Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to JP¥964, the stock trades at a trailing P/E ratio of 3.7x. Average trailing P/E is 12x in the Metals and Mining industry in Japan. Total loss to shareholders of 44% over the past three years. New Risk • Jul 18
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 34% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (3.1% operating cash flow to total debt). Shareholders have been substantially diluted in the past year (34% increase in shares outstanding). Minor Risks Share price has been volatile over the past 3 months (8.0% average weekly change). Market cap is less than US$100m (JP¥13.9b market cap, or US$85.5m). Board Change • Jun 10
High number of new directors There are 6 new directors who have joined the board in the last 3 years. Independent Outside Director Toru Indo was the last director to join the board, commencing their role in 2025. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Aankondiging • May 14
Toho Zinc Co., Ltd., Annual General Meeting, Jun 26, 2026 Toho Zinc Co., Ltd., Annual General Meeting, Jun 26, 2026. Aankondiging • May 09
Toho Zinc Co., Ltd. to Report Fiscal Year 2026 Results on May 14, 2026 Toho Zinc Co., Ltd. announced that they will report fiscal year 2026 results on May 14, 2026 Aankondiging • Mar 17
Toho Zinc Co., Ltd. announced that it has received ¥60.76 million in funding from Apricus Partners Llc On March 16, 2026. Toho Zinc Co., Ltd. announces that it has closed the transaction. Valuation Update With 7 Day Price Move • Mar 09
Investor sentiment deteriorates as stock falls 21% After last week's 21% share price decline to JP¥1,390, the stock trades at a forward P/E ratio of 59x. Average forward P/E is 14x in the Metals and Mining industry in Japan. Total loss to shareholders of 33% over the past three years. Aankondiging • Feb 28
Toho Zinc Co., Ltd. announced that it expects to receive ¥60.76 million in funding from Apricus Partners Llc Toho Zinc Co., Ltd. announced a private placement of 24,873 19th stock acquisition rights at ¥590 per stock acquisition right for gross proceeds of ¥14,675,070 on July 14, 2021. The transaction included participation from new investor Apricus Partners Llc. The potential shares from the issuance of stock acquisition rights will be 3,500,000 shares. The initial exercise price of stock acquisition rights ¥1,736 for a period from March 17, 2026 to March 17, 2028. The transaction will happen through third party allocation. The issue date for stock acquisition rights will be March 16, 2026. The transaction has been approved at board of directors’ meeting of the company. New Risk • Feb 16
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 19% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.1x net interest cover). Share price has been highly volatile over the past 3 months (18% average weekly change). Earnings are forecast to decline by an average of 19% per year for the foreseeable future. Minor Risk Large one-off items impacting financial results. Reported Earnings • Feb 16
Third quarter 2026 earnings released: EPS: JP¥104 (vs JP¥385 loss in 3Q 2025) Third quarter 2026 results: EPS: JP¥104 (up from JP¥385 loss in 3Q 2025). Revenue: JP¥36.3b (up 7.3% from 3Q 2025). Net income: JP¥3.09b (up JP¥8.31b from 3Q 2025). Profit margin: 8.5% (up from net loss in 3Q 2025). Revenue is forecast to grow 3.9% p.a. on average during the next 3 years, compared to a 3.2% growth forecast for the Metals and Mining industry in Japan. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Aankondiging • Feb 14
Toho Zinc Co., Ltd. Revises Consolidated Earnings Guidance for the Fiscal Year Ending March 31, 2026 Toho Zinc Co., Ltd. revised consolidated earnings guidance for the fiscal year ending March 31, 2026. for the year, the company expects net sales of JPY 123,000 million, Operating Profit of JPY 4,800 million, Profit attributable to owners of parent of JPY 2,700 million and basic earnings per share of JPY 91.42 against net sales of JPY 118,400 million, Operating Profit of JPY 2,600 million, Profit attributable to owners of parent of JPY 1,300 million and basic earnings per share of JPY 44.02 expected previously. Reason for revision Regarding net sales, the Smelting and Refining segment is expected to exceed the previous forecast due to higher- than-anticipated precious metal prices and a weaker yen. Operating profit, ordinary profit, and profit attributable to owners of parent are expected to exceed the previous forecast, mainly due to strong performance in the Metal Recycling segment. This is primarily attributable to significant earnings contributions from the recovery and recycling of lead and silver from anode plates, supported by higher precious metal prices. Aankondiging • Dec 27
Toho Zinc Co., Ltd. to Report Q3, 2026 Results on Feb 13, 2026 Toho Zinc Co., Ltd. announced that they will report Q3, 2026 results on Feb 13, 2026 New Risk • Dec 23
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Japanese stocks, typically moving 8.1% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-JP¥12b free cash flow). Share price has been highly volatile over the past 3 months (8.1% average weekly change). Minor Risk Market cap is less than US$100m (JP¥12.3b market cap, or US$79.0m). Reported Earnings • Nov 16
Second quarter 2026 earnings released: JP¥8.23 loss per share (vs JP¥117 profit in 2Q 2025) Second quarter 2026 results: JP¥8.23 loss per share (down from JP¥117 profit in 2Q 2025). Revenue: JP¥27.0b (down 5.8% from 2Q 2025). Net loss: JP¥243.0m (down 115% from profit in 2Q 2025). Revenue is forecast to grow 4.6% p.a. on average during the next 3 years, compared to a 2.8% growth forecast for the Metals and Mining industry in Japan. Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has fallen by 32% per year, which means it is performing significantly worse than earnings. Aankondiging • Sep 30
Toho Zinc Co., Ltd. to Report Q2, 2026 Results on Nov 13, 2025 Toho Zinc Co., Ltd. announced that they will report Q2, 2026 results on Nov 13, 2025 Reported Earnings • Aug 16
First quarter 2026 earnings released: JP¥37.62 loss per share (vs JP¥193 profit in 1Q 2025) First quarter 2026 results: JP¥37.62 loss per share (down from JP¥193 profit in 1Q 2025). Revenue: JP¥26.9b (down 23% from 1Q 2025). Net loss: JP¥1.11b (down 143% from profit in 1Q 2025). Revenue is forecast to grow 4.2% p.a. on average during the next 3 years, compared to a 2.8% growth forecast for the Metals and Mining industry in Japan. Over the last 3 years on average, earnings per share has fallen by 46% per year but the company’s share price has only fallen by 35% per year, which means it has not declined as severely as earnings. New Risk • Jul 24
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: JP¥10.1b (US$68.6m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (7.5% average weekly change). Minor Risk Market cap is less than US$100m (JP¥10.1b market cap, or US$68.6m). Aankondiging • Jun 27
Toho Zinc Co., Ltd. to Report Q1, 2026 Results on Aug 14, 2025 Toho Zinc Co., Ltd. announced that they will report Q1, 2026 results on Aug 14, 2025 Reported Earnings • May 20
Full year 2025 earnings released: JP¥101 loss per share (vs JP¥3,421 loss in FY 2024) Full year 2025 results: JP¥101 loss per share (improved from JP¥3,421 loss in FY 2024). Revenue: JP¥126.3b (down 3.5% from FY 2024). Net loss: JP¥1.46b (loss narrowed 97% from FY 2024). Revenue is forecast to grow 2.2% p.a. on average during the next 3 years, compared to a 1.3% growth forecast for the Metals and Mining industry in Japan. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 33 percentage points per year, which is a significant difference in performance. Aankondiging • May 15
Toho Zinc Co., Ltd., Annual General Meeting, Jun 27, 2025 Toho Zinc Co., Ltd., Annual General Meeting, Jun 27, 2025. New Risk • Apr 14
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 151% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Shareholders have been substantially diluted in the past year (151% increase in shares outstanding). Minor Risk Share price has been volatile over the past 3 months (8.9% average weekly change). Aankondiging • Apr 05
Toho Zinc Co., Ltd. to Report Fiscal Year 2025 Results on May 15, 2025 Toho Zinc Co., Ltd. announced that they will report fiscal year 2025 results on May 15, 2025 Buy Or Sell Opportunity • Mar 25
Now 20% undervalued Over the last 90 days, the stock has risen 22% to JP¥652. The fair value is estimated to be JP¥815, 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 became loss making. Revenue is forecast to grow by 3.7% in a year. Earnings are forecast to grow by 99% in the next year. Aankondiging • Mar 14
Toho Zinc Co., Ltd. announced that it has received ¥7.500000872 billion in funding from Advantage Partners, Inc., Tatsumi Shokai Co.,Ltd. On March 13, 2025. Toho Zinc Co., Ltd. has closed the transaction. Reported Earnings • Feb 16
Third quarter 2025 earnings released: JP¥385 loss per share (vs JP¥332 loss in 3Q 2024) Third quarter 2025 results: JP¥385 loss per share (further deteriorated from JP¥332 loss in 3Q 2024). Revenue: JP¥33.8b (down 4.5% from 3Q 2024). Net loss: JP¥5.23b (loss widened 16% from 3Q 2024). Revenue is forecast to stay flat during the next 3 years compared to a 1.4% growth forecast for the Metals and Mining industry in Japan. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 55 percentage points per year, which is a significant difference in performance. Aankondiging • Jan 03
Toho Zinc Co., Ltd. to Report Q3, 2025 Results on Feb 14, 2025 Toho Zinc Co., Ltd. announced that they will report Q3, 2025 results on Feb 14, 2025 Buy Or Sell Opportunity • Sep 11
Now 22% undervalued Over the last 90 days, the stock has risen 6.9% to JP¥837. The fair value is estimated to be JP¥1,074, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.5% over the last 3 years. Meanwhile, the company became loss making. Revenue is forecast to grow by 1.6% in a year. Earnings are forecast to grow by 98% in the next year. Aankondiging • Sep 04
Furukawa Co.,Ltd. (TSE:5715) agreed to acquire remaining 35% stake in Gunma Kankyo Recycle Center Co., Ltd from Toho Zinc Co., Ltd. (TSE:5707). Furukawa Co.,Ltd. (TSE:5715) agreed to acquire remaining 35% stake in Gunma Kankyo Recycle Center Co., Ltd from Toho Zinc Co., Ltd. (TSE:5707) on September 2, 2024. Upon completion, Furukawa Co.,Ltd. will own 100% stake in Gunma Kankyo Recycle Center Co., Ltd.
The expected completion of the transaction is October 1, 2024. Aankondiging • Aug 17
Toho Zinc Co., Ltd. to Report Q2, 2025 Results on Nov 11, 2024 Toho Zinc Co., Ltd. announced that they will report Q2, 2025 results on Nov 11, 2024 Reported Earnings • Aug 14
First quarter 2025 earnings released: EPS: JP¥193 (vs JP¥209 loss in 1Q 2024) First quarter 2025 results: EPS: JP¥193 (up from JP¥209 loss in 1Q 2024). Revenue: JP¥34.9b (up 12% from 1Q 2024). Net income: JP¥2.62b (up JP¥5.45b from 1Q 2024). Profit margin: 7.5% (up from net loss in 1Q 2024). Revenue is forecast to stay flat during the next 2 years compared to a 3.4% growth forecast for the Metals and Mining 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. New Risk • Aug 05
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Japanese stocks, typically moving 7.8% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (7.8% average weekly change). Minor Risk Market cap is less than US$100m (JP¥8.35b market cap, or US$58.6m). Board Change • Jul 17
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. 2 non-independent directors. Outside Independent Director Yukiko Nakagawa was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Aankondiging • Jun 28
Toho Zinc Co., Ltd. to Report Q1, 2025 Results on Aug 09, 2024 Toho Zinc Co., Ltd. announced that they will report Q1, 2025 results on Aug 09, 2024 New Risk • May 28
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Japanese stocks, typically moving 7.8% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (7.8% average weekly change). Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Minor Risk Market cap is less than US$100m (JP¥11.6b market cap, or US$74.3m). Reported Earnings • May 16
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: JP¥3,419 loss per share (down from JP¥58.48 profit in FY 2023). Revenue: JP¥130.8b (down 10% from FY 2023). Net loss: JP¥46.4b (down JP¥47.2b from profit in FY 2023). Revenue missed analyst estimates by 5.5%. Earnings per share (EPS) also missed analyst estimates by 37%. Revenue is forecast to stay flat during the next 3 years compared to a 3.4% growth forecast for the Metals and Mining industry in Japan. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 92 percentage points per year, which is a significant difference in performance. Aankondiging • May 15
Toho Zinc Co., Ltd., Annual General Meeting, Jun 27, 2024 Toho Zinc Co., Ltd., Annual General Meeting, Jun 27, 2024. New Risk • Apr 11
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 5.9% 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 Paying a dividend despite being loss-making. Share price has been volatile over the past 3 months (5.9% average weekly change). Market cap is less than US$100m (JP¥13.9b market cap, or US$90.9m). Major Estimate Revision • Apr 11
Consensus EPS estimates fall from profit to JP¥2,497 loss, revenue upgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast increased from JP¥133.4b to JP¥138.4b. Now expected to report loss of -JP¥2,497 instead of JP¥52.00 per share profit. Metals and Mining industry in Japan expected to see average net income growth of 15% next year. Consensus price target down from JP¥1,700 to JP¥900. Share price fell 10% to JP¥1,025 over the past week. Buy Or Sell Opportunity • Apr 10
Now 21% overvalued Over the last 90 days, the stock has fallen 6.5% to JP¥1,090. The fair value is estimated to be JP¥898, 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. Meanwhile, the company became loss making. Revenue is forecast to grow by 2.0% in 2 years. Earnings are forecast to grow by 99% in the next 2 years. Aankondiging • Mar 08
Toho Zinc Co., Ltd. to Report Fiscal Year 2024 Results on May 13, 2024 Toho Zinc Co., Ltd. announced that they will report fiscal year 2024 results on May 13, 2024 Reported Earnings • Feb 16
Third quarter 2024 earnings released: JP¥332 loss per share (vs JP¥78.88 profit in 3Q 2023) Third quarter 2024 results: JP¥332 loss per share (down from JP¥78.88 profit in 3Q 2023). Revenue: JP¥35.4b (down 2.8% from 3Q 2023). Net loss: JP¥4.51b (down JP¥5.59b from profit in 3Q 2023). Revenue is forecast to grow 1.0% p.a. on average during the next 3 years, compared to a 2.9% growth forecast for the Metals and Mining industry in Japan. 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. New Risk • Feb 09
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: JP¥14.8b (US$98.9m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (8.6% average weekly change). Minor Risks Paying a dividend despite being loss-making. Market cap is less than US$100m (JP¥14.8b market cap, or US$98.9m). Aankondiging • Nov 27
Toho Zinc Co., Ltd. to Report Q3, 2024 Results on Feb 14, 2024 Toho Zinc Co., Ltd. announced that they will report Q3, 2024 results on Feb 14, 2024 New Risk • Nov 13
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Japanese stocks, typically moving 7.9% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (7.9% average weekly change). Minor Risk Paying a dividend despite being loss-making. Reported Earnings • Nov 11
Second quarter 2024 earnings released: JP¥1,685 loss per share (vs JP¥37.41 profit in 2Q 2023) Second quarter 2024 results: JP¥1,685 loss per share (down from JP¥37.41 profit in 2Q 2023). Revenue: JP¥30.6b (down 24% from 2Q 2023). Net loss: JP¥22.9b (down JP¥23.4b from profit in 2Q 2023). Revenue is forecast to stay flat during the next 3 years compared to a 1.3% growth forecast for the Metals and Mining industry in Japan. Over the last 3 years on average, earnings per share has fallen by 36% 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. Aankondiging • Aug 27
Toho Zinc Co., Ltd. to Report Q2, 2024 Results on Nov 10, 2023 Toho Zinc Co., Ltd. announced that they will report Q2, 2024 results on Nov 10, 2023 Reported Earnings • Aug 12
First quarter 2024 earnings released: JP¥209 loss per share (vs JP¥193 profit in 1Q 2023) First quarter 2024 results: JP¥209 loss per share (down from JP¥193 profit in 1Q 2023). Revenue: JP¥31.3b (down 6.0% from 1Q 2023). Net loss: JP¥2.84b (down 208% from profit in 1Q 2023). Revenue is forecast to stay flat during the next 3 years, in line with the revenue forecast for the Metals and Mining industry in Japan. Over the last 3 years on average, earnings per share has increased by 49% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Aankondiging • Jul 06
Toho Zinc Co., Ltd. (TSE:5707) announces an Equity Buyback for 8,500 shares, representing 0.06% for ¥20 million. Toho Zinc Co., Ltd. (TSE:5707) announces a share repurchase program. Under the program, the company will repurchase up to 8,500 shares, representing 0.06% of its total shares outstanding (excluding treasury shares), for a total of ¥20 million. The purpose of repurchase program is to allocate the treasury stock to be delivered as restricted stock remuneration to the directors and (excluding directors who are audit and supervisory committee members and outside directors) and executive officers of the company. The repurchase program is valid till July 14, 2023. As of March 31, 2023, the company had 13,577,901 shares outstanding (excluding treasury shares) and had 7,620 shares in treasury. Major Estimate Revision • Jun 01
Consensus EPS estimates fall by 72%, revenue upgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast increased from JP¥129.8b to JP¥133.4b. EPS estimate fell from JP¥184 to JP¥51.55 per share. Net income forecast to shrink 12% next year vs 7.7% decline forecast for Metals and Mining industry in Japan. Consensus price target down from JP¥2,600 to JP¥1,700. Share price fell 3.2% to JP¥1,657 over the past week. Aankondiging • May 28
Toho Zinc Co., Ltd. to Report Q1, 2024 Results on Aug 10, 2023 Toho Zinc Co., Ltd. announced that they will report Q1, 2024 results on Aug 10, 2023 Reported Earnings • May 16
Full year 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2023 results: EPS: JP¥58.48 (down from JP¥583 in FY 2022). Revenue: JP¥145.8b (up 17% from FY 2022). Net income: JP¥794.0m (down 90% from FY 2022). Profit margin: 0.5% (down from 6.4% in FY 2022). Revenue exceeded analyst estimates by 6.2%. Earnings per share (EPS) missed analyst estimates by 69%. Revenue is forecast to decline by 1.8% p.a. on average during the next 3 years, while revenues in the Metals and Mining industry in Japan are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 87% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Aankondiging • May 14
Toho Zinc Co., Ltd., Annual General Meeting, Jun 29, 2023 Toho Zinc Co., Ltd., Annual General Meeting, Jun 29, 2023. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥75.00 per share at 3.7% yield Eligible shareholders must have bought the stock before 30 March 2023. Payment date: 30 June 2023. Payout ratio is a comfortable 20% but the company is not cash flow positive. Trailing yield: 3.7%. Within top quartile of Japanese dividend payers (3.6%). Lower than average of industry peers (4.6%). Major Estimate Revision • Mar 07
Consensus EPS estimates fall by 57% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from JP¥138.8b to JP¥137.2b. EPS estimate also fell from JP¥449 per share to JP¥191 per share. Net income forecast to shrink 51% next year vs 7.7% decline forecast for Metals and Mining industry in Japan. Consensus price target of JP¥2,600 unchanged from last update. Share price rose 6.0% to JP¥2,262 over the past week. Reported Earnings • Feb 14
Third quarter 2023 earnings released: EPS: JP¥78.88 (vs JP¥229 in 3Q 2022) Third quarter 2023 results: EPS: JP¥78.88 (down from JP¥229 in 3Q 2022). Revenue: JP¥36.4b (up 6.2% from 3Q 2022). Net income: JP¥1.07b (down 66% from 3Q 2022). Profit margin: 2.9% (down from 9.1% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to decline by 1.6% p.a. on average during the next 3 years, while revenues in the Metals and Mining industry in Japan are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 97% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Aankondiging • Dec 28
Toho Zinc Co., Ltd. to Report Q3, 2023 Results on Feb 13, 2023 Toho Zinc Co., Ltd. announced that they will report Q3, 2023 results on Feb 13, 2023 Reported Earnings • Nov 16
Second quarter 2023 earnings released: EPS: JP¥37.41 (vs JP¥63.56 in 2Q 2022) Second quarter 2023 results: EPS: JP¥37.41 (down from JP¥63.56 in 2Q 2022). Revenue: JP¥40.4b (up 38% from 2Q 2022). Net income: JP¥508.0m (down 41% from 2Q 2022). Profit margin: 1.3% (down from 2.9% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue is expected to decline by 1.4% p.a. on average during the next 3 years, while revenues in the Metals and Mining industry in Japan are expected to grow by 1.1%. Over the last 3 years on average, earnings per share has increased by 98% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 13
Second quarter 2023 earnings released: EPS: JP¥37.41 (vs JP¥63.56 in 2Q 2022) Second quarter 2023 results: EPS: JP¥37.41 (down from JP¥63.56 in 2Q 2022). Revenue: JP¥40.4b (up 38% from 2Q 2022). Net income: JP¥508.0m (down 41% from 2Q 2022). Profit margin: 1.3% (down from 2.9% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to decline by 1.4% p.a. on average during the next 3 years, while revenues in the Metals and Mining industry in Japan are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 98% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • Sep 03
Consensus EPS estimates increase by 20% The consensus outlook for earnings per share (EPS) in 2023 has improved. 2023 revenue forecast increased from JP¥136.7b to JP¥138.8b. EPS estimate increased from JP¥376 to JP¥449 per share. Net income forecast to shrink 21% next year vs 13% decline forecast for Metals and Mining industry in Japan. Consensus price target up from JP¥2,400 to JP¥2,600. Share price fell 2.4% to JP¥2,407 over the past week. Price Target Changed • Sep 02
Price target increased to JP¥2,600 Up from JP¥2,300, the current price target is provided by 1 analyst. New target price is 8.0% above last closing price of JP¥2,407. Stock is up 15% over the past year. The company is forecast to post earnings per share of JP¥449 for next year compared to JP¥583 last year. Reported Earnings • Aug 11
First quarter 2023 earnings released: EPS: JP¥193 (vs JP¥217 in 1Q 2022) First quarter 2023 results: EPS: JP¥193 (down from JP¥217 in 1Q 2022). Revenue: JP¥33.3b (up 17% from 1Q 2022). Net income: JP¥2.62b (down 11% from 1Q 2022). Profit margin: 7.9% (down from 10% in 1Q 2022). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 5.4%, compared to a 2,014% growth forecast for the industry in Japan. Over the last 3 years on average, earnings per share has increased by 92% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • Jun 08
Consensus revenue estimates increase by 10% The consensus outlook for revenues in 2023 has improved. 2023 revenue forecast increased from JP¥124.2b to JP¥136.7b. EPS estimate increased from JP¥368 to JP¥376 per share. Net income forecast to shrink 36% next year vs 22% decline forecast for Metals and Mining industry in Japan. Consensus price target of JP¥2,400 unchanged from last update. Share price rose 2.0% to JP¥2,450 over the past week. Reported Earnings • May 17
Full year 2022 earnings: EPS exceeds analyst expectations Full year 2022 results: EPS: JP¥583 (up from JP¥406 in FY 2021). Revenue: JP¥124.3b (up 20% from FY 2021). Net income: JP¥7.92b (up 44% from FY 2021). Profit margin: 6.4% (up from 5.3% in FY 2021). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 15%. Over the next year, revenue is forecast to stay flat compared to a 4.2% growth forecast for the mining industry in Japan. Over the last 3 years on average, earnings per share has increased by 80% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥75.00 per share Eligible shareholders must have bought the stock before 30 March 2022. Payment date: 30 June 2022. Payout ratio is a comfortable 6.0% but the company is not cash flow positive. Trailing yield: 2.5%. Lower than top quartile of Japanese dividend payers (3.4%). Lower than average of industry peers (4.7%). Valuation Update With 7 Day Price Move • Mar 09
Investor sentiment deteriorated over the past week After last week's 20% share price decline to JP¥2,567, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 7x in the Metals and Mining industry in Japan. Total loss to shareholders of 21% over the past three years. Reported Earnings • Feb 12
Third quarter 2022 earnings: EPS and revenues exceed analyst expectations Third quarter 2022 results: EPS: JP¥229 (up from JP¥114 loss in 3Q 2021). Revenue: JP¥34.3b (up 20% from 3Q 2021). Net income: JP¥3.11b (up JP¥4.66b from 3Q 2021). Profit margin: 9.1% (up from net loss in 3Q 2021). Revenue exceeded analyst estimates by 7.3%. Earnings per share (EPS) also surpassed analyst estimates by 53%. Over the next year, revenue is forecast to grow 2.1%, compared to a 3.0% growth forecast for the industry in Japan. Over the last 3 years on average, earnings per share has increased by 62% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 10
Second quarter 2022 earnings released: EPS JP¥63.56 (vs JP¥136 in 2Q 2021) The company reported a soft second quarter result with weaker earnings and profit margins, although revenues improved. Second quarter 2022 results: Revenue: JP¥29.3b (up 26% from 2Q 2021). Net income: JP¥863.0m (down 53% from 2Q 2021). Profit margin: 2.9% (down from 7.9% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Oct 15
Investor sentiment improved over the past week After last week's 16% share price gain to JP¥3,020, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 7x in the Metals and Mining industry in Japan. Total loss to shareholders of 27% over the past three years. Valuation Update With 7 Day Price Move • Sep 07
Investor sentiment improved over the past week After last week's 21% share price gain to JP¥2,450, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 8x in the Metals and Mining industry in Japan. Total loss to shareholders of 32% over the past three years. Price Target Changed • Sep 04
Price target increased to JP¥2,300 Up from JP¥2,000, the current price target is provided by 1 analyst. New target price is 9.9% above last closing price of JP¥2,092. Stock is up 8.7% over the past year. Reported Earnings • Aug 13
First quarter 2022 earnings released: EPS JP¥217 (vs JP¥62.97 in 1Q 2021) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2022 results: Revenue: JP¥28.6b (up 30% from 1Q 2021). Net income: JP¥2.95b (up 245% from 1Q 2021). Profit margin: 10% (up from 3.9% in 1Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 22% per year whereas the company’s share price has fallen by 17% per year. Price Target Changed • Jul 02
Price target decreased to JP¥2,000 Down from JP¥2,250, the current price target is provided by 1 analyst. New target price is 7.0% above last closing price of JP¥1,869. Stock is up 27% over the past year. Major Estimate Revision • Jun 12
Consensus revenue estimates increase to JP¥118.4b The consensus outlook for revenues in 2022 has improved. 2022 revenue forecast increased from JP¥100.6b to JP¥118.4b. EPS estimate increased from JP¥58.90 to JP¥221 per share. Net income forecast to shrink 46% next year vs 49% growth forecast for Metals and Mining industry in Japan . Consensus price target of JP¥2,320 unchanged from last update. Share price was steady at JP¥1,978 over the past week. Reported Earnings • May 15
Full year 2021 earnings released: EPS JP¥406 (vs JP¥1,352 loss in FY 2020) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2021 results: Revenue: JP¥103.5b (up 6.2% from FY 2020). Net income: JP¥5.51b (up JP¥23.9b from FY 2020). Profit margin: 5.3% (up from net loss in FY 2020). 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. Reported Earnings • Feb 14
Third quarter 2021 earnings released: JP¥114 loss per share (vs JP¥315 loss in 3Q 2020) The company reported a solid third quarter result with reduced losses, improved revenues and improved control over expenses. Third quarter 2021 results: Revenue: JP¥28.6b (up 12% from 3Q 2020). Net loss: JP¥1.55b (loss narrowed 64% from 3Q 2020). 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. Price Target Changed • Dec 13
Price target raised to JP¥2,250 Up from JP¥1,900, the current price target is provided by 1 analyst. The new target price is 6.6% below the current share price of JP¥2,410. As of last close, the stock is up 8.8% over the past year. Is New 90 Day High Low • Dec 10
New 90-day high: JP¥2,407 The company is up 20% from its price of JP¥2,012 on 11 September 2020. The Japanese market is up 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is up 10.0% over the same period. Price Target Changed • Dec 01
Price target lowered to JP¥1,900 Down from JP¥2,180, the current price target is provided by 1 analyst. The new target price is 8.7% below the current share price of JP¥2,080. As of last close, the stock is down 1.7% over the past year.