New Risk • May 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 10.0% 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. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (10.0% average weekly change). Dividend is not well covered by earnings and cash flows. Payout ratio: 104% Paying a dividend despite having no free cash flows. Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.4% net profit margin). Valuation Update With 7 Day Price Move • May 26
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to JP¥869, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 22x in the Semiconductor industry in Japan. Total loss to shareholders of 52% over the past three years. Declared Dividend • May 11
Final dividend of JP¥6.00 announced Shareholders will receive a dividend of JP¥6.00. Ex-date: 30th July 2026 Payment date: 9th October 2026 Dividend yield will be 2.6%, which is higher than the industry average of 1.0%. Sustainability & Growth Dividend is covered by earnings (32% 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 24% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 150% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • May 10
Mitsui High-tec, Inc. to Report Q1, 2027 Results on Jun 12, 2026 Mitsui High-tec, Inc. announced that they will report Q1, 2027 results on Jun 12, 2026 Price Target Changed • Apr 30
Price target decreased by 9.6% to JP¥813 Down from JP¥900, the current price target is an average from 3 analysts. New target price is 27% above last closing price of JP¥642. Stock is down 7.0% over the past year. The company is forecast to post earnings per share of JP¥41.04 for next year compared to JP¥17.24 last year. New Risk • Mar 17
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 104% The company is paying a dividend despite having no free cash flows. Dividend yield: 3.1% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 104% Paying a dividend despite having no free cash flows. Minor Risks Share price has been volatile over the past 3 months (6.9% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.4% net profit margin). New Risk • Mar 12
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: 1.4% Last year net profit margin: 5.7% 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. 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 10x cash flows per share). Share price has been volatile over the past 3 months (6.6% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.4% net profit margin). Announcement • Mar 11
Mitsui High-tec, Inc., Annual General Meeting, Apr 22, 2026 Mitsui High-tec, Inc., Annual General Meeting, Apr 22, 2026. Valuation Update With 7 Day Price Move • Mar 09
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to JP¥731, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 20x in the Semiconductor industry in Japan. Total loss to shareholders of 45% over the past three years. New Risk • Mar 04
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 5.6% 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 10x cash flows per share). Share price has been volatile over the past 3 months (5.6% average weekly change). Upcoming Dividend • Jan 22
Upcoming dividend of JP¥12.00 per share Eligible shareholders must have bought the stock before 29 January 2026. Payment date: 14 April 2026. Payout ratio is a comfortable 32% but the company is paying out more than the cash it is generating. Trailing yield: 2.3%. Lower than top quartile of Japanese dividend payers (3.5%). Higher than average of industry peers (0.9%). Price Target Changed • Jan 14
Price target decreased by 7.5% to JP¥940 Down from JP¥1,017, the current price target is an average from 3 analysts. New target price is 22% above last closing price of JP¥768. Stock is down 4.2% over the past year. The company is forecast to post earnings per share of JP¥46.39 for next year compared to JP¥66.86 last year. Announcement • Jan 07
Mitsui High-tec, Inc. to Report Fiscal Year 2026 Results on Mar 11, 2026 Mitsui High-tec, Inc. announced that they will report fiscal year 2026 results on Mar 11, 2026 Reported Earnings • Dec 13
Third quarter 2026 earnings: EPS in line with expectations, revenues disappoint Third quarter 2026 results: EPS: JP¥17.64 (up from JP¥12.43 in 3Q 2025). Revenue: JP¥54.6b (flat on 3Q 2025). Net income: JP¥3.22b (up 42% from 3Q 2025). Profit margin: 5.9% (up from 4.2% in 3Q 2025). Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 8.6% growth forecast for the Semiconductor industry in Japan. Over the last 3 years on average, earnings per share has fallen by 21% per year whereas the company’s share price has fallen by 18% per year. Declared Dividend • Oct 10
First half dividend of JP¥12.00 announced Shareholders will receive a dividend of JP¥12.00. Ex-date: 29th January 2026 Payment date: 14th April 2026 Dividend yield will be 2.3%, which is higher than the industry average of 1.0%. Sustainability & Growth Dividend is covered by earnings (35% earnings payout ratio) but not covered by cash flows (dividend approximately 10x free cash flows). The dividend has increased by an average of 18% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 73% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Oct 04
Mitsui High-tec, Inc. to Report Q3, 2026 Results on Dec 11, 2025 Mitsui High-tec, Inc. announced that they will report Q3, 2026 results on Dec 11, 2025 Buy Or Sell Opportunity • Oct 03
Now 24% overvalued after recent price rise Over the last 90 days, the stock has risen 14% to JP¥796. The fair value is estimated to be JP¥642, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Earnings per share has declined by 21%. Revenue is forecast to grow by 23% in 2 years. Earnings are forecast to grow by 40% in the next 2 years. Buy Or Sell Opportunity • Sep 16
Now 24% overvalued after recent price rise Over the last 90 days, the stock has risen 21% to JP¥808. The fair value is estimated to be JP¥652, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Earnings per share has declined by 21%. Revenue is forecast to grow by 24% in 2 years. Earnings are forecast to grow by 40% in the next 2 years. Reported Earnings • Sep 10
Second quarter 2026 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2026 results: EPS: JP¥17.63 (up from JP¥12.58 in 2Q 2025). Revenue: JP¥53.7b (flat on 2Q 2025). Net income: JP¥3.22b (up 40% from 2Q 2025). Profit margin: 6.0% (up from 4.3% in 2Q 2025). Revenue missed analyst estimates by 6.7%. Earnings per share (EPS) exceeded analyst estimates. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 6.7% growth forecast for the Semiconductor industry in Japan. Over the last 3 years on average, earnings per share has fallen by 21% per year whereas the company’s share price has fallen by 26% per year. Upcoming Dividend • Jul 23
Upcoming dividend of JP¥6.00 per share Eligible shareholders must have bought the stock before 30 July 2025. Payment date: 10 October 2025. Payout ratio is a comfortable 38% but the company is not cash flow positive. Trailing yield: 2.3%. Lower than top quartile of Japanese dividend payers (3.9%). Higher than average of industry peers (1.5%). Announcement • Jul 03
Mitsui High-tec, Inc. to Report Q2, 2026 Results on Sep 09, 2025 Mitsui High-tec, Inc. announced that they will report Q2, 2026 results on Sep 09, 2025 Price Target Changed • Jun 28
Price target decreased by 8.3% to JP¥1,110 Down from JP¥1,210, the current price target is an average from 3 analysts. New target price is 58% above last closing price of JP¥703. Stock is down 44% over the past year. The company is forecast to post earnings per share of JP¥51.12 for next year compared to JP¥66.86 last year. New Risk • Jun 15
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: 3.8% Last year net profit margin: 8.5% 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. 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 (8.1% average weekly change). Profit margins are more than 30% lower than last year (3.8% net profit margin). Reported Earnings • Jun 15
First quarter 2026 earnings: EPS and revenues miss analyst expectations First quarter 2026 results: EPS: JP¥5.30 (down from JP¥26.14 in 1Q 2025). Revenue: JP¥54.7b (up 8.4% from 1Q 2025). Net income: JP¥968.0m (down 80% from 1Q 2025). Profit margin: 1.8% (down from 9.5% in 1Q 2025). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 7.6%. Earnings per share (EPS) also missed analyst estimates by 70%. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 7.1% growth forecast for the Semiconductor industry in Japan. Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has fallen by 25% per year, which means it is performing significantly worse than earnings. Declared Dividend • Jun 13
Final dividend of JP¥6.00 announced Shareholders will receive a dividend of JP¥6.00. Ex-date: 30th July 2025 Payment date: 10th October 2025 Dividend yield will be 2.4%, which is higher than the industry average of 1.0%. Sustainability & Growth Dividend is covered by earnings (26% 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 18% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 21% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • May 08
Mitsui High-tec, Inc. to Report Q1, 2026 Results on Jun 13, 2025 Mitsui High-tec, Inc. announced that they will report Q1, 2026 results on Jun 13, 2025 Price Target Changed • Apr 16
Price target decreased by 9.7% to JP¥1,243 Down from JP¥1,377, the current price target is an average from 3 analysts. New target price is 101% above last closing price of JP¥620. Stock is down 57% over the past year. The company is forecast to post earnings per share of JP¥55.09 for next year compared to JP¥66.86 last year. Major Estimate Revision • Apr 09
Consensus EPS estimates fall by 12% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from JP¥234.3b to JP¥232.0b. EPS estimate also fell from JP¥69.11 per share to JP¥60.67 per share. Net income forecast to shrink 7.5% next year vs 0.6% decline forecast for Semiconductor industry in Japan. Consensus price target of JP¥1,377 unchanged from last update. Share price fell 18% to JP¥564 over the past week. Valuation Update With 7 Day Price Move • Apr 04
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to JP¥598, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 13x in the Semiconductor industry in Japan. Total loss to shareholders of 72% over the past three years. Announcement • Mar 24
Mitsui High-tec, Inc.(TSE:6966) dropped from FTSE All-World Index (USD) Mitsui High-tec, Inc.(TSE:6966) dropped from FTSE All-World Index (USD) New Risk • Mar 12
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 7.6% 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. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (7.6% average weekly change). Minor Risk Paying a dividend despite having no free cash flows. Reported Earnings • Mar 12
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: EPS: JP¥66.86 (down from JP¥85.06 in FY 2024). Revenue: JP¥214.9b (up 9.7% from FY 2024). Net income: JP¥12.2b (down 21% from FY 2024). Profit margin: 5.7% (down from 7.9% in FY 2024). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 15%. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 8.2% growth forecast for the Semiconductor industry in Japan. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has fallen by 28% per year, which means it is performing significantly worse than earnings. Announcement • Mar 11
Mitsui High-tec, Inc., Annual General Meeting, Apr 18, 2025 Mitsui High-tec, Inc., Annual General Meeting, Apr 18, 2025. Upcoming Dividend • Jan 23
Upcoming dividend of JP¥12.00 per share Eligible shareholders must have bought the stock before 30 January 2025. Payment date: 15 April 2025. Payout ratio is a comfortable 21% but the company is not cash flow positive. Trailing yield: 1.9%. Lower than top quartile of Japanese dividend payers (3.8%). Higher than average of industry peers (1.5%). Valuation Update With 7 Day Price Move • Jan 22
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to JP¥948, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 14x in the Semiconductor industry in Japan. Total loss to shareholders of 41% over the past three years. Announcement • Jan 17
Mitsui High-tec, Inc. to Report Fiscal Year 2025 Results on Mar 11, 2025 Mitsui High-tec, Inc. announced that they will report fiscal year 2025 results on Mar 11, 2025 Reported Earnings • Dec 13
Third quarter 2025 earnings: EPS and revenues miss analyst expectations Third quarter 2025 results: EPS: JP¥12.43 (down from JP¥22.21 in 3Q 2024). Revenue: JP¥54.2b (up 7.5% from 3Q 2024). Net income: JP¥2.27b (down 44% from 3Q 2024). Profit margin: 4.2% (down from 8.0% in 3Q 2024). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 2.3%. Earnings per share (EPS) also missed analyst estimates by 29%. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 9.8% growth forecast for the Semiconductor 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 28% per year, which means it is significantly lagging earnings. New Risk • Nov 10
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 7.7% 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. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (7.7% average weekly change). High level of non-cash earnings (22% accrual ratio). Minor Risk Paying a dividend despite having no free cash flows. Announcement • Oct 03
Mitsui High-tec, Inc. to Report Q3, 2025 Results on Dec 12, 2024 Mitsui High-tec, Inc. announced that they will report Q3, 2025 results on Dec 12, 2024 Price Target Changed • Sep 18
Price target decreased by 12% to JP¥1,633 Down from JP¥1,850, the current price target is an average from 3 analysts. New target price is 91% above last closing price of JP¥855. Stock is down 46% over the past year. Reported Earnings • Sep 12
Second quarter 2025 earnings: Revenues exceed analyst expectations Second quarter 2025 results: Revenue: JP¥53.5b (up 11% from 2Q 2024). Net income: JP¥2.30b (down 49% from 2Q 2024). Profit margin: 4.3% (down from 9.3% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 2.2%. Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Semiconductor industry in Japan. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has fallen by 21% per year, which means it is significantly lagging earnings. Major Estimate Revision • Sep 11
Consensus EPS estimates fall by 20% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from JP¥227.2b to JP¥219.6b. EPS estimate also fell from JP¥81.22 per share to JP¥65.11 per share. Net income forecast to shrink 21% next year vs 19% growth forecast for Semiconductor industry in Japan . Consensus price target broadly unchanged at JP¥1,833. Share price fell 18% to JP¥784 over the past week. New Risk • Aug 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 6.8% 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 05
Investor sentiment deteriorates as stock falls 22% After last week's 22% share price decline to JP¥862, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 17x in the Semiconductor industry in Japan. Total loss to shareholders of 37% over the past three years. New Risk • Jul 29
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. The company is paying a dividend despite having no free cash flows. Dividend yield: 6.5% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. This is currently the only risk that has been identified for the company. Upcoming Dividend • Jul 23
Upcoming dividend of JP¥28.00 per share Eligible shareholders must have bought the stock before 30 July 2024. Payment date: 15 October 2024. Payout ratio is a comfortable 15% but the company is not cash flow positive. Trailing yield: 1.2%. Lower than top quartile of Japanese dividend payers (3.5%). In line with average of industry peers (1.2%). Announcement • Jul 04
Mitsui High-tec, Inc. to Report Q2, 2025 Results on Sep 10, 2024 Mitsui High-tec, Inc. announced that they will report Q2, 2025 results on Sep 10, 2024 Reported Earnings • Jun 16
First quarter 2025 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2025 results: EPS: JP¥131 (up from JP¥87.90 in 1Q 2024). Revenue: JP¥50.4b (up 11% from 1Q 2024). Net income: JP¥4.78b (up 49% from 1Q 2024). Profit margin: 9.5% (up from 7.1% in 1Q 2024). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 12%. Earnings per share (EPS) exceeded analyst estimates by 8.6%. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Semiconductor 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 2% per year, which means it is significantly lagging earnings growth. Price Target Changed • May 10
Price target increased by 14% to JP¥10,600 Up from JP¥9,333, the current price target is an average from 3 analysts. New target price is 43% above last closing price of JP¥7,392. Stock is down 13% over the past year. The company is forecast to post earnings per share of JP¥431 for next year compared to JP¥425 last year. Announcement • Apr 27
Mitsui High-tec, Inc. to Report Q1, 2025 Results on Jun 14, 2024 Mitsui High-tec, Inc. announced that they will report Q1, 2025 results on Jun 14, 2024 Announcement • Mar 14
Mitsui High-tec, Inc., Annual General Meeting, Apr 19, 2024 Mitsui High-tec, Inc., Annual General Meeting, Apr 19, 2024. New Risk • Mar 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 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. This is currently the only risk that has been identified for the company. Reported Earnings • Mar 13
Full year 2024 earnings: EPS exceeds analyst expectations Full year 2024 results: EPS: JP¥425 (down from JP¥481 in FY 2023). Revenue: JP¥195.9b (up 12% from FY 2023). Net income: JP¥15.5b (down 12% from FY 2023). Profit margin: 7.9% (down from 10% in FY 2023). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 9.5%. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Semiconductor industry in Japan. Over the last 3 years on average, earnings per share has increased by 31% per year whereas the company’s share price has increased by 30% per year. Valuation Update With 7 Day Price Move • Mar 08
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to JP¥9,774, the stock trades at a forward P/E ratio of 23x. Average forward P/E is 22x in the Semiconductor industry in Japan. Total returns to shareholders of 158% over the past three years. Upcoming Dividend • Jan 23
Upcoming dividend of JP¥48.00 per share at 1.0% yield Eligible shareholders must have bought the stock before 30 January 2024. Payment date: 15 April 2024. Payout ratio is a comfortable 20% and this is well supported by cash flows. Trailing yield: 1.0%. Lower than top quartile of Japanese dividend payers (3.3%). In line with average of industry peers (1.0%). Announcement • Jan 20
Mitsui High-tec, Inc. to Report Fiscal Year 2024 Results on Mar 12, 2024 Mitsui High-tec, Inc. announced that they will report fiscal year 2024 results on Mar 12, 2024 Reported Earnings • Dec 15
Third quarter 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2024 results: EPS: JP¥111 (down from JP¥162 in 3Q 2023). Revenue: JP¥50.5b (up 11% from 3Q 2023). Net income: JP¥4.06b (down 31% from 3Q 2023). Profit margin: 8.0% (down from 13% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.8%. Earnings per share (EPS) missed analyst estimates by 8.6%. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Semiconductor 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 29% per year, which means it is significantly lagging earnings growth. Price Target Changed • Nov 03
Price target decreased by 12% to JP¥10,100 Down from JP¥11,425, the current price target is an average from 3 analysts. New target price is 54% above last closing price of JP¥6,568. Stock is down 12% over the past year. The company is forecast to post earnings per share of JP¥379 for next year compared to JP¥481 last year. Announcement • Oct 06
Mitsui High-tec, Inc. to Report Q3, 2024 Results on Dec 13, 2023 Mitsui High-tec, Inc. announced that they will report Q3, 2024 results on Dec 13, 2023 Reported Earnings • Sep 14
Second quarter 2024 earnings: EPS exceeds analyst expectations Second quarter 2024 results: EPS: JP¥123 (up from JP¥115 in 2Q 2023). Revenue: JP¥48.3b (up 13% from 2Q 2023). Net income: JP¥4.49b (up 7.1% from 2Q 2023). Profit margin: 9.3% (in line with 2Q 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 21%. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 8.3% growth forecast for the Semiconductor industry in Japan. Over the last 3 years on average, earnings per share has increased by 60% per year whereas the company’s share price has increased by 55% per year. Valuation Update With 7 Day Price Move • Sep 13
Investor sentiment deteriorates as stock falls 22% After last week's 22% share price decline to JP¥7,720, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 16x in the Semiconductor industry in Japan. Total returns to shareholders of 291% over the past three years. Price Target Changed • Aug 28
Price target increased by 9.1% to JP¥11,700 Up from JP¥10,725, the current price target is an average from 4 analysts. New target price is 23% above last closing price of JP¥9,530. Stock is up 12% over the past year. The company is forecast to post earnings per share of JP¥412 for next year compared to JP¥481 last year. Upcoming Dividend • Jul 21
Upcoming dividend of JP¥24.00 per share at 0.8% yield Eligible shareholders must have bought the stock before 28 July 2023. Payment date: 13 October 2023. Payout ratio is a comfortable 17% but the company is paying out more than the cash it is generating. Trailing yield: 0.8%. Lower than top quartile of Japanese dividend payers (3.5%). Lower than average of industry peers (1.4%). Price Target Changed • Jun 21
Price target increased by 10% to JP¥10,725 Up from JP¥9,725, the current price target is an average from 4 analysts. New target price is 12% above last closing price of JP¥9,550. Stock is up 8.0% over the past year. The company is forecast to post earnings per share of JP¥408 for next year compared to JP¥481 last year.