New Risk • Jun 20
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. The company is paying a dividend despite being loss-making. Cash payout ratio: 188% Dividend yield: 3.8% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough 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. For dividend paying companies, any reduction in the dividend can significantly impact the share price. This is currently the only risk that has been identified for the company. Reported Earnings • Jun 20
Full year 2026 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2026 results: JP¥82.80 loss per share (further deteriorated from JP¥2.82 loss in FY 2025). Revenue: JP¥25.0b (down 7.4% from FY 2025). Net loss: JP¥3.41b (loss widened JP¥3.29b from FY 2025). Revenue exceeded analyst estimates by 3.9%. Earnings per share (EPS) missed analyst estimates. Revenue is forecast to grow 13% p.a. on average during the next 2 years, compared to a 7.3% growth forecast for the Electrical industry in Japan. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 100 percentage points per year, which is a significant difference in performance. Announcement • Jun 19
Cosel Co., Ltd., Annual General Meeting, Aug 12, 2026 Cosel Co., Ltd., Annual General Meeting, Aug 12, 2026. Upcoming Dividend • May 12
Upcoming dividend of JP¥28.00 per share Eligible shareholders must have bought the stock before 19 May 2026. Payment date: 21 July 2026. The company is not currently making a profit but it is cash flow positive. Trailing yield: 4.2%. Within top quartile of Japanese dividend payers (3.7%). Higher than average of industry peers (0.9%). Announcement • May 10
Cosel Co., Ltd. to Report Fiscal Year 2026 Results on Jun 19, 2026 Cosel Co., Ltd. announced that they will report fiscal year 2026 results on Jun 19, 2026 Buy Or Sell Opportunity • Mar 30
Now 20% undervalued Over the last 90 days, the stock has risen 4.7% to JP¥1,140. The fair value is estimated to be JP¥1,427, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 16% over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • Mar 24
Third quarter 2026 earnings released: JP¥5.69 loss per share (vs JP¥4.77 loss in 3Q 2025) Third quarter 2026 results: JP¥5.69 loss per share (further deteriorated from JP¥4.77 loss in 3Q 2025). Revenue: JP¥6.21b (up 1.9% from 3Q 2025). Net loss: JP¥234.0m (loss widened 19% from 3Q 2025). Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 6.4% growth forecast for the Electrical industry in Japan. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 76 percentage points per year, which is a significant difference in performance. Buy Or Sell Opportunity • Feb 24
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 11% to JP¥1,310. The fair value is estimated to be JP¥1,074, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 10% over the last 3 years. Meanwhile, the company became loss making. Declared Dividend • Feb 04
First half dividend of JP¥28.00 announced Dividend of JP¥28.00 is the same as last year. Ex-date: 19th May 2026 Payment date: 21st July 2026 Dividend yield will be 4.7%, which is higher than the industry average of 2.1%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months. However, the dividend is covered by cash flows (71% cash payout ratio). The dividend has increased by an average of 7.8% per year over the past 10 years. However, payments have been volatile during that time. Reported Earnings • Dec 20
Second quarter 2026 earnings released: EPS: JP¥1.51 (vs JP¥0.36 loss in 2Q 2025) Second quarter 2026 results: EPS: JP¥1.51 (up from JP¥0.36 loss in 2Q 2025). Revenue: JP¥6.06b (down 6.0% from 2Q 2025). Net income: JP¥62.0m (up JP¥77.0m from 2Q 2025). Profit margin: 1.0% (up from net loss in 2Q 2025). Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 5.2% growth forecast for the Electrical industry in Japan. Over the last 3 years on average, earnings per share has fallen by 53% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Upcoming Dividend • Nov 12
Upcoming dividend of JP¥27.00 per share Eligible shareholders must have bought the stock before 19 November 2025. Payment date: 04 February 2026. The company is not currently making a profit and there are not enough cash flows to support it either. Trailing yield: 4.5%. Within top quartile of Japanese dividend payers (3.7%). Higher than average of industry peers (1.5%). Announcement • Nov 01
Cosel Co., Ltd. to Report Q2, 2026 Results on Dec 19, 2025 Cosel Co., Ltd. announced that they will report Q2, 2026 results on Dec 19, 2025 Reported Earnings • Sep 20
First quarter 2026 earnings released: JP¥1.65 loss per share (vs JP¥3.58 profit in 1Q 2025) First quarter 2026 results: JP¥1.65 loss per share (down from JP¥3.58 profit in 1Q 2025). Revenue: JP¥5.08b (down 32% from 1Q 2025). Net loss: JP¥68.0m (down 149% from profit in 1Q 2025). Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 4.2% growth forecast for the Electrical industry in Japan. Over the last 3 years on average, earnings per share has fallen by 32% per year but the company’s share price has increased by 12% per year, which means it is well ahead of earnings. Declared Dividend • Sep 08
Final dividend of JP¥27.00 announced Shareholders will receive a dividend of JP¥27.00. Ex-date: 19th November 2025 Payment date: 4th February 2026 Dividend yield will be 4.4%, which is higher than the industry average of 2.1%. Sustainability & Growth Dividend is not covered by earnings (259% earnings payout ratio) nor is it covered by cash flows (108% cash payout ratio). The dividend has increased by an average of 7.8% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 188% to bring the payout ratio under control. EPS is expected to grow by 297% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. Announcement • Aug 28
Cosel Co., Ltd. to Report Q1, 2026 Results on Sep 19, 2025 Cosel Co., Ltd. announced that they will report Q1, 2026 results on Sep 19, 2025 Price Target Changed • Jul 30
Price target increased by 16% to JP¥1,100 Up from JP¥950, the current price target is provided by 1 analyst. New target price is 5.4% below last closing price of JP¥1,163. Stock is down 5.4% over the past year. The company is forecast to post earnings per share of JP¥36.42 next year compared to a net loss per share of JP¥2.84 last year. Reported Earnings • Jun 20
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: JP¥2.82 loss per share (down from JP¥156 profit in FY 2024). Revenue: JP¥27.1b (down 35% from FY 2024). Net loss: JP¥113.0m (down 102% from profit in FY 2024). Revenue missed analyst estimates by 3.4%. Earnings per share (EPS) were also behind analyst expectations. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 3.6% growth forecast for the Electrical industry in Japan. Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Announcement • Jun 18
Cosel Co., Ltd., Annual General Meeting, Aug 07, 2025 Cosel Co., Ltd., Annual General Meeting, Aug 07, 2025. Upcoming Dividend • May 12
Upcoming dividend of JP¥28.00 per share Eligible shareholders must have bought the stock before 19 May 2025. Payment date: 22 July 2025. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 5.1%. Within top quartile of Japanese dividend payers (3.9%). Higher than average of industry peers (2.0%). Announcement • Apr 26
Cosel Co., Ltd. to Report Fiscal Year 2025 Results on Jun 18, 2025 Cosel Co., Ltd. announced that they will report fiscal year 2025 results on Jun 18, 2025 Major Estimate Revision • Mar 28
Consensus EPS estimates fall by 27% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from JP¥29.0b to JP¥28.0b. EPS estimate also fell from JP¥20.12 per share to JP¥14.60 per share. Net income forecast to grow 82% next year vs 5.1% growth forecast for Electrical industry in Japan. Consensus price target of JP¥910 unchanged from last update. Share price was steady at JP¥1,083 over the past week. Reported Earnings • Mar 23
Third quarter 2025 earnings released: EPS: JP¥0.072 (vs JP¥33.69 in 3Q 2024) Third quarter 2025 results: EPS: JP¥0.072 (down from JP¥33.69 in 3Q 2024). Revenue: JP¥6.36b (down 36% from 3Q 2024). Net income: JP¥2.95m (down 100% from 3Q 2024). Profit margin: 0% (down from 11% in 3Q 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 7.4% p.a. on average during the next 3 years, compared to a 4.3% growth forecast for the Electrical 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 10% per year, which means it is significantly lagging earnings growth. Declared Dividend • Feb 05
First half dividend of JP¥28.00 announced Shareholders will receive a dividend of JP¥28.00. Ex-date: 19th May 2025 Payment date: 22nd July 2025 Dividend yield will be 5.6%, which is higher than the industry average of 2.1%. Sustainability & Growth Dividend is not covered by earnings (102% earnings payout ratio). However, it is covered by cash flows (65% cash payout ratio). The dividend has increased by an average of 9.3% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 13% to bring the payout ratio under control. EPS is expected to grow by 62% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. Announcement • Feb 03
Cosel Co., Ltd. to Report Q3, 2025 Results on Mar 21, 2025 Cosel Co., Ltd. announced that they will report Q3, 2025 results on Mar 21, 2025 Major Estimate Revision • Dec 27
Consensus revenue estimates fall by 19% The consensus outlook for revenues in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from JP¥36.4b to JP¥29.5b. EPS estimate fell from JP¥72.19 to JP¥19.40 per share. Net income forecast to shrink 11% next year vs 3.4% growth forecast for Electrical industry in Japan . Consensus price target of JP¥1,100 unchanged from last update. Share price fell 2.3% to JP¥1,066 over the past week. Reported Earnings • Dec 21
First half 2025 earnings released: EPS: JP¥7.16 (vs JP¥107 in 1H 2024) First half 2025 results: EPS: JP¥7.16 (down from JP¥107 in 1H 2024). Revenue: JP¥14.9b (down 31% from 1H 2024). Net income: JP¥278.7m (down 92% from 1H 2024). Profit margin: 1.9% (down from 16% in 1H 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 8.7% p.a. on average during the next 3 years, compared to a 4.2% growth forecast for the Electrical industry in Japan. Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Announcement • Nov 21
Cosel Co., Ltd. to Report Q2, 2025 Results on Dec 20, 2024 Cosel Co., Ltd. announced that they will report Q2, 2025 results on Dec 20, 2024 Upcoming Dividend • Nov 12
Upcoming dividend of JP¥27.00 per share Eligible shareholders must have bought the stock before 19 November 2024. Payment date: 03 February 2025. Payout ratio is a comfortable 49% and this is well supported by cash flows. Trailing yield: 4.4%. Within top quartile of Japanese dividend payers (3.8%). Higher than average of industry peers (1.8%). Major Estimate Revision • Oct 05
Consensus EPS estimates fall by 12% The consensus outlook for fiscal year 2025 has been updated. 2025 consensus EPS estimate fell from JP¥81.92 to JP¥72.19. Revenue forecast reaffirmed at JP¥37.3b. Net income forecast to shrink 15% next year vs 1.8% growth forecast for Electrical industry in Japan . Consensus price target down from JP¥1,400 to JP¥1,100. Share price fell 3.0% to JP¥1,151 over the past week. New Risk • Sep 17
New major risk - Financial data availability The company has not reported any financial data. This is considered a major risk. With no or incomplete audited reported financial data, it is virtually impossible to assess the company's investment potential. Currently, the following risks have been identified for the company: Major Risk No financial data reported. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Shareholders have been diluted in the past year (24% increase in shares outstanding). Announcement • Aug 29
Cosel Co., Ltd. (TSE:6905) completed the acquisition of remaining 30% stake in Cosel International Trading (shanghai) Co. Ltd from Kimig Limited. Cosel Co., Ltd. (TSE:6905) agreed to acquire remaining 30% stake in Cosel International Trading (shanghai) Co. Ltd from Kimig Limited for CNY 7 million on August 2, 2024. A cash consideration of CNY 7.02 million will be paid by Cosel Co., Ltd. As part of consideration, CNY 7.02 million is paid towards common equity of Cosel International Trading (shanghai) Co. Ltd. Upon completion, Cosel Co., Ltd. will own 100% stake in Cosel International Trading (shanghai) Co. Ltd.
As of May 31, 2024, Cosel International Trading (shanghai) Co. Ltd reported total common equity of CNY 23.41 million.
Cosel Co., Ltd. (TSE:6905) completed the acquisition of remaining 30% stake in Cosel International Trading (shanghai) Co. Ltd from Kimig Limited on August 29, 2024. Announcement • Aug 27
Cosel Co., Ltd. to Report Q1, 2025 Results on Sep 17, 2024 Cosel Co., Ltd. announced that they will report Q1, 2025 results on Sep 17, 2024 Price Target Changed • Aug 23
Price target decreased by 13% to JP¥1,400 Down from JP¥1,600, the current price target is provided by 1 analyst. New target price is 16% above last closing price of JP¥1,210. Stock is down 2.9% over the past year. The company is forecast to post earnings per share of JP¥101 for next year compared to JP¥156 last year. Announcement • Aug 08
Cosel Co., Ltd. (TSE:6905) agreed to acquire remaining 30% stake in Cosel International Trading (shanghai) Co. Ltd from Kimig Limited for CNY 7 million. Cosel Co., Ltd. (TSE:6905) agreed to acquire remaining 30% stake in Cosel International Trading (shanghai) Co. Ltd from Kimig Limited for CNY 7 million on August 2, 2024. A cash consideration of CNY 7.02 million will be paid by Cosel Co., Ltd. As part of consideration, CNY 7.02 million is paid towards common equity of Cosel International Trading (shanghai) Co. Ltd. Upon completion, Cosel Co., Ltd. will own 100% stake in Cosel International Trading (shanghai) Co. Ltd.
As of May 31, 2024, Cosel International Trading (shanghai) Co. Ltd reported total common equity of CNY 23.41 million. New Risk • Jul 12
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 24% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 3.1% 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. Shareholders have been diluted in the past year (24% increase in shares outstanding). Reported Earnings • Jun 21
Full year 2024 earnings: EPS and revenues exceed analyst expectations Full year 2024 results: EPS: JP¥156 (up from JP¥93.53 in FY 2023). Revenue: JP¥41.4b (up 18% from FY 2023). Net income: JP¥5.17b (up 64% from FY 2023). Profit margin: 13% (up from 9.0% in FY 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 4.8%. Earnings per share (EPS) also surpassed analyst estimates by 3.0%. Revenue is forecast to grow 1.1% p.a. on average during the next 3 years, compared to a 4.6% growth forecast for the Electrical industry in Japan. Over the last 3 years on average, earnings per share has increased by 64% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Announcement • Jun 20
Cosel Co., Ltd., Annual General Meeting, Aug 08, 2024 Cosel Co., Ltd., Annual General Meeting, Aug 08, 2024. Announcement • May 13
Cosel Co., Ltd. to Report Fiscal Year 2024 Results on Jun 19, 2024 Cosel Co., Ltd. announced that they will report fiscal year 2024 results on Jun 19, 2024 Upcoming Dividend • May 10
Upcoming dividend of JP¥26.00 per share Eligible shareholders must have bought the stock before 17 May 2024. Payment date: 19 July 2024. Payout ratio is a comfortable 11% and this is well supported by cash flows. Trailing yield: 3.6%. Within top quartile of Japanese dividend payers (3.2%). Higher than average of industry peers (1.7%). Announcement • May 01
Cosel Co., Ltd. announced that it expects to receive ¥11.584607 billion in funding from Lite-On Technology Corporation Cosel Co., Ltd. announced a private placement to issue 7,951,000 common shares at issue price JPY 1,457 per share for gross proceeds JPY 11,584,607,000 on April 30, 2024. The transaction includes participation from LITE-ON TECHNOLOGY CCRP ATIC N. The payment period for this third-party allotment was resolved to be from Thursday, May 16, 2024 to Tuesday, December 31, 2024. The transaction was approved by board of directors. Reported Earnings • Mar 24
Third quarter 2024 earnings released: EPS: JP¥33.69 (vs JP¥26.88 in 3Q 2023) Third quarter 2024 results: EPS: JP¥33.69 (up from JP¥26.88 in 3Q 2023). Revenue: JP¥9.92b (up 11% from 3Q 2023). Net income: JP¥1.12b (up 23% from 3Q 2023). Profit margin: 11% (up from 10% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue is expected to decline by 2.9% p.a. on average during the next 3 years, while revenues in the Electrical industry in Japan are expected to grow by 4.4%. Over the last 3 years on average, earnings per share has increased by 62% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Announcement • Jan 28
Cosel Co., Ltd. to Report Q3, 2024 Results on Mar 22, 2024 Cosel Co., Ltd. announced that they will report Q3, 2024 results on Mar 22, 2024 Reported Earnings • Dec 22
Second quarter 2024 earnings: EPS and revenues exceed analyst expectations Second quarter 2024 results: EPS: JP¥55.98 (up from JP¥29.25 in 2Q 2023). Revenue: JP¥11.2b (up 29% from 2Q 2023). Net income: JP¥1.86b (up 86% from 2Q 2023). Profit margin: 17% (up from 11% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 8.0%. Earnings per share (EPS) also surpassed analyst estimates by 30%. Revenue is expected to decline by 1.8% p.a. on average during the next 3 years, while revenues in the Electrical industry in Japan are expected to grow by 4.4%. Over the last 3 years on average, earnings per share has increased by 57% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. New Risk • Dec 16
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 1.6% 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 1.6% per year for the foreseeable future. Minor Risk Dividend is not well covered by cash flows (dividend per share is over 7x cash flows per share). Announcement • Dec 06
Cosel Co., Ltd. to Report Q2, 2024 Results on Dec 20, 2023 Cosel Co., Ltd. announced that they will report Q2, 2024 results on Dec 20, 2023 Upcoming Dividend • Nov 10
Upcoming dividend of JP¥18.00 per share at 3.1% yield Eligible shareholders must have bought the stock before 17 November 2023. Payment date: 02 February 2024. Payout ratio is a comfortable 25% but the company is paying out more than the cash it is generating. Trailing yield: 3.1%. Lower than top quartile of Japanese dividend payers (3.4%). Higher than average of industry peers (2.2%). Major Estimate Revision • Sep 28
Consensus EPS estimates increase by 16% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has improved. 2024 revenue forecast increased from JP¥38.1b to JP¥38.7b. EPS estimate increased from JP¥117 to JP¥136 per share. Net income forecast to grow 4.6% next year vs 3.6% growth forecast for Electrical industry in Japan. Consensus price target up from JP¥1,675 to JP¥1,775. Share price was steady at JP¥1,252 over the past week. New Risk • Sep 25
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 1.4% 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 1.4% per year for the foreseeable future. Minor Risk Dividend is not well covered by cash flows (dividend per share is over 7x cash flows per share). Reported Earnings • Sep 20
First quarter 2024 earnings: EPS and revenues exceed analyst expectations First quarter 2024 results: EPS: JP¥50.77 (up from JP¥18.40 in 1Q 2023). Revenue: JP¥10.4b (up 36% from 1Q 2023). Net income: JP¥1.68b (up 168% from 1Q 2023). Profit margin: 16% (up from 8.2% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 4.9%. Earnings per share (EPS) also surpassed analyst estimates by 64%. Revenue is forecast to grow 3.6% p.a. on average during the next 3 years, compared to a 4.4% growth forecast for the Electrical industry in Japan. Over the last 3 years on average, earnings per share has increased by 48% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Announcement • Sep 03
Cosel Co., Ltd. to Report Q1, 2024 Results on Sep 19, 2023 Cosel Co., Ltd. announced that they will report Q1, 2024 results on Sep 19, 2023 Major Estimate Revision • Jun 26
Consensus revenue estimates increase by 11% The consensus outlook for revenues in fiscal year 2024 has improved. 2024 revenue forecast increased from JP¥34.5b to JP¥38.2b. EPS estimate increased from JP¥102 to JP¥118 per share. Net income forecast to grow 23% next year vs 4.0% growth forecast for Electrical industry in Japan. Consensus price target up from JP¥1,285 to JP¥1,375. Share price fell 5.3% to JP¥1,292 over the past week. Announcement • Jun 21
Cosel Co., Ltd., Annual General Meeting, Aug 09, 2023 Cosel Co., Ltd., Annual General Meeting, Aug 09, 2023. Reported Earnings • Jun 21
Full year 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2023 results: EPS: JP¥93.53 (up from JP¥55.49 in FY 2022). Revenue: JP¥35.3b (up 26% from FY 2022). Net income: JP¥3.16b (up 67% from FY 2022). Profit margin: 9.0% (up from 6.7% in FY 2022). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 3.1%. Earnings per share (EPS) missed analyst estimates by 9.3%. Revenue is forecast to grow 1.1% p.a. on average during the next 3 years, compared to a 4.6% growth forecast for the Electrical 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 12% per year, which means it is significantly lagging earnings growth. Announcement • May 29
Cosel Co., Ltd. to Report Fiscal Year 2023 Results on Jun 19, 2023 Cosel Co., Ltd. announced that they will report fiscal year 2023 results on Jun 19, 2023 Upcoming Dividend • May 11
Upcoming dividend of JP¥16.00 per share at 2.8% yield Eligible shareholders must have bought the stock before 18 May 2023. Payment date: 20 July 2023. Payout ratio is a comfortable 31% but the company is not cash flow positive. Trailing yield: 2.8%. Lower than top quartile of Japanese dividend payers (3.4%). Higher than average of industry peers (1.9%). Reported Earnings • Mar 18
Third quarter 2023 earnings: EPS and revenues exceed analyst expectations Third quarter 2023 results: EPS: JP¥26.88 (up from JP¥12.38 in 3Q 2022). Revenue: JP¥8.94b (up 34% from 3Q 2022). Net income: JP¥908.0m (up 115% from 3Q 2022). Profit margin: 10% (up from 6.3% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.7%. Earnings per share (EPS) also surpassed analyst estimates by 18%. Revenue is forecast to grow 3.4% p.a. on average during the next 3 years, compared to a 5.2% growth forecast for the Electrical 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 only increased by 9% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • Dec 28
Consensus EPS estimates increase by 24% The consensus outlook for earnings per share (EPS) in 2023 has improved. 2023 revenue forecast increased from JP¥32.8b to JP¥33.6b. EPS estimate increased from JP¥73.20 to JP¥90.70 per share. Net income forecast to grow 9.8% next year vs 3.0% growth forecast for Electrical industry in Japan. Consensus price target up from JP¥950 to JP¥1,045. Share price rose 3.1% to JP¥1,037 over the past week. Reported Earnings • Dec 20
Second quarter 2023 earnings: EPS and revenues exceed analyst expectations Second quarter 2023 results: EPS: JP¥29.25 (up from JP¥13.91 in 2Q 2022). Revenue: JP¥8.71b (up 30% from 2Q 2022). Net income: JP¥997.0m (up 110% from 2Q 2022). Profit margin: 11% (up from 7.1% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 4.2%. Earnings per share (EPS) also surpassed analyst estimates by 33%. Revenue is forecast to grow 7.3% p.a. on average during the next 3 years, compared to a 6.1% growth forecast for the Electrical industry in Japan. Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Announcement • Dec 19
Cosel Co., Ltd. (TSE:6905) announces an Equity Buyback for 1,000,000 shares, representing 2.93% for ¥1,000 million. Cosel Co., Ltd. (TSE:6905) announces a share repurchase program. Under the program, the company will repurchase 1,000,000 shares, representing 2.93% of the outstanding shares for ¥1,000 million. The purpose of the program is to implement agile capital policy and shareholder returns in response to changes in the business environment. The program will run until May 12, 2023. As of November 20, 2022, the company had 34,086,534 shares outstanding and 1,625,466 shares in treasury. Announcement • Dec 11
Cosel Co., Ltd. to Report Q2, 2023 Results on Dec 19, 2022 Cosel Co., Ltd. announced that they will report Q2, 2023 results on Dec 19, 2022 Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. 7 highly experienced directors. 1 independent director (8 non-independent directors). President & Representative Director Masato Tanikawa was the last director to join the board, commencing their role in 2013. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Upcoming Dividend • Nov 10
Upcoming dividend of JP¥13.00 per share Eligible shareholders must have bought the stock before 17 November 2022. Payment date: 02 February 2023. Payout ratio is a comfortable 43% but the company is not cash flow positive. Trailing yield: 3.2%. Lower than top quartile of Japanese dividend payers (3.7%). Higher than average of industry peers (2.0%). Reported Earnings • Sep 19
First quarter 2023 earnings: EPS and revenues exceed analyst expectations First quarter 2023 results: EPS: JP¥18.39 (up from JP¥13.80 in 1Q 2022). Revenue: JP¥7.62b (up 7.0% from 1Q 2022). Net income: JP¥627.0m (up 32% from 1Q 2022). Profit margin: 8.2% (up from 6.7% in 1Q 2022). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.6%. Earnings per share (EPS) also surpassed analyst estimates by 27%. Revenue is forecast to grow 7.8% p.a. on average during the next 3 years, compared to a 6.2% growth forecast for the Electrical industry in Japan. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Announcement • Aug 28
Cosel Co., Ltd. to Report Q1, 2023 Results on Sep 16, 2022 Cosel Co., Ltd. announced that they will report Q1, 2023 results on Sep 16, 2022 Major Estimate Revision • Jun 23
Consensus EPS estimates increase by 13% The consensus outlook for earnings per share (EPS) in 2023 has improved. 2023 revenue forecast increased from JP¥30.6b to JP¥32.5b. EPS estimate increased from JP¥61.25 to JP¥69.50 per share. Net income forecast to grow 25% next year vs 7.3% growth forecast for Electrical industry in Japan. Consensus price target down from JP¥1,070 to JP¥970. Share price was steady at JP¥845 over the past week. Reported Earnings • Jun 18
Full year 2022 earnings: EPS and revenues exceed analyst expectations Full year 2022 results: EPS: JP¥55.49 (up from JP¥31.06 in FY 2021). Revenue: JP¥28.1b (up 3.9% from FY 2021). Net income: JP¥1.90b (up 76% from FY 2021). Profit margin: 6.7% (up from 4.0% in FY 2021). Revenue exceeded analyst estimates by 3.4%. Earnings per share (EPS) also surpassed analyst estimates by 11%. Over the next year, revenue is forecast to grow 9.0%, compared to a 8.5% growth forecast for the industry in Japan. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Announcement • Jun 17
Cosel Co., Ltd., Annual General Meeting, Aug 10, 2022 Cosel Co., Ltd., Annual General Meeting, Aug 10, 2022. Buying Opportunity • Jun 14
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 1.9%. The fair value is estimated to be JP¥990, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 28%. Revenue is forecast to grow by 16% in 2 years. Earnings is forecast to grow by 287% in the next 2 years. Announcement • May 29
Cosel Co., Ltd. to Report Fiscal Year 2022 Results on Jun 15, 2022 Cosel Co., Ltd. announced that they will report fiscal year 2022 results on Jun 15, 2022 Upcoming Dividend • May 12
Upcoming dividend of JP¥11.00 per share Eligible shareholders must have bought the stock before 19 May 2022. Payment date: 20 July 2022. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 3.1%. Lower than top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (1.9%). Price Target Changed • Apr 27
Price target decreased to JP¥1,070 Down from JP¥1,275, the current price target is an average from 2 analysts. New target price is 44% above last closing price of JP¥745. Stock is down 30% over the past year. The company is forecast to post earnings per share of JP¥50.00 for next year compared to JP¥31.06 last year. Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. 7 highly experienced directors. 1 independent director (8 non-independent directors). President & Representative Director Masato Tanikawa was the last director to join the board, commencing their role in 2013. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Mar 18
Third quarter 2022 earnings: EPS and revenues exceed analyst expectations Third quarter 2022 results: EPS: JP¥12.38 (down from JP¥15.25 in 3Q 2021). Revenue: JP¥6.70b (up 4.3% from 3Q 2021). Net income: JP¥422.0m (down 20% from 3Q 2021). Profit margin: 6.3% (down from 8.2% in 3Q 2021). Revenue exceeded analyst estimates by 3.5%. Earnings per share (EPS) also surpassed analyst estimates by 4.0%. Over the next year, revenue is forecast to grow 7.7%, compared to a 6.9% growth forecast for the industry in Japan. Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has only fallen by 12% per year, which means it has not declined as severely as earnings. Announcement • Feb 02
Cosel Co., Ltd. to Report Q3, 2022 Results on Mar 16, 2022 Cosel Co., Ltd. announced that they will report Q3, 2022 results on Mar 16, 2022 Major Estimate Revision • Jan 21
Consensus EPS estimates fall by 13% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from JP¥27.5b to JP¥27.2b. EPS estimate also fell from JP¥62.00 per share to JP¥53.90 per share. Net income forecast to grow 194% next year vs 18% growth forecast for Electrical industry in Japan. Consensus price target down from JP¥1,275 to JP¥1,225. Share price fell 3.8% to JP¥804 over the past week. Buying Opportunity • Jan 14
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 9.4%. The fair value is estimated to be JP¥1,064, however is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 37% per annum over the last 3 years. Price Target Changed • Dec 23
Price target decreased to JP¥1,275 Down from JP¥1,400, the current price target is an average from 3 analysts. New target price is 50% above last closing price of JP¥850. Stock is down 32% over the past year. The company is forecast to post earnings per share of JP¥62.00 for next year compared to JP¥31.06 last year. Major Estimate Revision • Dec 23
Consensus EPS estimates fall by 11% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from JP¥30.1b to JP¥27.5b. EPS estimate also fell from JP¥69.33 per share to JP¥62.00 per share. Net income forecast to grow 221% next year vs 16% growth forecast for Electrical industry in Japan. Consensus price target down from JP¥1,400 to JP¥1,275. Share price fell 5.8% to JP¥850 over the past week. Reported Earnings • Dec 16
Second quarter 2022 earnings: EPS and revenues miss analyst expectations Second quarter 2022 results: EPS: JP¥13.91 (down from JP¥15.89 in 2Q 2021). Revenue: JP¥6.69b (flat on 2Q 2021). Net income: JP¥474.0m (down 14% from 2Q 2021). Profit margin: 7.1% (down from 8.2% in 2Q 2021). Revenue missed analyst estimates by 3.9%. Earnings per share (EPS) also missed analyst estimates by 10%. Earnings per share (EPS) missed analyst estimates by 10%. Over the next year, revenue is forecast to grow 15%, compared to a 6.5% growth forecast for the industry in Japan. Over the last 3 years on average, earnings per share has fallen by 37% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Upcoming Dividend • Nov 11
Upcoming dividend of JP¥13.00 per share Eligible shareholders must have bought the stock before 18 November 2021. Payment date: 02 February 2022. Trailing yield: 2.9%. Lower than top quartile of Japanese dividend payers (3.1%). Higher than average of industry peers (1.3%). Reported Earnings • Sep 17
First quarter 2022 earnings released: EPS JP¥13.80 (vs JP¥21.44 in 1Q 2021) The company reported a soft first quarter result with weaker earnings and profit margins, although revenues improved. First quarter 2022 results: Revenue: JP¥7.12b (up 4.8% from 1Q 2021). Net income: JP¥474.0m (down 36% from 1Q 2021). Profit margin: 6.7% (down from 11% in 1Q 2021). Over the last 3 years on average, earnings per share has fallen by 43% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Reported Earnings • Jun 26
Full year 2021 earnings released: EPS JP¥31.06 (vs JP¥8.71 in FY 2020) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2021 results: Revenue: JP¥27.0b (up 13% from FY 2020). Net income: JP¥1.08b (up 255% from FY 2020). Profit margin: 4.0% (up from 1.3% in FY 2020). Over the last 3 years on average, earnings per share has fallen by 45% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Announcement • Jun 25
Cosel Co., Ltd. (TSE:6905) announces an Equity Buyback for 700,000 shares, representing 2.02% for ¥784 million. Cosel Co., Ltd. (TSE:6905) announces a share repurchase program. Under the program, the company will repurchase up to 700,000 shares, representing 2.02% of its issued share capital (excluding treasury stock), for a total purchase price of ¥784 million. The shares will be repurchased at a price of ¥1,120 per share. The purpose of the program is to improve the shareholder value of shareholders by improving capital efficiency and to enable the execution of agile capital policies in response to changes in the business environment. As of May 20, 2021, the company had 34,683,847 issued shares (excluding treasury stock) and 1,028,153 treasury shares. Upcoming Dividend • May 12
Upcoming dividend of JP¥9.00 per share Eligible shareholders must have bought the stock before 19 May 2021. Payment date: 21 July 2021. Trailing yield: 1.9%. Lower than top quartile of Japanese dividend payers (2.9%). Higher than average of industry peers (1.3%). Major Estimate Revision • Apr 02
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 EPS estimate increased from JP¥60.47 to JP¥67.33. Revenue forecast steady at JP¥26.8b. Net income forecast to grow 56% next year vs 21% growth forecast for Electrical industry in Japan. Consensus price target down from JP¥1,450 to JP¥1,400. Share price rose 2.8% to JP¥1,111 over the past week. Reported Earnings • Mar 19
Third quarter 2021 earnings released: EPS JP¥15.25 (vs JP¥10.13 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: JP¥6.42b (up 5.8% from 3Q 2020). Net income: JP¥529.0m (up 51% from 3Q 2020). Profit margin: 8.2% (up from 5.8% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 46% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Announcement • Mar 17
Cosel Co., Ltd. to Report Q3, 2021 Results on Mar 17, 2021 Cosel Co., Ltd. announced that they will report Q3, 2021 results on Mar 17, 2021