Valuation Update With 7 Day Price Move • May 29
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to JP¥3,860, the stock trades at a trailing P/E ratio of 20.4x. Average trailing P/E is 12x in the Metals and Mining industry in Japan. Total returns to shareholders of 85% over the past three years. Reported Earnings • May 18
Full year 2026 earnings released: EPS: JP¥189 (vs JP¥197 in FY 2025) Full year 2026 results: EPS: JP¥189 (down from JP¥197 in FY 2025). Revenue: JP¥68.1b (up 2.6% from FY 2025). Net income: JP¥2.15b (down 4.0% from FY 2025). Profit margin: 3.2% (down from 3.4% in FY 2025). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has increased by 12% per year, which means it is well ahead of earnings. Annonce • May 13
Hakudo Co., Ltd., Annual General Meeting, Jun 24, 2026 Hakudo Co., Ltd., Annual General Meeting, Jun 24, 2026. New Risk • May 13
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Japanese stocks, typically moving 7.4% 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 1.3% per year over the past 5 years. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (7.4% average weekly change). Valuation Update With 7 Day Price Move • May 13
Investor sentiment improves as stock rises 28% After last week's 28% share price gain to JP¥3,020, the stock trades at a trailing P/E ratio of 16.2x. Average trailing P/E is 13x in the Metals and Mining industry in Japan. Total returns to shareholders of 42% over the past three years. Annonce • May 10
Hakudo Co., Ltd. to Report Fiscal Year 2026 Results on May 13, 2026 Hakudo Co., Ltd. announced that they will report fiscal year 2026 results at 3:00 PM, Tokyo Standard Time on May 13, 2026 Upcoming Dividend • Mar 23
Upcoming dividend of JP¥52.00 per share Eligible shareholders must have bought the stock before 30 March 2026. Payment date: 05 June 2026. Payout ratio is a comfortable 21% and the cash payout ratio is 78%. Trailing yield: 3.2%. Lower than top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (2.5%). Reported Earnings • Feb 11
Third quarter 2026 earnings released: EPS: JP¥66.38 (vs JP¥29.36 in 3Q 2025) Third quarter 2026 results: EPS: JP¥66.38 (up from JP¥29.36 in 3Q 2025). Revenue: JP¥17.0b (down 3.9% from 3Q 2025). Net income: JP¥753.0m (up 126% from 3Q 2025). Profit margin: 4.4% (up from 1.9% in 3Q 2025). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has remained flat, which means it is well ahead of earnings. New Risk • Feb 11
New major risk - Revenue and earnings growth Earnings have declined by 1.3% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 1.3% per year over the past 5 years. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Annonce • Dec 29
Hakudo Co., Ltd. to Report Q3, 2026 Results on Feb 10, 2026 Hakudo Co., Ltd. announced that they will report Q3, 2026 results on Feb 10, 2026 Declared Dividend • Dec 11
First half dividend of JP¥52.00 announced Shareholders will receive a dividend of JP¥52.00. Ex-date: 30th March 2026 Payment date: 5th June 2026 Dividend yield will be 3.6%, which is higher than the industry average of 3.4%. Sustainability & Growth Dividend is covered by both earnings (45% earnings payout ratio) and cash flows (78% cash payout ratio). The dividend has increased by an average of 4.6% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 11% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Nov 15
Second quarter 2026 earnings released: EPS: JP¥34.65 (vs JP¥47.18 in 2Q 2025) Second quarter 2026 results: EPS: JP¥34.65 (down from JP¥47.18 in 2Q 2025). Revenue: JP¥15.6b (down 6.6% from 2Q 2025). Net income: JP¥393.0m (down 27% from 2Q 2025). Profit margin: 2.5% (down from 3.2% in 2Q 2025). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Annonce • Sep 27
Hakudo Co., Ltd. to Report Q2, 2026 Results on Nov 12, 2025 Hakudo Co., Ltd. announced that they will report Q2, 2026 results on Nov 12, 2025 Upcoming Dividend • Sep 22
Upcoming dividend of JP¥27.00 per share Eligible shareholders must have bought the stock before 29 September 2025. Payment date: 12 December 2025. Payout ratio is a comfortable 55% but the company is paying out more than the cash it is generating. Trailing yield: 3.5%. Lower than top quartile of Japanese dividend payers (3.6%). In line with average of industry peers (3.2%). Reported Earnings • Aug 09
First quarter 2026 earnings released: EPS: JP¥25.57 (vs JP¥60.66 in 1Q 2025) First quarter 2026 results: EPS: JP¥25.57 (down from JP¥60.66 in 1Q 2025). Revenue: JP¥17.1b (up 8.3% from 1Q 2025). Net income: JP¥290.0m (down 58% from 1Q 2025). Profit margin: 1.7% (down from 4.4% in 1Q 2025). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 18% 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. Annonce • Jul 15
Hakudo Co., Ltd. to Report Q1, 2026 Results on Aug 08, 2025 Hakudo Co., Ltd. announced that they will report Q1, 2026 results on Aug 08, 2025 Declared Dividend • Jul 09
Final dividend of JP¥48.00 announced Shareholders will receive a dividend of JP¥48.00. Ex-date: 29th September 2025 Payment date: 12th December 2025 Dividend yield will be 3.8%, which is higher than the industry average of 3.4%. Sustainability & Growth Dividend is covered by earnings (54% earnings payout ratio) but not covered by cash flows (118% 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. Earnings per share has grown by 14% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Jun 29
Full year 2025 earnings released: EPS: JP¥197 (vs JP¥169 in FY 2024) Full year 2025 results: EPS: JP¥197 (up from JP¥169 in FY 2024). Revenue: JP¥66.4b (up 16% from FY 2024). Net income: JP¥2.24b (up 17% from FY 2024). Profit margin: 3.4% (up from 3.3% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Reported Earnings • May 19
Full year 2025 earnings released: EPS: JP¥197 (vs JP¥169 in FY 2024) Full year 2025 results: EPS: JP¥197 (up from JP¥169 in FY 2024). Revenue: JP¥66.4b (up 16% from FY 2024). Net income: JP¥2.24b (up 17% from FY 2024). Profit margin: 3.4% (up from 3.3% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Annonce • May 14
Hakudo Co., Ltd., Annual General Meeting, Jun 25, 2025 Hakudo Co., Ltd., Annual General Meeting, Jun 25, 2025. 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¥1,858, the stock trades at a trailing P/E ratio of 10.8x. Average trailing P/E is 9x in the Metals and Mining industry in Japan. Total loss to shareholders of 15% over the past three years. Annonce • Mar 29
Hakudo Co., Ltd. to Report Fiscal Year 2025 Results on May 14, 2025 Hakudo Co., Ltd. announced that they will report fiscal year 2025 results on May 14, 2025 Upcoming Dividend • Mar 21
Upcoming dividend of JP¥36.00 per share Eligible shareholders must have bought the stock before 28 March 2025. Payment date: 06 June 2025. Payout ratio is a comfortable 54% but the company is paying out more than the cash it is generating. Trailing yield: 3.6%. Lower than top quartile of Japanese dividend payers (3.7%). Lower than average of industry peers (4.1%). Reported Earnings • Feb 14
Third quarter 2025 earnings released: EPS: JP¥29.36 (vs JP¥46.47 in 3Q 2024) Third quarter 2025 results: EPS: JP¥29.36 (down from JP¥46.47 in 3Q 2024). Revenue: JP¥17.7b (up 24% from 3Q 2024). Net income: JP¥333.0m (down 37% from 3Q 2024). Profit margin: 1.9% (down from 3.7% in 3Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Annonce • Jan 29
Hakudo Co., Ltd. to Report Q3, 2025 Results on Feb 12, 2025 Hakudo Co., Ltd. announced that they will report Q3, 2025 results on Feb 12, 2025 Declared Dividend • Dec 13
First half dividend of JP¥36.00 announced Shareholders will receive a dividend of JP¥36.00. Ex-date: 28th March 2025 Payment date: 6th June 2025 Dividend yield will be 3.6%, which is higher than the industry average of 3.4%. Sustainability & Growth Dividend is covered by earnings (24% earnings payout ratio) but not covered by cash flows (132% 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. Earnings per share has grown by 12% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Upcoming Dividend • Sep 20
Upcoming dividend of JP¥49.00 per share Eligible shareholders must have bought the stock before 27 September 2024. Payment date: 11 December 2024. Payout ratio is a comfortable 43% and the cash payout ratio is 99%. Trailing yield: 3.4%. Lower than top quartile of Japanese dividend payers (3.8%). Lower than average of industry peers (4.3%). Annonce • Sep 03
Hakudo Co., Ltd. to Report Q2, 2025 Results on Nov 13, 2024 Hakudo Co., Ltd. announced that they will report Q2, 2025 results on Nov 13, 2024 Reported Earnings • Aug 14
First quarter 2025 earnings released: EPS: JP¥60.66 (vs JP¥41.71 in 1Q 2024) First quarter 2025 results: EPS: JP¥60.66 (up from JP¥41.71 in 1Q 2024). Revenue: JP¥15.7b (up 7.0% from 1Q 2024). Net income: JP¥688.0m (up 46% from 1Q 2024). Profit margin: 4.4% (up from 3.2% in 1Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 6% per year whereas the company’s share price has fallen by 1% per year. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to JP¥2,119, the stock trades at a trailing P/E ratio of 12.5x. Average trailing P/E is 9x in the Metals and Mining industry in Japan. Total returns to shareholders of 6.1% over the past three years. Declared Dividend • Jul 11
Final dividend of JP¥40.00 announced Shareholders will receive a dividend of JP¥40.00. Ex-date: 27th September 2024 Payment date: 11th December 2024 Dividend yield will be 3.0%, which is lower than the industry average of 3.4%. Sustainability & Growth Dividend is covered by earnings (50% earnings payout ratio) but not adequately covered by cash flows (98% 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. Earnings per share has grown by 4.1% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • May 12
Full year 2024 earnings released: EPS: JP¥169 (vs JP¥241 in FY 2023) Full year 2024 results: EPS: JP¥169 (down from JP¥241 in FY 2023). Revenue: JP¥57.3b (down 7.1% from FY 2023). Net income: JP¥1.92b (down 30% from FY 2023). Profit margin: 3.3% (down from 4.4% in FY 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has increased by 16% per year, which means it is tracking significantly ahead of earnings growth. Annonce • May 12
Hakudo Co., Ltd., Annual General Meeting, Jun 26, 2024 Hakudo Co., Ltd., Annual General Meeting, Jun 26, 2024. Annonce • Mar 29
Hakudo Co., Ltd. to Report Fiscal Year 2024 Results on May 10, 2024 Hakudo Co., Ltd. announced that they will report fiscal year 2024 results on May 10, 2024 Upcoming Dividend • Mar 21
Upcoming dividend of JP¥45.00 per share Eligible shareholders must have bought the stock before 28 March 2024. Payment date: 10 June 2024. Payout ratio is a comfortable 50% but the company is not cash flow positive. Trailing yield: 2.9%. Lower than top quartile of Japanese dividend payers (3.2%). Lower than average of industry peers (3.5%). Reported Earnings • Feb 10
Third quarter 2024 earnings released: EPS: JP¥46.46 (vs JP¥56.96 in 3Q 2023) Third quarter 2024 results: EPS: JP¥46.46 (down from JP¥56.96 in 3Q 2023). Revenue: JP¥14.2b (down 8.9% from 3Q 2023). Net income: JP¥527.0m (down 18% from 3Q 2023). Profit margin: 3.7% (down from 4.1% in 3Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 13% per year whereas the company’s share price has increased by 18% per year. Annonce • Feb 09
Hakudo Co., Ltd. Revises Dividend Forecast for Year-End Dividend for the Fiscal Year Ending March 31, 2024 Hakudo Co., Ltd. provided revised dividend guidance for the fiscal year ending March 31, 2024 and revised to JPY 45 per share, an increase of JPY 2 per share as previously dividend forecast was JPY 43 per share. The annual dividend will be revised accordingly. Annonce • Dec 13
Hakudo Co., Ltd. to Report Q3, 2024 Results on Feb 09, 2024 Hakudo Co., Ltd. announced that they will report Q3, 2024 results on Feb 09, 2024 Reported Earnings • Nov 10
Second quarter 2024 earnings released: EPS: JP¥45.14 (vs JP¥66.57 in 2Q 2023) Second quarter 2024 results: EPS: JP¥45.14 (down from JP¥66.57 in 2Q 2023). Revenue: JP¥14.0b (down 11% from 2Q 2023). Net income: JP¥512.0m (down 32% from 2Q 2023). Profit margin: 3.7% (down from 4.8% in 2Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 23% per year whereas the company’s share price has increased by 18% per year. Upcoming Dividend • Sep 21
Upcoming dividend of JP¥34.00 per share at 3.2% yield Eligible shareholders must have bought the stock before 28 September 2023. Payment date: 12 December 2023. Payout ratio is a comfortable 53% but the company is not cash flow positive. Trailing yield: 3.2%. Lower than top quartile of Japanese dividend payers (3.3%). In line with average of industry peers (3.2%). Reported Earnings • Aug 11
First quarter 2024 earnings released: EPS: JP¥41.70 (vs JP¥78.30 in 1Q 2023) First quarter 2024 results: EPS: JP¥41.70 (down from JP¥78.30 in 1Q 2023). Revenue: JP¥14.7b (down 8.4% from 1Q 2023). Net income: JP¥473.0m (down 47% from 1Q 2023). Profit margin: 3.2% (down from 5.5% in 1Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 18
Full year 2023 earnings released: EPS: JP¥241 (vs JP¥261 in FY 2022) Full year 2023 results: EPS: JP¥241 (down from JP¥261 in FY 2022). Revenue: JP¥61.6b (up 11% from FY 2022). Net income: JP¥2.74b (down 7.7% from FY 2022). Profit margin: 4.4% (down from 5.3% in FY 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • May 15
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to JP¥2,331, the stock trades at a trailing P/E ratio of 8.6x. Average trailing P/E is 7x in the Metals and Mining industry in Japan. Total returns to shareholders of 101% over the past three years. Annonce • May 12
Hakudo Co., Ltd., Annual General Meeting, Jun 28, 2023 Hakudo Co., Ltd., Annual General Meeting, Jun 28, 2023. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥51.00 per share at 3.9% yield Eligible shareholders must have bought the stock before 30 March 2023. Payment date: 30 June 2023. Payout ratio is a comfortable 43% and this is well supported by cash flows. Trailing yield: 3.9%. Within top quartile of Japanese dividend payers (3.6%). Lower than average of industry peers (4.6%). Reported Earnings • Feb 09
Third quarter 2023 earnings released: EPS: JP¥56.92 (vs JP¥73.36 in 3Q 2022) Third quarter 2023 results: EPS: JP¥56.92 (down from JP¥73.36 in 3Q 2022). Revenue: JP¥15.6b (up 6.5% from 3Q 2022). Net income: JP¥645.6m (down 22% from 3Q 2022). Profit margin: 4.1% (down from 5.7% in 3Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Board Change • Nov 16
Insufficient new 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. 4 highly experienced directors. Independent Outside Director Akiko Sueoka was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 11
Second quarter 2023 earnings released: EPS: JP¥66.58 (vs JP¥56.26 in 2Q 2022) Second quarter 2023 results: EPS: JP¥66.58 (up from JP¥56.26 in 2Q 2022). Revenue: JP¥15.7b (up 19% from 2Q 2022). Net income: JP¥755.2m (up 18% from 2Q 2022). Profit margin: 4.8% (in line with 2Q 2022). Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Annonce • Nov 11
Hakudo Co., Ltd. Provides Earning Guidance for the Year Ending March 31, 2023 Hakudo Co., Ltd. provided earning guidance for the year ending March 31, 2023. For the period, the company expects net sales of JPY 62,100 million, operating profit of JPY 3,970 million, ordinary profit of JPY 4,080 million, profit attributable to owners of parent of JPY 2,860 million and basic earnings per share of JPY 252.16. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥50.00 per share Eligible shareholders must have bought the stock before 29 September 2022. Payment date: 12 December 2022. Payout ratio is a comfortable 38% and this is well supported by cash flows. Trailing yield: 4.0%. Within top quartile of Japanese dividend payers (3.7%). Lower than average of industry peers (5.4%). Annonce • Aug 28
Hakudo Co., Ltd. to Report Q3, 2023 Results on Feb 08, 2023 Hakudo Co., Ltd. announced that they will report Q3, 2023 results on Feb 08, 2023 Reported Earnings • Aug 12
First quarter 2023 earnings released: EPS: JP¥78.30 (vs JP¥63.22 in 1Q 2022) First quarter 2023 results: EPS: JP¥78.30 (up from JP¥63.22 in 1Q 2022). Revenue: JP¥16.1b (up 27% from 1Q 2022). Net income: JP¥888.0m (up 24% from 1Q 2022). Profit margin: 5.5% (down from 5.7% in 1Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has only increased by 27% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 16
Full year 2022 earnings released: EPS: JP¥261 (vs JP¥113 in FY 2021) Full year 2022 results: EPS: JP¥261 (up from JP¥113 in FY 2021). Revenue: JP¥55.4b (up 41% from FY 2021). Net income: JP¥2.96b (up 131% from FY 2021). Profit margin: 5.3% (up from 3.3% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has only increased by 22% per year, which means it is significantly lagging earnings growth. Annonce • May 13
Hakudo Co., Ltd., Annual General Meeting, Jun 29, 2022 Hakudo Co., Ltd., Annual General Meeting, Jun 29, 2022. Board Change • Apr 27
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 4 experienced directors. 4 highly experienced directors. Independent Outside Director Akiko Sueoka was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥62.00 per share Eligible shareholders must have bought the stock before 30 March 2022. Payment date: 30 June 2022. Payout ratio is a comfortable 46% and this is well supported by cash flows. Trailing yield: 2.9%. Lower than top quartile of Japanese dividend payers (3.4%). Lower than average of industry peers (4.7%). Reported Earnings • Feb 10
Third quarter 2022 earnings: Revenues and EPS in line with analyst expectations Third quarter 2022 results: EPS: JP¥73.35 (up from JP¥38.89 in 3Q 2021). Revenue: JP¥14.7b (up 47% from 3Q 2021). Net income: JP¥832.0m (up 89% from 3Q 2021). Profit margin: 5.7% (up from 4.4% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 15% per year whereas the company’s share price has increased by 19% per year. Annonce • Dec 08
Hakudo Co., Ltd. Updates Consolidated and Non-Consolidated Earnings Forecasts for the Fiscal Year Ending March 31, 2022 Hakudo Co., Ltd. updated consolidated and non-consolidated earnings forecasts for the fiscal year ending March 31, 2022. For the consolidated period, the company Revised forecasts of Net sales to JPY 54,300 Million from Previously forecasts of JPY 52,000 Million, Revised forecasts of Operating profit to JPY 4,070 Million from Previously forecasts of JPY 3,420 Million. Revised forecasts of Profit attributable to owners of parent to JPY 2,850 Million from Previously forecasts of JPY 2,400 Million. Revised forecasts of Earnings per share to JPY 251.28 from Previously forecasts of JPY 211.61. For the non-consolidated period, the company Revised forecasts of Net sales to JPY 51,300 Million from Previously forecasts of JPY 49,000 Million. Revised forecasts of Profit to JPY 2,650 Million from Previously forecasts of JPY 2,220 Million. Revised forecasts of Earnings per share to JPY 233.65 from Previously forecasts of JPY 195.73. Reported Earnings • Nov 11
Second quarter 2022 earnings released: EPS JP¥56.25 (vs JP¥18.78 in 2Q 2021) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2022 results: Revenue: JP¥13.2b (up 56% from 2Q 2021). Net income: JP¥638.0m (up 200% from 2Q 2021). Profit margin: 4.8% (up from 2.5% in 2Q 2021). 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 but the company’s share price has increased by 15% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Sep 08
Investor sentiment improved over the past week After last week's 17% share price gain to JP¥2,919, the stock trades at a trailing P/E ratio of 18.6x. Average trailing P/E is 11x in the Metals and Mining industry in Japan. Total returns to shareholders of 76% over the past three years. Reported Earnings • Aug 15
First quarter 2022 earnings released: EPS JP¥63.22 (vs JP¥18.96 in 1Q 2021) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2022 results: Revenue: JP¥12.6b (up 35% from 1Q 2021). Net income: JP¥717.0m (up 234% from 1Q 2021). Profit margin: 5.7% (up from 2.3% in 1Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Jun 17
Investor sentiment improved over the past week After last week's 15% share price gain to JP¥2,153, the stock trades at a trailing P/E ratio of 19.1x. Average trailing P/E is 13x in the Metals and Mining industry in Japan. Total returns to shareholders of 2.3% over the past three years. Reported Earnings • May 20
Full year 2021 earnings released: EPS JP¥113 (vs JP¥101 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¥39.2b (down 6.2% from FY 2020). Net income: JP¥1.28b (up 12% from FY 2020). Profit margin: 3.3% (up from 2.7% in FY 2020). The increase in margin was driven by lower expenses. 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 6% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥44.00 per share Eligible shareholders must have bought the stock before 30 March 2021. Payment date: 29 June 2021. Trailing yield: 2.4%. Lower than top quartile of Japanese dividend payers (2.7%). Higher than average of industry peers (1.5%). Is New 90 Day High Low • Feb 20
New 90-day low: JP¥1,360 The company is down 1.0% from its price of JP¥1,377 on 20 November 2020. The Japanese market is up 11% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Metals and Mining industry, which is up 22% over the same period. Reported Earnings • Feb 12
Third quarter 2021 earnings released: EPS JP¥38.88 (vs JP¥21.95 in 3Q 2020) The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2021 results: Revenue: JP¥9.96b (down 3.7% from 3Q 2020). Net income: JP¥441.0m (up 77% from 3Q 2020). Profit margin: 4.4% (up from 2.4% in 3Q 2020). The increase in margin was driven by lower expenses. 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 15% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Jan 14
New 90-day high: JP¥1,516 The company is up 13% from its price of JP¥1,344 on 16 October 2020. The Japanese market is also up 13% over the last 90 days, indicating the company’s price trend is similar to the market over that time. However, it underperformed the Metals and Mining industry, which is up 29% over the same period. Is New 90 Day High Low • Dec 12
New 90-day high: JP¥1,477 The company is up 21% from its price of JP¥1,225 on 11 September 2020. The Japanese market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is up 10.0% over the same period.