Reported Earnings • May 14
Full year 2026 earnings released: EPS: JP¥361 (vs JP¥232 in FY 2025) Full year 2026 results: EPS: JP¥361 (up from JP¥232 in FY 2025). Revenue: JP¥129.1b (up 20% from FY 2025). Net income: JP¥16.7b (up 54% from FY 2025). Profit margin: 13% (up from 10% in FY 2025). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has increased by 66% per year, which means it is tracking significantly ahead of earnings growth. Announcement • May 14
Tsugami Corporation (TSE:6101) announces an Equity Buyback for 300,000 shares, representing 0.63% for ¥1,500 million. Tsugami Corporation (TSE:6101) announces a share repurchase program. Under the program, the company will repurchase up to 300,000 shares, representing 0.63% of its issued share capital, for ¥1,500 million. The purpose of the program is implement flexible capital policy measures in response to future changes in the management environment. The program will expire on November 11, 2026. As of May 12, 2026, the company had 48,000,000 shares in issue(including treasury shares) and 1,498,000 shares in treasury. Announcement • May 13
Tsugami Corporation, Annual General Meeting, Jun 17, 2026 Tsugami Corporation, Annual General Meeting, Jun 17, 2026. Valuation Update With 7 Day Price Move • May 01
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to JP¥4,770, the stock trades at a trailing P/E ratio of 14.8x. Average trailing P/E is 15x in the Machinery industry in Japan. Total returns to shareholders of 273% over the past three years. New Risk • Apr 29
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Japanese stocks, typically moving 9.5% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • Apr 10
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to JP¥4,210, the stock trades at a trailing P/E ratio of 13.1x. Average trailing P/E is 15x in the Machinery industry in Japan. Total returns to shareholders of 247% over the past three years. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥36.00 per share Eligible shareholders must have bought the stock before 30 March 2026. Payment date: 28 May 2026. Payout ratio is a comfortable 21% and this is well supported by cash flows. Trailing yield: 2.2%. Lower than top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (1.6%). Valuation Update With 7 Day Price Move • Mar 09
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to JP¥3,415, the stock trades at a trailing P/E ratio of 10.6x. Average trailing P/E is 15x in the Machinery industry in Japan. Total returns to shareholders of 160% over the past three years. Reported Earnings • Jan 31
Third quarter 2026 earnings released: EPS: JP¥103 (vs JP¥62.76 in 3Q 2025) Third quarter 2026 results: EPS: JP¥103 (up from JP¥62.76 in 3Q 2025). Revenue: JP¥34.1b (up 36% from 3Q 2025). Net income: JP¥4.77b (up 62% from 3Q 2025). Profit margin: 14% (up from 12% in 3Q 2025). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 32% per year and the company’s share price has also increased by 32% per year. Announcement • Dec 15
Tsugami Corporation to Report Q3, 2026 Results on Jan 30, 2026 Tsugami Corporation announced that they will report Q3, 2026 results on Jan 30, 2026 New Risk • Dec 12
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 5.5% 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. This is currently the only risk that has been identified for the company. Declared Dividend • Nov 29
First half dividend of JP¥36.00 announced Shareholders will receive a dividend of JP¥36.00. Ex-date: 30th March 2026 Payment date: 28th May 2026 Dividend yield will be 2.6%, which is higher than the industry average of 2.1%. Sustainability & Growth Dividend is well covered by both earnings (11% earnings payout ratio) and cash flows (21% cash payout ratio). The dividend has increased by an average of 20% 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 49% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Nov 15
Second quarter 2026 earnings released: EPS: JP¥63.20 (vs JP¥44.73 in 2Q 2025) Second quarter 2026 results: EPS: JP¥63.20 (up from JP¥44.73 in 2Q 2025). Revenue: JP¥28.3b (up 18% from 2Q 2025). Net income: JP¥2.93b (up 39% from 2Q 2025). Profit margin: 10% (up from 8.8% in 2Q 2025). The increase in margin was driven by higher revenue. 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 35% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Nov 13
Tsugami Corporation (TSE:6101) announces an Equity Buyback for 500,000 shares, representing 1.07% for ¥1,300 million. Tsugami Corporation (TSE:6101) announces a share repurchase program. Under the program, the company will repurchase up to 500,000 shares, representing 1.07% of its issued share capital, for ¥1,300 million. The purpose of the program is to implement flexible capital policy measures in response to future changes in the management environment. The program will expire on May 12, 2026. As of November 12, 2025, the company had 48,000,000 shares in issue(including treasury shares) and 1,067,000 shares in treasury. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥32.00 per share Eligible shareholders must have bought the stock before 29 September 2025. Payment date: 01 December 2025. Payout ratio is a comfortable 22% and this is well supported by cash flows. Trailing yield: 2.7%. Lower than top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (2.0%). Announcement • Sep 16
Tsugami Corporation to Report Q2, 2026 Results on Nov 13, 2025 Tsugami Corporation announced that they will report Q2, 2026 results on Nov 13, 2025 Reported Earnings • Jul 31
First quarter 2026 earnings released: EPS: JP¥90.11 (vs JP¥57.21 in 1Q 2025) First quarter 2026 results: EPS: JP¥90.11 (up from JP¥57.21 in 1Q 2025). Revenue: JP¥31.8b (up 24% from 1Q 2025). Net income: JP¥4.21b (up 56% from 1Q 2025). Profit margin: 13% (up from 11% in 1Q 2025). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has increased by 19% per year, which means it is tracking significantly ahead of earnings growth. Declared Dividend • Jul 09
Final dividend of JP¥32.00 announced Shareholders will receive a dividend of JP¥32.00. Ex-date: 29th September 2025 Payment date: 1st December 2025 Dividend yield will be 3.5%, which is higher than the industry average of 2.1%. Sustainability & Growth Dividend is well covered by both earnings (25% earnings payout ratio) and cash flows (45% cash payout ratio). 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. Earnings per share has grown by 43% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Jun 20
Full year 2025 earnings released: EPS: JP¥232 (vs JP¥113 in FY 2024) Full year 2025 results: EPS: JP¥232 (up from JP¥113 in FY 2024). Revenue: JP¥107.4b (up 28% from FY 2024). Net income: JP¥10.9b (up 103% from FY 2024). Profit margin: 10% (up from 6.4% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has increased by 17% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jun 17
Tsugami Corporation to Report Q1, 2026 Results on Jul 30, 2025 Tsugami Corporation announced that they will report Q1, 2026 results on Jul 30, 2025 Reported Earnings • May 15
Full year 2025 earnings released: EPS: JP¥232 (vs JP¥113 in FY 2024) Full year 2025 results: EPS: JP¥232 (up from JP¥113 in FY 2024). Revenue: JP¥107.4b (up 28% from FY 2024). Net income: JP¥10.9b (up 103% from FY 2024). Profit margin: 10% (up from 6.4% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has increased by 16% per year, which means it is tracking significantly ahead of earnings growth. Announcement • May 14
Tsugami Corporation (TSE:6101) announces an Equity Buyback for 500,000 shares, representing 1.05% for ¥925 million. Tsugami Corporation (TSE:6101) announces a share repurchase program. Under the program, the company will repurchase up to 500,000 shares, representing 1.05% of its issued share capital, for ¥925 million. The purpose of the program is to implement flexible capital policy measures in response to future changes in the management environment. The program will expire on November 12, 2025. As of May 12, 2025, the company had 48,000,000 shares in issue and 602,000 shares in treasury. Announcement • May 13
Tsugami Corporation, Annual General Meeting, Jun 18, 2025 Tsugami Corporation, Annual General Meeting, Jun 18, 2025. Valuation Update With 7 Day Price Move • Apr 04
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to JP¥1,621, the stock trades at a trailing P/E ratio of 8.1x. Average trailing P/E is 11x in the Machinery industry in Japan. Total returns to shareholders of 49% over the past three years. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥27.00 per share Eligible shareholders must have bought the stock before 28 March 2025. Payment date: 28 May 2025. Payout ratio is a comfortable 25% and this is well supported by cash flows. Trailing yield: 2.7%. Lower than top quartile of Japanese dividend payers (3.7%). Higher than average of industry peers (2.1%). New Risk • Mar 14
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 5.9% 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. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • Mar 14
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to JP¥2,046, the stock trades at a trailing P/E ratio of 10.2x. Average trailing P/E is 12x in the Machinery industry in Japan. Total returns to shareholders of 73% over the past three years. Announcement • Mar 14
Tsugami Corporation to Report Fiscal Year 2025 Results on May 13, 2025 Tsugami Corporation announced that they will report fiscal year 2025 results on May 13, 2025 Reported Earnings • Jan 31
Third quarter 2025 earnings released: EPS: JP¥62.76 (vs JP¥30.20 in 3Q 2024) Third quarter 2025 results: EPS: JP¥62.76 (up from JP¥30.20 in 3Q 2024). Revenue: JP¥25.1b (up 11% from 3Q 2024). Net income: JP¥2.95b (up 105% from 3Q 2024). Profit margin: 12% (up from 6.4% in 3Q 2024). The increase in margin was driven by higher revenue. 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. Announcement • Dec 05
Tsugami Corporation to Report Q3, 2025 Results on Jan 30, 2025 Tsugami Corporation announced that they will report Q3, 2025 results on Jan 30, 2025 Declared Dividend • Nov 30
First half dividend of JP¥27.00 announced Shareholders will receive a dividend of JP¥27.00. Ex-date: 28th March 2025 Payment date: 28th May 2025 Dividend yield will be 4.0%, which is higher than the industry average of 2.1%. Sustainability & Growth Dividend is well covered by both earnings (14% earnings payout ratio) and cash flows (46% cash payout ratio). The dividend has increased by an average of 15% 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 15% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Nov 15
Second quarter 2025 earnings released: EPS: JP¥44.72 (vs JP¥18.51 in 2Q 2024) Second quarter 2025 results: EPS: JP¥44.72 (up from JP¥18.51 in 2Q 2024). Revenue: JP¥24.1b (up 25% from 2Q 2024). Net income: JP¥2.11b (up 138% from 2Q 2024). Profit margin: 8.8% (up from 4.6% in 2Q 2024). The increase in margin was driven by higher revenue. 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 4% per year, which means it has not declined as severely as earnings. Announcement • Nov 13
Tsugami Corporation (TSE:6101) announces an Equity Buyback for 250,000 shares, representing 0.52% for ¥400 million. Tsugami Corporation (TSE:6101) announces a share repurchase program. Under the program, the company will repurchase up to 250,000 shares, representing 0.52% of its issued share capital, for ¥400 million. The program is aimed at implementing a flexible capital policy in response to future changes in the business environment. The program will expire on May 12, 2025. As of November 12, 2024, the company had 48,000,000 shares in issue and 376,000 shares in treasury. Announcement • Sep 25
Tsugami Corporation to Report Q2, 2025 Results on Nov 13, 2024 Tsugami Corporation announced that they will report Q2, 2025 results on Nov 13, 2024 Upcoming Dividend • Sep 20
Upcoming dividend of JP¥24.00 per share Eligible shareholders must have bought the stock before 27 September 2024. Payment date: 02 December 2024. Payout ratio is a comfortable 34% and this is well supported by cash flows. Trailing yield: 3.5%. Lower than top quartile of Japanese dividend payers (3.8%). Higher than average of industry peers (2.9%). New Risk • Sep 12
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 8.3% 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. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • Aug 06
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to JP¥1,377, the stock trades at a trailing P/E ratio of 9.6x. Average forward P/E is 10x in the Machinery industry in Japan. Total loss to shareholders of 6.4% over the past three years. Reported Earnings • Aug 01
First quarter 2025 earnings released: EPS: JP¥57.21 (vs JP¥27.19 in 1Q 2024) First quarter 2025 results: EPS: JP¥57.21 (up from JP¥27.19 in 1Q 2024). Revenue: JP¥25.7b (up 22% from 1Q 2024). Net income: JP¥2.71b (up 107% from 1Q 2024). Profit margin: 11% (up from 6.2% in 1Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. New Risk • Jul 30
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 5.7% 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. This is currently the only risk that has been identified for the company. Declared Dividend • Jul 11
Final dividend of JP¥24.00 announced Dividend of JP¥24.00 is the same as last year. Ex-date: 27th September 2024 Payment date: 2nd December 2024 Dividend yield will be 3.1%, which is higher than the industry average of 2.1%. Sustainability & Growth Dividend is well covered by both earnings (44% earnings payout ratio) and cash flows (24% cash payout ratio). The dividend has increased by an average of 15% 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 remain steady over the next year, which should provide adequate earnings cover for the dividend. Announcement • Jul 03
An undisclosed buyer acquired 5.90% stake in Precision Tsugami (China) Corporation Limited (SEHK:1651) from Tsugami Corporation (TSE:6101). An undisclosed buyer acquired 5.90% stake in Precision Tsugami (China) Corporation Limited (SEHK:1651) from Tsugami Corporation (TSE:6101) on July 2, 2024.An undisclosed buyer completed the acquisition of 5.90% stake in Precision Tsugami (China) Corporation Limited (SEHK:1651) from Tsugami Corporation (TSE:6101) on July 2, 2024. Announcement • Jun 25
Tsugami Corporation to Report Q1, 2025 Results on Jul 30, 2024 Tsugami Corporation announced that they will report Q1, 2025 results on Jul 30, 2024 Reported Earnings • Jun 23
Full year 2024 earnings released: EPS: JP¥113 (vs JP¥159 in FY 2023) Full year 2024 results: EPS: JP¥113 (down from JP¥159 in FY 2023). Revenue: JP¥83.9b (down 12% from FY 2023). Net income: JP¥5.38b (down 30% from FY 2023). Profit margin: 6.4% (down from 8.1% in FY 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 8% per year whereas the company’s share price has fallen by 4% per year. Reported Earnings • May 18
Full year 2024 earnings released: EPS: JP¥113 (vs JP¥159 in FY 2023) Full year 2024 results: EPS: JP¥113 (down from JP¥159 in FY 2023). Revenue: JP¥83.9b (down 12% from FY 2023). Net income: JP¥5.38b (down 30% from FY 2023). Profit margin: 6.4% (down from 8.1% in FY 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 8% 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. Announcement • May 16
Tsugami Corporation, Annual General Meeting, Jun 19, 2024 Tsugami Corporation, Annual General Meeting, Jun 19, 2024. Announcement • Mar 26
Tsugami Corporation to Report Fiscal Year 2024 Results on May 14, 2024 Tsugami Corporation announced that they will report fiscal year 2024 results on May 14, 2024 Upcoming Dividend • Mar 21
Upcoming dividend of JP¥24.00 per share Eligible shareholders must have bought the stock before 28 March 2024. Payment date: 30 May 2024. Payout ratio is a comfortable 44% and this is well supported by cash flows. Trailing yield: 4.1%. Within top quartile of Japanese dividend payers (3.2%). Higher than average of industry peers (1.9%). Reported Earnings • Feb 02
Third quarter 2024 earnings released: EPS: JP¥30.21 (vs JP¥37.47 in 3Q 2023) Third quarter 2024 results: EPS: JP¥30.21 (down from JP¥37.47 in 3Q 2023). Revenue: JP¥22.5b (down 7.8% from 3Q 2023). Net income: JP¥1.44b (down 20% from 3Q 2023). Profit margin: 6.4% (down from 7.4% in 3Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Announcement • Dec 17
Tsugami Corporation to Report Q3, 2024 Results on Jan 30, 2024 Tsugami Corporation announced that they will report Q3, 2024 results on Jan 30, 2024 Reported Earnings • Nov 11
Second quarter 2024 earnings released: EPS: JP¥18.52 (vs JP¥32.26 in 2Q 2023) Second quarter 2024 results: EPS: JP¥18.52 (down from JP¥32.26 in 2Q 2023). Revenue: JP¥19.2b (down 14% from 2Q 2023). Net income: JP¥887.0m (down 43% from 2Q 2023). Profit margin: 4.6% (down from 7.0% in 2Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Announcement • Sep 30
Tsugami Corporation to Report Q2, 2024 Results on Nov 10, 2023 Tsugami Corporation announced that they will report Q2, 2024 results on Nov 10, 2023 Upcoming Dividend • Sep 21
Upcoming dividend of JP¥24.00 per share at 4.0% yield Eligible shareholders must have bought the stock before 28 September 2023. Payment date: 30 November 2023. Payout ratio is a comfortable 35% and this is well supported by cash flows. Trailing yield: 4.0%. Within top quartile of Japanese dividend payers (3.3%). Higher than average of industry peers (2.1%). New Risk • Aug 02
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 7.0% Last year net profit margin: 10% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. This is currently the only risk that has been identified for the company. Reported Earnings • Aug 01
First quarter 2024 earnings released: EPS: JP¥27.19 (vs JP¥56.05 in 1Q 2023) First quarter 2024 results: EPS: JP¥27.19 (down from JP¥56.05 in 1Q 2023). Revenue: JP¥21.1b (down 17% from 1Q 2023). Net income: JP¥1.30b (down 52% from 1Q 2023). Profit margin: 6.2% (down from 11% in 1Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Jul 06
Now 21% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be JP¥1,689, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 26% over the last 3 years. Earnings per share has grown by 44%. Revenue is forecast to grow by 2.6% in a year. Earnings is forecast to grow by 2.1% in the next year. Announcement • Jun 29
Tsugami Corporation to Report Q1, 2024 Results on Jul 31, 2023 Tsugami Corporation announced that they will report Q1, 2024 results on Jul 31, 2023 Reported Earnings • Jun 24
Full year 2023 earnings: EPS exceeds analyst expectations Full year 2023 results: EPS: JP¥159 (down from JP¥192 in FY 2022). Revenue: JP¥95.0b (up 1.9% from FY 2022). Net income: JP¥7.70b (down 19% from FY 2022). Profit margin: 8.1% (down from 10% in FY 2022). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 3.4%. Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Jun 06
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 11%. The fair value is estimated to be JP¥1,713, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 26% over the last 3 years. Earnings per share has grown by 44%. Revenue is forecast to grow by 2.6% in a year. Earnings is forecast to grow by 2.1% in the next year. Reported Earnings • May 15
Full year 2023 earnings: EPS exceeds analyst expectations Full year 2023 results: EPS: JP¥159 (down from JP¥192 in FY 2022). Revenue: JP¥95.0b (up 1.9% from FY 2022). Net income: JP¥7.70b (down 19% from FY 2022). Profit margin: 8.1% (down from 10% in FY 2022). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 3.4%. Revenue is forecast to grow 4.2% p.a. on average during the next 2 years, compared to a 4.2% growth forecast for the Machinery industry in Japan. Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Buying Opportunity • May 15
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 9.3%. The fair value is estimated to be JP¥1,706, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 26% over the last 3 years. Earnings per share has grown by 44%. Revenue is forecast to grow by 8.6% in 2 years. Earnings is forecast to grow by 11% in the next 2 years. Announcement • May 12
Tsugami Corporation to Report Fiscal Year 2023 Final Results on Jun 21, 2023 Tsugami Corporation announced that they will report fiscal year 2023 final results on Jun 21, 2023 Upcoming Dividend • Mar 23
Upcoming dividend of JP¥22.00 per share at 3.2% yield Eligible shareholders must have bought the stock before 30 March 2023. Payment date: 30 May 2023. Payout ratio is a comfortable 14% but the company is paying out more than the cash it is generating. Trailing yield: 3.2%. Lower than top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (2.4%). Reported Earnings • Jan 31
Third quarter 2023 earnings released: EPS: JP¥37.52 (vs JP¥47.06 in 3Q 2022) Third quarter 2023 results: EPS: JP¥37.52 (down from JP¥47.06 in 3Q 2022). Revenue: JP¥24.5b (up 5.9% from 3Q 2022). Net income: JP¥1.81b (down 21% from 3Q 2022). Profit margin: 7.4% (down from 10.0% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue is expected to decline by 6.6% p.a. on average during the next 2 years, while revenues in the Machinery industry in Japan are expected to grow by 4.3%. Over the last 3 years on average, earnings per share has increased by 49% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Announcement • Dec 28
Tsugami Corporation to Report Q3, 2023 Results on Jan 30, 2023 Tsugami Corporation announced that they will report Q3, 2023 results on Jan 30, 2023 Board Change • Nov 16
High number of new directors There are 7 new directors who have joined the board in the last 3 years. Head of General Affairs, Secretariat & Representative Director Motoi Yamada was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 10
Second quarter 2023 earnings released: EPS: JP¥32.28 (vs JP¥55.61 in 2Q 2022) Second quarter 2023 results: EPS: JP¥32.28 (down from JP¥55.61 in 2Q 2022). Revenue: JP¥22.4b (down 11% from 2Q 2022). Net income: JP¥1.56b (down 43% from 2Q 2022). Profit margin: 7.0% (down from 11% in 2Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 5.4% p.a. on average during the next 2 years, compared to a 4.0% growth forecast for the Machinery industry in Japan. Over the last 3 years on average, earnings per share has increased by 50% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Announcement • Sep 24
Tsugami Corporation to Report Q2, 2023 Results on Nov 08, 2022 Tsugami Corporation announced that they will report Q2, 2023 results on Nov 08, 2022 Upcoming Dividend • Sep 22
Upcoming dividend of JP¥22.00 per share Eligible shareholders must have bought the stock before 29 September 2022. Payment date: 30 November 2022. Payout ratio is a comfortable 21% and the cash payout ratio is 94%. Trailing yield: 3.7%. Within top quartile of Japanese dividend payers (3.7%). Higher than average of industry peers (2.4%). Reported Earnings • Jul 31
First quarter 2023 earnings released: EPS: JP¥56.05 (vs JP¥53.15 in 1Q 2022) First quarter 2023 results: EPS: JP¥56.05 (up from JP¥53.15 in 1Q 2022). Revenue: JP¥25.5b (up 6.2% from 1Q 2022). Net income: JP¥2.71b (flat on 1Q 2022). Profit margin: 11% (in line with 1Q 2022). Over the next year, revenue is forecast to grow 2.5%, compared to a 10.0% growth forecast for the industry in Japan. Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Announcement • Jun 30
Tsugami Corporation to Report Q1, 2023 Results on Jul 29, 2022 Tsugami Corporation announced that they will report Q1, 2023 results on Jul 29, 2022 Reported Earnings • Jun 26
Full year 2022 earnings: Revenues miss analyst expectations Full year 2022 results: Revenue: JP¥93.2b (up 51% from FY 2021). Net income: JP¥9.49b (up 93% from FY 2021). Profit margin: 10% (up from 8.0% in FY 2021). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 6.4%. Over the next year, revenue is forecast to grow 3.0%, compared to a 9.5% growth forecast for the industry in Japan. Announcement • Jun 23
Tsugami Corporation (TSE:6101) announces an Equity Buyback for 1,000,000 shares, representing 2.1% for ¥1,150 million. Tsugami Corporation (TSE:6101) announces a share repurchase program. Under the program, the company will repurchase up to 1,000,000 shares, representing 2.1% of its issued share capital (excluding treasury stock), for a total purchase price of ¥1,150 million. The purpose of the program is to carry out agile capital policy in response to future changes in the business environment. The program will be valid till November 7, 2022. As of June 21, 2022, the company had 50,000,000 issued shares and 2,122,000 treasury shares. Major Estimate Revision • Jun 11
Consensus EPS estimates fall by 13% The consensus outlook for earnings per share (EPS) in 2023 has deteriorated. 2023 revenue forecast decreased from JP¥105.0b to JP¥96.0b. EPS estimate also fell from JP¥230 per share to JP¥199 per share. Net income forecast to grow 1.2% next year vs 6.7% growth forecast for Machinery industry in Japan. Consensus price target down from JP¥2,200 to JP¥1,100. Share price was steady at JP¥1,244 over the past week. Reported Earnings • May 15
Full year 2022 earnings: EPS and revenues miss analyst expectations Full year 2022 results: EPS: JP¥192 (up from JP¥95.19 in FY 2021). Revenue: JP¥93.2b (up 51% from FY 2021). Net income: JP¥9.49b (up 93% from FY 2021). Profit margin: 10% (up from 8.0% in FY 2021). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 6.4%. Earnings per share (EPS) also missed analyst estimates by 9.9%. Over the next year, revenue is forecast to grow 13%, compared to a 7.8% growth forecast for the industry in Japan. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Announcement • May 14
Tsugami Corporation, Annual General Meeting, Jun 22, 2022 Tsugami Corporation, Annual General Meeting, Jun 22, 2022. Price Target Changed • Apr 27
Price target increased to JP¥2,200 Up from JP¥2,050, the current price target is provided by 1 analyst. New target price is 87% above last closing price of JP¥1,175. Stock is down 34% over the past year. The company is forecast to post earnings per share of JP¥213 for next year compared to JP¥95.19 last year. Board Change • Apr 27
High number of new directors There are 6 new directors who have joined the board in the last 3 years. CFO & Director Ichiro Muromoto 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. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥18.00 per share Eligible shareholders must have bought the stock before 30 March 2022. Payment date: 28 May 2022. Payout ratio is a comfortable 16% and this is well supported by cash flows. Trailing yield: 2.6%. Lower than top quartile of Japanese dividend payers (3.4%). Higher than average of industry peers (2.0%). Announcement • Feb 19
Tsugami Corporation (TSE:6101) announces an Equity Buyback for 1,000,000 shares, representing 2% for ¥1,300 million. Tsugami Corporation (TSE:6101) announces a share repurchase program. Under the program, the company will repurchase up to 1,000,000 shares, representing 2% of its issued share capital (excluding treasury stock), for a total purchase price of ¥1,300 million. The purpose of the program is to carry out agile capital policy in response to future changes in the business environment. The program will be valid till July 21, 2022. As of February 17, 2022, the company had 50,000,000 issued shares and 1,398,000 treasury shares. Reported Earnings • Jan 30
Third quarter 2022 earnings: EPS and revenues exceed analyst expectations Third quarter 2022 results: EPS: JP¥47.05 (up from JP¥31.34 in 3Q 2021). Revenue: JP¥23.1b (up 44% from 3Q 2021). Net income: JP¥2.30b (up 42% from 3Q 2021). Profit margin: 10.0% (in line with 3Q 2021). Revenue exceeded analyst estimates by 3.4%. Earnings per share (EPS) also surpassed analyst estimates by 18%. Over the next year, revenue is forecast to grow 8.8%, compared to a 9.1% growth forecast for the industry in Japan. Over the last 3 years on average, earnings per share has increased by 22% per year whereas the company’s share price has increased by 24% per year. Announcement • Jan 28
Tsugami Corporation to Report Q3, 2022 Results on Jan 28, 2022 Tsugami Corporation announced that they will report Q3, 2022 results on Jan 28, 2022 Reported Earnings • Nov 15
Second quarter 2022 earnings released: EPS JP¥55.66 (vs JP¥11.79 in 2Q 2021) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2022 results: Revenue: JP¥25.1b (up 101% from 2Q 2021). Net income: JP¥2.76b (up 352% from 2Q 2021). Profit margin: 11% (up from 4.9% 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 7% per year but the company’s share price has increased by 22% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Oct 05
Investor sentiment deteriorated over the past week After last week's 15% share price decline to JP¥1,547, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 13x in the Machinery industry in Japan. Total returns to shareholders of 59% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥877 per share. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥14.00 per share Eligible shareholders must have bought the stock before 29 September 2021. Payment date: 30 November 2021. Trailing yield: 1.5%. Lower than top quartile of Japanese dividend payers (3.0%). In line with average of industry peers (1.4%). Announcement • Sep 20
Tsugami Corporation (TSE:6101) announces an Equity Buyback for 750,000 shares, representing 1.5% for ¥1,500 million. Tsugami Corporation (TSE:6101) announces a share repurchase program. Under the program, the company will repurchase up to 750,000 shares, representing 1.5% of its issued share capital (excluding treasury stock), for a total purchase price of ¥1,500 million. The purpose of the program is to carry out agile capital policy in response to future changes in the business environment. The program will be valid till February 17, 2022. As of September 16, 2021, the company had 55,000,000 issued shares and 5,731,000 treasury shares.