Announcement • May 07
Integrated Design & Engineering Holdings Co.,Ltd. to Delist from Prime Section of the Tokyo Stock Exchange, Effective May 13, 2025 Integrated Design & Engineering Holdings Co.,Ltd. will be delisted from Prime Section of the Tokyo Stock Exchange effective from May 13, 2025, due to Reverse stock split. Announcement • Feb 18
Integrated Design & Engineering Holdings Co.,Ltd.(TSE:9161) dropped from S&P Global BMI Index Integrated Design & Engineering Holdings Co.,Ltd.(TSE:9161) dropped from S&P Global BMI Index Reported Earnings • Feb 16
Second quarter 2025 earnings released: EPS: JP¥71.76 (vs JP¥42.97 in 2Q 2024) Second quarter 2025 results: EPS: JP¥71.76 (up from JP¥42.97 in 2Q 2024). Revenue: JP¥38.5b (up 5.3% from 2Q 2024). Net income: JP¥1.08b (up 67% from 2Q 2024). Profit margin: 2.8% (up from 1.8% in 2Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has increased by 29% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jan 03
Integrated Design & Engineering Holdings Co.,Ltd. to Report Q2, 2025 Results on Feb 14, 2025 Integrated Design & Engineering Holdings Co.,Ltd. announced that they will report Q2, 2025 results on Feb 14, 2025 New Risk • Dec 10
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 15% 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 (15% operating cash flow to total debt). Share price has been highly volatile over the past 3 months (9.3% average weekly change). Minor Risk Dividend is not well covered by cash flows (121% cash payout ratio). Valuation Update With 7 Day Price Move • Nov 21
Investor sentiment improves as stock rises 37% After last week's 37% share price gain to JP¥5,380, the stock trades at a trailing P/E ratio of 10.5x. Average trailing P/E is 11x in the Construction industry in Japan. Total returns to shareholders of 74% over the past three years. Announcement • Nov 21
Tokio Marine Holdings, Inc. (TSE:8766) proposed to acquire remaining 99.70% stake in Integrated Design & Engineering Holdings Co.,Ltd. (TSE:9161) from a group of shareholders in a tender offer transaction for ¥97.8 billion. Tokio Marine Holdings, Inc. (TSE:8766) proposed to acquire remaining 99.70% stake in Integrated Design & Engineering Holdings Co.,Ltd. (TSE:9161) from a group of shareholders in a tender offer transaction for ¥97.8 billion on November 19, 2024. A cash consideration of ¥97.81 billion valued at ¥6500 per share will be paid by Tokio Marine Holdings, Inc. As part of consideration, ¥97.81 billion is paid towards common equity of Integrated Design & Engineering Holdings Co.,Ltd. Upon completion, Tokio Marine Holdings, Inc. will own 100% stake in Integrated Design & Engineering Holdings Co.,Ltd.
The transaction is subject to approval of merger agreement by target board, approval of offer by target shareholders and minimum tender. The deal has been approved by the board. Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. acted as financial and fairness opinion provider Nishimura & Asahi acted as legal advisor to Tokio Marine Holdings, Inc. (TSE:8766) whereas Nomura Securities Co., Ltd. and Nagashima Ohno & Tsunematsu acted as financial and legal advisor to Integrated Design & Engineering Holdings Co.,Ltd. New Risk • Nov 20
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Japanese stocks, typically moving 6.1% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by cash flows (121% cash payout ratio). Share price has been volatile over the past 3 months (6.1% average weekly change). Announcement • Nov 19
Integrated Design & Engineering Holdings Co.,Ltd. Revises Year-End Dividend Guidance for the Fiscal Year Ending June 30, 2025 Integrated Design & Engineering Holdings Co. Ltd. announced that at the extraordinary Board of Directors meeting held on November 19, 2024, the Company has resolved to amend the dividend forecasts for the fiscal year ending June 2025, and not to pay any year-end dividends for such fiscal year ending June 30, 2025 against previous forecast of JPY 175 per share. At the extraordinary Board of Directors meeting held on November 19, 2024, the Company has resolved to express its opinion in favor of the Tender Offer and to recommend that shareholders of the Company tender their shares in the Tender Offer. The above resolution by the Company's extraordinary Board of Directors was adopted on the premise that the Tender Offeror intends to make the Company a wholly-owned subsidiary thereof and that the Company Shares will be delisted through the Tender Offer and the series of subsequent procedures. In order to maintain a stable dividend and enhance shareholder returns to correspond to the rising profit level, the Company has continued a basic dividend policy, which is to target a consolidated dividend ratio of approximately 30%. However, given that the purchase price, among other factors in the Tender Offer, was comprehensively evaluated and determined on the assumption that no year-end dividend would be paid for the fiscal year ending June 30, 2025, the Board of Directors has resolved at the meeting held On November 19, 2024 to amend the dividend forecast and not to pay any year-end dividend for the fiscal year ending June 30, 2025. Reported Earnings • Nov 15
First quarter 2025 earnings released: JP¥150 loss per share (vs JP¥22.22 loss in 1Q 2024) First quarter 2025 results: JP¥150 loss per share (further deteriorated from JP¥22.22 loss in 1Q 2024). Revenue: JP¥33.6b (up 7.2% from 1Q 2024). Net loss: JP¥2.26b (loss widened JP¥1.93b from 1Q 2024). Over the last 3 years on average, earnings per share has increased by 1% per year whereas the company’s share price has increased by 4% per year. Announcement • Oct 01
Integrated Design & Engineering Holdings Co.,Ltd. to Report Q1, 2025 Results on Nov 13, 2024 Integrated Design & Engineering Holdings Co.,Ltd. announced that they will report Q1, 2025 results on Nov 13, 2024 Reported Earnings • Aug 20
Full year 2024 earnings: EPS and revenues exceed analyst expectations Full year 2024 results: EPS: JP¥642 (up from JP¥205 in FY 2023). Revenue: JP¥159.0b (up 12% from FY 2023). Net income: JP¥9.68b (up 213% from FY 2023). Profit margin: 6.1% (up from 2.2% in FY 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.9%. Earnings per share (EPS) also surpassed analyst estimates by 36%. Revenue is forecast to grow 3.1% p.a. on average during the next 2 years, compared to a 2.2% growth forecast for the Construction industry in Japan. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Announcement • Aug 14
Integrated Design & Engineering Holdings Co.,Ltd., Annual General Meeting, Sep 26, 2024 Integrated Design & Engineering Holdings Co.,Ltd., Annual General Meeting, Sep 26, 2024. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 23% After last week's 23% share price decline to JP¥3,110, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 11x in the Construction industry in Japan. Total returns to shareholders of 13% over the past three years. Buy Or Sell Opportunity • Aug 05
Now 27% undervalued after recent price drop Over the last 90 days, the stock has fallen 33% to JP¥3,110. The fair value is estimated to be JP¥4,268, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.7% over the last 3 years. Earnings per share has declined by 4.1%. Revenue is forecast to grow by 8.4% in 2 years. Earnings are forecast to grow by 8.5% in the next 2 years. Announcement • Jun 28
Integrated Design & Engineering Holdings Co.,Ltd. to Report Fiscal Year 2024 Results on Aug 14, 2024 Integrated Design & Engineering Holdings Co.,Ltd. announced that they will report fiscal year 2024 results at 12:00 PM, Tokyo Standard Time on Aug 14, 2024 Upcoming Dividend • Jun 20
Upcoming dividend of JP¥125 per share Eligible shareholders must have bought the stock before 27 June 2024. Payment date: 12 September 2024. Trailing yield: 2.9%. Lower than top quartile of Japanese dividend payers (3.4%). Lower than average of industry peers (3.3%). New Risk • Jun 01
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended September 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Minor Risks Latest financial reports are more than 6 months old (reported September 2023 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (1.5% net profit margin). Announcement • May 16
Integrated Design & Engineering Holdings Co.,Ltd. Provides Consolidated Earnings Guidance for the Year Ending June 30, 2024 Integrated Design & Engineering Holdings Co.,Ltd. provided consolidated earnings guidance for the year ending June 30, 2024. For the year, the company expects revenue of JPY 156,000 million, operating profit of JPY 11,100 million, profit attributable to owners of parent of JPY 7,100 million or JPY 470.89 per share basic. Declared Dividend • Apr 20
Dividend of JP¥125 announced Dividend of JP¥125 is the same as last year. Ex-date: 27th June 2024 Payment date: 12th September 2024 Dividend yield will be 2.9%, which is about the same as the industry average. Sustainability & Growth The dividend has increased by an average of 13% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 121% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Mar 28
Integrated Design & Engineering Holdings Co.,Ltd. to Report Q3, 2024 Results on May 15, 2024 Integrated Design & Engineering Holdings Co.,Ltd. announced that they will report Q3, 2024 results on May 15, 2024 Announcement • Dec 29
Integrated Design & Engineering Holdings Co.,Ltd. to Report Q2, 2024 Results on Feb 14, 2024 Integrated Design & Engineering Holdings Co.,Ltd. announced that they will report Q2, 2024 results on Feb 14, 2024 Reported Earnings • Nov 16
First quarter 2024 earnings released: JP¥22.22 loss per share (vs JP¥38.78 profit in 1Q 2023) First quarter 2024 results: JP¥22.22 loss per share (down from JP¥38.78 profit in 1Q 2023). Revenue: JP¥31.3b (up 17% from 1Q 2023). Net loss: JP¥335.0m (down 157% from profit in 1Q 2023). Revenue is forecast to grow 5.1% p.a. on average during the next 3 years, compared to a 1.9% growth forecast for the Construction industry in Japan. Over the last 3 years on average, earnings per share has increased by 9% per year whereas the company’s share price has increased by 5% per year. Announcement • Sep 30
Integrated Design & Engineering HoldingsCo.,Ltd. to Report Q1, 2024 Results on Nov 14, 2023 Integrated Design & Engineering HoldingsCo.,Ltd. announced that they will report Q1, 2024 results on Nov 14, 2023 Announcement • Sep 01
Integrated Design & Engineering HoldingsCo.,Ltd. Announces Dividend for the Fiscal Year Ended June 30, 2023, Payable on September 11, 2023 Integrated Design & Engineering HoldingsCo.,Ltd. announced dividend for the fiscal year ended June 30, 2023. For the year, the company announced dividend of JPY 125.00 per share against JPY 125.00 per share paid a year ago. Scheduled date of commencing dividend payments is September 11, 2023. Reported Earnings • Aug 17
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: JP¥205 (down from JP¥437 in FY 2022). Revenue: JP¥141.5b (up 8.3% from FY 2022). Net income: JP¥3.09b (down 53% from FY 2022). Profit margin: 2.2% (down from 5.0% in FY 2022). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 2.4%. Earnings per share (EPS) also missed analyst estimates by 48%. Revenue is forecast to grow 9.1% p.a. on average during the next 2 years, compared to a 2.2% growth forecast for the Construction industry in Japan. 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 6% per year, which means it is significantly lagging earnings growth. Board Change • Jul 03
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 9 non-independent directors. Independent Outside Director Kazumasa Kusaka was the last independent director to join the board, commencing their role in 2015. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Feb 14
Nippon Koei Co., Ltd. Provides Consolidated Earnings Guidance for the Fiscal Year Ending June 30, 2023 Nippon Koei Co., Ltd. provided consolidated earnings guidance for the fiscal year ending June 30, 2023. For the year, the company expected revenue of JPY 145,000 million, Operating profit of JPY 11,300 million, Profit attributable to owners of parent of JPY 6,700 million and Basic earnings per share of JPY 444.81. 
