Reported Earnings • Apr 18
Full year 2026 earnings released: EPS: JP¥17.74 (vs JP¥4.99 in FY 2025) Full year 2026 results: EPS: JP¥17.74 (up from JP¥4.99 in FY 2025). Revenue: JP¥3.81b (down 7.0% from FY 2025). Net income: JP¥142.0m (up 255% from FY 2025). Profit margin: 3.7% (up from 1.0% in FY 2025). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 33% 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. Announcement • Apr 17
Adjuvant Holdings Co.,Ltd., Annual General Meeting, Jun 18, 2026 Adjuvant Holdings Co.,Ltd., Annual General Meeting, Jun 18, 2026. Upcoming Dividend • Mar 11
Upcoming dividend of JP¥12.00 per share Eligible shareholders must have bought the stock before 18 March 2026. Payment date: 15 June 2026. Payout ratio is a comfortable 71% but the company is not cash flow positive. Trailing yield: 1.5%. Lower than top quartile of Japanese dividend payers (3.5%). Lower than average of industry peers (2.3%). Reported Earnings • Jan 17
Third quarter 2026 earnings released: EPS: JP¥23.25 (vs JP¥10.98 in 3Q 2025) Third quarter 2026 results: EPS: JP¥23.25 (up from JP¥10.98 in 3Q 2025). Revenue: JP¥1.27b (up 8.1% from 3Q 2025). Net income: JP¥186.0m (up 111% from 3Q 2025). Profit margin: 15% (up from 7.5% in 3Q 2025). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 64 percentage points per year, which is a significant difference in performance. Announcement • Nov 29
Adjuvant Holdings Co.,Ltd. to Report Q3, 2026 Results on Jan 16, 2026 Adjuvant Holdings Co.,Ltd. announced that they will report Q3, 2026 results on Jan 16, 2026 Reported Earnings • Oct 19
Second quarter 2026 earnings released: EPS: JP¥0.50 (vs JP¥0.62 in 2Q 2025) Second quarter 2026 results: EPS: JP¥0.50 (down from JP¥0.62 in 2Q 2025). Revenue: JP¥897.0m (down 12% from 2Q 2025). Net income: JP¥4.00m (down 20% from 2Q 2025). Profit margin: 0.4% (down from 0.5% in 2Q 2025). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 88 percentage points per year, which is a significant difference in performance. Buy Or Sell Opportunity • Sep 08
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 2.0% to JP¥769. The fair value is estimated to be JP¥640, 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. Meanwhile, the company has become profitable. Announcement • Sep 03
Adjuvant Holdings Co.,Ltd. to Report Q2, 2026 Results on Oct 17, 2025 Adjuvant Holdings Co.,Ltd. announced that they will report Q2, 2026 results on Oct 17, 2025 Reported Earnings • Jul 21
First quarter 2026 earnings released: EPS: JP¥1.37 (vs JP¥1.63 in 1Q 2025) First quarter 2026 results: EPS: JP¥1.37 (down from JP¥1.63 in 1Q 2025). Revenue: JP¥958.0m (down 9.8% from 1Q 2025). Net income: JP¥11.0m (down 15% from 1Q 2025). Profit margin: 1.1% (down from 1.2% in 1Q 2025). The decrease in margin was driven by lower revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 90 percentage points per year, which is a significant difference in performance. New Risk • Jul 08
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 6.5% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (6.5% average weekly change). Market cap is less than US$100m (JP¥6.90b market cap, or US$47.3m). Announcement • Jun 04
Adjuvant Holdings Co.,Ltd. to Report Q1, 2026 Results on Jul 18, 2025 Adjuvant Holdings Co.,Ltd. announced that they will report Q1, 2026 results on Jul 18, 2025 Reported Earnings • Apr 19
Full year 2025 earnings released: EPS: JP¥4.99 (vs JP¥12.38 loss in FY 2024) Full year 2025 results: EPS: JP¥4.99 (up from JP¥12.38 loss in FY 2024). Revenue: JP¥4.10b (down 7.7% from FY 2024). Net income: JP¥40.0m (up JP¥139.0m from FY 2024). Profit margin: 1.0% (up from net loss in FY 2024). The move to profitability was driven by lower expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 83 percentage points per year, which is a significant difference in performance. Announcement • Apr 18
Adjuvant Holdings Co.,Ltd., Annual General Meeting, Jun 12, 2025 Adjuvant Holdings Co.,Ltd., Annual General Meeting, Jun 12, 2025. Buy Or Sell Opportunity • Mar 18
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 1.1% to JP¥801. The fair value is estimated to be JP¥1,009, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 82%. Upcoming Dividend • Mar 11
Upcoming dividend of JP¥12.00 per share Eligible shareholders must have bought the stock before 18 March 2025. Payment date: 14 June 2025. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 1.4%. Lower than top quartile of Japanese dividend payers (3.8%). Lower than average of industry peers (2.3%). Announcement • Mar 06
Adjuvant Holdings Co.,Ltd. to Report Fiscal Year 2025 Results on Apr 18, 2025 Adjuvant Holdings Co.,Ltd. announced that they will report fiscal year 2025 results on Apr 18, 2025 New Risk • Jan 18
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 0.5% Last year net profit margin: 1.2% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Profit margins are more than 30% lower than last year (0.5% net profit margin). Market cap is less than US$100m (JP¥6.56b market cap, or US$42.0m). Reported Earnings • Jan 18
Third quarter 2025 earnings released: EPS: JP¥10.98 (vs JP¥15.50 in 3Q 2024) Third quarter 2025 results: EPS: JP¥10.98 (down from JP¥15.50 in 3Q 2024). Revenue: JP¥1.17b (down 9.0% from 3Q 2024). Net income: JP¥88.0m (down 29% from 3Q 2024). Profit margin: 7.5% (down from 9.6% in 3Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 72 percentage points per year, which is a significant difference in performance. Announcement • Jan 03
Adjuvant Holdings Co.,Ltd. to Report Q3, 2025 Results on Jan 17, 2025 Adjuvant Holdings Co.,Ltd. announced that they will report Q3, 2025 results on Jan 17, 2025 Reported Earnings • Oct 19
Second quarter 2025 earnings released: EPS: JP¥0.62 (vs JP¥12.13 loss in 2Q 2024) Second quarter 2025 results: EPS: JP¥0.62 (up from JP¥12.13 loss in 2Q 2024). Revenue: JP¥1.02b (down 11% from 2Q 2024). Net income: JP¥5.00m (up JP¥102.0m from 2Q 2024). Profit margin: 0.5% (up from net loss in 2Q 2024). The move to profitability was driven by lower expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 62 percentage points per year, which is a significant difference in performance. New Risk • Sep 17
New major risk - Financial data availability The company has not reported any financial data. This is considered a major risk. With no or incomplete audited reported financial data, it is virtually impossible to assess the company's investment potential. Currently, the following risks have been identified for the company: Major Risk No financial data reported. Minor Risk Market cap is less than US$100m (JP¥6.48b market cap, or US$46.1m). Announcement • Aug 28
Adjuvant Holdings Co.,Ltd. to Report Q2, 2025 Results on Oct 18, 2024 Adjuvant Holdings Co.,Ltd. announced that they will report Q2, 2025 results on Oct 18, 2024 Reported Earnings • Jul 21
First quarter 2025 earnings released: EPS: JP¥1.63 (vs JP¥5.39 loss in 1Q 2024) First quarter 2025 results: EPS: JP¥1.63 (up from JP¥5.39 loss in 1Q 2024). Revenue: JP¥1.06b (down 1.0% from 1Q 2024). Net income: JP¥13.0m (up JP¥56.0m from 1Q 2024). Profit margin: 1.2% (up from net loss in 1Q 2024). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 58% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Announcement • Jun 28
Adjuvant Holdings Co.,Ltd. to Report Q1, 2025 Results on Jul 19, 2024 Adjuvant Holdings Co.,Ltd. announced that they will report Q1, 2025 results on Jul 19, 2024 Reported Earnings • Jun 16
Full year 2024 earnings released: JP¥12.38 loss per share (vs JP¥50.38 profit in FY 2023) Full year 2024 results: JP¥12.38 loss per share (down from JP¥50.38 profit in FY 2023). Revenue: JP¥4.44b (up 1.4% from FY 2023). Net loss: JP¥99.0m (down 125% from profit in FY 2023). Over the last 3 years on average, earnings per share has fallen by 35% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Announcement • Apr 22
Adjuvant Holdings Co.,Ltd., Annual General Meeting, Jun 13, 2024 Adjuvant Holdings Co.,Ltd., Annual General Meeting, Jun 13, 2024. Reported Earnings • Apr 20
Full year 2024 earnings released: JP¥12.38 loss per share (vs JP¥50.38 profit in FY 2023) Full year 2024 results: JP¥12.38 loss per share (down from JP¥50.38 profit in FY 2023). Revenue: JP¥4.44b (up 1.4% from FY 2023). Net loss: JP¥99.0m (down 125% from profit in FY 2023). Over the last 3 years on average, earnings per share has fallen by 35% 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. Upcoming Dividend • Mar 11
Upcoming dividend of JP¥24.00 per share Eligible shareholders must have bought the stock before 18 March 2024. Payment date: 17 June 2024. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 2.5%. Lower than top quartile of Japanese dividend payers (3.2%). Higher than average of industry peers (2.1%). Announcement • Feb 29
Adjuvant Holdings Co.,Ltd. to Report Fiscal Year 2024 Results on Apr 19, 2024 Adjuvant Holdings Co.,Ltd. announced that they will report fiscal year 2024 results on Apr 19, 2024 Reported Earnings • Jan 23
Third quarter 2024 earnings released: EPS: JP¥15.50 (vs JP¥15.88 in 3Q 2023) Third quarter 2024 results: EPS: JP¥15.50 (down from JP¥15.88 in 3Q 2023). Revenue: JP¥1.29b (down 1.6% from 3Q 2023). Net income: JP¥124.0m (down 2.4% from 3Q 2023). Profit margin: 9.6% (in line with 3Q 2023). Over the last 3 years on average, earnings per share has fallen by 1% per year whereas the company’s share price has fallen by 4% per year. Announcement • Nov 27
Adjuvant Holdings Co.,Ltd. to Report Q3, 2024 Results on Jan 19, 2024 Adjuvant Holdings Co.,Ltd. announced that they will report Q3, 2024 results on Jan 19, 2024 Reported Earnings • Oct 22
Second quarter 2024 earnings released: JP¥12.13 loss per share (vs JP¥1.13 profit in 2Q 2023) Second quarter 2024 results: JP¥12.13 loss per share (down from JP¥1.13 profit in 2Q 2023). Revenue: JP¥1.14b (flat on 2Q 2023). Net loss: JP¥97.0m (down JP¥106.0m from profit in 2Q 2023). Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. New Risk • Jul 27
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 118% The company is paying a dividend despite having no free cash flows. Dividend yield: 2.6% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 118% Paying a dividend despite having no free cash flows. Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (3.7% net profit margin). Market cap is less than US$100m (JP¥7.42b market cap, or US$52.9m). New Risk • Jul 23
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 3.7% Last year net profit margin: 12% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. 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. Profit margins are more than 30% lower than last year (3.7% net profit margin). Market cap is less than US$100m (JP¥7.49b market cap, or US$52.9m). Reported Earnings • Jul 22
First quarter 2024 earnings released: JP¥5.39 loss per share (vs JP¥24.74 profit in 1Q 2023) First quarter 2024 results: JP¥5.39 loss per share (down from JP¥24.74 profit in 1Q 2023). Revenue: JP¥1.07b (up 3.7% from 1Q 2023). Net loss: JP¥43.0m (down 122% from profit in 1Q 2023). Over the last 3 years on average, earnings per share has increased by 56% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Reported Earnings • Jun 22
Full year 2023 earnings released: EPS: JP¥50.38 (vs JP¥49.11 in FY 2022) Full year 2023 results: EPS: JP¥50.38 (up from JP¥49.11 in FY 2022). Revenue: JP¥4.38b (down 1.1% from FY 2022). Net income: JP¥403.0m (up 2.5% from FY 2022). Profit margin: 9.2% (up from 8.9% in FY 2022). Over the last 3 years on average, earnings per share has increased by 81% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Reported Earnings • Apr 22
Full year 2023 earnings released: EPS: JP¥50.38 (vs JP¥49.11 in FY 2022) Full year 2023 results: EPS: JP¥50.38 (up from JP¥49.11 in FY 2022). Revenue: JP¥4.38b (down 1.1% from FY 2022). Net income: JP¥403.0m (up 2.5% from FY 2022). Profit margin: 9.2% (up from 8.9% in FY 2022). Over the last 3 years on average, earnings per share has increased by 81% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Mar 10
Upcoming dividend of JP¥24.00 per share at 2.3% yield Eligible shareholders must have bought the stock before 17 March 2023. Payment date: 19 June 2023. Payout ratio is a comfortable 49% but the company is not cash flow positive. Trailing yield: 2.3%. Lower than top quartile of Japanese dividend payers (3.4%). Higher than average of industry peers (1.7%). Reported Earnings • Jan 24
Third quarter 2023 earnings released: EPS: JP¥15.88 (vs JP¥19.89 in 3Q 2022) Third quarter 2023 results: EPS: JP¥15.88 (down from JP¥19.89 in 3Q 2022). Revenue: JP¥1.31b (up 1.2% from 3Q 2022). Net income: JP¥127.0m (down 20% from 3Q 2022). Profit margin: 9.7% (down from 12% in 3Q 2022). Over the last 3 years on average, earnings per share has increased by 95% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Announcement • Nov 27
Adjuvant Holdings Co.,Ltd. to Report Q3, 2023 Results on Jan 20, 2023 Adjuvant Holdings Co.,Ltd. announced that they will report Q3, 2023 results on Jan 20, 2023 Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 5 non-independent directors. Independent Outside Director Masamitsu Minami was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Oct 23
Second quarter 2023 earnings released: EPS: JP¥1.13 (vs JP¥10.76 in 2Q 2022) Second quarter 2023 results: EPS: JP¥1.13 (down from JP¥10.76 in 2Q 2022). Revenue: JP¥1.14b (up 2.3% from 2Q 2022). Net income: JP¥9.00m (down 90% from 2Q 2022). Profit margin: 0.8% (down from 7.7% in 2Q 2022). Over the last 3 years on average, earnings per share has increased by 108% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Announcement • Sep 29
Adjuvant Holdings Co.,Ltd. to Report Q2, 2023 Results on Oct 21, 2022 Adjuvant Holdings Co.,Ltd. announced that they will report Q2, 2023 results on Oct 21, 2022 Reported Earnings • Jul 25
First quarter 2023 earnings released: EPS: JP¥24.74 (vs JP¥10.76 in 1Q 2022) First quarter 2023 results: EPS: JP¥24.74 (up from JP¥10.76 in 1Q 2022). Revenue: JP¥1.04b (down 9.1% from 1Q 2022). Net income: JP¥198.0m (up 130% from 1Q 2022). Profit margin: 19% (up from 7.6% in 1Q 2022). Over the last 3 years on average, earnings per share has increased by 112% 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 • Jun 19
Full year 2022 earnings released: EPS: JP¥49.11 (vs JP¥17.78 in FY 2021) Full year 2022 results: EPS: JP¥49.11 (up from JP¥17.78 in FY 2021). Revenue: JP¥4.43b (down 9.4% from FY 2021). Net income: JP¥393.0m (up 177% from FY 2021). Profit margin: 8.9% (up from 2.9% in FY 2021). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 103% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Announcement • May 30
Adjuvant Holdings Co.,Ltd. to Report Q1, 2023 Results on Jul 22, 2022 Adjuvant Holdings Co.,Ltd. announced that they will report Q1, 2023 results on Jul 22, 2022 Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 5 non-independent directors. Independent Outside Director Masamitsu Minami was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Apr 25
Adjuvant Holdings Co.,Ltd. (TSE:4929) announces an Equity Buyback for 50,000 shares, representing 0.62% for ¥52.5 million. Adjuvant Holdings Co.,Ltd. (TSE:4929) announces a share repurchase program. Under the program, the company will repurchase up to 50,000 shares, representing 0.62% of its issued share capital for total worth of ¥52.5 million. The shares will be repurchased at a price of ¥1,050 per share. The purpose of the program is to promptly and flexibly use the stock compensation of the company's shares in the future. The program will run till April 25, 2022. As of March 20, 2022, the company had 8,035,197 shares in issue (excluding treasury stock) and 8,403 shares in treasury. Announcement • Apr 24
Adjuvant Holdings Co.,Ltd., Annual General Meeting, Jun 16, 2022 Adjuvant Holdings Co.,Ltd., Annual General Meeting, Jun 16, 2022. Upcoming Dividend • Mar 10
Upcoming dividend of JP¥24.00 per share Eligible shareholders must have bought the stock before 17 March 2022. Payment date: 18 June 2022. Payout ratio is a comfortable 52% and this is well supported by cash flows. Trailing yield: 2.1%. Lower than top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (1.8%). Announcement • Feb 27
Adjuvant Holdings Co.,Ltd. to Report Fiscal Year 2022 Results on Apr 22, 2022 Adjuvant Holdings Co.,Ltd. announced that they will report fiscal year 2022 results on Apr 22, 2022 Buying Opportunity • Feb 01
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 17%. The fair value is estimated to be JP¥1,334, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. The company has become profitable over the last year. Reported Earnings • Jan 25
Third quarter 2022 earnings: Revenues and EPS in line with analyst expectations Third quarter 2022 results: EPS: JP¥19.89 (down from JP¥24.78 in 3Q 2021). Revenue: JP¥1.29b (down 17% from 3Q 2021). Net income: JP¥159.0m (down 20% from 3Q 2021). Profit margin: 12% (in line with 3Q 2021). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 84% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Reported Earnings • Oct 24
Second quarter 2022 earnings released: EPS JP¥10.76 (vs JP¥11.14 loss in 2Q 2021) The company reported a decent second quarter result with improved earnings and profit margins, although revenues were flat. Second quarter 2022 results: Revenue: JP¥1.11b (flat on 2Q 2021). Net income: JP¥86.0m (up JP¥175.0m from 2Q 2021). Profit margin: 7.7% (up from net loss in 2Q 2021). Over the last 3 years on average, earnings per share has increased by 43% 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 • Jul 23
First quarter 2022 earnings released: EPS JP¥10.76 (vs JP¥0.63 loss in 1Q 2021) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2022 results: Revenue: JP¥1.14b (up 4.9% from 1Q 2021). Net income: JP¥86.0m (up JP¥91.0m from 1Q 2021). Profit margin: 7.6% (up from net loss in 1Q 2021). Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Reported Earnings • Jun 21
Full year 2021 earnings released: EPS JP¥17.78 (vs JP¥28.51 loss in FY 2020) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2021 results: Revenue: JP¥4.89b (up 4.5% from FY 2020). Net income: JP¥142.0m (up JP¥369.0m from FY 2020). Profit margin: 2.9% (up from net loss in FY 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 63 percentage points per year, which is a significant difference in performance. Reported Earnings • Apr 25
Full year 2021 earnings released: EPS JP¥21.79 (vs JP¥28.51 loss in FY 2020) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2021 results: Revenue: JP¥4.89b (up 4.5% from FY 2020). Net income: JP¥174.0m (up JP¥401.0m from FY 2020). Profit margin: 3.6% (up from net loss in FY 2020). Over the last 3 years on average, earnings per share has fallen by 61% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Upcoming Dividend • Mar 11
Upcoming Dividend of JP¥24.00 Per Share Will be paid on the 19th of June to those who are registered shareholders by the 18th of March. The trailing yield of 2.1% is below the top quartile of Japanese dividend payers (2.8%), but it is higher than industry peers (1.3%). Is New 90 Day High Low • Feb 22
New 90-day high: JP¥1,099 The company is up 8.0% from its price of JP¥1,016 on 24 November 2020. The Japanese market is up 11% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Personal Products industry, which is up 4.0% over the same period. Announcement • Feb 13
An undisclosed buyer entered into a share transfer agreement to acquire 90% stake in EXCEED system. Co., Ltd., from Adjuvant Cosme Japan Co.,Ltd. (TSE:4929). An undisclosed buyer entered into a share transfer agreement to acquire 90% stake in EXCEED system. Co., Ltd., from Adjuvant Cosme Japan Co.,Ltd. (TSE:4929) on February 12, 2021. Pursuant to the terms of the acquisition, a total of 0.0009 million shares will be acquired. As a result of the transaction, stake of Adjuvant Cosme Japan Co.,Ltd., in EXCEED system. Co., Ltd., will reduce from 100% to 10%. For the year ended February 2020, EXCEED system. Co., Ltd., reported net assets of ¥164.5 million, total assets of ¥427.5 million, sales of ¥739.4 million and net profit attributable to owners of parent of ¥57.3 million. The Board of Directors of Adjuvant Cosme Japan Co.,Ltd., resolved to transfer the shares of EXCEED system. Co., Ltd., on February 12, 2021. The transaction is expected to complete on March 1, 2021. Is New 90 Day High Low • Feb 03
New 90-day high: JP¥1,072 The company is up 6.0% from its price of JP¥1,011 on 05 November 2020. The Japanese market is up 14% over the last 90 days, indicating the company underperformed over that time. However, its price trend is similar to the Personal Products industry, which is also up 6.0% over the same period. Reported Earnings • Jan 23
Third quarter 2021 earnings released: EPS JP¥24.78 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: JP¥1.56b (up 10% from 3Q 2020). Net income: JP¥198.0m (up 72% from 3Q 2020). Profit margin: 13% (up from 8.1% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 95% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Jan 15
New 90-day high: JP¥1,043 The company is up 4.0% from its price of JP¥1,000 on 16 October 2020. The Japanese market is up 15% over the last 90 days, indicating the company underperformed over that time. However, its price trend is similar to the Personal Products industry, which is also up 4.0% over the same period. Announcement • Jan 07
Adjuvant Cosme Japan Co.,Ltd. to Report Q3, 2021 Results on Jan 22, 2021 Adjuvant Cosme Japan Co.,Ltd. announced that they will report Q3, 2021 results on Jan 22, 2021 Announcement • Sep 26
Adjuvant Cosme Japan Co.,Ltd. to Report Q2, 2021 Results on Oct 23, 2020 Adjuvant Cosme Japan Co.,Ltd. announced that they will report Q2, 2021 results on Oct 23, 2020 
