Announcement • May 13
TOA Corporation, Annual General Meeting, Jun 26, 2026 TOA Corporation, Annual General Meeting, Jun 26, 2026. Reported Earnings • Feb 07
Third quarter 2026 earnings released: EPS: JP¥85.84 (vs JP¥63.66 in 3Q 2025) Third quarter 2026 results: EPS: JP¥85.84 (up from JP¥63.66 in 3Q 2025). Revenue: JP¥91.9b (up 2.0% from 3Q 2025). Net income: JP¥6.64b (up 31% from 3Q 2025). Profit margin: 7.2% (up from 5.6% in 3Q 2025). Revenue is forecast to grow 2.6% p.a. on average during the next 3 years, compared to a 3.5% growth forecast for the Construction industry in Japan. Over the last 3 years on average, earnings per share has increased by 42% per year but the company’s share price has increased by 79% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Feb 06
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to JP¥3,735, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 15x in the Construction industry in Japan. Total returns to shareholders of 557% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥2,218 per share. New Risk • Jan 16
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 Risk Share price has been highly volatile over the past 3 months (8.1% average weekly change). Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Announcement • Dec 13
TOA Corporation to Report Q3, 2026 Results on Feb 06, 2026 TOA Corporation announced that they will report Q3, 2026 results on Feb 06, 2026 Declared Dividend • Dec 06
First half dividend of JP¥39.00 announced Shareholders will receive a dividend of JP¥39.00. Ex-date: 30th March 2026 Payment date: 30th June 2026 Dividend yield will be 2.8%, which is lower than the industry average of 2.9%. Sustainability & Growth Dividend is covered by both earnings (57% earnings payout ratio) and cash flows (48% cash payout ratio). The dividend has increased by an average of 32% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 7.8% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Buy Or Sell Opportunity • Nov 17
Now 27% overvalued after recent price rise Over the last 90 days, the stock has risen 22% to JP¥2,608. The fair value is estimated to be JP¥2,053, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 19% over the last 3 years. Earnings per share has grown by 45%. Revenue is forecast to grow by 2.3% in 2 years. Earnings are forecast to decline by 1.6% in the next 2 years. Reported Earnings • Nov 13
Second quarter 2026 earnings released: EPS: JP¥54.05 (vs JP¥67.18 in 2Q 2025) Second quarter 2026 results: EPS: JP¥54.05 (down from JP¥67.18 in 2Q 2025). Revenue: JP¥81.4b (flat on 2Q 2025). Net income: JP¥4.22b (down 21% from 2Q 2025). Profit margin: 5.2% (down from 6.5% in 2Q 2025). Revenue is forecast to grow 2.0% p.a. on average during the next 3 years, compared to a 2.5% growth forecast for the Construction industry in Japan. Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has increased by 65% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Oct 28
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 5.3% 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 are forecast to decline by an average of 1.3% per year for the foreseeable future. Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (5.3% average weekly change). Valuation Update With 7 Day Price Move • Oct 27
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to JP¥2,543, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 14x in the Construction industry in Japan. Total returns to shareholders of 381% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥1,756 per share. Buy Or Sell Opportunity • Oct 22
Now 28% overvalued after recent price rise Over the last 90 days, the stock has risen 25% to JP¥2,238. The fair value is estimated to be JP¥1,746, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 19% over the last 3 years. Earnings per share has grown by 43%. Revenue is forecast to grow by 1.3% in 2 years. Earnings are forecast to decline by 8.9% in the next 2 years. Buy Or Sell Opportunity • Oct 06
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 27% to JP¥2,088. The fair value is estimated to be JP¥1,735, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 19% over the last 3 years. Earnings per share has grown by 43%. Revenue is forecast to grow by 1.3% in 2 years. Earnings are forecast to decline by 8.9% in the next 2 years. Buy Or Sell Opportunity • Sep 19
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 42% to JP¥2,150. The fair value is estimated to be JP¥1,754, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 19% over the last 3 years. Earnings per share has grown by 43%. Revenue is forecast to grow by 1.3% in 2 years. Earnings are forecast to decline by 8.9% in the next 2 years. Announcement • Sep 02
TOA Corporation to Report Q2, 2026 Results on Nov 11, 2025 TOA Corporation announced that they will report Q2, 2026 results on Nov 11, 2025 Buy Or Sell Opportunity • Aug 13
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 48% to JP¥2,109. The fair value is estimated to be JP¥1,729, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 19% over the last 3 years. Earnings per share has grown by 43%. Revenue is forecast to grow by 0.9% in 2 years. Earnings are forecast to decline by 9.1% in the next 2 years. Reported Earnings • Aug 09
First quarter 2026 earnings released: EPS: JP¥43.58 (vs JP¥42.03 in 1Q 2025) First quarter 2026 results: EPS: JP¥43.58 (up from JP¥42.03 in 1Q 2025). Revenue: JP¥83.5b (up 11% from 1Q 2025). Net income: JP¥3.45b (up 3.4% from 1Q 2025). Profit margin: 4.1% (down from 4.5% in 1Q 2025). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 1.5% p.a. on average during the next 3 years, compared to a 2.4% growth forecast for the Construction industry in Japan. Over the last 3 years on average, earnings per share has increased by 43% per year but the company’s share price has increased by 53% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Jul 01
Full year 2025 earnings: EPS and revenues exceed analyst expectations Full year 2025 results: EPS: JP¥188 (up from JP¥128 in FY 2024). Revenue: JP¥330.5b (up 16% from FY 2024). Net income: JP¥14.9b (up 42% from FY 2024). Profit margin: 4.5% (up from 3.7% in FY 2024). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 3.3%. Earnings per share (EPS) also surpassed analyst estimates by 4.3%. Revenue is forecast to grow 2.7% p.a. on average during the next 3 years, compared to a 2.4% growth forecast for the Construction industry in Japan. Over the last 3 years on average, earnings per share has increased by 36% per year whereas the company’s share price has increased by 37% per year. Announcement • Jun 10
TOA Corporation to Report Q1, 2026 Results on Aug 08, 2025 TOA Corporation announced that they will report Q1, 2026 results on Aug 08, 2025 Announcement • May 16
TOA Corporation (TSE:1885) announces an Equity Buyback for 4,200,000 shares, representing 5.29% for ¥4,000 million. TOA Corporation (TSE:1885) announces a share repurchase program. Under the program, the company will repurchase up to 4,200,000 shares, representing 5.29% of its issued share capital, for ¥ 4000 million. The purpose of the program is to enhance shareholder return and to improve capital efficiency. The program is valid until November 30, 2025. As of March 31, 2025, the company had 79,352,476 outstanding shares (excluding treasury shares) and 8,626,040 treasury shares. Reported Earnings • May 15
Full year 2025 earnings: EPS and revenues exceed analyst expectations Full year 2025 results: EPS: JP¥188 (up from JP¥128 in FY 2024). Revenue: JP¥330.5b (up 16% from FY 2024). Net income: JP¥14.9b (up 42% from FY 2024). Profit margin: 4.5% (up from 3.7% in FY 2024). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 3.3%. Earnings per share (EPS) also surpassed analyst estimates by 4.3%. Revenue is forecast to grow 3.1% p.a. on average during the next 2 years, compared to a 2.1% growth forecast for the Construction industry in Japan. Over the last 3 years on average, earnings per share has increased by 36% per year whereas the company’s share price has increased by 31% per year. Announcement • May 13
TOA Corporation, Annual General Meeting, Jun 27, 2025 TOA Corporation, Annual General Meeting, Jun 27, 2025. Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to JP¥1,102, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 11x in the Construction industry in Japan. Total returns to shareholders of 75% over the past three years. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥71.00 per share Eligible shareholders must have bought the stock before 28 March 2025. Payment date: 28 June 2025. Payout ratio is a comfortable 23% and this is well supported by cash flows. Trailing yield: 5.1%. Within top quartile of Japanese dividend payers (3.7%). Higher than average of industry peers (3.3%). Valuation Update With 7 Day Price Move • Feb 14
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to JP¥1,399, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 12x in the Construction industry in Japan. Total returns to shareholders of 131% over the past three years. Reported Earnings • Feb 08
Third quarter 2025 earnings released: EPS: JP¥63.66 (vs JP¥47.47 in 3Q 2024) Third quarter 2025 results: EPS: JP¥63.66 (up from JP¥47.47 in 3Q 2024). Revenue: JP¥90.1b (up 18% from 3Q 2024). Net income: JP¥5.05b (up 32% from 3Q 2024). Profit margin: 5.6% (up from 5.0% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 4.2% p.a. on average during the next 3 years, compared to a 2.4% growth forecast for the Construction industry in Japan. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has only increased by 22% per year, which means it is significantly lagging earnings growth. Declared Dividend • Jan 06
Dividend of JP¥54.00 announced Shareholders will receive a dividend of JP¥54.00. Ex-date: 28th March 2025 Payment date: 28th June 2025 Dividend yield will be 4.5%, which is higher than the industry average of 2.9%. Sustainability & Growth Dividend is well covered by both earnings (25% earnings payout ratio) and cash flows (33% cash payout ratio). The dividend has increased by an average of 27% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to remain steady over the next 3 years, which should provide adequate earnings cover for the dividend. New Risk • Nov 13
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 2.9% 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 Risk Earnings are forecast to decline by an average of 2.9% per year for the foreseeable future. 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 (5.6% average weekly change). Reported Earnings • Nov 13
Second quarter 2025 earnings released: EPS: JP¥67.18 (vs JP¥19.92 in 2Q 2024) Second quarter 2025 results: EPS: JP¥67.18 (up from JP¥19.92 in 2Q 2024). Revenue: JP¥81.4b (up 20% from 2Q 2024). Net income: JP¥5.33b (up 221% from 2Q 2024). Profit margin: 6.5% (up from 2.5% in 2Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 4.7% p.a. on average during the next 3 years, compared to a 1.6% growth forecast for the Construction industry in Japan. Over the last 3 years on average, earnings per share has increased by 18% per year whereas the company’s share price has increased by 20% per year. Valuation Update With 7 Day Price Move • Nov 12
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to JP¥1,125, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 12x in the Construction industry in Japan. Total returns to shareholders of 97% over the past three years. Announcement • Aug 27
TOA Corporation to Report Q2, 2025 Results on Nov 11, 2024 TOA Corporation announced that they will report Q2, 2025 results on Nov 11, 2024 Reported Earnings • Aug 13
First quarter 2025 earnings released: EPS: JP¥16.86 (vs JP¥33.06 in 1Q 2024) First quarter 2025 results: EPS: JP¥16.86 (down from JP¥33.06 in 1Q 2024). Revenue: JP¥68.4b (up 9.4% from 1Q 2024). Net income: JP¥1.34b (down 53% from 1Q 2024). Profit margin: 2.0% (down from 4.5% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 2.4% p.a. on average during the next 3 years, compared to a 2.1% growth forecast for the Construction industry in Japan. 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 15% per year, which means it is tracking significantly ahead of earnings growth. Buy Or Sell Opportunity • Aug 06
Now 26% overvalued Over the last 90 days, the stock has fallen 12% to JP¥915. The fair value is estimated to be JP¥728, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Earnings per share has grown by 6.8%. For the next 3 years, revenue is forecast to grow by 2.8% per annum. Earnings are also forecast to grow by 2.5% per annum over the same time period. New Risk • Aug 05
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 5.8% 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 (5.8% average weekly change). Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to JP¥799, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 11x in the Construction industry in Japan. Total returns to shareholders of 50% over the past three years. Reported Earnings • May 16
Full year 2024 earnings: EPS and revenues exceed analyst expectations Full year 2024 results: EPS: JP¥511 (up from JP¥56.14 in FY 2023). Revenue: JP¥283.9b (up 33% from FY 2023). Net income: JP¥10.5b (up 118% from FY 2023). Profit margin: 3.7% (up from 2.3% in FY 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 4.4%. Earnings per share (EPS) also surpassed analyst estimates by 2.3%. Revenue is forecast to grow 1.1% p.a. on average during the next 2 years, compared to a 2.6% growth forecast for the Construction industry in Japan. Over the last 3 years on average, earnings per share has increased by 47% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Announcement • May 15
TOA Corporation, Annual General Meeting, Jun 27, 2024 TOA Corporation, Annual General Meeting, Jun 27, 2024. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥150 per share Eligible shareholders must have bought the stock before 28 March 2024. Payment date: 01 July 2024. Payout ratio is a comfortable 17% but the company is not cash flow positive. Trailing yield: 2.9%. Lower than top quartile of Japanese dividend payers (3.2%). In line with average of industry peers (2.7%). Announcement • Mar 02
TOA Corporation to Report Fiscal Year 2024 Results on May 02, 2024 TOA Corporation announced that they will report fiscal year 2024 results on May 02, 2024 Reported Earnings • Feb 10
Third quarter 2024 earnings released: EPS: JP¥190 (vs JP¥68.63 in 3Q 2023) Third quarter 2024 results: EPS: JP¥190 (up from JP¥68.63 in 3Q 2023). Revenue: JP¥76.4b (up 41% from 3Q 2023). Net income: JP¥3.84b (up 158% from 3Q 2023). Profit margin: 5.0% (up from 2.7% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 2.6% p.a. on average during the next 3 years, compared to a 2.5% growth forecast for the Construction industry in Japan. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has increased by 29% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Feb 09
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 6.5% 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 High level of non-cash earnings (23% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (6.5% average weekly change). Valuation Update With 7 Day Price Move • Feb 09
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to JP¥4,500, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 12x in the Construction industry in Japan. Total returns to shareholders of 135% over the past three years. Announcement • Nov 30
TOA Corporation to Report Q3, 2024 Results on Feb 08, 2024 TOA Corporation announced that they will report Q3, 2024 results on Feb 08, 2024 Reported Earnings • Nov 12
Second quarter 2024 earnings released: EPS: JP¥79.66 (vs JP¥4.36 loss in 2Q 2023) Second quarter 2024 results: EPS: JP¥79.66 (up from JP¥4.36 loss in 2Q 2023). Revenue: JP¥67.6b (up 44% from 2Q 2023). Net income: JP¥1.66b (up JP¥1.75b from 2Q 2023). Profit margin: 2.5% (up from net loss in 2Q 2023). The move to profitability was driven by higher revenue. 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 22% per year, which means it is well ahead of earnings. Announcement • Aug 30
TOA Corporation to Report Q2, 2024 Results on Nov 10, 2023 TOA Corporation announced that they will report Q2, 2024 results on Nov 10, 2023 New Risk • Aug 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 5.4% 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 having no free cash flows. Share price has been volatile over the past 3 months (5.4% average weekly change). Reported Earnings • Aug 10
First quarter 2024 earnings released: EPS: JP¥132 (vs JP¥29.01 in 1Q 2023) First quarter 2024 results: EPS: JP¥132 (up from JP¥29.01 in 1Q 2023). Revenue: JP¥62.6b (up 33% from 1Q 2023). Net income: JP¥2.84b (up 358% from 1Q 2023). Profit margin: 4.5% (up from 1.3% in 1Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 29% per year, which means it is well ahead of earnings. Announcement • May 31
TOA Corporation to Report Q1, 2024 Results on Aug 09, 2023 TOA Corporation announced that they will report Q1, 2024 results on Aug 09, 2023 Reported Earnings • May 17
Full year 2023 earnings released: EPS: JP¥225 (vs JP¥383 in FY 2022) Full year 2023 results: EPS: JP¥225 (down from JP¥383 in FY 2022). Revenue: JP¥213.6b (down 2.8% from FY 2022). Net income: JP¥4.84b (down 35% from FY 2022). Profit margin: 2.3% (down from 3.4% in FY 2022). The decrease in margin was driven by lower revenue. 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 27% per year, which means it is well ahead of earnings. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥90.00 per share at 3.3% yield Eligible shareholders must have bought the stock before 30 March 2023. Payment date: 30 June 2023. Payout ratio is a comfortable 44% but the company is not cash flow positive. Trailing yield: 3.3%. Lower than top quartile of Japanese dividend payers (3.6%). In line with average of industry peers (3.6%). Reported Earnings • Feb 10
Third quarter 2023 earnings released: EPS: JP¥68.63 (vs JP¥78.61 in 3Q 2022) Third quarter 2023 results: EPS: JP¥68.63 (down from JP¥78.61 in 3Q 2022). Revenue: JP¥54.3b (flat on 3Q 2022). Net income: JP¥1.49b (down 1.3% from 3Q 2022). Profit margin: 2.7% (down from 2.8% in 3Q 2022). Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has increased by 13% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Feb 09
TOA Corporation (TSE:1885) announces an Equity Buyback for 1,200,000 shares, representing 5.52% for ¥2,000 million. TOA Corporation (TSE:1885) announces a share repurchase program. Under the program, the company will repurchase up to 1,200,000 shares, representing 5.52% of its issued share capital (excluding treasury stock), for ¥2,000 million. The purpose of the program is to enhance shareholder returns and improve capital efficiency. The program will expire on August 31, 2023. As of January 31, 2023, the company had 21,738,534 issued shares (excluding treasury stock) and 756,095 treasury shares. Announcement • Nov 27
TOA Corporation to Report Q3, 2023 Results on Feb 08, 2023 TOA Corporation announced that they will report Q3, 2023 results on Feb 08, 2023 Reported Earnings • Nov 16
Second quarter 2023 earnings released: JP¥4.36 loss per share (vs JP¥128 profit in 2Q 2022) Second quarter 2023 results: JP¥4.36 loss per share (down from JP¥128 profit in 2Q 2022). Revenue: JP¥47.0b (down 14% from 2Q 2022). Net loss: JP¥93.0m (down 104% from profit in 2Q 2022). Over the last 3 years on average, earnings per share has increased by 13% per year and the company’s share price has also increased by 13% per year. Board Change • Nov 16
Less than half of directors are independent There are 6 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 4 independent directors. 8 non-independent directors. Independent Director Shiro Kuniya was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Reported Earnings • Nov 12
Second quarter 2023 earnings released: JP¥4.36 loss per share (vs JP¥128 profit in 2Q 2022) Second quarter 2023 results: JP¥4.36 loss per share (down from JP¥128 profit in 2Q 2022). Revenue: JP¥47.0b (down 14% from 2Q 2022). Net loss: JP¥93.0m (down 104% from profit in 2Q 2022). Over the last 3 years on average, earnings per share has increased by 13% per year whereas the company’s share price has increased by 12% per year. Announcement • Nov 03
TOA Corporation (TSE:1885) announces an Equity Buyback for 400,000 shares, for ¥313.2 million. TOA Corporation (TSE:1885) announces a share repurchase program. Under the program, the company will repurchase up to 400,000 shares, representing 1.23% of its issued share capital (excluding treasury stock), for a total purchase price of ¥313.2 million. The shares will be repurchased at a price of ¥783 per share. The purpose of the program is to flexibly respond to changes in the business environment and implement a capital policy that will lead to increased shareholder value. As of September 30, 2022, the company had 32,566,133 issued shares (excluding treasury stock) and 1,970,502 treasury shares. Announcement • Sep 02
TOA Corporation to Report Q2, 2023 Results on Nov 10, 2022 TOA Corporation announced that they will report Q2, 2023 results on Nov 10, 2022 Reported Earnings • Aug 07
First quarter 2023 earnings released: EPS: JP¥29.01 (vs JP¥59.82 in 1Q 2022) First quarter 2023 results: EPS: JP¥29.01 (down from JP¥59.82 in 1Q 2022). Revenue: JP¥47.1b (down 7.4% from 1Q 2022). Net income: JP¥620.0m (down 45% from 1Q 2022). Profit margin: 1.3% (down from 2.2% 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 25% per year whereas the company’s share price has increased by 27% per year. Announcement • Jun 05
TOA Corporation to Report Q1, 2023 Results on Aug 05, 2022 TOA Corporation announced that they will report Q1, 2023 results on Aug 05, 2022 Reported Earnings • May 16
Full year 2022 earnings released: EPS: JP¥383 (vs JP¥351 in FY 2021) Full year 2022 results: EPS: JP¥383 (up from JP¥351 in FY 2021). Revenue: JP¥219.8b (up 16% from FY 2021). Net income: JP¥7.39b (up 7.7% from FY 2021). Profit margin: 3.4% (down from 3.6% in FY 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Buying Opportunity • May 16
Now 23% undervalued after recent price drop Over the last 90 days, the stock is down 6.0%. The fair value is estimated to be JP¥3,291, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.0% over the last 3 years. Earnings per share has grown by 31%. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 7 non-independent directors. Independent Director Shiro Kuniya 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. Announcement • Apr 08
TOA Corporation to Report Fiscal Year 2022 Results on May 02, 2022 TOA Corporation announced that they will report fiscal year 2022 results on May 02, 2022 Upcoming Dividend • Mar 23
Upcoming dividend of JP¥90.00 per share Eligible shareholders must have bought the stock before 30 March 2022. Payment date: 30 June 2022. Payout ratio is a comfortable 21% and this is well supported by cash flows. Trailing yield: 3.0%. Lower than top quartile of Japanese dividend payers (3.4%). In line with average of industry peers (3.1%). Announcement • Feb 09
TOA Corporation (TSE:1885) announces an Equity Buyback for 1,200,000 shares, representing 6.2% for ¥2,000 million. TOA Corporation (TSE:1885) announces a share repurchase program. Under the program, the company will repurchase up to 1,200,000 shares, representing 6.2% for ¥2,000 million. The purpose of the program is to enhance shareholder returns and improve capital efficiency. The program will run until August 31, 2022. As of January 31, 2022, the company had 19,345,563 shares outstanding and 3,149,066 shares in treasury. Reported Earnings • Feb 09
Third quarter 2022 earnings: Revenues and EPS in line with analyst expectations Third quarter 2022 results: EPS: JP¥78.60 (down from JP¥103 in 3Q 2021). Revenue: JP¥54.2b (up 7.8% from 3Q 2021). Net income: JP¥1.51b (down 25% from 3Q 2021). Profit margin: 2.8% (down from 4.0% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 12
Second quarter 2022 earnings released: EPS JP¥128 (vs JP¥80.63 in 2Q 2021) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2022 results: Revenue: JP¥54.9b (up 21% from 2Q 2021). Net income: JP¥2.40b (up 52% from 2Q 2021). Profit margin: 4.4% (up from 3.5% in 2Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 49% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. 
