Announcement • Jun 24
Tamron Adds 17-70Mm F/2.8 DI III-A VC RXD Lens to Nikon Z and Canon Rf Mount Lineup Tamron has added their popular APS-C zoom lens, 17-70mm f/2.8 DI III-A VC RXD, to their Nikon Z and Canon RF mount lineup. This fast-aperture standard zoom, compatible with APS-C format cameras, has long been a popular choice for Sony and Fujifilm shooters, offering a broad zoom range and stellar image quality throughout. The Tamron 17-70mm f/2.8 first came to the scene for the Sony and eventually Fujifilm systems, where it quickly found a following among photographers and creators alike. Its maximum aperture of f/2.8 remains constant throughout the zoom range and meets the needs of users looking for better performance than the typical kit lens. Key features include Canon RF-Mount Lens/APS-C Format, 27.2-112mm (35mm Equivalent), Aperture Range: f/2.8 to f/22, RXD Stepping AF Motor, VC Image Stabilization, Rounded 9-Blade Diaphragm, Fluorine Coating, and Moisture-Resistant Construction. The fast, quiet, autofocus system, with both focus breathing and AF noise suppression, have been optimized for creators and video shooters along with the lens's VC (vibration control). Despite its class leading zoom range of 4.1x, the 17-70mm remains surprisingly lightweight and compact in form factor, weighing just around 19 oz (varies based on mount). This lens offers an effective focal range of approximately 24-105mm, similar to kit lenses found in full frame bundles. Each Tamron mirrorless lens in this line is designed with a 67mm filter thread, meaning users can use any effect filters like a CPL, pro mist, or diffusion filter across all lenses in their Tamron arsenal. The Tamron 17-70mm f/2.8 DI III-A VC RXD is the perfect upgrade from the standard kit lens, offering incredible image quality in various lighting conditions for video and still shooters alike. The lens will be available in both mounts on July 2, 2026. Upcoming Dividend • Jun 22
Upcoming dividend of JP¥20.00 per share Eligible shareholders must have bought the stock before 29 June 2026. Payment date: 01 September 2026. Payout ratio is a comfortable 50% and this is well supported by cash flows. Trailing yield: 3.0%. Lower than top quartile of Japanese dividend payers (3.9%). Higher than average of industry peers (1.7%). 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 7.9% 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 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 (7.9% average weekly change). Announcement • Jun 17
Tamron Co.,Ltd. to Report Q2, 2026 Results on Aug 07, 2026 Tamron Co.,Ltd. announced that they will report Q2, 2026 results at 9:00 AM, Tokyo Standard Time on Aug 07, 2026 Valuation Update With 7 Day Price Move • Jun 17
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to JP¥1,271, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 12x in the Consumer Durables industry in Japan. Total returns to shareholders of 182% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥1,653 per share. Announcement • Jun 16
Tamron Co.,Ltd. Revises Dividend Guidance for the Interim and Year End of Fiscal Year Ending December 31, 2026 Tamron Co.,Ltd. revised dividend guidance for the interim and year end of fiscal year ending December 31, 2026. The company revised interim dividend to JPY 20.00 per share as compared to previous forecast of JPY 10.50 per share.
The company revised year end dividend to JPY 31.00 per share as compared to previous forecast of JPY 26.50 per share.
Reasons for the revision; In light of the business performance trends and other factors, the Company will return profits in line with the target total return ratio of 60% set under its current shareholder return policy. At the same time, as announced in the Notice of Renewal of Quantitative Targets under Long-term Vision and Development of Outline of Value Up29, the Next Medium-term Management Plan (the "Outline of the Next MTMP") dated June 16, 2026, the Company aims to strengthen its stable, long-term return of profits under the next Medium-term Management Plan. In consideration of this policy, the Company has decided to raise its interim dividend forecast by JPY 9.5 and the year-end dividend forecast by JPY 4.5, bringing the total annual dividend to JPY 51 per share. This will result in the interim dividend doubling year-on-year, increasing by JPY 10.00, and the annual dividend will increase by JPY 14.75. The payout ratio is expected to be 60.1%. Reported Earnings • May 06
First quarter 2026 earnings released: EPS: JP¥16.82 (vs JP¥17.44 in 1Q 2025) First quarter 2026 results: EPS: JP¥16.82 (down from JP¥17.44 in 1Q 2025). Revenue: JP¥18.5b (down 5.0% from 1Q 2025). Net income: JP¥2.71b (down 4.5% from 1Q 2025). Profit margin: 15% (in line with 1Q 2025). Revenue is forecast to grow 5.4% p.a. on average during the next 3 years, compared to a 2.4% growth forecast for the Consumer Durables industry in Japan. 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 35% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • May 03
Price target increased by 11% to JP¥1,210 Up from JP¥1,091, the current price target is an average from 3 analysts. New target price is 13% above last closing price of JP¥1,069. Stock is up 30% over the past year. The company is forecast to post earnings per share of JP¥86.50 for next year compared to JP¥72.78 last year. Declared Dividend • Apr 11
Final dividend of JP¥10.50 announced Shareholders will receive a dividend of JP¥10.50. Ex-date: 29th June 2026 Payment date: 1st September 2026 Dividend yield will be 3.5%, which is higher than the industry average of 1.6%. Sustainability & Growth Dividend is covered by both earnings (50% earnings payout ratio) and cash flows (57% cash payout ratio). The dividend has increased by an average of 18% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 20% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Mar 17
Tamron Co.,Ltd. to Report Q1, 2026 Results on May 01, 2026 Tamron Co.,Ltd. announced that they will report Q1, 2026 results on May 01, 2026 Major Estimate Revision • Feb 25
Consensus EPS estimates increase by 11% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has improved. 2026 revenue forecast increased from JP¥86.9b to JP¥90.8b. EPS estimate increased from JP¥78.14 to JP¥86.74 per share. Net income forecast to grow 19% next year vs 8.4% growth forecast for Consumer Durables industry in Japan. Consensus price target up from JP¥1,091 to JP¥1,127. Share price was steady at JP¥1,035 over the past week. Price Target Changed • Feb 21
Price target increased by 7.9% to JP¥1,150 Up from JP¥1,066, the current price target is an average from 3 analysts. New target price is 12% above last closing price of JP¥1,025. Stock is up 6.4% over the past year. The company is forecast to post earnings per share of JP¥85.99 for next year compared to JP¥72.79 last year. Reported Earnings • Feb 07
Full year 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2025 results: EPS: JP¥72.78 (down from JP¥87.90 in FY 2024). Revenue: JP¥85.1b (down 3.8% from FY 2024). Net income: JP¥11.8b (down 19% from FY 2024). Profit margin: 14% (down from 16% in FY 2024). Revenue exceeded analyst estimates by 1.1%. Earnings per share (EPS) missed analyst estimates by 6.4%. Revenue is forecast to grow 3.8% p.a. on average during the next 3 years, compared to a 2.1% growth forecast for the Consumer Durables 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 increased by 37% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Feb 06
Tamron Co.,Ltd., Annual General Meeting, Mar 27, 2026 Tamron Co.,Ltd., Annual General Meeting, Mar 27, 2026. Upcoming Dividend • Dec 22
Upcoming dividend of JP¥26.25 per share Eligible shareholders must have bought the stock before 29 December 2025. Payment date: 27 March 2026. Payout ratio is on the higher end at 76%, and the cash payout ratio is above 100%. Trailing yield: 6.4%. Within top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (1.5%). Announcement • Dec 17
Tamron Co.,Ltd. to Report Fiscal Year 2025 Results on Feb 06, 2026 Tamron Co.,Ltd. announced that they will report fiscal year 2025 results on Feb 06, 2026 Reported Earnings • Nov 08
Third quarter 2025 earnings released: EPS: JP¥19.72 (vs JP¥25.42 in 3Q 2024) Third quarter 2025 results: EPS: JP¥19.72 (down from JP¥25.42 in 3Q 2024). Revenue: JP¥21.4b (down 9.4% from 3Q 2024). Net income: JP¥3.18b (down 24% from 3Q 2024). Profit margin: 15% (down from 18% in 3Q 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 4.8% p.a. on average during the next 3 years, compared to a 1.5% growth forecast for the Consumer Durables industry in Japan. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has increased by 36% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Sep 18
Tamron Co.,Ltd. to Report Q3, 2025 Results on Nov 06, 2025 Tamron Co.,Ltd. announced that they will report Q3, 2025 results on Nov 06, 2025 Declared Dividend • Sep 02
First half dividend of JP¥26.25 announced Shareholders will receive a dividend of JP¥26.25. Ex-date: 29th December 2025 Payment date: 27th March 2026 Dividend yield will be 6.6%, which is higher than the industry average of 1.6%. Sustainability & Growth Dividend is covered by both earnings (70% earnings payout ratio) and cash flows (26% cash payout ratio). The dividend has increased by an average of 9.2% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 13% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Price Target Changed • Aug 28
Price target increased by 7.6% to JP¥1,066 Up from JP¥991, the current price target is an average from 4 analysts. New target price is approximately in line with last closing price of JP¥1,020. Stock is down 10% over the past year. The company is forecast to post earnings per share of JP¥83.56 for next year compared to JP¥87.90 last year. Reported Earnings • Aug 08
Second quarter 2025 earnings released Second quarter 2025 results: Revenue: JP¥22.3b (down 11% from 2Q 2024). Net income: JP¥4.04b (down 14% from 2Q 2024). Profit margin: 18% (in line with 2Q 2024). Revenue is forecast to grow 3.7% p.a. on average during the next 3 years, compared to a 1.4% growth forecast for the Consumer Durables industry in Japan. Over the last 3 years on average, earnings per share has increased by 33% per year whereas the company’s share price has increased by 34% per year. Upcoming Dividend • Jun 20
Upcoming dividend of JP¥40.00 per share Eligible shareholders must have bought the stock before 27 June 2025. Payment date: 02 September 2025. Payout ratio is a comfortable 41% and this is well supported by cash flows. Trailing yield: 1.9%. Lower than top quartile of Japanese dividend payers (4.0%). Higher than average of industry peers (1.7%). Announcement • Jun 18
Tamron Co.,Ltd. to Report Q2, 2025 Results on Aug 07, 2025 Tamron Co.,Ltd. announced that they will report Q2, 2025 results on Aug 07, 2025 Price Target Changed • Jun 04
Price target decreased by 9.2% to JP¥3,963 Down from JP¥4,363, the current price target is an average from 4 analysts. New target price is 16% above last closing price of JP¥3,410. Stock is down 21% over the past year. The company is forecast to post earnings per share of JP¥325 for next year compared to JP¥352 last year. Reported Earnings • May 04
First quarter 2025 earnings released: EPS: JP¥69.73 (vs JP¥80.38 in 1Q 2024) First quarter 2025 results: EPS: JP¥69.73 (down from JP¥80.38 in 1Q 2024). Revenue: JP¥19.5b (down 1.9% from 1Q 2024). Net income: JP¥2.84b (down 15% from 1Q 2024). Profit margin: 15% (down from 17% in 1Q 2024). Revenue is forecast to grow 2.8% p.a. on average during the next 3 years, while revenues in the Consumer Durables industry in Japan are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has increased by 39% per year, which means it is tracking significantly ahead of earnings growth. Board Change • Apr 23
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Outside Director Yasuhiro Shirakawa was the last director to join the board, commencing their role in 2025. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Declared Dividend • Apr 11
Final dividend of JP¥40.00 announced Shareholders will receive a dividend of JP¥40.00. Ex-date: 27th June 2025 Payment date: 2nd September 2025 Dividend yield will be 4.8%, which is higher than the industry average of 1.6%. Sustainability & Growth Dividend is well covered by both earnings (38% earnings payout ratio) and cash flows (21% cash payout ratio). The dividend has increased by an average of 9.2% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 8.8% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to JP¥2,842, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 10x in the Consumer Durables industry in Japan. Total returns to shareholders of 175% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥5,590 per share. Announcement • Mar 19
Tamron Co.,Ltd. to Report Q1, 2025 Results on May 02, 2025 Tamron Co.,Ltd. announced that they will report Q1, 2025 results on May 02, 2025 Reported Earnings • Feb 08
Full year 2024 earnings: EPS exceeds analyst expectations Full year 2024 results: EPS: JP¥352 (up from JP¥259 in FY 2023). Revenue: JP¥88.5b (up 24% from FY 2023). Net income: JP¥14.5b (up 34% from FY 2023). Profit margin: 16% (up from 15% in FY 2023). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 2.1%. Revenue is forecast to grow 1.4% p.a. on average during the next 3 years, while revenues in the Consumer Durables industry in Japan are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has increased by 55% per year, which means it is tracking significantly ahead of earnings growth. Buy Or Sell Opportunity • Feb 03
Now 23% undervalued Over the last 90 days, the stock has risen 2.5% to JP¥4,380. The fair value is estimated to be JP¥5,659, 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. Earnings per share has grown by 35%. For the next 3 years, revenue is forecast to grow by 1.6% per annum. Earnings are also forecast to grow by 0.5% per annum over the same time period. New Risk • Jan 30
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 5.2% 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 (5.2% average weekly change). Upcoming Dividend • Dec 20
Upcoming dividend of JP¥105 per share Eligible shareholders must have bought the stock before 27 December 2024. Payment date: 28 March 2025. Payout ratio is a comfortable 38% and this is well supported by cash flows. Trailing yield: 2.8%. Lower than top quartile of Japanese dividend payers (3.8%). Higher than average of industry peers (1.6%). Announcement • Dec 18
Tamron Co.,Ltd. to Report Fiscal Year 2024 Results on Feb 07, 2025 Tamron Co.,Ltd. announced that they will report fiscal year 2024 results on Feb 07, 2025 Buy Or Sell Opportunity • Dec 06
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 7.8% to JP¥4,115. The fair value is estimated to be JP¥5,178, 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. Earnings per share has grown by 35%. For the next 3 years, revenue is forecast to grow by 1.7% per annum. Earnings are also forecast to grow by 0.5% per annum over the same time period. Reported Earnings • Nov 08
Third quarter 2024 earnings released: EPS: JP¥102 (vs JP¥62.79 in 3Q 2023) Third quarter 2024 results: EPS: JP¥102 (up from JP¥62.79 in 3Q 2023). Revenue: JP¥23.6b (up 24% from 3Q 2023). Net income: JP¥4.19b (up 60% from 3Q 2023). Profit margin: 18% (up from 14% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 1.8% p.a. on average during the next 3 years, compared to a 1.5% growth forecast for the Consumer Durables industry in Japan. Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has increased by 47% per year, which means it is tracking significantly ahead of earnings growth. Buy Or Sell Opportunity • Nov 01
Now 23% undervalued Over the last 90 days, the stock has risen 13% to JP¥4,125. The fair value is estimated to be JP¥5,375, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 36%. For the next 3 years, revenue is forecast to grow by 2.6% per annum. Earnings are also forecast to grow by 2.6% per annum over the same time period. Announcement • Sep 27
Tamron Co.,Ltd. to Report Q3, 2024 Results on Nov 06, 2024 Tamron Co.,Ltd. announced that they will report Q3, 2024 results on Nov 06, 2024 New Risk • Sep 26
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 8.4% 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 (8.4% average weekly change). Major Estimate Revision • Aug 27
Consensus EPS estimates increase by 10% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has improved. 2024 revenue forecast increased from JP¥80.6b to JP¥85.3b. EPS estimate increased from JP¥294 to JP¥325 per share. Net income forecast to grow 0.7% next year vs 2.3% growth forecast for Consumer Durables industry in Japan. Consensus price target up from JP¥4,163 to JP¥4,513. Share price rose 7.1% to JP¥4,465 over the past week. Price Target Changed • Aug 23
Price target increased by 8.4% to JP¥4,513 Up from JP¥4,163, the current price target is an average from 4 analysts. New target price is approximately in line with last closing price of JP¥4,545. Stock is up 108% over the past year. The company is forecast to post earnings per share of JP¥320 for next year compared to JP¥259 last year. New Risk • Aug 12
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 1.7% 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 1.7% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Aug 12
Second quarter 2024 earnings released: EPS: JP¥114 (vs JP¥71.32 in 2Q 2023) Second quarter 2024 results: EPS: JP¥114 (up from JP¥71.32 in 2Q 2023). Revenue: JP¥25.0b (up 37% from 2Q 2023). Net income: JP¥4.69b (up 57% from 2Q 2023). Profit margin: 19% (up from 16% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 1.7% p.a. on average during the next 3 years, compared to a 1.9% growth forecast for the Consumer Durables industry in Japan. Over the last 3 years on average, earnings per share has increased by 41% per year whereas the company’s share price has increased by 43% per year. Declared Dividend • Aug 10
Dividend of JP¥90.00 announced Shareholders will receive a dividend of JP¥90.00. Ex-date: 27th December 2024 Payment date: 28th March 2025 Dividend yield will be 4.2%, which is higher than the industry average of 1.6%. Sustainability & Growth Dividend is covered by earnings (30% earnings payout ratio) but not adequately covered by cash flows (90.3% cash payout ratio). The dividend has increased by an average of 15% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 5.8% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 29% After last week's 29% share price decline to JP¥3,085, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 11x in the Consumer Durables industry in Japan. Total returns to shareholders of 150% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥3,982 per share. Buy Or Sell Opportunity • Jul 24
Now 24% overvalued after recent price rise Over the last 90 days, the stock has risen 38% to JP¥4,355. The fair value is estimated to be JP¥3,520, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 39%. For the next 3 years, revenue is forecast to grow by 3.0% per annum. Earnings are also forecast to grow by 0.7% per annum over the same time period. Announcement • Jul 23
Tamron Co.,Ltd. Revises Earnings Guidance for the First Half Ending on June 30, 2024 Tamron Co.,Ltd. revised earnings guidance first half ending on June 30, 2024. For the period, the company expects net sales of JPY 44,000 million, Operating Income of JPY 10,800 million, Profit attributable to owners of parent of JPY 8,000 million, Net Income per Share of JPY 386.37 compared to the previous guidance of JPY 41,000 million, Operating income of JPY 8,400 million, Profit attributable to owners of parent of JPY 6,300 million, Net Income per Share of JPY 304.27 provided earlier. Price Target Changed • Jul 20
Price target increased by 13% to JP¥4,163 Up from JP¥3,669, the current price target is an average from 4 analysts. New target price is approximately in line with last closing price of JP¥4,310. Stock is up 104% over the past year. The company is forecast to post earnings per share of JP¥294 for next year compared to JP¥259 last year. Buy Or Sell Opportunity • Jul 01
Now 16% overvalued after recent price rise Over the last 90 days, the stock has risen 24% to JP¥4,195. The fair value is estimated to be JP¥3,615, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 39%. For the next 3 years, revenue is forecast to grow by 3.0% per annum. Earnings are also forecast to grow by 0.6% per annum over the same time period. Announcement • Jun 20
Tamron Co.,Ltd. to Report Q2, 2024 Results on Aug 08, 2024 Tamron Co.,Ltd. announced that they will report Q2, 2024 results on Aug 08, 2024 Buy Or Sell Opportunity • Jun 19
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 23% to JP¥8,500. The fair value is estimated to be JP¥6,999, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 39%. For the next 3 years, revenue is forecast to grow by 3.0% per annum. Earnings are also forecast to grow by 0.6% per annum over the same time period. Board Change • Jun 19
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 4 independent directors. 8 non-independent directors. Independent Outside Director Fumio Suzuki was the last independent director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Announcement • Apr 28
Tamron Co.,Ltd. Provides Consolidated Earnings Guidance for the First Half and Full Year 2024 Tamron Co.,Ltd. provided consolidated earnings guidance for the first half and full year 2024. For the first half, the company expected net sales of JPY 41,600 million, operating income of JPY 8,400 million, profit attributable to owners of parent of JPY 6,300 million and profit per share of JPY 304.27.For the full year, the company expected net sales of JPY 75,500 million, operating income of JPY 14,300 million, profit attributable to owners of parent of JPY 10,730 million and profit per share of JPY 256.49. Announcement • Mar 21
Tamron Co.,Ltd. to Report Q1, 2024 Results on Apr 26, 2024 Tamron Co.,Ltd. announced that they will report Q1, 2024 results on Apr 26, 2024 New Risk • Mar 02
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.7% 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 0.7% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Announcement • Feb 21
Tamron Co.,Ltd. Announces Executive Changes Tamron Co.,Ltd. announced the transition of President & CEO Shogo Sakuraba from Administrativ Management Unit Information management to Administrative Management Unit Compliance; Managing Director Makoto Otani from OEM Component Business Unit Industrial Optics Business Unit Quality Control & Assurance Supervision Unit Optical Design & Engineering R&D Center R&D Technology Center to OEM Component Business Unit Industrial Optics Business Unit Quality Control & Assurance Supervision Uni Optical Design & Engineering R&D Center R&D Technology Center Information management;Managing Director Tomohide Okayasu from Imaging Products Business Unit Procurement Management Unit Corporate Strategy Unit CSR Compliance to Imaging Products Business Unit Procurement Management Unit Corporate Strategy Unit CSR; effective as of March 27, 2024.Mikio Kimura from Senior Executive Officer General Manager Aomori Factory to Senior Executive Officer General Manager Aomori Factory Manager Assembly Production Dept., Aomori Factory . Effective as of March 1, 2024. Announcement • Feb 10
Tamron Co. Ltd. Provides Dividend Guidance for the Year Ending December 31, 2024 Tamron Co. Ltd. provided dividend guidance for the Year Ending December 31, 2024. For the period, the company expects dividend to be JPY 80 per share against the pervious guidance of JPY 135 per share. Announcement • Feb 08
Tamron Co., Ltd. Announces Change of Policy on Distribution of Profits Tamron Co. Ltd. announced that at a meeting of the Board of Directors held on February 8, 2024, it has decided to change the policy on distribution of profits. Details are as follows. 1. Reason for Change: The Company will change the profit distribution policy for the purpose of further increasing its corporate value by stepping up the distribution of profits to shareholders and adopting a more flexible capital policy, including share buybacks. Before change: The Company's basic profit allocation policy is to continue to allocate profits to shareholders in a stable manner by taking into account R&D and capital investment in an effort to strengthen its management structure and develop new businesses based on a long- term view, and by endeavoring to allocate profits based on business performance with a focus on continuous profit distribution with the payout ratio of approximately 35%. After change: The Company will continue to pay dividends with a payout ratio of approximately 40% by taking into account R&D and capital investment in an effort to strengthen its management structure and develop new businesses based on a long-term view, and by endeavoring to allocate profits based on business performance. The Company will focus on continuous profit allocation to shareholders in a stable manner, and the minimum annual dividend per share will be 100 yen. In addition to dividends, the Company will also carry out flexible share buybacks with a total return ratio of approximately 60% in order to further enhance the shareholder returns. The change will apply from the fiscal year ending December 31, 2024. Upcoming Dividend • Dec 21
Upcoming dividend of JP¥135 per share at 2.3% yield Eligible shareholders must have bought the stock before 28 December 2023. Payment date: 01 April 2024. Payout ratio is a comfortable 25% and this is well supported by cash flows. Trailing yield: 2.3%. Lower than top quartile of Japanese dividend payers (3.5%). Higher than average of industry peers (1.7%). Announcement • Dec 19
Tamron Co.,Ltd., Annual General Meeting, Mar 27, 2024 Tamron Co.,Ltd., Annual General Meeting, Mar 27, 2024. Price Target Changed • Nov 22
Price target increased by 7.2% to JP¥5,200 Up from JP¥4,850, the current price target is an average from 4 analysts. New target price is 19% above last closing price of JP¥4,365. Stock is up 36% over the past year. The company is forecast to post earnings per share of JP¥466 for next year compared to JP¥400 last year. Announcement • Nov 21
Tamron Co.,Ltd. Announces Resignation of Hiroshi Otsuka as Director Tamron Co. Ltd. announced that it has accepted the resignation of Director as follows. Resigned Director: Hiroshi Otsuka. Effective date: November 21, 2023. Reason for the resignation: After the Company announced "Announcement of investigation report from the Special Investigation Committee" on November 2, 2023, Mr. Otsuka admitted his involvement and offered his resignation as Director. Others: Even after the resignation, the number of directors required by law and the articles of incorporation has been satisfied. Reported Earnings • Nov 04
Third quarter 2023 earnings released: EPS: JP¥126 (vs JP¥108 in 3Q 2022) Third quarter 2023 results: EPS: JP¥126 (up from JP¥108 in 3Q 2022). Revenue: JP¥19.0b (up 19% from 3Q 2022). Net income: JP¥2.63b (up 16% from 3Q 2022). Profit margin: 14% (in line with 3Q 2022). Revenue is forecast to grow 5.0% p.a. on average during the next 3 years, compared to a 2.5% growth forecast for the Consumer Durables industry in Japan. Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has only increased by 39% per year, which means it is significantly lagging earnings growth. Announcement • Oct 27
Tamron Co.,Ltd. to Report Q3, 2023 Results on Nov 02, 2023 Tamron Co.,Ltd. announced that they will report Q3, 2023 results on Nov 02, 2023 Price Target Changed • Aug 30
Price target increased by 8.9% to JP¥4,875 Up from JP¥4,475, the current price target is an average from 4 analysts. New target price is 10% above last closing price of JP¥4,430. Stock is up 45% over the past year. The company is forecast to post earnings per share of JP¥464 for next year compared to JP¥400 last year. Reported Earnings • Aug 10
Second quarter 2023 earnings released: EPS: JP¥143 (vs JP¥136 in 2Q 2022) Second quarter 2023 results: EPS: JP¥143 (up from JP¥136 in 2Q 2022). Revenue: JP¥18.2b (up 2.0% from 2Q 2022). Net income: JP¥2.98b (up 4.9% from 2Q 2022). Profit margin: 16% (in line with 2Q 2022). Revenue is forecast to grow 5.3% p.a. on average during the next 3 years, compared to a 3.1% growth forecast for the Consumer Durables 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 38% per year, which means it is significantly lagging earnings growth. Price Target Changed • Jul 14
Price target increased by 18% to JP¥4,475 Up from JP¥3,800, the current price target is an average from 4 analysts. New target price is 15% above last closing price of JP¥3,890. Stock is up 47% over the past year. The company is forecast to post earnings per share of JP¥422 for next year compared to JP¥400 last year. Announcement • Jun 22
Tamron Co.,Ltd. to Report Q2, 2023 Results on Aug 08, 2023 Tamron Co.,Ltd. announced that they will report Q2, 2023 results on Aug 08, 2023 Upcoming Dividend • Jun 22
Upcoming dividend of JP¥30.00 per share at 3.0% yield Eligible shareholders must have bought the stock before 29 June 2023. Payment date: 01 September 2023. Payout ratio is a comfortable 27% and this is well supported by cash flows. Trailing yield: 3.0%. Lower than top quartile of Japanese dividend payers (3.5%). Higher than average of industry peers (1.6%). Announcement • Jun 21
Tamron Co.,Ltd. Revises Interim Dividend Forecast for the Fiscal Year Ending December 31, 2023 Tamron Co.,Ltd. provided revised interim dividend forecast for the fiscal year ending December 31, 2023. For the period, the company revised dividend to JPY 35.00 per share against previous guidance of JPY 30.00 per share. Buying Opportunity • May 30
Now 20% undervalued Over the last 90 days, the stock is up 7.8%. The fair value is estimated to be JP¥4,407, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.1% over the last 3 years. Earnings per share has grown by 41%. For the next 3 years, revenue is forecast to grow by 2.3% per annum. Earnings is forecast to decline by 1.7% per annum over the same time period. Reported Earnings • Apr 01
Full year 2022 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2022 results: EPS: JP¥400 (up from JP¥248 in FY 2021). Revenue: JP¥63.4b (up 10% from FY 2021). Net income: JP¥8.35b (up 61% from FY 2021). Profit margin: 13% (up from 9.0% in FY 2021). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 1.9%. Earnings per share (EPS) exceeded analyst estimates by 4.7%. Revenue is forecast to grow 3.0% p.a. on average during the next 3 years, compared to a 3.1% growth forecast for the Consumer Durables industry in Japan. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has only increased by 24% per year, which means it is significantly lagging earnings growth. Reported Earnings • Feb 10
Full year 2022 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2022 results: EPS: JP¥400 (up from JP¥248 in FY 2021). Revenue: JP¥63.4b (up 10% from FY 2021). Net income: JP¥8.35b (up 61% from FY 2021). Profit margin: 13% (up from 9.0% in FY 2021). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 1.9%. Earnings per share (EPS) exceeded analyst estimates by 4.7%. Revenue is forecast to grow 2.3% p.a. on average during the next 3 years, compared to a 3.4% growth forecast for the Consumer Durables industry in Japan. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth.