Reported Earnings • Apr 01
Full year 2022 earnings released: EPS: JP¥82.23 (vs JP¥259 in FY 2021) Full year 2022 results: EPS: JP¥82.23 (down from JP¥259 in FY 2021). Revenue: JP¥9.09b (down 21% from FY 2021). Net income: JP¥312.0m (down 68% from FY 2021). Profit margin: 3.4% (down from 8.6% in FY 2021). The decrease in margin was driven by lower revenue. 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 25% per year, which means it is significantly lagging earnings growth. Reported Earnings • Feb 12
Full year 2022 earnings released: EPS: JP¥82.23 (vs JP¥259 in FY 2021) Full year 2022 results: EPS: JP¥82.23 (down from JP¥259 in FY 2021). Revenue: JP¥9.09b (down 21% from FY 2021). Net income: JP¥312.0m (down 68% from FY 2021). Profit margin: 3.4% (down from 8.6% in FY 2021). The decrease in margin was driven by lower revenue. 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 11% per year, which means it is significantly lagging earnings growth. Announcement • Feb 12
CASSINA IXC. Ltd., Annual General Meeting, Mar 29, 2023 CASSINA IXC. Ltd., Annual General Meeting, Mar 29, 2023. Valuation Update With 7 Day Price Move • Feb 10
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to JP¥1,125, the stock trades at a trailing P/E ratio of 6x. Average trailing P/E is 10x in the Consumer Durables industry in Japan. Total returns to shareholders of 55% over the past three years. Upcoming Dividend • Dec 22
Upcoming dividend of JP¥40.00 per share Eligible shareholders must have bought the stock before 29 December 2022. Payment date: 30 March 2023. Payout ratio is a comfortable 24% and this is well supported by cash flows. Trailing yield: 4.1%. Within top quartile of Japanese dividend payers (3.8%). Higher than average of industry peers (2.0%). Announcement • Dec 06
CASSINA IXC. Ltd. to Report Fiscal Year 2022 Results on Feb 09, 2023 CASSINA IXC. Ltd. announced that they will report fiscal year 2022 results on Feb 09, 2023 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. 3 experienced directors. 7 highly experienced directors. No independent directors (6 non-independent directors). External Director Adriano Villa was the last director to join the board, commencing their role in 2015. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Nov 09
Third quarter 2022 earnings released: JP¥7.64 loss per share (vs JP¥0.53 profit in 3Q 2021) Third quarter 2022 results: JP¥7.64 loss per share (down from JP¥0.53 profit in 3Q 2021). Revenue: JP¥2.10b (down 22% from 3Q 2021). Net loss: JP¥29.0m (down JP¥31.0m from profit in 3Q 2021). Over the last 3 years on average, earnings per share has increased by 58% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 05
Second quarter 2022 earnings released: JP¥2.90 loss per share (vs JP¥33.47 profit in 2Q 2021) Second quarter 2022 results: JP¥2.90 loss per share (down from JP¥33.47 profit in 2Q 2021). Revenue: JP¥2.18b (down 33% from 2Q 2021). Net loss: JP¥11.0m (down 109% from profit in 2Q 2021). Over the last 3 years on average, earnings per share has increased by 67% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Reported Earnings • May 17
First quarter 2022 earnings released: JP¥20.29 loss per share (vs JP¥7.12 profit in 1Q 2021) First quarter 2022 results: JP¥20.29 loss per share (down from JP¥7.12 profit in 1Q 2021). Revenue: JP¥1.74b (down 28% from 1Q 2021). Net loss: JP¥77.0m (down 385% from profit in 1Q 2021). Over the last 3 years on average, earnings per share has increased by 59% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging 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. 2 experienced directors. 7 highly experienced directors. No independent directors (5 non-independent directors). External Director Adriano Villa was the last director to join the board, commencing their role in 2015. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Announcement • Feb 12
CASSINA IXC. Ltd., Annual General Meeting, Mar 29, 2022 CASSINA IXC. Ltd., Annual General Meeting, Mar 29, 2022. Reported Earnings • Feb 10
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: JP¥259 (up from JP¥116 in FY 2020). Revenue: JP¥11.5b (up 3.7% from FY 2020). Net income: JP¥984.0m (up 124% from FY 2020). Profit margin: 8.6% (up from 4.0% in FY 2020). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Upcoming Dividend • Dec 22
Upcoming dividend of JP¥30.00 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 29 March 2022. Payout ratio is a comfortable 24% and this is well supported by cash flows. Trailing yield: 3.6%. Within top quartile of Japanese dividend payers (3.3%). Higher than average of industry peers (1.4%). Reported Earnings • Nov 07
Third quarter 2021 earnings released: EPS JP¥0.53 (vs JP¥16.87 loss in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: JP¥2.71b (up 23% from 3Q 2020). Net income: JP¥2.00m (up JP¥66.0m from 3Q 2020). Profit margin: 0.1% (up from net loss in 3Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Reported Earnings • Aug 11
Second quarter 2021 earnings released: EPS JP¥33.47 (vs JP¥5.01 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: JP¥3.24b (up 42% from 2Q 2020). Net income: JP¥127.0m (up JP¥108.0m from 2Q 2020). Profit margin: 3.9% (up from 0.8% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has remained flat whereas the company’s share price has fallen by 1% per year. Reported Earnings • May 19
First quarter 2021 earnings released: EPS JP¥7.12 (vs JP¥41.64 in 1Q 2020) The company reported a poor first quarter result with weaker earnings, revenues and profit margins. First quarter 2021 results: Revenue: JP¥2.41b (down 28% from 1Q 2020). Net income: JP¥27.0m (down 83% from 1Q 2020). Profit margin: 1.1% (down from 4.7% in 1Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 18% 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 • Mar 31
Full year 2020 earnings released: EPS JP¥116 (vs JP¥14.76 loss in FY 2019) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: JP¥11.0b (down 9.9% from FY 2019). Net income: JP¥439.0m (up JP¥495.0m from FY 2019). Profit margin: 4.0% (up from net loss in FY 2019). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Announcement • Feb 11
CASSINA IXC. Ltd., Annual General Meeting, Mar 26, 2021 CASSINA IXC. Ltd., Annual General Meeting, Mar 26, 2021. Reported Earnings • Feb 11
Full year 2020 earnings released: EPS JP¥116 (vs JP¥14.76 loss in FY 2019) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: JP¥11.0b (down 9.9% from FY 2019). Net income: JP¥439.0m (up JP¥495.0m from FY 2019). Profit margin: 4.0% (up from net loss in FY 2019). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Feb 09
New 90-day high: JP¥898 The company is up 10.0% from its price of JP¥817 on 11 November 2020. The Japanese market is up 13% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Consumer Durables industry, which is up 30% over the same period. Valuation Update With 7 Day Price Move • Feb 09
Investor sentiment improved over the past week After last week's 18% share price gain to JP¥898, the stock is trading at a trailing P/E ratio of 16.6x, up from the previous P/E ratio of 14x. This compares to an average P/E of 13x in the Consumer Durables industry in Japan. Total returns to shareholders over the past three years are 5.3%. Upcoming Dividend • Dec 22
Upcoming Dividend of JP¥30.00 Per Share Will be paid on the 27th of March to those who are registered shareholders by the 29th of December. The trailing yield of 3.5% is in the top quartile of Japanese dividend payers (3.0%), and it is higher than industry peers (1.4%). Announcement • Dec 05
CASSINA IXC. Ltd. to Report Fiscal Year 2020 Results on Feb 09, 2021 CASSINA IXC. Ltd. announced that they will report fiscal year 2020 results on Feb 09, 2021 Reported Earnings • Nov 07
Third quarter 2020 earnings released: JP¥16.87 loss per share The company reported a poor third quarter result with weaker earnings, revenues and control over expenses. Third quarter 2020 results: Revenue: JP¥2.19b (down 37% from 3Q 2019). Net loss: JP¥64.0m (down 129% from profit in 3Q 2019). 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 7% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Oct 07
New 90-day high: JP¥805 The company is up 6.0% from its price of JP¥756 on 09 July 2020. The Japanese market is also up 6.0% over the last 90 days, indicating the company’s price trend is similar to the market over that time. However, it outperformed the Consumer Durables industry, which is up 5.0% over the same period.