New Risk • Jun 27
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 17% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (17% operating cash flow to total debt). Minor Risks Paying a dividend despite having no free cash flows. Market cap is less than US$100m (JP¥10.2b market cap, or US$62.9m). Reported Earnings • Jun 26
Second quarter 2026 earnings released: EPS: JP¥79.52 (vs JP¥55.70 in 2Q 2025) Second quarter 2026 results: EPS: JP¥79.52 (up from JP¥55.70 in 2Q 2025). Revenue: JP¥11.6b (down 5.2% from 2Q 2025). Net income: JP¥454.0m (up 43% from 2Q 2025). Profit margin: 3.9% (up from 2.6% in 2Q 2025). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 12% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • May 21
Upcoming dividend of JP¥27.00 per share Eligible shareholders must have bought the stock before 28 May 2026. Payment date: 28 July 2026. Payout ratio is a comfortable 19% and this is well supported by cash flows. Trailing yield: 3.0%. Lower than top quartile of Japanese dividend payers (3.8%). In line with average of industry peers (2.9%). Board Change • May 20
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 10 non-independent directors. Independent Outside Director Hiroyuki Furuba was the last independent director to join the board, commencing their role in 2024. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • May 01
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 10 non-independent directors. Independent Outside Director Hiroyuki Furuba was the last independent director to join the board, commencing their role in 2024. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Mar 03
Full year 2025 earnings released: EPS: JP¥266 (vs JP¥223 in FY 2024) Full year 2025 results: EPS: JP¥266 (up from JP¥223 in FY 2024). Revenue: JP¥46.4b (up 1.9% from FY 2024). Net income: JP¥1.52b (up 19% from FY 2024). Profit margin: 3.3% (up from 2.8% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has increased by 18% per year, which means it is tracking significantly ahead of earnings growth. Board Change • Feb 25
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 10 non-independent directors. Independent Outside Director Hiroyuki Furuba was the last independent director to join the board, commencing their role in 2024. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Feb 05
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 10 non-independent directors. Independent Outside Director Hiroyuki Furuba was the last independent director to join the board, commencing their role in 2024. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Buy Or Sell Opportunity • Dec 25
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 13% to JP¥1,660. The fair value is estimated to be JP¥1,364, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 5.4%. Board Change • Dec 25
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 1 independent director. 10 non-independent directors. Independent Outside Director Hiroyuki Furuba was the last independent director to join the board, commencing their role in 2024. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Reported Earnings • Jun 27
Second quarter 2025 earnings released: EPS: JP¥55.70 (vs JP¥59.90 in 2Q 2024) Second quarter 2025 results: EPS: JP¥55.70 (down from JP¥59.90 in 2Q 2024). Revenue: JP¥12.2b (up 16% from 2Q 2024). Net income: JP¥318.0m (down 7.0% from 2Q 2024). Profit margin: 2.6% (down from 3.2% in 2Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 10% per year whereas the company’s share price has increased by 11% per year. Board Change • Jun 16
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 1 independent director. 11 non-independent directors. Independent Outside Director Hiroyuki Furuba was the last independent director to join the board, commencing their role in 2024. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Board Change • May 28
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 1 independent director. 11 non-independent directors. Independent Outside Director Hiroyuki Furuba was the last independent director to join the board, commencing their role in 2024. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Board Change • May 01
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 1 independent director. 11 non-independent directors. Independent Outside Director Hiroyuki Furuba was the last independent director to join the board, commencing their role in 2024. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Reported Earnings • Mar 27
First quarter 2025 earnings released: EPS: JP¥63.40 (vs JP¥101 in 1Q 2024) First quarter 2025 results: EPS: JP¥63.40 (down from JP¥101 in 1Q 2024). Revenue: JP¥10.9b (down 12% from 1Q 2024). Net income: JP¥362.0m (down 38% from 1Q 2024). Profit margin: 3.3% (down from 4.7% in 1Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 15% per year whereas the company’s share price has increased by 12% per year. Board Change • Mar 14
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 1 independent director. 11 non-independent directors. Independent Outside Director Hiroyuki Furuba was the last independent director to join the board, commencing their role in 2024. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Aankondiging • Feb 17
Aska Corporation, Annual General Meeting, Feb 26, 2025 Aska Corporation, Annual General Meeting, Feb 26, 2025, at 10:00 Tokyo Standard Time. Location: 2-104 wakamatsu-cho, kariya city, aichi prefecture kariya city cultural center iris, 1st floor small hall, kariya city Japan Upcoming Dividend • Nov 21
Upcoming dividend of JP¥26.00 per share Eligible shareholders must have bought the stock before 28 November 2024. Payment date: 28 February 2025. Payout ratio is a comfortable 28% and this is well supported by cash flows. Trailing yield: 3.0%. Lower than top quartile of Japanese dividend payers (3.8%). In line with average of industry peers (3.3%). Reported Earnings • Sep 26
Third quarter 2024 earnings released: EPS: JP¥32.23 (vs JP¥60.25 in 3Q 2023) Third quarter 2024 results: EPS: JP¥32.23 (down from JP¥60.25 in 3Q 2023). Revenue: JP¥10.2b (down 9.7% from 3Q 2023). Net income: JP¥184.0m (down 47% from 3Q 2023). Profit margin: 1.8% (down from 3.0% in 3Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Aug 06
Now 27% overvalued Over the last 90 days, the stock has fallen 13% to JP¥1,325. The fair value is estimated to be JP¥1,045, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 24% over the last 3 years. Earnings per share has grown by 28%. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to JP¥1,225, the stock trades at a trailing P/E ratio of 4x. Average trailing P/E is 8x in the Auto Components industry in Japan. Total returns to shareholders of 46% over the past three years. Reported Earnings • Jun 28
Second quarter 2024 earnings released: EPS: JP¥59.90 (vs JP¥79.34 in 2Q 2023) Second quarter 2024 results: EPS: JP¥59.90 (down from JP¥79.34 in 2Q 2023). Revenue: JP¥10.6b (down 8.3% from 2Q 2023). Net income: JP¥342.0m (down 25% from 2Q 2023). Profit margin: 3.2% (down from 3.9% in 2Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • May 23
Upcoming dividend of JP¥18.00 per share Eligible shareholders must have bought the stock before 30 May 2024. Payment date: 29 July 2024. Payout ratio is a comfortable 18% and this is well supported by cash flows. Trailing yield: 3.9%. Within top quartile of Japanese dividend payers (3.4%). Higher than average of industry peers (2.9%). Aankondiging • Feb 24
Aska Corporation, Annual General Meeting, Feb 25, 2021 Aska Corporation, Annual General Meeting, Feb 25, 2021, at 10:00 Tokyo Standard Time. 
