Valuation Update With 7 Day Price Move • Jun 17
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to JP¥4,596, the stock trades at a forward P/E ratio of 34x. Average forward P/E is 18x in the Electrical industry in Japan. Total returns to shareholders of 161% over the past three years. Price Target Changed • Jun 10
Price target increased by 13% to JP¥3,350 Up from JP¥2,975, the current price target is an average from 4 analysts. New target price is 16% below last closing price of JP¥3,978. Stock is up 127% over the past year. The company is forecast to post earnings per share of JP¥134 for next year compared to JP¥94.88 last year. Reported Earnings • May 18
Full year 2026 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2026 results: EPS: JP¥94.88 (up from JP¥70.27 in FY 2025). Revenue: JP¥179.2b (flat on FY 2025). Net income: JP¥8.00b (up 18% from FY 2025). Profit margin: 4.5% (up from 3.8% in FY 2025). Revenue exceeded analyst estimates by 3.3%. Earnings per share (EPS) missed analyst estimates by 4.5%. Revenue is forecast to grow 8.9% p.a. on average during the next 2 years, compared to a 6.8% growth forecast for the Electrical industry in Japan. Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has increased by 30% per year, which means it is well ahead of earnings. New Risk • May 15
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 8.1% 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. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (8.1% average weekly change). Profit margins are more than 30% lower than last year (2.9% net profit margin). Valuation Update With 7 Day Price Move • May 15
Investor sentiment improves as stock rises 26% After last week's 26% share price gain to JP¥4,239, the stock trades at a forward P/E ratio of 37x. Average forward P/E is 21x in the Electrical industry in Japan. Total returns to shareholders of 143% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥1,774 per share. Annonce • May 14
Ushio Inc., Annual General Meeting, Jun 29, 2026 Ushio Inc., Annual General Meeting, Jun 29, 2026. Annonce • May 10
Ushio Inc. to Report Fiscal Year 2026 Results on May 14, 2026 Ushio Inc. announced that they will report fiscal year 2026 results on May 14, 2026 Annonce • Apr 21
Ushio Industry & Entertainment Appoints Takuya Matsumoto as President & CEO Ushio Industry & Entertainment announced the appointment of Takuya Matsumoto as President and Chief Executive Officer, marking a key milestone in the evolution of the business and its integration within the Ushio Group. With more than 20 years of experience across sales, new business development, and global operations, Takuya Matsumoto brings deep industry expertise and a strong leadership track record within Ushio. Most recently, he served as General Manager of the Global Business Unit, where he played a pivotal role in advancing global growth initiatives. Under Takuya Matsumoto’s leadership, Ushio INE will continue to build on its strong legacy while advancing its mission to deliver high-performance, high-quality lighting solutions across industrial and entertainment markets worldwide. Price Target Changed • Apr 07
Price target increased by 17% to JP¥2,975 Up from JP¥2,533, the current price target is an average from 4 analysts. New target price is approximately in line with last closing price of JP¥3,066. Stock is up 85% over the past year. The company is forecast to post earnings per share of JP¥99.38 for next year compared to JP¥70.27 last year. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥70.00 per share Eligible shareholders must have bought the stock before 30 March 2026. Payment date: 30 June 2026. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 2.5%. Lower than top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (1.2%). Reported Earnings • Feb 07
Third quarter 2026 earnings: EPS and revenues exceed analyst expectations Third quarter 2026 results: EPS: JP¥46.00 (up from JP¥36.12 in 3Q 2025). Revenue: JP¥45.5b (up 7.2% from 3Q 2025). Net income: JP¥3.80b (up 10% from 3Q 2025). Profit margin: 8.3% (up from 8.1% in 3Q 2025). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 7.5%. Earnings per share (EPS) also surpassed analyst estimates significantly. Revenue is forecast to grow 10.0% p.a. on average during the next 3 years, compared to a 5.8% growth forecast for the Electrical industry in Japan. Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has increased by 23% per year, which means it is well ahead of earnings. Declared Dividend • Jan 08
Dividend of JP¥70.00 announced Dividend of JP¥70.00 is the same as last year. Ex-date: 30th March 2026 Payment date: 30th June 2026 Dividend yield will be 2.5%, which is higher than the industry average of 2.1%. Sustainability & Growth Dividend is not covered by earnings (133% earnings payout ratio). However, it is covered by cash flows (52% cash payout ratio). The dividend has increased by an average of 11% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 48% to bring the payout ratio under control. EPS is expected to grow by 167% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. Annonce • Jan 07
Ushio Inc. announces Annual dividend, payable on June 30, 2026 Ushio Inc. announced Annual dividend of JPY 70.0000 per share payable on June 30, 2026, ex-date on March 30, 2026 and record date on March 31, 2026. Price Target Changed • Jan 06
Price target increased by 14% to JP¥2,467 Up from JP¥2,167, the current price target is an average from 3 analysts. New target price is 13% below last closing price of JP¥2,826. Stock is up 29% over the past year. The company is forecast to post earnings per share of JP¥86.57 for next year compared to JP¥70.27 last year. Reported Earnings • Nov 08
Second quarter 2026 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2026 results: EPS: JP¥35.83 (up from JP¥20.28 in 2Q 2025). Revenue: JP¥43.1b (down 11% from 2Q 2025). Net income: JP¥3.07b (up 53% from 2Q 2025). Profit margin: 7.1% (up from 4.2% in 2Q 2025). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 1.3%. Earnings per share (EPS) exceeded analyst estimates. Revenue is forecast to grow 8.4% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the Electrical industry in Japan. Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Annonce • Sep 22
Ushio Inc.(TSE:6925) dropped from FTSE All-World Index (USD) Ushio Inc.(TSE:6925) dropped from FTSE All-World Index (USD) Buy Or Sell Opportunity • Aug 20
Now 20% undervalued Over the last 90 days, the stock has risen 21% to JP¥2,086. The fair value is estimated to be JP¥2,622, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.4% over the last 3 years. Earnings per share has declined by 23%. Revenue is forecast to grow by 3.4% in 2 years. Earnings are forecast to grow by 198% in the next 2 years. Valuation Update With 7 Day Price Move • Aug 12
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to JP¥2,123, the stock trades at a forward P/E ratio of 23x. Average forward P/E is 14x in the Electrical industry in Japan. Total returns to shareholders of 28% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥2,622 per share. Reported Earnings • Aug 07
First quarter 2026 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2026 results: JP¥32.06 loss per share (down from JP¥2.92 profit in 1Q 2025). Revenue: JP¥38.4b (up 2.2% from 1Q 2025). Net loss: JP¥2.83b (down JP¥3.12b from profit in 1Q 2025). Revenue exceeded analyst estimates by 7.7%. Earnings per share (EPS) missed analyst estimates. Revenue is forecast to grow 3.3% p.a. on average during the next 3 years, compared to a 3.8% growth forecast for the Electrical industry in Japan. Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Annonce • Aug 05
Ushio Inc. (TSE:6925) announces an Equity Buyback for 15,000,000 shares, representing 17.04% for ¥20,000 million. Ushio Inc. (TSE:6925) announces a share repurchase program. Under the program, the company will repurchase up to 15,000,000 shares, representing 17.04% of its issued share capital (excluding treasury stock), for a total purchase price of ¥20,000 million. The purpose of the program is to raise capital efficiency and enable the implementation of an agile capital policy. The program will be valid till April 30, 2026. As of July 31, 2025, the company had 88,046,737 issued shares (excluding treasury stock) and 4,453,263 treasury shares. Annonce • Jun 26
Ushio Inc. Provides Earnings Guidance for the First Quarter Ending June 30, 2025 Ushio Inc. provided earnings guidance for the first quarter ending June 30, 2025. For the quarter, the company expects extraordinary loss. Due to the special lump-sum severance payment and outplacement expenses incurred as a result of Expansion of Second Life Support Program and Special Offering, it is expected that approximately JPY 2.1 billion of business restructuring expenses will be recorded in both consolidated and standalone financial statements. Certain overseas consolidated subsidiaries are reviewing their organizational management, including personnel reductions, to transform these entities from low-profit structures into business units that contribute to the overall group's profitability through fundamental improvements in their earnings structure. As related expenses such as severance costs, approximately JPY 1 billion in business restructuring expenses are expected to be recorded in the consolidated financial statements. New Risk • May 21
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 100% Cash payout ratio: 127% Dividend yield: 4.1% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 100% Cash payout ratio: 127% Minor Risk Profit margins are more than 30% lower than last year (3.8% net profit margin). Major Estimate Revision • May 20
Consensus EPS estimates fall by 23% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from JP¥180.6b to JP¥172.8b. EPS estimate also fell from JP¥109 per share to JP¥83.90 per share. Net income forecast to grow 11% next year vs 4.6% growth forecast for Electrical industry in Japan. Consensus price target down from JP¥2,108 to JP¥1,925. Share price fell 6.8% to JP¥1,709 over the past week. Reported Earnings • May 15
Full year 2025 earnings: EPS and revenues exceed analyst expectations Full year 2025 results: EPS: JP¥70.27 (down from JP¥97.22 in FY 2024). Revenue: JP¥177.6b (down 1.0% from FY 2024). Net income: JP¥6.80b (down 37% from FY 2024). Profit margin: 3.8% (down from 6.0% in FY 2024). The decrease in margin was primarily driven by higher expenses. Revenue exceeded analyst estimates by 1.3%. Earnings per share (EPS) also surpassed analyst estimates by 1.4%. Revenue is forecast to grow 1.4% p.a. on average during the next 3 years, compared to a 3.7% growth forecast for the Electrical industry in Japan. Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. New Risk • May 15
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 3.8% Last year net profit margin: 6.0% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (3.8% net profit margin). Annonce • May 13
Ushio Inc., Annual General Meeting, Jun 27, 2025 Ushio Inc., Annual General Meeting, Jun 27, 2025. Valuation Update With 7 Day Price Move • Apr 09
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to JP¥1,560, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 10x in the Electrical industry in Japan. Total returns to shareholders of 5.5% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥706 per share. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥70.00 per share Eligible shareholders must have bought the stock before 28 March 2025. Payment date: 28 June 2025. Payout ratio is a comfortable 64% but the company is not cash flow positive. Trailing yield: 3.4%. Lower than top quartile of Japanese dividend payers (3.7%). Higher than average of industry peers (1.9%). Reported Earnings • Feb 08
Third quarter 2025 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2025 results: EPS: JP¥36.12 (down from JP¥40.81 in 3Q 2024). Revenue: JP¥42.5b (down 11% from 3Q 2024). Net income: JP¥3.44b (down 22% from 3Q 2024). Profit margin: 8.1% (down from 9.3% in 3Q 2024). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 7.3%. Earnings per share (EPS) exceeded analyst estimates. Revenue is forecast to grow 3.8% p.a. on average during the next 3 years, compared to a 4.1% growth forecast for the Electrical industry in Japan. Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Declared Dividend • Jan 06
Dividend of JP¥70.00 announced Shareholders will receive a dividend of JP¥70.00. Ex-date: 28th March 2025 Payment date: 28th June 2025 Dividend yield will be 3.3%, which is higher than the industry average of 2.1%. Sustainability & Growth Dividend is covered by earnings (59% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 11% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 104% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Nov 08
Second quarter 2025 earnings: EPS and revenues exceed analyst expectations Second quarter 2025 results: EPS: JP¥20.28 (down from JP¥21.64 in 2Q 2024). Revenue: JP¥48.1b (up 5.2% from 2Q 2024). Net income: JP¥2.01b (down 19% from 2Q 2024). Profit margin: 4.2% (down from 5.4% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 6.6%. Earnings per share (EPS) also surpassed analyst estimates by 93%. Revenue is forecast to grow 2.9% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the Electrical industry in Japan. Over the last 3 years on average, earnings per share has fallen by 2% per year whereas the company’s share price has fallen by 1% per year. Major Estimate Revision • Nov 07
Consensus EPS estimates increase by 26% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate increased from JP¥49.63 to JP¥62.48. Revenue forecast steady at JP¥175.9b. Net income forecast to shrink 19% next year vs 5.7% growth forecast for Electrical industry in Japan . Consensus price target up from JP¥1,950 to JP¥2,117. Share price was steady at JP¥2,141 over the past week. Reported Earnings • Aug 06
First quarter 2025 earnings: EPS and revenues miss analyst expectations First quarter 2025 results: EPS: JP¥2.92 (down from JP¥15.35 in 1Q 2024). Revenue: JP¥37.5b (down 4.4% from 1Q 2024). Net income: JP¥297.0m (down 83% from 1Q 2024). Profit margin: 0.8% (down from 4.6% in 1Q 2024). Revenue missed analyst estimates by 5.9%. Earnings per share (EPS) also missed analyst estimates by 81%. Revenue is forecast to grow 3.2% p.a. on average during the next 3 years, compared to a 4.8% growth forecast for the Electrical industry in Japan. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to JP¥1,801, the stock trades at a forward P/E ratio of 38x. Average forward P/E is 12x in the Electrical industry in Japan. Negligible returns to shareholders over past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥1,016 per share. Reported Earnings • May 18
Full year 2024 earnings: EPS exceeds analyst expectations Full year 2024 results: EPS: JP¥97.22 (down from JP¥116 in FY 2023). Revenue: JP¥179.4b (up 2.5% from FY 2023). Net income: JP¥10.8b (down 21% from FY 2023). Profit margin: 6.0% (down from 7.8% in FY 2023). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 5.6%. Revenue is forecast to grow 3.5% p.a. on average during the next 3 years, compared to a 4.2% growth forecast for the Electrical 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 9% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • May 17
Consensus EPS estimates fall by 15% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from JP¥183.5b to JP¥177.2b. EPS estimate also fell from JP¥95.45 per share to JP¥81.52 per share. Net income forecast to shrink 1.1% next year vs 0.8% growth forecast for Electrical industry in Japan . Consensus price target down from JP¥2,025 to JP¥1,950. Share price fell 4.3% to JP¥1,996 over the past week. Annonce • May 15
Ushio Inc. (TSE:6925) announces an Equity Buyback for 20,000,000 shares, representing 19.53% for ¥30,000 million. Ushio Inc. (TSE:6925) announces a share repurchase program. Under the program, the company will repurchase up to 20,000,000 shares, representing 17% of its issued share capital (excluding treasury stock), for a total purchase price of ¥30,000 million. The purpose of the program is to enable improvement of capital efficiency and agile execution of capital policy. The program will be valid till April 30, 2025. As of April 30, 2024, the company had 102,428,003 issued shares (excluding treasury stock) and 5,071,997 treasury shares. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥50.00 per share Eligible shareholders must have bought the stock before 28 March 2024. Payment date: 01 July 2024. Payout ratio is a comfortable 55% but the company is not cash flow positive. Trailing yield: 2.4%. Lower than top quartile of Japanese dividend payers (3.2%). Higher than average of industry peers (1.8%). Reported Earnings • Feb 10
Third quarter 2024 earnings: EPS and revenues exceed analyst expectations Third quarter 2024 results: EPS: JP¥40.81 (up from JP¥21.78 in 3Q 2023). Revenue: JP¥47.5b (up 18% from 3Q 2023). Net income: JP¥4.43b (up 73% from 3Q 2023). Profit margin: 9.3% (up from 6.4% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.8%. Earnings per share (EPS) also surpassed analyst estimates by 61%. Revenue is forecast to grow 7.4% p.a. on average during the next 3 years, compared to a 4.4% growth forecast for the Electrical industry in Japan. Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Annonce • Jan 11
Ushio Inc. Approves Chief Executive Officer Changes, Effective April 1, 2024 USHIO INC. announced that, at the board of directors meeting held on January 10, 2024, approved change the new management structure: Takabumi Asahi, Director, Managing Executive Officer, Chief Financial Officer as Chief Executive Officer; Koji Naito, Chief Executive Officer as Director, Senior Adviser. Scheduled Date for the Change April 1, 2024. Career History of the Takabumi Asahi: Date of Birth August 28,1964 (59 years old); Education Mar. 1987 Bachelor of Engineering, Synthetic Chemistry, Chiba University; Career: Apr. 1987 Oki Electric Industry Co. Ltd.; Apr. 1998 GM, Oki Semiconductor Taiwan Branch; Apr. 1999 President, Oki Taiwan Inc.; Apr. 2004 GM, North America, Sales and Marketing Dept. Silicon Solutions Company, Oki Electric Industry Co. Ltd.; Apr. 2007 President and CEO, Oki Semiconductor Americas Company; Oct. 2008 President and CEO, Oki Electric Americas Inc.; Aug. 2009 President and CEO, Oki Data Americas Inc.; Oct. 2015 GM, Overseas Sales and Marketing Center, Marketing Dept. Oki Data Inc.; Oct. 2015 Deputy GM, Marketing Dept. Oki Data Inc.; Apr. 2017 Joined Ushio Inc. Deputy General Manager, Corporate Headquarters; Apr. 2018 Executive Officer Deputy General Manager, Corporate Headquarters and General Manager, Corporate Strategy Division, Corporate Headquarters; Apr. 2019 Senior Executive Officer General Manager, Corporate Headquarters (incumbent); Apr. 2022 Director, Managing Executive Officer and Chief Financial Officer (incumbent). Reported Earnings • Nov 07
Second quarter 2024 earnings: EPS exceeds analyst expectations Second quarter 2024 results: EPS: JP¥21.64 (down from JP¥47.84 in 2Q 2023). Revenue: JP¥45.7b (down 5.2% from 2Q 2023). Net income: JP¥2.47b (down 56% from 2Q 2023). Profit margin: 5.4% (down from 12% in 2Q 2023). The decrease in margin was primarily driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 5.9%. Revenue is forecast to grow 8.4% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the Electrical industry in Japan. Over the last 3 years on average, earnings per share has increased by 49% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Annonce • Sep 28
Ushio Inc. to Report Q3, 2024 Results on Feb 09, 2024 Ushio Inc. announced that they will report Q3, 2024 results on Feb 09, 2024 Annonce • Sep 15
Ushio Inc. to Report Q2, 2024 Results on Nov 06, 2023 Ushio Inc. announced that they will report Q2, 2024 results on Nov 06, 2023 Reported Earnings • Aug 08
First quarter 2024 earnings: Revenues and EPS in line with analyst expectations First quarter 2024 results: EPS: JP¥15.35 (down from JP¥32.17 in 1Q 2023). Revenue: JP¥39.3b (down 1.1% from 1Q 2023). Net income: JP¥1.79b (down 54% from 1Q 2023). Profit margin: 4.6% (down from 9.7% in 1Q 2023). The decrease in margin was primarily driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 8.9% p.a. on average during the next 3 years, compared to a 4.7% growth forecast for the Electrical industry in Japan. Over the last 3 years on average, earnings per share has increased by 53% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Annonce • May 31
Ushio Inc. to Report Q1, 2024 Results on Aug 07, 2023 Ushio Inc. announced that they will report Q1, 2024 results on Aug 07, 2023 Reported Earnings • May 13
Full year 2023 earnings: EPS and revenues exceed analyst expectations Full year 2023 results: EPS: JP¥116 (up from JP¥105 in FY 2022). Revenue: JP¥175.0b (up 18% from FY 2022). Net income: JP¥13.7b (up 8.7% from FY 2022). Profit margin: 7.8% (down from 8.5% in FY 2022). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 2.8%. Earnings per share (EPS) also surpassed analyst estimates by 2.3%. Revenue is forecast to grow 8.2% p.a. on average during the next 3 years, compared to a 4.2% growth forecast for the Electrical industry in Japan. Over the last 3 years on average, earnings per share has increased by 49% per year but the company’s share price has only increased by 22% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥50.00 per share at 3.1% yield Eligible shareholders must have bought the stock before 30 March 2023. Payment date: 30 June 2023. Payout ratio is a comfortable 41% but the company is paying out more than the cash it is generating. Trailing yield: 3.1%. Lower than top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (2.0%). Major Estimate Revision • Feb 10
Consensus EPS estimates fall by 11% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate fell from JP¥128 to JP¥114. Revenue forecast unchanged from JP¥170.4b at last update. Net income forecast to shrink 9.1% next year vs 5.3% growth forecast for Electrical industry in Japan . Consensus price target down from JP¥2,630 to JP¥2,200. Share price fell 9.1% to JP¥1,556 over the past week. Reported Earnings • Feb 04
Third quarter 2023 earnings: EPS and revenues miss analyst expectations Third quarter 2023 results: EPS: JP¥21.78 (down from JP¥30.53 in 3Q 2022). Revenue: JP¥40.4b (up 6.0% from 3Q 2022). Net income: JP¥2.57b (down 30% from 3Q 2022). Profit margin: 6.4% (down from 9.7% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 2.3%. Earnings per share (EPS) also missed analyst estimates by 24%. Revenue is forecast to grow 9.1% p.a. on average during the next 3 years, compared to a 5.2% growth forecast for the Electrical industry in Japan. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 16
Second quarter 2023 earnings: EPS and revenues exceed analyst expectations Second quarter 2023 results: EPS: JP¥47.84 (up from JP¥25.94 in 2Q 2022). Revenue: JP¥48.2b (up 32% from 2Q 2022). Net income: JP¥5.65b (up 81% from 2Q 2022). Profit margin: 12% (up from 8.5% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 7.1%. Earnings per share (EPS) also surpassed analyst estimates by 35%. Revenue is forecast to grow 7.9% p.a. on average during the next 3 years, compared to a 6.3% growth forecast for the Electrical industry in Japan. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Price Target Changed • Nov 11
Price target increased to JP¥2,713 Up from JP¥2,480, the current price target is an average from 3 analysts. New target price is 58% above last closing price of JP¥1,716. Stock is down 23% over the past year. The company is forecast to post earnings per share of JP¥124 for next year compared to JP¥105 last year. Reported Earnings • Nov 04
Second quarter 2023 earnings: Revenues exceed analyst expectations Second quarter 2023 results: Revenue: JP¥48.2b (up 32% from 2Q 2022). Net income: JP¥5.65b (up 81% from 2Q 2022). Profit margin: 12% (up from 8.5% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 7.1%. Revenue is forecast to grow 9.0% p.a. on average during the next 3 years, compared to a 6.5% growth forecast for the Electrical industry in Japan. Annonce • Nov 03
Ushio Inc. Provides Year End Dividend Guidance for the Fiscal Year Ending March 31, 2023 Ushio Inc. provided year end dividend guidance for the fiscal year ending March 31, 2023. For the period, the company expected dividend of JPY 50 per share compared to JPY 50 per share paid a year ago. 