View ValuationTokai Carbon 향후 성장Future 기준 점검 2/6Tokai Carbon (는) 각각 연간 13.4% 및 5.5% 수익과 수익이 증가할 것으로 예상됩니다. EPS는 연간 13.4% 만큼 성장할 것으로 예상됩니다. 자기자본이익률은 3년 후 7.2% 로 예상됩니다.핵심 정보13.4%이익 성장률13.36%EPS 성장률Chemicals 이익 성장14.2%매출 성장률5.5%향후 자기자본이익률7.23%애널리스트 커버리지Low마지막 업데이트14 May 2026최근 향후 성장 업데이트Price Target Changed • May 09Price target increased by 8.1% to JP¥1,338Up from JP¥1,238, the current price target is an average from 4 analysts. New target price is 12% above last closing price of JP¥1,190. Stock is up 30% over the past year. The company is forecast to post earnings per share of JP¥63.01 for next year compared to JP¥94.04 last year.Major Estimate Revision • Apr 28Consensus EPS estimates fall by 12%The consensus outlook for earnings per share (EPS) in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from JP¥344.7b to JP¥340.8b. EPS estimate also fell from JP¥69.82 per share to JP¥61.37 per share. Net income forecast to shrink 35% next year vs 7.5% growth forecast for Chemicals industry in Japan . Consensus price target broadly unchanged at JP¥1,238. Share price was steady at JP¥1,051 over the past week.Major Estimate Revision • Mar 04Consensus EPS estimates fall by 12%The consensus outlook for fiscal year 2026 has been updated. 2026 EPS estimate fell from JP¥87.44 to JP¥76.72 per share. Revenue forecast steady at JP¥344.6b. Net income forecast to shrink 15% next year vs 7.5% growth forecast for Chemicals industry in Japan . Consensus price target broadly unchanged at JP¥1,235. Share price fell 6.6% to JP¥981 over the past week.Price Target Changed • Aug 14Price target increased by 11% to JP¥1,265Up from JP¥1,138, the current price target is an average from 4 analysts. New target price is 27% above last closing price of JP¥998. Stock is up 13% over the past year. The company is forecast to post earnings per share of JP¥62.81 next year compared to a net loss per share of JP¥266 last year.Price Target Changed • May 30Price target increased by 7.1% to JP¥1,138Up from JP¥1,063, the current price target is an average from 4 analysts. New target price is 9.6% above last closing price of JP¥1,038. Stock is up 4.2% over the past year. The company is forecast to post earnings per share of JP¥57.20 next year compared to a net loss per share of JP¥266 last year.Price Target Changed • Nov 07Price target decreased by 8.5% to JP¥1,025Down from JP¥1,120, the current price target is an average from 4 analysts. New target price is 6.2% above last closing price of JP¥965. Stock is down 10% over the past year. The company is forecast to post earnings per share of JP¥59.75 for next year compared to JP¥119 last year.모든 업데이트 보기Recent updates공시 • May 18Tokai Carbon Co., Ltd. to Report Q2, 2026 Results on Aug 05, 2026Tokai Carbon Co., Ltd. announced that they will report Q2, 2026 results on Aug 05, 2026공시 • May 15Tokai Carbon Co., Ltd. (TSE:5301) announces an Equity Buyback for 11,210,700 shares, for ¥14,999.92 million.Tokai Carbon Co., Ltd. (TSE:5301) announces a share repurchase program. Under the program, the company will repurchase up to 11,210,700 shares, representing 5.25% of its issued share capital, for ¥14,999.92 million. The shares will be repurchased at a price of ¥1,338 per share. The purpose of the program is to improve capital efficiency and implement flexible capital policies as well as enhance shareholder returns. The program is valid till May 15, 2026. As of April 30, 2026, the company had 213,546,633 outstanding shares (excluding treasury stock) and 11,396,471 treasury shares.New Risk • May 14New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of Japanese stocks, typically moving 7.6% 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 Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (7.6% average weekly change).Reported Earnings • May 14First quarter 2026 earnings released: EPS: JP¥7.29 (vs JP¥14.18 in 1Q 2025)First quarter 2026 results: EPS: JP¥7.29 (down from JP¥14.18 in 1Q 2025). Revenue: JP¥81.7b (up 1.7% from 1Q 2025). Net income: JP¥1.56b (down 49% from 1Q 2025). Profit margin: 1.9% (down from 3.8% in 1Q 2025). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 5.5% p.a. on average during the next 3 years, compared to a 4.7% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, earnings per share has fallen by 60% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings.Valuation Update With 7 Day Price Move • May 12Investor sentiment improves as stock rises 17%After last week's 17% share price gain to JP¥1,339, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 14x in the Chemicals industry in Japan. Total returns to shareholders of 17% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥1,956 per share.Price Target Changed • May 09Price target increased by 8.1% to JP¥1,338Up from JP¥1,238, the current price target is an average from 4 analysts. New target price is 12% above last closing price of JP¥1,190. Stock is up 30% over the past year. The company is forecast to post earnings per share of JP¥63.01 for next year compared to JP¥94.04 last year.Major Estimate Revision • Apr 28Consensus EPS estimates fall by 12%The consensus outlook for earnings per share (EPS) in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from JP¥344.7b to JP¥340.8b. EPS estimate also fell from JP¥69.82 per share to JP¥61.37 per share. Net income forecast to shrink 35% next year vs 7.5% growth forecast for Chemicals industry in Japan . Consensus price target broadly unchanged at JP¥1,238. Share price was steady at JP¥1,051 over the past week.Declared Dividend • Apr 11Final dividend of JP¥15.00 announcedDividend of JP¥15.00 is the same as last year. Ex-date: 29th June 2026 Payment date: 1st September 2026 Dividend yield will be 3.0%, which is higher than the industry average of 2.2%. Sustainability & Growth Dividend is well covered by both earnings (32% earnings payout ratio) and cash flows (49% cash payout ratio). The dividend has increased by an average of 17% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 34% over the next 3 years, which should provide support to the dividend and adequate earnings cover.공시 • Mar 23Tokai Carbon Co., Ltd.(TSE:5301) dropped from FTSE All-World Index (USD)Tokai Carbon Co., Ltd.(TSE:5301) dropped from FTSE All-World Index (USD)Major Estimate Revision • Mar 04Consensus EPS estimates fall by 12%The consensus outlook for fiscal year 2026 has been updated. 2026 EPS estimate fell from JP¥87.44 to JP¥76.72 per share. Revenue forecast steady at JP¥344.6b. Net income forecast to shrink 15% next year vs 7.5% growth forecast for Chemicals industry in Japan . Consensus price target broadly unchanged at JP¥1,235. Share price fell 6.6% to JP¥981 over the past week.Board Change • Feb 25Less than half of directors are independentThere are 5 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 2 independent directors. 6 non-independent directors. Independent External Director Mayumi Asada 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. Lack of board continuity.공시 • Feb 13Tokai Carbon Co., Ltd. to Report Q1, 2026 Results on May 13, 2026Tokai Carbon Co., Ltd. announced that they will report Q1, 2026 results on May 13, 2026공시 • Feb 12Tokai Carbon Co., Ltd., Annual General Meeting, Mar 27, 2026Tokai Carbon Co., Ltd., Annual General Meeting, Mar 27, 2026.분석 기사 • Nov 10Tokai Carbon's (TSE:5301) Dividend Will Be ¥15.00The board of Tokai Carbon Co., Ltd. ( TSE:5301 ) has announced that it will pay a dividend of ¥15.00 per share on the...공시 • Nov 10Tokai Carbon Co., Ltd. to Report Fiscal Year 2025 Results on Feb 12, 2026Tokai Carbon Co., Ltd. announced that they will report fiscal year 2025 results on Feb 12, 2026Reported Earnings • Nov 08Third quarter 2025 earnings released: EPS: JP¥36.61 (vs JP¥9.01 in 3Q 2024)Third quarter 2025 results: EPS: JP¥36.61 (up from JP¥9.01 in 3Q 2024). Revenue: JP¥79.3b (down 9.7% from 3Q 2024). Net income: JP¥7.82b (up 306% from 3Q 2024). Profit margin: 9.9% (up from 2.2% in 3Q 2024). Revenue is forecast to grow 6.3% p.a. on average during the next 3 years, compared to a 4.1% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 97 percentage points per year, which is a significant difference in performance.분석 기사 • Oct 04Tokai Carbon (TSE:5301) Is Paying Out A Dividend Of ¥15.00Tokai Carbon Co., Ltd. ( TSE:5301 ) has announced that it will pay a dividend of ¥15.00 per share on the 30th of March...분석 기사 • Sep 02Tokai Carbon (TSE:5301) Has Announced A Dividend Of ¥15.00Tokai Carbon Co., Ltd. ( TSE:5301 ) will pay a dividend of ¥15.00 on the 30th of March. The dividend yield will be 3.0...Declared Dividend • Sep 02First half dividend of JP¥15.00 announcedDividend of JP¥15.00 is the same as last year. Ex-date: 29th December 2025 Payment date: 30th March 2026 Dividend yield will be 3.0%, which is higher than the industry average of 2.2%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months. However, the dividend is well covered by cash flows (37% cash payout ratio). The dividend has increased by an average of 17% per year over the past 10 years. However, payments have been volatile during that time.Price Target Changed • Aug 14Price target increased by 11% to JP¥1,265Up from JP¥1,138, the current price target is an average from 4 analysts. New target price is 27% above last closing price of JP¥998. Stock is up 13% over the past year. The company is forecast to post earnings per share of JP¥62.81 next year compared to a net loss per share of JP¥266 last year.Reported Earnings • Aug 08Second quarter 2025 earnings released: EPS: JP¥25.82 (vs JP¥9.54 in 2Q 2024)Second quarter 2025 results: EPS: JP¥25.82 (up from JP¥9.54 in 2Q 2024). Revenue: JP¥77.7b (down 12% from 2Q 2024). Net income: JP¥5.51b (up 171% from 2Q 2024). Profit margin: 7.1% (up from 2.3% in 2Q 2024). Revenue is forecast to grow 5.4% p.a. on average during the next 3 years, compared to a 4.1% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 91 percentage points per year, which is a significant difference in performance.공시 • Jul 07Tokai Carbon Co., Ltd. (TSE:5301) and Thai Tokai Carbon Product Co., Ltd. agreed to acquire Bridgestone Carbon Black (Thailand) Co.,Ltd. from Bridgestone Corporation (TSE:5108) and Asahi Carbon Co. Ltd.Tokai Carbon Co., Ltd. (TSE:5301) and Thai Tokai Carbon Product Co., Ltd. agreed to acquire Bridgestone Carbon Black (Thailand) Co.,Ltd. from Bridgestone Corporation (TSE:5108) and Asahi Carbon Co. Ltd on July 7, 2025. A cash consideration will be paid by Tokai Carbon Co., Ltd. and Thai Tokai Carbon Product Co., Ltd. As part of consideration, an undisclosed value is paid towards common equity of Bridgestone Carbon Black (Thailand) Co.,Ltd. Upon completion of the transaction, Tokai Carbon Co., Ltd. will own 1% and Thai Tokai Carbon Product Co., Ltd. will own 99% of the shares. Bridgestone Carbon Black (Thailand) Co.,Ltd. is expected to become consolidated subsidiary of Tokai Carbon Co., Ltd. For the period ending December 31, 2024, Bridgestone Carbon Black (Thailand) Co.,Ltd. reported total revenue of THB 2.35 billion, EBIT of THB 54 million and net income of THB 42 million. As of December 31, 2024, Bridgestone Carbon Black (Thailand) Co.,Ltd. reported total assets of THB 2.35 billion and total common equity of THB 2.07 billion. The transaction is subject to approval of offer by acquirer board. The deal has been approved by the board. The expected completion of the transaction is September 30, 2025.공시 • Jul 02Lenbach Equity Opportunities III managed by DUBAG Investment Advisory GmbH completed the acquisition of TOKAI ERFTCARBON GmbH from Tokai Carbon Co., Ltd. (TSE:5301).Lenbach Equity Opportunities III managed by DUBAG Investment Advisory GmbH agreed to acquire TOKAI ERFTCARBON GmbH from Tokai Carbon Co., Ltd. (TSE:5301) on May 16, 2025. A cash consideration will be paid by Lenbach Equity Opportunities III and DUBAG Investment Advisory GmbH. As part of consideration, an undisclosed value is paid towards common equity of TOKAI ERFTCARBON GmbH. For the period ending December 31, 2024, TOKAI ERFTCARBON GmbH reported total revenue of €72.6 million, operating loss of €45.6 million and net loss of €46.1 million. As of December 31, 2024, TOKAI ERFTCARBON GmbH reported total assets of €81.5 million and total common equity of €39.7 million. The transaction is expected to close in June 2025. Lenbach Equity Opportunities III managed by DUBAG Investment Advisory GmbH completed the acquisition of TOKAI ERFTCARBON GmbH from Tokai Carbon Co., Ltd. (TSE:5301) on June 30, 2025. As a result of this share transfer, TEG will no longer be included in the scope of consolidation, effective from the second quarter of the fiscal year ending December 2025. Ronald Meißner, LL.M., Dr. Florian Anselm, Dr. Attila Bangha-Szabo, Mark Leonard, Werner Geißelmeier, Dr. Fabian Klein, Dr. Michael Reich, Julia Stubert and Dr. Joël Hofmann of Pinsent Masons Germany LLP. Takanari Sekiguchi of Hibiya-Nakata acted jointly with Pinsent Masons Germany LLP. Sven Schweneke, Laurenz Kiefer, Dr. Philip Cavaillès, Dr. Adrian Birnbach, Dr. Stefan Horn, Dr. Michael Brüggemann, Julia Siedhoff and Julian C. Ludwig of Taylor Wessing acted as legal advisor to Lenbach Equity Opportunities III.Upcoming Dividend • Jun 20Upcoming dividend of JP¥15.00 per shareEligible shareholders must have bought the stock before 27 June 2025. Payment date: 02 September 2025. The company is not currently making a profit but it is cash flow positive. Trailing yield: 3.0%. Lower than top quartile of Japanese dividend payers (4.0%). In line with average of industry peers (2.9%).분석 기사 • Jun 16Tokai Carbon (TSE:5301) Is Paying Out A Dividend Of ¥15.00Tokai Carbon Co., Ltd. ( TSE:5301 ) has announced that it will pay a dividend of ¥15.00 per share on the 2nd of...Price Target Changed • May 30Price target increased by 7.1% to JP¥1,138Up from JP¥1,063, the current price target is an average from 4 analysts. New target price is 9.6% above last closing price of JP¥1,038. Stock is up 4.2% over the past year. The company is forecast to post earnings per share of JP¥57.20 next year compared to a net loss per share of JP¥266 last year.분석 기사 • May 26Tokai Carbon (TSE:5301) Will Pay A Dividend Of ¥15.00Tokai Carbon Co., Ltd. ( TSE:5301 ) has announced that it will pay a dividend of ¥15.00 per share on the 2nd of...공시 • May 20Lenbach Equity Opportunities III and DUBAG Investment Advisory GmbH agreed to acquire TOKAI ERFTCARBON GmbH from Tokai Carbon Co., Ltd. (TSE:5301)Lenbach Equity Opportunities III and DUBAG Investment Advisory GmbH agreed to acquire TOKAI ERFTCARBON GmbH from Tokai Carbon Co., Ltd. (TSE:5301) on May 16, 2025. A cash consideration will be paid by Lenbach Equity Opportunities III and DUBAG Investment Advisory GmbH. As part of consideration, an undisclosed value is paid towards common equity of TOKAI ERFTCARBON GmbH. For the period ending December 31, 2024, TOKAI ERFTCARBON GmbH reported total revenue of €72.6 million, operating loss of €45.6 million and net loss of €46.1 million. As of December 31, 2024, TOKAI ERFTCARBON GmbH reported total assets of €81.5 million and total common equity of €39.7 million. The transaction is expected to close in June 2025.Reported Earnings • May 16First quarter 2025 earnings released: EPS: JP¥14.18 (vs JP¥7.63 in 1Q 2024)First quarter 2025 results: EPS: JP¥14.18 (up from JP¥7.63 in 1Q 2024). Revenue: JP¥80.3b (down 2.2% from 1Q 2024). Net income: JP¥3.03b (up 86% from 1Q 2024). Profit margin: 3.8% (up from 2.0% in 1Q 2024). Revenue is forecast to grow 5.3% p.a. on average during the next 3 years, compared to a 4.6% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 75 percentage points per year, which is a significant difference in performance.분석 기사 • May 12Tokai Carbon (TSE:5301) Has Affirmed Its Dividend Of ¥15.00The board of Tokai Carbon Co., Ltd. ( TSE:5301 ) has announced that it will pay a dividend of ¥15.00 per share on the...분석 기사 • Apr 11Tokai Carbon (TSE:5301) Has Affirmed Its Dividend Of ¥15.00Tokai Carbon Co., Ltd. ( TSE:5301 ) has announced that it will pay a dividend of ¥15.00 per share on the 2nd of...Declared Dividend • Apr 11Final dividend of JP¥15.00 announcedDividend of JP¥15.00 is the same as last year. Ex-date: 27th June 2025 Payment date: 2nd September 2025 Dividend yield will be 3.6%, which is higher than the industry average of 2.2%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months. However, the dividend is covered by cash flows (68% cash payout ratio). The dividend has increased by an average of 17% per year over the past 10 years. However, payments have been volatile during that time.Buy Or Sell Opportunity • Feb 28Now 22% undervaluedOver the last 90 days, the stock has risen 1.1% to JP¥917. The fair value is estimated to be JP¥1,179, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.8% over the last 3 years. Meanwhile, the company became loss making.Reported Earnings • Feb 13Full year 2024 earnings: EPS and revenues miss analyst expectationsFull year 2024 results: JP¥266 loss per share (down from JP¥119 profit in FY 2023). Revenue: JP¥350.1b (down 3.8% from FY 2023). Net loss: JP¥56.7b (down 323% from profit in FY 2023). Revenue missed analyst estimates by 2.4%. Earnings per share (EPS) were also behind analyst expectations. Revenue is forecast to grow 7.7% p.a. on average during the next 3 years, compared to a 5.0% growth forecast for the Chemicals 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 8% per year, which means it has not declined as severely as earnings.공시 • Feb 12Tokai Carbon Co., Ltd., Annual General Meeting, Mar 27, 2025Tokai Carbon Co., Ltd., Annual General Meeting, Mar 27, 2025.분석 기사 • Dec 24Tokai Carbon (TSE:5301) Is Due To Pay A Dividend Of ¥15.00Tokai Carbon Co., Ltd. ( TSE:5301 ) has announced that it will pay a dividend of ¥15.00 per share on the 31st of March...공시 • Dec 24+ 2 more updatesTokai Carbon Co., Ltd. to Report Q3, 2025 Results on Nov 06, 2025Tokai Carbon Co., Ltd. announced that they will report Q3, 2025 results on Nov 06, 2025Upcoming Dividend • Dec 20Upcoming dividend of JP¥15.00 per shareEligible shareholders must have bought the stock before 27 December 2024. Payment date: 31 March 2025. Payout ratio is a comfortable 73% and the cash payout ratio is 78%. Trailing yield: 3.4%. Lower than top quartile of Japanese dividend payers (3.8%). Higher than average of industry peers (2.6%).분석 기사 • Dec 08Tokai Carbon (TSE:5301) Is Due To Pay A Dividend Of ¥15.00Tokai Carbon Co., Ltd. ( TSE:5301 ) has announced that it will pay a dividend of ¥15.00 per share on the 31st of March...Reported Earnings • Nov 08Third quarter 2024 earnings released: EPS: JP¥9.01 (vs JP¥25.66 in 3Q 2023)Third quarter 2024 results: EPS: JP¥9.01 (down from JP¥25.66 in 3Q 2023). Revenue: JP¥87.7b (down 1.7% from 3Q 2023). Net income: JP¥1.92b (down 65% from 3Q 2023). Profit margin: 2.2% (down from 6.1% in 3Q 2023). The decrease in margin was primarily driven by higher expenses. Revenue is forecast to grow 7.7% p.a. on average during the next 3 years, compared to a 5.1% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings.Price Target Changed • Nov 07Price target decreased by 8.5% to JP¥1,025Down from JP¥1,120, the current price target is an average from 4 analysts. New target price is 6.2% above last closing price of JP¥965. Stock is down 10% over the past year. The company is forecast to post earnings per share of JP¥59.75 for next year compared to JP¥119 last year.분석 기사 • Sep 24Tokai Carbon's (TSE:5301) Dividend Will Be ¥15.00Tokai Carbon Co., Ltd. ( TSE:5301 ) will pay a dividend of ¥15.00 on the 31st of March. The yield is still above the...분석 기사 • Sep 19Tokai Carbon (TSE:5301) Has A Somewhat Strained Balance SheetThe external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says...분석 기사 • Aug 25Tokai Carbon's (TSE:5301) Dividend Will Be ¥15.00Tokai Carbon Co., Ltd.'s ( TSE:5301 ) investors are due to receive a payment of ¥15.00 per share on 31st of March. The...분석 기사 • Aug 10Tokai Carbon (TSE:5301) Is Due To Pay A Dividend Of ¥15.00Tokai Carbon Co., Ltd. ( TSE:5301 ) will pay a dividend of ¥15.00 on the 31st of March. However, the dividend yield of...Declared Dividend • Aug 10Dividend of JP¥15.00 announcedShareholders will receive a dividend of JP¥15.00. Ex-date: 27th December 2024 Payment date: 31st March 2025 Dividend yield will be 3.5%, which is higher than the industry average of 2.2%. Sustainability & Growth Dividend is covered by both earnings (40% earnings payout ratio) and cash flows (51% cash payout ratio). The dividend has increased by an average of 17% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 59% over the next 3 years, which should provide support to the dividend and adequate earnings cover.New Risk • Aug 05New minor risk - Share price stabilityThe 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. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (5.8% average weekly change).Valuation Update With 7 Day Price Move • Aug 05Investor sentiment deteriorates as stock falls 21%After last week's 21% share price decline to JP¥753, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 12x in the Chemicals industry in Japan. Total loss to shareholders of 43% over the past three years.분석 기사 • Jul 17Tokai Carbon Co., Ltd.'s (TSE:5301) Shares Not Telling The Full StoryWith a price-to-earnings (or "P/E") ratio of 11.1x Tokai Carbon Co., Ltd. ( TSE:5301 ) may be sending bullish signals...Upcoming Dividend • Jun 20Upcoming dividend of JP¥15.00 per shareEligible shareholders must have bought the stock before 27 June 2024. Payment date: 02 September 2024. Payout ratio is a comfortable 40% and this is well supported by cash flows. Trailing yield: 3.2%. Lower than top quartile of Japanese dividend payers (3.4%). Higher than average of industry peers (2.3%).분석 기사 • Jun 07These 4 Measures Indicate That Tokai Carbon (TSE:5301) Is Using Debt ExtensivelyHoward Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of...Major Estimate Revision • May 29Consensus EPS estimates fall by 20%The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from JP¥375.3b to JP¥367.5b. EPS estimate also fell from JP¥81.59 per share to JP¥65.18 per share. Net income forecast to shrink 15% next year vs 13% growth forecast for Chemicals industry in Japan . Consensus price target down from JP¥1,220 to JP¥1,195. Share price was steady at JP¥984 over the past week.Reported Earnings • May 11First quarter 2024 earnings released: EPS: JP¥7.63 (vs JP¥37.36 in 1Q 2023)First quarter 2024 results: EPS: JP¥7.63 (down from JP¥37.36 in 1Q 2023). Revenue: JP¥82.2b (down 5.0% from 1Q 2023). Net income: JP¥1.63b (down 80% from 1Q 2023). Profit margin: 2.0% (down from 9.2% in 1Q 2023). The decrease in margin was primarily driven by lower revenue. Revenue is forecast to grow 7.3% p.a. on average during the next 3 years, compared to a 5.7% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, earnings per share has increased by 42% per year but the company’s share price has fallen by 18% per year, which means it is significantly lagging earnings.분석 기사 • May 10Tokai Carbon's (TSE:5301) Dividend Will Be Reduced To ¥15.00Tokai Carbon Co., Ltd.'s ( TSE:5301 ) dividend is being reduced from last year's payment covering the same period to...공시 • May 10+ 1 more updateTokai Carbon Co., Ltd. Provides Dividend Guidance for Second Quarter and the Fiscal Year Ending December 31, 2024Tokai Carbon Co., Ltd. provided dividend guidance for second quarter and the fiscal year ending December 31, 2024. For the quarter, the company expects to pay dividend of JPY 15.00 per share against JPY 18.00 per share paid a year ago.For the year, the company expects to pay dividend of JPY 15.00 per share against JPY 18.00 per share paid a year ago.분석 기사 • Apr 14Insufficient Growth At Tokai Carbon Co., Ltd. (TSE:5301) Hampers Share PriceWhen close to half the companies in Japan have price-to-earnings ratios (or "P/E's") above 15x, you may consider Tokai...Declared Dividend • Apr 11Final dividend of JP¥15.00 announcedShareholders will receive a dividend of JP¥15.00. Ex-date: 27th June 2024 Payment date: 2nd September 2024 Dividend yield will be 3.1%, which is higher than the industry average of 2.2%. Sustainability & Growth Dividend is covered by both earnings (2% earnings payout ratio) and cash flows (51% cash payout ratio). The dividend has increased by an average of 17% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 39% over the next 3 years, which should provide support to the dividend and adequate earnings cover.공시 • Apr 09Tokai Carbon Co., Ltd. (TSE:5301) agreed to acquire 3% stake in Tokai Carbon Korea Co., Ltd. (KOSDAQ:A064760) from KC Co., Ltd. (KOSE:A029460) for ¥5.2 billion.Tokai Carbon Co., Ltd. (TSE:5301) agreed to acquire 3% stake in Tokai Carbon Korea Co., Ltd. (KOSDAQ:A064760) from KC Co., Ltd. (KOSE:A029460) for ¥5.2 billion on April 9, 2024. The transaction is expected to close on April 23, 2024.공시 • Mar 28+ 2 more updatesTokai Carbon Co., Ltd. to Report Q3, 2024 Results on Nov 06, 2024Tokai Carbon Co., Ltd. announced that they will report Q3, 2024 results on Nov 06, 2024공시 • Mar 23Tokai Carbon Co., Ltd. to Report Q1, 2024 Results on May 09, 2024Tokai Carbon Co., Ltd. announced that they will report Q1, 2024 results on May 09, 2024Major Estimate Revision • Mar 08Consensus EPS estimates fall by 11%The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate fell from JP¥93.80 to JP¥83.02 per share. Revenue forecast steady at JP¥379.8b. Net income forecast to shrink 34% next year vs 21% growth forecast for Chemicals industry in Japan . Consensus price target of JP¥1,220 unchanged from last update. Share price was steady at JP¥992 over the past week.분석 기사 • Mar 02Tokai Carbon (TSE:5301) Has A Somewhat Strained Balance SheetSome say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously...Reported Earnings • Feb 14Full year 2023 earnings: EPS exceeds analyst expectationsFull year 2023 results: EPS: JP¥119 (up from JP¥105 in FY 2022). Revenue: JP¥363.9b (up 6.9% from FY 2022). Net income: JP¥25.5b (up 14% from FY 2022). Profit margin: 7.0% (up from 6.6% in FY 2022). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 14%. Revenue is forecast to grow 6.9% p.a. on average during the next 3 years, compared to a 5.8% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, earnings per share has increased by 58% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings.공시 • Feb 13+ 2 more updatesTokai Carbon Co., Ltd., Annual General Meeting, Mar 28, 2024Tokai Carbon Co., Ltd., Annual General Meeting, Mar 28, 2024.Upcoming Dividend • Dec 21Upcoming dividend of JP¥18.00 per share at 3.5% yieldEligible shareholders must have bought the stock before 28 December 2023. Payment date: 01 April 2024. Payout ratio is a comfortable 2.3% but the company is not cash flow positive. Trailing yield: 3.5%. Within top quartile of Japanese dividend payers (3.5%). Higher than average of industry peers (2.4%).Major Estimate Revision • Nov 29Consensus EPS estimates fall by 11%The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate fell from JP¥117 to JP¥104 per share. Revenue forecast steady at JP¥365.0b. Net income forecast to shrink 22% next year vs 13% growth forecast for Chemicals industry in Japan . Consensus price target down from JP¥1,308 to JP¥1,220. Share price was steady at JP¥1,097 over the past week.Reported Earnings • Nov 08Third quarter 2023 earnings released: EPS: JP¥25.66 (vs JP¥32.22 in 3Q 2022)Third quarter 2023 results: EPS: JP¥25.66 (down from JP¥32.22 in 3Q 2022). Revenue: JP¥89.2b (flat on 3Q 2022). Net income: JP¥5.47b (down 20% from 3Q 2022). Profit margin: 6.1% (down from 7.7% in 3Q 2022). Revenue is forecast to grow 6.4% p.a. on average during the next 3 years, compared to a 4.8% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, earnings per share has increased by 70% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings.Price Target Changed • Sep 08Price target decreased by 9.4% to JP¥1,308Down from JP¥1,443, the current price target is an average from 4 analysts. New target price is 12% above last closing price of JP¥1,163. Stock is up 14% over the past year. The company is forecast to post earnings per share of JP¥117 for next year compared to JP¥105 last year.Price Target Changed • Sep 04Price target decreased by 9.4% to JP¥1,368Down from JP¥1,510, the current price target is an average from 4 analysts. New target price is 15% above last closing price of JP¥1,192. Stock is up 19% over the past year. The company is forecast to post earnings per share of JP¥112 for next year compared to JP¥105 last year.공시 • Aug 19Tokai Carbon Co., Ltd. to Report Fiscal Year 2023 Results on Feb 13, 2024Tokai Carbon Co., Ltd. announced that they will report fiscal year 2023 results on Feb 13, 2024공시 • Aug 09Tokai Carbon Co., Ltd. Announces Management Changes, Effective as of September 1, 2023Tokai Carbon Co., Ltd. decided on the following personnel change effective as of September 1, 2023: Masafumi Tsuji, Member of the Board Executive Officer Responsible for Human Resources, General Affairs and Legal Affairs Department as Member of the Board Managing Executive Officer Responsible for Human Resources General Manager, Graphite Electrode Division; Hiroshi Takahashi, Executive Officer Responsible for General Administration Department for Group Companies as Executive Officer Advisor, Tokai Material Co., Ltd.; Akira Yamada, Executive Officer General Manager, General Affairs and Legal Affairs Department as Executive Officer Responsible for General Affairs and Legal Affairs Department General Manager, General Affairs and Legal Affairs Department; Keiichiro Machihara, Executive Officer Deputy General Manager, Technology & Engineering Division General Manager, Engineering Department as Executive Officer, Deputy General Manager, Technology & Engineering Division General Manager, Engineering Department Engineering Advisor, CB Business Rebuilding Project.Reported Earnings • Aug 09Second quarter 2023 earnings released: EPS: JP¥37.24 (vs JP¥24.43 in 2Q 2022)Second quarter 2023 results: EPS: JP¥37.24 (up from JP¥24.43 in 2Q 2022). Revenue: JP¥91.9b (up 5.0% from 2Q 2022). Net income: JP¥7.94b (up 52% from 2Q 2022). Profit margin: 8.6% (up from 5.9% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 6.0% p.a. on average during the next 3 years, compared to a 4.2% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, earnings per share has increased by 70% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth.공시 • Jul 22+ 1 more updateTokai Carbon Co., Ltd. to Report Q3, 2023 Results on Nov 07, 2023Tokai Carbon Co., Ltd. announced that they will report Q3, 2023 results on Nov 07, 2023Upcoming Dividend • Jun 22Upcoming dividend of JP¥18.00 per share at 2.8% yieldEligible shareholders must have bought the stock before 29 June 2023. Payment date: 01 September 2023. Payout ratio is a comfortable 28% but the company is not cash flow positive. Trailing yield: 2.8%. Lower than top quartile of Japanese dividend payers (3.5%). Higher than average of industry peers (2.5%).공시 • May 18+ 1 more updateTokai Carbon Co., Ltd. Provides Earnings Guidance for the First Six Months and Full Year of Fiscal Year Ending December 31, 2023Tokai Carbon Co., Ltd. provided earnings guidance for the first six months and full year of fiscal year ending December 31, 2023. For the six months, the company expects net sales to be JPY 198,000 million, operating income to be JPY 20,000 million, net income attributable to owners of the parent company to be JPY 11,000 million and net income per share to be JPY 51.60.For the full year, the company expects net sales to be JPY 410,000 million, operating income to be JPY 45,000 million, net income attributable to owners of the parent company to be JPY 26,000 million and net income per share to be JPY 121.95.Reported Earnings • May 14First quarter 2023 earnings released: EPS: JP¥37.36 (vs JP¥18.97 in 1Q 2022)First quarter 2023 results: EPS: JP¥37.36 (up from JP¥18.97 in 1Q 2022). Revenue: JP¥86.5b (up 25% from 1Q 2022). Net income: JP¥7.96b (up 97% from 1Q 2022). Profit margin: 9.2% (up from 5.8% in 1Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 6.6% p.a. on average during the next 3 years, compared to a 3.7% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth.Valuation Update With 7 Day Price Move • Feb 16Investor sentiment improves as stock rises 16%After last week's 16% share price gain to JP¥1,253, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 9x in the Chemicals industry in Japan. Total returns to shareholders of 33% over the past three years.Reported Earnings • Feb 12Full year 2022 earnings: EPS in line with analyst expectations despite revenue beatFull year 2022 results: EPS: JP¥105 (up from JP¥75.55 in FY 2021). Revenue: JP¥340.4b (up 32% from FY 2021). Net income: JP¥22.4b (up 39% from FY 2021). Profit margin: 6.6% (up from 6.2% in FY 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 3.1%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 6.3% p.a. on average during the next 3 years, compared to a 4.2% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth.공시 • Feb 10Tokai Carbon Co., Ltd. Announces Notice on Changes in the ManagementTokai Carbon decided on the following personnel change effective as of March 30, 2023. (1) New Member of the Board. New Position: Member of the BoardExecutive Officer (Director & Managing Director, THAI TOKAI CARBON PRODUCT CO., LTD.), Name: Tatsuhiko Yamazaki. Current Position: Business Director(Director & Managing Director, THAI TOKAI CARBON PRODUCT CO., LTD.). (2) Retirement from Member of the Board. Current Position: Member of the BoardExecutive Officer Responsible for Human Resources, General Affairs and Legal Affairs Department, Name: Yuji Serizawa. Post-Retirement: (Audit & Supervisory Board Member). (3) New Audit & Supervisory Board Member. New Position: Audit & Supervisory Board Member, Name: Yuji Serizawa. Current Position: Member of the Board Executive Officer Responsible for Human Resources, General Affairs and Legal Affairs Department. . New Position: Audit & Supervisory Board Member (External), Name: Yoshinori Matsushima. (4) Retirement from Audit & Supervisory Board Member. Current Position: Audit & Supervisory Board Member, Name: Masanao Hosoya. Post-Retirement: -. Current Position: Audit & Supervisory Board Member (External), Name: Motokazu Hiura. Post-Retirement: -. (5) New Substitute Audit & Supervisory Board Member. New Position: Substitute Audit & Supervisory Board Member (External), Name: Toshiya Onuma. Current Position:-. (6) New Executive Officer. New Position: Executive Officer Responsible for Strategic Planning Department, Name: Tsunayuki Sato. Current Position: Business Director General Manager, Strategic Investment Department. (7) Changes in Member of the Board and Executive Officer. New Position: Member of the BoardExecutive Officer Responsible for Human Resources, General Affairs and Legal Affairs Department, Name: Masafumi Tsuji. Current Position: Member of the BoardExecutive Officer Responsible for Corporate Planning, General Administration for Group Companies, Strategic Investment, Sales Research & Planning and Business Incubation Department General Manager, Corporate Planning Department. New Position: Member of the Board Executive Officer General Manager,Technology & Engineering Division, Name: Syunji Yamamoto. Current Position: Member of the Board Executive Officer (Director, TCCB Genpar LLC). New Position: Executive Officer Responsible for General Administration Department for Group Companies Name: Hiroshi Takahashi. Current Position: Executive OfficerGeneral Manager, General Administration Department for Group Companies. (8) Other Changes. New Position: (Retirement), Name: Nobuyuki Murofushi. Current Position: Executive Fellow Executive Officer to the President.공시 • Feb 09Tokai Carbon Co., Ltd. Revises Consolidated Earnings Guidance for the Fiscal Year Ending December 31, 2022Tokai Carbon Co., Ltd. revised consolidated earnings guidance for the fiscal year ending December 31, 2022. The company expects net sales to be JPY 340,000 million as compared to previous JPY 305,000 million, Operating income to be JPY 40,588 million as compared to previous JPY 35,000 million, net income attributable to owners of parent to be JPY 22,418 million as compared to previous JPY 20,000 million. EPS to be JPY 105.16 as compared to previous JPY 93.82 per basic share. Net sales, operating income, ordinary income and net income attributable to owners of the parent company increased compared to the previous guidance due to increased shipments of materials andproducts in the background of the gradual recovery of the global economy. Net sales improved from the previous forecast mainly due to an improvement in the selling price ofcarbon black.공시 • Jan 27Tokai Carbon Co., Ltd. Announces Executive ChangesTokai Carbon Co., Ltd. announced following personnel change effective as of February 1, 2023. Keiichiro Machihara, Executive Officer General Manager, Technology & Engineering Division as Executive Officer General Manager, Technology & Engineering Division General Manager, Engineering Department.공시 • Dec 28Tokai Carbon Co., Ltd. to Report Fiscal Year 2022 Results on Feb 09, 2023Tokai Carbon Co., Ltd. announced that they will report fiscal year 2022 results on Feb 09, 2023Upcoming Dividend • Dec 22Upcoming dividend of JP¥15.00 per shareEligible shareholders must have bought the stock before 29 December 2022. Payment date: 31 March 2023. Payout ratio is a comfortable 28% but the company is paying out more than the cash it is generating. Trailing yield: 2.7%. Lower than top quartile of Japanese dividend payers (3.8%). In line with average of industry peers (3.0%).Reported Earnings • Nov 16Third quarter 2022 earnings released: EPS: JP¥32.22 (vs JP¥18.06 in 3Q 2021)Third quarter 2022 results: EPS: JP¥32.22 (up from JP¥18.06 in 3Q 2021). Revenue: JP¥89.3b (up 32% from 3Q 2021). Net income: JP¥6.87b (up 78% from 3Q 2021). Profit margin: 7.7% (up from 5.7% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 8.0% p.a. on average during the next 3 years, compared to a 4.2% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings.Board Change • Nov 16Less than half of directors are independentFollowing the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 5 non-independent directors. Independent External Director Toshiro Miyazaki 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 09Third quarter 2022 earnings released: EPS: JP¥32.21 (vs JP¥18.06 in 3Q 2021)Third quarter 2022 results: EPS: JP¥32.21 (up from JP¥18.06 in 3Q 2021). Revenue: JP¥89.3b (up 32% from 3Q 2021). Net income: JP¥6.87b (up 78% from 3Q 2021). Profit margin: 7.7% (up from 5.7% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 8.0% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings.Price Target Changed • Aug 30Price target decreased to JP¥1,500Down from JP¥1,838, the current price target is an average from 3 analysts. New target price is 46% above last closing price of JP¥1,026. Stock is down 32% over the past year. The company is forecast to post earnings per share of JP¥102 for next year compared to JP¥75.55 last year.Reported Earnings • Aug 09Second quarter 2022 earnings released: EPS: JP¥24.43 (vs JP¥17.54 in 2Q 2021)Second quarter 2022 results: EPS: JP¥24.43 (up from JP¥17.54 in 2Q 2021). Revenue: JP¥87.6b (up 38% from 2Q 2021). Net income: JP¥5.21b (up 39% from 2Q 2021). Profit margin: 5.9% (in line with 2Q 2021). Over the next year, revenue is forecast to grow 6.5%, compared to a 9.3% growth forecast for the industry in Japan. Over the last 3 years on average, earnings per share has fallen by 57% per year but the company’s share price has remained flat, which means it is well ahead of earnings.Upcoming Dividend • Jun 22Upcoming dividend of JP¥15.00 per shareEligible shareholders must have bought the stock before 29 June 2022. Payment date: 01 September 2022. Payout ratio is a comfortable 35% and this is well supported by cash flows. Trailing yield: 2.8%. Lower than top quartile of Japanese dividend payers (3.8%). In line with average of industry peers (3.0%).Reported Earnings • May 13First quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behindFirst quarter 2022 results: EPS: JP¥18.97 (up from JP¥9.23 in 1Q 2021). Revenue: JP¥69.5b (up 29% from 1Q 2021). Net income: JP¥4.04b (up 106% from 1Q 2021). Profit margin: 5.8% (up from 3.6% in 1Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 2.6%. Earnings per share (EPS) missed analyst estimates by 48%. Over the next year, revenue is forecast to grow 12%, compared to a 7.6% growth forecast for the industry in Japan. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 76 percentage points per year, which is a significant difference in performance.이익 및 매출 성장 예측TSE:5301 - 애널리스트 향후 추정치 및 과거 재무 데이터 (JPY Millions)날짜매출이익자유현금흐름영업현금흐름평균 애널리스트 수12/31/2028379,40023,70021,050N/A312/31/2027366,00020,70016,650N/A412/31/2026344,73313,45011,900N/A33/31/2026324,33418,694N/AN/AN/A12/31/2025322,96020,07812,96555,872N/A9/30/2025328,791-45,966N/AN/AN/A6/30/2025337,268-51,85917,42068,808N/A3/31/2025348,299-55,337N/AN/AN/A12/31/2024350,114-56,7369,36164,471N/A9/30/2024354,9309,677N/AN/AN/A6/30/2024356,44013,2258,19760,210N/A3/31/2024359,57719,131N/AN/AN/A12/31/2023363,94625,46812,45762,074N/A9/30/2023361,71427,672N/AN/AN/A6/30/2023361,72929,069-3,80648,700N/A3/31/2023357,38926,338N/AN/AN/A12/31/2022340,37122,418-4,00641,205N/A9/30/2022320,11122,667N/AN/AN/A6/30/2022298,56419,6503,12133,456N/A3/31/2022274,41818,181N/AN/AN/A12/31/2021258,87416,1058,54238,072N/A9/30/2021242,0149,560N/AN/AN/A6/30/2021225,1844,56912,42743,990N/A3/31/2021202,720-1,596N/AN/AN/A12/31/2020201,5421,01927,79255,022N/A9/30/2020208,0271,964N/AN/AN/A6/30/2020216,5908,08525,12352,173N/A3/31/2020245,98023,341N/AN/AN/A12/31/2019262,02831,994N/A41,664N/A9/30/2019274,54145,613N/AN/AN/A6/30/2019278,79055,858N/A40,529N/A3/31/2019258,54577,967N/AN/AN/A12/31/2018231,30273,998N/A44,109N/A9/30/2018186,57062,742N/AN/AN/A6/30/2018148,75650,169N/A23,927N/A3/31/2018123,74319,479N/AN/AN/A12/31/2017106,25211,816N/A10,543N/A9/30/201797,2745,955N/AN/AN/A6/30/201792,8923,825N/A13,795N/A3/31/201790,041-6,361N/AN/AN/A12/31/201688,580-7,929N/A17,505N/A9/30/201690,740-4,326N/AN/AN/A6/30/201695,752-3,913N/A18,846N/A3/31/201699,8602,035N/AN/AN/A12/31/2015104,8642,484N/A20,613N/A9/30/2015110,3602,368N/AN/AN/A6/30/2015113,1232,279N/A16,175N/A더 보기애널리스트 향후 성장 전망수입 대 저축률: 5301 의 연간 예상 수익 증가율(13.4%)이 saving rate(0.8%)보다 높습니다.수익 vs 시장: 5301 의 연간 수익(13.4%)이 JP 시장(8.7%)보다 빠르게 성장할 것으로 예상됩니다.고성장 수익: 5301 의 수입은 증가할 것으로 예상되지만 상당히 증가하지는 않을 것입니다.수익 대 시장: 5301 의 수익(연간 5.5%)이 JP 시장(연간 5.5%)보다 느리게 성장할 것으로 예상됩니다.고성장 매출: 5301 의 수익(연간 5.5%)은 연간 20%보다 느리게 증가할 것으로 예상됩니다.주당순이익 성장 예측향후 자기자본이익률미래 ROE: 5301의 자본 수익률은 3년 후 7.2%로 낮을 것으로 예상됩니다.성장 기업 찾아보기7D1Y7D1Y7D1YMaterials 산업의 고성장 기업.View Past Performance기업 분석 및 재무 데이터 상태데이터최종 업데이트 (UTC 시간)기업 분석2026/05/28 12:58종가2026/05/28 00:00수익2026/03/31연간 수익2025/12/31데이터 소스당사의 기업 분석에 사용되는 데이터는 S&P Global Market Intelligence LLC에서 제공됩니다. 아래 데이터는 이 보고서를 생성하기 위해 분석 모델에서 사용됩니다. 데이터는 정규화되므로 소스가 제공된 후 지연이 발생할 수 있습니다.패키지데이터기간미국 소스 예시 *기업 재무제표10년손익계산서현금흐름표대차대조표SEC 양식 10-KSEC 양식 10-Q분석가 컨센서스 추정치+3년재무 예측분석가 목표주가분석가 리서치 보고서Blue Matrix시장 가격30년주가배당, 분할 및 기타 조치ICE 시장 데이터SEC 양식 S-1지분 구조10년주요 주주내부자 거래SEC 양식 4SEC 양식 13D경영진10년리더십 팀이사회SEC 양식 10-KSEC 양식 DEF 14A주요 개발10년회사 공시SEC 양식 8-K* 미국 증권에 대한 예시이며, 비(非)미국 증권에는 해당 국가의 규제 서식 및 자료원을 사용합니다.별도로 명시되지 않는 한 모든 재무 데이터는 연간 기간을 기준으로 하지만 분기별로 업데이트됩니다. 이를 TTM(최근 12개월) 또는 LTM(지난 12개월) 데이터라고 합니다. 자세히 알아보기.분석 모델 및 스노우플레이크이 보고서를 생성하는 데 사용된 분석 모델에 대한 자세한 내용은 당사의 Github 페이지에서 확인하실 수 있습니다. 또한 보고서 활용 방법에 대한 가이드와 YouTube 튜토리얼도 제공합니다.Simply Wall St 분석 모델을 설계하고 구축한 세계적 수준의 팀에 대해 알아보세요.산업 및 섹터 지표산업 및 섹터 지표는 Simply Wall St가 6시간마다 계산하며, 프로세스에 대한 자세한 내용은 Github에서 확인할 수 있습니다.분석가 소스Tokai Carbon Co., Ltd.는 14명의 분석가가 다루고 있습니다. 이 중 4명의 분석가가 우리 보고서에 입력 데이터로 사용되는 매출 또는 수익 추정치를 제출했습니다. 분석가의 제출 자료는 하루 종일 업데이트됩니다.분석가기관Takashi EnomotoBofA Global ResearchAtsushi IkedaCitigroup IncNoritsugu HirakawaDaiwa Securities Co. Ltd.11명의 분석가 더 보기
Price Target Changed • May 09Price target increased by 8.1% to JP¥1,338Up from JP¥1,238, the current price target is an average from 4 analysts. New target price is 12% above last closing price of JP¥1,190. Stock is up 30% over the past year. The company is forecast to post earnings per share of JP¥63.01 for next year compared to JP¥94.04 last year.
Major Estimate Revision • Apr 28Consensus EPS estimates fall by 12%The consensus outlook for earnings per share (EPS) in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from JP¥344.7b to JP¥340.8b. EPS estimate also fell from JP¥69.82 per share to JP¥61.37 per share. Net income forecast to shrink 35% next year vs 7.5% growth forecast for Chemicals industry in Japan . Consensus price target broadly unchanged at JP¥1,238. Share price was steady at JP¥1,051 over the past week.
Major Estimate Revision • Mar 04Consensus EPS estimates fall by 12%The consensus outlook for fiscal year 2026 has been updated. 2026 EPS estimate fell from JP¥87.44 to JP¥76.72 per share. Revenue forecast steady at JP¥344.6b. Net income forecast to shrink 15% next year vs 7.5% growth forecast for Chemicals industry in Japan . Consensus price target broadly unchanged at JP¥1,235. Share price fell 6.6% to JP¥981 over the past week.
Price Target Changed • Aug 14Price target increased by 11% to JP¥1,265Up from JP¥1,138, the current price target is an average from 4 analysts. New target price is 27% above last closing price of JP¥998. Stock is up 13% over the past year. The company is forecast to post earnings per share of JP¥62.81 next year compared to a net loss per share of JP¥266 last year.
Price Target Changed • May 30Price target increased by 7.1% to JP¥1,138Up from JP¥1,063, the current price target is an average from 4 analysts. New target price is 9.6% above last closing price of JP¥1,038. Stock is up 4.2% over the past year. The company is forecast to post earnings per share of JP¥57.20 next year compared to a net loss per share of JP¥266 last year.
Price Target Changed • Nov 07Price target decreased by 8.5% to JP¥1,025Down from JP¥1,120, the current price target is an average from 4 analysts. New target price is 6.2% above last closing price of JP¥965. Stock is down 10% over the past year. The company is forecast to post earnings per share of JP¥59.75 for next year compared to JP¥119 last year.
공시 • May 18Tokai Carbon Co., Ltd. to Report Q2, 2026 Results on Aug 05, 2026Tokai Carbon Co., Ltd. announced that they will report Q2, 2026 results on Aug 05, 2026
공시 • May 15Tokai Carbon Co., Ltd. (TSE:5301) announces an Equity Buyback for 11,210,700 shares, for ¥14,999.92 million.Tokai Carbon Co., Ltd. (TSE:5301) announces a share repurchase program. Under the program, the company will repurchase up to 11,210,700 shares, representing 5.25% of its issued share capital, for ¥14,999.92 million. The shares will be repurchased at a price of ¥1,338 per share. The purpose of the program is to improve capital efficiency and implement flexible capital policies as well as enhance shareholder returns. The program is valid till May 15, 2026. As of April 30, 2026, the company had 213,546,633 outstanding shares (excluding treasury stock) and 11,396,471 treasury shares.
New Risk • May 14New minor risk - Share price stabilityThe company's share price has been volatile over the past 3 months. It is more volatile than 75% of Japanese stocks, typically moving 7.6% 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 Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (7.6% average weekly change).
Reported Earnings • May 14First quarter 2026 earnings released: EPS: JP¥7.29 (vs JP¥14.18 in 1Q 2025)First quarter 2026 results: EPS: JP¥7.29 (down from JP¥14.18 in 1Q 2025). Revenue: JP¥81.7b (up 1.7% from 1Q 2025). Net income: JP¥1.56b (down 49% from 1Q 2025). Profit margin: 1.9% (down from 3.8% in 1Q 2025). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 5.5% p.a. on average during the next 3 years, compared to a 4.7% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, earnings per share has fallen by 60% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings.
Valuation Update With 7 Day Price Move • May 12Investor sentiment improves as stock rises 17%After last week's 17% share price gain to JP¥1,339, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 14x in the Chemicals industry in Japan. Total returns to shareholders of 17% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥1,956 per share.
Price Target Changed • May 09Price target increased by 8.1% to JP¥1,338Up from JP¥1,238, the current price target is an average from 4 analysts. New target price is 12% above last closing price of JP¥1,190. Stock is up 30% over the past year. The company is forecast to post earnings per share of JP¥63.01 for next year compared to JP¥94.04 last year.
Major Estimate Revision • Apr 28Consensus EPS estimates fall by 12%The consensus outlook for earnings per share (EPS) in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from JP¥344.7b to JP¥340.8b. EPS estimate also fell from JP¥69.82 per share to JP¥61.37 per share. Net income forecast to shrink 35% next year vs 7.5% growth forecast for Chemicals industry in Japan . Consensus price target broadly unchanged at JP¥1,238. Share price was steady at JP¥1,051 over the past week.
Declared Dividend • Apr 11Final dividend of JP¥15.00 announcedDividend of JP¥15.00 is the same as last year. Ex-date: 29th June 2026 Payment date: 1st September 2026 Dividend yield will be 3.0%, which is higher than the industry average of 2.2%. Sustainability & Growth Dividend is well covered by both earnings (32% earnings payout ratio) and cash flows (49% cash payout ratio). The dividend has increased by an average of 17% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 34% over the next 3 years, which should provide support to the dividend and adequate earnings cover.
공시 • Mar 23Tokai Carbon Co., Ltd.(TSE:5301) dropped from FTSE All-World Index (USD)Tokai Carbon Co., Ltd.(TSE:5301) dropped from FTSE All-World Index (USD)
Major Estimate Revision • Mar 04Consensus EPS estimates fall by 12%The consensus outlook for fiscal year 2026 has been updated. 2026 EPS estimate fell from JP¥87.44 to JP¥76.72 per share. Revenue forecast steady at JP¥344.6b. Net income forecast to shrink 15% next year vs 7.5% growth forecast for Chemicals industry in Japan . Consensus price target broadly unchanged at JP¥1,235. Share price fell 6.6% to JP¥981 over the past week.
Board Change • Feb 25Less than half of directors are independentThere are 5 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 2 independent directors. 6 non-independent directors. Independent External Director Mayumi Asada 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. Lack of board continuity.
공시 • Feb 13Tokai Carbon Co., Ltd. to Report Q1, 2026 Results on May 13, 2026Tokai Carbon Co., Ltd. announced that they will report Q1, 2026 results on May 13, 2026
공시 • Feb 12Tokai Carbon Co., Ltd., Annual General Meeting, Mar 27, 2026Tokai Carbon Co., Ltd., Annual General Meeting, Mar 27, 2026.
분석 기사 • Nov 10Tokai Carbon's (TSE:5301) Dividend Will Be ¥15.00The board of Tokai Carbon Co., Ltd. ( TSE:5301 ) has announced that it will pay a dividend of ¥15.00 per share on the...
공시 • Nov 10Tokai Carbon Co., Ltd. to Report Fiscal Year 2025 Results on Feb 12, 2026Tokai Carbon Co., Ltd. announced that they will report fiscal year 2025 results on Feb 12, 2026
Reported Earnings • Nov 08Third quarter 2025 earnings released: EPS: JP¥36.61 (vs JP¥9.01 in 3Q 2024)Third quarter 2025 results: EPS: JP¥36.61 (up from JP¥9.01 in 3Q 2024). Revenue: JP¥79.3b (down 9.7% from 3Q 2024). Net income: JP¥7.82b (up 306% from 3Q 2024). Profit margin: 9.9% (up from 2.2% in 3Q 2024). Revenue is forecast to grow 6.3% p.a. on average during the next 3 years, compared to a 4.1% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 97 percentage points per year, which is a significant difference in performance.
분석 기사 • Oct 04Tokai Carbon (TSE:5301) Is Paying Out A Dividend Of ¥15.00Tokai Carbon Co., Ltd. ( TSE:5301 ) has announced that it will pay a dividend of ¥15.00 per share on the 30th of March...
분석 기사 • Sep 02Tokai Carbon (TSE:5301) Has Announced A Dividend Of ¥15.00Tokai Carbon Co., Ltd. ( TSE:5301 ) will pay a dividend of ¥15.00 on the 30th of March. The dividend yield will be 3.0...
Declared Dividend • Sep 02First half dividend of JP¥15.00 announcedDividend of JP¥15.00 is the same as last year. Ex-date: 29th December 2025 Payment date: 30th March 2026 Dividend yield will be 3.0%, which is higher than the industry average of 2.2%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months. However, the dividend is well covered by cash flows (37% cash payout ratio). The dividend has increased by an average of 17% per year over the past 10 years. However, payments have been volatile during that time.
Price Target Changed • Aug 14Price target increased by 11% to JP¥1,265Up from JP¥1,138, the current price target is an average from 4 analysts. New target price is 27% above last closing price of JP¥998. Stock is up 13% over the past year. The company is forecast to post earnings per share of JP¥62.81 next year compared to a net loss per share of JP¥266 last year.
Reported Earnings • Aug 08Second quarter 2025 earnings released: EPS: JP¥25.82 (vs JP¥9.54 in 2Q 2024)Second quarter 2025 results: EPS: JP¥25.82 (up from JP¥9.54 in 2Q 2024). Revenue: JP¥77.7b (down 12% from 2Q 2024). Net income: JP¥5.51b (up 171% from 2Q 2024). Profit margin: 7.1% (up from 2.3% in 2Q 2024). Revenue is forecast to grow 5.4% p.a. on average during the next 3 years, compared to a 4.1% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 91 percentage points per year, which is a significant difference in performance.
공시 • Jul 07Tokai Carbon Co., Ltd. (TSE:5301) and Thai Tokai Carbon Product Co., Ltd. agreed to acquire Bridgestone Carbon Black (Thailand) Co.,Ltd. from Bridgestone Corporation (TSE:5108) and Asahi Carbon Co. Ltd.Tokai Carbon Co., Ltd. (TSE:5301) and Thai Tokai Carbon Product Co., Ltd. agreed to acquire Bridgestone Carbon Black (Thailand) Co.,Ltd. from Bridgestone Corporation (TSE:5108) and Asahi Carbon Co. Ltd on July 7, 2025. A cash consideration will be paid by Tokai Carbon Co., Ltd. and Thai Tokai Carbon Product Co., Ltd. As part of consideration, an undisclosed value is paid towards common equity of Bridgestone Carbon Black (Thailand) Co.,Ltd. Upon completion of the transaction, Tokai Carbon Co., Ltd. will own 1% and Thai Tokai Carbon Product Co., Ltd. will own 99% of the shares. Bridgestone Carbon Black (Thailand) Co.,Ltd. is expected to become consolidated subsidiary of Tokai Carbon Co., Ltd. For the period ending December 31, 2024, Bridgestone Carbon Black (Thailand) Co.,Ltd. reported total revenue of THB 2.35 billion, EBIT of THB 54 million and net income of THB 42 million. As of December 31, 2024, Bridgestone Carbon Black (Thailand) Co.,Ltd. reported total assets of THB 2.35 billion and total common equity of THB 2.07 billion. The transaction is subject to approval of offer by acquirer board. The deal has been approved by the board. The expected completion of the transaction is September 30, 2025.
공시 • Jul 02Lenbach Equity Opportunities III managed by DUBAG Investment Advisory GmbH completed the acquisition of TOKAI ERFTCARBON GmbH from Tokai Carbon Co., Ltd. (TSE:5301).Lenbach Equity Opportunities III managed by DUBAG Investment Advisory GmbH agreed to acquire TOKAI ERFTCARBON GmbH from Tokai Carbon Co., Ltd. (TSE:5301) on May 16, 2025. A cash consideration will be paid by Lenbach Equity Opportunities III and DUBAG Investment Advisory GmbH. As part of consideration, an undisclosed value is paid towards common equity of TOKAI ERFTCARBON GmbH. For the period ending December 31, 2024, TOKAI ERFTCARBON GmbH reported total revenue of €72.6 million, operating loss of €45.6 million and net loss of €46.1 million. As of December 31, 2024, TOKAI ERFTCARBON GmbH reported total assets of €81.5 million and total common equity of €39.7 million. The transaction is expected to close in June 2025. Lenbach Equity Opportunities III managed by DUBAG Investment Advisory GmbH completed the acquisition of TOKAI ERFTCARBON GmbH from Tokai Carbon Co., Ltd. (TSE:5301) on June 30, 2025. As a result of this share transfer, TEG will no longer be included in the scope of consolidation, effective from the second quarter of the fiscal year ending December 2025. Ronald Meißner, LL.M., Dr. Florian Anselm, Dr. Attila Bangha-Szabo, Mark Leonard, Werner Geißelmeier, Dr. Fabian Klein, Dr. Michael Reich, Julia Stubert and Dr. Joël Hofmann of Pinsent Masons Germany LLP. Takanari Sekiguchi of Hibiya-Nakata acted jointly with Pinsent Masons Germany LLP. Sven Schweneke, Laurenz Kiefer, Dr. Philip Cavaillès, Dr. Adrian Birnbach, Dr. Stefan Horn, Dr. Michael Brüggemann, Julia Siedhoff and Julian C. Ludwig of Taylor Wessing acted as legal advisor to Lenbach Equity Opportunities III.
Upcoming Dividend • Jun 20Upcoming dividend of JP¥15.00 per shareEligible shareholders must have bought the stock before 27 June 2025. Payment date: 02 September 2025. The company is not currently making a profit but it is cash flow positive. Trailing yield: 3.0%. Lower than top quartile of Japanese dividend payers (4.0%). In line with average of industry peers (2.9%).
분석 기사 • Jun 16Tokai Carbon (TSE:5301) Is Paying Out A Dividend Of ¥15.00Tokai Carbon Co., Ltd. ( TSE:5301 ) has announced that it will pay a dividend of ¥15.00 per share on the 2nd of...
Price Target Changed • May 30Price target increased by 7.1% to JP¥1,138Up from JP¥1,063, the current price target is an average from 4 analysts. New target price is 9.6% above last closing price of JP¥1,038. Stock is up 4.2% over the past year. The company is forecast to post earnings per share of JP¥57.20 next year compared to a net loss per share of JP¥266 last year.
분석 기사 • May 26Tokai Carbon (TSE:5301) Will Pay A Dividend Of ¥15.00Tokai Carbon Co., Ltd. ( TSE:5301 ) has announced that it will pay a dividend of ¥15.00 per share on the 2nd of...
공시 • May 20Lenbach Equity Opportunities III and DUBAG Investment Advisory GmbH agreed to acquire TOKAI ERFTCARBON GmbH from Tokai Carbon Co., Ltd. (TSE:5301)Lenbach Equity Opportunities III and DUBAG Investment Advisory GmbH agreed to acquire TOKAI ERFTCARBON GmbH from Tokai Carbon Co., Ltd. (TSE:5301) on May 16, 2025. A cash consideration will be paid by Lenbach Equity Opportunities III and DUBAG Investment Advisory GmbH. As part of consideration, an undisclosed value is paid towards common equity of TOKAI ERFTCARBON GmbH. For the period ending December 31, 2024, TOKAI ERFTCARBON GmbH reported total revenue of €72.6 million, operating loss of €45.6 million and net loss of €46.1 million. As of December 31, 2024, TOKAI ERFTCARBON GmbH reported total assets of €81.5 million and total common equity of €39.7 million. The transaction is expected to close in June 2025.
Reported Earnings • May 16First quarter 2025 earnings released: EPS: JP¥14.18 (vs JP¥7.63 in 1Q 2024)First quarter 2025 results: EPS: JP¥14.18 (up from JP¥7.63 in 1Q 2024). Revenue: JP¥80.3b (down 2.2% from 1Q 2024). Net income: JP¥3.03b (up 86% from 1Q 2024). Profit margin: 3.8% (up from 2.0% in 1Q 2024). Revenue is forecast to grow 5.3% p.a. on average during the next 3 years, compared to a 4.6% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 75 percentage points per year, which is a significant difference in performance.
분석 기사 • May 12Tokai Carbon (TSE:5301) Has Affirmed Its Dividend Of ¥15.00The board of Tokai Carbon Co., Ltd. ( TSE:5301 ) has announced that it will pay a dividend of ¥15.00 per share on the...
분석 기사 • Apr 11Tokai Carbon (TSE:5301) Has Affirmed Its Dividend Of ¥15.00Tokai Carbon Co., Ltd. ( TSE:5301 ) has announced that it will pay a dividend of ¥15.00 per share on the 2nd of...
Declared Dividend • Apr 11Final dividend of JP¥15.00 announcedDividend of JP¥15.00 is the same as last year. Ex-date: 27th June 2025 Payment date: 2nd September 2025 Dividend yield will be 3.6%, which is higher than the industry average of 2.2%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months. However, the dividend is covered by cash flows (68% cash payout ratio). The dividend has increased by an average of 17% per year over the past 10 years. However, payments have been volatile during that time.
Buy Or Sell Opportunity • Feb 28Now 22% undervaluedOver the last 90 days, the stock has risen 1.1% to JP¥917. The fair value is estimated to be JP¥1,179, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.8% over the last 3 years. Meanwhile, the company became loss making.
Reported Earnings • Feb 13Full year 2024 earnings: EPS and revenues miss analyst expectationsFull year 2024 results: JP¥266 loss per share (down from JP¥119 profit in FY 2023). Revenue: JP¥350.1b (down 3.8% from FY 2023). Net loss: JP¥56.7b (down 323% from profit in FY 2023). Revenue missed analyst estimates by 2.4%. Earnings per share (EPS) were also behind analyst expectations. Revenue is forecast to grow 7.7% p.a. on average during the next 3 years, compared to a 5.0% growth forecast for the Chemicals 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 8% per year, which means it has not declined as severely as earnings.
공시 • Feb 12Tokai Carbon Co., Ltd., Annual General Meeting, Mar 27, 2025Tokai Carbon Co., Ltd., Annual General Meeting, Mar 27, 2025.
분석 기사 • Dec 24Tokai Carbon (TSE:5301) Is Due To Pay A Dividend Of ¥15.00Tokai Carbon Co., Ltd. ( TSE:5301 ) has announced that it will pay a dividend of ¥15.00 per share on the 31st of March...
공시 • Dec 24+ 2 more updatesTokai Carbon Co., Ltd. to Report Q3, 2025 Results on Nov 06, 2025Tokai Carbon Co., Ltd. announced that they will report Q3, 2025 results on Nov 06, 2025
Upcoming Dividend • Dec 20Upcoming dividend of JP¥15.00 per shareEligible shareholders must have bought the stock before 27 December 2024. Payment date: 31 March 2025. Payout ratio is a comfortable 73% and the cash payout ratio is 78%. Trailing yield: 3.4%. Lower than top quartile of Japanese dividend payers (3.8%). Higher than average of industry peers (2.6%).
분석 기사 • Dec 08Tokai Carbon (TSE:5301) Is Due To Pay A Dividend Of ¥15.00Tokai Carbon Co., Ltd. ( TSE:5301 ) has announced that it will pay a dividend of ¥15.00 per share on the 31st of March...
Reported Earnings • Nov 08Third quarter 2024 earnings released: EPS: JP¥9.01 (vs JP¥25.66 in 3Q 2023)Third quarter 2024 results: EPS: JP¥9.01 (down from JP¥25.66 in 3Q 2023). Revenue: JP¥87.7b (down 1.7% from 3Q 2023). Net income: JP¥1.92b (down 65% from 3Q 2023). Profit margin: 2.2% (down from 6.1% in 3Q 2023). The decrease in margin was primarily driven by higher expenses. Revenue is forecast to grow 7.7% p.a. on average during the next 3 years, compared to a 5.1% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings.
Price Target Changed • Nov 07Price target decreased by 8.5% to JP¥1,025Down from JP¥1,120, the current price target is an average from 4 analysts. New target price is 6.2% above last closing price of JP¥965. Stock is down 10% over the past year. The company is forecast to post earnings per share of JP¥59.75 for next year compared to JP¥119 last year.
분석 기사 • Sep 24Tokai Carbon's (TSE:5301) Dividend Will Be ¥15.00Tokai Carbon Co., Ltd. ( TSE:5301 ) will pay a dividend of ¥15.00 on the 31st of March. The yield is still above the...
분석 기사 • Sep 19Tokai Carbon (TSE:5301) Has A Somewhat Strained Balance SheetThe external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says...
분석 기사 • Aug 25Tokai Carbon's (TSE:5301) Dividend Will Be ¥15.00Tokai Carbon Co., Ltd.'s ( TSE:5301 ) investors are due to receive a payment of ¥15.00 per share on 31st of March. The...
분석 기사 • Aug 10Tokai Carbon (TSE:5301) Is Due To Pay A Dividend Of ¥15.00Tokai Carbon Co., Ltd. ( TSE:5301 ) will pay a dividend of ¥15.00 on the 31st of March. However, the dividend yield of...
Declared Dividend • Aug 10Dividend of JP¥15.00 announcedShareholders will receive a dividend of JP¥15.00. Ex-date: 27th December 2024 Payment date: 31st March 2025 Dividend yield will be 3.5%, which is higher than the industry average of 2.2%. Sustainability & Growth Dividend is covered by both earnings (40% earnings payout ratio) and cash flows (51% cash payout ratio). The dividend has increased by an average of 17% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 59% over the next 3 years, which should provide support to the dividend and adequate earnings cover.
New Risk • Aug 05New minor risk - Share price stabilityThe 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. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (5.8% average weekly change).
Valuation Update With 7 Day Price Move • Aug 05Investor sentiment deteriorates as stock falls 21%After last week's 21% share price decline to JP¥753, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 12x in the Chemicals industry in Japan. Total loss to shareholders of 43% over the past three years.
분석 기사 • Jul 17Tokai Carbon Co., Ltd.'s (TSE:5301) Shares Not Telling The Full StoryWith a price-to-earnings (or "P/E") ratio of 11.1x Tokai Carbon Co., Ltd. ( TSE:5301 ) may be sending bullish signals...
Upcoming Dividend • Jun 20Upcoming dividend of JP¥15.00 per shareEligible shareholders must have bought the stock before 27 June 2024. Payment date: 02 September 2024. Payout ratio is a comfortable 40% and this is well supported by cash flows. Trailing yield: 3.2%. Lower than top quartile of Japanese dividend payers (3.4%). Higher than average of industry peers (2.3%).
분석 기사 • Jun 07These 4 Measures Indicate That Tokai Carbon (TSE:5301) Is Using Debt ExtensivelyHoward Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of...
Major Estimate Revision • May 29Consensus EPS estimates fall by 20%The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from JP¥375.3b to JP¥367.5b. EPS estimate also fell from JP¥81.59 per share to JP¥65.18 per share. Net income forecast to shrink 15% next year vs 13% growth forecast for Chemicals industry in Japan . Consensus price target down from JP¥1,220 to JP¥1,195. Share price was steady at JP¥984 over the past week.
Reported Earnings • May 11First quarter 2024 earnings released: EPS: JP¥7.63 (vs JP¥37.36 in 1Q 2023)First quarter 2024 results: EPS: JP¥7.63 (down from JP¥37.36 in 1Q 2023). Revenue: JP¥82.2b (down 5.0% from 1Q 2023). Net income: JP¥1.63b (down 80% from 1Q 2023). Profit margin: 2.0% (down from 9.2% in 1Q 2023). The decrease in margin was primarily driven by lower revenue. Revenue is forecast to grow 7.3% p.a. on average during the next 3 years, compared to a 5.7% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, earnings per share has increased by 42% per year but the company’s share price has fallen by 18% per year, which means it is significantly lagging earnings.
분석 기사 • May 10Tokai Carbon's (TSE:5301) Dividend Will Be Reduced To ¥15.00Tokai Carbon Co., Ltd.'s ( TSE:5301 ) dividend is being reduced from last year's payment covering the same period to...
공시 • May 10+ 1 more updateTokai Carbon Co., Ltd. Provides Dividend Guidance for Second Quarter and the Fiscal Year Ending December 31, 2024Tokai Carbon Co., Ltd. provided dividend guidance for second quarter and the fiscal year ending December 31, 2024. For the quarter, the company expects to pay dividend of JPY 15.00 per share against JPY 18.00 per share paid a year ago.For the year, the company expects to pay dividend of JPY 15.00 per share against JPY 18.00 per share paid a year ago.
분석 기사 • Apr 14Insufficient Growth At Tokai Carbon Co., Ltd. (TSE:5301) Hampers Share PriceWhen close to half the companies in Japan have price-to-earnings ratios (or "P/E's") above 15x, you may consider Tokai...
Declared Dividend • Apr 11Final dividend of JP¥15.00 announcedShareholders will receive a dividend of JP¥15.00. Ex-date: 27th June 2024 Payment date: 2nd September 2024 Dividend yield will be 3.1%, which is higher than the industry average of 2.2%. Sustainability & Growth Dividend is covered by both earnings (2% earnings payout ratio) and cash flows (51% cash payout ratio). The dividend has increased by an average of 17% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 39% over the next 3 years, which should provide support to the dividend and adequate earnings cover.
공시 • Apr 09Tokai Carbon Co., Ltd. (TSE:5301) agreed to acquire 3% stake in Tokai Carbon Korea Co., Ltd. (KOSDAQ:A064760) from KC Co., Ltd. (KOSE:A029460) for ¥5.2 billion.Tokai Carbon Co., Ltd. (TSE:5301) agreed to acquire 3% stake in Tokai Carbon Korea Co., Ltd. (KOSDAQ:A064760) from KC Co., Ltd. (KOSE:A029460) for ¥5.2 billion on April 9, 2024. The transaction is expected to close on April 23, 2024.
공시 • Mar 28+ 2 more updatesTokai Carbon Co., Ltd. to Report Q3, 2024 Results on Nov 06, 2024Tokai Carbon Co., Ltd. announced that they will report Q3, 2024 results on Nov 06, 2024
공시 • Mar 23Tokai Carbon Co., Ltd. to Report Q1, 2024 Results on May 09, 2024Tokai Carbon Co., Ltd. announced that they will report Q1, 2024 results on May 09, 2024
Major Estimate Revision • Mar 08Consensus EPS estimates fall by 11%The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate fell from JP¥93.80 to JP¥83.02 per share. Revenue forecast steady at JP¥379.8b. Net income forecast to shrink 34% next year vs 21% growth forecast for Chemicals industry in Japan . Consensus price target of JP¥1,220 unchanged from last update. Share price was steady at JP¥992 over the past week.
분석 기사 • Mar 02Tokai Carbon (TSE:5301) Has A Somewhat Strained Balance SheetSome say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously...
Reported Earnings • Feb 14Full year 2023 earnings: EPS exceeds analyst expectationsFull year 2023 results: EPS: JP¥119 (up from JP¥105 in FY 2022). Revenue: JP¥363.9b (up 6.9% from FY 2022). Net income: JP¥25.5b (up 14% from FY 2022). Profit margin: 7.0% (up from 6.6% in FY 2022). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 14%. Revenue is forecast to grow 6.9% p.a. on average during the next 3 years, compared to a 5.8% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, earnings per share has increased by 58% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings.
공시 • Feb 13+ 2 more updatesTokai Carbon Co., Ltd., Annual General Meeting, Mar 28, 2024Tokai Carbon Co., Ltd., Annual General Meeting, Mar 28, 2024.
Upcoming Dividend • Dec 21Upcoming dividend of JP¥18.00 per share at 3.5% yieldEligible shareholders must have bought the stock before 28 December 2023. Payment date: 01 April 2024. Payout ratio is a comfortable 2.3% but the company is not cash flow positive. Trailing yield: 3.5%. Within top quartile of Japanese dividend payers (3.5%). Higher than average of industry peers (2.4%).
Major Estimate Revision • Nov 29Consensus EPS estimates fall by 11%The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate fell from JP¥117 to JP¥104 per share. Revenue forecast steady at JP¥365.0b. Net income forecast to shrink 22% next year vs 13% growth forecast for Chemicals industry in Japan . Consensus price target down from JP¥1,308 to JP¥1,220. Share price was steady at JP¥1,097 over the past week.
Reported Earnings • Nov 08Third quarter 2023 earnings released: EPS: JP¥25.66 (vs JP¥32.22 in 3Q 2022)Third quarter 2023 results: EPS: JP¥25.66 (down from JP¥32.22 in 3Q 2022). Revenue: JP¥89.2b (flat on 3Q 2022). Net income: JP¥5.47b (down 20% from 3Q 2022). Profit margin: 6.1% (down from 7.7% in 3Q 2022). Revenue is forecast to grow 6.4% p.a. on average during the next 3 years, compared to a 4.8% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, earnings per share has increased by 70% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings.
Price Target Changed • Sep 08Price target decreased by 9.4% to JP¥1,308Down from JP¥1,443, the current price target is an average from 4 analysts. New target price is 12% above last closing price of JP¥1,163. Stock is up 14% over the past year. The company is forecast to post earnings per share of JP¥117 for next year compared to JP¥105 last year.
Price Target Changed • Sep 04Price target decreased by 9.4% to JP¥1,368Down from JP¥1,510, the current price target is an average from 4 analysts. New target price is 15% above last closing price of JP¥1,192. Stock is up 19% over the past year. The company is forecast to post earnings per share of JP¥112 for next year compared to JP¥105 last year.
공시 • Aug 19Tokai Carbon Co., Ltd. to Report Fiscal Year 2023 Results on Feb 13, 2024Tokai Carbon Co., Ltd. announced that they will report fiscal year 2023 results on Feb 13, 2024
공시 • Aug 09Tokai Carbon Co., Ltd. Announces Management Changes, Effective as of September 1, 2023Tokai Carbon Co., Ltd. decided on the following personnel change effective as of September 1, 2023: Masafumi Tsuji, Member of the Board Executive Officer Responsible for Human Resources, General Affairs and Legal Affairs Department as Member of the Board Managing Executive Officer Responsible for Human Resources General Manager, Graphite Electrode Division; Hiroshi Takahashi, Executive Officer Responsible for General Administration Department for Group Companies as Executive Officer Advisor, Tokai Material Co., Ltd.; Akira Yamada, Executive Officer General Manager, General Affairs and Legal Affairs Department as Executive Officer Responsible for General Affairs and Legal Affairs Department General Manager, General Affairs and Legal Affairs Department; Keiichiro Machihara, Executive Officer Deputy General Manager, Technology & Engineering Division General Manager, Engineering Department as Executive Officer, Deputy General Manager, Technology & Engineering Division General Manager, Engineering Department Engineering Advisor, CB Business Rebuilding Project.
Reported Earnings • Aug 09Second quarter 2023 earnings released: EPS: JP¥37.24 (vs JP¥24.43 in 2Q 2022)Second quarter 2023 results: EPS: JP¥37.24 (up from JP¥24.43 in 2Q 2022). Revenue: JP¥91.9b (up 5.0% from 2Q 2022). Net income: JP¥7.94b (up 52% from 2Q 2022). Profit margin: 8.6% (up from 5.9% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 6.0% p.a. on average during the next 3 years, compared to a 4.2% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, earnings per share has increased by 70% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth.
공시 • Jul 22+ 1 more updateTokai Carbon Co., Ltd. to Report Q3, 2023 Results on Nov 07, 2023Tokai Carbon Co., Ltd. announced that they will report Q3, 2023 results on Nov 07, 2023
Upcoming Dividend • Jun 22Upcoming dividend of JP¥18.00 per share at 2.8% yieldEligible shareholders must have bought the stock before 29 June 2023. Payment date: 01 September 2023. Payout ratio is a comfortable 28% but the company is not cash flow positive. Trailing yield: 2.8%. Lower than top quartile of Japanese dividend payers (3.5%). Higher than average of industry peers (2.5%).
공시 • May 18+ 1 more updateTokai Carbon Co., Ltd. Provides Earnings Guidance for the First Six Months and Full Year of Fiscal Year Ending December 31, 2023Tokai Carbon Co., Ltd. provided earnings guidance for the first six months and full year of fiscal year ending December 31, 2023. For the six months, the company expects net sales to be JPY 198,000 million, operating income to be JPY 20,000 million, net income attributable to owners of the parent company to be JPY 11,000 million and net income per share to be JPY 51.60.For the full year, the company expects net sales to be JPY 410,000 million, operating income to be JPY 45,000 million, net income attributable to owners of the parent company to be JPY 26,000 million and net income per share to be JPY 121.95.
Reported Earnings • May 14First quarter 2023 earnings released: EPS: JP¥37.36 (vs JP¥18.97 in 1Q 2022)First quarter 2023 results: EPS: JP¥37.36 (up from JP¥18.97 in 1Q 2022). Revenue: JP¥86.5b (up 25% from 1Q 2022). Net income: JP¥7.96b (up 97% from 1Q 2022). Profit margin: 9.2% (up from 5.8% in 1Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 6.6% p.a. on average during the next 3 years, compared to a 3.7% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth.
Valuation Update With 7 Day Price Move • Feb 16Investor sentiment improves as stock rises 16%After last week's 16% share price gain to JP¥1,253, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 9x in the Chemicals industry in Japan. Total returns to shareholders of 33% over the past three years.
Reported Earnings • Feb 12Full year 2022 earnings: EPS in line with analyst expectations despite revenue beatFull year 2022 results: EPS: JP¥105 (up from JP¥75.55 in FY 2021). Revenue: JP¥340.4b (up 32% from FY 2021). Net income: JP¥22.4b (up 39% from FY 2021). Profit margin: 6.6% (up from 6.2% in FY 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 3.1%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 6.3% p.a. on average during the next 3 years, compared to a 4.2% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth.
공시 • Feb 10Tokai Carbon Co., Ltd. Announces Notice on Changes in the ManagementTokai Carbon decided on the following personnel change effective as of March 30, 2023. (1) New Member of the Board. New Position: Member of the BoardExecutive Officer (Director & Managing Director, THAI TOKAI CARBON PRODUCT CO., LTD.), Name: Tatsuhiko Yamazaki. Current Position: Business Director(Director & Managing Director, THAI TOKAI CARBON PRODUCT CO., LTD.). (2) Retirement from Member of the Board. Current Position: Member of the BoardExecutive Officer Responsible for Human Resources, General Affairs and Legal Affairs Department, Name: Yuji Serizawa. Post-Retirement: (Audit & Supervisory Board Member). (3) New Audit & Supervisory Board Member. New Position: Audit & Supervisory Board Member, Name: Yuji Serizawa. Current Position: Member of the Board Executive Officer Responsible for Human Resources, General Affairs and Legal Affairs Department. . New Position: Audit & Supervisory Board Member (External), Name: Yoshinori Matsushima. (4) Retirement from Audit & Supervisory Board Member. Current Position: Audit & Supervisory Board Member, Name: Masanao Hosoya. Post-Retirement: -. Current Position: Audit & Supervisory Board Member (External), Name: Motokazu Hiura. Post-Retirement: -. (5) New Substitute Audit & Supervisory Board Member. New Position: Substitute Audit & Supervisory Board Member (External), Name: Toshiya Onuma. Current Position:-. (6) New Executive Officer. New Position: Executive Officer Responsible for Strategic Planning Department, Name: Tsunayuki Sato. Current Position: Business Director General Manager, Strategic Investment Department. (7) Changes in Member of the Board and Executive Officer. New Position: Member of the BoardExecutive Officer Responsible for Human Resources, General Affairs and Legal Affairs Department, Name: Masafumi Tsuji. Current Position: Member of the BoardExecutive Officer Responsible for Corporate Planning, General Administration for Group Companies, Strategic Investment, Sales Research & Planning and Business Incubation Department General Manager, Corporate Planning Department. New Position: Member of the Board Executive Officer General Manager,Technology & Engineering Division, Name: Syunji Yamamoto. Current Position: Member of the Board Executive Officer (Director, TCCB Genpar LLC). New Position: Executive Officer Responsible for General Administration Department for Group Companies Name: Hiroshi Takahashi. Current Position: Executive OfficerGeneral Manager, General Administration Department for Group Companies. (8) Other Changes. New Position: (Retirement), Name: Nobuyuki Murofushi. Current Position: Executive Fellow Executive Officer to the President.
공시 • Feb 09Tokai Carbon Co., Ltd. Revises Consolidated Earnings Guidance for the Fiscal Year Ending December 31, 2022Tokai Carbon Co., Ltd. revised consolidated earnings guidance for the fiscal year ending December 31, 2022. The company expects net sales to be JPY 340,000 million as compared to previous JPY 305,000 million, Operating income to be JPY 40,588 million as compared to previous JPY 35,000 million, net income attributable to owners of parent to be JPY 22,418 million as compared to previous JPY 20,000 million. EPS to be JPY 105.16 as compared to previous JPY 93.82 per basic share. Net sales, operating income, ordinary income and net income attributable to owners of the parent company increased compared to the previous guidance due to increased shipments of materials andproducts in the background of the gradual recovery of the global economy. Net sales improved from the previous forecast mainly due to an improvement in the selling price ofcarbon black.
공시 • Jan 27Tokai Carbon Co., Ltd. Announces Executive ChangesTokai Carbon Co., Ltd. announced following personnel change effective as of February 1, 2023. Keiichiro Machihara, Executive Officer General Manager, Technology & Engineering Division as Executive Officer General Manager, Technology & Engineering Division General Manager, Engineering Department.
공시 • Dec 28Tokai Carbon Co., Ltd. to Report Fiscal Year 2022 Results on Feb 09, 2023Tokai Carbon Co., Ltd. announced that they will report fiscal year 2022 results on Feb 09, 2023
Upcoming Dividend • Dec 22Upcoming dividend of JP¥15.00 per shareEligible shareholders must have bought the stock before 29 December 2022. Payment date: 31 March 2023. Payout ratio is a comfortable 28% but the company is paying out more than the cash it is generating. Trailing yield: 2.7%. Lower than top quartile of Japanese dividend payers (3.8%). In line with average of industry peers (3.0%).
Reported Earnings • Nov 16Third quarter 2022 earnings released: EPS: JP¥32.22 (vs JP¥18.06 in 3Q 2021)Third quarter 2022 results: EPS: JP¥32.22 (up from JP¥18.06 in 3Q 2021). Revenue: JP¥89.3b (up 32% from 3Q 2021). Net income: JP¥6.87b (up 78% from 3Q 2021). Profit margin: 7.7% (up from 5.7% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 8.0% p.a. on average during the next 3 years, compared to a 4.2% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings.
Board Change • Nov 16Less than half of directors are independentFollowing the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 5 non-independent directors. Independent External Director Toshiro Miyazaki 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 09Third quarter 2022 earnings released: EPS: JP¥32.21 (vs JP¥18.06 in 3Q 2021)Third quarter 2022 results: EPS: JP¥32.21 (up from JP¥18.06 in 3Q 2021). Revenue: JP¥89.3b (up 32% from 3Q 2021). Net income: JP¥6.87b (up 78% from 3Q 2021). Profit margin: 7.7% (up from 5.7% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 8.0% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings.
Price Target Changed • Aug 30Price target decreased to JP¥1,500Down from JP¥1,838, the current price target is an average from 3 analysts. New target price is 46% above last closing price of JP¥1,026. Stock is down 32% over the past year. The company is forecast to post earnings per share of JP¥102 for next year compared to JP¥75.55 last year.
Reported Earnings • Aug 09Second quarter 2022 earnings released: EPS: JP¥24.43 (vs JP¥17.54 in 2Q 2021)Second quarter 2022 results: EPS: JP¥24.43 (up from JP¥17.54 in 2Q 2021). Revenue: JP¥87.6b (up 38% from 2Q 2021). Net income: JP¥5.21b (up 39% from 2Q 2021). Profit margin: 5.9% (in line with 2Q 2021). Over the next year, revenue is forecast to grow 6.5%, compared to a 9.3% growth forecast for the industry in Japan. Over the last 3 years on average, earnings per share has fallen by 57% per year but the company’s share price has remained flat, which means it is well ahead of earnings.
Upcoming Dividend • Jun 22Upcoming dividend of JP¥15.00 per shareEligible shareholders must have bought the stock before 29 June 2022. Payment date: 01 September 2022. Payout ratio is a comfortable 35% and this is well supported by cash flows. Trailing yield: 2.8%. Lower than top quartile of Japanese dividend payers (3.8%). In line with average of industry peers (3.0%).
Reported Earnings • May 13First quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behindFirst quarter 2022 results: EPS: JP¥18.97 (up from JP¥9.23 in 1Q 2021). Revenue: JP¥69.5b (up 29% from 1Q 2021). Net income: JP¥4.04b (up 106% from 1Q 2021). Profit margin: 5.8% (up from 3.6% in 1Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 2.6%. Earnings per share (EPS) missed analyst estimates by 48%. Over the next year, revenue is forecast to grow 12%, compared to a 7.6% growth forecast for the industry in Japan. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 76 percentage points per year, which is a significant difference in performance.