Board Change • May 27
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 5 independent directors. 6 non-independent directors. Independent Outside Director Hiromi Wada was the last independent director to join the board, commencing their role in 2025. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Announcement • May 13
TS TECH Co., Ltd., Annual General Meeting, Jun 19, 2026 TS TECH Co., Ltd., Annual General Meeting, Jun 19, 2026. Announcement • May 10
TS TECH Co., Ltd. to Report Fiscal Year 2026 Results on May 13, 2026 TS TECH Co., Ltd. announced that they will report fiscal year 2026 results on May 13, 2026 Announcement • Mar 23
TS TECH Co., Ltd.(TSE:7313) dropped from FTSE All-World Index (USD) TS TECH Co., Ltd.(TSE:7313) dropped from FTSE All-World Index (USD) Reported Earnings • Feb 07
Third quarter 2026 earnings released: EPS: JP¥28.65 (vs JP¥29.88 in 3Q 2025) Third quarter 2026 results: EPS: JP¥28.65 (down from JP¥29.88 in 3Q 2025). Revenue: JP¥102.8b (down 12% from 3Q 2025). Net income: JP¥3.38b (down 5.7% from 3Q 2025). Profit margin: 3.3% (up from 3.1% in 3Q 2025). The increase in margin was driven by lower expenses. Revenue is forecast to grow 2.8% p.a. on average during the next 3 years, compared to a 3.0% growth forecast for the Auto Components 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 8% per year, which means it is well ahead of earnings. Declared Dividend • Nov 29
First half dividend of JP¥46.00 announced Shareholders will receive a dividend of JP¥46.00. Ex-date: 30th March 2026 Payment date: 5th June 2026 Dividend yield will be 5.0%, which is higher than the industry average of 2.7%. Sustainability & Growth Dividend is not adequately covered by earnings (95% earnings payout ratio) and the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 12% 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. The company's earnings per share (EPS) would need to grow by 5.9% to bring the payout ratio under control. EPS is expected to grow by 141% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. Reported Earnings • Nov 18
Second quarter 2026 earnings released: EPS: JP¥5.84 (vs JP¥16.91 in 2Q 2025) Second quarter 2026 results: EPS: JP¥5.84 (down from JP¥16.91 in 2Q 2025). Revenue: JP¥104.4b (down 5.2% from 2Q 2025). Net income: JP¥693.0m (down 66% from 2Q 2025). Profit margin: 0.7% (down from 1.9% in 2Q 2025). The decrease in margin was driven by lower revenue. Revenue is forecast to stay flat during the next 3 years compared to a 2.9% growth forecast for the Auto Components industry in Japan. Over the last 3 years on average, earnings per share has increased by 5% per year whereas the company’s share price has increased by 1% per year. Announcement • Oct 29
TS TECH Co., Ltd. to Report Q2, 2026 Results on Nov 14, 2025 TS TECH Co., Ltd. announced that they will report Q2, 2026 results on Nov 14, 2025 Upcoming Dividend • Sep 22
Upcoming dividend of JP¥44.00 per share Eligible shareholders must have bought the stock before 29 September 2025. Payment date: 01 December 2025. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 4.8%. Within top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (3.0%). Major Estimate Revision • Sep 12
Consensus EPS estimates fall by 11% The consensus outlook for fiscal year 2026 has been updated. 2026 EPS estimate fell from JP¥87.67 to JP¥78.10 per share. Revenue forecast steady at JP¥424.7b. Net income forecast to grow 47% next year vs 9.7% growth forecast for Auto Components industry in Japan. Consensus price target up from JP¥1,528 to JP¥1,652. Share price was steady at JP¥1,902 over the past week. Price Target Changed • Sep 11
Price target increased by 8.2% to JP¥1,652 Up from JP¥1,528, the current price target is an average from 5 analysts. New target price is 14% below last closing price of JP¥1,915. Stock is up 8.4% over the past year. The company is forecast to post earnings per share of JP¥78.10 for next year compared to JP¥70.68 last year. Reported Earnings • Aug 09
First quarter 2026 earnings released: EPS: JP¥4.92 (vs JP¥19.39 in 1Q 2025) First quarter 2026 results: EPS: JP¥4.92 (down from JP¥19.39 in 1Q 2025). Revenue: JP¥102.7b (down 8.7% from 1Q 2025). Net income: JP¥587.0m (down 76% from 1Q 2025). Profit margin: 0.6% (down from 2.2% in 1Q 2025). The decrease in margin was driven by lower revenue. Revenue is forecast to stay flat during the next 3 years compared to a 2.7% growth forecast for the Auto Components industry in Japan. Over the last 3 years on average, earnings per share has increased by 11% per year whereas the company’s share price has increased by 6% per year. Announcement • Jul 18
TS TECH Co., Ltd. to Report Q1, 2026 Results on Aug 08, 2025 TS TECH Co., Ltd. announced that they will report Q1, 2026 results on Aug 08, 2025 Board Change • Jul 11
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 5 independent directors. 6 non-independent directors. Independent Outside Director Hiromi Wada was the last independent director to join the board, commencing their role in 2025. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Declared Dividend • Jul 09
Final dividend of JP¥44.00 announced Shareholders will receive a dividend of JP¥44.00. Ex-date: 29th September 2025 Payment date: 1st December 2025 Dividend yield will be 5.0%, which is higher than the industry average of 2.7%. Sustainability & Growth Dividend is not adequately covered by earnings (94% earnings payout ratio) nor is it covered by cash flows (202% cash payout ratio). The dividend has increased by an average of 12% 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. The company's earnings per share (EPS) would need to grow by 4.7% to bring the payout ratio under control. EPS is expected to grow by 79% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. Buy Or Sell Opportunity • Jul 03
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 12% to JP¥1,719. The fair value is estimated to be JP¥1,431, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 9.7% over the last 3 years. Earnings per share has grown by 8.7%. For the next 3 years, revenue is forecast to decline by 1.7% per annum. Earnings are forecast to grow by 17% per annum over the same time period. New Risk • Jun 24
New major risk - Revenue and earnings growth Earnings have declined by 11% per year over the past 5 years. 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 declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. 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 Dividend is not well covered by earnings and cash flows. Payout ratio: 94% Cash payout ratio: 203% Earnings have declined by 11% per year over the past 5 years. Reported Earnings • Jun 21
Full year 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2025 results: EPS: JP¥70.68 (down from JP¥80.09 in FY 2024). Revenue: JP¥460.5b (up 4.3% from FY 2024). Net income: JP¥8.63b (down 16% from FY 2024). Profit margin: 1.9% (down from 2.3% in FY 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 3.7%. Earnings per share (EPS) missed analyst estimates by 25%. Revenue is forecast to stay flat during the next 3 years compared to a 2.7% growth forecast for the Auto Components industry in Japan. Over the last 3 years on average, earnings per share has increased by 9% per year whereas the company’s share price has increased by 7% per year. Buy Or Sell Opportunity • Jun 10
Now 21% overvalued Over the last 90 days, the stock has fallen 4.7% to JP¥1,666. The fair value is estimated to be JP¥1,376, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 9.7% over the last 3 years. Earnings per share has grown by 8.7%. Revenue is forecast to grow by 1.2% in 2 years. Earnings are forecast to grow by 88% in the next 2 years. New Risk • May 22
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: JP¥1.91b (US$13.3m) 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 earnings (94% payout ratio). Market cap is less than US$100m (JP¥1.91b market cap, or US$13.3m). Reported Earnings • May 18
Full year 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2025 results: EPS: JP¥70.68 (down from JP¥80.09 in FY 2024). Revenue: JP¥460.5b (up 4.3% from FY 2024). Net income: JP¥8.63b (down 16% from FY 2024). Profit margin: 1.9% (down from 2.3% in FY 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 3.7%. Earnings per share (EPS) missed analyst estimates by 25%. Revenue is forecast to stay flat during the next 2 years compared to a 2.9% growth forecast for the Auto Components industry in Japan. Over the last 3 years on average, earnings per share has increased by 9% per year and the company’s share price has also increased by 9% per year. Announcement • May 16
TS TECH Co., Ltd. (TSE:7313) announces an Equity Buyback for 4,140,000 shares, representing 3.47% for ¥5,000 million. TS TECH Co., Ltd. (TSE:7313) announces a share repurchase program. Under the program, the company will repurchase 4,140,000 shares, representing 3.47% of its share capital, for ¥5,000 million. The company will repurchase its shares in order to implement 15th Medium-Term Management Plan and for further increasing returns to shareholders. The program will run until March 24, 2026. As of March 31, 2025, the company had 119,254,564 shares outstanding (excluding treasury shares) and 16,745,436 shares in treasury. Announcement • May 14
TS TECH Co., Ltd., Annual General Meeting, Jun 20, 2025 TS TECH Co., Ltd., Annual General Meeting, Jun 20, 2025. Announcement • Apr 19
TS TECH Co., Ltd. to Report Fiscal Year 2025 Results on May 14, 2025 TS TECH Co., Ltd. announced that they will report fiscal year 2025 results on May 14, 2025 Upcoming Dividend • Mar 21
Upcoming dividend of JP¥43.00 per share Eligible shareholders must have bought the stock before 28 March 2025. Payment date: 05 June 2025. Payout ratio is on the higher end at 94%, and the cash payout ratio is above 100%. Trailing yield: 4.9%. Within top quartile of Japanese dividend payers (3.7%). Higher than average of industry peers (3.3%). Reported Earnings • Feb 08
Third quarter 2025 earnings released: EPS: JP¥29.88 (vs JP¥49.70 in 3Q 2024) Third quarter 2025 results: EPS: JP¥29.88 (down from JP¥49.70 in 3Q 2024). Revenue: JP¥116.9b (down 8.1% from 3Q 2024). Net income: JP¥3.58b (down 44% from 3Q 2024). Profit margin: 3.1% (down from 5.0% in 3Q 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 2.2% p.a. on average during the next 3 years, compared to a 3.5% growth forecast for the Auto Components industry in Japan. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Announcement • Jan 30
TS TECH Co., Ltd. to Report Q3, 2025 Results on Feb 07, 2025 TS TECH Co., Ltd. announced that they will report Q3, 2025 results on Feb 07, 2025 Major Estimate Revision • Dec 11
Consensus EPS estimates increase by 12% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate increased from JP¥88.30 to JP¥98.86. Revenue forecast steady at JP¥448.3b. Net income forecast to grow 21% next year vs 15% growth forecast for Auto Components industry in Japan. Consensus price target down from JP¥1,810 to JP¥1,735. Share price rose 2.9% to JP¥1,699 over the past week. Declared Dividend • Nov 30
First half dividend of JP¥43.00 announced Shareholders will receive a dividend of JP¥43.00. Ex-date: 28th March 2025 Payment date: 5th June 2025 Dividend yield will be 5.0%, which is higher than the industry average of 2.7%. Sustainability & Growth Dividend is well covered by both earnings (41% earnings payout ratio) and cash flows (43% cash payout ratio). The dividend has increased by an average of 13% 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 94% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Nov 09
Second quarter 2025 earnings released: EPS: JP¥16.91 (vs JP¥22.71 in 2Q 2024) Second quarter 2025 results: EPS: JP¥16.91 (down from JP¥22.71 in 2Q 2024). Revenue: JP¥110.2b (up 1.0% from 2Q 2024). Net income: JP¥2.06b (down 29% from 2Q 2024). Profit margin: 1.9% (down from 2.7% in 2Q 2024). Revenue is forecast to grow 1.7% p.a. on average during the next 3 years, compared to a 3.5% growth forecast for the Auto Components 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 7% per year, which means it is well ahead of earnings. Buy Or Sell Opportunity • Nov 09
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 3.9% to JP¥1,731. The fair value is estimated to be JP¥2,179, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has declined by 16%. Revenue is forecast to grow by 2.2% in 2 years. Earnings are forecast to grow by 49% in the next 2 years. Announcement • Oct 10
TS TECH Co., Ltd. to Report Q2, 2025 Results on Nov 08, 2024 TS TECH Co., Ltd. announced that they will report Q2, 2025 results on Nov 08, 2024 Upcoming Dividend • Sep 20
Upcoming dividend of JP¥40.00 per share Eligible shareholders must have bought the stock before 27 September 2024. Payment date: 27 November 2024. Payout ratio is a comfortable 74% and this is well supported by cash flows. Trailing yield: 4.7%. Within top quartile of Japanese dividend payers (3.8%). Higher than average of industry peers (3.5%). Price Target Changed • Sep 13
Price target decreased by 8.4% to JP¥1,860 Down from JP¥2,030, the current price target is an average from 4 analysts. New target price is 7.3% above last closing price of JP¥1,733. Stock is down 2.5% over the past year. The company is forecast to post earnings per share of JP¥110 for next year compared to JP¥80.09 last year. Reported Earnings • Aug 13
First quarter 2025 earnings released: EPS: JP¥19.39 (vs JP¥1.00 in 1Q 2024) First quarter 2025 results: EPS: JP¥19.39 (up from JP¥1.00 in 1Q 2024). Revenue: JP¥112.5b (up 21% from 1Q 2024). Net income: JP¥2.47b (up JP¥2.35b from 1Q 2024). Profit margin: 2.2% (up from 0.1% in 1Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 2.8% p.a. on average during the next 3 years, compared to a 3.5% growth forecast for the Auto Components industry in Japan. Over the last 3 years on average, earnings per share has fallen by 33% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to JP¥1,661, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 8x in the Auto Components industry in Japan. Total returns to shareholders of 18% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥2,805 per share. Buy Or Sell Opportunity • Jul 24
Now 20% undervalued Over the last 90 days, the stock has risen 1.8% to JP¥1,939. The fair value is estimated to be JP¥2,426, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.3% over the last 3 years. Earnings per share has declined by 41%. For the next 3 years, revenue is forecast to grow by 3.8% per annum. Earnings are also forecast to grow by 24% per annum over the same time period. Announcement • Jul 23
TS TECH Co., Ltd. to Report Q1, 2025 Results on Aug 09, 2024 TS TECH Co., Ltd. announced that they will report Q1, 2025 results on Aug 09, 2024 Declared Dividend • Jul 11
Final dividend of JP¥40.00 announced Shareholders will receive a dividend of JP¥40.00. Ex-date: 27th September 2024 Payment date: 27th November 2024 Dividend yield will be 4.0%, which is higher than the industry average of 2.7%. Sustainability & Growth Dividend is not covered by earnings (111% earnings payout ratio). However, it is covered by cash flows (50% cash payout ratio). The dividend has increased by an average of 13% 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. The company's earnings per share (EPS) would need to grow by 24% to bring the payout ratio under control. EPS is expected to grow by 115% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. Board Change • Jul 04
Less than half of directors are independent Following the recent departure of a director, there are only 5 independent directors on the board. The company's board is composed of: 5 independent directors. 6 non-independent directors. Independent Outside Director Kenichi Naito was the last independent director to join the board, commencing their role in 2023. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Jun 26
Full year 2024 earnings: EPS misses analyst expectations Full year 2024 results: EPS: JP¥80.09 (up from JP¥41.35 in FY 2023). Revenue: JP¥441.7b (up 7.9% from FY 2023). Net income: JP¥10.2b (up 91% from FY 2023). Profit margin: 2.3% (up from 1.3% in FY 2023). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 19%. Revenue is forecast to grow 3.8% p.a. on average during the next 3 years, compared to a 3.7% growth forecast for the Auto Components industry in Japan. Over the last 3 years on average, earnings per share has fallen by 41% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Reported Earnings • May 12
Full year 2024 earnings: EPS misses analyst expectations Full year 2024 results: EPS: JP¥80.09 (up from JP¥41.35 in FY 2023). Revenue: JP¥441.7b (up 7.9% from FY 2023). Net income: JP¥10.2b (up 91% from FY 2023). Profit margin: 2.3% (up from 1.3% in FY 2023). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 19%. Revenue is forecast to grow 4.5% p.a. on average during the next 2 years, compared to a 3.8% growth forecast for the Auto Components industry in Japan. Over the last 3 years on average, earnings per share has fallen by 41% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Announcement • May 12
TS TECH Co., Ltd., Annual General Meeting, Jun 21, 2024 TS TECH Co., Ltd., Annual General Meeting, Jun 21, 2024. Announcement • May 11
TS TECH Co., Ltd. (TSE:7313) announces an Equity Buyback for 8,610,000 shares, representing 6.74% for ¥15,000 million. TS TECH Co., Ltd. (TSE:7313) announces a share repurchase program. Under the program, the company will repurchase 8,610,000 shares, representing 6.74% of its share capital, for ¥15,000 million. The company will repurchase its shares in order to increase corporate value by optimizing our capital structure through sustainable business growth through growth investments and enhanced shareholder returns. The program will run until March 31, 2025. As of March 31, 2024, the company had 127,756,956 shares outstanding (excluding treasury shares) and 8,243,044 shares in treasury. Buy Or Sell Opportunity • Apr 30
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 3.3% to JP¥1,943. The fair value is estimated to be JP¥1,617, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 8.0% over the last 3 years. Earnings per share has declined by 36%. Revenue is forecast to grow by 9.6% in 2 years. Earnings are forecast to grow by 71% in the next 2 years. Announcement • Apr 22
TS TECH Co., Ltd. to Report Fiscal Year 2024 Results on May 10, 2024 TS TECH Co., Ltd. announced that they will report fiscal year 2024 results on May 10, 2024 Buy Or Sell Opportunity • Apr 16
Now 20% undervalued Over the last 90 days, the stock has risen 6.5% to JP¥1,930. The fair value is estimated to be JP¥2,427, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.0% over the last 3 years. Earnings per share has declined by 36%. Revenue is forecast to grow by 10% in 2 years. Earnings are forecast to grow by 84% in the next 2 years. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥38.00 per share Eligible shareholders must have bought the stock before 28 March 2024. Payment date: 07 June 2024. Payout ratio is a comfortable 71% and this is well supported by cash flows. Trailing yield: 3.7%. Within top quartile of Japanese dividend payers (3.2%). Higher than average of industry peers (2.6%). Price Target Changed • Feb 13
Price target decreased by 9.1% to JP¥1,750 Down from JP¥1,925, the current price target is an average from 2 analysts. New target price is 12% below last closing price of JP¥1,986. Stock is up 23% over the past year. The company is forecast to post earnings per share of JP¥96.25 for next year compared to JP¥41.35 last year. Reported Earnings • Feb 10
Third quarter 2024 earnings released: EPS: JP¥49.70 (vs JP¥16.41 in 3Q 2023) Third quarter 2024 results: EPS: JP¥49.70 (up from JP¥16.41 in 3Q 2023). Revenue: JP¥127.2b (up 21% from 3Q 2023). Net income: JP¥6.34b (up 202% from 3Q 2023). Profit margin: 5.0% (up from 2.0% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 5.1% p.a. on average during the next 3 years, compared to a 3.9% growth forecast for the Auto Components 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 increased by 6% per year, which means it is well ahead of earnings. Reported Earnings • Feb 10
Third quarter 2024 earnings released: EPS: JP¥49.70 (vs JP¥16.41 in 3Q 2023) Third quarter 2024 results: EPS: JP¥49.70 (up from JP¥16.41 in 3Q 2023). Revenue: JP¥127.2b (up 21% from 3Q 2023). Net income: JP¥6.34b (up 202% from 3Q 2023). Profit margin: 5.0% (up from 2.0% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 5.1% p.a. on average during the next 3 years, compared to a 3.9% growth forecast for the Auto Components 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 increased by 6% per year, which means it is well ahead of earnings. Announcement • Feb 09
Ts Tech Co., Ltd. Provides Dividend Guidance for the Year Ending March 31, 2024 TS TECH Co., Ltd. provided dividend guidance for the year ending March 31, 2024. For the year, the company expects to pay dividend of JPY 38.00 per share compared to JPY 33.00 a year ago. Major Estimate Revision • Jan 23
Consensus EPS estimates increase by 10% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate increased from JP¥84.30 to JP¥92.93. Revenue forecast unchanged at JP¥437.3b. Net income forecast to grow 91% next year vs 20% growth forecast for Auto Components industry in Japan. Consensus price target of JP¥1,800 unchanged from last update. Share price was steady at JP¥1,819 over the past week. Announcement • Jan 20
TS TECH Co., Ltd. to Report Q3, 2024 Results on Feb 09, 2024 TS TECH Co., Ltd. announced that they will report Q3, 2024 results on Feb 09, 2024 Reported Earnings • Nov 11
Second quarter 2024 earnings released: EPS: JP¥22.71 (vs JP¥19.79 in 2Q 2023) Second quarter 2024 results: EPS: JP¥22.71 (up from JP¥19.79 in 2Q 2023). Revenue: JP¥109.1b (down 5.1% from 2Q 2023). Net income: JP¥2.90b (up 13% from 2Q 2023). Profit margin: 2.7% (up from 2.2% in 2Q 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 7.0% p.a. on average during the next 3 years, compared to a 3.9% growth forecast for the Auto Components industry in Japan. Over the last 3 years on average, earnings per share has fallen by 31% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Announcement • Oct 22
TS TECH Co., Ltd. to Report Q2, 2024 Results on Nov 10, 2023 TS TECH Co., Ltd. announced that they will report Q2, 2024 results on Nov 10, 2023 Major Estimate Revision • Oct 02
Consensus EPS estimates fall by 13% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from JP¥430.8b to JP¥421.6b. EPS estimate also fell from JP¥108 per share to JP¥94.08 per share. Net income forecast to grow 98% next year vs 12% growth forecast for Auto Components industry in Japan. Consensus price target down from JP¥1,925 to JP¥1,863. Share price fell 4.4% to JP¥1,704 over the past week. Upcoming Dividend • Sep 21
Upcoming dividend of JP¥35.00 per share at 4.1% yield Eligible shareholders must have bought the stock before 28 September 2023. Payment date: 28 November 2023. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 4.1%. Within top quartile of Japanese dividend payers (3.3%). Higher than average of industry peers (2.5%). Reported Earnings • Aug 12
First quarter 2024 earnings: EPS and revenues miss analyst expectations First quarter 2024 results: EPS: JP¥1.00 (up from JP¥9.15 loss in 1Q 2023). Revenue: JP¥93.2b (up 14% from 1Q 2023). Net income: JP¥127.0m (up JP¥1.33b from 1Q 2023). Profit margin: 0.1% (up from net loss in 1Q 2023). The move to profitability was driven by higher revenue. Revenue missed analyst estimates by 8.5%. Earnings per share (EPS) also missed analyst estimates by 96%. Revenue is forecast to grow 6.2% p.a. on average during the next 3 years, compared to a 4.0% growth forecast for the Auto Components industry in Japan. Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Announcement • Jul 26
TS TECH Co., Ltd. to Report Q1, 2024 Results on Aug 10, 2023 TS TECH Co., Ltd. announced that they will report Q1, 2024 results on Aug 10, 2023 Price Target Changed • Jun 27
Price target increased by 9.1% to JP¥1,953 Up from JP¥1,790, the current price target is an average from 4 analysts. New target price is 8.9% above last closing price of JP¥1,793. Stock is up 25% over the past year. The company is forecast to post earnings per share of JP¥119 for next year compared to JP¥41.35 last year. New Risk • Jun 26
New minor risk - Dividend sustainability The dividend is not well covered by earnings. Payout ratio: 152% Dividend yield: 4.2% This is considered a minor risk. Companies that pay out too much of their earnings are at risk of having to reduce or cut their dividend in future. If earnings growth slows or earnings fall, then there may not be enough earnings to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. However, this risk is mitigated by the fact the dividend is covered by cash flows. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by earnings (152% payout ratio). Profit margins are more than 30% lower than last year (1.3% net profit margin). Price Target Changed • Jun 14
Price target increased by 12% to JP¥1,878 Up from JP¥1,675, the current price target is an average from 4 analysts. New target price is approximately in line with last closing price of JP¥1,891. Stock is up 36% over the past year. The company is forecast to post earnings per share of JP¥120 for next year compared to JP¥41.35 last year. Reported Earnings • May 17
Full year 2023 earnings: EPS misses analyst expectations Full year 2023 results: EPS: JP¥41.35 (down from JP¥92.55 in FY 2022). Revenue: JP¥409.2b (up 17% from FY 2022). Net income: JP¥5.34b (down 57% from FY 2022). Profit margin: 1.3% (down from 3.5% in FY 2022). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 41%. Revenue is forecast to grow 7.8% p.a. on average during the next 2 years, compared to a 4.4% growth forecast for the Auto Components industry in Japan. 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 9% per year, which means it is well ahead of earnings. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥33.00 per share at 4.0% yield Eligible shareholders must have bought the stock before 30 March 2023. Payment date: 27 June 2023. Payout ratio is a comfortable 47% and this is well supported by cash flows. Trailing yield: 4.0%. Within top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (3.2%). Reported Earnings • Feb 04
Third quarter 2023 earnings released: EPS: JP¥16.41 (vs JP¥18.34 in 3Q 2022) Third quarter 2023 results: EPS: JP¥16.41 (down from JP¥18.34 in 3Q 2022). Revenue: JP¥105.5b (up 22% from 3Q 2022). Net income: JP¥2.10b (down 15% from 3Q 2022). Profit margin: 2.0% (down from 2.8% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 8.7% p.a. on average during the next 3 years, compared to a 4.9% growth forecast for the Auto Components industry in Japan. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Announcement • Jan 26
TS TECH Co., Ltd. to Report Q3, 2023 Results on Feb 03, 2023 TS TECH Co., Ltd. announced that they will report Q3, 2023 results on Feb 03, 2023 Reported Earnings • Nov 16
Second quarter 2023 earnings released: EPS: JP¥19.80 (vs JP¥19.48 in 2Q 2022) Second quarter 2023 results: EPS: JP¥19.80. Revenue: JP¥114.9b (up 42% from 2Q 2022). Net income: JP¥2.57b (down 1.9% from 2Q 2022). Profit margin: 2.2% (down from 3.2% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 9.0% p.a. on average during the next 3 years, compared to a 5.0% growth forecast for the Auto Components industry in Japan. Reported Earnings • Nov 13
Second quarter 2023 earnings released: EPS: JP¥19.80 (vs JP¥19.48 in 2Q 2022) Second quarter 2023 results: EPS: JP¥19.80. Revenue: JP¥114.9b (up 42% from 2Q 2022). Net income: JP¥2.57b (down 1.9% from 2Q 2022). Profit margin: 2.2% (down from 3.2% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 9.4% p.a. on average during the next 3 years, compared to a 5.0% growth forecast for the Auto Components industry in Japan. Announcement • Oct 27
TS TECH Co., Ltd. to Report Q2, 2023 Results on Nov 11, 2022 TS TECH Co., Ltd. announced that they will report Q2, 2023 results on Nov 11, 2022 Upcoming Dividend • Sep 22
Upcoming dividend of JP¥30.00 per share Eligible shareholders must have bought the stock before 29 September 2022. Payment date: 29 November 2022. Payout ratio is on the higher end at 88% but the company is not cash flow positive. Trailing yield: 4.1%. Within top quartile of Japanese dividend payers (3.7%). Higher than average of industry peers (3.1%).