Announcement • May 19
TOKYO BASE Co.,Ltd. (TSE:3415) announces an Equity Buyback for 1,500,000 shares, representing 3.41% for ¥500 million. TOKYO BASE Co.,Ltd. (TSE:3415) announces a share repurchase program. Under the program, the company will repurchase up to 1,500,000 shares, representing 3.41% of its issued share capital for a total price of ¥500 million. The purpose of the program is to enhance shareholder returns and improve capital efficiency. The repurchase plan will be valid till June 30, 2026. As of May 18, 2026, the company has 43,959,482 shares in issue and 13 shares in treasury. Valuation Update With 7 Day Price Move • May 13
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to JP¥332, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 13x in the Specialty Retail industry in Japan. Total loss to shareholders of 30% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥454 per share. New Risk • May 12
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: JP¥15.6b (US$99.0m) 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: Minor Risks Dividend is not well covered by cash flows (168% cash payout ratio). Share price has been volatile over the past 3 months (8.3% average weekly change). Market cap is less than US$100m (JP¥15.6b market cap, or US$99.0m).