Announcement • Dec 09
TechnoPro Holdings, Inc.(TSE:6028) dropped from FTSE All-World Index (USD) TechnoPro Holdings, Inc.(TSE:6028) dropped from FTSE All-World Index (USD) Reported Earnings • Nov 01
First quarter 2026 earnings released: EPS: JP¥47.97 (vs JP¥45.35 in 1Q 2025) First quarter 2026 results: EPS: JP¥47.97 (up from JP¥45.35 in 1Q 2025). Revenue: JP¥62.5b (up 7.9% from 1Q 2025). Net income: JP¥5.00b (up 4.6% from 1Q 2025). Profit margin: 8.0% (down from 8.3% in 1Q 2025). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 7.6% p.a. on average during the next 3 years, compared to a 6.8% growth forecast for the Professional Services industry in Japan. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has increased by 9% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Sep 25
Private equity funds and vehicles managed by Blackstone (NYSE:BX) completed the acquisition of TechnoPro Holdings, Inc. (TSE:6028) for approximately ¥400 billion. Private equity funds and vehicles managed by Blackstone (NYSE:BX) proposed to acquire 79.9% stake in TechnoPro Holdings, Inc. (TSE:6028) for approximately ¥400 billion on August 6, 2025. A cash consideration of ¥405 billion valued at ¥4870 per share will be paid by Blackstone Inc. As part of consideration, ¥405 billion is paid towards common equity of TechnoPro Holdings, Inc. Through this tender offer, TechnoPro Holdings, Inc is expected to become a wholly owned subsidiary, and to be delisted by the end of this year as part of our transition to private ownership. Blackstone expects to commence the tender offer on August 7, 2025 and will close on September 24, 2025.
The transaction is subject to approval from shareholders of TechnoPro Holdings, which will be held in November 2025. If, upon consummation of the Tender Offer, the Offeror is unable to acquire all of the Target’s Stock through the Tender Offer, the Offeror will, after consummation of the Tender Offer, implement the series of procedures described in " Policies on the organizational restructuring, etc. after the Tender Offer below. If the total number of the Tendered Shares is less than the minimum number of tendered shares to be purchased in the Tender Offer 69,460,100 shares, representing 66.67% stake, the Offeror will purchase none of the Tendered Shares. TechnoPro's board unanimously resolved to express an opinion in support of the Tender Offer.
Anthony King, Sonya Ho, Étienne Renaudeau, Makiko Harunari, Sophie Staples, Steven Klar and Peter Thomas of Simpson Thacher & Bartlett LLP and Anderson Mori & Tomotsune acted as legal advisors and Daiwa Securities Co. Ltd. acted as financial advisor to TechnoPro Holdings, Inc. Nomura Securities Co., Ltd. and Goldman Sachs Japan Co., Ltd. acted as financial advisors to Blackstone. TechnoPro's Special Committee appointed Mori Hamada & Matsumoto as its independent legal advisor, and Plutus Consulting Co., Ltd. as its independent financial advisor.
Private equity funds and vehicles managed by Blackstone (NYSE:BX) completed the acquisition of 79.9% stake in TechnoPro Holdings, Inc. (TSE:6028) for approximately ¥400 billion on September 24, 2025. Announcement • Sep 14
TechnoPro Holdings, Inc. to Report Q1, 2026 Results on Oct 31, 2025 TechnoPro Holdings, Inc. announced that they will report Q1, 2026 results on Oct 31, 2025 Price Target Changed • Aug 23
Price target increased by 7.6% to JP¥3,868 Up from JP¥3,595, the current price target is an average from 6 analysts. New target price is 20% below last closing price of JP¥4,824. The company is forecast to post earnings per share of JP¥208 for next year compared to JP¥154 last year. Reported Earnings • Aug 07
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: EPS: JP¥154 (up from JP¥138 in FY 2024). Revenue: JP¥239.0b (up 9.0% from FY 2024). Net income: JP¥16.1b (up 10.0% from FY 2024). Profit margin: 6.8% (up from 6.7% in FY 2024). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 17%. Revenue is forecast to grow 8.8% p.a. on average during the next 3 years, compared to a 7.1% growth forecast for the Professional Services industry in Japan. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has increased by 14% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Jul 05
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 6.9% 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. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (6.9% average weekly change). Upcoming Dividend • Jun 20
Upcoming dividend of JP¥60.00 per share Eligible shareholders must have bought the stock before 27 June 2025. Payment date: 30 September 2025. Payout ratio is a comfortable 51% and this is well supported by cash flows. Trailing yield: 2.2%. Lower than top quartile of Japanese dividend payers (4.0%). Higher than average of industry peers (1.2%). Announcement • Jun 13
TechnoPro Holdings, Inc. to Report Q4, 2025 Results on Aug 07, 2025 TechnoPro Holdings, Inc. announced that they will report Q4, 2025 results at 9:00 AM, Tokyo Standard Time on Aug 07, 2025 Announcement • Jun 12
TechnoPro Holdings, Inc. to Report June,2025 Results on Jul 10, 2025 TechnoPro Holdings, Inc. announced that they will report June, 2025 results on Jul 10, 2025 New Risk • May 19
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 7.4% 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 Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (7.4% average weekly change). Valuation Update With 7 Day Price Move • May 16
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to JP¥4,089, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 15x in the Professional Services industry in Japan. Total returns to shareholders of 49% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥7,048 per share. Reported Earnings • May 01
Third quarter 2025 earnings: EPS exceeds analyst expectations Third quarter 2025 results: EPS: JP¥47.70 (up from JP¥38.55 in 3Q 2024). Revenue: JP¥59.3b (up 8.7% from 3Q 2024). Net income: JP¥4.97b (up 21% from 3Q 2024). Profit margin: 8.4% (up from 7.5% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 8.1%. Revenue is forecast to grow 8.4% p.a. on average during the next 3 years, compared to a 7.1% growth forecast for the Professional Services industry in Japan. Over the last 3 years on average, earnings per share has increased by 3% per year whereas the company’s share price has fallen by 2% per year. Announcement • Mar 15
TechnoPro Holdings, Inc. to Report Q3, 2025 Results on Apr 30, 2025 TechnoPro Holdings, Inc. announced that they will report Q3, 2025 results on Apr 30, 2025 Declared Dividend • Mar 01
First half dividend of JP¥60.00 announced Shareholders will receive a dividend of JP¥60.00. Ex-date: 27th June 2025 Payment date: 30th September 2025 Dividend yield will be 3.0%, which is higher than the industry average of 1.2%. Sustainability & Growth Dividend is covered by both earnings (54% earnings payout ratio) and cash flows (34% cash payout ratio). The dividend has increased by an average of 11% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 45% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 08
Second quarter 2025 earnings released: EPS: JP¥55.09 (vs JP¥42.68 in 2Q 2024) Second quarter 2025 results: EPS: JP¥55.09 (up from JP¥42.68 in 2Q 2024). Revenue: JP¥60.6b (up 9.9% from 2Q 2024). Net income: JP¥5.75b (up 26% from 2Q 2024). Profit margin: 9.5% (up from 8.3% in 2Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 8.6% p.a. on average during the next 3 years, compared to a 6.2% growth forecast for the Professional Services industry in Japan. 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 6% per year, which means it is significantly lagging earnings. Upcoming Dividend • Dec 20
Upcoming dividend of JP¥30.00 per share Eligible shareholders must have bought the stock before 27 December 2024. Payment date: 28 February 2025. Payout ratio is a comfortable 55% and this is well supported by cash flows. Trailing yield: 3.2%. Lower than top quartile of Japanese dividend payers (3.8%). Higher than average of industry peers (0.9%). Announcement • Dec 13
TechnoPro Holdings, Inc. to Report Q2, 2025 Results on Feb 07, 2025 TechnoPro Holdings, Inc. announced that they will report Q2, 2025 results on Feb 07, 2025 Announcement • Nov 14
TechnoPro Holdings, Inc. to Report November,2024 Results on Dec 11, 2024 TechnoPro Holdings, Inc. announced that they will report November, 2024 results on Dec 11, 2024 Reported Earnings • Nov 02
First quarter 2025 earnings: EPS exceeds analyst expectations First quarter 2025 results: EPS: JP¥45.35 (up from JP¥37.66 in 1Q 2024). Revenue: JP¥57.9b (up 9.4% from 1Q 2024). Net income: JP¥4.78b (up 19% from 1Q 2024). Profit margin: 8.3% (up from 7.6% in 1Q 2024). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 12%. Revenue is forecast to grow 8.3% p.a. on average during the next 3 years, compared to a 6.0% growth forecast for the Professional Services industry in Japan. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Reported Earnings • Oct 03
Full year 2024 earnings: EPS misses analyst expectations Full year 2024 results: EPS: JP¥138 (down from JP¥143 in FY 2023). Revenue: JP¥219.2b (up 9.7% from FY 2023). Net income: JP¥14.7b (down 4.4% from FY 2023). Profit margin: 6.7% (down from 7.7% in FY 2023). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 13%. Revenue is forecast to grow 8.2% p.a. on average during the next 3 years, compared to a 6.0% growth forecast for the Professional Services industry in Japan. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Announcement • Aug 10
TechnoPro Holdings, Inc. (TSE:6028) announces an Equity Buyback for 2,000,000 shares, representing 1.88% for ¥5,000 million. TechnoPro Holdings, Inc. (TSE:6028) announces a share repurchase program. Under the program, the company will repurchase up to 2,000,000 shares, representing 1.88% of its issued share capital, for ¥5,000 million. The purpose of the program is to execute a flexible capital policy (improving capital efficiency, etc.) for the sustainable growth of group while taking into consideration cash on hand and stock price levels, etc., and to create value. The program will expire on March 31, 2025. As of July 31, 2024, the company had 106,400,000 shares (excluding treasury stock) and 446,472 shares in treasury. Reported Earnings • Aug 09
Full year 2024 earnings: EPS misses analyst expectations Full year 2024 results: EPS: JP¥138 (down from JP¥143 in FY 2023). Revenue: JP¥219.2b (up 9.7% from FY 2023). Net income: JP¥14.7b (down 4.4% from FY 2023). Profit margin: 6.7% (down from 7.7% in FY 2023). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 13%. Revenue is forecast to grow 9.4% p.a. on average during the next 3 years, compared to a 6.1% growth forecast for the Professional Services industry in Japan. Over the last 3 years on average, earnings per share has increased by 5% per year whereas the company’s share price has increased by 2% per year. Announcement • Aug 08
TechnoPro Holdings, Inc., Annual General Meeting, Sep 27, 2024 TechnoPro Holdings, Inc., Annual General Meeting, Sep 27, 2024. Upcoming Dividend • Jun 20
Upcoming dividend of JP¥55.00 per share Eligible shareholders must have bought the stock before 27 June 2024. Payment date: 29 September 2024. Payout ratio is a comfortable 32% and this is well supported by cash flows. Trailing yield: 2.9%. Lower than top quartile of Japanese dividend payers (3.4%). Higher than average of industry peers (1.0%). Announcement • Jun 15
TechnoPro Holdings, Inc. to Report Q4, 2024 Results on Aug 08, 2024 TechnoPro Holdings, Inc. announced that they will report Q4, 2024 results on Aug 08, 2024 Price Target Changed • May 26
Price target decreased by 11% to JP¥3,416 Down from JP¥3,830, the current price target is an average from 7 analysts. New target price is 29% above last closing price of JP¥2,651. Stock is down 14% over the past year. The company is forecast to post earnings per share of JP¥158 for next year compared to JP¥143 last year. Price Target Changed • May 10
Price target decreased by 7.2% to JP¥3,587 Down from JP¥3,866, the current price target is an average from 7 analysts. New target price is 31% above last closing price of JP¥2,748. Stock is down 17% over the past year. The company is forecast to post earnings per share of JP¥159 for next year compared to JP¥143 last year. Reported Earnings • Apr 28
Third quarter 2024 earnings: EPS in line with expectations, revenues disappoint Third quarter 2024 results: EPS: JP¥38.56 (up from JP¥34.20 in 3Q 2023). Revenue: JP¥54.6b (up 8.5% from 3Q 2023). Net income: JP¥4.12b (up 12% from 3Q 2023). Profit margin: 7.5% (up from 7.3% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 1.8%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 7.7% p.a. on average during the next 3 years, compared to a 6.5% growth forecast for the Professional Services industry in Japan. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Announcement • Apr 27
TechnoPro Holdings, Inc. Announces Executive Changes TechnoPro Holdings, Inc. announced the retirement of Fumitaka Kuga Executive Officer, [President and Representative Director, TechnoPro Construction, Inc.]. Effective from April 30, 2024. Also announced the appointment of Yasuo Tanaka Executive Officer (President and Representative Director, TechnoPro Construction, Inc.). Effective from May 1, 2024. Announcement • Mar 30
TechnoPro Holdings, Inc. (TSE:6028) announces an Equity Buyback for 1,000,000 shares, representing 0.94% for ¥2,500 million. TechnoPro Holdings, Inc. (TSE:6028) announces a share repurchase program. Under the program, the company will repurchase up to 1,000,000 shares, representing 0.94% of its total shares outstanding excluding treasury shares, for a total of ¥2,500 million. The purpose of repurchase program is to create value by implementing flexible capital policies (such as improving capital efficiency) aimed at the sustainable growth of the company. The repurchase program is valid till June 28, 2024. As of February 29, 2024, the company had 106,842,635 shares outstanding excluding treasury shares and had 457,365 shares in treasury. Announcement • Mar 15
TechnoPro Holdings, Inc. to Report Q3, 2024 Results on Apr 26, 2024 TechnoPro Holdings, Inc. announced that they will report Q3, 2024 results on Apr 26, 2024 Announcement • Mar 01
Technopro Holdings, Inc. Announces the Retirement of Futoshi Kitagawa, President and Representative Director, Effective as of March 31, 2024 TechnoPro Holdings, Inc. announced the retirement of Futoshi Kitagawa, President and Representative Director, TechnoBrain Co.,Ltd, effective as of March 31, 2024. Announcement • Feb 14
TechnoPro Holdings, Inc. to Report February,2024 Results on Mar 12, 2024 TechnoPro Holdings, Inc. announced that they will report February, 2024 results on Mar 12, 2024 Declared Dividend • Feb 08
First half dividend of JP¥55.00 announced Shareholders will receive a dividend of JP¥55.00. Ex-date: 27th June 2024 Payment date: 29th September 2024 Dividend yield will be 2.4%, which is higher than the industry average of 1.2%. Sustainability & Growth Dividend is well covered by both earnings (33% earnings payout ratio) and cash flows (34% cash payout ratio). The dividend has increased by an average of 11% per year over the past 9 years. However, payments have been volatile during that time. EPS is expected to grow by 34% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 08
Second quarter 2024 earnings: EPS exceeds analyst expectations Second quarter 2024 results: EPS: JP¥42.68 (up from JP¥32.80 in 2Q 2023). Revenue: JP¥55.1b (up 11% from 2Q 2023). Net income: JP¥4.56b (up 29% from 2Q 2023). Profit margin: 8.3% (up from 7.1% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 3.2%. Revenue is forecast to grow 7.8% p.a. on average during the next 3 years, compared to a 7.3% growth forecast for the Professional Services industry in Japan. Over the last 3 years on average, earnings per share has increased by 9% per year and the company’s share price has also increased by 9% per year. Upcoming Dividend • Dec 21
Upcoming dividend of JP¥25.00 per share at 2.2% yield Eligible shareholders must have bought the stock before 28 December 2023. Payment date: 28 February 2024. Payout ratio is a comfortable 53% and this is well supported by cash flows. Trailing yield: 2.2%. Lower than top quartile of Japanese dividend payers (3.5%). Higher than average of industry peers (1.2%). Announcement • Dec 17
TechnoPro Holdings, Inc. to Report Q2, 2024 Results on Feb 06, 2024 TechnoPro Holdings, Inc. announced that they will report Q2, 2024 results on Feb 06, 2024 Reported Earnings • Nov 02
First quarter 2024 earnings: EPS and revenues miss analyst expectations First quarter 2024 results: EPS: JP¥37.66 (down from JP¥38.80 in 1Q 2023). Revenue: JP¥52.9b (up 9.7% from 1Q 2023). Net income: JP¥4.03b (down 3.6% from 1Q 2023). Profit margin: 7.6% (down from 8.7% in 1Q 2023). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 1.3%. Earnings per share (EPS) also missed analyst estimates by 1.1%. Revenue is forecast to grow 9.0% p.a. on average during the next 3 years, compared to a 8.0% growth forecast for the Professional Services industry in Japan. Over the last 3 years on average, earnings per share has increased by 11% per year whereas the company’s share price has increased by 10% per year. Buying Opportunity • Sep 19
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 1.8%. The fair value is estimated to be JP¥4,105, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.6% over the last 3 years. Earnings per share has grown by 13%. For the next 3 years, revenue is forecast to grow by 8.7% per annum. Earnings is also forecast to grow by 11% per annum over the same time period. Announcement • Sep 17
TechnoPro Holdings, Inc. to Report Q1, 2024 Results on Oct 31, 2023 TechnoPro Holdings, Inc. announced that they will report Q1, 2024 results on Oct 31, 2023 Reported Earnings • Aug 08
Full year 2023 earnings: EPS exceeds analyst expectations Full year 2023 results: EPS: JP¥143 (down from JP¥143 in FY 2022). Revenue: JP¥199.9b (up 12% from FY 2022). Net income: JP¥15.4b (flat on FY 2022). Profit margin: 7.7% (down from 8.6% 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 2.1%. Revenue is forecast to grow 9.2% p.a. on average during the next 3 years, compared to a 8.0% growth forecast for the Professional Services industry in Japan. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has increased by 21% per year, which means it is tracking significantly ahead of earnings growth. Buying Opportunity • Jul 01
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 15%. The fair value is estimated to be JP¥3,879, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.6% over the last 3 years. Earnings per share has grown by 14%. For the next 3 years, revenue is forecast to grow by 8.4% per annum. Earnings is also forecast to grow by 12% per annum over the same time period. Upcoming Dividend • Jun 22
Upcoming dividend of JP¥47.00 per share at 2.3% yield Eligible shareholders must have bought the stock before 29 June 2023. Payment date: 02 October 2023. Payout ratio is a comfortable 56% and this is well supported by cash flows. Trailing yield: 2.3%. Lower than top quartile of Japanese dividend payers (3.5%). Higher than average of industry peers (1.3%). Announcement • Jun 16
TechnoPro Holdings, Inc. to Report Q4, 2023 Results on Aug 07, 2023 TechnoPro Holdings, Inc. announced that they will report Q4, 2023 results on Aug 07, 2023 Buying Opportunity • May 30
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¥3,825, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.6% over the last 3 years. Earnings per share has grown by 14%. For the next 3 years, revenue is forecast to grow by 8.7% per annum. Earnings is also forecast to grow by 13% per annum over the same time period. Buying Opportunity • May 01
Now 23% undervalued after recent price drop Over the last 90 days, the stock is down 16%. The fair value is estimated to be JP¥4,384, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.6% over the last 3 years. Earnings per share has grown by 14%. For the next 3 years, revenue is forecast to grow by 9.2% per annum. Earnings is also forecast to grow by 14% per annum over the same time period. Reported Earnings • Apr 29
Third quarter 2023 earnings: EPS and revenues miss analyst expectations Third quarter 2023 results: EPS: JP¥34.20 (down from JP¥39.76 in 3Q 2022). Revenue: JP¥50.3b (up 11% from 3Q 2022). Net income: JP¥3.68b (down 14% from 3Q 2022). Profit margin: 7.3% (down from 9.4% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 1.6%. Earnings per share (EPS) also missed analyst estimates by 27%. Revenue is forecast to grow 8.7% p.a. on average during the next 3 years, compared to a 8.8% growth forecast for the Professional Services industry in Japan. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has increased by 25% per year, which means it is tracking significantly ahead of earnings growth. Buying Opportunity • Apr 05
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 1.7%. The fair value is estimated to be JP¥4,468, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.8% over the last 3 years. Earnings per share has grown by 16%. For the next 3 years, revenue is forecast to grow by 8.9% per annum. Earnings is also forecast to grow by 14% per annum over the same time period. Buying Opportunity • Mar 10
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 4.0%. The fair value is estimated to be JP¥4,624, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.8% over the last 3 years. Earnings per share has grown by 16%. For the next 3 years, revenue is forecast to grow by 8.9% per annum. Earnings is also forecast to grow by 14% per annum over the same time period. Buying Opportunity • Feb 13
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 4.6%. The fair value is estimated to be JP¥4,565, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.8% over the last 3 years. Earnings per share has grown by 16%. For the next 3 years, revenue is forecast to grow by 8.8% per annum. Earnings is also forecast to grow by 14% per annum over the same time period. Reported Earnings • Feb 04
Second quarter 2023 earnings: EPS misses analyst expectations Second quarter 2023 results: EPS: JP¥32.81 (down from JP¥47.21 in 2Q 2022). Revenue: JP¥49.8b (up 11% from 2Q 2022). Net income: JP¥3.53b (down 31% from 2Q 2022). Profit margin: 7.1% (down from 11% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 17%. Revenue is forecast to grow 8.8% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Professional Services industry in Japan. Over the last 3 years on average, earnings per share has increased by 16% per year and the company’s share price has also increased by 16% per year. Upcoming Dividend • Dec 22
Upcoming dividend of JP¥25.00 per share Eligible shareholders must have bought the stock before 29 December 2022. Payment date: 28 February 2023. Payout ratio is a comfortable 46% and this is well supported by cash flows. Trailing yield: 2.2%. Lower than top quartile of Japanese dividend payers (3.8%). Higher than average of industry peers (1.5%). Announcement • Dec 17
TechnoPro Holdings, Inc. to Report Q2, 2023 Results on Feb 03, 2023 TechnoPro Holdings, Inc. announced that they will report Q2, 2023 results on Feb 03, 2023 Buying Opportunity • Dec 15
Now 21% undervalued Over the last 90 days, the stock is up 24%. The fair value is estimated to be JP¥4,604, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.0% over the last 3 years. Earnings per share has grown by 17%. For the next 3 years, revenue is forecast to grow by 8.3% per annum. Earnings is also forecast to grow by 14% per annum over the same time period. Buying Opportunity • Nov 02
Now 22% undervalued Over the last 90 days, the stock is up 22%. The fair value is estimated to be JP¥5,014, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.0% over the last 3 years. Earnings per share has grown by 17%. For the next 3 years, revenue is forecast to grow by 8.7% per annum. Earnings is also forecast to grow by 14% per annum over the same time period. Valuation Update With 7 Day Price Move • Nov 01
Investor sentiment improved over the past week After last week's 17% share price gain to JP¥4,045, the stock trades at a forward P/E ratio of 29x. Average forward P/E is 21x in the Professional Services industry in Japan. Total returns to shareholders of 92% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥5,059 per share. Reported Earnings • Oct 06
Full year 2022 earnings: EPS and revenues exceed analyst expectations Full year 2022 results: EPS: JP¥143 (up from JP¥123 in FY 2021). Revenue: JP¥178.8b (up 11% from FY 2021). Net income: JP¥15.4b (up 17% from FY 2021). Profit margin: 8.6% (up from 8.2% in FY 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.8%. Earnings per share (EPS) also surpassed analyst estimates by 13%. Revenue is forecast to grow 8.4% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Professional Services industry in Japan. Over the last 3 years on average, earnings per share has increased by 16% per year and the company’s share price has also increased by 16% per year. Reported Earnings • Aug 09
Full year 2022 earnings: EPS and revenues exceed analyst expectations Full year 2022 results: EPS: JP¥143 (up from JP¥123 in FY 2021). Revenue: JP¥178.8b (up 11% from FY 2021). Net income: JP¥15.4b (up 17% from FY 2021). Profit margin: 8.6% (up from 8.2% in FY 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.8%. Earnings per share (EPS) also surpassed analyst estimates by 13%. Over the next year, revenue is forecast to grow 9.9%, compared to a 16% growth forecast for the industry in Japan. Over the last 3 years on average, earnings per share has increased by 16% per year whereas the company’s share price has increased by 19% per year. Upcoming Dividend • Jun 22
Upcoming dividend of JP¥42.00 per share Eligible shareholders must have bought the stock before 29 June 2022. Payment date: 30 September 2022. Payout ratio is a comfortable 46% and this is well supported by cash flows. Trailing yield: 2.4%. Lower than top quartile of Japanese dividend payers (3.8%). Higher than average of industry peers (1.2%). Reported Earnings • Apr 30
Third quarter 2022 earnings: EPS exceeds analyst expectations Third quarter 2022 results: EPS: JP¥39.76 (up from JP¥33.66 in 3Q 2021). Revenue: JP¥45.4b (up 11% from 3Q 2021). Net income: JP¥4.28b (up 18% from 3Q 2021). Profit margin: 9.4% (up from 8.9% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 23%. Over the next year, revenue is forecast to grow 9.6%, compared to a 12% growth forecast for the industry in Japan. Over the last 3 years on average, earnings per share has increased by 15% per year and the company’s share price has also increased by 15% per year. 
