Aankondiging • Jun 17
Scroll Corporation to Report Q1, 2027 Results on Jul 31, 2026 Scroll Corporation announced that they will report Q1, 2027 results on Jul 31, 2026 Valuation Update With 7 Day Price Move • May 14
Investor sentiment improves as stock rises 25% After last week's 25% share price gain to JP¥1,624, the stock trades at a trailing P/E ratio of 19.8x. Average trailing P/E is 14x in the Specialty Retail industry in Japan. Total returns to shareholders of 109% over the past three years. New Risk • May 08
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 7.3% 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 Earnings have declined by 12% per year over the past 5 years. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (7.3% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (3.1% net profit margin). Reported Earnings • May 08
Full year 2026 earnings released: EPS: JP¥80.68 (vs JP¥124 in FY 2025) Full year 2026 results: EPS: JP¥80.68 (down from JP¥124 in FY 2025). Revenue: JP¥88.5b (up 5.4% from FY 2025). Net income: JP¥2.77b (down 35% from FY 2025). Profit margin: 3.1% (down from 5.1% in FY 2025). Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has increased by 21% per year, which means it is well ahead of earnings. Aankondiging • May 08
Scroll Corporation to Report Fiscal Year 2026 Results on May 07, 2026 Scroll Corporation announced that they will report fiscal year 2026 results on May 07, 2026 Upcoming Dividend • Mar 23
Upcoming dividend of JP¥29.50 per share Eligible shareholders must have bought the stock before 30 March 2026. Payment date: 02 June 2026. Payout ratio is on the higher end at 78%, however this is supported by cash flows. Trailing yield: 4.6%. Within top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (1.4%). New Risk • Jan 31
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 28% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 9.4% per year over the past 5 years. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (2.9% net profit margin). Aankondiging • Dec 13
Scroll Corporation to Report Q3, 2026 Results on Jan 30, 2026 Scroll Corporation announced that they will report Q3, 2026 results on Jan 30, 2026 Declared Dividend • Nov 29
First half dividend of JP¥29.50 announced Shareholders will receive a dividend of JP¥29.50. Ex-date: 30th March 2026 Payment date: 2nd June 2026 Dividend yield will be 4.7%, which is higher than the industry average of 1.4%. Sustainability & Growth Dividend is covered by both earnings (65% earnings payout ratio) and cash flows (28% cash payout ratio). The dividend has increased by an average of 19% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to decline by 28% to shift the payout ratio to a potentially unsustainable range, which is more than the 1.3% EPS decline seen over the last 5 years. Reported Earnings • Nov 01
Second quarter 2026 earnings released: EPS: JP¥8.84 (vs JP¥34.77 in 2Q 2025) Second quarter 2026 results: EPS: JP¥8.84 (down from JP¥34.77 in 2Q 2025). Revenue: JP¥20.9b (up 5.0% from 2Q 2025). Net income: JP¥306.0m (down 74% from 2Q 2025). Profit margin: 1.5% (down from 6.0% in 2Q 2025). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has increased by 16% per year, which means it is well ahead of earnings. Aankondiging • Oct 31
Scroll Corporation (TSE:8005) announces an Equity Buyback for 1,050,000 shares, representing 3.03% for ¥1,000 million. Scroll Corporation (TSE:8005) announces a share repurchase program. Under the program, the company will repurchase up to 1,050,000 shares, representing 3.03% of its issued share capital (excluding treasury stock), for ¥1,000 million. The purpose of the program is to improve capital efficiency and enhance shareholder returns. The repurchased shares will be cancelled. The program will be valid till March 31, 2026. As of September 30, 2025, the company has 34,624,501 issued shares (excluding treasury stock) and 4,699 treasury shares. Aankondiging • Sep 14
Scroll Corporation to Report Q2, 2026 Results on Oct 31, 2025 Scroll Corporation announced that they will report Q2, 2026 results on Oct 31, 2025 Reported Earnings • Aug 02
First quarter 2026 earnings released: EPS: JP¥35.77 (vs JP¥45.78 in 1Q 2025) First quarter 2026 results: EPS: JP¥35.77 (down from JP¥45.78 in 1Q 2025). Revenue: JP¥21.7b (up 3.2% from 1Q 2025). Net income: JP¥1.23b (down 22% from 1Q 2025). Profit margin: 5.7% (down from 7.5% in 1Q 2025). The decrease in margin was driven by higher expenses. 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 10% per year, which means it is well ahead of earnings. Declared Dividend • Jul 09
Final dividend of JP¥29.50 announced Shareholders will receive a dividend of JP¥29.50. Ex-date: 29th September 2025 Payment date: 1st December 2025 Dividend yield will be 5.4%, which is higher than the industry average of 1.4%. Sustainability & Growth Dividend is well covered by both earnings (41% earnings payout ratio) and cash flows (35% cash payout ratio). The dividend has increased by an average of 19% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 43% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Aankondiging • Jun 14
Scroll Corporation to Report Q1, 2026 Results on Jul 31, 2025 Scroll Corporation announced that they will report Q1, 2026 results on Jul 31, 2025 Board Change • Jun 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 3 experienced directors. 6 highly experienced directors. Independent Outside Director Baba Chiseko was the last director to join the board, commencing their role in 2024. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • May 08
Full year 2025 earnings released: EPS: JP¥124 (vs JP¥105 in FY 2024) Full year 2025 results: EPS: JP¥124 (up from JP¥105 in FY 2024). Revenue: JP¥84.0b (up 5.3% from FY 2024). Net income: JP¥4.27b (up 17% from FY 2024). Profit margin: 5.1% (up from 4.6% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Aankondiging • May 07
Scroll Corporation, Annual General Meeting, May 30, 2025 Scroll Corporation, Annual General Meeting, May 30, 2025. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥27.50 per share Eligible shareholders must have bought the stock before 28 March 2025. Payment date: 03 June 2025. Payout ratio is a comfortable 35% and this is well supported by cash flows. Trailing yield: 5.0%. Within top quartile of Japanese dividend payers (3.7%). Higher than average of industry peers (1.5%). Aankondiging • Mar 15
Scroll Corporation to Report Fiscal Year 2025 Results on May 07, 2025 Scroll Corporation announced that they will report fiscal year 2025 results on May 07, 2025 Aankondiging • Feb 05
Scroll Corporation Revises Consolidated Earnings Guidance for Year Ending March 31, 2025 Scroll Corporation revised consolidated earnings guidance for the fiscal year ending March 31, 2025. For the year, the company expects revised net sales of JPY 84,000 million, operating profit of JPY 6,200 million, profit attributable to owners of parent of JPY 4,400 million and earnings per share of JPY 128.01 compared to previously expected net sales of JPY 80,000 million, operating profit of JPY 6,000 million, profit attributable to owners of parent of JPY 4,200 million and earnings per share of JPY 122.63. Reason for revision: Regarding the consolidated financial results forecasts for the fiscal year ending March 31, 2025, The company expects that operating income, ordinary income, and net income attributable to owners of the parent will all exceed the previous forecast due to sales exceeding expectations and efforts to control sales promotion expenses such as improving the efficiency of catalog distribution. Aankondiging • Feb 04
Scroll Corporation Revises Dividend Guidance for the Fiscal Year Ending March 31, 2025 Scroll Corporation revised dividend guidance for the fiscal year ending March 31, 2025. For the year, the company expects revised dividend of JPY 27.50 per share compared to previous guidance of JPY 24.00 per share. Reason for revision: The company regards the return of profits to shareholders as its most important management policy, and its basic target is to achieve a consolidated dividend payout ratio of around 40%, with a minimum dividend on equity (DOE) ratio of 4%. Reported Earnings • Feb 01
Third quarter 2025 earnings released: EPS: JP¥32.57 (vs JP¥32.09 in 3Q 2024) Third quarter 2025 results: EPS: JP¥32.57 (up from JP¥32.09 in 3Q 2024). Revenue: JP¥21.9b (up 5.5% from 3Q 2024). Net income: JP¥1.12b (flat on 3Q 2024). Profit margin: 5.1% (down from 5.4% in 3Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Aankondiging • Dec 14
Scroll Corporation to Report Q3, 2025 Results on Jan 31, 2025 Scroll Corporation announced that they will report Q3, 2025 results on Jan 31, 2025 Declared Dividend • Nov 30
First half dividend of JP¥24.00 announced Shareholders will receive a dividend of JP¥24.00. Ex-date: 28th March 2025 Payment date: 3rd June 2025 Dividend yield will be 4.7%, which is higher than the industry average of 1.4%. Sustainability & Growth Dividend is well covered by both earnings (36% earnings payout ratio) and cash flows (30% cash payout ratio). The dividend has increased by an average of 17% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 85% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Nov 02
Second quarter 2025 earnings released: EPS: JP¥34.77 (vs JP¥25.29 in 2Q 2024) Second quarter 2025 results: EPS: JP¥34.77 (up from JP¥25.29 in 2Q 2024). Revenue: JP¥19.9b (up 3.4% from 2Q 2024). Net income: JP¥1.20b (up 35% from 2Q 2024). Profit margin: 6.0% (up from 4.6% in 2Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Upcoming Dividend • Sep 20
Upcoming dividend of JP¥24.00 per share Eligible shareholders must have bought the stock before 27 September 2024. Payment date: 02 December 2024. Payout ratio is a comfortable 39% and this is well supported by cash flows. Trailing yield: 5.0%. Within top quartile of Japanese dividend payers (3.8%). Higher than average of industry peers (1.4%). Aankondiging • Sep 14
Scroll Corporation to Report Q2, 2025 Results on Oct 31, 2024 Scroll Corporation announced that they will report Q2, 2025 results on Oct 31, 2024 Reported Earnings • Aug 02
First quarter 2025 earnings released: EPS: JP¥45.78 (vs JP¥41.83 in 1Q 2024) First quarter 2025 results: EPS: JP¥45.78 (up from JP¥41.83 in 1Q 2024). Revenue: JP¥21.0b (up 1.2% from 1Q 2024). Net income: JP¥1.57b (up 7.2% from 1Q 2024). Profit margin: 7.5% (up from 7.0% in 1Q 2024). 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 4% per year, which means it is well ahead of earnings. Declared Dividend • Jul 11
Final dividend of JP¥24.00 announced Shareholders will receive a dividend of JP¥24.00. Ex-date: 27th September 2024 Payment date: 2nd December 2024 Dividend yield will be 4.0%, which is higher than the industry average of 1.4%. Sustainability & Growth Dividend is covered by both earnings (40% earnings payout ratio) and cash flows (55% cash payout ratio). The dividend has increased by an average of 17% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 42% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Buy Or Sell Opportunity • Jul 08
Now 21% undervalued Over the last 90 days, the stock has risen 9.2% to JP¥1,034. The fair value is estimated to be JP¥1,313, 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 12%. Aankondiging • Jun 17
Scroll Corporation to Report Q1, 2025 Results on Jul 31, 2024 Scroll Corporation announced that they will report Q1, 2025 results on Jul 31, 2024 Buy Or Sell Opportunity • May 28
Now 20% undervalued Over the last 90 days, the stock has risen 12% to JP¥1,044. The fair value is estimated to be JP¥1,313, 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 12%. Aankondiging • May 12
Scroll Corporation Provides Dividend Guidance for the Second Quarter-End of Fiscal Year Ending March 31, 2025 Scroll Corporation provided dividend guidance for the second quarter-end of fiscal year ending March 31, 2025. For the period, Company expects dividend of JPY 24.00 per share against JPY 24.00 per share paid a year ago. Reported Earnings • May 09
Full year 2024 earnings released: EPS: JP¥105 (vs JP¥119 in FY 2023) Full year 2024 results: EPS: JP¥105 (down from JP¥119 in FY 2023). Revenue: JP¥79.8b (down 1.5% from FY 2023). Net income: JP¥3.65b (down 13% from FY 2023). Profit margin: 4.6% (down from 5.1% in FY 2023). Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥18.00 per share Eligible shareholders must have bought the stock before 28 March 2024. Payment date: 03 June 2024. Payout ratio is a comfortable 62% and this is well supported by cash flows. Trailing yield: 4.3%. Within top quartile of Japanese dividend payers (3.2%). Higher than average of industry peers (1.3%). Aankondiging • Mar 16
Scroll Corporation to Report Fiscal Year 2024 Results on May 08, 2024 Scroll Corporation announced that they will report fiscal year 2024 results on May 08, 2024 Reported Earnings • Feb 02
Third quarter 2024 earnings released: EPS: JP¥32.09 (vs JP¥35.03 in 3Q 2023) Third quarter 2024 results: EPS: JP¥32.09 (down from JP¥35.03 in 3Q 2023). Revenue: JP¥20.8b (flat on 3Q 2023). Net income: JP¥1.11b (down 9.1% from 3Q 2023). Profit margin: 5.4% (down from 5.9% in 3Q 2023). Over the last 3 years on average, earnings per share has fallen by 7% per year and the company’s share price has also fallen by 7% per year. Buy Or Sell Opportunity • Feb 01
Now 23% undervalued Over the last 90 days, the stock has risen 5.7% to JP¥976. The fair value is estimated to be JP¥1,259, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Buying Opportunity • Jan 12
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 4.4%. The fair value is estimated to be JP¥1,255, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Aankondiging • Dec 16
Scroll Corporation to Report Q3, 2024 Results on Jan 31, 2024 Scroll Corporation announced that they will report Q3, 2024 results on Jan 31, 2024 Valuation Update With 7 Day Price Move • Nov 03
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to JP¥923, the stock trades at a trailing P/E ratio of 7.7x. Average trailing P/E is 13x in the Specialty Retail industry in Japan. Total returns to shareholders of 54% over the past three years. New Risk • Oct 30
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: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (6.1% average weekly change). Reported Earnings • Oct 29
Second quarter 2024 earnings released: EPS: JP¥25.29 (vs JP¥28.90 in 2Q 2023) Second quarter 2024 results: EPS: JP¥25.29 (down from JP¥28.90 in 2Q 2023). Revenue: JP¥19.2b (down 4.8% from 2Q 2023). Net income: JP¥883.0m (down 13% from 2Q 2023). Profit margin: 4.6% (down from 5.0% in 2Q 2023). The decrease in margin was driven by lower revenue. 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 11% per year, which means it is well ahead of earnings. Upcoming Dividend • Sep 21
Upcoming dividend of JP¥24.00 per share at 4.7% yield Eligible shareholders must have bought the stock before 28 September 2023. Payment date: 30 November 2023. Payout ratio is a comfortable 39% and this is well supported by cash flows. Trailing yield: 4.7%. Within top quartile of Japanese dividend payers (3.3%). Higher than average of industry peers (1.4%). Aankondiging • Sep 16
Scroll Corporation to Report Q2, 2024 Results on Oct 27, 2023 Scroll Corporation announced that they will report Q2, 2024 results on Oct 27, 2023 Aankondiging • Aug 22
Scroll Corporation (TSE:8005) announces an Equity Buyback for 410,000 shares, representing 1.17% for ¥396.88 million. Scroll Corporation (TSE:8005) announces a share repurchase program. Under the program, the company will repurchase up to 410,000 shares, representing 1.17% of its issued share capital (excluding treasury stock), for a total purchase price of ¥396.88 million. The shares will be repurchased at a price of ¥968 per share. The purpose of the program is to carried out a flexible capital policy and financial strategy that responds to changes in the business environment. As of August 21, 2023, the company has 35,087,319 issued shares (excluding treasury stock) and 11,231 treasury shares. Reported Earnings • Jul 29
First quarter 2024 earnings released: EPS: JP¥41.83 (vs JP¥37.98 in 1Q 2023) First quarter 2024 results: EPS: JP¥41.83 (up from JP¥37.98 in 1Q 2023). Revenue: JP¥20.8b (flat on 1Q 2023). Net income: JP¥1.46b (up 11% from 1Q 2023). Profit margin: 7.0% (up from 6.4% in 1Q 2023). Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has increased by 20% per year, which means it is tracking significantly ahead of earnings growth. Aankondiging • Jun 16
Scroll Corporation to Report Q1, 2024 Results on Jul 28, 2023 Scroll Corporation announced that they will report Q1, 2024 results on Jul 28, 2023 Reported Earnings • May 10
Full year 2023 earnings released: EPS: JP¥119 (vs JP¥160 in FY 2022) Full year 2023 results: EPS: JP¥119 (down from JP¥160 in FY 2022). Revenue: JP¥81.0b (flat on FY 2022). Net income: JP¥4.17b (down 25% from FY 2022). Profit margin: 5.1% (down from 6.9% in FY 2022). Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has increased by 35% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥34.00 per share at 5.3% yield Eligible shareholders must have bought the stock before 30 March 2023. Payment date: 01 June 2023. Trailing yield: 5.3%. Within top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (1.5%). Reported Earnings • Feb 01
Third quarter 2023 earnings released: EPS: JP¥35.03 (vs JP¥35.31 in 3Q 2022) Third quarter 2023 results: EPS: JP¥35.03 (down from JP¥35.31 in 3Q 2022). Revenue: JP¥20.8b (up 1.4% from 3Q 2022). Net income: JP¥1.23b (flat on 3Q 2022). Profit margin: 5.9% (down from 6.0% in 3Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has only increased by 30% per year, which means it is significantly lagging earnings growth. Aankondiging • Dec 16
Scroll Corporation to Report Q3, 2023 Results on Jan 31, 2023 Scroll Corporation announced that they will report Q3, 2023 results on Jan 31, 2023 Reported Earnings • Oct 30
Second quarter 2023 earnings released: EPS: JP¥28.90 (vs JP¥35.05 in 2Q 2022) Second quarter 2023 results: EPS: JP¥28.90 (down from JP¥35.05 in 2Q 2022). Revenue: JP¥20.2b (up 1.0% from 2Q 2022). Net income: JP¥1.01b (down 17% from 2Q 2022). Profit margin: 5.0% (down from 6.1% in 2Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 52% per year but the company’s share price has only increased by 25% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥10.00 per share Eligible shareholders must have bought the stock before 29 September 2022. Payment date: 30 November 2022. Payout ratio is a comfortable 44% and the cash payout ratio is 76%. Trailing yield: 2.7%. Lower than top quartile of Japanese dividend payers (3.7%). Higher than average of industry peers (1.4%). Aankondiging • Sep 17
Scroll Corporation to Report Q2, 2023 Results on Oct 28, 2022 Scroll Corporation announced that they will report Q2, 2023 results on Oct 28, 2022 Buying Opportunity • Aug 01
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 1.4%. The fair value is estimated to be JP¥1,041, 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. Earnings per share has grown by 64%. Reported Earnings • Jul 31
First quarter 2023 earnings released: EPS: JP¥37.97 (vs JP¥57.62 in 1Q 2022) First quarter 2023 results: EPS: JP¥37.97 (down from JP¥57.62 in 1Q 2022). Revenue: JP¥20.8b (down 4.9% from 1Q 2022). Net income: JP¥1.32b (down 34% from 1Q 2022). Profit margin: 6.4% (down from 9.2% in 1Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 64% per year but the company’s share price has only increased by 39% per year, which means it is significantly lagging earnings growth. Aankondiging • Jun 16
Scroll Corporation to Report Q1, 2023 Results on Jul 29, 2022 Scroll Corporation announced that they will report Q1, 2023 results on Jul 29, 2022 Aankondiging • May 13
Scroll Corporation, Annual General Meeting, May 31, 2022 Scroll Corporation, Annual General Meeting, May 31, 2022. Agenda: AGM. 