Board Change • May 20
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 4 non-independent directors. Independent Outside Director Soichiro Oishi was the last independent director to join the board, commencing their role in 2025. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Sep 20
Upcoming dividend of JP¥12.00 per share Eligible shareholders must have bought the stock before 27 September 2024. Payment date: 27 December 2024. The company is not currently making a profit and is not cash flow positive. Trailing yield: 2.3%. Lower than top quartile of Japanese dividend payers (3.8%). Higher than average of industry peers (1.8%). Reported Earnings • Aug 13
Third quarter 2024 earnings released: JP¥94.94 loss per share (vs JP¥14.88 loss in 3Q 2023) Third quarter 2024 results: JP¥94.94 loss per share (further deteriorated from JP¥14.88 loss in 3Q 2023). Revenue: JP¥5.78b (down 26% from 3Q 2023). Net loss: JP¥313.0m (loss widened JP¥264.0m from 3Q 2023). Over the last 3 years on average, earnings per share has fallen by 32% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Reported Earnings • May 17
Second quarter 2024 earnings released: JP¥34.27 loss per share (vs JP¥5.17 loss in 2Q 2023) Second quarter 2024 results: JP¥34.27 loss per share (further deteriorated from JP¥5.17 loss in 2Q 2023). Revenue: JP¥8.27b (up 5.2% from 2Q 2023). Net loss: JP¥113.0m (loss widened JP¥96.0m from 2Q 2023). Over the last 3 years on average, earnings per share has fallen by 29% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. 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: 06 June 2024. Payout ratio is a comfortable 66% but the company is not cash flow positive. Trailing yield: 2.0%. Lower than top quartile of Japanese dividend payers (3.2%). Higher than average of industry peers (1.6%). Reported Earnings • Feb 16
First quarter 2024 earnings released: JP¥78.25 loss per share (vs JP¥47.16 profit in 1Q 2023) First quarter 2024 results: JP¥78.25 loss per share (down from JP¥47.16 profit in 1Q 2023). Revenue: JP¥7.04b (down 9.1% from 1Q 2023). Net loss: JP¥258.0m (down 267% from profit in 1Q 2023). Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Reported Earnings • Nov 18
Full year 2023 earnings released: EPS: JP¥160 (vs JP¥212 in FY 2022) Full year 2023 results: EPS: JP¥160 (down from JP¥212 in FY 2022). Revenue: JP¥35.8b (up 5.2% from FY 2022). Net income: JP¥528.0m (down 24% from FY 2022). Profit margin: 1.5% (down from 2.1% in FY 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Upcoming Dividend • Sep 21
Upcoming dividend of JP¥12.00 per share at 1.8% yield Eligible shareholders must have bought the stock before 28 September 2023. Payment date: 27 December 2023. Payout ratio is a comfortable 8.5% but the company is not cash flow positive. Trailing yield: 1.8%. Lower than top quartile of Japanese dividend payers (3.3%). Higher than average of industry peers (1.6%). Valuation Update With 7 Day Price Move • Sep 14
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to JP¥1,421, the stock trades at a trailing P/E ratio of 3.9x. Average trailing P/E is 10x in the Consumer Durables industry in Japan. Total returns to shareholders of 60% over the past three years. Reported Earnings • Aug 14
Third quarter 2023 earnings released: JP¥14.88 loss per share (vs JP¥52.34 loss in 3Q 2022) Third quarter 2023 results: JP¥14.88 loss per share (improved from JP¥52.34 loss in 3Q 2022). Revenue: JP¥7.84b (up 31% from 3Q 2022). Net loss: JP¥49.0m (loss narrowed 72% from 3Q 2022). Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has increased by 23% per year, which means it is well ahead of earnings. Reported Earnings • May 15
Second quarter 2023 earnings released: JP¥5.17 loss per share (vs JP¥68.46 loss in 2Q 2022) Second quarter 2023 results: JP¥5.17 loss per share (improved from JP¥68.46 loss in 2Q 2022). Revenue: JP¥7.87b (up 37% from 2Q 2022). Net loss: JP¥17.0m (loss narrowed 92% from 2Q 2022). Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. Reported Earnings • Feb 13
First quarter 2023 earnings released: EPS: JP¥47.16 (vs JP¥6.09 loss in 1Q 2022) First quarter 2023 results: EPS: JP¥47.16 (up from JP¥6.09 loss in 1Q 2022). Revenue: JP¥7.74b (up 14% from 1Q 2022). Net income: JP¥155.0m (up JP¥175.0m from 1Q 2022). Profit margin: 2.0% (up from net loss in 1Q 2022). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 41% 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. Reported Earnings • Nov 16
Full year 2022 earnings released: EPS: JP¥212 (vs JP¥157 in FY 2021) Full year 2022 results: EPS: JP¥212 (up from JP¥157 in FY 2021). Revenue: JP¥34.0b (up 7.2% from FY 2021). Net income: JP¥698.0m (up 36% from FY 2021). Profit margin: 2.1% (up from 1.6% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 51% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Board Change • Nov 16
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 4 non-independent directors. President, CEO & Director Kenji Ichinose was the last director to join the board, commencing their role in 2021. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥20.00 per share Eligible shareholders must have bought the stock before 29 September 2022. Payment date: 26 December 2022. The company is not currently making a profit and is not cash flow positive. Trailing yield: 2.0%. Lower than top quartile of Japanese dividend payers (3.7%). In line with average of industry peers (1.9%). Reported Earnings • Aug 12
Third quarter 2022 earnings released: JP¥52.34 loss per share (vs JP¥54.32 loss in 3Q 2021) Third quarter 2022 results: JP¥52.34 loss per share (up from JP¥54.32 loss in 3Q 2021). Revenue: JP¥6.01b (up 9.7% from 3Q 2021). Net loss: JP¥172.0m (loss narrowed 3.4% from 3Q 2021). Over the last 3 years on average, earnings per share has fallen by 62% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Board Change • Apr 29
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 5 non-independent directors. Senior MD & Director Kenji Ichinose was the last director to join the board, commencing their role in 2021. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Feb 14
First quarter 2022 earnings: Revenues and EPS in line with analyst expectations First quarter 2022 results: JP¥6.09 loss per share (down from JP¥75.74 profit in 1Q 2021). Revenue: JP¥6.81b (down 1.8% from 1Q 2021). Net loss: JP¥20.0m (down 108% from profit in 1Q 2021). Revenue was in line with analyst estimates. Reported Earnings • Nov 13
Full year 2021 earnings released: EPS JP¥157 (vs JP¥192 in FY 2020) The company reported a soft full year result with weaker earnings and profit margins, although revenues improved. Full year 2021 results: Revenue: JP¥31.7b (up 9.9% from FY 2020). Net income: JP¥513.0m (down 18% from FY 2020). Profit margin: 1.6% (down from 2.2% in FY 2020). The decrease in margin was driven by higher expenses. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥20.00 per share Eligible shareholders must have bought the stock before 29 September 2021. Payment date: 25 December 2021. Trailing yield: 1.7%. Lower than top quartile of Japanese dividend payers (2.9%). Higher than average of industry peers (1.3%). Reported Earnings • May 16
Second quarter 2021 earnings released: EPS JP¥75.13 (vs JP¥113 loss in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: JP¥9.51b (up 110% from 2Q 2020). Net income: JP¥246.0m (up JP¥615.0m from 2Q 2020). Profit margin: 2.6% (up from net loss in 2Q 2020). The move to profitability was driven by higher revenue. Is New 90 Day High Low • Feb 13
New 90-day high: JP¥964 The company is up 12% from its price of JP¥864 on 13 November 2020. The Japanese market is up 13% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Consumer Durables industry, which is up 26% over the same period. Reported Earnings • Feb 12
First quarter 2021 earnings released: EPS JP¥75.74 (vs JP¥34.08 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: JP¥6.94b (up 22% from 1Q 2020). Net income: JP¥248.0m (up 123% from 1Q 2020). Profit margin: 3.6% (up from 1.9% in 1Q 2020). The increase in margin was driven by higher revenue. Is New 90 Day High Low • Jan 18
New 90-day high: JP¥939 The company is up 2.0% from its price of JP¥925 on 21 October 2020. The Japanese market is up 12% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Consumer Durables industry, which is up 29% over the same period. Reported Earnings • Nov 15
Full year 2020 earnings released: EPS JP¥192 The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: JP¥28.9b (down 4.4% from FY 2019). Net income: JP¥626.0m (down 50% from FY 2019). Profit margin: 2.2% (down from 4.2% in FY 2019). The decrease in margin was driven by lower revenue. Upcoming Dividend • Sep 22
Upcoming Dividend of JP¥12.00 Per Share Will be paid on the 26th of December to those who are registered shareholders by the 29th of September. The trailing yield of 1.2% is below the top quartile of Japanese dividend payers (3.1%), and is lower than industry peers (1.6%).