Board Change • 3h
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 3 non-independent directors. Independent Outside Director Kimio Okano was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Jun 24
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 3 non-independent directors. Independent Outside Director Kimio Okano was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • May 21
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 4 non-independent directors. Independent Outside Director Kimio Okano was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Oct 18
Second quarter 2025 earnings released: EPS: JP¥35.28 (vs JP¥44.73 in 2Q 2024) Second quarter 2025 results: EPS: JP¥35.28 (down from JP¥44.73 in 2Q 2024). Revenue: JP¥4.44b (down 3.7% from 2Q 2024). Net income: JP¥56.0m (down 21% from 2Q 2024). Profit margin: 1.3% (down from 1.5% in 2Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. 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 Risks No financial data reported. Shares are highly illiquid. Minor Risk Market cap is less than US$100m (JP¥3.02b market cap, or US$21.4m). Reported Earnings • Jul 18
First quarter 2025 earnings released: EPS: JP¥63.00 (vs JP¥103 in 1Q 2024) First quarter 2025 results: EPS: JP¥63.00 (down from JP¥103 in 1Q 2024). Revenue: JP¥4.28b (down 7.3% from 1Q 2024). Net income: JP¥100.0m (down 39% from 1Q 2024). Profit margin: 2.3% (down from 3.5% in 1Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Reported Earnings • Jun 01
Full year 2024 earnings released: EPS: JP¥231 (vs JP¥262 in FY 2023) Full year 2024 results: EPS: JP¥231 (down from JP¥262 in FY 2023). Revenue: JP¥17.9b (down 1.6% from FY 2023). Net income: JP¥366.0m (down 12% from FY 2023). Profit margin: 2.1% (down from 2.3% in FY 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 21% 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. Reported Earnings • Apr 16
Full year 2024 earnings released: EPS: JP¥231 (vs JP¥262 in FY 2023) Full year 2024 results: EPS: JP¥231 (down from JP¥262 in FY 2023). Revenue: JP¥17.9b (down 1.6% from FY 2023). Net income: JP¥366.0m (down 12% from FY 2023). Profit margin: 2.1% (down from 2.3% in FY 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 21% 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. Upcoming Dividend • Feb 21
Upcoming dividend of JP¥40.00 per share Eligible shareholders must have bought the stock before 28 February 2024. Payment date: 29 May 2024. Payout ratio is a comfortable 18% but the company is not cash flow positive. Trailing yield: 2.0%. Lower than top quartile of Japanese dividend payers (3.3%). Lower than average of industry peers (2.7%). Reported Earnings • Jan 14
Third quarter 2024 earnings released: EPS: JP¥42.84 (vs JP¥98.92 in 3Q 2023) Third quarter 2024 results: EPS: JP¥42.84 (down from JP¥98.92 in 3Q 2023). Revenue: JP¥4.35b (down 7.6% from 3Q 2023). Net income: JP¥68.0m (down 57% from 3Q 2023). Profit margin: 1.6% (down from 3.3% in 3Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Reported Earnings • Oct 13
Second quarter 2024 earnings released: EPS: JP¥44.73 (vs JP¥52.29 in 2Q 2023) Second quarter 2024 results: EPS: JP¥44.73 (down from JP¥52.29 in 2Q 2023). Revenue: JP¥4.61b (down 3.6% from 2Q 2023). Net income: JP¥71.0m (down 14% from 2Q 2023). Profit margin: 1.5% (down from 1.7% in 2Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Reported Earnings • Jul 15
First quarter 2024 earnings released: EPS: JP¥103 (vs JP¥73.71 in 1Q 2023) First quarter 2024 results: EPS: JP¥103 (up from JP¥73.71 in 1Q 2023). Revenue: JP¥4.62b (up 8.5% from 1Q 2023). Net income: JP¥163.0m (up 39% from 1Q 2023). Profit margin: 3.5% (up from 2.7% in 1Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Reported Earnings • Jun 02
Full year 2023 earnings released: EPS: JP¥262 (vs JP¥374 in FY 2022) Full year 2023 results: EPS: JP¥262 (down from JP¥374 in FY 2022). Revenue: JP¥18.1b (up 8.2% from FY 2022). Net income: JP¥416.0m (down 30% from FY 2022). Profit margin: 2.3% (down from 3.5% in FY 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 10% 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. Reported Earnings • Apr 13
Full year 2023 earnings released: EPS: JP¥262 (vs JP¥374 in FY 2022) Full year 2023 results: EPS: JP¥262 (down from JP¥374 in FY 2022). Revenue: JP¥18.1b (up 8.2% from FY 2022). Net income: JP¥416.0m (down 30% from FY 2022). Profit margin: 2.3% (down from 3.5% in FY 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Upcoming Dividend • Feb 20
Upcoming dividend of JP¥40.00 per share at 2.1% yield Eligible shareholders must have bought the stock before 27 February 2023. Payment date: 30 May 2023. Payout ratio is a comfortable 12% and the cash payout ratio is 78%. Trailing yield: 2.1%. Lower than top quartile of Japanese dividend payers (3.6%). Lower than average of industry peers (3.1%). Reported Earnings • Jan 12
Third quarter 2023 earnings released: EPS: JP¥98.92 (vs JP¥86.31 in 3Q 2022) Third quarter 2023 results: EPS: JP¥98.92 (up from JP¥86.31 in 3Q 2022). Revenue: JP¥4.71b (up 9.8% from 3Q 2022). Net income: JP¥157.0m (up 15% from 3Q 2022). Profit margin: 3.3% (up from 3.2% in 3Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 3% per year whereas the company’s share price has fallen by 2% per year. Board Change • Nov 18
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 9 highly experienced directors. No independent directors (6 non-independent directors). Corporate Advisor and Director Kensaku Sueyasu was the last director to join the board, commencing their role in 2014. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Oct 13
Second quarter 2023 earnings released: EPS: JP¥52.29 (vs JP¥106 in 2Q 2022) Second quarter 2023 results: EPS: JP¥52.29 (down from JP¥106 in 2Q 2022). Revenue: JP¥4.78b (up 13% from 2Q 2022). Net income: JP¥83.0m (down 51% from 2Q 2022). Profit margin: 1.7% (down from 4.0% in 2Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 2% per year whereas the company’s share price has remained flat. Board Change • Oct 13
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 9 highly experienced directors. No independent directors (6 non-independent directors). Corporate Advisor and Director Kensaku Sueyasu was the last director to join the board, commencing their role in 2014. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Board Change • Aug 26
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 9 highly experienced directors. No independent directors (6 non-independent directors). Corporate Advisor and Director Kensaku Sueyasu was the last director to join the board, commencing their role in 2014. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Jul 13
First quarter 2023 earnings released: EPS: JP¥73.71 (vs JP¥84.42 in 1Q 2022) First quarter 2023 results: EPS: JP¥73.71 (down from JP¥84.42 in 1Q 2022). Revenue: JP¥4.26b (up 5.7% from 1Q 2022). Net income: JP¥117.0m (down 13% from 1Q 2022). Profit margin: 2.7% (down from 3.3% 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 6% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Reported Earnings • Jun 03
Full year 2022 earnings released: EPS: JP¥374 (vs JP¥444 in FY 2021) Full year 2022 results: EPS: JP¥374 (down from JP¥444 in FY 2021). Revenue: JP¥16.8b (up 1.0% from FY 2021). Net income: JP¥594.0m (down 16% from FY 2021). Profit margin: 3.5% (down from 4.2% in FY 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Board Change • May 26
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 9 highly experienced directors. No independent directors (6 non-independent directors). Corporate Advisor and Director Kensaku Sueyasu was the last director to join the board, commencing their role in 2014. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Board Change • Apr 27
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. 5 highly experienced directors. No independent directors (6 non-independent directors). Corporate Advisor and Director Kensaku Sueyasu was the last director to join the board, commencing their role in 2014. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Apr 14
Full year 2022 earnings released: EPS: JP¥374 (vs JP¥444 in FY 2021) Full year 2022 results: EPS: JP¥374 (down from JP¥444 in FY 2021). Revenue: JP¥16.8b (up 1.0% from FY 2021). Net income: JP¥594.0m (down 16% from FY 2021). Profit margin: 3.5% (down from 4.2% in FY 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Upcoming Dividend • Feb 18
Upcoming dividend of JP¥40.00 per share Eligible shareholders must have bought the stock before 25 February 2022. Payment date: 31 May 2022. Payout ratio is a comfortable 10% but the company is not cash flow positive. Trailing yield: 2.0%. Lower than top quartile of Japanese dividend payers (3.4%). Lower than average of industry peers (2.4%). Reported Earnings • Jan 14
Third quarter 2022 earnings: Revenues and EPS in line with analyst expectations Third quarter 2022 results: EPS: JP¥86.31 (down from JP¥109 in 3Q 2021). Revenue: JP¥4.29b (up 6.2% from 3Q 2021). Net income: JP¥137.0m (down 21% from 3Q 2021). Profit margin: 3.2% (down from 4.3% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Reported Earnings • Oct 14
Second quarter 2022 earnings released: EPS JP¥106 (vs JP¥113 in 2Q 2021) The company reported a soft second quarter result with weaker earnings and profit margins, although revenues improved. Second quarter 2022 results: Revenue: JP¥4.22b (up 3.8% from 2Q 2021). Net income: JP¥169.0m (down 6.1% from 2Q 2021). Profit margin: 4.0% (down from 4.4% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Reported Earnings • Jul 15
First quarter 2022 earnings released: EPS JP¥84.42 (vs JP¥117 in 1Q 2021) The company reported a poor first quarter result with weaker earnings, revenues and profit margins. First quarter 2022 results: Revenue: JP¥4.03b (down 4.2% from 1Q 2021). Net income: JP¥134.0m (down 28% from 1Q 2021). Profit margin: 3.3% (down from 4.4% in 1Q 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Reported Earnings • Jun 03
Full year 2021 earnings released: EPS JP¥444 (vs JP¥339 in FY 2020) The company reported a decent full year result with improved earnings and profit margins, although revenues were flat. Full year 2021 results: Revenue: JP¥16.6b (flat on FY 2020). Net income: JP¥705.0m (up 31% from FY 2020). Profit margin: 4.2% (up from 3.2% in FY 2020). Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Reported Earnings • Apr 16
Full year 2021 earnings released: EPS JP¥444 (vs JP¥339 in FY 2020) The company reported a decent full year result with improved earnings and profit margins, although revenues were flat. Full year 2021 results: Revenue: JP¥16.6b (flat on FY 2020). Net income: JP¥705.0m (up 31% from FY 2020). Profit margin: 4.2% (up from 3.2% in FY 2020). Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Upcoming Dividend • Feb 18
Upcoming Dividend of JP¥40.00 Per Share Will be paid on the 25th of May to those who are registered shareholders by the 25th of February. The trailing yield of 1.8% is below the top quartile of Japanese dividend payers (2.8%), but is in line with industry peers (1.7%). Is New 90 Day High Low • Jan 18
New 90-day high: JP¥2,280 The company is up 5.0% from its price of JP¥2,180 on 21 October 2020. The Japanese market is up 12% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Packaging industry, which is up 3.0% over the same period. Reported Earnings • Jan 15
Third quarter 2021 earnings released: EPS JP¥109 The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2021 results: Revenue: JP¥4.04b (down 5.4% from 3Q 2020). Net income: JP¥173.0m (up 4.2% from 3Q 2020). Profit margin: 4.3% (up from 3.9% in 3Q 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has fallen by 10% per year, which means it is performing significantly worse than earnings. Is New 90 Day High Low • Dec 17
New 90-day low: JP¥2,082 The company is down 3.0% from its price of JP¥2,155 on 16 September 2020. The Japanese market is up 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Packaging industry, which is flat over the same period. Is New 90 Day High Low • Nov 14
New 90-day low: JP¥2,140 The company is down 3.0% from its price of JP¥2,200 on 13 August 2020. The Japanese market is up 6.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Packaging industry, which is up 3.0% over the same period. Reported Earnings • Oct 15
First half earnings released Over the last 12 months the company has reported total profits of JP¥673.0m, up 36% from the prior year. Total revenue was JP¥16.8b over the last 12 months, up 2.0% from the prior year. Is New 90 Day High Low • Sep 29
New 90-day high: JP¥2,350 The company is up 25% from its price of JP¥1,883 on 01 July 2020. The Japanese market is up 6.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Packaging industry, which is down 3.0% over the same period.