Announcement • Dec 16
Pasco Corporation to Delist from Standard Section of the Tokyo Stock Exchange, Effective January 07, 2025 Pasco Corporation will be delisted from Standard Section of the Tokyo Stock Exchange effective from January 07, 2025, due to reverse stock split. Reported Earnings • Nov 09
Second quarter 2025 earnings released: JP¥74.95 loss per share (vs JP¥36.12 loss in 2Q 2024) Second quarter 2025 results: JP¥74.95 loss per share (further deteriorated from JP¥36.12 loss in 2Q 2024). Revenue: JP¥11.9b (down 2.7% from 2Q 2024). Net loss: JP¥1.08b (loss widened 108% from 2Q 2024). Over the last 3 years on average, earnings per share has increased by 11% per year whereas the company’s share price has increased by 14% per year. New Risk • Sep 06
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 9.8% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (9.8% average weekly change). Large one-off items impacting financial results. Valuation Update With 7 Day Price Move • Sep 06
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to JP¥2,057, the stock trades at a trailing P/E ratio of 5.8x. Average trailing P/E is 16x in the Professional Services industry in Japan. Total returns to shareholders of 52% over the past three years. Announcement • Aug 27
Pasco Corporation to Report Q2, 2025 Results on Nov 07, 2024 Pasco Corporation announced that they will report Q2, 2025 results on Nov 07, 2024 New Risk • Aug 05
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Japanese stocks, typically moving 6.4% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks 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 (6.4% average weekly change). Large one-off items impacting financial results. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 23% After last week's 23% share price decline to JP¥1,433, the stock trades at a trailing P/E ratio of 4.1x. Average trailing P/E is 16x in the Professional Services industry in Japan. Total returns to shareholders of 13% over the past three years. Buy Or Sell Opportunity • Aug 05
Now 29% undervalued after recent price drop Over the last 90 days, the stock has fallen 30% to JP¥1,433. The fair value is estimated to be JP¥2,017, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.8% over the last 3 years. Earnings per share has grown by 12%. Reported Earnings • Jun 26
Full year 2024 earnings released: EPS: JP¥354 (vs JP¥284 in FY 2023) Full year 2024 results: EPS: JP¥354 (up from JP¥284 in FY 2023). Revenue: JP¥60.7b (down 2.1% from FY 2023). Net income: JP¥5.09b (up 24% from FY 2023). Profit margin: 8.4% (up from 6.6% in FY 2023). Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Announcement • Jun 13
Pasco Corporation to Report Q1, 2025 Results on Aug 08, 2024 Pasco Corporation announced that they will report Q1, 2025 results on Aug 08, 2024 Reported Earnings • May 11
Full year 2024 earnings released: EPS: JP¥354 (vs JP¥284 in FY 2023) Full year 2024 results: EPS: JP¥354 (up from JP¥284 in FY 2023). Revenue: JP¥60.7b (down 2.1% from FY 2023). Net income: JP¥5.09b (up 24% from FY 2023). Profit margin: 8.4% (up from 6.6% in FY 2023). Over the last 3 years on average, earnings per share has increased by 12% per year whereas the company’s share price has increased by 10% per year. Announcement • May 11
Pasco Corporation, Annual General Meeting, Jun 21, 2024 Pasco Corporation, Annual General Meeting, Jun 21, 2024. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥50.00 per share Eligible shareholders must have bought the stock before 28 March 2024. Payment date: 26 June 2024. Payout ratio is a comfortable 18% and this is well supported by cash flows. Trailing yield: 2.6%. Lower than top quartile of Japanese dividend payers (3.2%). Higher than average of industry peers (1.1%). Announcement • Mar 08
Pasco Corporation to Report Fiscal Year 2024 Results on May 09, 2024 Pasco Corporation announced that they will report fiscal year 2024 results on May 09, 2024 Reported Earnings • Feb 09
Third quarter 2024 earnings released: EPS: JP¥117 (vs JP¥90.88 in 3Q 2023) Third quarter 2024 results: EPS: JP¥117 (up from JP¥90.88 in 3Q 2023). Revenue: JP¥16.2b (flat on 3Q 2023). Net income: JP¥1.69b (up 29% from 3Q 2023). Profit margin: 10% (up from 8.1% in 3Q 2023). Over the last 3 years on average, earnings per share has increased by 9% per year and the company’s share price has also increased by 9% per year. Announcement • Nov 30
Pasco Corporation to Report Q3, 2024 Results on Feb 07, 2024 Pasco Corporation announced that they will report Q3, 2024 results on Feb 07, 2024 Reported Earnings • Nov 09
Second quarter 2024 earnings released: JP¥36.11 loss per share (vs JP¥1.87 profit in 2Q 2023) Second quarter 2024 results: JP¥36.11 loss per share (down from JP¥1.87 profit in 2Q 2023). Revenue: JP¥12.2b (down 6.9% from 2Q 2023). Net loss: JP¥520.0m (down JP¥547.0m from profit in 2Q 2023). Over the last 3 years on average, earnings per share has increased by 8% per year whereas the company’s share price has increased by 7% per year. Announcement • Aug 30
Pasco Corporation to Report Q2, 2024 Results on Nov 08, 2023 Pasco Corporation announced that they will report Q2, 2024 results on Nov 08, 2023 Reported Earnings • Aug 08
First quarter 2024 earnings released: EPS: JP¥13.96 (vs JP¥31.22 in 1Q 2023) First quarter 2024 results: EPS: JP¥13.96 (down from JP¥31.22 in 1Q 2023). Revenue: JP¥10.2b (down 8.8% from 1Q 2023). Net income: JP¥201.0m (down 55% from 1Q 2023). Profit margin: 2.0% (down from 4.0% in 1Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 5% per year whereas the company’s share price has increased by 8% per year. Announcement • Jun 28
Pasco Corporation to Report Q1, 2024 Results on Aug 07, 2023 Pasco Corporation announced that they will report Q1, 2024 results on Aug 07, 2023 Announcement • May 13
Pasco Corporation, Annual General Meeting, Jun 23, 2023 Pasco Corporation, Annual General Meeting, Jun 23, 2023. Reported Earnings • May 12
Full year 2023 earnings released: EPS: JP¥284 (vs JP¥162 in FY 2022) Full year 2023 results: EPS: JP¥284 (up from JP¥162 in FY 2022). Revenue: JP¥62.0b (up 10% from FY 2022). Net income: JP¥4.10b (up 75% from FY 2022). Profit margin: 6.6% (up from 4.2% 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 1% per year whereas the company’s share price has increased by 4% per year. Reported Earnings • Apr 12
Third quarter 2023 earnings released: EPS: JP¥76.73 (vs JP¥89.70 in 3Q 2022) Third quarter 2023 results: EPS: JP¥76.73 (down from JP¥89.70 in 3Q 2022). Revenue: JP¥15.9b (up 2.9% from 3Q 2022). Net income: JP¥1.11b (down 14% from 3Q 2022). Profit margin: 6.9% (down from 8.4% in 3Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 5% per year whereas the company’s share price has remained flat. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥45.00 per share at 3.2% yield Eligible shareholders must have bought the stock before 30 March 2023. Payment date: 23 June 2023. Payout ratio is a comfortable 17% 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 (3.6%). Higher than average of industry peers (1.4%). Announcement • Jan 15
Pasco Corporation to Report Q3, 2023 Results on Feb 08, 2023 Pasco Corporation announced that they will report Q3, 2023 results on Feb 08, 2023 Reported Earnings • Nov 19
Second quarter 2023 earnings released: EPS: JP¥7.35 (vs JP¥2.22 in 2Q 2022) Second quarter 2023 results: EPS: JP¥7.35 (up from JP¥2.22 in 2Q 2022). Revenue: JP¥13.2b (up 9.0% from 2Q 2022). Net income: JP¥106.0m (up 231% from 2Q 2022). Profit margin: 0.8% (up from 0.3% in 2Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 5% per year whereas the company’s share price has fallen by 8% per year. Board Change • Nov 16
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 7 experienced directors. 4 highly experienced directors. 2 independent directors (8 non-independent directors). Independent Outside Director Takayuki Nakazato was the last independent director to join the board, commencing their role in 2018. 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 • Nov 11
Second quarter 2023 earnings released: EPS: JP¥7.35 (vs JP¥2.22 in 2Q 2022) Second quarter 2023 results: EPS: JP¥7.35 (up from JP¥2.22 in 2Q 2022). Revenue: JP¥13.2b (up 9.0% from 2Q 2022). Net income: JP¥106.0m (up 231% from 2Q 2022). Profit margin: 0.8% (up from 0.3% in 2Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 5% per year whereas the company’s share price has fallen by 2% per year. Announcement • Aug 31
Pasco Corporation to Report Q2, 2023 Results on Nov 09, 2022 Pasco Corporation announced that they will report Q2, 2023 results on Nov 09, 2022 Reported Earnings • Aug 09
First quarter 2023 earnings released: EPS: JP¥39.89 (vs JP¥17.83 loss in 1Q 2022) First quarter 2023 results: EPS: JP¥39.89 (up from JP¥17.83 loss in 1Q 2022). Revenue: JP¥11.4b (up 5.0% from 1Q 2022). Net income: JP¥575.0m (up JP¥832.0m from 1Q 2022). Profit margin: 5.0% (up from net loss in 1Q 2022). The move to profitability was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has increased by 17% per year, which means it is well ahead of earnings. Reported Earnings • Jun 26
Full year 2022 earnings released Full year 2022 results: Revenue: JP¥56.6b (up 2.8% from FY 2021). Net income: JP¥2.46b (down 25% from FY 2021). Profit margin: 4.3% (down from 5.9% in FY 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has increased by 17% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jun 16
Pasco Corporation to Report Q1, 2022 Results on Aug 08, 2022 Pasco Corporation announced that they will report Q1, 2022 results on Aug 08, 2022 Reported Earnings • May 13
Full year 2022 earnings released: EPS: JP¥170 (vs JP¥226 in FY 2021) Full year 2022 results: EPS: JP¥170 (down from JP¥226 in FY 2021). Revenue: JP¥56.6b (up 2.8% from FY 2021). Net income: JP¥2.46b (down 25% from FY 2021). Profit margin: 4.3% (down from 5.9% in FY 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has increased by 17% per year, which means it is tracking significantly ahead of earnings growth. Announcement • May 13
Pasco Corporation, Annual General Meeting, Jun 22, 2022 Pasco Corporation, Annual General Meeting, Jun 22, 2022. Board Change • Apr 27
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 7 experienced directors. 4 highly experienced directors. 2 independent directors (8 non-independent directors). Independent Outside Director Takayuki Nakazato was the last independent director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Announcement • Apr 08
Pasco Corporation to Report Fiscal Year 2022 Results on May 11, 2022 Pasco Corporation announced that they will report fiscal year 2022 results on May 11, 2022 Upcoming Dividend • Mar 23
Upcoming dividend of JP¥35.00 per share Eligible shareholders must have bought the stock before 30 March 2022. Payment date: 23 June 2022. Payout ratio is a comfortable 17% and this is well supported by cash flows. Trailing yield: 2.6%. Lower than top quartile of Japanese dividend payers (3.4%). Higher than average of industry peers (0.9%). Reported Earnings • Feb 10
Third quarter 2022 earnings: Revenues and EPS in line with analyst expectations Third quarter 2022 results: EPS: JP¥89.69 (up from JP¥72.61 in 3Q 2021). Revenue: JP¥15.5b (up 6.3% from 3Q 2021). Net income: JP¥1.29b (up 24% from 3Q 2021). Profit margin: 8.4% (up from 7.2% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 15% per year and the company’s share price has also increased by 15% per year. Reported Earnings • Nov 10
Second quarter 2022 earnings released: EPS JP¥2.22 (vs JP¥24.83 in 2Q 2021) The company reported a poor second quarter result with weaker earnings, revenues and profit margins. Second quarter 2022 results: Revenue: JP¥12.1b (down 5.2% from 2Q 2021). Net income: JP¥32.0m (down 91% from 2Q 2021). Profit margin: 0.3% (down from 2.8% in 2Q 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 06
First quarter 2022 earnings released: JP¥17.83 loss per share (vs JP¥7.56 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¥10.9b (up 6.4% from 1Q 2021). Net loss: JP¥257.0m (loss widened 136% from 1Q 2021). Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Reported Earnings • Jun 26
Full year 2021 earnings released: EPS JP¥226 (vs JP¥241 in FY 2020) The company reported a soft full year result with weaker earnings and profit margins, although revenues improved. Full year 2021 results: Revenue: JP¥55.0b (up 1.6% from FY 2020). Net income: JP¥3.26b (down 6.2% from FY 2020). Profit margin: 5.9% (down from 6.4% in FY 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 14
Full year 2021 earnings released: EPS JP¥226 (vs JP¥241 in FY 2020) The company reported a soft full year result with weaker earnings and profit margins, although revenues improved. Full year 2021 results: Revenue: JP¥55.0b (up 1.6% from FY 2020). Net income: JP¥3.26b (down 6.2% from FY 2020). Profit margin: 5.9% (down from 6.4% in FY 2020). The decrease in margin was driven by higher expenses. 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 5% per year, which means it is significantly lagging earnings. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥35.00 per share Eligible shareholders must have bought the stock before 30 March 2021. Payment date: 24 June 2021. Trailing yield: 1.6%. Lower than top quartile of Japanese dividend payers (2.7%). Higher than average of industry peers (0.7%). Valuation Update With 7 Day Price Move • Mar 23
Investor sentiment improved over the past week After last week's 19% share price gain to JP¥1,586, the stock trades at a trailing P/E ratio of 8.5x. Average trailing P/E is 24x in the Professional Services industry in Japan. Total returns to shareholders of 3.0% over the past three years. Announcement • Mar 04
Pasco Corporation to Report Fiscal Year 2021 Results on May 12, 2021 Pasco Corporation announced that they will report fiscal year 2021 results on May 12, 2021 Is New 90 Day High Low • Mar 02
New 90-day low: JP¥1,276 The company is down 2.0% from its price of JP¥1,305 on 02 December 2020. The Japanese market is up 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Professional Services industry, which is up 14% over the same period. Reported Earnings • Feb 06
Third quarter 2021 earnings released: EPS JP¥72.61 (vs JP¥95.35 in 3Q 2020) The company reported a soft third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: JP¥14.5b (up 3.4% from 3Q 2020). Net income: JP¥1.05b (down 24% from 3Q 2020). Profit margin: 7.2% (down from 9.8% in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 55% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Feb 05
New 90-day high: JP¥1,446 The company is up 9.0% from its price of JP¥1,326 on 06 November 2020. The Japanese market is up 12% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Professional Services industry, which is up 7.0% over the same period. Announcement • Dec 03
Pasco Corporation to Report Q3, 2021 Results on Feb 04, 2021 Pasco Corporation announced that they will report Q3, 2021 results on Feb 04, 2021 Announcement • Sep 06
Pasco Corporation to Report Q2, 2021 Results on Nov 06, 2020 Pasco Corporation announced that they will report Q2, 2021 results on Nov 06, 2020