Announcement • Aug 10
TRUST Holdings Inc., Annual General Meeting, Sep 29, 2026 TRUST Holdings Inc., Annual General Meeting, Sep 29, 2026. Valuation Update With 7 Day Price Move • Jun 29
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to JP¥867, the stock trades at a trailing P/E ratio of 17.9x. Average trailing P/E is 13x in the Commercial Services industry in Japan. Total returns to shareholders of 165% over the past three years. Announcement • Jun 28
TRUST Holdings Inc. to Report Fiscal Year 2026 Results on Aug 10, 2026 TRUST Holdings Inc. announced that they will report fiscal year 2026 results on Aug 10, 2026 Upcoming Dividend • Jun 22
Upcoming dividend of JP¥9.00 per share Eligible shareholders must have bought the stock before 29 June 2026. Payment date: 28 September 2026. Payout ratio is a comfortable 19% but the company is not cash flow positive. Trailing yield: 1.8%. Lower than top quartile of Japanese dividend payers (3.9%). Lower than average of industry peers (2.2%). Reported Earnings • May 09
Third quarter 2026 earnings released: JP¥16.03 loss per share (vs JP¥15.40 loss in 3Q 2025) Third quarter 2026 results: JP¥16.03 loss per share (further deteriorated from JP¥15.40 loss in 3Q 2025). Revenue: JP¥2.25b (flat on 3Q 2025). Net loss: JP¥62.0m (loss widened 5.1% from 3Q 2025). Over the last 3 years on average, earnings per share has remained flat but the company’s share price has increased by 52% per year, which means it is well ahead of earnings. Announcement • May 08
TRUST Holdings Inc. to Report Q3, 2026 Results on May 08, 2026 TRUST Holdings Inc. announced that they will report Q3, 2026 results on May 08, 2026 Reported Earnings • Feb 10
Second quarter 2026 earnings released Second quarter 2026 results: Revenue: JP¥2.63b (down 37% from 2Q 2025). Net income: JP¥0 (down JP¥114.0m from profit in 2Q 2025). Profit margin: 0% (down from 2.8% in 2Q 2025). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has increased by 47% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Dec 22
Upcoming dividend of JP¥9.00 per share Eligible shareholders must have bought the stock before 29 December 2025. Payment date: 02 March 2026. Payout ratio is a comfortable 33% but the company is not cash flow positive. Trailing yield: 2.0%. Lower than top quartile of Japanese dividend payers (3.6%). In line with average of industry peers (2.0%). Announcement • Dec 02
TRUST Holdings Inc. to Report Q2, 2026 Results on Feb 09, 2026 TRUST Holdings Inc. announced that they will report Q2, 2026 results on Feb 09, 2026 Reported Earnings • Nov 09
First quarter 2026 earnings released: JP¥10.44 loss per share (vs JP¥0.26 profit in 1Q 2025) First quarter 2026 results: JP¥10.44 loss per share (down from JP¥0.26 profit in 1Q 2025). Revenue: JP¥2.47b (flat on 1Q 2025). Net loss: JP¥40.0m (down JP¥41.0m from profit in 1Q 2025). Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has increased by 43% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Sep 25
TRUST Holdings Inc. to Report Q1, 2026 Results on Nov 07, 2025 TRUST Holdings Inc. announced that they will report Q1, 2026 results on Nov 07, 2025 Reported Earnings • Aug 10
Full year 2025 earnings released: EPS: JP¥90.31 (vs JP¥89.47 in FY 2024) Full year 2025 results: EPS: JP¥90.31 (up from JP¥89.47 in FY 2024). Revenue: JP¥12.9b (down 5.9% from FY 2024). Net income: JP¥345.0m (up 2.1% from FY 2024). Profit margin: 2.7% (up from 2.5% in FY 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has increased by 43% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Aug 08
TRUST Holdings Inc., Annual General Meeting, Sep 25, 2025 TRUST Holdings Inc., Annual General Meeting, Sep 25, 2025. New Risk • Jul 17
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. Cash payout ratio: 0% 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 Risks Debt is not well covered by operating cash flow (13% operating cash flow to total debt). Shares are highly illiquid. Minor Risks Dividend is not well covered by cash flows (0% cash payout ratio). Market cap is less than US$100m (JP¥3.39b market cap, or US$22.9m). New Risk • Jul 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 5.5% 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 Debt is not well covered by operating cash flow (13% operating cash flow to total debt). Minor Risks Share price has been volatile over the past 3 months (5.5% average weekly change). Market cap is less than US$100m (JP¥3.46b market cap, or US$23.6m). Valuation Update With 7 Day Price Move • Jun 30
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to JP¥974, the stock trades at a trailing P/E ratio of 20.1x. Average trailing P/E is 12x in the Commercial Services industry in Japan. Total returns to shareholders of 246% over the past three years. Announcement • Jun 21
TRUST Holdings Inc. to Report Fiscal Year 2025 Results on Aug 08, 2025 TRUST Holdings Inc. announced that they will report fiscal year 2025 results at 3:00 PM, Tokyo Standard Time on Aug 08, 2025 Upcoming Dividend • Jun 20
Upcoming dividend of JP¥11.00 per share Eligible shareholders must have bought the stock before 27 June 2025. Payment date: 29 September 2025. Payout ratio is a comfortable 16% and this is well supported by cash flows. Trailing yield: 1.4%. Lower than top quartile of Japanese dividend payers (4.0%). Lower than average of industry peers (2.2%). Reported Earnings • May 11
Third quarter 2025 earnings released: JP¥15.40 loss per share (vs JP¥5.53 profit in 3Q 2024) Third quarter 2025 results: JP¥15.40 loss per share (down from JP¥5.53 profit in 3Q 2024). Revenue: JP¥2.26b (down 4.0% from 3Q 2024). Net loss: JP¥59.0m (down 381% from profit in 3Q 2024). Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has increased by 54% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Mar 26
TRUST Holdings Inc. to Report Q3, 2025 Results on May 09, 2025 TRUST Holdings Inc. announced that they will report Q3, 2025 results on May 09, 2025 New Risk • Feb 14
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 15% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (15% operating cash flow to total debt). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (JP¥3.20b market cap, or US$20.9m). Reported Earnings • Feb 12
Second quarter 2025 earnings released: EPS: JP¥29.87 (vs JP¥11.14 in 2Q 2024) Second quarter 2025 results: EPS: JP¥29.87 (up from JP¥11.14 in 2Q 2024). Revenue: JP¥4.14b (up 46% from 2Q 2024). Net income: JP¥114.0m (up 171% from 2Q 2024). Profit margin: 2.8% (up from 1.5% in 2Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has increased by 43% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jan 03
TRUST Holdings Inc. to Report Q2, 2025 Results on Feb 10, 2025 TRUST Holdings Inc. announced that they will report Q2, 2025 results on Feb 10, 2025 Upcoming Dividend • Dec 20
Upcoming dividend of JP¥8.00 per share Eligible shareholders must have bought the stock before 27 December 2024. Payment date: 28 February 2025. Payout ratio is a comfortable 31% and this is well supported by cash flows. Trailing yield: 2.0%. Lower than top quartile of Japanese dividend payers (3.8%). In line with average of industry peers (2.1%). Reported Earnings • Nov 10
First quarter 2025 earnings released: EPS: JP¥0.26 (vs JP¥38.73 in 1Q 2024) First quarter 2025 results: EPS: JP¥0.26 (down from JP¥38.73 in 1Q 2024). Revenue: JP¥2.48b (down 41% from 1Q 2024). Net income: JP¥1.00m (down 99% from 1Q 2024). Profit margin: 0% (down from 3.4% in 1Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 37% per year whereas the company’s share price has increased by 34% per year. Reported Earnings • Oct 03
Full year 2024 earnings released: EPS: JP¥89.47 (vs JP¥64.23 in FY 2023) Full year 2024 results: EPS: JP¥89.47 (up from JP¥64.23 in FY 2023). Revenue: JP¥13.7b (up 2.1% from FY 2023). Net income: JP¥338.0m (up 41% from FY 2023). Profit margin: 2.5% (up from 1.8% in FY 2023). 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 33% per year, which means it is significantly lagging earnings growth. Announcement • Oct 01
TRUST Holdings Inc. to Report Q1, 2025 Results on Nov 08, 2024 TRUST Holdings Inc. announced that they will report Q1, 2025 results on Nov 08, 2024 Announcement • Aug 09
TRUST Holdings Inc., Annual General Meeting, Sep 26, 2024 TRUST Holdings Inc., Annual General Meeting, Sep 26, 2024. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 25% After last week's 25% share price decline to JP¥591, the stock trades at a trailing P/E ratio of 10.1x. Average trailing P/E is 12x in the Commercial Services industry in Japan. Total returns to shareholders of 80% over the past three years. Valuation Update With 7 Day Price Move • Jun 28
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to JP¥846, the stock trades at a trailing P/E ratio of 14.5x. Average trailing P/E is 13x in the Commercial Services industry in Japan. Total returns to shareholders of 122% over the past three years. Upcoming Dividend • Jun 20
Upcoming dividend of JP¥8.00 per share Eligible shareholders must have bought the stock before 27 June 2024. Payment date: 29 September 2024. Payout ratio is a comfortable 17% and this is well supported by cash flows. Trailing yield: 1.8%. Lower than top quartile of Japanese dividend payers (3.4%). In line with average of industry peers (1.9%). Announcement • Jun 13
TRUST Holdings Inc. to Report Fiscal Year 2024 Results on Aug 09, 2024 TRUST Holdings Inc. announced that they will report fiscal year 2024 results on Aug 09, 2024 Valuation Update With 7 Day Price Move • May 17
Investor sentiment improves as stock rises 41% After last week's 41% share price gain to JP¥757, the stock trades at a trailing P/E ratio of 13x. Average trailing P/E is 13x in the Commercial Services industry in Japan. Total returns to shareholders of 126% over the past three years. Reported Earnings • May 13
Third quarter 2024 earnings released: EPS: JP¥5.53 (vs JP¥33.38 in 3Q 2023) Third quarter 2024 results: EPS: JP¥5.53 (down from JP¥33.38 in 3Q 2023). Revenue: JP¥2.35b (down 37% from 3Q 2023). Net income: JP¥21.0m (down 83% from 3Q 2023). Profit margin: 0.9% (down from 3.3% in 3Q 2023). Over the last 3 years on average, earnings per share has increased by 63% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. New Risk • Mar 29
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 5.9% 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 High level of debt (390% net debt to equity). 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 (5.9% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (JP¥2.24b market cap, or US$14.8m). Announcement • Mar 28
TRUST Holdings Inc. to Report Q3, 2024 Results on May 10, 2024 TRUST Holdings Inc. announced that they will report Q3, 2024 results on May 10, 2024 Reported Earnings • Feb 11
Second quarter 2024 earnings released: EPS: JP¥11.14 (vs JP¥0.27 in 2Q 2023) Second quarter 2024 results: EPS: JP¥11.14 (up from JP¥0.27 in 2Q 2023). Revenue: JP¥2.85b (up 12% from 2Q 2023). Net income: JP¥42.0m (up JP¥41.0m from 2Q 2023). Profit margin: 1.5% (up from 0% in 2Q 2023). Over the last 3 years on average, earnings per share has increased by 75% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Dec 21
Upcoming dividend of JP¥8.00 per share at 3.1% yield Eligible shareholders must have bought the stock before 28 December 2023. Payment date: 28 February 2024. Payout ratio is a comfortable 20% and this is well supported by cash flows. Trailing yield: 3.1%. Lower than top quartile of Japanese dividend payers (3.5%). Higher than average of industry peers (1.9%). Announcement • Dec 16
TRUST Holdings Inc. to Report Q2, 2024 Results on Feb 09, 2024 TRUST Holdings Inc. announced that they will report Q2, 2024 results on Feb 09, 2024 Valuation Update With 7 Day Price Move • Nov 22
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to JP¥563, the stock trades at a trailing P/E ratio of 7.4x. Average trailing P/E is 13x in the Commercial Services industry in Japan. Total returns to shareholders of 87% over the past three years. Reported Earnings • Nov 12
First quarter 2024 earnings released: EPS: JP¥38.73 (vs JP¥26.90 in 1Q 2023) First quarter 2024 results: EPS: JP¥38.73 (up from JP¥26.90 in 1Q 2023). Revenue: JP¥4.22b (up 35% from 1Q 2023). Net income: JP¥145.0m (up 47% from 1Q 2023). Profit margin: 3.4% (up from 3.2% in 1Q 2023). Over the last 3 years on average, earnings per share has increased by 82% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Oct 03
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to JP¥491, the stock trades at a trailing P/E ratio of 7.7x. Average trailing P/E is 13x in the Commercial Services industry in Japan. Total returns to shareholders of 49% over the past three years. Announcement • Oct 01
TRUST Holdings Inc. to Report Q1, 2024 Results on Nov 10, 2023 TRUST Holdings Inc. announced that they will report Q1, 2024 results on Nov 10, 2023 Valuation Update With 7 Day Price Move • Sep 14
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to JP¥470, the stock trades at a trailing P/E ratio of 7.4x. Average trailing P/E is 14x in the Commercial Services industry in Japan. Total returns to shareholders of 55% over the past three years. New Risk • Aug 14
New major risk - Revenue and earnings growth Earnings have declined by 4.3% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (2.4% operating cash flow to total debt). Share price has been highly volatile over the past 3 months (7.7% average weekly change). Earnings have declined by 4.3% per year over the past 5 years. Market cap is less than US$10m (JP¥1.34b market cap, or US$9.25m). Minor Risks Dividend is not well covered by cash flows (234% cash payout ratio). Large one-off items impacting financial results. Reported Earnings • Aug 14
Full year 2023 earnings released: EPS: JP¥64.23 (vs JP¥34.14 in FY 2022) Full year 2023 results: EPS: JP¥64.23 (up from JP¥34.14 in FY 2022). Revenue: JP¥13.4b (up 5.9% from FY 2022). Net income: JP¥239.0m (up 84% from FY 2022). Profit margin: 1.8% (up from 1.0% in FY 2022). Over the last 3 years on average, earnings per share has increased by 79% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Announcement • Aug 12
TRUST Holdings Inc., Annual General Meeting, Sep 28, 2023 TRUST Holdings Inc., Annual General Meeting, Sep 28, 2023. Announcement • Jun 22
TRUST Holdings Inc. to Report Fiscal Year 2023 Results on Aug 10, 2023 TRUST Holdings Inc. announced that they will report fiscal year 2023 results on Aug 10, 2023 Upcoming Dividend • Jun 22
Upcoming dividend of JP¥10.00 per share at 2.7% yield Eligible shareholders must have bought the stock before 29 June 2023. Payment date: 02 October 2023. Payout ratio is a comfortable 28% but the company is paying out more than the cash it is generating. Trailing yield: 2.7%. Lower than top quartile of Japanese dividend payers (3.5%). Higher than average of industry peers (2.0%). New Risk • Jun 17
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 7.4% 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: Major Risk Debt is not well covered by operating cash flow (2.3% operating cash flow to total debt). Minor Risks Dividend is not well covered by cash flows (234% cash payout ratio). Share price has been volatile over the past 3 months (7.4% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (JP¥1.49b market cap, or US$10.5m). Valuation Update With 7 Day Price Move • Jun 16
Investor sentiment improves as stock rises 26% After last week's 26% share price gain to JP¥398, the stock trades at a trailing P/E ratio of 11.3x. Average trailing P/E is 13x in the Commercial Services industry in Japan. Total returns to shareholders of 19% over the past three years. Reported Earnings • May 12
Third quarter 2023 earnings released: EPS: JP¥33.38 (vs JP¥27.15 in 3Q 2022) Third quarter 2023 results: EPS: JP¥33.38 (up from JP¥27.15 in 3Q 2022). Revenue: JP¥3.74b (up 6.8% from 3Q 2022). Net income: JP¥125.0m (up 25% from 3Q 2022). Profit margin: 3.3% (up from 2.9% in 3Q 2022). Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Reported Earnings • Feb 01
Second quarter 2023 earnings released: EPS: JP¥0.27 (vs JP¥64.97 in 2Q 2022) Second quarter 2023 results: EPS: JP¥0.27 (down from JP¥64.97 in 2Q 2022). Revenue: JP¥2.55b (down 31% from 2Q 2022). Net income: JP¥1.00m (down 100% from 2Q 2022). Profit margin: 0% (down from 6.4% in 2Q 2022). Over the last 3 years on average, earnings per share has fallen by 7% per year whereas the company’s share price has fallen by 8% per year. Upcoming Dividend • Dec 22
Upcoming dividend of JP¥5.00 per share Eligible shareholders must have bought the stock before 29 December 2022. Payment date: 28 February 2023. Payout ratio is a comfortable 11% and this is well supported by cash flows. Trailing yield: 3.2%. Lower than top quartile of Japanese dividend payers (3.8%). Higher than average of industry peers (2.4%). Announcement • Dec 02
TRUST Holdings Inc. to Report Q2, 2023 Results on Jan 31, 2023 TRUST Holdings Inc. announced that they will report Q2, 2023 results on Jan 31, 2023 Reported Earnings • Nov 20
First quarter 2023 earnings released: EPS: JP¥26.90 (vs JP¥27.69 loss in 1Q 2022) First quarter 2023 results: EPS: JP¥26.90 (up from JP¥27.69 loss in 1Q 2022). Revenue: JP¥3.13b (up 16% from 1Q 2022). Net income: JP¥99.0m (up JP¥215.0m from 1Q 2022). Profit margin: 3.2% (up from net loss in 1Q 2022). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 9% per year whereas the company’s share price has fallen by 6% per year. Board Change • Nov 16
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. No experienced directors. 6 highly experienced directors. No independent directors (3 non-independent directors). Manager of Corporate Planning Department and Director Keiji Miyaishi was the last director to join the board, commencing their role in 2014. 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 • Oct 06
Full year 2022 earnings released: EPS: JP¥34.14 (vs JP¥15.23 in FY 2021) Full year 2022 results: EPS: JP¥34.14 (up from JP¥15.23 in FY 2021). Revenue: JP¥12.7b (up 2.7% from FY 2021). Net income: JP¥130.0m (up 78% from FY 2021). Profit margin: 1.0% (up from 0.6% in FY 2021). Over the last 3 years on average, earnings per share has fallen by 42% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Announcement • Sep 03
TRUST Holdings Inc. to Report Q1, 2023 Results on Oct 31, 2022 TRUST Holdings Inc. announced that they will report Q1, 2023 results on Oct 31, 2022 Reported Earnings • Aug 12
Full year 2022 earnings released: EPS: JP¥34.14 (vs JP¥15.23 in FY 2021) Full year 2022 results: EPS: JP¥34.14 (up from JP¥15.23 in FY 2021). Revenue: JP¥12.7b (up 2.7% from FY 2021). Net income: JP¥130.0m (up 78% from FY 2021). Profit margin: 1.0% (up from 0.6% in FY 2021). Over the last 3 years on average, earnings per share has fallen by 42% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Announcement • Aug 12
TRUST Holdings Inc., Annual General Meeting, Sep 29, 2022 TRUST Holdings Inc., Annual General Meeting, Sep 29, 2022. Upcoming Dividend • Jun 22
Upcoming dividend of JP¥5.00 per share Eligible shareholders must have bought the stock before 29 June 2022. Payment date: 29 September 2022. Payout ratio is a comfortable 36% 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 (2.3%). Announcement • Jun 11
TRUST Holdings Inc. to Report Fiscal Year 2022 Results on Aug 10, 2022 TRUST Holdings Inc. announced that they will report fiscal year 2022 results on Aug 10, 2022 Reported Earnings • Apr 30
Third quarter 2022 earnings released: EPS: JP¥27.15 (vs JP¥2.09 in 3Q 2021) Third quarter 2022 results: EPS: JP¥27.15 (up from JP¥2.09 in 3Q 2021). Revenue: JP¥3.50b (up 50% from 3Q 2021). Net income: JP¥100.0m (up JP¥90.0m from 3Q 2021). Profit margin: 2.9% (up from 0.4% in 3Q 2021). Over the last 3 years on average, earnings per share has fallen by 32% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Board Change • Apr 27
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 5 highly experienced directors. No independent directors (3 non-independent directors). Manager of Corporate Planning Department and Director Keiji Miyaishi was the last director to join the board, commencing their role in 2014. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Announcement • Apr 08
Trust Holdings Inc. to Report Q3, 2022 Results on Apr 28, 2022 Trust Holdings Inc. announced that they will report Q3, 2022 results on Apr 28, 2022 Reported Earnings • Jan 28
Second quarter 2022 earnings: Revenues and EPS in line with analyst expectations Second quarter 2022 results: EPS: JP¥64.97 (up from JP¥47.78 in 2Q 2021). Revenue: JP¥3.71b (up 6.7% from 2Q 2021). Net income: JP¥239.0m (up 4.4% from 2Q 2021). Profit margin: 6.4% (down from 6.6% in 2Q 2021). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has fallen by 52% 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. Upcoming Dividend • Dec 22
Upcoming dividend of JP¥5.00 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 26 February 2022. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 3.2%. Lower than top quartile of Japanese dividend payers (3.3%). Higher than average of industry peers (2.1%). Reported Earnings • Nov 11
First quarter 2022 earnings released: JP¥27.69 loss per share (vs JP¥19.20 loss in 1Q 2021) The company reported a soft first quarter result with increased losses and weaker control over costs, although revenues improved. First quarter 2022 results: Revenue: JP¥2.69b (up 5.5% from 1Q 2021). Net loss: JP¥116.0m (loss widened 26% from 1Q 2021). 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. Reported Earnings • Oct 05
Full year 2021 earnings released: EPS JP¥15.23 (vs JP¥11.91 in FY 2020) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2021 results: Revenue: JP¥12.3b (down 9.0% from FY 2020). Net income: JP¥73.0m (up 28% from FY 2020). Profit margin: 0.6% (up from 0.4% in FY 2020). Over the last 3 years on average, earnings per share has fallen by 35% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Reported Earnings • Aug 15
Full year 2021 earnings released: EPS JP¥15.23 (vs JP¥11.91 in FY 2020) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2021 results: Revenue: JP¥12.3b (down 9.0% from FY 2020). Net income: JP¥73.0m (up 28% from FY 2020). Profit margin: 0.6% (up from 0.4% in FY 2020). Over the last 3 years on average, earnings per share has fallen by 35% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Announcement • Aug 12
Trust Holdings Inc. (TSE:3286) announces an Equity Buyback for 1,150,000 shares, representing 23.17% for ¥405.95 million. Trust Holdings Inc. (TSE:3286) announces a share repurchase program. Under the program, the company will repurchase up to 1,150,000 shares, representing 23.17% of its share capital, at ¥353 per share for ¥405.95 million. The acquisition of treasury stock will be carried out by bank borrowing and own funds. The share repurchase program will run until August 12, 2012. As of July 31, 2021, the company had 4,962,412 shares outstanding (excluding treasury shares) and 242,088 shares in treasury. Upcoming Dividend • Jun 22
Upcoming dividend of JP¥8.20 per share Eligible shareholders must have bought the stock before 29 June 2021. Payment date: 28 September 2021. Trailing yield: 4.3%. Within top quartile of Japanese dividend payers (3.0%). Higher than average of industry peers (2.0%). Reported Earnings • May 12
Third quarter 2021 earnings released: EPS JP¥2.09 (vs JP¥33.83 in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: JP¥2.33b (down 50% from 3Q 2020). Net income: JP¥10.0m (down 94% from 3Q 2020). Profit margin: 0.4% (down from 3.5% in 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 4% per year whereas the company’s share price has fallen by 6% per year. Announcement • Mar 14
Trust Holdings Inc. to Report Q3, 2021 Results on May 10, 2021 Trust Holdings Inc. announced that they will report Q3, 2021 results on May 10, 2021 Is New 90 Day High Low • Mar 08
New 90-day high: JP¥365 The company is up 3.0% from its price of JP¥356 on 08 December 2020. The Japanese market is up 7.0% over the last 90 days, indicating the company underperformed over that time. However, its price trend is similar to the Commercial Services industry, which is also up 3.0% over the same period. Reported Earnings • Feb 14
Second quarter 2021 earnings released: EPS JP¥47.78 (vs JP¥38.88 in 2Q 2020) The company reported a decent second quarter result with improved earnings and profit margins, although revenues were weaker. Second quarter 2021 results: Revenue: JP¥3.47b (down 4.0% from 2Q 2020). Net income: JP¥229.0m (up 23% from 2Q 2020). Profit margin: 6.6% (up from 5.1% in 2Q 2020). Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Announcement • Oct 01
Trust Holdings Inc. to Report Q1, 2021 Results on Nov 10, 2020 Trust Holdings Inc. announced that they will report Q1, 2021 results on Nov 10, 2020 
