New Risk • Jun 24
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 17% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 6.1% per year for the foreseeable future. Minor Risks Dividend is not well covered by cash flows (135% cash payout ratio). Large one-off items impacting financial results. Shareholders have been diluted in the past year (17% increase in shares outstanding). Reported Earnings • May 16
Full year 2026 earnings released: EPS: JP¥213 (vs JP¥231 in FY 2025) Full year 2026 results: EPS: JP¥213 (down from JP¥231 in FY 2025). Revenue: JP¥37.9b (up 18% from FY 2025). Net income: JP¥4.50b (down 4.7% from FY 2025). Profit margin: 12% (down from 15% in FY 2025). Revenue is forecast to stay flat during the next 3 years compared to a 7.7% growth forecast for the Consumer Services industry in Japan. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Ankündigung • May 15
SAN Holdings, Inc. (TSE:9628) announces an Equity Buyback for 400,000 shares, representing 1.67% for ¥500 million. SAN Holdings, Inc. (TSE:9628) announces a share repurchase program. Under the program, the company will repurchase up to 400,000 shares, representing 1.67% of its issued share capital (excluding treasury stock) for ¥500 million. The purpose of the buyback is to enhance shareholder returns and improve capital efficiency, as well as to implement a flexible capital policy in response to changes in the business environment. The program is valid till October 31, 2026 . As of April 30, 2026, the company had 24,002,348 shares outstanding and 197,652 treasury shares. New Risk • Apr 15
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 7.3% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 7.3% per year for the foreseeable future. Minor Risks Dividend is not well covered by cash flows (124% cash payout ratio). Large one-off items impacting financial results. Buy Or Sell Opportunity • Mar 04
Now 21% undervalued Over the last 90 days, the stock has risen 7.2% to JP¥1,480. The fair value is estimated to be JP¥1,866, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 24% over the last 3 years. Earnings per share has grown by 27%. Ankündigung • Feb 15
San Holdings, Inc. Provides Dividend Guidance for Year End of Fiscal Year Ending August 31, 2026, Scheduled Payment of November 2026 SAN Holdings, Inc. provided dividend guidance for year end of Fiscal Year Ending August 31, 2026. For year end, the company expects dividend to be JPY 28.5 per share. Scheduled payment of November 2026. Record date of August 31, 2026. Reported Earnings • Feb 14
Third quarter 2026 earnings released: EPS: JP¥24.14 (vs JP¥25.82 in 3Q 2025) Third quarter 2026 results: EPS: JP¥24.14 (down from JP¥25.82 in 3Q 2025). Revenue: JP¥9.57b (flat on 3Q 2025). Net income: JP¥498.0m (down 5.7% from 3Q 2025). Profit margin: 5.2% (down from 5.5% in 3Q 2025). Revenue is forecast to grow 6.3% p.a. on average during the next 2 years, compared to a 8.0% growth forecast for the Consumer Services industry in Japan. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Ankündigung • Feb 14
San Holdings, Inc. Announces Dividend for the Third Quarter End of Fiscal Year Ending August 31, 2026, Payable on March 5, 2026 SAN Holdings, Inc. announced dividend for the third quarter end of Fiscal year ending August 31, 2026 of JPY 28.5 per share. Scheduled date of payment of dividend is March 5, 2026. Following the change in fiscal year-end, the dividend forecast covers the 17-month period from April 1, 2025 to August 31, 2026. New Risk • Feb 03
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 16% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 9.3% per year for the foreseeable future. Minor Risks Dividend is not well covered by cash flows (190% cash payout ratio). Large one-off items impacting financial results. Shareholders have been diluted in the past year (16% increase in shares outstanding). New Risk • Nov 21
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. Cash payout ratio: 164% Dividend yield: 4.3% 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. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 9.3% per year for the foreseeable future. Minor Risks Dividend is not well covered by cash flows (164% cash payout ratio). Large one-off items impacting financial results. Reported Earnings • Nov 18
Second quarter 2026 earnings released: EPS: JP¥14.99 (vs JP¥19.18 in 2Q 2025) Second quarter 2026 results: EPS: JP¥14.99 (down from JP¥19.18 in 2Q 2025). Revenue: JP¥9.08b (up 60% from 2Q 2025). Net income: JP¥308.0m (down 21% from 2Q 2025). Profit margin: 3.4% (down from 6.9% in 2Q 2025). Revenue is forecast to grow 5.7% p.a. on average during the next 2 years, compared to a 7.3% growth forecast for the Consumer Services industry in Japan. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. New Risk • Nov 15
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 9.3% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 9.3% per year for the foreseeable future. Minor Risk Large one-off items impacting financial results. Ankündigung • Oct 24
SAN Holdings, Inc. (TSE:9628) executed share exchange agreement to acquire Cocolonet CO., LTD. (TSE:6060) for ¥4.7 billion. SAN Holdings, Inc. (TSE:9628) executed share exchange agreement to acquire Cocolonet CO., LTD. (TSE:6060) for ¥4.7 billion on October 23, 2025. The consideration consists of common equity of SAN Holdings, Inc. at a ratio of 0.9 per common equity of Cocolonet CO., LTD. As part of acquisition, 3,485,155 shares will be acquired.
The transaction is subject to approval of offer by Cocolonet shareholders. Cocolonet shareholding meeting will be held on November 7, 2025. Cocolonet last trading date is January 28, 2026 and will be delisted on January 29, 2026.
The expected completion of the transaction is February 1, 2026. Reported Earnings • Aug 15
First quarter 2026 earnings released: EPS: JP¥28.44 (vs JP¥27.00 in 1Q 2025) First quarter 2026 results: EPS: JP¥28.44 (up from JP¥27.00 in 1Q 2025). Revenue: JP¥9.15b (up 66% from 1Q 2025). Net income: JP¥582.0m (up 5.6% from 1Q 2025). Profit margin: 6.4% (down from 10.0% in 1Q 2025). Revenue is forecast to grow 12% p.a. on average during the next 2 years, compared to a 8.0% growth forecast for the Consumer Services industry in Japan. Over the last 3 years on average, earnings per share has increased by 23% per year whereas the company’s share price has increased by 20% per year. Ankündigung • Jul 13
SAN Holdings, Inc. to Report Q3, 2026 Results on Feb 13, 2026 SAN Holdings, Inc. announced that they will report Q3, 2026 results on Feb 13, 2026 New Risk • Jul 11
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Japanese stocks, typically moving 5.3% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 25% per year for the foreseeable future. Minor Risks Share price has been volatile over the past 3 months (5.3% average weekly change). Large one-off items impacting financial results. New Risk • May 09
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 7.9% 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: Major Risk Earnings are forecast to decline by an average of 25% per year for the foreseeable future. Minor Risks Share price has been volatile over the past 3 months (7.9% average weekly change). Large one-off items impacting financial results. Reported Earnings • May 09
Full year 2025 earnings: EPS in line with analyst expectations despite revenue beat Full year 2025 results: EPS: JP¥231 (up from JP¥114 in FY 2024). Revenue: JP¥32.0b (up 43% from FY 2024). Net income: JP¥4.72b (up 100% from FY 2024). Profit margin: 15% (up from 11% in FY 2024). Revenue exceeded analyst estimates by 1.5%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 15% p.a. on average during the next 2 years, compared to a 9.3% growth forecast for the Consumer Services 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 20% per year. Ankündigung • May 08
SAN Holdings, Inc., Annual General Meeting, Jun 25, 2025 SAN Holdings, Inc., Annual General Meeting, Jun 25, 2025. New Risk • Apr 15
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 5.6% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. This is currently the only risk that has been identified for the company. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥12.00 per share Eligible shareholders must have bought the stock before 28 March 2025. Payment date: 26 June 2025. Payout ratio is a comfortable 22% and this is well supported by cash flows. Trailing yield: 2.0%. Lower than top quartile of Japanese dividend payers (3.7%). Lower than average of industry peers (2.6%). Valuation Update With 7 Day Price Move • Feb 17
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to JP¥1,236, the stock trades at a trailing P/E ratio of 11.6x. Average trailing P/E is 16x in the Consumer Services industry in Japan. Total returns to shareholders of 59% over the past three years. Reported Earnings • Feb 07
Third quarter 2025 earnings released: EPS: JP¥25.82 (vs JP¥27.32 in 3Q 2024) Third quarter 2025 results: EPS: JP¥25.82 (down from JP¥27.32 in 3Q 2024). Revenue: JP¥9.58b (up 68% from 3Q 2024). Net income: JP¥528.0m (down 6.5% from 3Q 2024). Profit margin: 5.5% (down from 9.9% in 3Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 6% per year whereas the company’s share price has increased by 10% per year. New Risk • Jan 04
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 17% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (5.0% average weekly change). Shareholders have been diluted in the past year (17% increase in shares outstanding). New Risk • Dec 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 5.1% 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. Ankündigung • Dec 13
SAN Holdings, Inc. Provides Dividend Guidance for the Fiscal Year Ending Mar. 31, 2025 SAN Holdings, Inc. provided dividend guidance for the fiscal year ending Mar. 31, 2025. For the year, the company expects dividend of JPY 12.00 compared to JPY 12.00 per share a year ago. Valuation Update With 7 Day Price Move • Dec 06
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to JP¥1,236, the stock trades at a trailing P/E ratio of 11.4x. Average trailing P/E is 16x in the Consumer Services industry in Japan. Total returns to shareholders of 74% over the past three years. Reported Earnings • Nov 09
Second quarter 2025 earnings released: EPS: JP¥19.18 (vs JP¥28.40 in 2Q 2024) Second quarter 2025 results: EPS: JP¥19.18 (down from JP¥28.40 in 2Q 2024). Revenue: JP¥5.67b (up 6.4% from 2Q 2024). Net income: JP¥392.0m (down 33% from 2Q 2024). Profit margin: 6.9% (down from 11% in 2Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has increased by 16% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Sep 20
Upcoming dividend of JP¥12.00 per share Eligible shareholders must have bought the stock before 27 September 2024. Payment date: 04 December 2024. Payout ratio is a comfortable 20% and this is well supported by cash flows. Trailing yield: 2.0%. Lower than top quartile of Japanese dividend payers (3.8%). Lower than average of industry peers (2.7%). New Risk • Sep 17
New major risk - Financial data availability The company has not reported any financial data. This is considered a major risk. With no or incomplete audited reported financial data, it is virtually impossible to assess the company's investment potential. This is currently the only risk that has been identified for the company. Ankündigung • Aug 29
SAN Holdings, Inc. (TSE:9628) completed the acquisition of 92.49% stake in KIZUNA HOLDINGS Corp. (TSE:7086) from Advantage Partners V, Advantage Partners Investment Partnership No. 64, AP Cayman Partners III, L.P. managed by Advantage Partners, Inc,AP3 Co., Ltd. and others for ¥13.8 billion. SAN Holdings, Inc. (TSE:9628) signed a letter of intent to acquire KIZUNA HOLDINGS Corp. (TSE:7086) from Advantage Partners V, Advantage Partners Investment Partnership No. 64, AP Cayman Partners III, L.P. managed by Advantage Partners, Inc,AP3 Co., Ltd. and others for ¥14.9 billion on March 5, 2024. The Board of Directors of KIZUNA HOLDINGS Corp. formed a special committee for the transaction. The transaction is approved by KIZUNA HOLDINGS Corp.'s board of director's. The expected completion of the transaction is August 27, 2024.
City-Yuwa Partners acted as legal advisor for SAN Holdings, Inc. SMBC Nikko Securities Inc. acted as financial advisor for SAN Holdings, Inc. Nomura Securities Co., Ltd. acted as financial advisor for special committee of KIZUNA HOLDINGS Corp. Anderson Mori & Tomotsune LPC acted as legal advisor for special committee of KIZUNA HOLDINGS Corp. es Networks Co., Ltd, Accounting & Auditing Arm acted as accountant for SAN Holdings, Inc.
SAN Holdings, Inc. (TSE:9628) completed the acquisition of 92.49% stake in KIZUNA HOLDINGS Corp. (TSE:7086) from Advantage Partners V, Advantage Partners Investment Partnership No. 64, AP Cayman Partners III, L.P. managed by Advantage Partners, Inc,AP3 Co., Ltd. and others for ¥13.8 billion on August 27, 2024. SAN Holdings acquired 6,536,898 shares in the offer period. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to JP¥1,060, the stock trades at a trailing P/E ratio of 9.2x. Average trailing P/E is 15x in the Consumer Services industry in Japan. Total returns to shareholders of 62% over the past three years. New Risk • Aug 02
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. This is currently the only risk that has been identified for the company. Buy Or Sell Opportunity • Jul 18
Now 20% undervalued Over the last 90 days, the stock has risen 25% to JP¥1,321. The fair value is estimated to be JP¥1,655, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.7% over the last 3 years. Earnings per share has grown by 15%. Valuation Update With 7 Day Price Move • Jul 17
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to JP¥1,360, the stock trades at a trailing P/E ratio of 11.7x. Average trailing P/E is 17x in the Consumer Services industry in Japan. Total returns to shareholders of 132% over the past three years. Ankündigung • May 15
SAN Holdings, Inc., Annual General Meeting, Jun 25, 2024 SAN Holdings, Inc., Annual General Meeting, Jun 25, 2024. Reported Earnings • May 13
Full year 2024 earnings released: EPS: JP¥114 (vs JP¥132 in FY 2023) Full year 2024 results: EPS: JP¥114 (down from JP¥132 in FY 2023). Revenue: JP¥22.4b (up 3.6% from FY 2023). Net income: JP¥2.36b (down 15% from FY 2023). Profit margin: 11% (down from 13% in FY 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has increased by 22% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥11.50 per share Eligible shareholders must have bought the stock before 28 March 2024. Payment date: 28 June 2024. Payout ratio is a comfortable 19% and this is well supported by cash flows. Trailing yield: 2.2%. Lower than top quartile of Japanese dividend payers (3.2%). In line with average of industry peers (2.1%). Reported Earnings • Feb 10
Third quarter 2024 earnings released: EPS: JP¥27.32 (vs JP¥34.10 in 3Q 2023) Third quarter 2024 results: EPS: JP¥27.32 (down from JP¥34.10 in 3Q 2023). Revenue: JP¥5.71b (up 1.5% from 3Q 2023). Net income: JP¥565.0m (down 21% from 3Q 2023). Profit margin: 9.9% (down from 13% in 3Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 20% per year whereas the company’s share price has increased by 24% per year. Ankündigung • Nov 10
SAN Holdings, Inc. (TSE:9628) announces an Equity Buyback for 350,000 shares, representing 1.69% for ¥350 million. SAN Holdings, Inc. (TSE:9628) announces a share repurchase program. Under the program, the company will repurchase up to 350,000 shares, representing 1.69% of its total shares outstanding excluding treasury shares, for a total of ¥350 million. The purpose of the program is to enhance the return of profits to shareholders and improve capital efficiency, while also responding to changes in the business environment to carry out flexible capital policy. The repurchase program is valid till April 30, 2024. As of October 31, 2023, the company had 20,722,412 shares outstanding excluding treasury shares and had 2,677,288 shares in treasury. Reported Earnings • Nov 10
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: JP¥5.33b (up 1.9% from 2Q 2023). Net income: JP¥588.0m (down 15% from 2Q 2023). Profit margin: 11% (down from 13% in 2Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has only increased by 23% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Sep 21
Upcoming dividend of JP¥23.00 per share at 2.2% yield Eligible shareholders must have bought the stock before 28 September 2023. Payment date: 05 December 2023. Payout ratio is a comfortable 17% and this is well supported by cash flows. Trailing yield: 2.2%. Lower than top quartile of Japanese dividend payers (3.3%). Lower than average of industry peers (2.6%). Reported Earnings • Aug 10
First quarter 2024 earnings released: EPS: JP¥47.78 (vs JP¥49.39 in 1Q 2023) First quarter 2024 results: EPS: JP¥47.78 (down from JP¥49.39 in 1Q 2023). Revenue: JP¥5.08b (up 4.6% from 1Q 2023). Net income: JP¥497.0m (down 5.5% from 1Q 2023). Profit margin: 9.8% (down from 11% in 1Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 23% per year whereas the company’s share price has increased by 22% per year. Reported Earnings • May 16
Full year 2023 earnings released: EPS: JP¥264 (vs JP¥188 in FY 2022) Full year 2023 results: EPS: JP¥264 (up from JP¥188 in FY 2022). Revenue: JP¥21.7b (up 8.3% from FY 2022). Net income: JP¥2.78b (up 36% from FY 2022). Profit margin: 13% (up from 10% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has increased by 26% per year, which means it is tracking significantly ahead of earnings growth. Ankündigung • May 13
SAN Holdings, Inc., Annual General Meeting, Jun 27, 2023 SAN Holdings, Inc., Annual General Meeting, Jun 27, 2023. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥21.00 per share at 1.9% yield Eligible shareholders must have bought the stock before 30 March 2023. Payment date: 27 June 2023. Payout ratio is a comfortable 9.6% and this is well supported by cash flows. Trailing yield: 1.9%. Lower than top quartile of Japanese dividend payers (3.6%). Lower than average of industry peers (2.5%). Reported Earnings • Feb 16
Third quarter 2023 earnings released: EPS: JP¥68.20 (vs JP¥57.49 in 3Q 2022) Third quarter 2023 results: EPS: JP¥68.20 (up from JP¥57.49 in 3Q 2022). Revenue: JP¥5.63b (up 9.0% from 3Q 2022). Net income: JP¥716.0m (up 15% from 3Q 2022). Profit margin: 13% (in line with 3Q 2022). 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. Ankündigung • Feb 14
SAN Holdings, Inc. (TSE:9628) announces an Equity Buyback for 195,000 shares, representing 1.86% for ¥350 million. SAN Holdings, Inc. (TSE:9628) announces a share repurchase program. Under the program, the company will repurchase up to 195,000 shares, representing 1.86% of its issued share capital for ¥350 million. The purpose of the program is to enhance the return of profits to shareholders, improve capital efficiency, and implement agile capital policies that respond to changes in the business environment. The program is valid till July 31, 2023. As of January 31, 2023, the company had 10,496,878 shares issued (excluding treasury stock) and 1,667,138 shares in treasury. Board Change • Nov 16
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. 4 non-independent directors. Outside Independent Director Kaoru Yokomise was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 13
Second quarter 2023 earnings released: EPS: JP¥65.55 (vs JP¥39.21 in 2Q 2022) Second quarter 2023 results: EPS: JP¥65.55 (up from JP¥39.21 in 2Q 2022). Revenue: JP¥5.23b (up 14% from 2Q 2022). Net income: JP¥692.0m (up 62% from 2Q 2022). Profit margin: 13% (up from 9.3% in 2Q 2022). 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 whereas the company’s share price has increased by 10% per year. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥21.00 per share Eligible shareholders must have bought the stock before 29 September 2022. Payment date: 06 December 2022. Payout ratio is a comfortable 21% and this is well supported by cash flows. Trailing yield: 2.3%. Lower than top quartile of Japanese dividend payers (3.7%). In line with average of industry peers (2.5%). Reported Earnings • Aug 07
First quarter 2023 earnings released: EPS: JP¥49.39 (vs JP¥55.27 in 1Q 2022) First quarter 2023 results: EPS: JP¥49.39 (down from JP¥55.27 in 1Q 2022). Revenue: JP¥4.86b (down 1.2% from 1Q 2022). Net income: JP¥526.0m (down 14% from 1Q 2022). Profit margin: 11% (down from 12% in 1Q 2022). 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 21% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • May 19
Investor sentiment improved over the past week After last week's 15% share price gain to JP¥1,766, the stock trades at a trailing P/E ratio of 9.2x. Average trailing P/E is 14x in the Consumer Services industry in Japan. Total returns to shareholders of 67% over the past three years. Reported Earnings • May 17
Full year 2022 earnings released: EPS: JP¥188 (vs JP¥141 in FY 2021) Full year 2022 results: EPS: JP¥188 (up from JP¥141 in FY 2021). Revenue: JP¥20.0b (up 6.0% from FY 2021). Net income: JP¥2.04b (up 31% from FY 2021). Profit margin: 10% (up from 8.3% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has increased by 16% per year, which means it is well ahead of earnings. Ankündigung • May 14
SAN Holdings, Inc., Annual General Meeting, Jun 24, 2022 SAN Holdings, Inc., Annual General Meeting, Jun 24, 2022. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 4 non-independent directors. Exe. for Ac. Div. (Fin. Pl), Per. Div. (Pers. Pl.) & Corp. Plan. Div., GM of Corp Pl. Div. and Dir Yoshiyuki Yokota was the last director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Ankündigung • Apr 08
SAN Holdings, Inc. to Report Fiscal Year 2022 Results on May 12, 2022 SAN Holdings, Inc. announced that they will report fiscal year 2022 results on May 12, 2022 Upcoming Dividend • Mar 23
Upcoming dividend of JP¥17.00 per share Eligible shareholders must have bought the stock before 30 March 2022. Payment date: 28 June 2022. Payout ratio is a comfortable 18% and this is well supported by cash flows. Trailing yield: 2.2%. Lower than top quartile of Japanese dividend payers (3.4%). In line with average of industry peers (2.2%). Reported Earnings • Feb 09
Third quarter 2022 earnings: Revenues and EPS in line with analyst expectations Third quarter 2022 results: EPS: JP¥57.49 (up from JP¥56.63 in 3Q 2021). Revenue: JP¥5.16b (down 3.5% from 3Q 2021). Net income: JP¥623.0m (flat on 3Q 2021). Profit margin: 12% (in line with 3Q 2021). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Reported Earnings • Nov 12
Second quarter 2022 earnings released: EPS JP¥39.21 (vs JP¥28.57 in 2Q 2021) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2022 results: Revenue: JP¥4.60b (up 1.0% from 2Q 2021). Net income: JP¥428.0m (up 35% from 2Q 2021). Profit margin: 9.3% (up from 6.9% in 2Q 2021). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥17.00 per share Eligible shareholders must have bought the stock before 29 September 2021. Payment date: 07 December 2021. Trailing yield: 2.3%. Lower than top quartile of Japanese dividend payers (3.0%). Higher than average of industry peers (1.9%). Reported Earnings • Aug 06
First quarter 2022 earnings released: EPS JP¥55.27 (vs JP¥14.66 in 1Q 2021) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2022 results: Revenue: JP¥4.92b (up 21% from 1Q 2021). Net income: JP¥610.0m (up 277% from 1Q 2021). Profit margin: 12% (up from 4.0% in 1Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Reported Earnings • May 16
Full year 2021 earnings released: EPS JP¥141 (vs JP¥166 in FY 2020) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2021 results: Revenue: JP¥18.9b (down 11% from FY 2020). Net income: JP¥1.56b (down 16% from FY 2020). Profit margin: 8.3% (down from 8.7% in FY 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 7% per year and the company’s share price has also fallen by 7% per year. Ankündigung • May 14
SAN Holdings, Inc. (TSE:9628) announces an Equity Buyback for 250,000 shares, representing 2.26% for ¥300 million. SAN Holdings, Inc. (TSE:9628) announces a share repurchase program. Under the program, the company will repurchase up to 250,000 shares, representing 2.26% of its issued share capital (excluding treasury stock), for a total purchase price of ¥300 million. The purpose of the program is to enhance the return of profits to shareholders, improve capital efficiency, and implement agile capital policies in response to changes in the business environment. The program will continue through October 29, 2021. As of April 30, 2021, the company had 11,072,999 issued shares (excluding treasury stock) and 1,091,017 treasury shares. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥16.00 per share Eligible shareholders must have bought the stock before 30 March 2021. Payment date: 25 June 2021. Trailing yield: 2.8%. Within top quartile of Japanese dividend payers (2.7%). Higher than average of industry peers (1.9%). Ankündigung • Mar 04
SAN Holdings, Inc. to Report Fiscal Year 2021 Results on May 13, 2021 SAN Holdings, Inc. announced that they will report fiscal year 2021 results on May 13, 2021 Is New 90 Day High Low • Feb 19
New 90-day low: JP¥1,116 The company is down 6.0% from its price of JP¥1,190 on 20 November 2020. The Japanese market is up 12% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Consumer Services industry, which is up 1.0% over the same period. Reported Earnings • Feb 07
Third quarter 2021 earnings released: EPS JP¥56.63 (vs JP¥57.21 in 3Q 2020) The company reported a poor third quarter result with weaker earnings and revenues, although profit margins were flat. Third quarter 2021 results: Revenue: JP¥5.35b (down 6.8% from 3Q 2020). Net income: JP¥627.0m (down 2.3% from 3Q 2020). Profit margin: 12% (in line with 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 3% per year whereas the company’s share price has fallen by 5% per year. Is New 90 Day High Low • Jan 20
New 90-day low: JP¥1,146 The company is down 4.0% from its price of JP¥1,190 on 22 October 2020. The Japanese market is up 13% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Consumer Services industry, which is down 11% over the same period. 