Valuation Update With 7 Day Price Move • Jun 02
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to JP¥4,835, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 18x in the Electronic industry in Japan. Total returns to shareholders of 100% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥7,562 per share. Reported Earnings • May 18
Full year 2026 earnings: EPS and revenues exceed analyst expectations Full year 2026 results: EPS: JP¥628 (up from JP¥325 in FY 2025). Revenue: JP¥658.9b (up 20% from FY 2025). Net income: JP¥31.1b (up 82% from FY 2025). Profit margin: 4.7% (up from 3.1% in FY 2025). Revenue exceeded analyst estimates by 6.3%. Earnings per share (EPS) also surpassed analyst estimates by 5.0%. Revenue is forecast to stay flat 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 10% per year but the company’s share price has increased by 18% per year, which means it is tracking significantly ahead of earnings growth. Annonce • May 16
Kaga Electronics Co.,Ltd. (TSE:8154) proposed to acquire Shinko Shoji Co., Ltd. (TSE:8141) from Akio Kitai, Aya Nomura, Kitai & Company Ltd., City Index First Co., Ltd., City Index Eleventh Co., Ltd., Restar Corporation and others for ¥46 billion. Kaga Electronics Co.,Ltd. (TSE:8154) proposed to acquire Shinko Shoji Co., Ltd. (TSE:8141) from Akio Kitai, Aya Nomura, Kitai & Company Ltd., City Index First Co., Ltd., City Index Eleventh Co., Ltd., Restar Corporation and others for ¥46 billion on May 15, 2026. A cash consideration valued at ¥1580 per share will be paid by Kaga Electronics Co.,Ltd.
The transaction was approved by the Board of Shinko Shoji Co., Ltd. The expected completion of the transaction is June 26, 2026. Annonce • May 15
Kaga Electronics Co.,Ltd., Annual General Meeting, Jun 25, 2026 Kaga Electronics Co.,Ltd., Annual General Meeting, Jun 25, 2026. Annonce • Apr 03
Kaga Electronics Co.,Ltd. to Report Q4, 2026 Results on May 14, 2026 Kaga Electronics Co.,Ltd. announced that they will report Q4, 2026 results on May 14, 2026 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: 29 June 2026. Payout ratio is a comfortable 19% and this is well supported by cash flows. Trailing yield: 3.0%. Lower than top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (1.6%). Annonce • Mar 10
Kaga Electronics Co.,Ltd. (TSE:8154) agreed to acquire 7.25% stake in Sun-Wa Technos Corporation (TSE:8137). Kaga Electronics Co.,Ltd. (TSE:8154) agreed to acquire 7.25% stake in Sun-Wa Technos Corporation (TSE:8137) on March 10, 2026.
The expected completion of the transaction is March 11, 2026. Reported Earnings • Feb 14
Third quarter 2026 earnings released: EPS: JP¥193 (vs JP¥90.82 in 3Q 2025) Third quarter 2026 results: EPS: JP¥193 (up from JP¥90.82 in 3Q 2025). Revenue: JP¥156.5b (up 14% from 3Q 2025). Net income: JP¥9.28b (up 94% from 3Q 2025). Profit margin: 5.9% (up from 3.5% in 3Q 2025). Revenue is forecast to grow 5.3% 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 remained flat but the company’s share price has increased by 21% per year, which means it is well ahead of earnings. Declared Dividend • Dec 06
First half dividend of JP¥60.00 announced Shareholders will receive a dividend of JP¥60.00. Ex-date: 30th March 2026 Payment date: 29th June 2026 Dividend yield will be 3.2%, which is higher than the industry average of 1.4%. Sustainability & Growth Dividend is well covered by both earnings (24% earnings payout ratio) and cash flows (36% cash payout ratio). The dividend has increased by an average of 22% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to decline by 7.7% over the next 3 years. However, it would need to fall by 74% to increase the payout ratio to a potentially unsustainable range. Buy Or Sell Opportunity • Nov 25
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 5.1% to JP¥3,595. The fair value is estimated to be JP¥2,980, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 2.8% over the last 3 years. Earnings per share has declined by 7.8%. Revenue is forecast to grow by 13% in 2 years. Earnings are forecast to decline by 6.9% in the next 2 years. Reported Earnings • Nov 08
Second quarter 2026 earnings released: EPS: JP¥210 (vs JP¥74.25 in 2Q 2025) Second quarter 2026 results: EPS: JP¥210 (up from JP¥74.25 in 2Q 2025). Revenue: JP¥150.9b (up 16% from 2Q 2025). Net income: JP¥10.5b (up 168% from 2Q 2025). Profit margin: 6.9% (up from 3.0% in 2Q 2025). Revenue is forecast to grow 4.8% 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 fallen by 8% per year but the company’s share price has increased by 17% per year, which means it is well ahead of earnings. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥60.00 per share Eligible shareholders must have bought the stock before 29 September 2025. Payment date: 08 December 2025. Payout ratio is a comfortable 33% and this is well supported by cash flows. Trailing yield: 3.1%. Lower than top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (1.7%). Major Estimate Revision • Aug 14
Consensus EPS estimates increase by 65% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has improved. 2026 revenue forecast increased from JP¥540.0b to JP¥590.0b. EPS estimate increased from JP¥324 to JP¥535 per share. Net income forecast to grow 38% next year vs 17% growth forecast for Electronic industry in Japan. Consensus price target of JP¥3,200 unchanged from last update. Share price rose 7.6% to JP¥3,160 over the past week. Reported Earnings • Aug 08
First quarter 2026 earnings released: EPS: JP¥87.79 (vs JP¥76.88 in 1Q 2025) First quarter 2026 results: EPS: JP¥87.79 (up from JP¥76.88 in 1Q 2025). Revenue: JP¥138.1b (up 7.3% from 1Q 2025). Net income: JP¥4.61b (up 14% from 1Q 2025). Profit margin: 3.3% (up from 3.1% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 3.2% 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 fallen by 10% per year but the company’s share price has increased by 19% per year, which means it is well ahead of earnings. Annonce • Aug 08
Kaga Electronics Co.,Ltd. (TSE:8154) announces an Equity Buyback for 4,920,000 shares, representing 9.36% for ¥15,000 million. Kaga Electronics Co.,Ltd. (TSE:8154) announces a share repurchase program. Under the program, the company will repurchase up to 4,920,000 shares, representing 9.36% of its share capital for ¥15,000 million. The shares will be repurchased at a price of ¥2,938 per share. The purpose of the program is to enhance shareholder returns and improve capital efficiency as part of the company's capital policy. It aims to respond to shareholder requests for reducing policy shareholdings while maintaining financial soundness. Additionally, the program seeks to balance growth investments with shareholder returns to maximize corporate value. The program will be valid until August 8, 2025. As of March 31, 2025, the company had 52,560,806 shares outstanding excluding treasury shares, and 4,843,430 shares in treasury. Board Change • Jul 11
Less than half of directors are independent There are 7 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: 3 independent directors. 9 non-independent directors. Independent Outside Director Mamoru Yoshida was the last independent director to join the board, commencing their role in 2024. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Declared Dividend • Jul 09
Final dividend of JP¥55.00 announced Shareholders will receive a dividend of JP¥55.00. Ex-date: 29th September 2025 Payment date: 8th December 2025 Dividend yield will be 3.9%, which is higher than the industry average of 1.4%. Sustainability & Growth Dividend is well covered by both earnings (34% earnings payout ratio) and cash flows (30% cash payout ratio). The dividend has increased by an average of 22% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 24% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Annonce • May 30
Kaga Electronics Co.,Ltd. (TSE:8154) proposed to acquire an 73.20% majority stake in Kyoei Sangyo Co.,Ltd. (TSE:6973) from a group of shareholders for ¥8.7 billion. Kaga Electronics Co.,Ltd. (TSE:8154) proposed to acquire an 73.20% majority stake in Kyoei Sangyo Co.,Ltd. (TSE:6973) from a group of shareholders for ¥8.7 billion on May 30, 2025. A cash consideration ¥3,950 per share will be paid by Kaga Electronics Co.,Ltd. As part of consideration, an ¥8.7 billion value is paid towards 2.20251 million common equity of Kyoei Sangyo Co.,Ltd.
The transaction is subject to minimum tender. The expected completion of the transaction is July 11, 2025.
KPMG FAS Co., Ltd. acted as financial advisor for Kaga Electronics Co.,Ltd. TMI Associates acted as legal advisor for Kaga Electronics Co.,Ltd. YAMADA Consulting Group Co.,Ltd. acted as financial advisor for Kyoei Sangyo Co.,Ltd. Mori Hamada & Matsumoto LPC acted as legal advisor for Kyoei Sangyo Co.,Ltd. Major Estimate Revision • May 30
Consensus EPS estimates fall by 15% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from JP¥590.0b to JP¥540.0b. EPS estimate also fell from JP¥381 per share to JP¥324 per share. Net income forecast to shrink 0.5% next year vs 9.9% growth forecast for Electronic industry in Japan . Consensus price target down from JP¥3,500 to JP¥3,200. Share price rose 2.4% to JP¥2,675 over the past week. Reported Earnings • May 19
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: EPS: JP¥325 (down from JP¥387 in FY 2024). Revenue: JP¥547.8b (flat on FY 2024). Net income: JP¥17.1b (down 16% from FY 2024). Profit margin: 3.1% (down from 3.7% in FY 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 5.1%. Revenue is forecast to grow 6.2% p.a. on average during the next 2 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 fallen by 5% per year but the company’s share price has increased by 19% per year, which means it is well ahead of earnings. Annonce • May 14
Kaga Electronics Co.,Ltd., Annual General Meeting, Jun 26, 2025 Kaga Electronics Co.,Ltd., Annual General Meeting, Jun 26, 2025. Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to JP¥2,228, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 10x in the Electronic industry in Japan. Total returns to shareholders of 69% over the past three years. Annonce • Mar 27
Kaga Electronics Co.,Ltd. Proposes Amendments to the Articles of Incorporation Kaga Electronics Co.,Ltd. proposals for requisite amendments to the Articles of Incorporation and other relevant matters at the 57th Ordinary General Meeting of Shareholders to be held in June 2025. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥55.00 per share Eligible shareholders must have bought the stock before 28 March 2025. Payment date: 27 June 2025. Payout ratio is a comfortable 34% and this is well supported by cash flows. Trailing yield: 3.9%. Within top quartile of Japanese dividend payers (3.7%). Higher than average of industry peers (1.7%). Annonce • Mar 01
Kaga Electronics Co.,Ltd. to Report Fiscal Year 2025 Results on May 14, 2025 Kaga Electronics Co.,Ltd. announced that they will report fiscal year 2025 results on May 14, 2025 Reported Earnings • Feb 07
Third quarter 2025 earnings released: EPS: JP¥90.82 (vs JP¥87.33 in 3Q 2024) Third quarter 2025 results: EPS: JP¥90.82 (up from JP¥87.33 in 3Q 2024). Revenue: JP¥137.2b (up 4.4% from 3Q 2024). Net income: JP¥4.77b (up 4.0% from 3Q 2024). Profit margin: 3.5% (in line with 3Q 2024). Revenue is forecast to grow 7.3% 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 4% per year but the company’s share price has increased by 18% per year, which means it is tracking significantly ahead of earnings growth. Annonce • Dec 27
Kaga Electronics Co.,Ltd. Announces Management Changes, Effective January 1, 2025 Kaga Electronics Co.,Ltd. announced that the following resolution regarding movement of delegated executive officer effective January 1, 2025, was passed at the board of directors meeting held on December 26, 2024. Motonori Toshinari's new role is Division Director of EMS Business Division. Former role is Managing Executive Officer. Declared Dividend • Dec 07
First half dividend of JP¥55.00 announced Shareholders will receive a dividend of JP¥55.00. Ex-date: 28th March 2025 Payment date: 27th June 2025 Dividend yield will be 6.0%, which is higher than the industry average of 1.4%. Sustainability & Growth Dividend is well covered by both earnings (13% earnings payout ratio) and cash flows (20% cash payout ratio). The dividend has increased by an average of 22% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 4.7% 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¥422,752 (vs JP¥107 in 2Q 2024) Second quarter 2025 results: EPS: JP¥422,752. Revenue: JP¥130.4b (down 5.0% from 2Q 2024). Net income: JP¥3.90b (down 31% from 2Q 2024). Profit margin: 3.0% (down from 4.1% in 2Q 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 7.1% p.a. on average during the next 3 years, compared to a 7.3% growth forecast for the Electronic industry in Japan. Upcoming Dividend • Sep 20
Upcoming dividend of JP¥110 per share Eligible shareholders must have bought the stock before 27 September 2024. Payment date: 02 December 2024. Payout ratio is a comfortable 31% and this is well supported by cash flows. Trailing yield: 4.0%. Within top quartile of Japanese dividend payers (3.8%). Higher than average of industry peers (1.5%). Reported Earnings • Aug 12
First quarter 2025 earnings released: EPS: JP¥154 (vs JP¥220 in 1Q 2024) First quarter 2025 results: EPS: JP¥154 (down from JP¥220 in 1Q 2024). Revenue: JP¥128.6b (down 6.6% from 1Q 2024). Net income: JP¥4.04b (down 30% from 1Q 2024). Profit margin: 3.1% (down from 4.2% in 1Q 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 6.2% 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 27% per year but the company’s share price has only increased by 18% 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 21% After last week's 21% share price decline to JP¥4,280, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 12x in the Electronic industry in Japan. Total returns to shareholders of 61% over the past three years. Declared Dividend • Jul 11
Final dividend of JP¥110 announced Dividend of JP¥110 is the same as last year. Ex-date: 27th September 2024 Payment date: 2nd December 2024 Dividend yield will be 3.8%, which is higher than the industry average of 1.4%. Sustainability & Growth Dividend is well covered by both earnings (18% earnings payout ratio) and cash flows (24% cash payout ratio). The dividend has increased by an average of 22% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 12% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Board Change • Jun 24
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Outside Auditor Kyoko Oyanagi was the last independent director to join the board, commencing their role in 2023. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Annonce • May 23
Kaga Electronics Co.,Ltd. Provides Dividend Guidance for the First Half and Year End for the Fiscal Year Ending March 31, 2025 Kaga Electronics Co.,Ltd. provided dividend guidance for the first half and year end for the fiscal year ending March 31, 2025. For the first half, the company expected dividend of JPY 110.00 per share as compared to dividend of JPY 110.00 per share a year ago.For the year end, the company expected dividend of JPY 55.00 per share as compared to dividend of JPY 110.00 per share a year ago. The stock split is effective on October 1, 2024. Annonce • May 22
Kaga Electronics Co.,Ltd. (TSE:8154) agreed to acquire an unknown stake in Meeq Co., Ltd. Kaga Electronics Co.,Ltd. (TSE:8154) agreed to acquire an unknown stake in Meeq Co., Ltd. on May 21, 2024. Major Estimate Revision • May 16
Consensus EPS estimates fall by 14% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from JP¥580.0b to JP¥555.0b. EPS estimate also fell from JP¥800 per share to JP¥685 per share. Net income forecast to shrink 12% next year vs 12% growth forecast for Electronic industry in Japan . Consensus price target down from JP¥8,000 to JP¥7,000. Share price was steady at JP¥6,030 over the past week. Price Target Changed • May 14
Price target decreased by 13% to JP¥7,000 Down from JP¥8,000, the current price target is provided by 1 analyst. New target price is 18% above last closing price of JP¥5,950. Stock is up 14% over the past year. The company is forecast to post earnings per share of JP¥685 for next year compared to JP¥775 last year. Reported Earnings • May 11
Full year 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2024 results: EPS: JP¥775 (down from JP¥879 in FY 2023). Revenue: JP¥542.7b (down 11% from FY 2023). Net income: JP¥20.3b (down 12% from FY 2023). Profit margin: 3.7% (down from 3.8% in FY 2023). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 1.3%. Earnings per share (EPS) exceeded analyst estimates by 1.7%. Revenue is forecast to grow 5.8% p.a. on average during the next 2 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 33% per year whereas the company’s share price has increased by 31% per year. Annonce • May 10
Kaga Electronics Co.,Ltd. Provides Consolidated Earnings Guidance for the Full Year Ending March 31, 2025 Kaga Electronics Co.,Ltd. provided consolidated earnings guidance for the full year ending March 31, 2025. For the full year ending March 31, 2025, the company expects net sales of JPY 550,000 million, operating income of JPY 26,000 million and profit attributable to owners of parent of JPY 18,000 million or JPY 685.26 per share. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥110 per share Eligible shareholders must have bought the stock before 28 March 2024. Payment date: 28 June 2024. Payout ratio is a comfortable 18% and this is well supported by cash flows. Trailing yield: 3.5%. Within top quartile of Japanese dividend payers (3.2%). Higher than average of industry peers (1.4%). Annonce • Mar 03
Kaga Electronics Co.,Ltd. to Report Fiscal Year 2024 Results on May 09, 2024 Kaga Electronics Co.,Ltd. announced that they will report fiscal year 2024 results on May 09, 2024 Price Target Changed • Feb 09
Price target decreased by 11% to JP¥8,000 Down from JP¥9,000, the current price target is provided by 1 analyst. New target price is 24% above last closing price of JP¥6,440. Stock is up 45% over the past year. The company is forecast to post earnings per share of JP¥761 for next year compared to JP¥879 last year. Reported Earnings • Feb 09
Third quarter 2024 earnings released: EPS: JP¥175 (vs JP¥215 in 3Q 2023) Third quarter 2024 results: EPS: JP¥175 (down from JP¥215 in 3Q 2023). Revenue: JP¥131.4b (down 14% from 3Q 2023). Net income: JP¥4.59b (down 19% from 3Q 2023). Profit margin: 3.5% (down from 3.7% in 3Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 6.3% 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 33% per year whereas the company’s share price has increased by 37% per year. Reported Earnings • Feb 09
Third quarter 2024 earnings released: EPS: JP¥175 (vs JP¥215 in 3Q 2023) Third quarter 2024 results: EPS: JP¥175 (down from JP¥215 in 3Q 2023). Revenue: JP¥131.4b (down 14% from 3Q 2023). Net income: JP¥4.59b (down 19% from 3Q 2023). Profit margin: 3.5% (down from 3.7% in 3Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 6.3% 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 33% per year whereas the company’s share price has increased by 37% per year. Reported Earnings • Nov 09
Second quarter 2024 earnings released: EPS: JP¥215 (vs JP¥245 in 2Q 2023) Second quarter 2024 results: EPS: JP¥215 (down from JP¥245 in 2Q 2023). Revenue: JP¥137.4b (down 8.1% from 2Q 2023). Net income: JP¥5.64b (down 12% from 2Q 2023). Profit margin: 4.1% (down from 4.3% in 2Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 4.9% 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 34% per year but the company’s share price has increased by 44% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Sep 21
Upcoming dividend of JP¥110 per share at 3.4% yield Eligible shareholders must have bought the stock before 28 September 2023. Payment date: 04 December 2023. Payout ratio is a comfortable 17% and this is well supported by cash flows. Trailing yield: 3.4%. Within top quartile of Japanese dividend payers (3.3%). Higher than average of industry peers (1.4%). Reported Earnings • Aug 04
First quarter 2024 earnings released: EPS: JP¥220 (vs JP¥266 in 1Q 2023) First quarter 2024 results: EPS: JP¥220 (down from JP¥266 in 1Q 2023). Revenue: JP¥137.7b (down 7.8% from 1Q 2023). Net income: JP¥5.77b (down 17% from 1Q 2023). Profit margin: 4.2% (down from 4.7% in 1Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 3.9% 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 33% per year but the company’s share price has increased by 47% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • May 14
Full year 2023 earnings: EPS in line with analyst expectations despite revenue beat Full year 2023 results: EPS: JP¥879 (up from JP¥576 in FY 2022). Revenue: JP¥608.1b (up 23% from FY 2022). Net income: JP¥23.1b (up 50% from FY 2022). Profit margin: 3.8% (up from 3.1% in FY 2022). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.3%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 2.6% p.a. on average during the next 2 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 37% per year whereas the company’s share price has increased by 34% per year. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥120 per share at 4.4% yield Eligible shareholders must have bought the stock before 30 March 2023. Payment date: 30 June 2023. Payout ratio is a comfortable 4.4% and this is well supported by cash flows. Trailing yield: 4.4%. Within top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (1.6%). Reported Earnings • Feb 08
Third quarter 2023 earnings released: EPS: JP¥215 (vs JP¥182 in 3Q 2022) Third quarter 2023 results: EPS: JP¥215 (up from JP¥182 in 3Q 2022). Revenue: JP¥153.5b (up 18% from 3Q 2022). Net income: JP¥5.64b (up 18% from 3Q 2022). Profit margin: 3.7% (in line with 3Q 2022). Revenue is forecast to grow 3.1% 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 36% per year but the company’s share price has only increased by 22% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 18
Second quarter 2023 earnings released: EPS: JP¥255 (vs JP¥103 in 2Q 2022) Second quarter 2023 results: EPS: JP¥255 (up from JP¥103 in 2Q 2022). Revenue: JP¥149.4b (up 28% from 2Q 2022). Net income: JP¥6.71b (up 144% from 2Q 2022). Profit margin: 4.5% (up from 2.4% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 4.1% 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 29% per year but the company’s share price has only increased by 21% per year, which means it is significantly lagging earnings growth. Price Target Changed • Nov 16
Price target increased to JP¥9,000 Up from JP¥6,000, the current price target is provided by 1 analyst. New target price is 114% above last closing price of JP¥4,215. Stock is up 35% over the past year. The company is forecast to post earnings per share of JP¥876 for next year compared to JP¥576 last year. Board Change • Nov 16
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was an independent director. The company's board is composed of: 1 new director. 6 experienced directors. 5 highly experienced directors. 4 independent directors (7 non-independent directors). Independent Outside Director Hirokazu Nishiyama was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Nov 10
Second quarter 2023 earnings released: EPS: JP¥245 (vs JP¥103 in 2Q 2022) Second quarter 2023 results: EPS: JP¥245 (up from JP¥103 in 2Q 2022). Revenue: JP¥149.5b (up 28% from 2Q 2022). Net income: JP¥6.43b (up 134% from 2Q 2022). Profit margin: 4.3% (up from 2.4% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 4.1% 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 29% per year but the company’s share price has only increased by 21% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥70.00 per share Eligible shareholders must have bought the stock before 29 September 2022. Payment date: 05 December 2022. Payout ratio is a comfortable 11% 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 (1.6%). Major Estimate Revision • Aug 11
Consensus revenue estimates increase by 15% The consensus outlook for revenues in 2023 has improved. 2023 revenue forecast increased from JP¥520.0b to JP¥600.0b. EPS estimate increased from JP¥572 to JP¥876 per share. Net income forecast to grow 18% next year vs 7.4% growth forecast for Electronic industry in Japan. Consensus price target up from JP¥6,000 to JP¥9,000. Share price rose 19% to JP¥3,930 over the past week. Reported Earnings • Aug 05
First quarter 2023 earnings released: EPS: JP¥266 (vs JP¥105 in 1Q 2022) First quarter 2023 results: EPS: JP¥266 (up from JP¥105 in 1Q 2022). Revenue: JP¥149.3b (up 41% from 1Q 2022). Net income: JP¥6.98b (up 143% from 1Q 2022). Profit margin: 4.7% (up from 2.7% in 1Q 2022). The increase in margin was driven by higher revenue. Over the next year, revenue is expected to shrink by 2.6% compared to a 9.5% growth forecast for the industry in Japan. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has increased by 30% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment improved over the past week After last week's 16% share price gain to JP¥3,740, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 11x in the Electronic industry in Japan. Total returns to shareholders of 145% over the past three years. Reported Earnings • May 15
Full year 2022 earnings: EPS and revenues exceed analyst expectations Full year 2022 results: EPS: JP¥576 (up from JP¥415 in FY 2021). Revenue: JP¥495.8b (up 17% from FY 2021). Net income: JP¥15.4b (up 35% from FY 2021). Profit margin: 3.1% (up from 2.7% in FY 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 3.3%. Earnings per share (EPS) also surpassed analyst estimates by 12%. Over the next year, revenue is forecast to stay flat compared to a 8.2% growth forecast for the industry in Japan. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has increased by 21% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Apr 27
Price target increased to JP¥5,000 Up from JP¥4,500, the current price target is provided by 1 analyst. New target price is 71% above last closing price of JP¥2,924. Stock is up 24% over the past year. The company is forecast to post earnings per share of JP¥514 for next year compared to JP¥415 last year. Board Change • Apr 27
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was an independent director. The company's board is composed of: 1 new director. 6 experienced directors. 5 highly experienced directors. 4 independent directors (7 non-independent directors). Independent Outside Director Hirokazu Nishiyama was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥65.00 per share Eligible shareholders must have bought the stock before 30 March 2022. Payment date: 30 June 2022. Payout ratio is a comfortable 21% and this is well supported by cash flows. Trailing yield: 3.5%. Within top quartile of Japanese dividend payers (3.4%). Higher than average of industry peers (1.3%). Major Estimate Revision • Feb 10
Consensus EPS estimates increase by 12% The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from JP¥470.0b to JP¥480.0b. EPS estimate increased from JP¥457 to JP¥514 per share. Net income forecast to grow 54% next year vs 10.0% growth forecast for Electronic industry in Japan. Consensus price target of JP¥5,000 unchanged from last update. Share price rose 15% to JP¥3,465 over the past week. Reported Earnings • Feb 04
Third quarter 2022 earnings: EPS in line with analyst expectations despite revenue beat Third quarter 2022 results: EPS: JP¥182 (up from JP¥71.20 in 3Q 2021). Revenue: JP¥129.7b (up 23% from 3Q 2021). Net income: JP¥4.79b (up 145% from 3Q 2021). Profit margin: 3.7% (up from 1.9% in 3Q 2021). Revenue exceeded analyst estimates by 13%. Earnings per share (EPS) were mostly in line with analyst estimates. Over the next year, revenue is forecast to grow 1.7%, compared to a 7.7% growth forecast for the industry in Japan. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has increased by 18% per year, which means it is tracking significantly ahead of earnings growth. Annonce • Feb 04
Kaga Electronics Co.,Ltd. to Report Q3, 2023 Results on Feb 07, 2023 Kaga Electronics Co.,Ltd. announced that they will report Q3, 2023 results on Feb 07, 2023 Reported Earnings • Nov 05
Second quarter 2022 earnings released: EPS JP¥103 (vs JP¥77.54 in 2Q 2021) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2022 results: Revenue: JP¥117.1b (up 12% from 2Q 2021). Net income: JP¥2.75b (up 29% from 2Q 2021). Profit margin: 2.4% (up from 2.0% in 2Q 2021). Over the last 3 years on average, earnings per share has increased by 12% per year whereas the company’s share price has increased by 8% per year. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥40.00 per share Eligible shareholders must have bought the stock before 29 September 2021. Payment date: 04 December 2021. Trailing yield: 2.5%. Lower than top quartile of Japanese dividend payers (3.0%). Higher than average of industry peers (1.0%).