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Taiyo KagakuLtd NSE:2902 Stock Report

Last Price


Market Cap







27 Sep, 2022


Company Financials +
2902 fundamental analysis
Snowflake Score
Future Growth2/6
Past Performance4/6
Financial Health5/6

2902 Stock Overview

Taiyo Kagaku Co.,Ltd. manufactures and supplies ingredients for food, beverage, supplement, and cosmetic applications worldwide.

Taiyo KagakuLtd Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Taiyo KagakuLtd
Historical stock prices
Current Share PriceJP¥1,526.00
52 Week HighJP¥1,820.00
52 Week LowJP¥1,524.00
1 Month Change-2.12%
3 Month Change-4.27%
1 Year Change-15.92%
3 Year Change-10.24%
5 Year Change6.94%
Change since IPO2.42%

Recent News & Updates

Shareholder Returns

2902JP ChemicalsJP Market

Return vs Industry: 2902 exceeded the JP Chemicals industry which returned -19.6% over the past year.

Return vs Market: 2902 underperformed the JP Market which returned -10.9% over the past year.

Price Volatility

Is 2902's price volatile compared to industry and market?
2902 volatility
2902 Average Weekly Movement1.8%
Chemicals Industry Average Movement3.5%
Market Average Movement3.5%
10% most volatile stocks in JP Market7.4%
10% least volatile stocks in JP Market1.9%

Stable Share Price: 2902 is less volatile than 75% of JP stocks over the past 3 months, typically moving +/- 2% a week.

Volatility Over Time: 2902's weekly volatility (2%) has been stable over the past year.

About the Company

1946939Nagahiro Yamazaki

Taiyo Kagaku Co.,Ltd. manufactures and supplies ingredients for food, beverage, supplement, and cosmetic applications worldwide. The company operates through Nutrition, Interface Solution, and Agri Food divisions.

Taiyo KagakuLtd Fundamentals Summary

How do Taiyo KagakuLtd's earnings and revenue compare to its market cap?
2902 fundamental statistics
Market CapJP¥25.95b
Earnings (TTM)JP¥3.45b
Revenue (TTM)JP¥39.47b


P/E Ratio


P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
2902 income statement (TTM)
Cost of RevenueJP¥27.68b
Gross ProfitJP¥11.79b
Other ExpensesJP¥8.33b

Last Reported Earnings

Jun 30, 2022

Next Earnings Date


Earnings per share (EPS)203.08
Gross Margin29.86%
Net Profit Margin8.75%
Debt/Equity Ratio3.5%

How did 2902 perform over the long term?

See historical performance and comparison



Current Dividend Yield


Payout Ratio

Does 2902 pay a reliable dividends?

See 2902 dividend history and benchmarks
When do you need to buy 2902 by to receive an upcoming dividend?
Taiyo KagakuLtd dividend dates
Ex Dividend DateSep 29 2022
Dividend Pay DateDec 07 2022
Days until Ex dividend1 day
Days until Dividend pay date70 days

Does 2902 pay a reliable dividends?

See 2902 dividend history and benchmarks
We’ve recently updated our valuation analysis.


Is 2902 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score


Valuation Score 5/6

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • Analyst Forecast

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 2902?

Other financial metrics that can be useful for relative valuation.

2902 key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue0.6x
Enterprise Value/EBITDA3.9x
PEG Ratio1.5x

Price to Earnings Ratio vs Peers

How does 2902's PE Ratio compare to its peers?

2902 PE Ratio vs Peers
The above table shows the PE ratio for 2902 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPEEstimated GrowthMarket Cap
Peer Average8.1x
4027 Tayca
4112 Hodogaya Chemical
4094 Nihon Kagaku Sangyo
4636 T&K Toka
2902 Taiyo KagakuLtd

Price-To-Earnings vs Peers: 2902 is good value based on its Price-To-Earnings Ratio (7.5x) compared to the peer average (8.1x).

Price to Earnings Ratio vs Industry

How does 2902's PE Ratio compare vs other companies in the JP Chemicals Industry?

Price-To-Earnings vs Industry: 2902 is good value based on its Price-To-Earnings Ratio (7.5x) compared to the JP Chemicals industry average (9.3x)

Price to Earnings Ratio vs Fair Ratio

What is 2902's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

2902 PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio7.5x
Fair PE Ratio8.1x

Price-To-Earnings vs Fair Ratio: 2902 is good value based on its Price-To-Earnings Ratio (7.5x) compared to the estimated Fair Price-To-Earnings Ratio (8.1x).

Share Price vs Fair Value

What is the Fair Price of 2902 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 2902 (¥1526) is trading below our estimate of fair value (¥4665.98)

Significantly Below Fair Value: 2902 is trading below fair value by more than 20%.

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Insufficient data to show price forecast.

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Future Growth

How is Taiyo KagakuLtd forecast to perform in the next 1 to 3 years based on estimates from 1 analyst?

Future Growth Score


Future Growth Score 2/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: 2902's forecast earnings growth (5.1% per year) is above the savings rate (0.04%).

Earnings vs Market: 2902's earnings (5.1% per year) are forecast to grow slower than the JP market (8.5% per year).

High Growth Earnings: 2902's earnings are forecast to grow, but not significantly.

Revenue vs Market: 2902's revenue (5.4% per year) is forecast to grow faster than the JP market (4.2% per year).

High Growth Revenue: 2902's revenue (5.4% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: 2902's Return on Equity is forecast to be low in 3 years time (7.8%).

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Past Performance

How has Taiyo KagakuLtd performed over the past 5 years?

Past Performance Score


Past Performance Score 4/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: 2902 has high quality earnings.

Growing Profit Margin: 2902's current net profit margins (8.8%) are higher than last year (7.8%).

Past Earnings Growth Analysis

Earnings Trend: 2902's earnings have grown by 7.4% per year over the past 5 years.

Accelerating Growth: 2902's earnings growth over the past year (10%) exceeds its 5-year average (7.4% per year).

Earnings vs Industry: 2902 earnings growth over the past year (10%) underperformed the Chemicals industry 18.7%.

Return on Equity

High ROE: 2902's Return on Equity (7.7%) is considered low.

Discover strong past performing companies

Financial Health

How is Taiyo KagakuLtd's financial position?

Financial Health Score


Financial Health Score 5/6

  • Short Term Liabilities

  • Long Term Liabilities

  • Debt Level

  • Reducing Debt

  • Debt Coverage

  • Interest Coverage

Financial Position Analysis

Short Term Liabilities: 2902's short term assets (¥25.7B) exceed its short term liabilities (¥9.8B).

Long Term Liabilities: 2902's short term assets (¥25.7B) exceed its long term liabilities (¥1.7B).

Debt to Equity History and Analysis

Debt Level: 2902 has more cash than its total debt.

Reducing Debt: Insufficient data to determine if 2902's debt to equity ratio has reduced over the past 5 years.

Debt Coverage: 2902's debt is well covered by operating cash flow (329%).

Interest Coverage: 2902 earns more interest than it pays, so coverage of interest payments is not a concern.

Balance Sheet

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What is Taiyo KagakuLtd current dividend yield, its reliability and sustainability?

Dividend Score


Dividend Score 3/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Cash Flow Coverage


Current Dividend Yield

Upcoming Dividend Payment

TodaySep 27 2022Ex Dividend DateSep 29 2022Dividend Pay DateDec 07 202269 days from Ex DividendBuy in the next 1 day to receive the upcoming dividend

Dividend Yield vs Market

Taiyo KagakuLtd Dividend Yield vs Market
How does Taiyo KagakuLtd dividend yield compare to the market?
SegmentDividend Yield
Company (Taiyo KagakuLtd)3.5%
Market Bottom 25% (JP)1.7%
Market Top 25% (JP)3.7%
Industry Average (Chemicals)3.0%
Analyst forecast in 3 Years (Taiyo KagakuLtd)4.6%

Notable Dividend: 2902's dividend (3.47%) is higher than the bottom 25% of dividend payers in the JP market (1.68%).

High Dividend: 2902's dividend (3.47%) is low compared to the top 25% of dividend payers in the JP market (3.73%).

Stability and Growth of Payments

Stable Dividend: 2902's dividend payments have been volatile in the past 10 years.

Growing Dividend: 2902's dividend payments have increased over the past 10 years.

Earnings Payout to Shareholders

Earnings Coverage: With its reasonably low payout ratio (31.9%), 2902's dividend payments are well covered by earnings.

Cash Payout to Shareholders

Cash Flow Coverage: With its high cash payout ratio (194.7%), 2902's dividend payments are not well covered by cash flows.

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How experienced are the management team and are they aligned to shareholders interests?


Average management tenure


Nagahiro Yamazaki (67 yo)



Mr. Nagahiro Yamazaki has been the President of Taiyo Kagaku Co., Ltd., since June 1997. and serves as its Chief Executive Officer. Mr. Yamazaki served as Representative Senior Managing Director of Taiyo K...

Leadership Team

Experienced Management: 2902's management team is seasoned and experienced (12.3 years average tenure).

Board Members

Experienced Board: 2902's board of directors are seasoned and experienced ( 12.3 years average tenure).


Who are the major shareholders and have insiders been buying or selling?

Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.

Ownership Breakdown

What is the ownership structure of 2902?
Owner TypeNumber of SharesOwnership Percentage
Individual Insiders733,0004.3%
Employee Share Scheme1,279,0007.5%
Private Companies5,138,00030.2%
General Public8,168,68048.1%

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.

Top Shareholders

Top 25 shareholders own 51.92% of the company
OwnershipNameSharesCurrent ValueChange %Portfolio %
Choyo Bussan Co.,Ltd.
2,283,000¥3.5b0%no data
Koyo Kosan, Y.K.
979,000¥1.5b0%no data
TAIYO KAGAKU CO., LTD. Clients' Stock Ownership Association
880,000¥1.3b0%no data
Wamoku Y.K.
760,000¥1.2b0%no data
Conen Co., Ltd.
600,000¥915.6m0%no data
Food Analysis Technology Center Sunatec
516,000¥787.4m0%no data
The Daisan Bank, Ltd., Asset Management Arm
The Hyakugo Bank, Ltd., Asset Management Arm
The Mie Bank, Ltd., Asset Management Arm
Taiyo Kagaku Co. Ltd., ESOP
399,000¥608.9m0%no data
Naganori Yamazaki
279,000¥425.8m0%no data
Nagahiro Yamazaki
234,000¥357.1m-2.09%no data
Daiwa Asset Management Co. Ltd.
190,700¥291.0m0%no data
Sumitomo Mitsui DS Asset Management Company, Limited
Yoshiki Yamazaki
104,000¥158.7m0.97%no data
Shuhei Kubota
69,000¥105.3m0%no data
Argenta Bank Luxembourg SA
Norio Sato
17,000¥25.9m0%no data
Mikiharu Araki
13,000¥19.8m0%no data
Amundi Asset Management
8,700¥13.3m0%no data
Kazuhito Uchida
7,000¥10.7m0%no data
Okasan Asset Management Co., Ltd.
5,600¥8.5m0%no data
Kuniaki Yoshikawa
5,000¥7.6m0%no data
Keiko Abe
2,000¥3.1m0%no data

Company Information

Taiyo Kagaku Co.,Ltd.'s employee growth, exchange listings and data sources

Key Information

  • Name: Taiyo Kagaku Co.,Ltd.
  • Ticker: 2902
  • Exchange: NSE
  • Founded: 1946
  • Industry: Specialty Chemicals
  • Sector: Materials
  • Implied Market Cap: JP¥25.954b
  • Shares outstanding: 17.01m
  • Website:

Number of Employees


  • Taiyo Kagaku Co.,Ltd.
  • 800 Yamadacho
  • Yokkaichi
  • Mie
  • 512-111
  • Japan


TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
2902NSE (Nagoya Stock Exchange)YesCommon StockJPJPYJan 1992

Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/09/27 00:00
End of Day Share Price2022/09/26 00:00
Annual Earnings2022/03/31

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.