Reported Earnings • May 18
Full year 2026 earnings: EPS and revenues exceed analyst expectations Full year 2026 results: EPS: JP¥56.48 (up from JP¥53.18 in FY 2025). Revenue: JP¥100.2b (up 4.9% from FY 2025). Net income: JP¥4.03b (up 6.3% from FY 2025). Profit margin: 4.0% (in line with FY 2025). Revenue exceeded analyst estimates by 1.5%. Earnings per share (EPS) also surpassed analyst estimates by 30%. Revenue is forecast to grow 4.0% p.a. on average during the next 2 years, compared to a 7.8% growth forecast for the Electronic industry in Japan. 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 11% per year. Annonce • May 14
CMK Corporation, Annual General Meeting, Jun 25, 2026 CMK Corporation, Annual General Meeting, Jun 25, 2026. Annonce • Apr 20
CMK Corporation to Report Fiscal Year 2026 Results on May 14, 2026 CMK Corporation announced that they will report fiscal year 2026 results at 3:30 PM, Tokyo Standard Time on May 14, 2026 Upcoming Dividend • Mar 23
Upcoming dividend of JP¥20.00 per share Eligible shareholders must have bought the stock before 30 March 2026. Payment date: 26 June 2026. Payout ratio is a comfortable 63% but the company is not cash flow positive. Trailing yield: 3.6%. Within top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (1.6%). Major Estimate Revision • Mar 18
Consensus EPS estimates fall by 18% The consensus outlook for fiscal year 2026 has been updated. 2026 EPS estimate fell from JP¥53.30 to JP¥43.54 per share. Revenue forecast steady at JP¥98.7b. Net income forecast to shrink 2.1% next year vs 13% growth forecast for Electronic industry in Japan . Consensus price target up from JP¥520 to JP¥640. Share price was steady at JP¥608 over the past week. New Risk • Feb 14
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 3.5% per year for the foreseeable future. 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 expected to decline, then in most cases the share price will decline over time as well. 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 are forecast to decline by an average of 3.5% per year for the foreseeable future. Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (6.0% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (2.3% net profit margin). Reported Earnings • Feb 07
Third quarter 2026 earnings released: EPS: JP¥23.47 (vs JP¥29.67 in 3Q 2025) Third quarter 2026 results: EPS: JP¥23.47 (down from JP¥29.67 in 3Q 2025). Revenue: JP¥25.8b (up 5.8% from 3Q 2025). Net income: JP¥1.67b (down 21% from 3Q 2025). Profit margin: 6.5% (down from 8.7% in 3Q 2025). Revenue is forecast to grow 4.5% p.a. on average during the next 3 years, compared to a 6.7% growth forecast for the Electronic industry in Japan. 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. Major Estimate Revision • Jan 20
Consensus EPS estimates fall by 33%, revenue upgraded The consensus outlook for fiscal year 2026 has been updated. 2026 revenue forecast increased from JP¥95.7b to JP¥97.5b. EPS estimate fell from JP¥47.00 to JP¥31.54 per share. Net income forecast to shrink 24% next year vs 11% growth forecast for Electronic industry in Japan . Consensus price target up from JP¥370 to JP¥520. Share price was steady at JP¥530 over the past week. New Risk • Dec 25
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Japanese stocks, typically moving 8.0% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (8.0% average weekly change). Earnings are forecast to decline by an average of 0.9% per year for the foreseeable future. Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (2.8% net profit margin). Annonce • Dec 23
CMK Corporation to Report Q3, 2026 Results on Feb 06, 2026 CMK Corporation announced that they will report Q3, 2026 results on Feb 06, 2026 New Risk • Nov 24
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.9% per year for the foreseeable future. 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 expected to decline, then in most cases the share price will decline over time as well. 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 are forecast to decline by an average of 0.9% per year for the foreseeable future. Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (7.6% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (2.8% net profit margin). Declared Dividend • Nov 07
Dividend of JP¥20.00 announced Shareholders will receive a dividend of JP¥20.00. Ex-date: 30th March 2026 Payment date: 26th June 2026 Dividend yield will be 4.6%, which is higher than the industry average of 1.4%. Sustainability & Growth Dividend is covered by earnings (53% 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 7.2% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 36% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Nov 07
Second quarter 2026 earnings released: EPS: JP¥19.81 (vs JP¥16.35 in 2Q 2025) Second quarter 2026 results: EPS: JP¥19.81 (up from JP¥16.35 in 2Q 2025). Revenue: JP¥24.4b (up 4.4% from 2Q 2025). Net income: JP¥1.41b (up 21% from 2Q 2025). Profit margin: 5.8% (up from 5.0% in 2Q 2025). Revenue is forecast to grow 4.8% p.a. on average during the next 3 years, compared to a 6.6% growth forecast for the Electronic 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 10% per year, which means it is significantly lagging earnings. New Risk • Nov 06
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 7.0% 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 Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (7.0% average weekly change). Profit margins are more than 30% lower than last year (2.6% net profit margin). Valuation Update With 7 Day Price Move • Nov 06
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to JP¥453, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 15x in the Electronic industry in Japan. Total loss to shareholders of 15% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥400 per share. Annonce • Sep 24
CMK Corporation to Report Q2, 2026 Results on Nov 05, 2025 CMK Corporation announced that they will report Q2, 2026 results on Nov 05, 2025 Major Estimate Revision • Sep 17
Consensus EPS estimates fall by 16% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from JP¥97.3b to JP¥95.7b. EPS estimate also fell from JP¥30.20 per share to JP¥25.30 per share. Net income forecast to shrink 22% next year vs 16% growth forecast for Electronic industry in Japan . Consensus price target of JP¥435 unchanged from last update. Share price was steady at JP¥350 over the past week. New Risk • Aug 07
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: 2.6% Last year net profit margin: 5.5% 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 (2.6% net profit margin). Reported Earnings • Aug 07
First quarter 2026 earnings released: EPS: JP¥1.12 (vs JP¥20.08 in 1Q 2025) First quarter 2026 results: EPS: JP¥1.12 (down from JP¥20.08 in 1Q 2025). Revenue: JP¥22.8b (flat on 1Q 2025). Net income: JP¥80.0m (down 94% from 1Q 2025). Profit margin: 0.4% (down from 6.3% in 1Q 2025). Revenue is forecast to grow 4.1% p.a. on average during the next 3 years, compared to a 6.2% growth forecast for the Electronic industry in Japan. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Annonce • Jun 25
CMK Corporation to Report Q1, 2026 Results on Aug 05, 2025 CMK Corporation announced that they will report Q1, 2026 results on Aug 05, 2025 Major Estimate Revision • Jun 13
Consensus EPS estimates increase by 12% The consensus outlook for fiscal year 2026 has been updated. 2026 EPS estimate increased from JP¥28.10 to JP¥31.60. Revenue forecast steady at JP¥96.8b. Net income forecast to shrink 41% next year vs 7.0% growth forecast for Electronic industry in Japan . Consensus price target down from JP¥515 to JP¥435. Share price fell 3.3% to JP¥318 over the past week. Major Estimate Revision • May 23
Consensus EPS estimates fall by 41% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from JP¥100.3b to JP¥96.0b. EPS estimate also fell from JP¥47.72 per share to JP¥28.10 per share. Net income forecast to shrink 47% next year vs 10% growth forecast for Electronic industry in Japan . Consensus price target down from JP¥615 to JP¥515. Share price fell 2.4% to JP¥331 over the past week. Price Target Changed • May 22
Price target decreased by 17% to JP¥515 Down from JP¥620, the current price target is an average from 2 analysts. New target price is 55% above last closing price of JP¥333. Stock is down 43% over the past year. The company is forecast to post earnings per share of JP¥28.10 for next year compared to JP¥53.18 last year. New Risk • May 22
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 7.3% per year for the foreseeable future. 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 expected to decline, then in most cases the share price will decline over time as well. 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 are forecast to decline by an average of 7.3% per year for the foreseeable future. Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (7.8% average weekly change). Valuation Update With 7 Day Price Move • May 20
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to JP¥334, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 12x in the Electronic industry in Japan. Total loss to shareholders of 23% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥472 per share. Reported Earnings • May 15
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: EPS: JP¥53.18 (down from JP¥64.20 in FY 2024). Revenue: JP¥95.5b (up 5.4% from FY 2024). Net income: JP¥3.79b (down 1.7% from FY 2024). Profit margin: 4.0% (down from 4.3% in FY 2024). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 15%. Revenue is forecast to grow 5.6% p.a. on average during the next 2 years, compared to a 6.3% growth forecast for the Electronic industry in Japan. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Annonce • May 13
CMK Corporation, Annual General Meeting, Jun 25, 2025 CMK Corporation, Annual General Meeting, Jun 25, 2025. New Risk • Apr 07
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Japanese stocks, typically moving 8.1% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (8.1% average weekly change). Earnings are forecast to decline by an average of 17% per year for the foreseeable future. Minor Risk Paying a dividend despite having no free cash flows. Valuation Update With 7 Day Price Move • Apr 04
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to JP¥352, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 11x in the Electronic industry in Japan. Total loss to shareholders of 30% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥562 per share. Buy Or Sell Opportunity • Mar 28
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 1.2% to JP¥422. The fair value is estimated to be JP¥534, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.6% over the last 3 years. Earnings per share has grown by 27%. Revenue is forecast to grow by 12% in 2 years. Earnings are forecast to decline by 38% in the next 2 years. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥20.00 per share Eligible shareholders must have bought the stock before 28 March 2025. Payment date: 27 June 2025. Payout ratio is a comfortable 20% but the company is not cash flow positive. Trailing yield: 3.3%. Lower than top quartile of Japanese dividend payers (3.7%). Higher than average of industry peers (1.7%). Annonce • Mar 20
CMK Corporation to Report Fiscal Year 2025 Results on May 13, 2025 CMK Corporation announced that they will report fiscal year 2025 results on May 13, 2025 Major Estimate Revision • Feb 14
Consensus EPS estimates increase by 18% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has improved. 2025 revenue forecast increased from JP¥93.2b to JP¥95.0b. EPS estimate increased from JP¥54.74 to JP¥64.60 per share. Net income forecast to shrink 41% next year vs 11% growth forecast for Electronic industry in Japan . Consensus price target down from JP¥795 to JP¥645. Share price rose 9.6% to JP¥512 over the past week. New Risk • Feb 13
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 15% per year for the foreseeable future. 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 expected to decline, then in most cases the share price will decline over time as well. 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 are forecast to decline by an average of 15% per year for the foreseeable future. Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (6.7% average weekly change). Shareholders have been diluted in the past year (20% increase in shares outstanding). Price Target Changed • Feb 13
Price target decreased by 18% to JP¥645 Down from JP¥785, the current price target is an average from 2 analysts. New target price is 23% above last closing price of JP¥524. Stock is down 29% over the past year. The company is forecast to post earnings per share of JP¥64.60 for next year compared to JP¥64.20 last year. New Risk • Feb 10
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 6.3% 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 Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (6.3% average weekly change). Shareholders have been diluted in the past year (20% increase in shares outstanding). Reported Earnings • Feb 08
Third quarter 2025 earnings released: EPS: JP¥29.67 (vs JP¥21.05 in 3Q 2024) Third quarter 2025 results: EPS: JP¥29.67 (up from JP¥21.05 in 3Q 2024). Revenue: JP¥24.4b (up 2.7% from 3Q 2024). Net income: JP¥2.11b (up 70% from 3Q 2024). Profit margin: 8.7% (up from 5.2% in 3Q 2024). Revenue is forecast to grow 6.1% p.a. on average during the next 3 years, compared to a 7.3% growth forecast for the Electronic industry in Japan. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Jan 24
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to JP¥476, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 13x in the Electronic industry in Japan. Total loss to shareholders of 5.3% over the past three years. Annonce • Dec 21
CMK Corporation to Report Q3, 2025 Results on Feb 07, 2025 CMK Corporation announced that they will report Q3, 2025 results on Feb 07, 2025 Major Estimate Revision • Nov 26
Consensus EPS estimates increase by 13% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate increased from JP¥47.02 to JP¥53.34. Revenue forecast steady at JP¥93.2b. Net income forecast to shrink 30% next year vs 15% growth forecast for Electronic industry in Japan . Consensus price target down from JP¥860 to JP¥785. Share price fell 6.0% to JP¥424 over the past week. Price Target Changed • Nov 25
Price target decreased by 13% to JP¥785 Down from JP¥900, the current price target is an average from 2 analysts. New target price is 80% above last closing price of JP¥437. Stock is down 39% over the past year. The company is forecast to post earnings per share of JP¥53.34 for next year compared to JP¥64.20 last year. Declared Dividend • Nov 08
Dividend of JP¥15.00 announced Shareholders will receive a dividend of JP¥15.00. Ex-date: 28th March 2025 Payment date: 27th June 2025 Dividend yield will be 3.4%, which is higher than the industry average of 1.4%. Sustainability & Growth Dividend is covered by earnings (22% 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 13% per year over the past 9 years. However, payments have been volatile during that time. EPS is expected to grow by 31% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Nov 08
Second quarter 2025 earnings released: EPS: JP¥16.35 (vs JP¥9.34 in 2Q 2024) Second quarter 2025 results: EPS: JP¥16.35 (up from JP¥9.34 in 2Q 2024). Revenue: JP¥23.4b (up 6.0% from 2Q 2024). Net income: JP¥1.17b (up 111% from 2Q 2024). Profit margin: 5.0% (up from 2.5% in 2Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 6.8% p.a. on average during the next 3 years, compared to a 7.3% growth forecast for the Electronic industry in Japan. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Annonce • Sep 26
CMK Corporation to Report Q2, 2025 Results on Nov 06, 2024 CMK Corporation announced that they will report Q2, 2025 results on Nov 06, 2024 Reported Earnings • Aug 14
First quarter 2025 earnings released: EPS: JP¥20.08 (vs JP¥3.48 in 1Q 2024) First quarter 2025 results: EPS: JP¥20.08 (up from JP¥3.48 in 1Q 2024). Revenue: JP¥22.9b (up 8.3% from 1Q 2024). Net income: JP¥1.43b (up JP¥1.22b from 1Q 2024). Profit margin: 6.3% (up from 1.0% in 1Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 7.7% p.a. on average during the next 3 years, compared to a 7.2% growth forecast for the Electronic industry in Japan. Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 28% After last week's 28% share price decline to JP¥393, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 12x in the Electronic industry in Japan. Total returns to shareholders of 4.4% over the past three years. Annonce • Jun 26
CMK Corporation to Report Q1, 2025 Results on Aug 09, 2024 CMK Corporation announced that they will report Q1, 2025 results on Aug 09, 2024 Major Estimate Revision • May 23
Consensus EPS estimates fall by 17%, revenue upgraded The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast increased from JP¥94.5b to JP¥96.0b. EPS estimate fell from JP¥62.54 to JP¥51.90 per share. Net income forecast to shrink 4.0% next year vs 14% growth forecast for Electronic industry in Japan . Consensus price target of JP¥800 unchanged from last update. Share price fell 3.6% to JP¥588 over the past week. Reported Earnings • May 16
Full year 2024 earnings: EPS exceeds analyst expectations Full year 2024 results: EPS: JP¥64.20 (up from JP¥26.82 in FY 2023). Revenue: JP¥90.6b (up 8.0% from FY 2023). Net income: JP¥3.86b (up 143% from FY 2023). Profit margin: 4.3% (up from 1.9% in FY 2023). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 52%. Revenue is forecast to grow 6.5% p.a. on average during the next 2 years, compared to a 7.1% growth forecast for the Electronic industry in Japan. Over the last 3 years on average, earnings per share has increased by 54% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Annonce • May 15
CMK Corporation, Annual General Meeting, Jun 26, 2024 CMK Corporation, Annual General Meeting, Jun 26, 2024. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥11.00 per share Eligible shareholders must have bought the stock before 28 March 2024. Payment date: 28 June 2024. Payout ratio is a comfortable 32% but the company is paying out more than the cash it is generating. Trailing yield: 1.8%. Lower than top quartile of Japanese dividend payers (3.2%). Higher than average of industry peers (1.4%). Annonce • Mar 20
CMK Corporation to Report Fiscal Year 2024 Results on May 13, 2024 CMK Corporation announced that they will report fiscal year 2024 results on May 13, 2024 New Risk • Mar 06
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 11% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by cash flows (dividend per share is over 21x cash flows per share). Share price has been volatile over the past 3 months (7.6% average weekly change). Profit margins are more than 30% lower than last year (1.8% net profit margin). Shareholders have been diluted in the past year (11% increase in shares outstanding). Buy Or Sell Opportunity • Feb 27
Now 22% overvalued Over the last 90 days, the stock has fallen 18% to JP¥615. The fair value is estimated to be JP¥504, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 7.5% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 16% in 2 years. Earnings are forecast to grow by 194% in the next 2 years. Valuation Update With 7 Day Price Move • Feb 19
Investor sentiment deteriorates as stock falls 23% After last week's 23% share price decline to JP¥607, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 15x in the Electronic industry in Japan. Total returns to shareholders of 45% over the past three years. Reported Earnings • Feb 09
Third quarter 2024 earnings released: EPS: JP¥21.05 (vs JP¥16.04 in 3Q 2023) Third quarter 2024 results: EPS: JP¥21.05 (up from JP¥16.04 in 3Q 2023). Revenue: JP¥23.8b (up 10% from 3Q 2023). Net income: JP¥1.25b (up 31% from 3Q 2023). Profit margin: 5.2% (up from 4.4% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 7.6% p.a. on average during the next 3 years, compared to a 7.0% growth forecast for the Electronic industry in Japan. Over the last 3 years on average, earnings per share has increased by 71% per year but the company’s share price has only increased by 22% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Dec 29
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to JP¥830, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 14x in the Electronic industry in Japan. Total returns to shareholders of 115% over the past three years. Annonce • Dec 17
CMK Corporation to Report Q3, 2024 Results on Feb 07, 2024 CMK Corporation announced that they will report Q3, 2024 results on Feb 07, 2024 Price Target Changed • Nov 22
Price target increased by 13% to JP¥960 Up from JP¥850, the current price target is provided by 1 analyst. New target price is 41% above last closing price of JP¥683. Stock is up 14% over the past year. The company is forecast to post earnings per share of JP¥44.75 for next year compared to JP¥26.82 last year. Reported Earnings • Nov 07
Second quarter 2024 earnings released: EPS: JP¥9.34 (vs JP¥10.74 in 2Q 2023) Second quarter 2024 results: EPS: JP¥9.34 (down from JP¥10.74 in 2Q 2023). Revenue: JP¥22.1b (up 4.0% from 2Q 2023). Net income: JP¥553.0m (down 13% from 2Q 2023). Profit margin: 2.5% (down from 3.0% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 6.9% p.a. on average during the next 3 years, compared to a 7.1% growth forecast for the Electronic industry in Japan. Over the last 3 years on average, earnings per share has increased by 88% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Annonce • Sep 15
CMK Corporation to Report Q2, 2024 Results on Nov 06, 2023 CMK Corporation announced that they will report Q2, 2024 results on Nov 06, 2023 Major Estimate Revision • Aug 19
Consensus EPS estimates increase by 17% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has improved. 2024 revenue forecast increased from JP¥86.0b to JP¥87.0b. EPS estimate increased from JP¥40.50 to JP¥47.30 per share. Net income forecast to grow 140% next year vs 6.4% growth forecast for Electronic industry in Japan. Consensus price target up from JP¥850 to JP¥900. Share price rose 5.1% to JP¥573 over the past week. Reported Earnings • Aug 06
First quarter 2024 earnings released: EPS: JP¥3.48 (vs JP¥7.30 in 1Q 2023) First quarter 2024 results: EPS: JP¥3.48 (down from JP¥7.30 in 1Q 2023). Revenue: JP¥21.1b (up 7.0% from 1Q 2023). Net income: JP¥206.0m (down 52% from 1Q 2023). Profit margin: 1.0% (down from 2.2% in 1Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 5.4% p.a. on average during the next 3 years, compared to a 6.8% growth forecast for the Electronic industry in Japan. Over the last 3 years on average, earnings per share has increased by 95% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Aug 03
Now 20% undervalued Over the last 90 days, the stock is up 5.5%. The fair value is estimated to be JP¥626, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.3% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 5.4% per annum. Earnings is also forecast to grow by 43% per annum over the same time period. Annonce • Jun 22
CMK Corporation to Report Q1, 2024 Results on Aug 04, 2023 CMK Corporation announced that they will report Q1, 2024 results on Aug 04, 2023 Major Estimate Revision • Jun 01
Consensus EPS estimates fall by 29% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from JP¥87.0b to JP¥86.0b. EPS estimate also fell from JP¥57.40 per share to JP¥40.50 per share. Net income forecast to grow 51% next year vs 4.0% growth forecast for Electronic industry in Japan. Consensus price target up from JP¥770 to JP¥850. Share price rose 5.8% to JP¥489 over the past week. Buying Opportunity • May 19
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 3.2%. The fair value is estimated to be JP¥613, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.3% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 10.0% in 2 years. Earnings is forecast to grow by 215% in the next 2 years. Reported Earnings • May 16
Full year 2023 earnings: EPS misses analyst expectations Full year 2023 results: EPS: JP¥26.82 (down from JP¥47.05 in FY 2022). Revenue: JP¥83.8b (up 2.9% from FY 2022). Net income: JP¥1.59b (down 43% from FY 2022). Profit margin: 1.9% (down from 3.4% in FY 2022). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 29%. Revenue is forecast to grow 4.8% p.a. on average during the next 2 years, compared to a 6.4% growth forecast for the Electronic industry in Japan. Over the last 3 years on average, earnings per share has increased by 98% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥11.00 per share at 2.4% yield Eligible shareholders must have bought the stock before 30 March 2023. Payment date: 29 June 2023. Payout ratio is a comfortable 24% but the company is not cash flow positive. Trailing yield: 2.4%. Lower than top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (1.6%). Major Estimate Revision • Feb 23
Consensus EPS estimates fall by 13% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate fell from JP¥43.10 to JP¥37.70 per share. Revenue forecast steady at JP¥83.8b. Net income forecast to shrink 11% next year vs 6.1% growth forecast for Electronic industry in Japan . Consensus price target of JP¥770 unchanged from last update. Share price fell 2.5% to JP¥497 over the past week. Reported Earnings • Feb 08
Third quarter 2023 earnings released: EPS: JP¥16.04 (vs JP¥21.93 in 3Q 2022) Third quarter 2023 results: EPS: JP¥16.04 (down from JP¥21.93 in 3Q 2022). Revenue: JP¥21.6b (flat on 3Q 2022). Net income: JP¥950.0m (down 27% from 3Q 2022). Profit margin: 4.4% (down from 6.0% in 3Q 2022). Revenue is forecast to grow 5.1% p.a. on average during the next 3 years, compared to a 6.8% growth forecast for the Electronic industry in Japan. Over the last 3 years on average, earnings per share has increased by 86% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Annonce • Dec 16
CMK Corporation to Report Q3, 2023 Results on Feb 07, 2023 CMK Corporation announced that they will report Q3, 2023 results on Feb 07, 2023 Price Target Changed • Nov 19
Price target increased to JP¥770 Up from JP¥710, the current price target is an average from 2 analysts. New target price is 34% above last closing price of JP¥576. Stock is up 11% over the past year. The company is forecast to post earnings per share of JP¥44.35 for next year compared to JP¥47.05 last year. Reported Earnings • Nov 17
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: JP¥21.2b (up 11% from 2Q 2022). Net income: JP¥636.0m (up JP¥688.0m from 2Q 2022). Profit margin: 3.0% (up from net loss in 2Q 2022). The move to profitability was driven by higher revenue. Revenue is forecast to grow 3.7% p.a. on average during the next 3 years, compared to a 6.5% growth forecast for the Electronic industry in Japan. Over the last 3 years on average, earnings per share has increased by 50% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Price Target Changed • Nov 16
Price target decreased to JP¥710 Down from JP¥800, the current price target is an average from 2 analysts. New target price is 21% above last closing price of JP¥586. Stock is up 12% over the past year. The company is forecast to post earnings per share of JP¥44.75 for next year compared to JP¥47.05 last year. Board Change • Nov 16
Less than half of directors are independent There are 8 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 8 new directors. 4 experienced directors. No highly experienced directors. 3 independent directors (5 non-independent directors). Independent Outside Director Tsuyoshi Ukyo is the most experienced director on the board, commencing their role in 2015. Independent Outside Director Mitsuru Kaitoh was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors.