New Risk • May 17
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 4.4% 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. This is currently the only risk that has been identified for the company. Annuncio • May 13
Tosho Co., Ltd., Annual General Meeting, Jun 26, 2026 Tosho Co., Ltd., Annual General Meeting, Jun 26, 2026. Annuncio • May 10
Tosho Co., Ltd. to Report Fiscal Year 2026 Results on May 13, 2026 Tosho Co., Ltd. announced that they will report fiscal year 2026 results on May 13, 2026 Upcoming Dividend • Mar 23
Upcoming dividend of JP¥5.00 per share Eligible shareholders must have bought the stock before 30 March 2026. Payment date: 22 June 2026. Payout ratio is a comfortable 16% and this is well supported by cash flows. Trailing yield: 1.2%. Lower than top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (0.9%). Major Estimate Revision • Feb 17
Consensus EPS estimates increase by 23% The consensus outlook for fiscal year 2026 has been updated. 2026 EPS estimate increased from JP¥65.40 to JP¥80.70. Revenue forecast steady at JP¥27.8b. Net income forecast to grow 84% next year vs 17% growth forecast for Hospitality industry in Japan. Consensus price target of JP¥1,025 unchanged from last update. Share price rose 4.3% to JP¥972 over the past week. Reported Earnings • Feb 05
Third quarter 2026 earnings: EPS and revenues miss analyst expectations Third quarter 2026 results: EPS: JP¥27.35 (up from JP¥24.67 in 3Q 2025). Revenue: JP¥7.11b (down 55% from 3Q 2025). Net income: JP¥1.02b (up 7.6% from 3Q 2025). Profit margin: 14% (up from 6.0% in 3Q 2025). Revenue missed analyst estimates by 3.0%. Earnings per share (EPS) also missed analyst estimates by 8.1%. Revenue is forecast to grow 5.4% p.a. on average during the next 3 years, compared to a 9.7% growth forecast for the Hospitality industry in Japan. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has fallen by 9% per year, which means it is performing significantly worse than earnings. New Risk • Feb 04
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 6.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (6.6% average weekly change). Large one-off items impacting financial results. Valuation Update With 7 Day Price Move • Feb 04
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to JP¥906, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 21x in the Hospitality 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¥923 per share. Annuncio • Feb 03
Tosho Co., Ltd. (TSE:8920) announces an Equity Buyback for 2,000,000 shares, representing 5.42% for ¥1,600 million. Tosho Co., Ltd. (TSE:8920) announces a share repurchase program. Under the program, the company will repurchase up to 2,000,000 shares, representing 5.42% of the outstanding shares, for ¥1,600 million. The purpose of the program is to improve shareholder returns by implementing flexible capital policies in response to the business environment and by improving capital efficiency. The program is valid till July 31, 2026. As of end of January 2026, the company had 36,933,007 shares outstanding (excluding treasury stock) and 1,381,993 shares in treasury. Price Target Changed • Dec 31
Price target decreased by 38% to JP¥835 Down from JP¥1,357, the current price target is an average from 2 analysts. New target price is 7.1% above last closing price of JP¥780. Stock is up 23% over the past year. The company is forecast to post earnings per share of JP¥65.40 for next year compared to JP¥32.06 last year. Declared Dividend • Dec 10
First half dividend of JP¥5.00 announced Shareholders will receive a dividend of JP¥5.00. Ex-date: 30th March 2026 Payment date: 22nd June 2026 Dividend yield will be 1.3%, which is higher than the industry average of 0.6%. Sustainability & Growth Dividend is well covered by both earnings (17% earnings payout ratio) and cash flows (3% cash payout ratio). The dividend has increased by an average of 1.1% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 70% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Annuncio • Dec 02
Tosho Co., Ltd. to Report Q3, 2026 Results on Feb 03, 2026 Tosho Co., Ltd. announced that they will report Q3, 2026 results on Feb 03, 2026 Reported Earnings • Nov 08
Second quarter 2026 earnings: EPS exceeds analyst expectations Second quarter 2026 results: EPS: JP¥21.78 (down from JP¥25.56 in 2Q 2025). Revenue: JP¥6.60b (down 15% from 2Q 2025). Net income: JP¥823.0m (down 16% from 2Q 2025). Profit margin: 13% (in line with 2Q 2025). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 44%. Revenue is expected to decline by 3.5% p.a. on average during the next 3 years, while revenues in the Hospitality industry in Japan are expected to grow by 9.3%. Over the last 3 years on average, earnings per share has fallen by 31% per year but the company’s share price has only fallen by 13% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥3.00 per share Eligible shareholders must have bought the stock before 29 September 2025. Payment date: 10 December 2025. Payout ratio is a comfortable 8.8% and this is well supported by cash flows. Trailing yield: 0.7%. Lower than top quartile of Japanese dividend payers (3.6%). In line with average of industry peers (0.8%). Reported Earnings • Aug 07
First quarter 2026 earnings: EPS and revenues exceed analyst expectations First quarter 2026 results: EPS: JP¥22.95 (up from JP¥9.66 in 1Q 2025). Revenue: JP¥7.25b (up 18% from 1Q 2025). Net income: JP¥878.0m (up 137% from 1Q 2025). Profit margin: 12% (up from 6.0% in 1Q 2025). Revenue exceeded analyst estimates by 14%. Earnings per share (EPS) also surpassed analyst estimates by 121%. Revenue is expected to decline by 5.1% p.a. on average during the next 3 years, while revenues in the Hospitality industry in Japan are expected to grow by 6.6%. Over the last 3 years on average, earnings per share has fallen by 55% 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. Annuncio • Aug 06
Tosho Co., Ltd. to Report Q2, 2026 Results on Nov 07, 2025 Tosho Co., Ltd. announced that they will report Q2, 2026 results on Nov 07, 2025 Declared Dividend • Jul 09
Final dividend of JP¥3.00 announced Shareholders will receive a dividend of JP¥3.00. Ex-date: 29th September 2025 Payment date: 10th December 2025 Dividend yield will be 1.0%, which is higher than the industry average of 0.6%. Price Target Changed • Jul 01
Price target increased by 27% to JP¥1,660 Up from JP¥1,309, the current price target is an average from 3 analysts. New target price is 174% above last closing price of JP¥606. Stock is down 16% over the past year. The company is forecast to post earnings per share of JP¥58.27 for next year compared to JP¥32.06 last year. Annuncio • Jun 27
Tosho Co., Ltd. to Report Q1, 2026 Results on Aug 05, 2025 Tosho Co., Ltd. announced that they will report Q1, 2026 results on Aug 05, 2025 Reported Earnings • May 17
Full year 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2025 results: EPS: JP¥32.06 (up from JP¥58.19 loss in FY 2024). Revenue: JP¥35.6b (up 15% from FY 2024). Net income: JP¥1.23b (up JP¥3.46b from FY 2024). Profit margin: 3.4% (up from net loss in FY 2024). Revenue exceeded analyst estimates by 3.5%. Earnings per share (EPS) missed analyst estimates by 33%. Revenue is expected to decline by 6.8% p.a. on average during the next 3 years, while revenues in the Hospitality industry in Japan are expected to grow by 6.5%. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 55 percentage points per year, which is a significant difference in performance. Annuncio • May 16
Tosho Co., Ltd. (TSE:8920) announces an Equity Buyback for 2,680,000 shares, representing 7% for ¥1,500 million. Tosho Co., Ltd. (TSE:8920) announces a share repurchase program. Under the program, the company will repurchase up to 2,680,000 shares, representing 2.7% of the outstanding shares, for ¥1,500 million. The purpose of the program is to improve shareholder returns by implementing flexible capital policies in response to the business environment and by improving capital efficiency. The program is valid till November 28, 2025. As of March 31, 2025, the company had 38,305,907 shares outstanding (excluding treasury stock) and 9,093 shares in treasury. Annuncio • May 13
Tosho Co., Ltd., Annual General Meeting, Jun 19, 2025 Tosho Co., Ltd., Annual General Meeting, Jun 19, 2025. New Risk • Apr 07
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Japanese stocks, typically moving 5.8% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥3.00 per share Eligible shareholders must have bought the stock before 28 March 2025. Payment date: 20 June 2025. The company is not currently making a profit but it is cash flow positive. Trailing yield: 0.6%. Lower than top quartile of Japanese dividend payers (3.7%). Lower than average of industry peers (0.8%). Annuncio • Mar 01
Tosho Co., Ltd. to Report Fiscal Year 2025 Results on May 13, 2025 Tosho Co., Ltd. announced that they will report fiscal year 2025 results on May 13, 2025 Reported Earnings • Feb 08
Third quarter 2025 earnings: EPS and revenues exceed analyst expectations Third quarter 2025 results: EPS: JP¥24.67 (up from JP¥8.75 in 3Q 2024). Revenue: JP¥15.7b (up 139% from 3Q 2024). Net income: JP¥945.0m (up 182% from 3Q 2024). Profit margin: 6.0% (up from 5.1% in 3Q 2024). Revenue exceeded analyst estimates by 56%. Earnings per share (EPS) also surpassed analyst estimates by 136%. Revenue is expected to decline by 14% p.a. on average during the next 3 years, while revenues in the Hospitality industry in Japan are expected to grow by 6.0%. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 62 percentage points per year, which is a significant difference in performance. Declared Dividend • Dec 11
First half dividend increased to JP¥3.00 Dividend of JP¥3.00 is 50% higher than last year. Ex-date: 28th March 2025 Payment date: 20th June 2025 Dividend yield will be 0.8%, which is higher than the industry average of 0.6%. Annuncio • Dec 03
Tosho Co., Ltd. to Report Q3, 2025 Results on Feb 07, 2025 Tosho Co., Ltd. announced that they will report Q3, 2025 results on Feb 07, 2025 Reported Earnings • Nov 10
Second quarter 2025 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2025 results: EPS: JP¥25.56 (up from JP¥8.85 in 2Q 2024). Revenue: JP¥7.75b (up 22% from 2Q 2024). Net income: JP¥979.0m (up 189% from 2Q 2024). Profit margin: 13% (up from 5.4% in 2Q 2024). Revenue missed analyst estimates by 33%. Earnings per share (EPS) exceeded analyst estimates. Revenue is expected to decline by 4.6% p.a. on average during the next 3 years, while revenues in the Hospitality industry in Japan are expected to grow by 6.6%. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 42 percentage points per year, which is a significant difference in performance. Upcoming Dividend • Sep 20
Upcoming dividend of JP¥2.00 per share Eligible shareholders must have bought the stock before 27 September 2024. Payment date: 12 December 2024. The company is not currently making a profit but it is cash flow positive. Trailing yield: 0.6%. Lower than top quartile of Japanese dividend payers (3.8%). Lower than average of industry peers (0.8%). Annuncio • Aug 28
Tosho Co., Ltd. to Report Q2, 2025 Results on Nov 08, 2024 Tosho Co., Ltd. announced that they will report Q2, 2025 results on Nov 08, 2024 Reported Earnings • Aug 14
First quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2025 results: EPS: JP¥9.66 (up from JP¥9.42 in 1Q 2024). Revenue: JP¥6.14b (down 1.1% from 1Q 2024). Net income: JP¥370.0m (up 2.5% from 1Q 2024). Profit margin: 6.0% (up from 5.8% in 1Q 2024). Revenue exceeded analyst estimates by 2.2%. Earnings per share (EPS) missed analyst estimates by 7.4%. Revenue is forecast to stay flat during the next 3 years compared to a 6.8% growth forecast for the Hospitality industry in Japan. Over the last 3 years on average, earnings per share has fallen by 56% per year but the company’s share price has only fallen by 27% per year, which means it has not declined as severely as earnings. New Risk • Aug 05
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Japanese stocks, typically moving 6.7% 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. This is currently the only risk that has been identified for the company. Declared Dividend • Jul 11
Final dividend of JP¥2.00 announced Shareholders will receive a dividend of JP¥2.00. Ex-date: 27th September 2024 Payment date: 12th December 2024 Dividend yield will be 0.5%, which is about the same as the industry average. Payout Ratios Payout ratio: 14%. Cash payout ratio: 2%. Annuncio • Jun 21
Tosho Co., Ltd. to Report Q1, 2025 Results on Aug 09, 2024 Tosho Co., Ltd. announced that they will report Q1, 2025 results on Aug 09, 2024 Reported Earnings • May 12
Full year 2024 earnings: EPS misses analyst expectations Full year 2024 results: JP¥58.19 loss per share (down from JP¥22.37 profit in FY 2023). Revenue: JP¥30.9b (up 37% from FY 2023). Net loss: JP¥2.23b (down 360% from profit in FY 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates. Revenue is expected to decline by 1.1% p.a. on average during the next 3 years, while revenues in the Hospitality industry in Japan are expected to grow by 7.0%. Over the last 3 years on average, earnings per share has fallen by 22% per year whereas the company’s share price has fallen by 25% per year. Annuncio • May 12
Tosho Co., Ltd., Annual General Meeting, Jun 19, 2024 Tosho Co., Ltd., Annual General Meeting, Jun 19, 2024. Price Target Changed • May 11
Price target decreased by 24% to JP¥1,423 Down from JP¥1,873, the current price target is an average from 3 analysts. New target price is 105% above last closing price of JP¥693. Stock is down 45% over the past year. The company is forecast to post earnings per share of JP¥36.80 for next year compared to JP¥22.37 last year. Major Estimate Revision • May 11
Consensus EPS estimates fall by 25% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from JP¥28.2b to JP¥25.9b. EPS estimate also fell from JP¥56.94 per share to JP¥42.92 per share. Net income forecast to grow 40% next year vs 27% growth forecast for Hospitality industry in Japan. Consensus price target down from JP¥1,873 to JP¥1,423. Share price was steady at JP¥693 over the past week. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥2.00 per share Eligible shareholders must have bought the stock before 28 March 2024. Payment date: 01 July 2024. Payout ratio is a comfortable 14% but the company is not cash flow positive. Trailing yield: 0.5%. Lower than top quartile of Japanese dividend payers (3.2%). In line with average of industry peers (0.6%). Buy Or Sell Opportunity • Mar 18
Now 20% overvalued The stock has been flat over the last 90 days, currently trading at JP¥782. The fair value is estimated to be JP¥650, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 6.5% over the last 3 years, while earnings per share has been flat. Revenue is forecast to grow by 23% in 2 years. Earnings are forecast to grow by 201% in the next 2 years. Annuncio • Mar 02
Tosho Co., Ltd. to Report Q4, 2024 Results on May 10, 2024 Tosho Co., Ltd. announced that they will report Q4, 2024 results on May 10, 2024 Buy Or Sell Opportunity • Feb 13
Now 21% overvalued Over the last 90 days, the stock has fallen 3.0% to JP¥789. The fair value is estimated to be JP¥652, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 6.5% over the last 3 years, while earnings per share has been flat. Revenue is forecast to grow by 23% in 2 years. Earnings are forecast to grow by 201% in the next 2 years. Reported Earnings • Feb 02
Third quarter 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2024 results: EPS: JP¥8.75 (up from JP¥7.62 in 3Q 2023). Revenue: JP¥6.56b (up 12% from 3Q 2023). Net income: JP¥335.0m (up 15% from 3Q 2023). Profit margin: 5.1% (in line with 3Q 2023). Revenue exceeded analyst estimates by 3.1%. Earnings per share (EPS) missed analyst estimates by 45%. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 7.3% growth forecast for the Hospitality industry in Japan. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has fallen by 23% per year, which means it is performing significantly worse than earnings. Buy Or Sell Opportunity • Jan 19
Now 20% overvalued Over the last 90 days, the stock has fallen 12% to JP¥865. The fair value is estimated to be JP¥718, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 3.4% over the last 3 years. Earnings per share has declined by 16%. Revenue is forecast to grow by 23% in 2 years. Earnings are forecast to grow by 135% in the next 2 years. Annuncio • Nov 27
Tosho Co., Ltd. to Report Q3, 2024 Results on Jan 31, 2024 Tosho Co., Ltd. announced that they will report Q3, 2024 results on Jan 31, 2024 New Risk • Nov 17
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Japanese stocks, typically moving 5.5% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (5.5% average weekly change). Profit margins are more than 30% lower than last year (4.5% net profit margin). Buying Opportunity • Nov 10
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 34%. The fair value is estimated to be JP¥1,058, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.4% over the last 3 years. Earnings per share has declined by 16%. Revenue is forecast to grow by 39% in 2 years. Earnings is forecast to grow by 220% in the next 2 years. Reported Earnings • Nov 02
Second quarter 2024 earnings: EPS misses analyst expectations Second quarter 2024 results: EPS: JP¥8.85 (up from JP¥6.66 in 2Q 2023). Revenue: JP¥6.33b (up 13% from 2Q 2023). Net income: JP¥339.0m (up 33% from 2Q 2023). Profit margin: 5.4% (up from 4.6% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 19%. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 8.0% growth forecast for the Hospitality industry in Japan. Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Sep 21
Upcoming dividend of JP¥2.00 per share at 0.4% yield Eligible shareholders must have bought the stock before 28 September 2023. Payment date: 13 December 2023. Payout ratio is a comfortable 11% but the company is not cash flow positive. Trailing yield: 0.4%. Lower than top quartile of Japanese dividend payers (3.3%). In line with average of industry peers (0.5%). Annuncio • Aug 30
Tosho Co., Ltd. to Report Q2, 2024 Results on Oct 31, 2023 Tosho Co., Ltd. announced that they will report Q2, 2024 results on Oct 31, 2023 Reported Earnings • Jul 29
First quarter 2024 earnings: EPS and revenues exceed analyst expectations First quarter 2024 results: EPS: JP¥9.42 (up from JP¥5.61 in 1Q 2023). Revenue: JP¥6.21b (up 19% from 1Q 2023). Net income: JP¥361.0m (up 68% from 1Q 2023). Profit margin: 5.8% (up from 4.1% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 4.6%. Earnings per share (EPS) also surpassed analyst estimates by 131%. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 9.1% growth forecast for the Hospitality industry in Japan. Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Annuncio • May 28
Tosho Co., Ltd. to Report Q1, 2024 Results on Jul 28, 2023 Tosho Co., Ltd. announced that they will report Q1, 2024 results on Jul 28, 2023 Annuncio • May 13
Tosho Co., Ltd., Annual General Meeting, Jun 29, 2023 Tosho Co., Ltd., Annual General Meeting, Jun 29, 2023. Reported Earnings • May 12
Full year 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2023 results: EPS: JP¥22.37 (down from JP¥63.28 in FY 2022). Revenue: JP¥22.5b (down 18% from FY 2022). Net income: JP¥857.0m (down 65% from FY 2022). Profit margin: 3.8% (down from 8.9% in FY 2022). The decrease in margin was driven by lower revenue. Revenue exceeded analyst estimates by 2.5%. Earnings per share (EPS) missed analyst estimates by 13%. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 9.7% growth forecast for the Hospitality industry in Japan. Over the last 3 years on average, earnings per share has fallen by 39% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥2.00 per share at 0.3% yield Eligible shareholders must have bought the stock before 30 March 2023. Payment date: 29 June 2023. Payout ratio is a comfortable 9.4% but the company is not cash flow positive. Trailing yield: 0.3%. Lower than top quartile of Japanese dividend payers (3.6%). Lower than average of industry peers (0.5%). Reported Earnings • Feb 01
Third quarter 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2023 results: EPS: JP¥7.62 (down from JP¥10.31 in 3Q 2022). Revenue: JP¥5.86b (up 6.3% from 3Q 2022). Net income: JP¥292.0m (down 26% from 3Q 2022). Profit margin: 5.0% (down from 7.2% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 3.7%. Earnings per share (EPS) missed analyst estimates by 71%. Revenue is forecast to grow 6.0% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Hospitality industry in Japan. Over the last 3 years on average, earnings per share has fallen by 35% per year but the company’s share price has only fallen by 17% per year, which means it has not declined as severely as earnings. Annuncio • Nov 27
Tosho Co., Ltd. to Report Q3, 2023 Results on Jan 31, 2023 Tosho Co., Ltd. announced that they will report Q3, 2023 results on Jan 31, 2023 Board Change • Nov 16
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. 6 non-independent directors. Independent Outside Director Osamu Kikuchi was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 02
Second quarter 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2023 results: EPS: JP¥6.66 (up from JP¥4.65 in 2Q 2022). Revenue: JP¥5.59b (up 13% from 2Q 2022). Net income: JP¥255.0m (up 43% from 2Q 2022). Profit margin: 4.6% (up from 3.6% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 3.7%. Earnings per share (EPS) missed analyst estimates by 57%. Revenue is forecast to grow 5.5% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Hospitality industry in Japan. Over the last 3 years on average, earnings per share has fallen by 40% per year but the company’s share price has only fallen by 18% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥1.00 per share Eligible shareholders must have bought the stock before 29 September 2022. Payment date: 13 December 2022. Payout ratio is a comfortable 9.3% and this is well supported by cash flows. Trailing yield: 0.2%. Lower than top quartile of Japanese dividend payers (3.7%). Lower than average of industry peers (0.5%). Valuation Update With 7 Day Price Move • Sep 13
Investor sentiment improved over the past week After last week's 17% share price gain to JP¥1,244, the stock trades at a forward P/E ratio of 24x. Average forward P/E is 26x in the Hospitality industry in Japan. Total loss to shareholders of 45% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥979 per share. Annuncio • Sep 01
Tosho Co., Ltd. to Report Q2, 2023 Results on Oct 31, 2022 Tosho Co., Ltd. announced that they will report Q2, 2023 results on Oct 31, 2022 Reported Earnings • Jul 31
First quarter 2023 earnings: EPS and revenues exceed analyst expectations First quarter 2023 results: EPS: JP¥5.61 (up from JP¥4.62 in 1Q 2022). Revenue: JP¥5.24b (up 10% from 1Q 2022). Net income: JP¥215.0m (up 22% from 1Q 2022). Profit margin: 4.1% (up from 3.7% in 1Q 2022). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 7.6%. Earnings per share (EPS) also surpassed analyst estimates by 11%. Over the next year, revenue is expected to shrink by 15% compared to a 37% growth forecast for the industry in Japan. Over the last 3 years on average, earnings per share has fallen by 44% per year but the company’s share price has only fallen by 19% per year, which means it has not declined as severely as earnings. Major Estimate Revision • Jun 24
Consensus EPS estimates fall by 18% The consensus outlook for earnings per share (EPS) in 2023 has deteriorated. 2023 revenue forecast decreased from JP¥23.3b to JP¥22.9b. EPS estimate also fell from JP¥63.12 per share to JP¥51.79 per share. Net income forecast to shrink 18% next year vs 2.7% decline forecast for Hospitality industry in Japan. Consensus price target down from JP¥2,133 to JP¥1,733. Share price fell 6.5% to JP¥1,170 over the past week. Annuncio • May 29
Tosho Co., Ltd. to Report Q1, 2023 Results on Jul 29, 2022 Tosho Co., Ltd. announced that they will report Q1, 2023 results on Jul 29, 2022 Major Estimate Revision • May 20
Consensus forecasts updated The consensus outlook for 2023 has been updated. 2023 revenue forecast fell from JP¥23.9b to JP¥23.3b. EPS estimate rose from JP¥67.75 to JP¥82.43. Net income forecast to grow 30% next year vs 3.2% growth forecast for Hospitality industry in Japan. Consensus price target down from JP¥2,500 to JP¥2,133. Share price was steady at JP¥1,299 over the past week. Annuncio • May 12
Tosho Co., Ltd., Annual General Meeting, Jun 28, 2022 Tosho Co., Ltd., Annual General Meeting, Jun 28, 2022. Reported Earnings • May 11
Full year 2022 earnings: EPS and revenues exceed analyst expectations Full year 2022 results: EPS: JP¥63.28 (up from JP¥5.67 in FY 2021). Revenue: JP¥27.3b (up 55% from FY 2021). Net income: JP¥2.42b (up JP¥2.21b from FY 2021). Profit margin: 8.9% (up from 1.2% in FY 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 13%. Earnings per share (EPS) also surpassed analyst estimates by 9.3%. Over the next year, revenue is expected to shrink by 13% compared to a 50% growth forecast for the restaurants industry in Japan. Over the last 3 years on average, earnings per share has fallen by 46% per year but the company’s share price has only fallen by 25% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • May 11
Investor sentiment deteriorated over the past week After last week's 27% share price decline to JP¥1,259, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 25x in the Hospitality industry in Japan. Total loss to shareholders of 56% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥947 per share. Board Change • Apr 27
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. 6 non-independent directors. Independent Outside Director Mitsuo Maruyama was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Annuncio • Apr 08
Tosho Co., Ltd. to Report Fiscal Year 2022 Results on May 10, 2022 Tosho Co., Ltd. announced that they will report fiscal year 2022 results on May 10, 2022 Upcoming Dividend • Mar 23
Upcoming dividend of JP¥5.00 per share Eligible shareholders must have bought the stock before 30 March 2022. Payment date: 23 June 2022. Payout ratio is a comfortable 15% and this is well supported by cash flows. Trailing yield: 0.3%. Lower than top quartile of Japanese dividend payers (3.4%). In line with average of industry peers (0.4%). Major Estimate Revision • Feb 12
Consensus revenue estimates increase by 15% The consensus outlook for revenues in 2022 has improved. 2022 revenue forecast increased from JP¥21.0b to JP¥24.1b. EPS estimate increased from JP¥48.96 to JP¥57.88 per share. Net income forecast to grow 224% next year vs 32% growth forecast for Hospitality industry in Japan. Consensus price target up from JP¥2,333 to JP¥2,500. Share price rose 5.3% to JP¥1,696 over the past week. Price Target Changed • Feb 12
Price target increased to JP¥2,500 Up from JP¥2,333, the current price target is an average from 3 analysts. New target price is 47% above last closing price of JP¥1,696. Stock is down 2.8% over the past year. The company is forecast to post earnings per share of JP¥57.88 for next year compared to JP¥5.66 last year. Reported Earnings • Feb 04
Third quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2022 results: EPS: JP¥10.31 (up from JP¥8.07 in 3Q 2021). Revenue: JP¥5.51b (up 8.2% from 3Q 2021). Net income: JP¥395.0m (up 28% from 3Q 2021). Profit margin: 7.2% (up from 6.1% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 2.8%. Earnings per share (EPS) missed analyst estimates by 37%. Over the next year, revenue is forecast to grow 18%, compared to a 66% growth forecast for the industry in Japan. Over the last 3 years on average, earnings per share has fallen by 47% per year but the company’s share price has only fallen by 21% per year, which means it has not declined as severely as earnings. Reported Earnings • Oct 31
Second quarter 2022 earnings released: EPS JP¥4.65 (vs JP¥9.97 in 2Q 2021) The company reported a poor second quarter result with weaker earnings, revenues and profit margins. Second quarter 2022 results: Revenue: JP¥4.94b (down 1.6% from 2Q 2021). Net income: JP¥178.0m (down 53% from 2Q 2021). Profit margin: 3.6% (down from 7.6% in 2Q 2021). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 37% per year but the company’s share price has only fallen by 21% per year, which means it has not declined as severely as earnings. Reported Earnings • Aug 03
First quarter 2022 earnings released: EPS JP¥4.62 (vs JP¥12.97 loss in 1Q 2021) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2022 results: Revenue: JP¥4.76b (up 63% from 1Q 2021). Net income: JP¥177.0m (up JP¥674.0m from 1Q 2021). Profit margin: 3.7% (up from net loss in 1Q 2021). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 26% per year and the company’s share price has also fallen by 26% per year. Major Estimate Revision • Jun 21
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate increased from JP¥35.50 to JP¥50.35. Revenue forecast steady at JP¥21.9b. Net income forecast to grow 788% next year vs 70% growth forecast for Hospitality industry in Japan. Consensus price target up from JP¥2,200 to JP¥2,267. Share price fell 4.5% to JP¥1,878 over the past week. Major Estimate Revision • May 27
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast increased from JP¥21.0b to JP¥21.7b. EPS estimate fell from JP¥50.50 to JP¥35.50 per share. Net income forecast to grow 527% next year vs 65% growth forecast for Hospitality industry in Japan. Consensus price target broadly unchanged at JP¥2,200. Share price was steady at JP¥1,828 over the past week. Reported Earnings • May 10
Full year 2021 earnings released: EPS JP¥5.67 (vs JP¥151 in FY 2020) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2021 results: Revenue: JP¥17.6b (down 49% from FY 2020). Net income: JP¥217.0m (down 96% from FY 2020). Profit margin: 1.2% (down from 17% in FY 2020). Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has fallen by 24% per year, which means it is performing significantly worse than earnings. Price Target Changed • Apr 01
Price target increased to JP¥2,233 Up from JP¥2,067, the current price target is an average from 3 analysts. New target price is 20% above last closing price of JP¥1,858. Stock is up 125% over the past year. Major Estimate Revision • Apr 01
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 EPS estimate increased from JP¥6.50 to JP¥8.82. Revenue forecast steady at JP¥17.6b. Net income forecast to shrink 45% next year vs 34% growth forecast for Hospitality industry in Japan . Consensus price target up from JP¥2,067 to JP¥2,233. Share price was steady at JP¥1,858 over the past week. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥2.00 per share Eligible shareholders must have bought the stock before 30 March 2021. Payment date: 25 June 2021. Trailing yield: 0.2%. Lower than top quartile of Japanese dividend payers (2.7%). Lower than average of industry peers (0.5%). Annuncio • Mar 04
Tosho Co., Ltd. to Report Fiscal Year 2021 Results on May 07, 2021 Tosho Co., Ltd. announced that they will report fiscal year 2021 results on May 07, 2021 Valuation Update With 7 Day Price Move • Feb 23
Investor sentiment improved over the past week After last week's 16% share price gain to JP¥1,990, the stock is trading at a trailing P/E ratio of 27.4x, up from the previous P/E ratio of 23.7x. This compares to an average P/E of 37x in the Hospitality industry in Japan. Total return to shareholders over the past three years is a loss of 48%. Is New 90 Day High Low • Feb 22
New 90-day high: JP¥1,990 The company is up 40% from its price of JP¥1,420 on 24 November 2020. The Japanese market is up 11% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Hospitality industry, which is up 6.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is JP¥1,518 per share. Major Estimate Revision • Feb 18
Analysts lower EPS estimates to JP¥6.50 The 2021 consensus revenue estimate was lowered from JP¥18.3b to JP¥17.5b. Earning per share (EPS) estimate was also lowered from JP¥22.79 to JP¥6.50 for the same period. Net income is expected to shrink by 33% next year compared to 39% growth forecast for the Hospitality industry in Japan . The consensus price target was lowered from JP¥2,133 to JP¥2,067. Share price is up 7.7% to JP¥1,896 over the past week. Valuation Update With 7 Day Price Move • Feb 08
Investor sentiment improved over the past week After last week's 19% share price gain to JP¥1,817, the stock is trading at a trailing P/E ratio of 25x, up from the previous P/E ratio of 21x. This compares to an average P/E of 40x in the Hospitality industry in Japan. Total return to shareholders over the past three years is a loss of 49%.