Valuation Update With 7 Day Price Move • May 20
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to €21.20, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 12x in the Auto Components industry in Germany. Total returns to shareholders of 57% over the past three years. Board Change • May 20
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Senior Managing Executive Officer of HR & General Affairs, Chief Logistics Officer and Director Tomoki Takaoka was the last director to join the board, commencing their role in 2025. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Annonce • May 14
KYB Corporation, Annual General Meeting, Jun 24, 2026 KYB Corporation, Annual General Meeting, Jun 24, 2026. Annonce • May 10
KYB Corporation to Report Fiscal Year 2026 Results on May 13, 2026 KYB Corporation announced that they will report fiscal year 2026 results on May 13, 2026 Annonce • Feb 12
KYB Corporation (TSE:7242) announces an Equity Buyback for 3,240,000 shares, representing 7.51% for ¥13,410.36 million. KYB Corporation (TSE:7242) announces a share repurchase program. Under the program, the company will repurchase up to 3,240,000 shares, representing 7.51% of its share capital, for ¥13,410.36 million. The shares will be repurchased at ¥4,139 per share. The company will repurchase 2,938,834 shares from Toyota Motor Corporation (TSE:7203). The company will repurchase its shares in order to implement flexible capital and dividend policies. The purpose of the offer is flexible implementation of dividend and capital policies. If the offer is oversubscribed the company may repurchase up to additional 100 shares. The offer will be valid till March 16, 2026. As of December 31, 2025, the company had 43,169,665 shares outstanding (excluding treasury shares) and 7,298,997 shares in treasury. Annonce • Dec 27
KYB Corporation to Report Q3, 2026 Results on Feb 12, 2026 KYB Corporation announced that they will report Q3, 2026 results on Feb 12, 2026 Annonce • Oct 01
KYB Corporation to Report Q2, 2026 Results on Nov 12, 2025 KYB Corporation announced that they will report Q2, 2026 results on Nov 12, 2025 Annonce • Sep 26
KYB Corporation (TSE:7242) announces an Equity Buyback for 740,030 shares, representing 1.64% for ¥2,989.72 million. KYB Corporation (TSE:7242) announces a share repurchase program. Under the program, the company will repurchase up to 740,030 shares, representing 1.64% of its issued share capital, for ¥2,989.72 million. The shares will be purchased on September 26, 2025. As of August 31, 2025, the company 50,468,662 outstanding shares (excluding treasury stock) and 5,364,377 treasury shares. Annonce • Jul 07
KYB Corporation to Report Q1, 2026 Results on Aug 07, 2025 KYB Corporation announced that they will report Q1, 2026 results on Aug 07, 2025 Annonce • May 12
KYB Corporation, Annual General Meeting, Jun 24, 2025 KYB Corporation, Annual General Meeting, Jun 24, 2025. Annonce • Jan 09
KYB Corporation to Report Q3, 2025 Results on Feb 12, 2025 KYB Corporation announced that they will report Q3, 2025 results on Feb 12, 2025 Reported Earnings • Nov 14
Second quarter 2025 earnings released: EPS: JP¥60.30 (vs JP¥113 in 2Q 2024) Second quarter 2025 results: EPS: JP¥60.30 (down from JP¥113 in 2Q 2024). Revenue: JP¥104.7b (down 5.4% from 2Q 2024). Net income: JP¥1.51b (down 47% from 2Q 2024). Profit margin: 1.4% (down from 2.6% in 2Q 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 3.6% p.a. on average during the next 3 years, compared to a 5.6% growth forecast for the Auto Components industry in Germany. Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Annonce • Nov 12
KYB Corporation (TSE:7242) announces an Equity Buyback for 4,600,000 shares, representing 18.37% for ¥20,000 million. KYB Corporation (TSE:7242) announces a share repurchase program. Under the program, the company will repurchase up to 4,600,000 shares, representing 18.37% of its issued share capital, for ¥20,000 million. The purpose of the program is to strengthen shareholder returns and respond to changes in the business environment. The program is valid till November 28, 2025. As of September 30, 2024, the company 25,042,705 outstanding shares (excluding treasury stock) and 191,626 treasury shares.
On November 11, 2024, the company announced that it plans to split its common shares at a ratio of 2 shares for every 1 share on December 3, 2024, and after the effective date of the stock split, the total number of shares that may be acquired will be 9,200,000 shares. Annonce • Nov 11
KYB Corporation (TSE:7242) proposed to acquire an additional 88.4% stake in Chita Kogyo Co., Ltd. (NSE:5993) from group of sellers for ¥17.0 billion in a tender offer transaction. KYB Corporation (TSE:7242) proposed to acquire an additional 88.4% stake in Chita Kogyo Co., Ltd. (NSE:5993) from group of sellers for ¥17.0 billion in a tender offer transaction on November 11, 2024. A cash consideration valued at ¥2010 per share will be paid by KYB Corporation.
The Board of Directors of Chita Kogyo Co., Ltd. formed a special committee for the transaction.
Mizuho Securities Co., Ltd. acted as financial advisor for KYB Corporation. Nishimura & Asahi acted as legal advisor for KYB Corporation. PwC Advisory LLC acted as financial advisor for KYB Corporation. PwC Tax Japan acted as accountant for KYB Corporation. SMBC Nikko Securities Inc. acted as financial advisor for Chita Kogyo Co., Ltd. Mori Hamada & Matsumoto LPC acted as legal advisor for Chita Kogyo Co., Ltd. Tokyo Kyodo Accounting Office Co., Ltd. acted as accountant for Chita Kogyo Co., Ltd. Annonce • Sep 27
KYB Corporation to Report Q2, 2025 Results on Nov 11, 2024 KYB Corporation announced that they will report Q2, 2025 results on Nov 11, 2024 Upcoming Dividend • Sep 20
Upcoming dividend of JP¥100.00 per share Eligible shareholders must have bought the stock before 27 September 2024. Payment date: 09 December 2024. Payout ratio is a comfortable 36% and the cash payout ratio is 85%. Trailing yield: 4.1%. Lower than top quartile of German dividend payers (4.7%). Higher than average of industry peers (3.3%). Annonce • Jul 05
KYB Corporation to Report Q1, 2025 Results on Aug 08, 2024 KYB Corporation announced that they will report Q1, 2025 results on Aug 08, 2024 Annonce • May 15
KYB Corporation, Annual General Meeting, Jun 25, 2024 KYB Corporation, Annual General Meeting, Jun 25, 2024. Reported Earnings • May 13
Full year 2024 earnings released: EPS: JP¥627 (vs JP¥1,028 in FY 2023) Full year 2024 results: EPS: JP¥627 (down from JP¥1,028 in FY 2023). Revenue: JP¥442.8b (up 2.7% from FY 2023). Net income: JP¥15.8b (down 40% from FY 2023). Profit margin: 3.6% (down from 6.1% in FY 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 8.1% p.a. on average during the next 2 years, compared to a 5.6% growth forecast for the Auto Components industry in Germany. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Annonce • Mar 28
KYB Corporation to Report Fiscal Year 2024 Results on May 10, 2024 KYB Corporation announced that they will report fiscal year 2024 results on May 10, 2024 Upcoming Dividend • Mar 21
Upcoming dividend of JP¥100.00 per share Eligible shareholders must have bought the stock before 28 March 2024. Payment date: 26 June 2024. Payout ratio is a comfortable 26% and this is well supported by cash flows. Trailing yield: 1.9%. Lower than top quartile of German dividend payers (5.0%). Lower than average of industry peers (2.8%). Reported Earnings • Feb 11
Third quarter 2024 earnings released: EPS: JP¥130 (vs JP¥162 in 3Q 2023) Third quarter 2024 results: EPS: JP¥130 (down from JP¥162 in 3Q 2023). Revenue: JP¥110.8b (up 3.6% from 3Q 2023). Net income: JP¥3.26b (down 21% from 3Q 2023). Profit margin: 2.9% (down from 3.9% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 8.3% p.a. on average during the next 3 years, compared to a 4.8% growth forecast for the Auto Components industry in Germany. Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Annonce • Jan 11
KYB Corporation to Report Q3, 2024 Results on Feb 08, 2024 KYB Corporation announced that they will report Q3, 2024 results on Feb 08, 2024 Reported Earnings • Nov 08
Second quarter 2024 earnings released: EPS: JP¥123 (vs JP¥210 in 2Q 2023) Second quarter 2024 results: EPS: JP¥123 (down from JP¥210 in 2Q 2023). Revenue: JP¥110.6b (up 1.1% from 2Q 2023). Net income: JP¥3.10b (down 42% from 2Q 2023). Profit margin: 2.8% (down from 4.9% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 8.1% p.a. on average during the next 3 years, compared to a 5.0% growth forecast for the Auto Components industry in Germany. Annonce • Sep 30
KYB Corporation to Report Q2, 2024 Results on Nov 07, 2023 KYB Corporation announced that they will report Q2, 2024 results on Nov 07, 2023 Upcoming Dividend • Sep 21
Upcoming dividend of JP¥100.00 per share at 4.0% yield Eligible shareholders must have bought the stock before 28 September 2023. Payment date: 06 December 2023. Payout ratio is a comfortable 19% and this is well supported by cash flows. Trailing yield: 4.0%. Lower than top quartile of German dividend payers (4.8%). Higher than average of industry peers (2.6%). Reported Earnings • Aug 09
First quarter 2024 earnings released: EPS: JP¥198 (vs JP¥187 in 1Q 2023) First quarter 2024 results: EPS: JP¥198 (up from JP¥187 in 1Q 2023). Revenue: JP¥107.3b (up 6.8% from 1Q 2023). Net income: JP¥5.07b (up 6.1% from 1Q 2023). Profit margin: 4.7% (down from 4.8% in 1Q 2023). 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 5.4% growth forecast for the Auto Components industry in Germany. Annonce • Jun 30
KYB Corporation to Report Q1, 2024 Results on Aug 04, 2023 KYB Corporation announced that they will report Q1, 2024 results on Aug 04, 2023 Reported Earnings • May 14
Full year 2023 earnings released: EPS: JP¥1,065 (vs JP¥883 in FY 2022) Full year 2023 results: EPS: JP¥1,065 (up from JP¥883 in FY 2022). Revenue: JP¥431.2b (up 11% from FY 2022). Net income: JP¥27.2b (up 21% from FY 2022). Profit margin: 6.3% (up from 5.8% in FY 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 6.3% p.a. on average during the next 2 years, compared to a 5.8% growth forecast for the Auto Components industry in Germany. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥70.00 per share at 3.7% yield Eligible shareholders must have bought the stock before 30 March 2023. Payment date: 26 June 2023. Payout ratio is a comfortable 17% and this is well supported by cash flows. Trailing yield: 3.7%. Lower than top quartile of German dividend payers (4.7%). Higher than average of industry peers (2.5%). Reported Earnings • Feb 12
Third quarter 2023 earnings released: EPS: JP¥171 (vs JP¥299 in 3Q 2022) Third quarter 2023 results: EPS: JP¥171 (down from JP¥299 in 3Q 2022). Revenue: JP¥106.9b (up 6.7% from 3Q 2022). Net income: JP¥4.37b (down 43% from 3Q 2022). Profit margin: 4.1% (down from 7.6% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 6.1% p.a. on average during the next 3 years, compared to a 5.7% growth forecast for the Auto Components industry in Germany. Annonce • Jan 22
KYB Corporation to Report Q3, 2023 Results on Feb 08, 2023 KYB Corporation announced that they will report Q3, 2023 results on Feb 08, 2023 Board Change • Nov 17
Less than half of directors are independent There are 6 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 4 independent directors. 6 non-independent directors. Independent External Director Akemi Sunaga was the last independent director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Reported Earnings • Nov 06
Second quarter 2023 earnings released: EPS: JP¥228 (vs JP¥180 in 2Q 2022) Second quarter 2023 results: EPS: JP¥228 (up from JP¥180 in 2Q 2022). Revenue: JP¥109.5b (up 20% from 2Q 2022). Net income: JP¥5.83b (up 27% from 2Q 2022). Profit margin: 5.3% (up from 5.0% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 5.8% p.a. on average during the next 3 years, compared to a 6.4% growth forecast for the Auto Components industry in Germany. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥60.00 per share Eligible shareholders must have bought the stock before 29 September 2022. Payment date: 09 December 2022. Payout ratio is a comfortable 12% and this is well supported by cash flows. Trailing yield: 3.6%. Lower than top quartile of German dividend payers (5.1%). In line with average of industry peers (3.7%). Reported Earnings • Aug 07
First quarter 2023 earnings released: EPS: JP¥196 (vs JP¥183 in 1Q 2022) First quarter 2023 results: EPS: JP¥196 (up from JP¥183 in 1Q 2022). Revenue: JP¥100.4b (up 5.8% from 1Q 2022). Net income: JP¥5.01b (up 7.3% from 1Q 2022). Profit margin: 5.0% (up from 4.9% in 1Q 2022). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 10%, compared to a 10% growth forecast for the industry in Germany. Annonce • Jul 28
KYB Corporation to Report Q1, 2023 Results on Aug 05, 2022 KYB Corporation announced that they will report Q1, 2023 results on Aug 05, 2022 Annonce • May 19
KYB Corporation to Report Q1, 2023 Results on Aug 23, 2022 KYB Corporation announced that they will report Q1, 2023 results on Aug 23, 2022 Annonce • May 18
KYB Corporation, Annual General Meeting, Jun 23, 2022 KYB Corporation, Annual General Meeting, Jun 23, 2022. Reported Earnings • May 16
Full year 2022 earnings released: EPS: JP¥883 (vs JP¥669 in FY 2021) Full year 2022 results: EPS: JP¥883 (up from JP¥669 in FY 2021). Revenue: JP¥388.4b (up 18% from FY 2021). Net income: JP¥22.5b (up 32% from FY 2021). Profit margin: 5.8% (up from 5.2% in FY 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 1.8%, compared to a 9.7% growth forecast for the industry in Germany. Board Change • Apr 27
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent External Director Masakazu Sakata was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Annonce • Apr 08
KYB Corporation to Report Fiscal Year 2022 Results on May 13, 2022 KYB Corporation announced that they will report fiscal year 2022 results on May 13, 2022 Upcoming Dividend • Mar 23
Upcoming dividend of JP¥45.00 per share Eligible shareholders must have bought the stock before 30 March 2022. Payment date: 28 June 2022. Payout ratio is a comfortable 9.9% and this is well supported by cash flows. Trailing yield: 3.0%. Lower than top quartile of German dividend payers (3.6%). In line with average of industry peers (3.3%). Reported Earnings • Feb 09
Third quarter 2022 earnings: EPS in line with analyst expectations despite revenue beat Third quarter 2022 results: EPS: JP¥308 (up from JP¥270 in 3Q 2021). Revenue: JP¥100.3b (up 10% from 3Q 2021). Net income: JP¥7.87b (up 14% from 3Q 2021). Profit margin: 7.9% (up from 7.6% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 6.2%. Over the next year, revenue is forecast to grow 2.8% compared to a 3.0% decline forecast for the industry in Germany. Reported Earnings • Nov 06
Second quarter 2022 earnings released: EPS JP¥189 (vs JP¥2.74 in 2Q 2021) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2022 results: Revenue: JP¥91.0b (up 16% from 2Q 2021). Net income: JP¥4.82b (up JP¥4.75b from 2Q 2021). Profit margin: 5.3% (up from 0.1% in 2Q 2021). The increase in margin was driven by higher revenue. Reported Earnings • Aug 06
First quarter 2022 earnings released: EPS JP¥183 (vs JP¥150 loss in 1Q 2021) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2022 results: Revenue: JP¥94.9b (up 57% from 1Q 2021). Net income: JP¥4.68b (up JP¥8.51b from 1Q 2021). Profit margin: 4.9% (up from net loss in 1Q 2021). The move to profitability was driven by higher revenue. Board Change • Jul 27
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Outside Director Masakazu Sakata was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Annonce • Jun 30
KYB Corporation announced that it has received ¥12.5 billion in funding from a group of investors On June 28, 2021, KYB Corporation closed the transaction. ¥6,250,000,000 each goes to capital and capital reserve, respectively. Valuation Update With 7 Day Price Move • May 20
Investor sentiment improved over the past week After last week's 16% share price gain to JP¥27.22, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 14x in the Auto Components industry in Europe. Reported Earnings • May 16
Full year 2021 earnings released: EPS JP¥669 (vs JP¥2,423 loss in FY 2020) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2021 results: Revenue: JP¥328.0b (down 14% from FY 2020). Net income: JP¥17.1b (up JP¥79.0b from FY 2020). Profit margin: 5.2% (up from net loss in FY 2020). The move to profitability was driven by lower expenses. Annonce • May 14
KYB Corporation announced that it expects to receive ¥12.5 billion in funding from a group of investors KYB Corporation (TSE:7242) announced it has entered into a stock subscription agreement for private placement of 125 class A preferred stock at an issue price of ¥100,000,000 per share for gross proceeds of ¥12,500,000,000 on May 13, 2021. The transaction will include participation from new investors including Mizuho Bank, Ltd., Investment Arm for 35 shares for ¥3,500,000,000, Development Bank of Japan Inc., Investment Arm for 25 shares for ¥2,500,000,000, Meiji Yasuda Life Insurance Company for 15 shares for ¥1,500,000,000 and other investors. The company will raise funding through third-party allotment. The transaction was approved by the board of directors of the company and is subject to shareholder's approval. The company expects to close the transaction on June 28, 2021. The company has paid ¥300,000,000 issuance cost and net proceeds of ¥12,200,000,000. Reported Earnings • Feb 11
Third quarter 2021 earnings released: EPS JP¥270 (vs JP¥349 loss in 3Q 2020) The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2021 results: Revenue: JP¥91.0b (down 1.0% from 3Q 2020). Net income: JP¥6.89b (up JP¥15.8b from 3Q 2020). Profit margin: 7.6% (up from net loss in 3Q 2020). Analyst Estimate Surprise Post Earnings • Feb 11
Revenue beats expectations Revenue exceeded analyst estimates by 7.0%. Over the next year, revenue is forecast to stay flat compared to a 9.7% growth forecast for the Auto Components industry in Germany. Annonce • Jan 24
KYB Corporation to Report Q3, 2021 Results on Feb 09, 2021 KYB Corporation announced that they will report Q3, 2021 results on Feb 09, 2021