Annonce • Feb 16
DIC Corporation, Annual General Meeting, Mar 25, 2026 DIC Corporation, Annual General Meeting, Mar 25, 2026. Annonce • Dec 26
DIC Corporation to Report Fiscal Year 2025 Results on Feb 16, 2026 DIC Corporation announced that they will report fiscal year 2025 results on Feb 16, 2026 Annonce • Sep 26
DIC Corporation to Report Q3, 2025 Results on Nov 13, 2025 DIC Corporation announced that they will report Q3, 2025 results on Nov 13, 2025 Annonce • Jun 25
DIC Corporation to Report Q2, 2025 Results on Aug 08, 2025 DIC Corporation announced that they will report Q2, 2025 results on Aug 08, 2025 Annonce • Apr 02
A&A Material Corporation (TSE:5391) completed the acquisition of Dic Decor,Inc. from DIC Corporation (TSE:4631). A&A Material Corporation (TSE:5391) agreed to acquire Dic Decor,Inc. from DIC Corporation (TSE:4631) on November 6, 2024.
As of December 31, 2023, Dic Decor,Inc. reported total assets of ¥1.24 trillion and total common equity of ¥399.27 billion. The expected completion of the transaction is April 1, 2025.
A&A Material Corporation (TSE:5391) completed the acquisition of Dic Decor,Inc. from DIC Corporation (TSE:4631) on April 1, 2025. Annonce • Mar 14
Oasis Management Discloses its Views on DIC Corporation On March 13, 2025, Oasis Management Company Ltd. announced that it has adopted the Japan FSA’s ‘Principles of Responsible Institutional Investors’ (a/k/a the Japan Stewardship Code) and, in line with those principles, Oasis Management monitors and engages with its investee companies. Oasis Management stated that as a shareholder of DIC Corporation, Oasis Management has been increasingly concerned about the corporate governance deficiencies caused by Yoshihisa Kawamura’s reign and the conflicts of interest that his position has created. Oasis Management also urges shareholders to vote against Chairman Ino and CEO Ikeda and vote for Oasis Management’s shareholder proposals to amend the articles of incorporation to enhance monitoring of related-party transactions. Annonce • Mar 03
Oasis Management Issues Recommendations to Shareholders of DIC Corporation On March 3, 2025, Oasis Management Company Ltd stated that it is concerned about DIC Corporation’s overall governance, notably the renomination Ino, ex-CEO who failed to improve Company’s poor performance and missed its mid-term business plan targets, and the scant monitoring of related-party transactions with Kawamura and companies in his orbit. Oasis is also concerned with Company’s handling of the future of the Museum, and requests that it be conducted in a more transparent and appropriate manner and asked the Company to publicly answer its questions prior to the annual general meeting. In addition, Oasis Management urged the shareholders of the Company to vote against the re-election of Company board nominee Ino, and vote for its proposal to amend the Articles of Incorporation to strengthen monitoring of related-party transactions, at the annual meeting of shareholders. Annonce • Feb 12
DIC Corporation, Annual General Meeting, Mar 27, 2025 DIC Corporation, Annual General Meeting, Mar 27, 2025. Annonce • Jan 03
DIC Corporation to Report Fiscal Year 2024 Results on Feb 12, 2025 DIC Corporation announced that they will report fiscal year 2024 results on Feb 12, 2025 Reported Earnings • Nov 17
Third quarter 2024 earnings released: EPS: JP¥44.52 (vs JP¥39.68 loss in 3Q 2023) Third quarter 2024 results: EPS: JP¥44.52 (up from JP¥39.68 loss in 3Q 2023). Revenue: JP¥268.8b (flat on 3Q 2023). Net income: JP¥4.22b (up JP¥7.97b from 3Q 2023). Profit margin: 1.6% (up from net loss in 3Q 2023). Revenue is forecast to grow 1.7% p.a. on average during the next 3 years, compared to a 4.3% growth forecast for the Chemicals industry in Germany. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 100 percentage points per year, which is a significant difference in performance. Annonce • Nov 14
DIC Corporation Re-Designates Kaoru Ino as Director, Chairman of the Board of Directors from Representative Director Chairman of the Board of Directors, Effective December 31, 2024 DIC Corporation announced the following change to a representative director, which was resolved at a meeting of the Company's Board of Directors held on November 14, 2024. New appointment: Kaoru Ino as Director, Chairman of the Board of Directors from Representative Director Chairman of the Board of Directors. Effective December 31, 2024. Annonce • Nov 06
A&A Material Corporation (TSE:5391) agreed to acquire Dic Decor,Inc. from DIC Corporation (TSE:4631). A&A Material Corporation (TSE:5391) agreed to acquire Dic Decor,Inc. from DIC Corporation (TSE:4631) on November 6, 2024.
As of December 31, 2023, Dic Decor,Inc. reported total assets of ¥1.24 trillion and total common equity of ¥399.27 billion. The expected completion of the transaction is April 1, 2025. Annonce • Oct 01
DIC Corporation(TSE:4631) dropped from Nikkei 225 Index DIC Corporation has been Dropped from the Nikkei 225 Index . Annonce • Sep 27
DIC Corporation to Report Q3, 2024 Results on Nov 14, 2024 DIC Corporation announced that they will report Q3, 2024 results on Nov 14, 2024 Declared Dividend • Aug 12
First half dividend of JP¥50.00 announced Shareholders will receive a dividend of JP¥50.00. Ex-date: 27th December 2024 Payment date: 31st March 2025 Dividend yield will be 287%, which is higher than the industry average of 6.1%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months. However, the dividend is well covered by cash flows (19% cash payout ratio). The dividend has increased by an average of 5.2% per year over the past 10 years. However, payments have been volatile during that time. Buy Or Sell Opportunity • Aug 12
Now 24% overvalued after recent price rise Over the last 90 days, the stock has risen 1.2% to €17.50. The fair value is estimated to be €14.11, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 9.7% over the last 3 years. Meanwhile, the company became loss making. Annonce • Jun 23
DIC Corporation to Report Q2, 2024 Results on Aug 09, 2024 DIC Corporation announced that they will report Q2, 2024 results on Aug 09, 2024 Reported Earnings • May 19
First quarter 2024 earnings released: JP¥29.35 loss per share (vs JP¥20.04 profit in 1Q 2023) First quarter 2024 results: JP¥29.35 loss per share (down from JP¥20.04 profit in 1Q 2023). Revenue: JP¥255.8b (flat on 1Q 2023). Net loss: JP¥2.78b (down 246% from profit in 1Q 2023). Revenue is forecast to grow 2.2% p.a. on average during the next 3 years, compared to a 4.2% growth forecast for the Chemicals industry in Germany. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 103 percentage points per year, which is a significant difference in performance. Buy Or Sell Opportunity • May 10
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 1.7% to €17.50. The fair value is estimated to be €14.52, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Meanwhile, the company became loss making. Declared Dividend • Apr 11
Final dividend of JP¥50.00 announced Shareholders will receive a dividend of JP¥50.00. Ex-date: 27th June 2024 Payment date: 2nd September 2024 Dividend yield will be 277%, which is higher than the industry average of 6.1%. Sustainability & Growth The dividend has increased by an average of 5.2% per year over the past 10 years. However, payments have been volatile during that time. Buy Or Sell Opportunity • Apr 03
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 5.3% to €18.00. The fair value is estimated to be €14.98, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Meanwhile, the company became loss making. Annonce • Mar 29
DIC Corporation to Report Q1, 2024 Results on May 15, 2024 DIC Corporation announced that they will report Q1, 2024 results on May 15, 2024 Reported Earnings • Feb 14
Full year 2023 earnings released: JP¥421 loss per share (vs JP¥186 profit in FY 2022) Full year 2023 results: JP¥421 loss per share (down from JP¥186 profit in FY 2022). Revenue: JP¥1.04t (down 1.5% from FY 2022). Net loss: JP¥39.9b (down 326% from profit in FY 2022). Revenue is forecast to grow 3.2% p.a. on average during the next 2 years, compared to a 2.7% growth forecast for the Chemicals industry in Germany. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 78 percentage points per year, which is a significant difference in performance. Annonce • Feb 07
DIC Develops Antifoaming Agent for Use in Lubricating Oils for EVs DIC Corporation announced that it has developed an antifoaming agent for use in lubricating oils for electric vehicles (EVs) that contains no perfluoroalkyl and polyfluoroalkyl substance (PFASs) and boasts exceptional performance features. This new offering achieves excellent antifoaming properties, thermal stability and durability (shear stability), all of which had previously been difficult with PFAS-free products. Going forward, the Company will seek to broaden its product lineup and will promote the expansion of sales to manufacturers of lubricating oils for EVs in Japan, the United States and Europe. DIC has set a goal for annual sales of these products of ¥2.0 billion by fiscal year 2030. Concerns regarding latent environmental risks associated with PFASs have prompted debate, particularly in Europe and the United States, over the need to further regulate these substances. In a proactive response to the rising global need for sustainable alternatives to fluorosurfactants, DIC began developing a PFAS-free surfactant. In August 2023, the Company announced the development of the MEGAFACE® EFS series of PFAS-free surfactants that deliver a performance rivaling that of fluorosurfactants despite not containing PFASs. MEGAFACE® EFS surfactants are currently sold as viable alternatives to conventional products for diverse applications, including displays, semiconductors, EVs and coatings. For the second product in the MEGAFACE® EFS series, DIC turned its attention to a PFAS-free antifoaming agent for use in lubricating oils for EVs. The combination of environment-friendly raw materials and DIC’S unique molecular design technologies facilitated the development of a PFAS-free antifoaming agent that achieves antifoaming properties, thermal stability and durability (shear stability) equivalent to or better than antifoaming agents containing PFASs. Such conventional antifoaming agents are added to lubricating oils in small amounts to lower surface tension and rupture foam lamellas, with applications ranging from lubricating oils for metal processing to automotive and industrial gear oils. However, developing silicone-based alternatives with a performance comparable to that of antifoaming agents containing PFASs has proven particularly challenging. In contrast, DIC’s new product features superior antifoaming properties in high temperature ranges, which is difficult with ordinary silicone-based PFAS-free agents, as well as superb durability when exposed to heat and mechanical stress (shear) as a lubricating oil ingredient. In the DIC Vision 2030 long-term management plan, DIC sets forth a basic strategy of expanding its operations with a core focus on sustainable products. The Company will continue to augment its selection of PFAS-free products that help address social imperatives, thereby helping promote the sustainability of industry and the reduction of environmental risks. Annonce • Dec 27
DIC Corporation to Report Fiscal Year 2023 Results on Feb 13, 2024 DIC Corporation announced that they will report fiscal year 2023 results on Feb 13, 2024 Upcoming Dividend • Dec 21
Upcoming dividend of JP¥30.00 per share at 2.3% yield Eligible shareholders must have bought the stock before 28 December 2023. Payment date: 01 April 2024. Trailing yield: 2.3%. Lower than top quartile of German dividend payers (5.1%). Lower than average of industry peers (5.7%). Reported Earnings • Nov 19
Third quarter 2023 earnings released: JP¥39.68 loss per share (vs JP¥36.09 profit in 3Q 2022) Third quarter 2023 results: JP¥39.68 loss per share (down from JP¥36.09 profit in 3Q 2022). Revenue: JP¥266.3b (down 2.7% from 3Q 2022). Net loss: JP¥3.76b (down 210% from profit in 3Q 2022). Revenue is forecast to grow 2.5% p.a. on average during the next 3 years, compared to a 3.3% growth forecast for the Chemicals industry in Germany. Over the last 3 years on average, earnings per share has fallen by 47% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. Annonce • Oct 31
DIC Corporation Announces CEO Changes with Effect from January 1, 2023 DIC Corporation announced CEO changes with effect from January 1, 2024. Takashi Ikeda will replace Kaoru Ino as CEO. Name: Takashi Ikeda; Place of birth: Osaka Prefecture, Japan; Date of birth: May 7, 1965 (age: 58). Education and career summary: March 1990 - Completed master's degree program at the Graduate School of Science and Technology, Keio University; April 1990 - Joined the Company; June 2001 - MBA, Kellogg School of Management, Northwestern University, United States; February 2013 - Director, Sun Chemical Corporation; January 2019 - General Manager, Functional Products Business Planning Department; January 2020 - Executive Officer; General Manager, Composite Material Products Division; January 2021 - Executive Officer; President, Functional Products Business Group; General Manager, Composite Material Products Division; January 2022 to present - Managing Executive Officer; President, Functional Products Business Group; General Manager, Composite Material Products Division. Annonce • Oct 30
DIC Corporation Resolves to Implement the Changes to the Company's Representative Directors with Effect from January 1, 2024 DIC Corporation announced that its Board of Directors resolved to implement the changes to the Company's representative directors with effect from January 1, 2024. Takashi Ikeda will move from Managing Executive Officer to President. Kaoru Ino will move from Representative Director and President to Representative Director and Chairman of the Board of Directors. Shuji Furuta from Director and Managing Executive Officer to Representative Director and Executive Vice President. Toshifumi Tamaki will move from Representative Director and Executive Vice President to Director. Masayuki Saito will move from Chairman of the Board of to Directors to Director. Name: Takashi Ikeda; Place of birth: Osaka Prefecture, Japan; Date of birth: May 7, 1965 (age: 58). Education and career summary: March 1990 - Completed master's degree program at the Graduate School of Science and Technology, Keio University; April 1990 - Joined the Company; June 2001 - MBA, Kellogg School of Management, Northwestern University, United States; February 2013 - Director, Sun Chemical Corporation; January 2019 - General Manager, Functional Products Business Planning Department; January 2020 - Executive Officer; General Manager, Composite Material Products Division; January 2021 - Executive Officer; President, Functional Products Business Group; General Manager, Composite Material Products Division; January 2022 to present - Managing Executive Officer; President, Functional Products Business Group; General Manager, Composite Material Products Division. Name: Shuji Furuta; Place of birth: Nagasaki Prefecture, Japan; Date of birth: June 11, 1964 (age: 59). Education and career summary: March 1987 - BBA, Department of Business Administration, College of Business Administration, Yokohama National University; April 1987 - Joined the Company; January 2016 - General Manager, Finance Department; January 2019 - Executive Officer; Head of Finance and Accounting Unit; January 2020 - Executive Officer; Head of Finance and Accounting Unit; CFO; March 2021 - Director; Executive Officer; Head of Finance and Accounting Unit; CFO; January 2022 - Director; Managing Executive Officer; Head of Finance and Accounting present - Unit; CFO. Annonce • Sep 27
DIC Corporation to Report Q3, 2023 Results on Nov 14, 2023 DIC Corporation announced that they will report Q3, 2023 results on Nov 14, 2023 New Risk • Aug 10
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 21% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (1.4% operating cash flow to total debt). Dividend is not well covered by earnings and cash flows. Payout ratio: 137% Paying a dividend despite having no free cash flows. Minor Risk Large one-off items impacting financial results. Reported Earnings • Aug 10
Second quarter 2023 earnings released: JP¥9.51 loss per share (vs JP¥73.81 profit in 2Q 2022) Second quarter 2023 results: JP¥9.51 loss per share (down from JP¥73.81 profit in 2Q 2022). Revenue: JP¥260.1b (down 3.8% from 2Q 2022). Net loss: JP¥900.0m (down 113% from profit in 2Q 2022). Revenue is forecast to grow 5.5% p.a. on average during the next 3 years, compared to a 1.8% growth forecast for the Chemicals industry in Germany. Over the last 3 years on average, earnings per share has fallen by 36% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Annonce • Aug 04
DIC Corporation Develops the MEGAFACE™ EFS Series of Environment-Friendly High-Performance PFAS-Free Surfactants DIC Corporation announced the development of the MEGAFACE™? EFS series of environment-friendly surfactants that deliver a performance rivaling that of conventional fluorosurfactants despite not containing perfluoroalkyl and polyfluoroalkyl substances (PFASs). These new products are suitable alternatives to fluorosurfactants for diverse applications, including displays, semiconductors, automobiles and coatings. The Company will promote the series in Japan, other East Asian markets, Europe and the United States, among others, targeting industries ranging from electronic materials to electric vehicles (EVs) and batteries, and aims to achieve annual sales of Y=5 billion by fiscal year 2030. Fluorosurfactants, added in small amounts, lower the surface tension of liquids, improving emulsification and surface activity. They thus play a key role in detergents, coatings and industrial products, among others. However, concerns regarding latent environmental risks associated with PFASs have prompted debate over regulating these substances, particularly in Europe and the United States. This has driven up demand for the development of PFAS-free alternatives to fluorosurfactant. DIC embarked on the development of a PFAS-free surfactant in a proactive response to rising global needs for sustainable alternatives to fluorosurfactANT. Leveraging its proprietary technologies and environment-friendly raw materials, the Company succeeded in creating the MEGAFACE™, EFS series of products boasting surface activity equal to or better than that of conventional fluorosurfactants. While realizing PFAS-free surfactants that rival fluorosurfactants on the performance front has been seen as a difficult challenge, DIC has achieved this goal with the MEGAFACE™ EFS series of products with an ability to reduce surface tension as good or greater than that of fluorosurfactants, thereby ensuring excellent coating uniformity (leveling behavior). Customers who usually use fluorosurfactants have rated the new series highly. Going forward, DIC will seek to build a market-leading position by offering these products globally as an alternative that contribute to the sustainability of industrial activity and the reduction of environmental risks. In the DIC Vision 2030 long-term management plan, DIC sets forth a basic strategy of expanding its Functional Products business with a focus on sustainable products. The DIC Group will continue to leverage its extensive expertise and technical capabilities in synthetic resins to accelerate product development and sales and contribute to solving social issues. Upcoming Dividend • Jun 23
Upcoming dividend of JP¥50.00 per share at 3.8% yield Eligible shareholders must have bought the stock before 29 June 2023. Payment date: 01 September 2023. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 3.8%. Lower than top quartile of German dividend payers (4.7%). Lower than average of industry peers (6.3%). Annonce • Jun 22
DIC Corporation to Report Q2, 2023 Results on Aug 09, 2023 DIC Corporation announced that they will report Q2, 2023 results on Aug 09, 2023 Annonce • Jun 02
DIC Corporation (TSE:4631) completed the acquisition of PCAS Canada Inc. from PCAS SA (ENXTPA:PCA). DIC Corporation (TSE:4631) agreed to acquire PCAS Canada Inc. from PCAS SA (ENXTPA:PCA) for an enterprise value of €88.2 million on May 25, 2023. The sale is not subject to any condition precedents. Therefore, the execution of the related agreements by PCAS and DIC Corporation as well as the closing of the transaction will be completed within the coming days. DIC Corporation (TSE:4631) completed the acquisition of PCAS Canada Inc. from PCAS SA (ENXTPA:PCA) on June 1, 2023. On completion, PCAS Canada Inc was renamed “Innovation DIC Chimitroniques Inc.” (English company name: “Innovation DIC Chemitronics Inc.”). Reported Earnings • May 18
First quarter 2023 earnings released: EPS: JP¥20.04 (vs JP¥78.22 in 1Q 2022) First quarter 2023 results: EPS: JP¥20.04 (down from JP¥78.22 in 1Q 2022). Revenue: JP¥255.2b (up 1.7% from 1Q 2022). Net income: JP¥1.90b (down 74% from 1Q 2022). Profit margin: 0.7% (down from 3.0% in 1Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 3.9% p.a. on average during the next 3 years, compared to a 3.1% growth forecast for the Chemicals industry in Germany. Over the last 3 years on average, earnings per share has fallen by 34% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. Annonce • May 09
PCAS in Talks to Sell Canada Unit to DIC PCAS SA (ENXTPA:PCA) announced it has entered into exclusive talks to sell its Canadian subsidiary to DIC Corporation (TSE:4631). The proposed deal gives PCAS Canada Inc. an enterprise value of EUR 88.2 million (USD 97.1 million). A potential transaction hinges on an obligatory information-consultation process of the competent workers’ councils, after authorisation of PCAS’ supervisory board and its majority shareholder, Seqens, a press release said. Reported Earnings • Apr 02
Full year 2022 earnings released: EPS: JP¥186 (vs JP¥46.12 in FY 2021) Full year 2022 results: EPS: JP¥186 (up from JP¥46.12 in FY 2021). Revenue: JP¥1.05t (up 23% from FY 2021). Net income: JP¥17.6b (up 303% from FY 2021). Profit margin: 1.7% (up from 0.5% in FY 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 4.9% p.a. on average during the next 3 years, compared to a 1.8% growth forecast for the Chemicals industry in Germany. Over the last 3 years on average, earnings per share has fallen by 40% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Annonce • Feb 16
DIC Corporation, Annual General Meeting, Mar 29, 2023 DIC Corporation, Annual General Meeting, Mar 29, 2023. Reported Earnings • Feb 15
Full year 2022 earnings released: EPS: JP¥186 (vs JP¥46.12 in FY 2021) Full year 2022 results: EPS: JP¥186 (up from JP¥46.12 in FY 2021). Revenue: JP¥1.05t (up 23% from FY 2021). Net income: JP¥17.6b (up 303% from FY 2021). Profit margin: 1.7% (up from 0.5% in FY 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 4.3% p.a. on average during the next 3 years, compared to a 1.5% growth forecast for the Chemicals industry in Germany. Over the last 3 years on average, earnings per share has fallen by 40% per year but the company’s share price has only fallen by 11% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Dec 22
Upcoming dividend of JP¥50.00 per share Eligible shareholders must have bought the stock before 29 December 2022. Payment date: 30 March 2023. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 4.3%. Lower than top quartile of German dividend payers (5.1%). Lower than average of industry peers (5.7%). Annonce • Dec 17
DIC Corporation to Report Fiscal Year 2022 Results on Feb 14, 2023 DIC Corporation announced that they will report fiscal year 2022 results on Feb 14, 2023 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. 6 non-independent directors. Independent Outside Member of Audit & Supervisory Board Michiko Chiba was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Annonce • Sep 28
DIC Corporation to Report Q3, 2022 Results on Nov 14, 2022 DIC Corporation announced that they will report Q3, 2022 results on Nov 14, 2022 Reported Earnings • Aug 12
Second quarter 2022 earnings released: EPS: JP¥73.81 (vs JP¥61.60 in 2Q 2021) Second quarter 2022 results: EPS: JP¥73.81 (up from JP¥61.60 in 2Q 2021). Revenue: JP¥270.5b (up 34% from 2Q 2021). Net income: JP¥6.99b (up 20% from 2Q 2021). Profit margin: 2.6% (down from 2.9% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 3.4%, compared to a 2.9% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has fallen by 53% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Jun 22
Upcoming dividend of JP¥50.00 per share Eligible shareholders must have bought the stock before 29 June 2022. Payment date: 01 September 2022. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 4.1%. Lower than top quartile of German dividend payers (4.4%). Lower than average of industry peers (5.4%). Annonce • Jun 11
DIC Corporation to Report Q2, 2022 Results on Aug 10, 2022 DIC Corporation announced that they will report Q2, 2022 results on Aug 10, 2022 Reported Earnings • May 20
First quarter 2022 earnings released: EPS: JP¥78.22 (vs JP¥108 in 1Q 2021) First quarter 2022 results: EPS: JP¥78.22 (down from JP¥108 in 1Q 2021). Revenue: JP¥251.0b (up 32% from 1Q 2021). Net income: JP¥7.40b (down 27% from 1Q 2021). Profit margin: 3.0% (down from 5.4% in 1Q 2021). Over the next year, revenue is forecast to grow 6.5%, compared to a 6.6% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has fallen by 44% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Board Change • Apr 28
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. 6 non-independent directors. Independent Outside Director Yoshiaki Tamura was the last independent director to join the board, commencing their role in 2018. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Annonce • Mar 31
DIC Corporation to Report Q1, 2022 Results on May 16, 2022 DIC Corporation announced that they will report Q1, 2022 results at 12:00 PM, Tokyo Standard Time on May 16, 2022 Reported Earnings • Feb 19
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: JP¥46.12 (down from JP¥140 in FY 2020). Revenue: JP¥855.4b (up 22% from FY 2020). Net income: JP¥4.37b (down 67% from FY 2020). Profit margin: 0.5% (down from 1.9% in FY 2020). Revenue was in line with analyst estimates. Over the next year, revenue is forecast to grow 11%, compared to a 6.6% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has fallen by 35% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. Annonce • Feb 19
DIC Corporation Provides Earnings Guidance for the First Half and Full Year Ending December 31, 2022 DIC Corporation provided earnings guidance for the first half and full year ending December 31, 2022. For the first half of 2022, the company expects net sales of JPY 465,000 million, operating income of JPY 26,000 million, Net income attributable to owners of the parent of JPY 14,000 million, and Earnings per share basic of JPY 147.91.For the full year ending December 31, 2022, net sales of JPY 950,000 million, operating income of JPY 54,000 million, Net income attributable to owners of the parent of JPY 28,000 million, and Earnings per share basic of JPY 295.81. Upcoming Dividend • Dec 22
Upcoming dividend of JP¥50.00 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 31 March 2022. Payout ratio is a comfortable 65% and this is well supported by cash flows. Trailing yield: 3.4%. Within top quartile of German dividend payers (3.3%). Lower than average of industry peers (3.8%). Reported Earnings • Nov 16
Third quarter 2021 earnings released: JP¥7.85 loss per share (vs JP¥37.81 profit in 3Q 2020) The company reported a mediocre third quarter result with weaker earnings and weaker control over costs, although revenues improved. Third quarter 2021 results: Revenue: JP¥224.0b (up 31% from 3Q 2020). Net loss: JP¥743.0m (down 121% from profit in 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Reported Earnings • Aug 14
Second quarter 2021 earnings released: EPS JP¥61.60 (vs JP¥60.53 in 2Q 2020) The company reported a solid second quarter result with improved earnings and revenues, although profit margins were weaker. Second quarter 2021 results: Revenue: JP¥201.5b (up 24% from 2Q 2020). Net income: JP¥5.83b (up 1.8% from 2Q 2020). Profit margin: 2.9% (down from 3.5% in 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Annonce • Aug 12
DIC Corporation Revised Financial Guidance for Fiscal Year Ending December 31, 2021 DIC Corporation revised financial guidance for fiscal year ending December 31, 2021. For the year, the company now expects operating income of ¥48 million and net income
attributable to owners of the parent of ¥22 million or ¥232.42 per share on net sales of ¥840 million against previous forecast of operating income of ¥45 million and net income
attributable to owners of the parent of ¥20 million or ¥211.30 per share on net sales of ¥750 million. Upcoming Dividend • Jun 22
Upcoming dividend of JP¥50.00 per share Eligible shareholders must have bought the stock before 29 June 2021. Payment date: 01 September 2021. Trailing yield: 3.6%. Within top quartile of German dividend payers (3.1%). In line with average of industry peers (3.7%). Reported Earnings • May 16
First quarter 2021 earnings released: EPS JP¥108 (vs JP¥48.65 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: JP¥190.3b (up 4.7% from 1Q 2020). Net income: JP¥10.2b (up 121% from 1Q 2020). Profit margin: 5.4% (up from 2.5% in 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. Annonce • Apr 29
DIC Corporation (TSE:4631) acquired an unknown stake in Vaxa Technologies Ltd. DIC Corporation (TSE:4631) acquired an unknown stake in Vaxa Technologies Ltd. on April 28, 2021.
DIC Corporation (TSE:4631) completed the acquisition of an unknown stake in Vaxa Technologies Ltd. on April 28, 2021. Reported Earnings • Apr 05
Full year 2020 earnings released: EPS JP¥140 (vs JP¥248 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: JP¥701.2b (down 8.8% from FY 2019). Net income: JP¥13.2b (down 44% from FY 2019). Profit margin: 1.9% (down from 3.1% in FY 2019). Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Annonce • Feb 21
DIC Corporation, Annual General Meeting, Mar 30, 2021 DIC Corporation, Annual General Meeting, Mar 30, 2021. Reported Earnings • Feb 21
Full year 2020 earnings released: EPS JP¥140 (vs JP¥248 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: JP¥701.2b (down 8.8% from FY 2019). Net income: JP¥13.2b (down 44% from FY 2019). Profit margin: 1.9% (down from 3.1% in FY 2019). Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. Analyst Estimate Surprise Post Earnings • Feb 21
Revenue beats expectations Revenue exceeded analyst estimates by 2.7%. Over the next year, revenue is forecast to grow 10%, compared to a 5.1% growth forecast for the Chemicals industry in Germany. Is New 90 Day High Low • Feb 08
New 90-day high: €22.60 The company is up 9.0% from its price of €20.80 on 10 November 2020. The German market is up 12% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Chemicals industry, which is up 19% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €19.44 per share. Annonce • Jan 29
Dic Corporation and Jindal Poly Films Limited Reaches Consensus to Collaborate in the Area of Functional CPP Films in India DIC Corporation has for some time been exploring the possibility of an alliance with India’s Jindal Poly Films Limited, with the aim of helping to foster a market for functional cast polypropylene (CPP) film in India. DIC announced that the two companies have reached a consensus to collaborate in this area. India, like other countries, is experiencing a greater need for products with performance features that respond better to environmental concerns and sanitation issues. In the food packaging field, demand is increasing for films with performance features that meet such needs. Of particular note, demand for functional CPP film, which contributes to the realization of reducing plastics, mono-material packaging, is expected to expand in the future. Anticipating growth in the Indian market for CPP film, Jindal Poly Films entered this business in 2018, at which time it also approached DIC to propose collaboration. Having determined that working with Jindal Poly Films would be an important first step in nurturing demand in the promising Indian market, DIC explored the proposal in detail. Collaborative initiatives in the following three spheres are under consideration by the two companies, with concrete activities expected to commence within fiscal year 2021 at the earliest: Entering into a technology licensing agreement whereby DIC would extend packaging technologies to Jindal Poly Films; Developing and mass-producing functional CPP film using DIC technologies at Jindal Poly Films’ plant in India; and Conducting joint sales of functional CPP film manufactured by Jindal Poly Films in India with a view to establishing a joint venture. Through this business, DIC has sought to provide value to society through the improvement of environmental performance, i.e., by making films thinner to reduce plastic use, and enhancing performance features such as easy peel, which makes packaging easier to open. Amid growing sustainability-related needs, DIC aims to expand its films business by capitalizing on this collaboration with Jindal Poly Films to introduce advanced technologies cultivated in Japan to the Indian market, which is expected to see significant growth going forward. Annonce • Dec 25
DIC Develops Distinctive CeramNex AP10 Flake Alumina Filler DIC Corporation announced the development of CeramNex™ AP10, a distinctive flake alumina filler that imparts heat dissipating properties to components for electronics equipment and other applications. The new product is scheduled for launch in January 2021 and will be sold exclusively through trading firm Nagase & Co. Ltd. Going forward, DIC aims to expand the range of products in the CeramNex™ AP10 lineup and to achieve sales of ¥800 million by 2025, focusing on automotive and electronics equipment component manufacturers in Japan, the People’s Republic of China, the Republic of Korea, Taiwan, Europe and the United States. The growing importance of the CASE (Connected, Autonomous, Shared and Electric) concept and the deployment of the 5G cellular telecommunications standard continue to drive the trend toward ever-smaller components with more sophisticated performance features in both the automobile and electronics industries. As a consequence, the dissipation of heat generated inside equipment is an increasingly important consideration. Alumina fillers, which offer superb thermal stability, are used to impart heat dissipating properties to automotive and electronics equipment components. Compounding formulations involving a large amount of alumina filler are common because they add thermal conductivity to resin, but a high filler content hinders moldability and reduces the mechanical strength of the resulting molded components. Unlike conventional alumina fillers comprising spherical or irregular particles, CeramNex™ AP10—which is synthesized using an original process—boasts excellent crystallinity and high aspect ratio flake-shaped particles. As a consequence, greater strength can be achieved with the addition of a smaller amount, thereby helping reduce weight. Moreover, superior surface uniformity means that DIC’s new product is suitable as an additive for applications in areas other than the automobile and electronics industries. Is New 90 Day High Low • Dec 24
New 90-day low: €19.90 The company is down 4.0% from its price of €20.80 on 25 September 2020. The German market is up 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Chemicals industry, which is up 19% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €16.99 per share. 
