • Nov 05
Tokyo Energy & Systems Inc. (TSE:1945) announces an Equity Buyback for 200,000 shares, for ¥371.4 million. Tokyo Energy & Systems Inc. (TSE:1945) announces a share repurchase program. Under the program, the company will repurchase 200,000 shares, representing 0.60% of its share capital for ¥371.40 million. The shares will be repurchased at a price of ¥1,857 per share. The company will repurchase its shares to enhance shareholder returns and improve capital efficiency. The repurchase program will expire on November 6, 2025. As of October 31, 2025, the company had 33,334,983 shares outstanding (excluding treasury shares) and 1,638,769 shares in treasury. New Risk • Oct 06
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 5.3% 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 (5.3% average weekly change). Large one-off items impacting financial results. Announcement • Sep 29
Tokyo Energy & Systems Inc. to Report Q2, 2026 Results on Nov 05, 2025 Tokyo Energy & Systems Inc. announced that they will report Q2, 2026 results on Nov 05, 2025 Upcoming Dividend • Sep 22
Upcoming dividend of JP¥28.00 per share Eligible shareholders must have bought the stock before 29 September 2025. Payment date: 03 December 2025. Payout ratio is a comfortable 59% but the company is not cash flow positive. Trailing yield: 3.4%. Lower than top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (2.8%). Reported Earnings • Aug 07
First quarter 2026 earnings released: EPS: JP¥23.15 (vs JP¥21.27 in 1Q 2025) First quarter 2026 results: EPS: JP¥23.15 (up from JP¥21.27 in 1Q 2025). Revenue: JP¥15.6b (up 5.0% from 1Q 2025). Net income: JP¥771.0m (up 8.3% from 1Q 2025). Profit margin: 4.9% (up from 4.8% in 1Q 2025). 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 25% per year, which means it is tracking significantly ahead of earnings growth. Declared Dividend • Jul 09
Final dividend increased to JP¥28.00 Dividend of JP¥28.00 is 7.7% higher than last year. Ex-date: 29th September 2025 Payment date: 3rd December 2025 Dividend yield will be 4.0%, which is higher than the industry average of 2.9%. Sustainability & Growth Dividend is covered by earnings (88% 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 14% 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. Earnings per share has grown by 4.5% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Jun 25
Tokyo Energy & Systems Inc. to Report Q1, 2026 Results on Aug 05, 2025 Tokyo Energy & Systems Inc. announced that they will report Q1, 2026 results on Aug 05, 2025 New Risk • May 17
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 26% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (26% accrual ratio). Minor Risk Paying a dividend despite having no free cash flows. Reported Earnings • May 14
Full year 2025 earnings released: EPS: JP¥86.65 (vs JP¥86.69 in FY 2024) Full year 2025 results: EPS: JP¥86.65 (down from JP¥86.69 in FY 2024). Revenue: JP¥67.7b (down 23% from FY 2024). Net income: JP¥2.90b (down 2.0% from FY 2024). Profit margin: 4.3% (up from 3.3% in FY 2024). 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 9% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Apr 07
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 14% to JP¥938. The fair value is estimated to be JP¥1,201, however this is not to be taken as a buy 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 20%. Announcement • Mar 26
Tokyo Energy & Systems Inc. to Report Fiscal Year 2025 Results on May 12, 2025 Tokyo Energy & Systems Inc. announced that they will report fiscal year 2025 results on May 12, 2025 Upcoming Dividend • Mar 21
Upcoming dividend of JP¥26.00 per share Eligible shareholders must have bought the stock before 28 March 2025. Payment date: 30 June 2025. Payout ratio is on the higher end at 88%, however this is supported by cash flows. Trailing yield: 4.5%. Within top quartile of Japanese dividend payers (3.7%). Higher than average of industry peers (3.3%). Announcement • Feb 16
Tokyo Energy & Systems Inc. (TSE:1945) announces an Equity Buyback for 200,000 shares, representing 0.6% for ¥223.8 million. Tokyo Energy & Systems Inc. (TSE:1945) announces a share repurchase program. Under the program, the company will repurchase 200,000 shares, representing 0.60% of its share capital for ¥223.80 million. The shares will be repurchased at a price of ¥1,119 per share. The company will repurchase its shares to enhance shareholder returns and improve capital efficiency. The repurchase program will expire on February 17, 2025. As of January 31, 2025, the company had 33,508,637 shares outstanding (excluding treasury shares) and 1,465,115 shares in treasury. Reported Earnings • Feb 16
Third quarter 2025 earnings released: EPS: JP¥13.76 (vs JP¥37.73 in 3Q 2024) Third quarter 2025 results: EPS: JP¥13.76 (down from JP¥37.73 in 3Q 2024). Revenue: JP¥15.9b (down 29% from 3Q 2024). Net income: JP¥461.0m (down 64% from 3Q 2024). Profit margin: 2.9% (down from 5.8% in 3Q 2024). 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 6% per year, which means it is significantly lagging earnings growth. Announcement • Jan 03
Tokyo Energy & Systems Inc. to Report Q3, 2025 Results on Feb 14, 2025 Tokyo Energy & Systems Inc. announced that they will report Q3, 2025 results on Feb 14, 2025 Declared Dividend • Dec 04
First half dividend of JP¥26.00 announced Shareholders will receive a dividend of JP¥26.00. Ex-date: 28th March 2025 Payment date: 30th June 2025 Dividend yield will be 4.9%, which is higher than the industry average of 2.9%. Sustainability & Growth Dividend is well covered by both earnings (30% earnings payout ratio) and cash flows (38% cash payout ratio). The dividend has increased by an average of 13% 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. The company's earnings per share (EPS) would need to decline by 66% to shift the payout ratio to a potentially unsustainable range, which is more than the 5.2% EPS decline seen over the last 5 years. Reported Earnings • Nov 08
Second quarter 2025 earnings released: JP¥2.45 loss per share (vs JP¥17.13 profit in 2Q 2024) Second quarter 2025 results: JP¥2.45 loss per share (down from JP¥17.13 profit in 2Q 2024). Revenue: JP¥15.6b (down 26% from 2Q 2024). Net loss: JP¥82.0m (down 114% from profit in 2Q 2024). Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Announcement • Sep 28
Tokyo Energy & Systems Inc. to Report Q2, 2025 Results on Nov 05, 2024 Tokyo Energy & Systems Inc. announced that they will report Q2, 2025 results on Nov 05, 2024 Upcoming Dividend • Sep 20
Upcoming dividend of JP¥26.00 per share Eligible shareholders must have bought the stock before 27 September 2024. Payment date: 04 December 2024. Payout ratio is a comfortable 44% and this is well supported by cash flows. Trailing yield: 4.7%. Within top quartile of Japanese dividend payers (3.8%). Higher than average of industry peers (3.3%). New Risk • Aug 08
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 32% 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: Major Risk Earnings have declined by 6.2% per year over the past 5 years. Minor Risk Large one-off items impacting financial results. Reported Earnings • Aug 08
First quarter 2025 earnings released: EPS: JP¥21.27 (vs JP¥6.74 in 1Q 2024) First quarter 2025 results: EPS: JP¥21.27 (up from JP¥6.74 in 1Q 2024). Revenue: JP¥14.9b (down 27% from 1Q 2024). Net income: JP¥712.0m (up 208% from 1Q 2024). Profit margin: 4.8% (up from 1.1% in 1Q 2024). Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to JP¥1,048, the stock trades at a trailing P/E ratio of 11.9x. Average trailing P/E is 11x in the Construction industry in Japan. Total returns to shareholders of 21% over the past three years. Declared Dividend • Jul 11
Final dividend of JP¥26.00 announced Shareholders will receive a dividend of JP¥26.00. Ex-date: 27th September 2024 Payment date: 4th December 2024 Dividend yield will be 3.8%, which is higher than the industry average of 2.9%. Sustainability & Growth Dividend is well covered by both earnings (37% earnings payout ratio) and cash flows (23% cash payout ratio). The dividend has increased by an average of 13% 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. The company's earnings per share (EPS) would need to decline by 59% to shift the payout ratio to a potentially unsustainable range, which is more than the 3.1% EPS decline seen over the last 5 years. Announcement • Jun 26
Tokyo Energy & Systems Inc. to Report Q1, 2025 Results on Aug 06, 2024 Tokyo Energy & Systems Inc. announced that they will report Q1, 2025 results on Aug 06, 2024 Announcement • May 10
Tokyo Energy & Systems Inc., Annual General Meeting, Jun 27, 2024 Tokyo Energy & Systems Inc., Annual General Meeting, Jun 27, 2024. Reported Earnings • May 09
Full year 2024 earnings released: EPS: JP¥86.69 (vs JP¥61.90 in FY 2023) Full year 2024 results: EPS: JP¥86.69 (up from JP¥61.90 in FY 2023). Revenue: JP¥88.5b (up 12% from FY 2023). Net income: JP¥2.96b (up 40% from FY 2023). Profit margin: 3.3% (up from 2.7% 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 10% per year whereas the company’s share price has increased by 12% per year. Valuation Update With 7 Day Price Move • Apr 12
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to JP¥1,371, the stock trades at a trailing P/E ratio of 13.2x. Average trailing P/E is 13x in the Construction industry in Japan. Total returns to shareholders of 66% over the past three years. Announcement • Mar 28
Tokyo Energy & Systems Inc. to Report Fiscal Year 2024 Results on May 08, 2024 Tokyo Energy & Systems Inc. announced that they will report fiscal year 2024 results on May 08, 2024 Upcoming Dividend • Mar 21
Upcoming dividend of JP¥20.00 per share Eligible shareholders must have bought the stock before 28 March 2024. Payment date: 01 July 2024. Payout ratio is a comfortable 37% but the company is not cash flow positive. Trailing yield: 3.2%. Within top quartile of Japanese dividend payers (3.2%). Higher than average of industry peers (2.7%). Announcement • Feb 06
Tokyo Energy & Systems Inc. Provides Dividend Guidance for the Year Ending March 31, 2024 Tokyo Energy & Systems Inc. provided dividend guidance for the year ending March 31, 2024. For the year, the company expects to pay dividend of JPY 20.00 per share. Reported Earnings • Feb 04
Third quarter 2024 earnings released: EPS: JP¥37.73 (vs JP¥3.30 in 3Q 2023) Third quarter 2024 results: EPS: JP¥37.73 (up from JP¥3.30 in 3Q 2023). Revenue: JP¥22.3b (up 15% from 3Q 2023). Net income: JP¥1.29b (up JP¥1.18b from 3Q 2023). Profit margin: 5.8% (up from 0.6% in 3Q 2023). 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 increased by 4% per year. Announcement • Dec 27
Tokyo Energy & Systems Inc. to Report Q3, 2024 Results on Feb 02, 2024 Tokyo Energy & Systems Inc. announced that they will report Q3, 2024 results on Feb 02, 2024 Announcement • Nov 08
Tokyo Energy & Systems Inc. Provides Consolidated Earnings Guidance for the Fiscal Year Ending March 31, 2024 Tokyo Energy & Systems Inc. provided consolidated earnings guidance for the fiscal year ending March 31, 2024. For the year, the company expects net sales of JPY 80,000 million, operating profit of JPY 3,500 million, profit attributable to owners of parent of JPY 2,500 million and earnings per share of JPY 72.99. Reported Earnings • Nov 04
Second quarter 2024 earnings released: EPS: JP¥17.13 (vs JP¥15.97 in 2Q 2023) Second quarter 2024 results: EPS: JP¥17.13 (up from JP¥15.97 in 2Q 2023). Revenue: JP¥21.0b (up 12% from 2Q 2023). Net income: JP¥587.0m (up 7.3% from 2Q 2023). Profit margin: 2.8% (down from 2.9% in 2Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Announcement • Sep 27
Tokyo Energy & Systems Inc. to Report Q2, 2024 Results on Nov 02, 2023 Tokyo Energy & Systems Inc. announced that they will report Q2, 2024 results on Nov 02, 2023 Upcoming Dividend • Sep 21
Upcoming dividend of JP¥20.00 per share at 3.9% yield Eligible shareholders must have bought the stock before 28 September 2023. Payment date: 04 December 2023. Payout ratio is a comfortable 51% and this is well supported by cash flows. Trailing yield: 3.9%. Within top quartile of Japanese dividend payers (3.3%). Higher than average of industry peers (3.0%). Buying Opportunity • Aug 03
Now 21% undervalued Over the last 90 days, the stock is up 2.0%. The fair value is estimated to be JP¥1,199, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has declined by 17%. Reported Earnings • Aug 02
First quarter 2024 earnings released: EPS: JP¥6.74 (vs JP¥9.90 in 1Q 2023) First quarter 2024 results: EPS: JP¥6.74 (down from JP¥9.90 in 1Q 2023). Revenue: JP¥20.3b (up 6.8% from 1Q 2023). Net income: JP¥231.0m (down 32% from 1Q 2023). Profit margin: 1.1% (down from 1.8% in 1Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Board Change • Jul 11
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Outside Director Shigeru Nishiyama was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Announcement • Jun 27
Tokyo Energy & Systems Inc. to Report Q1, 2024 Results on Aug 01, 2023 Tokyo Energy & Systems Inc. announced that they will report Q1, 2024 results on Aug 01, 2023 Reported Earnings • Apr 29
Full year 2023 earnings released: EPS: JP¥61.90 (vs JP¥35.82 in FY 2022) Full year 2023 results: EPS: JP¥61.90 (up from JP¥35.82 in FY 2022). Revenue: JP¥79.1b (up 8.9% from FY 2022). Net income: JP¥2.12b (up 73% from FY 2022). Profit margin: 2.7% (up from 1.7% in FY 2022). Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥15.00 per share at 3.4% yield Eligible shareholders must have bought the stock before 30 March 2023. Payment date: 30 June 2023. Payout ratio is a comfortable 71% but the company is not cash flow positive. Trailing yield: 3.4%. Lower than top quartile of Japanese dividend payers (3.6%). In line with average of industry peers (3.6%). Reported Earnings • Feb 01
Third quarter 2023 earnings released: EPS: JP¥3.30 (vs JP¥20.74 in 3Q 2022) Third quarter 2023 results: EPS: JP¥3.30 (down from JP¥20.74 in 3Q 2022). Revenue: JP¥19.4b (down 9.0% from 3Q 2022). Net income: JP¥113.0m (down 84% from 3Q 2022). Profit margin: 0.6% (down from 3.3% in 3Q 2022). Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Announcement • Dec 28
Tokyo Energy & Systems Inc. to Report Q3, 2023 Results on Jan 31, 2023 Tokyo Energy & Systems Inc. announced that they will report Q3, 2023 results on Jan 31, 2023 Reported Earnings • Nov 02
Second quarter 2023 earnings released: EPS: JP¥15.97 (vs JP¥8.12 in 2Q 2022) Second quarter 2023 results: EPS: JP¥15.97 (up from JP¥8.12 in 2Q 2022). Revenue: JP¥18.8b (up 7.4% from 2Q 2022). Net income: JP¥547.0m (up 97% from 2Q 2022). Profit margin: 2.9% (up from 1.6% in 2Q 2022). Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Announcement • Sep 29
Tokyo Energy & Systems Inc. to Report Q2, 2023 Results on Oct 31, 2022 Tokyo Energy & Systems Inc. announced that they will report Q2, 2023 results on Oct 31, 2022 Upcoming Dividend • Sep 22
Upcoming dividend of JP¥15.00 per share Eligible shareholders must have bought the stock before 29 September 2022. Payment date: 02 December 2022. Payout ratio is a comfortable 58% but the company is not cash flow positive. Trailing yield: 3.1%. Lower than top quartile of Japanese dividend payers (3.7%). Lower than average of industry peers (3.5%). Reported Earnings • Aug 03
First quarter 2023 earnings released: EPS: JP¥9.90 (vs JP¥5.90 loss in 1Q 2022) First quarter 2023 results: EPS: JP¥9.90 (up from JP¥5.90 loss in 1Q 2022). Revenue: JP¥19.0b (up 76% from 1Q 2022). Net income: JP¥339.0m (up JP¥541.0m from 1Q 2022). Profit margin: 1.8% (up from net loss in 1Q 2022). 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 4% per year, which means it is well ahead of earnings. Announcement • Jun 29
Tokyo Energy & Systems Inc. to Report Q1, 2023 Results on Aug 02, 2022 Tokyo Energy & Systems Inc. announced that they will report Q1, 2023 results on Aug 02, 2022 Reported Earnings • Apr 30
Full year 2022 earnings released: EPS: JP¥35.82 (vs JP¥80.48 in FY 2021) Full year 2022 results: EPS: JP¥35.82 (down from JP¥80.48 in FY 2021). Revenue: JP¥72.6b (up 22% from FY 2021). Net income: JP¥1.23b (down 55% from FY 2021). Profit margin: 1.7% (down from 4.6% in FY 2021). Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Board Change • Apr 27
No independent directors 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. No independent directors (12 non-independent directors). Acting General Manager of Energy & Industry Division and Director Hidenori Hatano was the last director to join the board, commencing their role in 2015. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Announcement • Apr 07
Tokyo Energy & Systems Inc. to Report Fiscal Year 2022 Results on Apr 27, 2022 Tokyo Energy & Systems Inc. announced that they will report fiscal year 2022 results on Apr 27, 2022 Upcoming Dividend • Mar 23
Upcoming dividend of JP¥15.00 per share Eligible shareholders must have bought the stock before 30 March 2022. Payment date: 30 June 2022. Payout ratio is a comfortable 48% and this is well supported by cash flows. Trailing yield: 2.8%. Lower than top quartile of Japanese dividend payers (3.4%). In line with average of industry peers (3.1%). Valuation Update With 7 Day Price Move • Mar 04
Investor sentiment improved over the past week After last week's 17% share price gain to JP¥1,084, the stock trades at a trailing P/E ratio of 18.4x. Average trailing P/E is 9x in the Construction industry in Japan. Total returns to shareholders of 25% over the past three years. Reported Earnings • Feb 02
Third quarter 2022 earnings: Revenues and EPS in line with analyst expectations Third quarter 2022 results: EPS: JP¥20.74 (up from JP¥12.27 in 3Q 2021). Revenue: JP¥21.3b (up 53% from 3Q 2021). Net income: JP¥710.0m (up 70% from 3Q 2021). Profit margin: 3.3% (up from 3.0% 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 17% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Reported Earnings • Nov 04
Second quarter 2022 earnings released: EPS JP¥8.12 (vs JP¥17.00 in 2Q 2021) The company reported a mediocre second quarter result with weaker earnings and profit margins, although revenues improved. Second quarter 2022 results: Revenue: JP¥17.5b (up 33% from 2Q 2021). Net income: JP¥278.0m (down 52% from 2Q 2021). Profit margin: 1.6% (down from 4.4% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥15.00 per share Eligible shareholders must have bought the stock before 29 September 2021. Payment date: 02 December 2021. Trailing yield: 2.7%. Lower than top quartile of Japanese dividend payers (3.0%). In line with average of industry peers (3.0%). Reported Earnings • Aug 18
First quarter 2022 earnings released: JP¥5.90 loss per share (vs JP¥15.21 profit in 1Q 2021) The company reported a poor first quarter result with weaker earnings, revenues and control over costs. First quarter 2022 results: Revenue: JP¥10.8b (down 14% from 1Q 2021). Net loss: JP¥202.0m (down 139% from profit in 1Q 2021). Over the last 3 years on average, earnings per share has fallen by 2% per year and the company’s share price has also fallen by 2% per year. Reported Earnings • Apr 30
Full year 2021 earnings released: EPS JP¥80.48 (vs JP¥69.92 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¥59.5b (down 11% from FY 2020). Net income: JP¥2.75b (up 16% from FY 2020). Profit margin: 4.6% (up from 3.6% in FY 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥13.50 per share Eligible shareholders must have bought the stock before 30 March 2021. Payment date: 29 June 2021. Trailing yield: 2.8%. Within top quartile of Japanese dividend payers (2.7%). In line with average of industry peers (2.6%). Reported Earnings • Feb 03
Third quarter 2021 earnings released: EPS JP¥12.27 (vs JP¥15.47 in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: JP¥13.9b (down 16% from 3Q 2020). Net income: JP¥419.0m (down 20% from 3Q 2020). Profit margin: 3.0% (down from 3.2% in 3Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 1% per year whereas the company’s share price has fallen by 6% per year. Is New 90 Day High Low • Jan 08
New 90-day high: JP¥956 The company is up 25% from its price of JP¥762 on 09 October 2020. The Japanese market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Construction industry, which is up 3.0% over the same period. Announcement • Dec 26
Tokyo Energy & Systems Inc. to Report Q3, 2021 Results on Feb 02, 2021 Tokyo Energy & Systems Inc. announced that they will report Q3, 2021 results on Feb 02, 2021 Is New 90 Day High Low • Dec 18
New 90-day high: JP¥892 The company is up 18% from its price of JP¥756 on 18 September 2020. The Japanese market is up 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Construction industry, which is down 2.0% over the same period. Announcement • Oct 01
Tokyo Energy & Systems Inc. to Report Q2, 2021 Results on Oct 28, 2020 Tokyo Energy & Systems Inc. announced that they will report Q2, 2021 results on Oct 28, 2020 Announcement • Sep 21
Tokyo Energy & Systems Inc.(TSE:1945) dropped from S&P Global BMI Index Tokyo Energy & Systems Inc.(TSE:1945) dropped from S&P Global BMI Index 
