Valuation Update With 7 Day Price Move • 13h
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to JP¥1,170, the stock trades at a trailing P/E ratio of 17.2x. Average trailing P/E is 13x in the Chemicals industry in Japan. Total loss to shareholders of 13% over the past three years. Reported Earnings • May 20
Full year 2026 earnings released: EPS: JP¥67.93 (vs JP¥67.40 in FY 2025) Full year 2026 results: EPS: JP¥67.93 (up from JP¥67.40 in FY 2025). Revenue: JP¥8.14b (up 4.4% from FY 2025). Net income: JP¥202.0m (up 1.0% from FY 2025). Profit margin: 2.5% (in line with FY 2025). Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Aankondiging • May 15
Titan Kogyo, Ltd., Annual General Meeting, Jun 25, 2026 Titan Kogyo, Ltd., Annual General Meeting, Jun 25, 2026. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥10.00 per share Eligible shareholders must have bought the stock before 30 March 2026. Payment date: 29 June 2026. Payout ratio is a comfortable 71% and this is well supported by cash flows. Trailing yield: 1.0%. Lower than top quartile of Japanese dividend payers (3.6%). Lower than average of industry peers (2.3%). Reported Earnings • Feb 16
Third quarter 2026 earnings released: JP¥13.10 loss per share (vs JP¥3.71 profit in 3Q 2025) Third quarter 2026 results: JP¥13.10 loss per share (down from JP¥3.71 profit in 3Q 2025). Revenue: JP¥1.81b (down 6.4% from 3Q 2025). Net loss: JP¥39.0m (down 455% from profit in 3Q 2025). Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Buy Or Sell Opportunity • Feb 13
Now 26% undervalued Over the last 90 days, the stock has risen 36% to JP¥1,145. The fair value is estimated to be JP¥1,552, 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. Meanwhile, the company has become profitable. Buy Or Sell Opportunity • Jan 29
Now 22% undervalued Over the last 90 days, the stock has risen 46% to JP¥1,199. The fair value is estimated to be JP¥1,535, 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. Meanwhile, the company has become profitable. New Risk • Jan 20
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Japanese stocks, typically moving 6.1% 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: Major Risk Debt is not well covered by operating cash flow (13% operating cash flow to total debt). Minor Risks Share price has been volatile over the past 3 months (6.1% average weekly change). Market cap is less than US$100m (JP¥3.36b market cap, or US$21.3m). Valuation Update With 7 Day Price Move • Jan 19
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to JP¥980, the stock trades at a trailing P/E ratio of 31.7x. Average trailing P/E is 13x in the Chemicals industry in Japan. Total loss to shareholders of 31% over the past three years. Aankondiging • Dec 03
Titan Kogyo, Ltd. to Report Q3, 2026 Results on Feb 13, 2026 Titan Kogyo, Ltd. announced that they will report Q3, 2026 results on Feb 13, 2026 Declared Dividend • Nov 16
Dividend of JP¥10.00 announced Dividend of JP¥10.00 is the same as last year. Ex-date: 30th March 2026 Payment date: 29th June 2026 Dividend yield will be 1.2%, which is lower than the industry average of 2.2%. Sustainability & Growth Dividend is well covered by both earnings (22% earnings payout ratio) and cash flows (5% cash payout ratio). The dividend has decreased over the past 66 years, indicating a lack of growth and stability in payments. Earnings per share has grown by 24% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Aankondiging • Sep 03
Titan Kogyo, Ltd. to Report Q2, 2026 Results on Nov 14, 2025 Titan Kogyo, Ltd. announced that they will report Q2, 2026 results on Nov 14, 2025 Reported Earnings • Aug 10
First quarter 2026 earnings released: EPS: JP¥21.23 (vs JP¥43.47 in 1Q 2025) First quarter 2026 results: EPS: JP¥21.23 (down from JP¥43.47 in 1Q 2025). Revenue: JP¥2.12b (flat on 1Q 2025). Net income: JP¥63.0m (down 51% from 1Q 2025). Profit margin: 3.0% (down from 6.1% in 1Q 2025). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 41 percentage points per year, which is a significant difference in performance. Aankondiging • Jun 06
Titan Kogyo, Ltd. to Report Q1, 2026 Results on Aug 08, 2025 Titan Kogyo, Ltd. announced that they will report Q1, 2026 results on Aug 08, 2025 Reported Earnings • May 19
Full year 2025 earnings released: EPS: JP¥67.40 (vs JP¥566 loss in FY 2024) Full year 2025 results: EPS: JP¥67.40 (up from JP¥566 loss in FY 2024). Revenue: JP¥7.79b (down 2.0% from FY 2024). Net income: JP¥200.0m (up JP¥1.88b from FY 2024). Profit margin: 2.6% (up from net loss in FY 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 65 percentage points per year, which is a significant difference in performance. Aankondiging • May 14
Titan Kogyo, Ltd., Annual General Meeting, Jun 26, 2025 Titan Kogyo, Ltd., Annual General Meeting, Jun 26, 2025. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥10.00 per share Eligible shareholders must have bought the stock before 28 March 2025. Payment date: 27 June 2025. The company is not currently making a profit but it is cash flow positive. Trailing yield: 1.3%. Lower than top quartile of Japanese dividend payers (3.7%). Lower than average of industry peers (2.6%). Aankondiging • Mar 06
Titan Kogyo, Ltd. to Report Fiscal Year 2025 Results on May 14, 2025 Titan Kogyo, Ltd. announced that they will report fiscal year 2025 results on May 14, 2025 Reported Earnings • Feb 16
Third quarter 2025 earnings released: EPS: JP¥3.71 (vs JP¥63.69 loss in 3Q 2024) Third quarter 2025 results: EPS: JP¥3.71 (up from JP¥63.69 loss in 3Q 2024). Revenue: JP¥1.93b (up 2.0% from 3Q 2024). Net income: JP¥11.0m (up JP¥200.0m from 3Q 2024). Profit margin: 0.6% (up from net loss in 3Q 2024). 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. Aankondiging • Dec 04
Titan Kogyo, Ltd. to Report Q3, 2025 Results on Feb 14, 2025 Titan Kogyo, Ltd. announced that they will report Q3, 2025 results on Feb 14, 2025 Declared Dividend • Nov 16
Dividend of JP¥10.00 announced Dividend of JP¥10.00 is the same as last year. Ex-date: 28th March 2025 Payment date: 27th June 2025 Dividend yield will be 1.2%, which is lower 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 (5% cash payout ratio). The dividend has decreased over the past 56 years, indicating a lack of growth and stability in payments. Aankondiging • Sep 26
Titan Kogyo, Ltd. to Report Q2, 2025 Results on Nov 14, 2024 Titan Kogyo, Ltd. announced that they will report Q2, 2025 results on Nov 14, 2024 Reported Earnings • Aug 11
First quarter 2025 earnings released: EPS: JP¥43.47 (vs JP¥8.78 loss in 1Q 2024) First quarter 2025 results: EPS: JP¥43.47 (up from JP¥8.78 loss in 1Q 2024). Revenue: JP¥2.10b (up 8.9% from 1Q 2024). Net income: JP¥129.0m (up JP¥155.0m from 1Q 2024). Profit margin: 6.1% (up from net loss in 1Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 81 percentage points per year, which is a significant difference in performance. Aankondiging • Jun 08
Titan Kogyo, Ltd. to Report Q1, 2025 Results on Aug 09, 2024 Titan Kogyo, Ltd. announced that they will report Q1, 2025 results on Aug 09, 2024 Reported Earnings • May 21
Full year 2024 earnings released: JP¥566 loss per share (vs JP¥109 profit in FY 2023) Full year 2024 results: JP¥566 loss per share (down from JP¥109 profit in FY 2023). Revenue: JP¥7.95b (down 1.4% from FY 2023). Net loss: JP¥1.68b (down JP¥2.00b from profit in FY 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 48 percentage points per year, which is a significant difference in performance. Aankondiging • May 17
Titan Kogyo, Ltd., Annual General Meeting, Jun 26, 2024 Titan Kogyo, Ltd., Annual General Meeting, Jun 26, 2024. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥10.00 per share Eligible shareholders must have bought the stock before 28 March 2024. Payment date: 01 July 2024. The company is not currently making a profit but it is cash flow positive. Trailing yield: 0.9%. Lower than top quartile of Japanese dividend payers (3.2%). Lower than average of industry peers (2.1%). Aankondiging • Mar 02
Titan Kogyo, Ltd. to Report Fiscal Year 2024 Results on May 15, 2024 Titan Kogyo, Ltd. announced that they will report fiscal year 2024 results on May 15, 2024 Reported Earnings • Feb 17
Third quarter 2024 earnings released: JP¥63.69 loss per share (vs JP¥3.04 profit in 3Q 2023) Third quarter 2024 results: JP¥63.69 loss per share (down from JP¥3.04 profit in 3Q 2023). Revenue: JP¥1.89b (flat on 3Q 2023). Net loss: JP¥189.0m (down JP¥198.0m from profit in 3Q 2023). Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has fallen by 20% per year, which means it is significantly lagging earnings. Aankondiging • Dec 01
Titan Kogyo, Ltd. to Report Q3, 2024 Results on Feb 14, 2024 Titan Kogyo, Ltd. announced that they will report Q3, 2024 results on Feb 14, 2024 Reported Earnings • Nov 19
Second quarter 2024 earnings released: JP¥55.96 loss per share (vs JP¥7.77 profit in 2Q 2023) Second quarter 2024 results: JP¥55.96 loss per share (down from JP¥7.77 profit in 2Q 2023). Revenue: JP¥1.62b (down 2.5% from 2Q 2023). Net loss: JP¥166.0m (down JP¥189.0m from profit in 2Q 2023). Over the last 3 years on average, earnings per share has increased by 54% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Aankondiging • Aug 31
Titan Kogyo, Ltd. to Report Q2, 2024 Results on Nov 14, 2023 Titan Kogyo, Ltd. announced that they will report Q2, 2024 results on Nov 14, 2023 Aankondiging • Aug 18
Titan Kogyo, Ltd. Provides Consolidated Earnings Guidance for the Six Months and Full Year of Fiscal Year Ending March 31, 2024 Titan Kogyo, Ltd. provided consolidated earnings guidance for the six months and full year of fiscal year ending March 31, 2024. For the six months ending September 30, 2023, The company expects net sales to be JPY 4,300 million, Operating profit to be JPY 50 million, profit attributable to owners of parent to be JPY 10 million or JPY 3.38 per basic share.For the full year, The company expects net sales to be JPY 9,800 million, Operating profit to be JPY 300 million, profit attributable to owners of parent to be JPY 150 million or JPY 50.64 per basic share. New Risk • Aug 14
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 2.1% Last year net profit margin: 4.0% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (currently running at an operating cash loss). Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (2.1% net profit margin). Market cap is less than US$100m (JP¥4.13b market cap, or US$28.5m). Reported Earnings • Aug 14
First quarter 2024 earnings released: JP¥8.78 loss per share (vs JP¥45.94 profit in 1Q 2023) First quarter 2024 results: JP¥8.78 loss per share (down from JP¥45.94 profit in 1Q 2023). Revenue: JP¥1.93b (down 14% from 1Q 2023). Net loss: JP¥26.0m (down 119% from profit in 1Q 2023). Over the last 3 years on average, earnings per share has increased by 77% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Aankondiging • Jun 03
Titan Kogyo, Ltd. to Report Q1, 2024 Results on Aug 10, 2023 Titan Kogyo, Ltd. announced that they will report Q1, 2024 results on Aug 10, 2023 Reported Earnings • May 19
Full year 2023 earnings released: EPS: JP¥109 (vs JP¥88.02 in FY 2022) Full year 2023 results: EPS: JP¥109 (up from JP¥88.02 in FY 2022). Revenue: JP¥8.07b (down 1.0% from FY 2022). Net income: JP¥322.0m (up 22% from FY 2022). Profit margin: 4.0% (up from 3.3% in FY 2022). Over the last 3 years on average, earnings per share has increased by 43% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥20.00 per share at 1.4% yield Eligible shareholders must have bought the stock before 30 March 2023. Payment date: 30 June 2023. Payout ratio is a comfortable 22% but the company is not cash flow positive. Trailing yield: 1.4%. Lower than top quartile of Japanese dividend payers (3.6%). Lower than average of industry peers (2.8%). Reported Earnings • Feb 16
Third quarter 2023 earnings released: EPS: JP¥3.04 (vs JP¥23.88 in 3Q 2022) Third quarter 2023 results: EPS: JP¥3.04 (down from JP¥23.88 in 3Q 2022). Revenue: JP¥1.88b (down 7.8% from 3Q 2022). Net income: JP¥9.00m (down 88% from 3Q 2022). Profit margin: 0.5% (down from 3.5% in 3Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Aankondiging • Nov 30
Titan Kogyo, Ltd. to Report Q3, 2023 Results on Feb 14, 2023 Titan Kogyo, Ltd. announced that they will report Q3, 2023 results on Feb 14, 2023 Reported Earnings • Nov 16
Second quarter 2023 earnings released: EPS: JP¥7.77 (vs JP¥19.25 in 2Q 2022) Second quarter 2023 results: EPS: JP¥7.77 (down from JP¥19.25 in 2Q 2022). Revenue: JP¥1.66b (down 12% from 2Q 2022). Net income: JP¥23.0m (down 60% from 2Q 2022). Profit margin: 1.4% (down from 3.1% in 2Q 2022). The decrease in margin was driven by lower revenue. Board Change • Nov 16
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 12 experienced directors. No highly experienced directors. No independent directors (10 non-independent directors). President & Representative Director Yasuo Inoue was the last director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Aankondiging • Sep 02
Titan Kogyo, Ltd. to Report Q2, 2023 Results on Nov 14, 2022 Titan Kogyo, Ltd. announced that they will report Q2, 2023 results on Nov 14, 2022 Reported Earnings • Aug 12
First quarter 2023 earnings released: EPS: JP¥45.94 (vs JP¥19.92 in 1Q 2022) First quarter 2023 results: EPS: JP¥45.94 (up from JP¥19.92 in 1Q 2022). Revenue: JP¥2.24b (up 19% from 1Q 2022). Net income: JP¥136.0m (up 127% from 1Q 2022). Profit margin: 6.1% (up from 3.2% in 1Q 2022). The increase in margin was driven by higher revenue. Aankondiging • Jun 05
Titan Kogyo, Ltd. to Report Q1, 2023 Results on Aug 10, 2022 Titan Kogyo, Ltd. announced that they will report Q1, 2023 results on Aug 10, 2022 Reported Earnings • May 17
Full year 2022 earnings released: EPS: JP¥88.02 (vs JP¥59.14 loss in FY 2021) Full year 2022 results: EPS: JP¥88.02 (up from JP¥59.14 loss in FY 2021). Revenue: JP¥8.15b (up 30% from FY 2021). Net income: JP¥265.0m (up JP¥443.0m from FY 2021). Profit margin: 3.3% (up from net loss in FY 2021). The move to profitability was driven by higher revenue. Aankondiging • May 15
Titan Kogyo, Ltd., Annual General Meeting, Jun 29, 2022 Titan Kogyo, Ltd., Annual General Meeting, Jun 29, 2022. Board Change • Apr 27
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 12 experienced directors. No highly experienced directors. No independent directors (10 non-independent directors). President & Representative Director Yasuo Inoue was the last director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Aankondiging • Apr 08
Titan Kogyo, Ltd. to Report Fiscal Year 2022 Results on May 13, 2022 Titan Kogyo, Ltd. announced that they will report fiscal year 2022 results on May 13, 2022 Upcoming Dividend • Mar 23
Upcoming dividend of JP¥10.00 per share Eligible shareholders must have bought the stock before 30 March 2022. Payment date: 30 June 2022. Payout ratio is a comfortable 11% but the company is not cash flow positive. Trailing yield: 0.5%. Lower than top quartile of Japanese dividend payers (3.4%). Lower than average of industry peers (2.6%). Reported Earnings • Feb 16
Third quarter 2022 earnings: Revenues and EPS in line with analyst expectations Third quarter 2022 results: EPS: JP¥23.88 (up from JP¥41.84 loss in 3Q 2021). Revenue: JP¥2.03b (up 29% from 3Q 2021). Net income: JP¥72.0m (up JP¥198.0m from 3Q 2021). Profit margin: 3.5% (up from net loss in 3Q 2021). The move to profitability was driven by higher revenue. Revenue was in line with analyst estimates. Aankondiging • Feb 15
Titan Kogyo, Ltd. (TSE:4098) announces an Equity Buyback for 60,000 shares, representing 1.99% for ¥100 million. Titan Kogyo, Ltd. (TSE:4098) announces a share repurchase program. Under the program, the company will repurchase up to 60,000 shares, representing 1.99% of its issued share capital for a total of ¥100 million. The purpose of the program is to further return profits to shareholders and improve capital efficiency. The program will expire on April 28, 2022. As of December 31, 2021, the company had 3,015,192 shares outstanding and 12,434 shares held in treasury. Reported Earnings • Nov 15
Second quarter 2022 earnings released: EPS JP¥19.25 (vs JP¥60.48 loss in 2Q 2021) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2022 results: Revenue: JP¥1.87b (up 43% from 2Q 2021). Net income: JP¥58.0m (up JP¥240.0m from 2Q 2021). Profit margin: 3.1% (up from net loss in 2Q 2021). The move to profitability was driven by higher revenue. Reported Earnings • Aug 13
First quarter 2022 earnings released: EPS JP¥19.92 (vs JP¥43.56 in 1Q 2021) The company reported a poor first quarter result with weaker earnings, revenues and profit margins. First quarter 2022 results: Revenue: JP¥1.89b (down 14% from 1Q 2021). Net income: JP¥60.0m (down 54% from 1Q 2021). Profit margin: 3.2% (down from 6.0% in 1Q 2021). The decrease in margin was driven by lower revenue. Reported Earnings • May 17
Full year 2021 earnings released: JP¥59.14 loss per share (vs JP¥133 profit in FY 2020) The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2021 results: Revenue: JP¥6.28b (down 28% from FY 2020). Net loss: JP¥178.0m (down 144% from profit in FY 2020). Upcoming Dividend • Mar 23
Upcoming dividend of JP¥10.00 per share Eligible shareholders must have bought the stock before 30 March 2021. Payment date: 29 June 2021. Trailing yield: 1.5%. Lower than top quartile of Japanese dividend payers (2.7%). Lower than average of industry peers (1.8%). Aankondiging • Mar 04
Titan Kogyo, Ltd. to Report Fiscal Year 2021 Results on May 14, 2021 Titan Kogyo, Ltd. announced that they will report fiscal year 2021 results on May 14, 2021 Reported Earnings • Feb 14
Third quarter 2021 earnings released: JP¥41.84 loss per share (vs JP¥43.56 profit in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and control over costs. Third quarter 2021 results: Revenue: JP¥1.58b (down 28% from 3Q 2020). Net loss: JP¥126.0m (down 196% from profit in 3Q 2020). Is New 90 Day High Low • Feb 05
New 90-day high: JP¥2,514 The company is up 41% from its price of JP¥1,789 on 06 November 2020. The Japanese market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Chemicals industry, which is up 16% over the same period. Is New 90 Day High Low • Dec 02
New 90-day high: JP¥2,010 The company is up 17% from its price of JP¥1,721 on 03 September 2020. The Japanese market is up 9.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Chemicals industry, which is up 19% over the same period. Aankondiging • Sep 03
Titan Kogyo, Ltd. to Report Q2, 2021 Results on Nov 13, 2020 Titan Kogyo, Ltd. announced that they will report Q2, 2021 results on Nov 13, 2020 Aankondiging • Jun 17
Titan Kogyo, Ltd. to Report Q1, 2021 Results on Aug 11, 2020 Titan Kogyo, Ltd. announced that they will report Q1, 2021 results on Aug 11, 2020 
