Upcoming Dividend • May 21
Upcoming dividend of JP¥16.00 per share Eligible shareholders must have bought the stock before 28 May 2026. Payment date: 31 July 2026. Payout ratio is a comfortable 31% but the company is paying out more than the cash it is generating. Trailing yield: 3.3%. Lower than top quartile of Japanese dividend payers (3.8%). Higher than average of industry peers (2.7%). Reported Earnings • Apr 09
First quarter 2026 earnings released: EPS: JP¥49.64 (vs JP¥37.01 in 1Q 2025) First quarter 2026 results: EPS: JP¥49.64 (up from JP¥37.01 in 1Q 2025). Revenue: JP¥66.2b (flat on 1Q 2025). Net income: JP¥3.19b (up 34% from 1Q 2025). Profit margin: 4.8% (up from 3.6% in 1Q 2025). Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has increased by 13% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Apr 02
SALA Corporation to Report Q1, 2026 Results on Apr 07, 2026 SALA Corporation announced that they will report Q1, 2026 results on Apr 07, 2026 Declared Dividend • Mar 21
Final dividend of JP¥16.00 announced Shareholders will receive a dividend of JP¥16.00. Ex-date: 28th May 2026 Payment date: 31st July 2026 Dividend yield will be 3.0%, which is lower than the industry average of 3.6%. Sustainability & Growth Dividend is well covered by both earnings (35% earnings payout ratio) and cash flows (44% cash payout ratio). The dividend has increased by an average of 11% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 11% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Jan 14
Full year 2025 earnings released: EPS: JP¥91.43 (vs JP¥81.89 in FY 2024) Full year 2025 results: EPS: JP¥91.43 (up from JP¥81.89 in FY 2024). Revenue: JP¥251.5b (up 4.6% from FY 2024). Net income: JP¥5.87b (up 12% from FY 2024). Profit margin: 2.3% (up from 2.2% in FY 2024). The increase in margin was 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 14% per year, which means it is well ahead of earnings. Announcement • Jan 13
SALA Corporation, Annual General Meeting, Feb 20, 2026 SALA Corporation, Annual General Meeting, Feb 20, 2026. Announcement • Nov 27
SALA Corporation to Report Fiscal Year 2025 Results on Jan 13, 2026 SALA Corporation announced that they will report fiscal year 2025 results on Jan 13, 2026 Upcoming Dividend • Nov 20
Upcoming dividend of JP¥16.00 per share Eligible shareholders must have bought the stock before 27 November 2025. Payment date: 02 February 2026. Payout ratio is a comfortable 34% and this is well supported by cash flows. Trailing yield: 2.9%. Lower than top quartile of Japanese dividend payers (3.7%). Lower than average of industry peers (3.3%). Reported Earnings • Oct 08
Third quarter 2025 earnings released: EPS: JP¥15.32 (vs JP¥5.05 loss in 3Q 2024) Third quarter 2025 results: EPS: JP¥15.32 (up from JP¥5.05 loss in 3Q 2024). Revenue: JP¥55.7b (down 3.2% from 3Q 2024). Net income: JP¥984.0m (up JP¥1.31b from 3Q 2024). Profit margin: 1.8% (up from net loss in 3Q 2024). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has increased by 12% per year, which means it is well ahead of earnings. Declared Dividend • Aug 01
First half dividend of JP¥16.00 announced Shareholders will receive a dividend of JP¥16.00. Ex-date: 27th November 2025 Payment date: 2nd February 2026 Dividend yield will be 3.2%, which is lower than the industry average of 3.6%. Sustainability & Growth Dividend is well covered by both earnings (42% earnings payout ratio) and cash flows (50% cash payout ratio). The dividend has increased by an average of 10% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to decline by 53% to shift the payout ratio to a potentially unsustainable range, which is more than the 2.8% EPS decline seen over the last 5 years. Announcement • Jul 26
SALA Corporation to Report Q3, 2025 Results on Oct 07, 2025 SALA Corporation announced that they will report Q3, 2025 results on Oct 07, 2025 Reported Earnings • Jul 10
Second quarter 2025 earnings released: EPS: JP¥26.11 (vs JP¥36.94 in 2Q 2024) Second quarter 2025 results: EPS: JP¥26.11 (down from JP¥36.94 in 2Q 2024). Revenue: JP¥65.3b (up 9.3% from 2Q 2024). Net income: JP¥1.68b (down 29% from 2Q 2024). Profit margin: 2.6% (down from 4.0% in 2Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Announcement • Jul 08
Sala Corporation Announces Dividend for the Second Quarter Ended May 31, 2025, Payable on July 31, 2025 SALA Corporation announced dividend for the second quarter ended May 31, 2025. For the second quarter, the company announced to pay JPY 16.00 per share against JPY 13.00 per share in the previous year. Scheduled date to commence dividend payments: July 31, 2025. Announcement • May 27
SALA Corporation to Report Q2, 2025 Results on Jul 08, 2025 SALA Corporation announced that they will report Q2, 2025 results on Jul 08, 2025 Upcoming Dividend • May 22
Upcoming dividend of JP¥16.00 per share Eligible shareholders must have bought the stock before 29 May 2025. Payment date: 31 July 2025. Payout ratio is a comfortable 34% but the company is paying out more than the cash it is generating. Trailing yield: 3.6%. Lower than top quartile of Japanese dividend payers (4.0%). Lower than average of industry peers (4.2%). New Risk • Apr 09
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 16% 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 (16% operating cash flow to total debt). Minor Risk Dividend is not well covered by cash flows (339% cash payout ratio). New Risk • Apr 08
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 46% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Minor Risks High level of debt (46% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Apr 08
First quarter 2025 earnings released: EPS: JP¥37.01 (vs JP¥30.29 in 1Q 2024) First quarter 2025 results: EPS: JP¥37.01 (up from JP¥30.29 in 1Q 2024). Revenue: JP¥66.0b (up 12% from 1Q 2024). Net income: JP¥2.38b (up 23% from 1Q 2024). Profit margin: 3.6% (up from 3.3% in 1Q 2024). The increase in margin was 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 8% per year, which means it is well ahead of earnings. Declared Dividend • Mar 08
Final dividend of JP¥16.00 announced Shareholders will receive a dividend of JP¥16.00. Ex-date: 29th May 2025 Payment date: 31st July 2025 Dividend yield will be 3.8%, which is higher than the industry average of 3.6%. Sustainability & Growth Dividend is covered by both earnings (32% earnings payout ratio) and cash flows (74% cash payout ratio). The dividend has increased by an average of 10% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has remained steady over the last 5 years. Unless this trend deteriorates, it should provide adequate earnings cover for the dividend. Announcement • Mar 01
SALA Corporation to Report Q1, 2025 Results on Apr 07, 2025 SALA Corporation announced that they will report Q1, 2025 results on Apr 07, 2025 Reported Earnings • Jan 15
Full year 2024 earnings released: EPS: JP¥81.89 (vs JP¥95.45 in FY 2023) Full year 2024 results: EPS: JP¥81.89 (down from JP¥95.45 in FY 2023). Revenue: JP¥240.5b (flat on FY 2023). Net income: JP¥5.25b (down 14% from FY 2023). Profit margin: 2.2% (down from 2.5% in FY 2023). Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has increased by 8% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jan 14
SALA Corporation, Annual General Meeting, Feb 21, 2025 SALA Corporation, Annual General Meeting, Feb 21, 2025. Buy Or Sell Opportunity • Dec 26
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 5.6% to JP¥905. The fair value is estimated to be JP¥753, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 4.7%. Upcoming Dividend • Nov 21
Upcoming dividend of JP¥17.00 per share Eligible shareholders must have bought the stock before 28 November 2024. Payment date: 31 January 2025. Payout ratio is a comfortable 32% but the company is paying out more than the cash it is generating. Trailing yield: 4.3%. Within top quartile of Japanese dividend payers (3.8%). Higher than average of industry peers (3.7%). Announcement • Nov 01
SALA Corporation to Report Fiscal Year 2024 Results on Jan 14, 2025 SALA Corporation announced that they will report fiscal year 2024 results on Jan 14, 2025 Buy Or Sell Opportunity • Oct 15
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 3.7% to JP¥864. The fair value is estimated to be JP¥719, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 4.7%. Reported Earnings • Oct 09
Third quarter 2024 earnings released: JP¥5.05 loss per share (vs JP¥2.42 profit in 3Q 2023) Third quarter 2024 results: JP¥5.05 loss per share (down from JP¥2.42 profit in 3Q 2023). Revenue: JP¥57.5b (up 4.0% from 3Q 2023). Net loss: JP¥324.0m (down 309% from profit in 3Q 2023). Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has increased by 11% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jul 31
SALA Corporation to Report Q3, 2024 Results on Oct 04, 2024 SALA Corporation announced that they will report Q3, 2024 results on Oct 04, 2024 Declared Dividend • Jul 08
First half dividend of JP¥17.00 announced Shareholders will receive a dividend of JP¥17.00. Ex-date: 28th November 2024 Payment date: 31st January 2025 Dividend yield will be 3.7%, which is about the same as the industry average. Sustainability & Growth Dividend is covered by earnings (15% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 11% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 5.5% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Jul 07
Second quarter 2024 earnings released: EPS: JP¥36.94 (vs JP¥43.78 in 2Q 2023) Second quarter 2024 results: EPS: JP¥36.94 (down from JP¥43.78 in 2Q 2023). Revenue: JP¥59.7b (down 3.4% from 2Q 2023). Net income: JP¥2.37b (down 15% from 2Q 2023). Profit margin: 4.0% (down from 4.5% in 2Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 10% per year whereas the company’s share price has increased by 12% per year. Upcoming Dividend • May 23
Upcoming dividend of JP¥13.00 per share Eligible shareholders must have bought the stock before 30 May 2024. Payment date: 31 July 2024. Payout ratio is a comfortable 27% but the company is not cash flow positive. Trailing yield: 3.4%. Within top quartile of Japanese dividend payers (3.4%). Higher than average of industry peers (3.0%). Announcement • Apr 29
SALA Corporation to Report Q2, 2024 Results on Jul 05, 2024 SALA Corporation announced that they will report Q2, 2024 results on Jul 05, 2024 Announcement • Apr 10
SALA Corporation Provides Dividend Guidance for the Six Months Ending May 31, 2024 SALA Corporation provided dividend guidance for the six months ending May 31, 2024. For the period, the company expects to pay a dividend of JPY 13.00 per share against JPY 13.00 per share paid a year ago. Reported Earnings • Apr 07
First quarter 2024 earnings released: EPS: JP¥30.29 (vs JP¥30.58 in 1Q 2023) First quarter 2024 results: EPS: JP¥30.29 (down from JP¥30.58 in 1Q 2023). Revenue: JP¥59.2b (down 7.8% from 1Q 2023). Net income: JP¥1.94b (flat on 1Q 2023). Profit margin: 3.3% (up from 3.0% in 1Q 2023). Over the last 3 years on average, earnings per share has increased by 14% per year whereas the company’s share price has increased by 12% per year. New Risk • Mar 07
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 36% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Declared Dividend • Mar 04
Final dividend of JP¥13.00 announced Shareholders will receive a dividend of JP¥13.00. Ex-date: 30th May 2024 Payment date: 31st July 2024 Dividend yield will be 3.3%, which is lower than the industry average of 3.6%. Sustainability & Growth Dividend is covered by earnings (27% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 11% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 9.9% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Board Change • Mar 01
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. 6 non-independent directors. Independent Director Tetsuo Agata 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 • Feb 28
SALA Corporation to Report Q1, 2024 Results on Apr 05, 2024 SALA Corporation announced that they will report Q1, 2024 results on Apr 05, 2024 Reported Earnings • Jan 14
Full year 2023 earnings released: EPS: JP¥95.45 (vs JP¥89.12 in FY 2022) Full year 2023 results: EPS: JP¥95.45 (up from JP¥89.12 in FY 2022). Revenue: JP¥242.1b (up 3.1% from FY 2022). Net income: JP¥6.10b (up 7.3% from FY 2022). Profit margin: 2.5% (up from 2.4% 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 16% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Announcement • Jan 14
SALA Corporation, Annual General Meeting, Feb 16, 2024 SALA Corporation, Annual General Meeting, Feb 16, 2024. Upcoming Dividend • Nov 22
Upcoming dividend of JP¥13.00 per share at 3.6% yield Eligible shareholders must have bought the stock before 29 November 2023. Payment date: 31 January 2024. Payout ratio is a comfortable 29% but the company is not cash flow positive. Trailing yield: 3.6%. Within top quartile of Japanese dividend payers (3.4%). In line with average of industry peers (3.6%). Announcement • Nov 01
SALA Corporation to Report Fiscal Year 2023 Results on Jan 12, 2024 SALA Corporation announced that they will report fiscal year 2023 results on Jan 12, 2024 Reported Earnings • Oct 07
Third quarter 2023 earnings released: EPS: JP¥2.42 (vs JP¥8.61 in 3Q 2022) Third quarter 2023 results: EPS: JP¥2.42 (down from JP¥8.61 in 3Q 2022). Revenue: JP¥55.3b (up 1.0% from 3Q 2022). Net income: JP¥155.0m (down 72% from 3Q 2022). Profit margin: 0.3% (down from 1.0% in 3Q 2022). The decrease in margin was driven by higher expenses. 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 7% per year. Announcement • Aug 03
SALA Corporation to Report Q3, 2023 Results on Oct 06, 2023 SALA Corporation announced that they will report Q3, 2023 results on Oct 06, 2023 New Risk • Jul 20
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 32% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. New Risk • Jul 10
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 28% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. 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. Large one-off items impacting financial results. Reported Earnings • Jul 08
Second quarter 2023 earnings released: EPS: JP¥43.78 (vs JP¥40.13 in 2Q 2022) Second quarter 2023 results: EPS: JP¥43.78 (up from JP¥40.13 in 2Q 2022). Revenue: JP¥61.8b (up 3.3% from 2Q 2022). Net income: JP¥2.80b (up 9.3% from 2Q 2022). Profit margin: 4.5% (up from 4.3% in 2Q 2022). 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 11% per year. Upcoming Dividend • May 23
Upcoming dividend of JP¥13.00 per share at 3.3% yield Eligible shareholders must have bought the stock before 30 May 2023. Payment date: 31 July 2023. Payout ratio is a comfortable 28% and this is well supported by cash flows. Trailing yield: 3.3%. Lower than top quartile of Japanese dividend payers (3.5%). Lower than average of industry peers (4.0%). Reported Earnings • Apr 08
First quarter 2023 earnings released: EPS: JP¥30.58 (vs JP¥35.23 in 1Q 2022) First quarter 2023 results: EPS: JP¥30.58 (down from JP¥35.23 in 1Q 2022). Revenue: JP¥64.2b (up 9.7% from 1Q 2022). Net income: JP¥1.95b (down 13% from 1Q 2022). Profit margin: 3.0% (down from 3.8% in 1Q 2022). The decrease in margin was driven by higher expenses. 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 9% per year. Announcement • Jan 29
SALA Corporation to Report Q1, 2023 Results on Apr 07, 2023 SALA Corporation announced that they will report Q1, 2023 results on Apr 07, 2023 Announcement • Jan 14
SALA Corporation, Annual General Meeting, Feb 17, 2023 SALA Corporation, Annual General Meeting, Feb 17, 2023. Reported Earnings • Jan 13
Full year 2022 earnings released: EPS: JP¥89.12 (vs JP¥83.12 in FY 2021) Full year 2022 results: EPS: JP¥89.12 (up from JP¥83.12 in FY 2021). Revenue: JP¥234.8b (up 3.0% from FY 2021). Net income: JP¥5.68b (up 8.0% from FY 2021). Profit margin: 2.4% (up from 2.3% 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 3% per year whereas the company’s share price has increased by 4% per year. Upcoming Dividend • Nov 22
Upcoming dividend of JP¥14.00 per share Eligible shareholders must have bought the stock before 29 November 2022. Payment date: 31 January 2023. Payout ratio is a comfortable 15% and this is well supported by cash flows. Trailing yield: 3.2%. Lower than top quartile of Japanese dividend payers (3.7%). Lower than average of industry peers (4.7%). Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 7 non-independent directors. Independent Director Tetsuo Agata was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Nov 01
SALA Corporation to Report Fiscal Year 2022 Results on Jan 12, 2023 SALA Corporation announced that they will report fiscal year 2022 results on Jan 12, 2023 Reported Earnings • Oct 09
Third quarter 2022 earnings released: EPS: JP¥8.61 (vs JP¥6.09 in 3Q 2021) Third quarter 2022 results: EPS: JP¥8.61 (up from JP¥6.09 in 3Q 2021). Revenue: JP¥54.7b (up 1.9% from 3Q 2021). Net income: JP¥549.0m (up 42% from 3Q 2021). Profit margin: 1.0% (up from 0.7% 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 1% per year but the company’s share price has increased by 9% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Aug 25
Investor sentiment improved over the past week After last week's 15% share price gain to JP¥816, the stock trades at a trailing P/E ratio of 9.8x. Average trailing P/E is 9x in the Oil and Gas industry in Japan. Total returns to shareholders of 58% over the past three years. Announcement • Aug 03
SALA Corporation to Report Q3, 2022 Results on Oct 07, 2022 SALA Corporation announced that they will report Q3, 2022 results on Oct 07, 2022 Reported Earnings • Jul 10
Second quarter 2022 earnings released: EPS: JP¥40.13 (vs JP¥44.12 in 2Q 2021) Second quarter 2022 results: EPS: JP¥40.13 (down from JP¥44.12 in 2Q 2021). Revenue: JP¥59.8b (down 2.4% from 2Q 2021). Net income: JP¥2.56b (down 8.3% from 2Q 2021). Profit margin: 4.3% (down from 4.5% 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 1% per year whereas the company’s share price has increased by 4% per year. Announcement • May 29
SALA Corporation to Report Q2, 2022 Results on Jul 06, 2022 SALA Corporation announced that they will report Q2, 2022 results on Jul 06, 2022 Upcoming Dividend • May 23
Upcoming dividend of JP¥11.00 per share Eligible shareholders must have bought the stock before 30 May 2022. Payment date: 01 August 2022. Payout ratio is a comfortable 26% and this is well supported by cash flows. Trailing yield: 3.6%. Lower than top quartile of Japanese dividend payers (3.7%). In line with average of industry peers (3.7%). Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 7 non-independent directors. Independent Director Tetsuo Agata was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model.