Price Target Changed • Jun 04
Price target increased by 11% to JP¥2,903 Up from JP¥2,616, the current price target is an average from 9 analysts. New target price is approximately in line with last closing price of JP¥2,866. Stock is up 38% over the past year. The company is forecast to post earnings per share of JP¥204 for next year compared to JP¥132 last year. Live nieuws • May 14
Tosoh Holds Dividend and Strengthens Cash Position as Leadership Transition Signals Stability Tosoh reported lower net sales and profit for FY2026 but kept margins relatively stable and ended the year with a stronger balance sheet and higher cash and equivalents.
The company maintained its annual dividend at ¥100 per share despite the profit decline.
Executive vice president Takafumi Kiuchi is set to become representative director on June 25, 2026, following the planned retirement of Toru Adachi, with Kiuchi bringing long experience across key divisions, including China operations.
The combination of lower earnings, unchanged dividend and improved cash generation points to a focus on financial stability and shareholder returns while the company withholds formal guidance due to uncertain business conditions.
Leadership continuity through Kiuchi’s promotion may reassure you that existing priorities, including capital allocation and regional strategy, are likely to remain consistent, although the lack of earnings guidance leaves less visibility on near-term performance. Reported Earnings • May 14
Full year 2026 earnings: EPS exceeds analyst expectations Full year 2026 results: EPS: JP¥132 (down from JP¥182 in FY 2025). Revenue: JP¥1.02t (down 4.1% from FY 2025). Net income: JP¥41.6b (down 28% from FY 2025). Profit margin: 4.1% (down from 5.5% in FY 2025). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 12%. Revenue is forecast to grow 3.8% 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 1% per year but the company’s share price has increased by 16% per year, which means it is well ahead of earnings. Aankondiging • May 14
Tosoh Corporation, Annual General Meeting, Jun 25, 2026 Tosoh Corporation, Annual General Meeting, Jun 25, 2026. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥50.00 per share Eligible shareholders must have bought the stock before 30 March 2026. Payment date: 05 June 2026. Payout ratio is on the higher end at 93%, however this is supported by cash flows. Trailing yield: 4.4%. Within top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (2.3%). Reported Earnings • Feb 07
Third quarter 2026 earnings released: EPS: JP¥55.26 (vs JP¥74.05 in 3Q 2025) Third quarter 2026 results: EPS: JP¥55.26 (down from JP¥74.05 in 3Q 2025). Revenue: JP¥256.9b (down 4.2% from 3Q 2025). Net income: JP¥17.3b (down 27% from 3Q 2025). Profit margin: 6.7% (down from 8.8% in 3Q 2025). Revenue is forecast to grow 3.4% p.a. on average during the next 3 years, compared to a 4.4% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has increased by 15% per year, which means it is well ahead of earnings. Major Estimate Revision • Feb 06
Consensus EPS estimates fall by 12% The consensus outlook for fiscal year 2026 has been updated. 2026 EPS estimate fell from JP¥139 to JP¥123 per share. Revenue forecast steady at JP¥1.04t. Net income forecast to grow 31% next year vs 8.2% growth forecast for Chemicals industry in Japan. Consensus price target of JP¥2,504 unchanged from last update. Share price rose 3.2% to JP¥2,601 over the past week. Major Estimate Revision • Dec 25
Consensus EPS estimates fall by 10% The consensus outlook for fiscal year 2026 has been updated. 2026 EPS estimate fell from JP¥166 to JP¥149 per share. Revenue forecast steady at JP¥1.04t. Net income forecast to grow 36% next year vs 8.3% growth forecast for Chemicals industry in Japan. Consensus price target broadly unchanged at JP¥2,460. Share price was steady at JP¥2,359 over the past week. Buy Or Sell Opportunity • Dec 16
Now 21% undervalued The stock has been flat over the last 90 days, currently trading at JP¥2,312. The fair value is estimated to be JP¥2,926, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 14%. For the next 3 years, revenue is forecast to grow by 3.2% per annum. Earnings are also forecast to grow by 15% per annum over the same time period. Declared Dividend • Dec 04
First half dividend of JP¥50.00 announced Dividend of JP¥50.00 is the same as last year. Ex-date: 30th March 2026 Payment date: 5th June 2026 Dividend yield will be 4.3%, which is higher than the industry average of 2.2%. Sustainability & Growth Dividend is covered by both earnings (79% earnings payout ratio) and cash flows (75% cash payout ratio). The dividend has increased by an average of 24% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 63% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Buy Or Sell Opportunity • Dec 01
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 1.7% to JP¥2,325. The fair value is estimated to be JP¥2,918, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 14%. For the next 3 years, revenue is forecast to grow by 3.2% per annum. Earnings are also forecast to grow by 15% per annum over the same time period. Aankondiging • Nov 07
Tosoh Corporation to Report Q3, 2026 Results on Feb 05, 2026 Tosoh Corporation announced that they will report Q3, 2026 results on Feb 05, 2026 Reported Earnings • Nov 06
Second quarter 2026 earnings released: EPS: JP¥2.67 (vs JP¥27.35 in 2Q 2025) Second quarter 2026 results: EPS: JP¥2.67 (down from JP¥27.35 in 2Q 2025). Revenue: JP¥254.0b (down 7.6% from 2Q 2025). Net income: JP¥848.0m (down 90% from 2Q 2025). Profit margin: 0.3% (down from 3.2% in 2Q 2025). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 3.6% 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, earnings per share has fallen by 14% per year but the company’s share price has increased by 13% per year, which means it is well ahead of earnings. Reported Earnings • Aug 06
First quarter 2026 earnings released: EPS: JP¥20.50 (vs JP¥50.98 in 1Q 2025) First quarter 2026 results: EPS: JP¥20.50 (down from JP¥50.98 in 1Q 2025). Revenue: JP¥245.1b (down 3.1% from 1Q 2025). Net income: JP¥6.53b (down 60% from 1Q 2025). Profit margin: 2.7% (down from 6.4% in 1Q 2025). Revenue is forecast to grow 3.1% 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, earnings per share has fallen by 21% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Aankondiging • Aug 05
Tosoh Corporation (TSE:4042) announces an Equity Buyback for 17,000,000 shares, representing 5.34% for ¥25,000 million. Tosoh Corporation (TSE:4042) announces a share repurchase program. Under the program, the company will repurchase 17,000,000 shares, representing 5.34% of its share capital, for ¥25,000 million. The company will repurchase its shares in order to enhance shareholder returns and improve capital efficiency. The program will run until March 31, 2026. As of July 31, 2025, the company had 318,540,365 shares outstanding (excluding treasury shares) and 6,540,591 shares in treasury. Price Target Changed • Jul 29
Price target increased by 7.0% to JP¥2,461 Up from JP¥2,300, the current price target is an average from 8 analysts. New target price is 8.6% above last closing price of JP¥2,267. Stock is up 12% over the past year. The company is forecast to post earnings per share of JP¥198 for next year compared to JP¥182 last year. Declared Dividend • Jul 09
Final dividend of JP¥50.00 announced Shareholders will receive a dividend of JP¥50.00. Ex-date: 29th September 2025 Payment date: 4th December 2025 Dividend yield will be 4.5%, which is higher than the industry average of 2.2%. Sustainability & Growth Dividend is covered by earnings (47% earnings payout ratio) but not covered by cash flows (121% cash payout ratio). The dividend has increased by an average of 24% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 32% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Jul 01
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: EPS: JP¥182 (up from JP¥180 in FY 2024). Revenue: JP¥1.06t (up 5.7% from FY 2024). Net income: JP¥58.0b (up 1.2% from FY 2024). Profit margin: 5.5% (down from 5.7% in FY 2024). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 1.7%. Earnings per share (EPS) also missed analyst estimates by 7.6%. Revenue is forecast to grow 2.8% p.a. on average during the next 3 years, compared to a 3.9% 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 7% per year, which means it is well ahead of earnings. Buy Or Sell Opportunity • Jun 19
Now 20% overvalued Over the last 90 days, the stock has fallen 4.1% to JP¥2,106. The fair value is estimated to be JP¥1,749, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 2.5% over the last 3 years. Earnings per share has declined by 25%. For the next 3 years, revenue is forecast to grow by 3.3% per annum. Earnings are also forecast to grow by 8.0% per annum over the same time period. Reported Earnings • May 14
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: EPS: JP¥182 (up from JP¥180 in FY 2024). Revenue: JP¥1.06t (up 5.7% from FY 2024). Net income: JP¥58.0b (up 1.2% from FY 2024). Profit margin: 5.5% (down from 5.7% in FY 2024). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 1.7%. Earnings per share (EPS) also missed analyst estimates by 7.6%. Revenue is forecast to grow 3.6% 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, earnings per share has fallen by 25% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Aankondiging • May 13
Tosoh Corporation, Annual General Meeting, Jun 26, 2025 Tosoh Corporation, Annual General Meeting, Jun 26, 2025. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥50.00 per share Eligible shareholders must have bought the stock before 28 March 2025. Payment date: 02 June 2025. Payout ratio is a comfortable 47% but the company is paying out more than the cash it is generating. Trailing yield: 4.5%. Within top quartile of Japanese dividend payers (3.7%). Higher than average of industry peers (2.6%). Aankondiging • Feb 08
Tosoh Corporation Revises Consolidated Earnings Guidance for the Fiscal Year Ending March 31, 2025 Tosoh Corporation revised consolidated earnings guidance for the fiscal year ending March 31, 2025. For the period, the company now expects net sales of JPY 1,070,000 million against previous guidance of JPY 1,090,000 million; Operating income of JPY 98,000 million against previous guidance of JPY 94,000 million; Profit attributable to owners of the parent of JPY 61,000 million or JPY 191.55 basic per share against previous guidance of JPY 53,000 million JPY 166.44 basic per share. Reason for revisions: Despite the positive impact of yen depreciation beyond the assumed exchange rate and increased sales in the Engineering Group's water treatment business, sales volumes are expected to decline due to the stagnation of the Chinese economy and slower-than-anticipated recovery in semiconductor-related demand. As a result, net sales are projected to fall short of the previous forecast. Operating income is expected to exceed the previous forecast, as the strong performance of the water treatment business and improvements in the difference between inventory receipts and payments more than offset the impact of decreased sales. Furthermore, non-operating income is anticipated to improve due to foreign exchange gains resulting from the weaker yen. Consequently, both ordinary income and profit attributable to owners of parent are expected to surpass the previously forecasted figures. Reported Earnings • Feb 07
Third quarter 2025 earnings released: EPS: JP¥74.05 (vs JP¥46.02 in 3Q 2024) Third quarter 2025 results: EPS: JP¥74.05 (up from JP¥46.02 in 3Q 2024). Revenue: JP¥268.1b (up 2.2% from 3Q 2024). Net income: JP¥23.6b (up 61% from 3Q 2024). Profit margin: 8.8% (up from 5.6% in 3Q 2024). The increase in margin was primarily driven by higher revenue. Revenue is forecast to grow 3.7% 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 30% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Declared Dividend • Dec 05
First half dividend of JP¥50.00 announced Shareholders will receive a dividend of JP¥50.00. Ex-date: 28th March 2025 Payment date: 2nd June 2025 Dividend yield will be 4.8%, which is higher than the industry average of 2.2%. Sustainability & Growth Dividend is covered by both earnings (26% earnings payout ratio) and cash flows (86% cash payout ratio). The dividend has increased by an average of 24% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 24% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Nov 06
Second quarter 2025 earnings released: EPS: JP¥27.35 (vs JP¥42.37 in 2Q 2024) Second quarter 2025 results: EPS: JP¥27.35 (down from JP¥42.37 in 2Q 2024). Revenue: JP¥274.8b (up 12% from 2Q 2024). Net income: JP¥8.71b (down 35% from 2Q 2024). Profit margin: 3.2% (down from 5.5% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 3.4% p.a. on average during the next 3 years, compared to a 5.2% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, earnings per share has fallen by 32% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Upcoming Dividend • Sep 20
Upcoming dividend of JP¥42.50 per share Eligible shareholders must have bought the stock before 27 September 2024. Payment date: 02 December 2024. Payout ratio is a comfortable 45% and this is well supported by cash flows. Trailing yield: 4.5%. Within top quartile of Japanese dividend payers (3.8%). Higher than average of industry peers (2.4%). Buy Or Sell Opportunity • Sep 04
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 8.6% to JP¥1,865. The fair value is estimated to be JP¥2,347, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.6% over the last 3 years. Earnings per share has declined by 30%. For the next 3 years, revenue is forecast to grow by 3.9% per annum. Earnings are also forecast to grow by 5.5% per annum over the same time period. Buy Or Sell Opportunity • Aug 19
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 5.5% to JP¥1,876. The fair value is estimated to be JP¥2,345, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.6% over the last 3 years. Earnings per share has declined by 30%. For the next 3 years, revenue is forecast to grow by 3.9% per annum. Earnings are also forecast to grow by 5.5% per annum over the same time period. Reported Earnings • Aug 04
First quarter 2025 earnings released: EPS: JP¥50.98 (vs JP¥41.56 in 1Q 2024) First quarter 2025 results: EPS: JP¥50.98 (up from JP¥41.56 in 1Q 2024). Revenue: JP¥252.9b (up 5.1% from 1Q 2024). Net income: JP¥16.2b (up 23% from 1Q 2024). Profit margin: 6.4% (up from 5.5% in 1Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 3.9% 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 fallen by 30% 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. Buy Or Sell Opportunity • Aug 02
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 13% to JP¥1,898. The fair value is estimated to be JP¥2,401, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Earnings per share has declined by 25%. For the next 3 years, revenue is forecast to grow by 4.0% per annum. Earnings are also forecast to grow by 5.8% per annum over the same time period. Declared Dividend • Jul 11
Final dividend of JP¥42.50 announced Shareholders will receive a dividend of JP¥42.50. Ex-date: 27th September 2024 Payment date: 2nd December 2024 Dividend yield will be 4.2%, which is higher than the industry average of 2.2%. Sustainability & Growth Dividend is well covered by both earnings (47% earnings payout ratio) and cash flows (46% cash payout ratio). The dividend has increased by an average of 22% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 17% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Jun 26
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: EPS: JP¥180 (up from JP¥158 in FY 2023). Revenue: JP¥1.01t (down 5.5% from FY 2023). Net income: JP¥57.3b (up 14% from FY 2023). Profit margin: 5.7% (up from 4.7% in FY 2023). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 2.5%. Earnings per share (EPS) also missed analyst estimates by 5.3%. Revenue is forecast to grow 4.3% p.a. on average during the next 3 years, compared to a 5.5% 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 increased by 3% per year, which means it is well ahead of earnings. Reported Earnings • May 16
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: EPS: JP¥180 (up from JP¥158 in FY 2023). Revenue: JP¥1.01t (down 5.5% from FY 2023). Net income: JP¥57.3b (up 14% from FY 2023). Profit margin: 5.7% (up from 4.7% in FY 2023). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 2.5%. Earnings per share (EPS) also missed analyst estimates by 5.3%. Revenue is forecast to grow 5.0% 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 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. Aankondiging • May 15
Tosoh Corporation, Annual General Meeting, Jun 21, 2024 Tosoh Corporation, Annual General Meeting, Jun 21, 2024. Buy Or Sell Opportunity • May 14
Now 20% undervalued Over the last 90 days, the stock has risen 2.6% to JP¥1,981. The fair value is estimated to be JP¥2,476, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has declined by 16%. For the next 3 years, revenue is forecast to grow by 4.4% per annum. Earnings are also forecast to grow by 14% per annum over the same time period. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥40.00 per share Eligible shareholders must have bought the stock before 28 March 2024. Payment date: 03 June 2024. Payout ratio is a comfortable 56% but the company is not cash flow positive. Trailing yield: 3.8%. Within top quartile of Japanese dividend payers (3.2%). Higher than average of industry peers (2.1%). Reported Earnings • Feb 06
Third quarter 2024 earnings released: EPS: JP¥46.02 (vs JP¥13.43 in 3Q 2023) Third quarter 2024 results: EPS: JP¥46.02 (up from JP¥13.43 in 3Q 2023). Revenue: JP¥262.2b (down 2.1% from 3Q 2023). Net income: JP¥14.7b (up 243% from 3Q 2023). Profit margin: 5.6% (up from 1.6% in 3Q 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 4.3% 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 fallen by 16% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Reported Earnings • Nov 03
Second quarter 2024 earnings released: EPS: JP¥42.37 (vs JP¥42.71 in 2Q 2023) Second quarter 2024 results: EPS: JP¥42.37 (down from JP¥42.71 in 2Q 2023). Revenue: JP¥245.0b (down 11% from 2Q 2023). Net income: JP¥13.5b (flat on 2Q 2023). Profit margin: 5.5% (up from 5.0% in 2Q 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 3.0% 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 4% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Upcoming Dividend • Sep 21
Upcoming dividend of JP¥40.00 per share at 4.0% yield Eligible shareholders must have bought the stock before 28 September 2023. Payment date: 04 December 2023. Payout ratio is a comfortable 73% but the company is not cash flow positive. Trailing yield: 4.0%. Within top quartile of Japanese dividend payers (3.3%). Higher than average of industry peers (2.5%). Buying Opportunity • Sep 20
Now 20% undervalued Over the last 90 days, the stock is up 19%. The fair value is estimated to be JP¥2,523, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Earnings per share has grown by 9.6%. For the next 3 years, revenue is forecast to grow by 2.8% per annum. Earnings is also forecast to grow by 16% per annum over the same time period. Reported Earnings • Aug 04
First quarter 2024 earnings released: EPS: JP¥41.56 (vs JP¥89.39 in 1Q 2023) First quarter 2024 results: EPS: JP¥41.56 (down from JP¥89.39 in 1Q 2023). Revenue: JP¥240.6b (down 4.6% from 1Q 2023). Net income: JP¥13.2b (down 54% from 1Q 2023). Profit margin: 5.5% (down from 11% in 1Q 2023). The decrease in margin was primarily driven by lower revenue. Revenue is forecast to grow 2.9% 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, earnings per share has increased by 10% per year and the company’s share price has also increased by 10% per year. Reported Earnings • May 16
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: JP¥158 (down from JP¥339 in FY 2022). Revenue: JP¥1.06t (up 16% from FY 2022). Net income: JP¥50.3b (down 53% from FY 2022). Profit margin: 4.7% (down from 12% in FY 2022). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 1.8%. Earnings per share (EPS) also missed analyst estimates by 17%. Revenue is forecast to grow 2.8% 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 21% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Aankondiging • May 12
Tosoh Corporation, Annual General Meeting, Jun 23, 2023 Tosoh Corporation, Annual General Meeting, Jun 23, 2023. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥40.00 per share at 4.5% yield Eligible shareholders must have bought the stock before 30 March 2023. Payment date: 05 June 2023. Payout ratio is a comfortable 21% but the company is not cash flow positive. Trailing yield: 4.5%. Within top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (2.8%). Price Target Changed • Feb 23
Price target increased by 9.3% to JP¥1,886 Up from JP¥1,724, the current price target is an average from 9 analysts. New target price is approximately in line with last closing price of JP¥1,811. Stock is up 2.3% over the past year. The company is forecast to post earnings per share of JP¥190 for next year compared to JP¥339 last year. Reported Earnings • Feb 04
Third quarter 2023 earnings released: EPS: JP¥13.43 (vs JP¥98.64 in 3Q 2022) Third quarter 2023 results: EPS: JP¥13.43 (down from JP¥98.64 in 3Q 2022). Revenue: JP¥267.9b (up 11% from 3Q 2022). Net income: JP¥4.27b (down 86% from 3Q 2022). Profit margin: 1.6% (down from 13% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 2.6% 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 27% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings.