Reported Earnings • May 19
First quarter 2026 earnings released: EPS: JP¥14.23 (vs JP¥4.52 in 1Q 2025) First quarter 2026 results: EPS: JP¥14.23 (up from JP¥4.52 in 1Q 2025). Revenue: JP¥736.0m (down 3.8% from 1Q 2025). Net income: JP¥79.0m (up 216% from 1Q 2025). Profit margin: 11% (up from 3.3% in 1Q 2025). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 111 percentage points per year, which is a significant difference in performance. Reported Earnings • Mar 29
Full year 2025 earnings released: JP¥228 loss per share (vs JP¥8.96 profit in FY 2024) Full year 2025 results: JP¥228 loss per share (down from JP¥8.96 profit in FY 2024). Revenue: JP¥3.22b (up 4.9% from FY 2024). Net loss: JP¥1.26b (down JP¥1.31b from profit in FY 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 92 percentage points per year, which is a significant difference in performance. Reported Earnings • Feb 16
Full year 2025 earnings released: JP¥228 loss per share (vs JP¥8.96 profit in FY 2024) Full year 2025 results: JP¥228 loss per share (down from JP¥8.96 profit in FY 2024). Revenue: JP¥3.22b (up 4.9% from FY 2024). Net loss: JP¥1.26b (down JP¥1.31b from profit in FY 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 91 percentage points per year, which is a significant difference in performance. Announcement • Feb 13
JMC Corporation, Annual General Meeting, Mar 27, 2026 JMC Corporation, Annual General Meeting, Mar 27, 2026. Reported Earnings • Aug 16
Second quarter 2025 earnings released: JP¥17.48 loss per share (vs JP¥4.47 loss in 2Q 2024) Second quarter 2025 results: JP¥17.48 loss per share (further deteriorated from JP¥4.47 loss in 2Q 2024). Revenue: JP¥670.0m (down 6.7% from 2Q 2024). Net loss: JP¥97.0m (loss widened 288% from 2Q 2024). Over the last 3 years on average, earnings per share has fallen by 49% per year but the company’s share price has only fallen by 19% per year, which means it has not declined as severely as earnings. Reported Earnings • May 20
First quarter 2025 earnings released: EPS: JP¥4.52 (vs JP¥13.33 in 1Q 2024) First quarter 2025 results: EPS: JP¥4.52 (down from JP¥13.33 in 1Q 2024). Revenue: JP¥765.0m (down 15% from 1Q 2024). Net income: JP¥25.0m (down 66% from 1Q 2024). Profit margin: 3.3% (down from 8.2% in 1Q 2024). Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has only fallen by 20% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment deteriorates as stock falls 24% After last week's 24% share price decline to JP¥363, the stock trades at a trailing P/E ratio of 40.6x. Average trailing P/E is 12x in the Commercial Services industry in Japan. Total loss to shareholders of 56% over the past three years. Reported Earnings • Feb 17
Full year 2024 earnings released: EPS: JP¥8.96 (vs JP¥67.74 in FY 2023) Full year 2024 results: EPS: JP¥8.96 (down from JP¥67.74 in FY 2023). Revenue: JP¥3.07b (down 16% from FY 2023). Net income: JP¥50.0m (down 86% from FY 2023). Profit margin: 1.6% (down from 10.0% in FY 2023). Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has fallen by 12% per year, which means it is performing significantly worse than earnings. Announcement • Feb 14
JMC Corporation, Annual General Meeting, Mar 25, 2025 JMC Corporation, Annual General Meeting, Mar 25, 2025. New Risk • Feb 13
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 5.1% 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 Share price has been volatile over the past 3 months (5.1% average weekly change). Profit margins are more than 30% lower than last year (2.1% net profit margin). Market cap is less than US$100m (JP¥2.56b market cap, or US$16.7m). Buy Or Sell Opportunity • Nov 26
Now 23% undervalued after recent price drop Over the last 90 days, the stock has fallen 7.5% to JP¥482. The fair value is estimated to be JP¥625, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Meanwhile, the company has become profitable. Announcement • Nov 15
JMC Corporation (TSE:5704) announces an Equity Buyback for 70,000 shares, representing 1.25% for ¥30 million. JMC Corporation (TSE:5704) announces a share repurchase program. Under the program, the company will repurchase up to 70,000 shares, representing 1.25% of its issued share capital (excluding treasury stock) for ¥30 million. The purpose of the program is to prepare for a flexible capital strategy. The program will be valid till February 28, 2025. As of November 14, 2024, the company had 5,597,400 shares outstanding and 300 treasury shares. Reported Earnings • Aug 19
Second quarter 2024 earnings released: JP¥4.47 loss per share (vs JP¥22.89 profit in 2Q 2023) Second quarter 2024 results: JP¥4.47 loss per share (down from JP¥22.89 profit in 2Q 2023). Revenue: JP¥718.0m (down 24% from 2Q 2023). Net loss: JP¥25.0m (down 121% from profit in 2Q 2023). Over the last 3 years on average, earnings per share has increased by 51% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 28% After last week's 28% share price decline to JP¥457, the stock trades at a trailing P/E ratio of 6.9x. Average trailing P/E is 12x in the Commercial Services industry in Japan. Total loss to shareholders of 37% over the past three years. Valuation Update With 7 Day Price Move • Jul 16
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to JP¥710, the stock trades at a trailing P/E ratio of 10.7x. Average trailing P/E is 13x in the Commercial Services industry in Japan. Total loss to shareholders of 1.9% over the past three years. Reported Earnings • May 19
First quarter 2024 earnings released: EPS: JP¥13.33 (vs JP¥12.41 in 1Q 2023) First quarter 2024 results: EPS: JP¥13.33 (up from JP¥12.41 in 1Q 2023). Revenue: JP¥900.0m (up 9.8% from 1Q 2023). Net income: JP¥74.0m (up 12% from 1Q 2023). Profit margin: 8.2% (up from 8.0% in 1Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 73% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Reported Earnings • Feb 17
Full year 2023 earnings released: EPS: JP¥67.74 (vs JP¥46.56 in FY 2022) Full year 2023 results: EPS: JP¥67.74 (up from JP¥46.56 in FY 2022). Revenue: JP¥3.64b (up 23% from FY 2022). Net income: JP¥363.0m (up 47% from FY 2022). Profit margin: 10.0% (up from 8.4% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 88% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Announcement • Feb 16
JMC Corporation, Annual General Meeting, Mar 26, 2024 JMC Corporation, Annual General Meeting, Mar 26, 2024. New Risk • Feb 16
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Japanese stocks, typically moving 8.9% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (8.9% average weekly change). Minor Risks Shareholders have been diluted in the past year (3.4% increase in shares outstanding). Market cap is less than US$100m (JP¥5.47b market cap, or US$36.5m). Valuation Update With 7 Day Price Move • Feb 15
Investor sentiment deteriorates as stock falls 21% After last week's 21% share price decline to JP¥994, the stock trades at a trailing P/E ratio of 15x. Average trailing P/E is 13x in the Commercial Services industry in Japan. Total returns to shareholders of 17% over the past three years. New Risk • Dec 22
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 3.4% 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 Share price has been highly volatile over the past 3 months (9.2% average weekly change). Minor Risks Shareholders have been diluted in the past year (3.4% increase in shares outstanding). Market cap is less than US$100m (JP¥6.50b market cap, or US$45.7m). Reported Earnings • Nov 20
Third quarter 2023 earnings released: EPS: JP¥20.97 (vs JP¥12.80 in 3Q 2022) Third quarter 2023 results: EPS: JP¥20.97 (up from JP¥12.80 in 3Q 2022). Revenue: JP¥909.0m (up 22% from 3Q 2022). Net income: JP¥112.0m (up 65% from 3Q 2022). Profit margin: 12% (up from 9.1% in 3Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 99% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Sep 21
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to JP¥1,414, the stock trades at a trailing P/E ratio of 23.6x. Average trailing P/E is 14x in the Commercial Services industry in Japan. Total returns to shareholders of 77% over the past three years. Valuation Update With 7 Day Price Move • Aug 29
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to JP¥1,005, the stock trades at a trailing P/E ratio of 16.7x. Average trailing P/E is 13x in the Commercial Services industry in Japan. Total returns to shareholders of 32% over the past three years. New Risk • Aug 17
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 31% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (31% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (5.8% average weekly change). Market cap is less than US$100m (JP¥4.24b market cap, or US$28.9m). Reported Earnings • Aug 17
Second quarter 2023 earnings released: EPS: JP¥22.89 (vs JP¥6.23 in 2Q 2022) Second quarter 2023 results: EPS: JP¥22.89 (up from JP¥6.23 in 2Q 2022). Revenue: JP¥939.0m (up 48% from 2Q 2022). Net income: JP¥122.0m (up 270% from 2Q 2022). Profit margin: 13% (up from 5.2% in 2Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 105% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Aug 16
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to JP¥795, the stock trades at a trailing P/E ratio of 18.3x. Average trailing P/E is 13x in the Commercial Services industry in Japan. Total returns to shareholders of 15% over the past three years. Reported Earnings • Apr 01
Full year 2022 earnings released: EPS: JP¥46.56 (vs JP¥21.55 in FY 2021) Full year 2022 results: EPS: JP¥46.56 (up from JP¥21.55 in FY 2021). Revenue: JP¥2.96b (up 22% from FY 2021). Net income: JP¥247.0m (up 117% from FY 2021). Profit margin: 8.4% (up from 4.7% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 76% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Reported Earnings • Feb 16
Full year 2022 earnings released: EPS: JP¥46.56 (vs JP¥21.55 in FY 2021) Full year 2022 results: EPS: JP¥46.56 (up from JP¥21.55 in FY 2021). Revenue: JP¥2.96b (up 22% from FY 2021). Net income: JP¥247.0m (up 117% from FY 2021). Profit margin: 8.4% (up from 4.7% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 76% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 4 non-independent directors. Independent Outside Director Hidetoshi Okamoto was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 13
Third quarter 2022 earnings released: EPS: JP¥12.80 (vs JP¥1.13 in 3Q 2021) Third quarter 2022 results: EPS: JP¥12.80 (up from JP¥1.13 in 3Q 2021). Revenue: JP¥745.0m (up 22% from 3Q 2021). Net income: JP¥68.0m (up JP¥62.0m from 3Q 2021). Profit margin: 9.1% (up from 1.0% in 3Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has fallen by 19% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 14
Second quarter 2022 earnings released: EPS: JP¥6.23 (vs JP¥6.99 loss in 2Q 2021) Second quarter 2022 results: EPS: JP¥6.23 (up from JP¥6.99 loss in 2Q 2021). Revenue: JP¥636.0m (up 37% from 2Q 2021). Net income: JP¥33.0m (up JP¥70.0m from 2Q 2021). Profit margin: 5.2% (up from net loss in 2Q 2021). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 20% per year whereas the company’s share price has fallen by 19% per year. Valuation Update With 7 Day Price Move • May 18
Investor sentiment improved over the past week After last week's 17% share price gain to JP¥920, the stock trades at a trailing P/E ratio of 42.7x. Average trailing P/E is 13x in the Commercial Services industry in Japan. Total loss to shareholders of 49% over the past three years. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 4 non-independent directors. Independent Outside Director Hidetoshi Okamoto was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Apr 04
Investor sentiment improved over the past week After last week's 16% share price gain to JP¥837, the stock trades at a trailing P/E ratio of 38.8x. Average trailing P/E is 14x in the Commercial Services industry in Japan. Total loss to shareholders of 31% over the past three years. Reported Earnings • Apr 02
Full year 2021 earnings released: EPS: JP¥21.55 (vs JP¥32.71 loss in FY 2020) Full year 2021 results: EPS: JP¥21.55 (up from JP¥32.71 loss in FY 2020). Revenue: JP¥2.42b (down 1.7% from FY 2020). Net income: JP¥114.0m (up JP¥287.0m from FY 2020). Profit margin: 4.7% (up from net loss in FY 2020). The move to profitability was driven by lower expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 80 percentage points per year, which is a significant difference in performance. Valuation Update With 7 Day Price Move • Feb 21
Investor sentiment improved over the past week After last week's 26% share price gain to JP¥712, the stock trades at a trailing P/E ratio of 33x. Average trailing P/E is 12x in the Commercial Services industry in Japan. Total loss to shareholders of 45% over the past three years. Reported Earnings • Feb 17
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: JP¥21.55 (up from JP¥32.71 loss in FY 2020). Revenue: JP¥2.42b (down 1.7% from FY 2020). Net income: JP¥114.0m (up JP¥287.0m from FY 2020). Profit margin: 4.7% (up from net loss in FY 2020). The move to profitability was driven by lower expenses. Revenue was in line with analyst estimates. 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. Announcement • Feb 16
JMC Corporation, Annual General Meeting, Mar 25, 2022 JMC Corporation, Annual General Meeting, Mar 25, 2022. Reported Earnings • Nov 16
Third quarter 2021 earnings released: EPS JP¥1.13 (vs JP¥5.48 loss in 3Q 2020) The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2021 results: Revenue: JP¥610.0m (down 9.6% from 3Q 2020). Net income: JP¥6.00m (up JP¥35.0m from 3Q 2020). Profit margin: 1.0% (up from net loss in 3Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 74 percentage points per year, which is a significant difference in performance. Reported Earnings • Apr 02
Full year 2020 earnings released: JP¥32.71 loss per share (vs JP¥31.15 profit in FY 2019) The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2020 results: Revenue: JP¥2.46b (down 13% from FY 2019). Net loss: JP¥173.0m (down 206% from profit in FY 2019). Over the last 3 years on average, earnings per share has fallen by 60% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Reported Earnings • Feb 14
Full year 2020 earnings released: JP¥32.71 loss per share (vs JP¥31.15 profit in FY 2019) The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2020 results: Revenue: JP¥2.46b (down 13% from FY 2019). Net loss: JP¥173.0m (down 206% from profit in FY 2019). Over the last 3 years on average, earnings per share has fallen by 60% per year but the company’s share price has increased by 20% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Dec 17
New 90-day low: JP¥757 The company is down 10.0% from its price of JP¥839 on 18 September 2020. The Japanese market is up 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Commercial Services industry, which is up 1.0% over the same period.