Buy Or Sell Opportunity • Jun 09
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 6.9% to JP¥3,020. The fair value is estimated to be JP¥2,495, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 8.3% over the last 3 years. Earnings per share has grown by 15%. For the next 3 years, revenue is forecast to grow by 8.1% per annum. Earnings are also forecast to grow by 6.4% per annum over the same time period. Announcement • May 30
TOCALO Co.,Ltd. to Report Q1, 2027 Results on Aug 05, 2026 TOCALO Co.,Ltd. announced that they will report Q1, 2027 results at 3:30 PM, Tokyo Standard Time on Aug 05, 2026 New Risk • May 13
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. The company is paying a dividend despite having no free cash flows. Dividend yield: 2.1% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. 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: Major Risk High level of non-cash earnings (21% accrual ratio). Minor Risk Paying a dividend despite having no free cash flows. Reported Earnings • May 12
Full year 2026 earnings: EPS and revenues exceed analyst expectations Full year 2026 results: EPS: JP¥169 (up from JP¥135 in FY 2025). Revenue: JP¥58.5b (up 7.9% from FY 2025). Net income: JP¥10.1b (up 25% from FY 2025). Profit margin: 17% (up from 15% in FY 2025). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.5%. Earnings per share (EPS) also surpassed analyst estimates by 16%. Revenue is forecast to grow 8.0% p.a. on average during the next 3 years, compared to a 5.6% growth forecast for the Machinery industry in Japan. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has increased by 35% per year, which means it is tracking significantly ahead of earnings growth. Announcement • May 11
TOCALO Co.,Ltd., Annual General Meeting, Jun 25, 2026 TOCALO Co.,Ltd., Annual General Meeting, Jun 25, 2026. Announcement • May 01
TOCALO Co.,Ltd. to Report Fiscal Year 2026 Results on May 11, 2026 TOCALO Co.,Ltd. announced that they will report fiscal year 2026 results at 3:30 PM, Tokyo Standard Time on May 11, 2026 Buy Or Sell Opportunity • Apr 21
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 25% to JP¥2,979. The fair value is estimated to be JP¥2,448, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 7.2% over the last 3 years. Earnings per share has grown by 10%. For the next 3 years, revenue is forecast to grow by 8.7% per annum. Earnings are also forecast to grow by 10% per annum over the same time period. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥33.00 per share Eligible shareholders must have bought the stock before 30 March 2026. Payment date: 29 June 2026. Payout ratio is a comfortable 51% and the cash payout ratio is 77%. Trailing yield: 2.8%. Lower than top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (1.6%). Price Target Changed • Mar 04
Price target increased by 18% to JP¥3,400 Up from JP¥2,893, the current price target is an average from 2 analysts. New target price is 22% above last closing price of JP¥2,790. Stock is up 57% over the past year. The company is forecast to post earnings per share of JP¥144 for next year compared to JP¥135 last year. Reported Earnings • Feb 05
Third quarter 2026 earnings released: EPS: JP¥33.90 (vs JP¥37.42 in 3Q 2025) Third quarter 2026 results: EPS: JP¥33.90 (down from JP¥37.42 in 3Q 2025). Revenue: JP¥14.3b (up 1.9% from 3Q 2025). Net income: JP¥2.02b (down 9.4% from 3Q 2025). Profit margin: 14% (down from 16% in 3Q 2025). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 8.0% p.a. on average during the next 3 years, compared to a 5.3% growth forecast for the Machinery industry in Japan. Over the last 3 years on average, earnings per share has increased by 10% 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 • Jan 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 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. This is currently the only risk that has been identified for the company. Buy Or Sell Opportunity • Dec 16
Now 21% undervalued Over the last 90 days, the stock has risen 1.8% to JP¥2,195. The fair value is estimated to be JP¥2,764, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.4% over the last 3 years. Earnings per share has grown by 7.7%. For the next 3 years, revenue is forecast to grow by 7.0% per annum. Earnings are also forecast to grow by 8.5% per annum over the same time period. Announcement • Dec 03
TOCALO Co.,Ltd. to Report Q3, 2026 Results on Feb 04, 2026 TOCALO Co.,Ltd. announced that they will report Q3, 2026 results on Feb 04, 2026 Declared Dividend • Dec 03
First half dividend of JP¥33.00 announced Shareholders will receive a dividend of JP¥33.00. Ex-date: 30th March 2026 Payment date: 29th June 2026 Dividend yield will be 3.2%, which is higher than the industry average of 2.1%. Sustainability & Growth Dividend is covered by both earnings (50% earnings payout ratio) and cash flows (77% cash payout ratio). The dividend has increased by an average of 17% 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 34% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Buy Or Sell Opportunity • Dec 01
Now 21% undervalued Over the last 90 days, the stock has risen 4.5% to JP¥2,177. The fair value is estimated to be JP¥2,742, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.4% over the last 3 years. Earnings per share has grown by 7.7%. For the next 3 years, revenue is forecast to grow by 7.0% per annum. Earnings are also forecast to grow by 8.5% per annum over the same time period. Buy Or Sell Opportunity • Nov 08
Now 27% undervalued The stock has been flat over the last 90 days, currently trading at JP¥2,021. The fair value is estimated to be JP¥2,757, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.4% over the last 3 years. Earnings per share has grown by 7.7%. For the next 3 years, revenue is forecast to grow by 7.0% per annum. Earnings are also forecast to grow by 8.3% per annum over the same time period. Announcement • Sep 01
TOCALO Co.,Ltd. to Report Q2, 2026 Results on Nov 06, 2025 TOCALO Co.,Ltd. announced that they will report Q2, 2026 results on Nov 06, 2025 Reported Earnings • Aug 07
First quarter 2026 earnings released: EPS: JP¥43.41 (vs JP¥31.73 in 1Q 2025) First quarter 2026 results: EPS: JP¥43.41 (up from JP¥31.73 in 1Q 2025). Revenue: JP¥15.2b (up 18% from 1Q 2025). Net income: JP¥2.58b (up 37% from 1Q 2025). Profit margin: 17% (up from 15% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 5.9% p.a. on average during the next 3 years, compared to a 4.7% growth forecast for the Machinery industry in Japan. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has increased by 17% per year, which means it is tracking significantly ahead of earnings growth. Board Change • Jul 23
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, none were independent directors. The company's board is composed of: 4 independent directors. 5 non-independent directors. Independent Outside Director Kazuyuki Tomita 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. Declared Dividend • Jul 09
Final dividend of JP¥34.00 announced Shareholders will receive a dividend of JP¥34.00. Ex-date: 29th September 2025 Payment date: 3rd December 2025 Dividend yield will be 3.7%, which is higher than the industry average of 2.1%. Sustainability & Growth Dividend is covered by earnings (44% earnings payout ratio) but not covered by cash flows (119% cash payout ratio). The dividend has increased by an average of 19% 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 30% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Jun 25
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: EPS: JP¥135 (up from JP¥106 in FY 2024). Revenue: JP¥54.2b (up 16% from FY 2024). Net income: JP¥8.05b (up 27% from FY 2024). Profit margin: 15% (up from 14% in FY 2024). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 4.1%. Revenue is forecast to grow 6.3% p.a. on average during the next 3 years, compared to a 3.6% growth forecast for the Machinery industry in Japan. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 14% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jun 03
TOCALO Co.,Ltd. to Report Q1, 2026 Results on Aug 05, 2025 TOCALO Co.,Ltd. announced that they will report Q1, 2026 results on Aug 05, 2025 Reported Earnings • May 10
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: EPS: JP¥135 (up from JP¥106 in FY 2024). Revenue: JP¥54.2b (up 16% from FY 2024). Net income: JP¥8.05b (up 27% from FY 2024). Profit margin: 15% (up from 14% in FY 2024). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 4.1%. Revenue is forecast to grow 6.3% p.a. on average during the next 3 years, compared to a 4.4% growth forecast for the Machinery industry in Japan. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 8% per year, which means it is tracking significantly ahead of earnings growth. Announcement • May 09
TOCALO Co.,Ltd., Annual General Meeting, Jun 26, 2025 TOCALO Co.,Ltd., Annual General Meeting, Jun 26, 2025. Announcement • Mar 21
TOCALO Co., Ltd. Announces Management Changes TOCALO Co.,Ltd. announced retirement of Noriyuki MIFUNE as Chairman & Representative Director of the company. And Nobuyuki KUROKI as Director; Deputy President and Executive Officer. Yuji Chiba will retire from his position as Managing Executive Officer. The changes in Representative Directors and Directors will be officially decided at the 74th Annual General Meeting of Shareholders scheduled for June 26, 2025, and at a subsequent meeting of the Board of Directors. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥35.00 per share Eligible shareholders must have bought the stock before 28 March 2025. Payment date: 30 June 2025. Payout ratio is a comfortable 44% but the company is paying out more than the cash it is generating. Trailing yield: 3.9%. Within top quartile of Japanese dividend payers (3.7%). Higher than average of industry peers (2.1%). Announcement • Mar 01
TOCALO Co.,Ltd. to Report Fiscal Year 2025 Results on May 09, 2025 TOCALO Co.,Ltd. announced that they will report fiscal year 2025 results on May 09, 2025 Reported Earnings • Feb 05
Third quarter 2025 earnings released: EPS: JP¥37.42 (vs JP¥21.75 in 3Q 2024) Third quarter 2025 results: EPS: JP¥37.42 (up from JP¥21.75 in 3Q 2024). Revenue: JP¥14.0b (up 19% from 3Q 2024). Net income: JP¥2.23b (up 72% from 3Q 2024). Profit margin: 16% (up from 11% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 7.1% p.a. on average during the next 3 years, compared to a 4.6% growth forecast for the Machinery industry in Japan. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has increased by 10% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Dec 04
TOCALO Co.,Ltd. to Report Q3, 2025 Results on Feb 04, 2025 TOCALO Co.,Ltd. announced that they will report Q3, 2025 results on Feb 04, 2025 Declared Dividend • Dec 04
First half dividend of JP¥33.00 announced Shareholders will receive a dividend of JP¥33.00. Ex-date: 28th March 2025 Payment date: 30th June 2025 Dividend yield will be 3.5%, which is higher than the industry average of 2.1%. Sustainability & Growth Dividend is covered by earnings (24% earnings payout ratio) but not covered by cash flows (dividend approximately 46x free cash flows). The dividend has increased by an average of 19% 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 36% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Nov 02
Second quarter 2025 earnings released: EPS: JP¥28.09 (vs JP¥24.05 in 2Q 2024) Second quarter 2025 results: EPS: JP¥28.09 (up from JP¥24.05 in 2Q 2024). Revenue: JP¥13.0b (up 16% from 2Q 2024). Net income: JP¥1.67b (up 16% from 2Q 2024). Profit margin: 13% (in line with 2Q 2024). Revenue is forecast to grow 7.4% p.a. on average during the next 3 years, compared to a 4.8% growth forecast for the Machinery industry in Japan. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Upcoming Dividend • Sep 20
Upcoming dividend of JP¥28.00 per share Eligible shareholders must have bought the stock before 27 September 2024. Payment date: 04 December 2024. Payout ratio is a comfortable 47% but the company is paying out more than the cash it is generating. Trailing yield: 3.2%. Lower than top quartile of Japanese dividend payers (3.8%). Higher than average of industry peers (2.9%). Price Target Changed • Sep 11
Price target decreased by 10.0% to JP¥2,700 Down from JP¥3,000, the current price target is an average from 2 analysts. New target price is 59% above last closing price of JP¥1,699. Stock is up 20% over the past year. The company is forecast to post earnings per share of JP¥125 for next year compared to JP¥106 last year. Announcement • Aug 27
TOCALO Co.,Ltd. to Report Q2, 2025 Results on Oct 31, 2024 TOCALO Co.,Ltd. announced that they will report Q2, 2025 results on Oct 31, 2024 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 6.8% 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 Dividend is not well covered by cash flows (115% cash payout ratio). Share price has been volatile over the past 3 months (6.8% average weekly change). Reported Earnings • Aug 02
First quarter 2025 earnings released: EPS: JP¥31.73 (vs JP¥25.34 in 1Q 2024) First quarter 2025 results: EPS: JP¥31.73 (up from JP¥25.34 in 1Q 2024). Revenue: JP¥12.9b (up 9.1% from 1Q 2024). Net income: JP¥1.89b (up 23% from 1Q 2024). Profit margin: 15% (up from 13% in 1Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 8.8% p.a. on average during the next 3 years, compared to a 4.9% growth forecast for the Machinery industry in Japan. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has increased by 9% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jul 30
TOCALO Co.,Ltd. (TSE:3433) completed the acquisition of remaining 51% stake in NEIS & TOCALO (Thailand) Co., Ltd. from Neis (Thailand) Company Limited and Neis Co.,Ltd. TOCALO Co.,Ltd. (TSE:3433) signed a letter of intent to acquire an remaining 51% stake in NEIS & TOCALO (Thailand) Co., Ltd. from Neis (Thailand) Company Limited and Neis Co.,Ltd. for THB 80 million on June 21, 2024. A cash consideration of THB 80 million will be paid by TOCALO Co.,Ltd. As part of consideration, THB 80 million is paid towards common equity of NEIS & TOCALO (Thailand) Co., Ltd. Upon completion, TOCALO Co.,Ltd. will own 100% stake in NEIS & TOCALO (Thailand) Co., Ltd.
For the period ending December 31, 2023, NEIS & TOCALO (Thailand) Co., Ltd. reported total revenue of THB 79 million, EBIT of THB 3 million and net income of THB 2 million. As of December 31, 2023, NEIS & TOCALO (Thailand) Co., Ltd. reported total assets of THB 170 million and total common equity of THB 158 million.
The expected agreement date is June 24, 2024, and expected completion of the transaction is June 25, 2024.
TOCALO Co.,Ltd. (TSE:3433) completed the acquisition of remaining 51% stake in NEIS & TOCALO (Thailand) Co., Ltd. from Neis (Thailand) Company Limited and Neis Co.,Ltd. on July 30, 2024. NEIS & TOCALO (Thailand) Co., Ltd. has been completed, and its trade name has been changed to TOCALO Surface Technology (Thailand) Co., Ltd. with effect from July 30, 2024. Declared Dividend • Jul 11
Final dividend increased to JP¥28.00 Dividend of JP¥28.00 is 12% higher than last year. Ex-date: 27th September 2024 Payment date: 4th December 2024 Dividend yield will be 2.8%, which is higher than the industry average of 2.1%. Sustainability & Growth Dividend is covered by earnings (53% earnings payout ratio) but not covered by cash flows (115% cash payout ratio). The dividend has increased by an average of 18% 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 40% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Jun 23
TOCALO Co.,Ltd. to Report Q1, 2025 Results on Jul 31, 2024 TOCALO Co.,Ltd. announced that they will report Q1, 2025 results on Jul 31, 2024 Reported Earnings • May 11
Full year 2024 earnings: EPS exceeds analyst expectations Full year 2024 results: EPS: JP¥106 (down from JP¥121 in FY 2023). Revenue: JP¥46.7b (down 2.9% from FY 2023). Net income: JP¥6.33b (down 14% from FY 2023). Profit margin: 14% (down from 15% in FY 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 2.9%. Revenue is forecast to grow 8.4% p.a. on average during the next 3 years, compared to a 4.7% growth forecast for the Machinery 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 11% per year, which means it is tracking significantly ahead of earnings growth. Announcement • May 11
TOCALO Co.,Ltd., Annual General Meeting, Jun 27, 2024 TOCALO Co.,Ltd., Annual General Meeting, Jun 27, 2024. Buy Or Sell Opportunity • Mar 25
Now 22% undervalued Over the last 90 days, the stock has risen 19% to JP¥1,748. The fair value is estimated to be JP¥2,245, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.8% over the last 3 years. Earnings per share has grown by 6.9%. Revenue is forecast to grow by 13% in 2 years. Earnings are forecast to grow by 25% in the next 2 years. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥25.00 per share Eligible shareholders must have bought the stock before 28 March 2024. Payment date: 26 June 2024. Payout ratio is a comfortable 53% and this is well supported by cash flows. Trailing yield: 2.9%. Lower than top quartile of Japanese dividend payers (3.2%). Higher than average of industry peers (1.9%). Announcement • Mar 03
TOCALO Co.,Ltd. to Report Fiscal Year 2024 Results on May 09, 2024 TOCALO Co.,Ltd. announced that they will report fiscal year 2024 results on May 09, 2024 Reported Earnings • Feb 02
Third quarter 2024 earnings released: EPS: JP¥21.75 (vs JP¥28.76 in 3Q 2023) Third quarter 2024 results: EPS: JP¥21.75 (down from JP¥28.76 in 3Q 2023). Revenue: JP¥11.8b (down 4.8% from 3Q 2023). Net income: JP¥1.30b (down 26% from 3Q 2023). Profit margin: 11% (down from 14% in 3Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 6.5% p.a. on average during the next 3 years, compared to a 4.3% growth forecast for the Machinery industry in Japan. Over the last 3 years on average, earnings per share has increased by 7% per year whereas the company’s share price has increased by 3% per year. Announcement • Nov 29
TOCALO Co.,Ltd. to Report Q3, 2024 Results on Jan 31, 2024 TOCALO Co.,Ltd. announced that they will report Q3, 2024 results on Jan 31, 2024 Reported Earnings • Nov 02
Second quarter 2024 earnings released: EPS: JP¥24.05 (vs JP¥32.99 in 2Q 2023) Second quarter 2024 results: EPS: JP¥24.05 (down from JP¥32.99 in 2Q 2023). Revenue: JP¥11.2b (down 7.5% from 2Q 2023). Net income: JP¥1.45b (down 28% from 2Q 2023). Profit margin: 13% (down from 17% in 2Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 5.6% p.a. on average during the next 3 years, compared to a 4.1% growth forecast for the Machinery 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 10% per year. Upcoming Dividend • Sep 21
Upcoming dividend of JP¥25.00 per share at 3.6% yield Eligible shareholders must have bought the stock before 28 September 2023. Payment date: 04 December 2023. Payout ratio is a comfortable 44% and this is well supported by cash flows. Trailing yield: 3.6%. Within top quartile of Japanese dividend payers (3.3%). Higher than average of industry peers (2.1%). Announcement • Aug 30
TOCALO Co.,Ltd. to Report Q2, 2024 Results on Oct 31, 2023 TOCALO Co.,Ltd. announced that they will report Q2, 2024 results on Oct 31, 2023 Reported Earnings • Aug 01
First quarter 2024 earnings released: EPS: JP¥25.34 (vs JP¥31.44 in 1Q 2023) First quarter 2024 results: EPS: JP¥25.34 (down from JP¥31.44 in 1Q 2023). Revenue: JP¥11.8b (down 1.0% from 1Q 2023). Net income: JP¥1.54b (down 20% from 1Q 2023). Profit margin: 13% (down from 16% in 1Q 2023). Revenue is forecast to grow 4.5% p.a. on average during the next 3 years, compared to a 4.1% growth forecast for the Machinery industry in Japan. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Price Target Changed • Jun 06
Price target decreased by 9.1% to JP¥2,000 Down from JP¥2,200, the current price target is provided by 1 analyst. New target price is 43% above last closing price of JP¥1,396. The company is forecast to post earnings per share of JP¥120 for next year compared to JP¥121 last year. Announcement • May 31
TOCALO Co.,Ltd. to Report Q1, 2024 Results on Jul 31, 2023 TOCALO Co.,Ltd. announced that they will report Q1, 2024 results on Jul 31, 2023 Reported Earnings • May 12
Full year 2023 earnings: Revenues and EPS in line with analyst expectations Full year 2023 results: EPS: JP¥121 (up from JP¥114 in FY 2022). Revenue: JP¥48.1b (up 9.9% from FY 2022). Net income: JP¥7.35b (up 6.4% from FY 2022). Profit margin: 15% (in line with FY 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 4.8% p.a. on average during the next 2 years, compared to a 4.2% growth forecast for the Machinery industry in Japan. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥22.50 per share at 3.8% yield Eligible shareholders must have bought the stock before 30 March 2023. Payment date: 27 June 2023. Payout ratio is a comfortable 38% and this is well supported by cash flows. Trailing yield: 3.8%. Within top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (2.4%). Announcement • Feb 01
TOCALO Co.,Ltd. Provides Consolidated Earnings Guidance for the Fiscal Year Ending March 31, 2023 TOCALO Co.,Ltd. provided consolidated earnings guidance for the fiscal year ending March 31, 2023. The company expects net sales to be JPY 48,200 million, Operating profit to be JPY 11,200 million, net income attributable to owners of parent to be JPY 7,444 million or JPY 122.36 per basic share. Reported Earnings • Feb 01
Third quarter 2023 earnings released: EPS: JP¥28.76 (vs JP¥25.47 in 3Q 2022) Third quarter 2023 results: EPS: JP¥28.76 (up from JP¥25.47 in 3Q 2022). Revenue: JP¥12.4b (up 12% from 3Q 2022). Net income: JP¥1.75b (up 13% from 3Q 2022). Profit margin: 14% (in line with 3Q 2022). Revenue is forecast to grow 5.5% p.a. on average during the next 3 years, compared to a 4.4% growth forecast for the Machinery industry in Japan. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Announcement • Dec 04
TOCALO Co.,Ltd. to Report Q3, 2023 Results on Jan 31, 2023 TOCALO Co.,Ltd. announced that they will report Q3, 2023 results on Jan 31, 2023 Reported Earnings • Nov 16
Second quarter 2023 earnings released: EPS: JP¥32.99 (vs JP¥26.03 in 2Q 2022) Second quarter 2023 results: EPS: JP¥32.99 (up from JP¥26.03 in 2Q 2022). Revenue: JP¥12.1b (up 17% from 2Q 2022). Net income: JP¥2.01b (up 27% from 2Q 2022). Profit margin: 17% (up from 15% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 5.9% p.a. on average during the next 3 years, compared to a 4.1% growth forecast for the Machinery industry in Japan. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Board Change • Nov 16
No independent directors There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 9 experienced directors. 2 highly experienced directors. No independent directors (11 non-independent directors). Director Yoko Sato was the last director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Nov 02
Second quarter 2023 earnings released: EPS: JP¥32.99 (vs JP¥26.03 in 2Q 2022) Second quarter 2023 results: EPS: JP¥32.99 (up from JP¥26.03 in 2Q 2022). Revenue: JP¥12.1b (up 17% from 2Q 2022). Net income: JP¥2.01b (up 27% from 2Q 2022). Profit margin: 17% (up from 15% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 6.9% p.a. on average during the next 3 years, compared to a 4.1% growth forecast for the Machinery industry in Japan. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Announcement • Nov 01
TOCALO Co.,Ltd. Provides Consolidated Earnings Guidance for the Fiscal Year Ending March 31, 2023 TOCALO Co.,Ltd. provided consolidated earnings guidance for the fiscal year ending March 31, 2023. The company expects net sales to be JPY 48,200 million, Operating profit to be JPY 11,200 million, net income attributable to owners of parent to be JPY 7,444 million or JPY 122.36 per basic share.