Reported Earnings • May 19
Full year 2026 earnings released: EPS: JP¥34.56 (vs JP¥31.25 in FY 2025) Full year 2026 results: EPS: JP¥34.56 (up from JP¥31.25 in FY 2025). Revenue: JP¥7.64b (up 5.7% from FY 2025). Net income: JP¥455.0m (up 11% from FY 2025). Profit margin: 6.0% (up from 5.7% in FY 2025). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has increased by 11% per year, which means it is tracking significantly ahead of earnings growth. Annonce • May 14
Asahi Concrete Works Co., Ltd., Annual General Meeting, Jun 26, 2026 Asahi Concrete Works Co., Ltd., Annual General Meeting, Jun 26, 2026. Buy Or Sell Opportunity • Mar 24
Now 23% overvalued Over the last 90 days, the stock has fallen 14% to JP¥928. The fair value is estimated to be JP¥755, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 2.6%. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥17.00 per share Eligible shareholders must have bought the stock before 30 March 2026. Payment date: 29 June 2026. Trailing yield: 1.5%. Lower than top quartile of Japanese dividend payers (3.6%). Lower than average of industry peers (2.8%). Reported Earnings • Feb 07
Third quarter 2026 earnings released: EPS: JP¥14.58 (vs JP¥12.85 in 3Q 2025) Third quarter 2026 results: EPS: JP¥14.58 (up from JP¥12.85 in 3Q 2025). Revenue: JP¥1.95b (up 9.2% from 3Q 2025). Net income: JP¥192.0m (up 14% from 3Q 2025). Profit margin: 9.8% (in line with 3Q 2025). 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 13% per year, which means it is well ahead of earnings. Declared Dividend • Jan 09
Dividend of JP¥17.00 announced Shareholders will receive a dividend of JP¥17.00. Ex-date: 30th March 2026 Payment date: 29th June 2026 Dividend yield will be 1.6%, which is lower than the industry average of 2.5%. Sustainability & Growth The dividend has increased by an average of 2.5% per year over the past 3 years and payments have been stable during that time. Annonce • Jan 08
Asahi Concrete Works Co., Ltd. announces Annual dividend, payable on June 29, 2026 Asahi Concrete Works Co., Ltd. announced Annual dividend of JPY 14.0000 per share payable on June 29, 2026, ex-date on March 30, 2026 and record date on March 31, 2026. Valuation Update With 7 Day Price Move • Nov 14
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to JP¥1,054, the stock trades at a trailing P/E ratio of 65.4x. Average trailing P/E is 12x in the Basic Materials industry in Japan. Total returns to shareholders of 65% over the past three years. Reported Earnings • Nov 09
Second quarter 2026 earnings released: JP¥0.30 loss per share (vs JP¥11.18 profit in 2Q 2025) Second quarter 2026 results: JP¥0.30 loss per share (down from JP¥11.18 profit in 2Q 2025). Revenue: JP¥1.44b (down 16% from 2Q 2025). Net loss: JP¥4.00m (down 103% from profit in 2Q 2025). Over the last 3 years on average, earnings per share has remained flat but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Buy Or Sell Opportunity • Sep 04
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 98% to JP¥1,245. The fair value is estimated to be JP¥1,016, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 4.0%. New Risk • Sep 03
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Japanese stocks, typically moving 6.5% 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 (6.5% average weekly change). Market cap is less than US$100m (JP¥13.4b market cap, or US$89.9m). Valuation Update With 7 Day Price Move • Sep 02
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to JP¥865, the stock trades at a trailing P/E ratio of 31.3x. Average trailing P/E is 12x in the Basic Materials industry in Japan. Total returns to shareholders of 36% over the past three years. Reported Earnings • Aug 10
First quarter 2026 earnings released: EPS: JP¥6.38 (vs JP¥10.04 in 1Q 2025) First quarter 2026 results: EPS: JP¥6.38 (down from JP¥10.04 in 1Q 2025). Revenue: JP¥1.53b (down 2.8% from 1Q 2025). Net income: JP¥84.0m (down 36% from 1Q 2025). Profit margin: 5.5% (down from 8.4% in 1Q 2025). Over the last 3 years on average, earnings per share has increased by 4% per year whereas the company’s share price has remained flat. Annonce • Jun 27
Asahi Concrete Works Co., Ltd. to Report Q1, 2026 Results on Aug 08, 2025 Asahi Concrete Works Co., Ltd. announced that they will report Q1, 2026 results on Aug 08, 2025 Reported Earnings • May 17
Full year 2025 earnings released: EPS: JP¥31.25 (vs JP¥25.63 in FY 2024) Full year 2025 results: EPS: JP¥31.25 (up from JP¥25.63 in FY 2024). Revenue: JP¥7.22b (up 2.1% from FY 2024). Net income: JP¥411.0m (up 22% from FY 2024). Profit margin: 5.7% (up from 4.8% in FY 2024). 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 but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Buy Or Sell Opportunity • May 14
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 6.4% to JP¥574. The fair value is estimated to be JP¥718, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 4.5%. Annonce • May 13
Asahi Concrete Works Co., Ltd., Annual General Meeting, Jun 26, 2025 Asahi Concrete Works Co., Ltd., Annual General Meeting, Jun 26, 2025. Buy Or Sell Opportunity • Apr 21
Now 21% undervalued Over the last 90 days, the stock has risen 4.5% to JP¥583. The fair value is estimated to be JP¥734, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 4.5%. Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to JP¥525, the stock trades at a trailing P/E ratio of 13.9x. Average trailing P/E is 10x in the Basic Materials industry in Japan. Total loss to shareholders of 21% over the past three years. Buy Or Sell Opportunity • Apr 04
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 7.3% to JP¥583. The fair value is estimated to be JP¥730, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 4.5%. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥17.00 per share Eligible shareholders must have bought the stock before 28 March 2025. Payment date: 30 June 2025. Trailing yield: 1.9%. Lower than top quartile of Japanese dividend payers (3.7%). Lower than average of industry peers (2.8%). Annonce • Feb 28
Asahi Concrete Works Co., Ltd. to Report Fiscal Year 2025 Results on May 13, 2025 Asahi Concrete Works Co., Ltd. announced that they will report fiscal year 2025 results on May 13, 2025 Reported Earnings • Feb 08
Third quarter 2025 earnings released: EPS: JP¥12.85 (vs JP¥4.49 in 3Q 2024) Third quarter 2025 results: EPS: JP¥12.85 (up from JP¥4.49 in 3Q 2024). Revenue: JP¥1.79b (up 3.6% from 3Q 2024). Net income: JP¥169.0m (up 186% from 3Q 2024). Profit margin: 9.4% (up from 3.4% in 3Q 2024). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Annonce • Dec 19
Asahi Concrete Works Co., Ltd. to Report Q3, 2025 Results on Feb 07, 2025 Asahi Concrete Works Co., Ltd. announced that they will report Q3, 2025 results on Feb 07, 2025 Reported Earnings • Nov 10
Second quarter 2025 earnings released: EPS: JP¥11.18 (vs JP¥12.85 in 2Q 2024) Second quarter 2025 results: EPS: JP¥11.18 (down from JP¥12.85 in 2Q 2024). Revenue: JP¥1.71b (down 6.7% from 2Q 2024). Net income: JP¥147.0m (down 13% from 2Q 2024). Profit margin: 8.6% (down from 9.2% in 2Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 2% per year whereas the company’s share price has increased by 1% per year. Reported Earnings • Aug 14
First quarter 2025 earnings released: EPS: JP¥10.04 (vs JP¥4.56 in 1Q 2024) First quarter 2025 results: EPS: JP¥10.04 (up from JP¥4.56 in 1Q 2024). Revenue: JP¥1.58b (up 11% from 1Q 2024). Net income: JP¥132.0m (up 120% from 1Q 2024). Profit margin: 8.4% (up from 4.2% in 1Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 3% per year and the company’s share price has also increased by 3% per year. New Risk • Aug 05
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Japanese stocks, typically moving 5.8% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 1.2% per year over the past 5 years. Minor Risks Short dividend paying track record (1 year of continuous dividend payments). Share price has been volatile over the past 3 months (5.8% average weekly change). Market cap is less than US$100m (JP¥8.39b market cap, or US$58.9m). Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 22% After last week's 22% share price decline to JP¥638, the stock trades at a trailing P/E ratio of 24.9x. Average trailing P/E is 9x in the Basic Materials industry in Japan. Total returns to shareholders of 2.7% over the past three years. Reported Earnings • May 12
Full year 2024 earnings released: EPS: JP¥25.63 (vs JP¥23.66 in FY 2023) Full year 2024 results: EPS: JP¥25.63 (up from JP¥23.66 in FY 2023). Revenue: JP¥7.07b (up 7.4% from FY 2023). Net income: JP¥337.0m (up 8.4% from FY 2023). Profit margin: 4.8% (up from 4.7% in FY 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 1% per year whereas the company’s share price has fallen by 4% per year. Annonce • May 12
Asahi Concrete Works Co., Ltd., Annual General Meeting, Jun 27, 2024 Asahi Concrete Works Co., Ltd., Annual General Meeting, Jun 27, 2024. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥18.00 per share Eligible shareholders must have bought the stock before 28 March 2024. Payment date: 01 July 2024. Trailing yield: 1.8%. Lower than top quartile of Japanese dividend payers (3.2%). Lower than average of industry peers (2.4%). Annonce • Mar 02
Asahi Concrete Works Co., Ltd. to Report Fiscal Year 2024 Results on May 10, 2024 Asahi Concrete Works Co., Ltd. announced that they will report fiscal year 2024 results on May 10, 2024 Reported Earnings • Feb 10
Third quarter 2024 earnings released: EPS: JP¥4.49 (vs JP¥8.29 in 3Q 2023) Third quarter 2024 results: EPS: JP¥4.49 (down from JP¥8.29 in 3Q 2023). Revenue: JP¥1.73b (up 2.4% from 3Q 2023). Net income: JP¥59.0m (down 46% from 3Q 2023). Profit margin: 3.4% (down from 6.5% in 3Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has remained flat whereas the company’s share price has fallen by 4% per year. Annonce • Dec 28
Asahi Concrete Works Co., Ltd. to Report Q3, 2024 Results on Feb 09, 2024 Asahi Concrete Works Co., Ltd. announced that they will report Q3, 2024 results on Feb 09, 2024 Reported Earnings • Nov 09
Second quarter 2024 earnings released: EPS: JP¥12.85 (vs JP¥3.73 in 2Q 2023) Second quarter 2024 results: EPS: JP¥12.85 (up from JP¥3.73 in 2Q 2023). Revenue: JP¥1.84b (up 22% from 2Q 2023). Net income: JP¥169.0m (up 245% from 2Q 2023). Profit margin: 9.2% (up from 3.2% in 2Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 1% per year whereas the company’s share price has fallen by 4% per year. Reported Earnings • Aug 11
First quarter 2024 earnings released: EPS: JP¥4.56 (vs JP¥6.85 in 1Q 2023) First quarter 2024 results: EPS: JP¥4.56 (down from JP¥6.85 in 1Q 2023). Revenue: JP¥1.42b (down 4.7% from 1Q 2023). Net income: JP¥60.0m (down 33% from 1Q 2023). Profit margin: 4.2% (down from 6.0% in 1Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 5% per year whereas the company’s share price has remained flat. Reported Earnings • May 17
Full year 2023 earnings released: EPS: JP¥23.66 (vs JP¥23.50 in FY 2022) Full year 2023 results: EPS: JP¥23.66 (up from JP¥23.50 in FY 2022). Revenue: JP¥6.58b (up 1.8% from FY 2022). Net income: JP¥311.0m (flat on FY 2022). Profit margin: 4.7% (down from 4.8% in FY 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 2% per year whereas the company’s share price has remained flat. Annonce • May 14
Asahi Concrete Works Co., Ltd., Annual General Meeting, Jun 29, 2023 Asahi Concrete Works Co., Ltd., Annual General Meeting, Jun 29, 2023. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥13.00 per share Eligible shareholders must have bought the stock before 30 March 2023. Payment date: 30 June 2023. The company last paid an ordinary dividend in May 2012. The average dividend yield among industry peers is 2.8%. Reported Earnings • Feb 12
Third quarter 2023 earnings released: EPS: JP¥8.29 (vs JP¥14.91 in 3Q 2022) Third quarter 2023 results: EPS: JP¥8.29 (down from JP¥14.91 in 3Q 2022). Revenue: JP¥1.69b (down 8.2% from 3Q 2022). Net income: JP¥109.0m (down 44% from 3Q 2022). Profit margin: 6.5% (down from 11% in 3Q 2022). The decrease in margin was driven by lower revenue. 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 3% per year. Buying Opportunity • Dec 01
Now 20% undervalued Over the last 90 days, the stock is up 1.2%. The fair value is estimated to be JP¥868, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 16% over the last 3 years, while earnings per share has been flat. Board Change • Nov 16
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. 7 highly experienced directors. No independent directors (8 non-independent directors). President & Representative Director Kentaro Kano was the last director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Nov 11
Second quarter 2023 earnings released: EPS: JP¥3.73 (vs JP¥2.89 in 2Q 2022) Second quarter 2023 results: EPS: JP¥3.73 (up from JP¥2.89 in 2Q 2022). Revenue: JP¥1.51b (up 31% from 2Q 2022). Net income: JP¥49.0m (up 29% from 2Q 2022). Profit margin: 3.2% (down from 3.3% in 2Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 1% per year whereas the company’s share price has fallen by 2% per year. Annonce • Aug 31
Asahi Concrete Works Co., Ltd. to Report Q3, 2023 Results on Feb 10, 2023 Asahi Concrete Works Co., Ltd. announced that they will report Q3, 2023 results on Feb 10, 2023 Reported Earnings • Aug 11
First quarter 2023 earnings released: EPS: JP¥6.85 (vs JP¥1.07 loss in 1Q 2022) First quarter 2023 results: EPS: JP¥6.85 (up from JP¥1.07 loss in 1Q 2022). Revenue: JP¥1.49b (up 32% from 1Q 2022). Net income: JP¥90.0m (up JP¥104.0m from 1Q 2022). Profit margin: 6.0% (up from net loss in 1Q 2022). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 2% per year and the company’s share price has also fallen by 2% per year. Reported Earnings • May 19
Full year 2022 earnings released: EPS: JP¥23.50 (vs JP¥31.19 in FY 2021) Full year 2022 results: EPS: JP¥23.50 (down from JP¥31.19 in FY 2021). Revenue: JP¥6.47b (down 23% from FY 2021). Net income: JP¥309.0m (down 25% from FY 2021). Profit margin: 4.8% (down from 4.9% in FY 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 2% per year and the company’s share price has also fallen by 2% per year. Annonce • May 15
Asahi Concrete Works Co., Ltd., Annual General Meeting, Jun 29, 2022 Asahi Concrete Works Co., Ltd., Annual General Meeting, Jun 29, 2022. Board Change • Apr 27
No independent directors There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 4 experienced directors. 6 highly experienced directors. No independent directors (7 non-independent directors). President & Representative Director Kentaro Kano was the last director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Upcoming Dividend • Mar 23
Inaugural dividend of JP¥13.00 per share Eligible shareholders must have bought the stock before 30 March 2022. Payment date: 30 June 2022. The company is not currently making a profit but it is cash flow positive. The company last paid an ordinary dividend in May 2011. The average dividend yield among industry peers is 2.7%. Reported Earnings • Feb 12
Third quarter 2022 earnings: Revenues and EPS in line with analyst expectations Third quarter 2022 results: EPS: JP¥14.91 (up from JP¥6.69 in 3Q 2021). Revenue: JP¥1.84b (down 21% from 3Q 2021). Net income: JP¥196.0m (up 123% from 3Q 2021). Profit margin: 11% (up from 3.8% in 3Q 2021). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 11
Second quarter 2022 earnings released: EPS JP¥2.89 (vs JP¥2.51 in 2Q 2021) The company reported a decent second quarter result with improved earnings and profit margins, although revenues were weaker. Second quarter 2022 results: Revenue: JP¥1.15b (down 33% from 2Q 2021). Net income: JP¥38.0m (up 15% from 2Q 2021). Profit margin: 3.3% (up from 1.9% in 2Q 2021). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 11
First quarter 2022 earnings released: JP¥1.07 loss per share (vs JP¥7.76 profit in 1Q 2021) The company reported a poor first quarter result with weaker earnings, revenues and control over costs. First quarter 2022 results: Revenue: JP¥1.13b (down 33% from 1Q 2021). Net loss: JP¥14.0m (down 114% from profit in 1Q 2021). Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Reported Earnings • May 14
Full year 2021 earnings released: EPS JP¥31.19 (vs JP¥28.98 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¥8.42b (down 14% from FY 2020). Net income: JP¥410.0m (up 7.6% from FY 2020). Profit margin: 4.9% (up from 3.9% in FY 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 8% per year whereas the company’s share price has increased by 5% per year. Upcoming Dividend • Mar 23
Inaugural dividend of JP¥13.00 per share Eligible shareholders must have bought the stock before 30 March 2021. Payment date: 29 June 2021. The company last paid an ordinary dividend in May 2012. The average dividend yield among industry peers is 2.2%. Annonce • Mar 04
Asahi Concrete Works Co., Ltd. to Report Fiscal Year 2021 Results on May 12, 2021 Asahi Concrete Works Co., Ltd. announced that they will report fiscal year 2021 results on May 12, 2021 Is New 90 Day High Low • Feb 24
New 90-day high: JP¥835 The company is up 6.0% from its price of JP¥788 on 26 November 2020. The Japanese market is up 10.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Basic Materials industry, which is up 4.0% over the same period. Reported Earnings • Feb 14
Third quarter 2021 earnings released: EPS JP¥6.69 (vs JP¥11.03 in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: JP¥2.32b (down 12% from 3Q 2020). Net income: JP¥88.0m (down 39% from 3Q 2020). Profit margin: 3.8% (down from 5.5% in 3Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 2% per year whereas the company’s share price has increased by 4% per year. Is New 90 Day High Low • Jan 08
New 90-day high: JP¥832 The company is up 10.0% from its price of JP¥753 on 09 October 2020. The Japanese market is also up 10.0% over the last 90 days, indicating the company’s price trend is similar to the market over that time. However, it outperformed the Basic Materials industry, which is up 2.0% over the same period. Is New 90 Day High Low • Dec 23
New 90-day high: JP¥795 The company is up 5.0% from its price of JP¥755 on 24 September 2020. The Japanese market is up 7.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Basic Materials industry, which is down 5.0% over the same period. Annonce • Dec 05
Asahi Concrete Works Co., Ltd. to Report Q3, 2021 Results on Feb 12, 2021 Asahi Concrete Works Co., Ltd. announced that they will report Q3, 2021 results on Feb 12, 2021 Annonce • Aug 30
Asahi Concrete Works Co., Ltd. to Report Q2, 2021 Results on Nov 10, 2020 Asahi Concrete Works Co., Ltd. announced that they will report Q2, 2021 results on Nov 10, 2020 Annonce • Jun 29
Asahi Concrete Works Co., Ltd. to Report Q1, 2021 Results on Aug 07, 2020 Asahi Concrete Works Co., Ltd. announced that they will report Q1, 2021 results on Aug 07, 2020 
