Valuation Update With 7 Day Price Move • 25m
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to JP¥1,789, the stock trades at a trailing P/E ratio of 16x. Average trailing P/E is 14x in the Chemicals industry in Japan. Total returns to shareholders of 385% over the past three years. Board Change • Jul 02
Less than half of directors are independent There are 6 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 5 independent directors. 6 non-independent directors. Independent Outside Director Harada Daisuke was the last independent director to join the board, commencing their role in 2026. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Buy Or Sell Opportunity • Jun 24
Now 21% undervalued Over the last 90 days, the stock has risen 41% to JP¥2,263. The fair value is estimated to be JP¥2,875, 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 grown by 20%. Valuation Update With 7 Day Price Move • Jun 19
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to JP¥2,243, the stock trades at a trailing P/E ratio of 20.1x. Average trailing P/E is 14x in the Chemicals industry in Japan. Total returns to shareholders of 488% over the past three years. Announcement • Jun 11
Rasa Industries, Ltd. to Report Q1, 2027 Results on Aug 12, 2026 Rasa Industries, Ltd. announced that they will report Q1, 2027 results on Aug 12, 2026 Buy Or Sell Opportunity • Jun 05
Now 20% undervalued Over the last 90 days, the stock has risen 25% to JP¥2,296. The fair value is estimated to be JP¥2,887, 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 grown by 66%. Valuation Update With 7 Day Price Move • Jun 04
Investor sentiment improves as stock rises 33% After last week's 33% share price gain to JP¥2,472, the stock trades at a trailing P/E ratio of 22.2x. Average trailing P/E is 13x in the Chemicals industry in Japan. Total returns to shareholders of 579% over the past three years. Valuation Update With 7 Day Price Move • May 21
Investor sentiment deteriorates as stock falls 25% After last week's 25% share price decline to JP¥1,838, the stock trades at a trailing P/E ratio of 16.5x. Average trailing P/E is 12x in the Chemicals industry in Japan. Total returns to shareholders of 401% over the past three years. Reported Earnings • May 18
Full year 2026 earnings released: EPS: JP¥558 (vs JP¥79.74 in FY 2025) Full year 2026 results: EPS: JP¥558 (up from JP¥79.74 in FY 2025). Revenue: JP¥47.7b (up 5.1% from FY 2025). Net income: JP¥4.36b (up 39% from FY 2025). Profit margin: 9.1% (up from 6.9% in FY 2025). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 66% per year whereas the company’s share price has increased by 71% per year. Announcement • May 14
Rasa Industries, Ltd., Annual General Meeting, Jun 25, 2026 Rasa Industries, Ltd., Annual General Meeting, Jun 25, 2026. Announcement • May 09
Rasa Industries, Ltd. to Report Fiscal Year 2026 Results on May 14, 2026 Rasa Industries, Ltd. announced that they will report fiscal year 2026 results on May 14, 2026 Valuation Update With 7 Day Price Move • Apr 30
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to JP¥2,126, the stock trades at a trailing P/E ratio of 19x. Average trailing P/E is 14x in the Chemicals industry in Japan. Total returns to shareholders of 435% over the past three years. New Risk • Apr 22
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Japanese stocks, typically moving 9.5% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • Apr 16
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to JP¥1,894, the stock trades at a trailing P/E ratio of 17x. Average trailing P/E is 14x in the Chemicals industry in Japan. Total returns to shareholders of 379% over the past three years. New Risk • Mar 29
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: JP¥12.6b (US$78.4m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (8.8% average weekly change). Market cap is less than US$100m (JP¥12.6b market cap, or US$78.4m). Upcoming Dividend • Mar 23
Upcoming dividend of JP¥106 per share Eligible shareholders must have bought the stock before 30 March 2026. Payment date: 30 June 2026. Payout ratio is a comfortable 24% and this is well supported by cash flows. Trailing yield: 2.2%. Lower than top quartile of Japanese dividend payers (3.6%). In line with average of industry peers (2.3%). Buy Or Sell Opportunity • Mar 19
Now 24% undervalued Over the last 90 days, the stock has risen 32% to JP¥7,890. The fair value is estimated to be JP¥10,359, 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 grown by 13%. Valuation Update With 7 Day Price Move • Mar 04
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to JP¥8,950, the stock trades at a trailing P/E ratio of 16x. Average trailing P/E is 16x in the Chemicals industry in Japan. Total returns to shareholders of 368% over the past three years. Reported Earnings • Feb 14
Third quarter 2026 earnings released: EPS: JP¥152 (vs JP¥131 in 3Q 2025) Third quarter 2026 results: EPS: JP¥152 (up from JP¥131 in 3Q 2025). Revenue: JP¥12.5b (up 8.7% from 3Q 2025). Net income: JP¥1.19b (up 15% from 3Q 2025). Profit margin: 9.5% (in line with 3Q 2025). Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has increased by 64% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Feb 12
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to JP¥9,140, the stock trades at a trailing P/E ratio of 17x. Average trailing P/E is 15x in the Chemicals industry in Japan. Total returns to shareholders of 395% over the past three years. Buy Or Sell Opportunity • Jan 13
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 32% to JP¥6,620. The fair value is estimated to be JP¥5,511, 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%. New Risk • Dec 11
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 5.5% 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. This is currently the only risk that has been identified for the company. Announcement • Dec 03
Rasa Industries, Ltd. to Report Q3, 2026 Results on Feb 12, 2026 Rasa Industries, Ltd. announced that they will report Q3, 2026 results on Feb 12, 2026 Declared Dividend • Dec 03
First half dividend of JP¥64.00 announced Shareholders will receive a dividend of JP¥64.00. Ex-date: 30th March 2026 Payment date: 30th June 2026 Dividend yield will be 2.2%, which is about the same as the industry average. Sustainability & Growth Dividend is well covered by both earnings (25% earnings payout ratio) and cash flows (44% cash payout ratio). The dividend has increased by an average of 23% per year over the past 9 years and payments have been stable during that time. Earnings per share has grown by 21% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Nov 16
Second quarter 2026 earnings released: EPS: JP¥123 (vs JP¥23.99 in 2Q 2025) Second quarter 2026 results: EPS: JP¥123 (up from JP¥23.99 in 2Q 2025). Revenue: JP¥12.2b (up 9.0% from 2Q 2025). Net income: JP¥957.0m (up 406% from 2Q 2025). Profit margin: 7.8% (up from 1.7% in 2Q 2025). The increase in margin was driven by higher revenue. 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 32% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Oct 20
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 2.5% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • Oct 09
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to JP¥5,100, the stock trades at a trailing P/E ratio of 11.6x. Average trailing P/E is 13x in the Chemicals industry in Japan. Total returns to shareholders of 176% over the past three years. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥64.00 per share Eligible shareholders must have bought the stock before 29 September 2025. Payment date: 03 December 2025. Payout ratio is a comfortable 27% and this is well supported by cash flows. Trailing yield: 2.7%. Lower than top quartile of Japanese dividend payers (3.6%). In line with average of industry peers (2.6%). Announcement • Sep 02
Rasa Industries, Ltd. to Report Q2, 2026 Results on Nov 13, 2025 Rasa Industries, Ltd. announced that they will report Q2, 2026 results on Nov 13, 2025 Reported Earnings • Aug 11
First quarter 2026 earnings released: EPS: JP¥139 (vs JP¥99.56 in 1Q 2025) First quarter 2026 results: EPS: JP¥139 (up from JP¥99.56 in 1Q 2025). Revenue: JP¥10.5b (down 1.5% from 1Q 2025). Net income: JP¥1.09b (up 39% from 1Q 2025). Profit margin: 10% (up from 7.4% in 1Q 2025). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has increased by 24% per year, which means it is well ahead of earnings. New Risk • Jul 17
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. Cash payout ratio: 0% Dividend yield: 2.9% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. 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 Shares are highly illiquid. Minor Risk Dividend is not well covered by cash flows (0% cash payout ratio). Declared Dividend • Jul 09
Final dividend of JP¥64.00 announced Shareholders will receive a dividend of JP¥64.00. Ex-date: 29th September 2025 Payment date: 3rd December 2025 Dividend yield will be 3.3%, which is higher than the industry average of 2.2%. Sustainability & Growth Dividend is well covered by both earnings (13% earnings payout ratio) and cash flows (32% cash payout ratio). The dividend has increased by an average of 26% per year over the past 8 years and payments have been stable during that time. Earnings per share has grown by 18% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Board Change • Jul 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 4 experienced directors. 2 highly experienced directors. Independent Outside Director Takuji Yamamoto was the last director to join the board, commencing their role in 2024. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Jun 05
Rasa Industries, Ltd. to Report Q1, 2026 Results on Aug 08, 2025 Rasa Industries, Ltd. announced that they will report Q1, 2026 results on Aug 08, 2025 Reported Earnings • May 19
Full year 2025 earnings released: EPS: JP¥399 (vs JP¥302 in FY 2024) Full year 2025 results: EPS: JP¥399 (up from JP¥302 in FY 2024). Revenue: JP¥45.4b (up 6.2% from FY 2024). Net income: JP¥3.13b (up 31% from FY 2024). Profit margin: 6.9% (up from 5.6% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has increased by 20% per year, which means it is well ahead of earnings. New Risk • May 15
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 7.6% 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. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • May 15
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to JP¥3,170, the stock trades at a trailing P/E ratio of 8.5x. Average trailing P/E is 11x in the Chemicals industry in Japan. Total returns to shareholders of 93% over the past three years. Announcement • May 14
Rasa Industries, Ltd., Annual General Meeting, Jun 27, 2025 Rasa Industries, Ltd., Annual General Meeting, Jun 27, 2025. New Risk • Apr 07
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 5.6% 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. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to JP¥2,250, the stock trades at a trailing P/E ratio of 6x. Average trailing P/E is 10x in the Chemicals industry in Japan. Total returns to shareholders of 72% over the past three years. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥48.00 per share Eligible shareholders must have bought the stock before 28 March 2025. Payment date: 30 June 2025. Payout ratio is a comfortable 13% and this is well supported by cash flows. Trailing yield: 3.5%. Lower than top quartile of Japanese dividend payers (3.7%). Higher than average of industry peers (2.6%). Announcement • Mar 07
Rasa Industries, Ltd. to Report Fiscal Year 2025 Results on May 14, 2025 Rasa Industries, Ltd. announced that they will report fiscal year 2025 results on May 14, 2025 Reported Earnings • Feb 16
Third quarter 2025 earnings released: EPS: JP¥131 (vs JP¥57.15 in 3Q 2024) Third quarter 2025 results: EPS: JP¥131 (up from JP¥57.15 in 3Q 2024). Revenue: JP¥11.5b (up 19% from 3Q 2024). Net income: JP¥1.03b (up 129% from 3Q 2024). Profit margin: 8.9% (up from 4.6% in 3Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has increased by 15% per year, which means it is well ahead of earnings. Announcement • Dec 03
Rasa Industries, Ltd. to Report Q3, 2025 Results on Feb 14, 2025 Rasa Industries, Ltd. announced that they will report Q3, 2025 results on Feb 14, 2025 Announcement • Nov 14
Rasa Industries, Ltd. (TSE:4022) announces an Equity Buyback for 100,000 shares, representing 1.27% for ¥200 million. Rasa Industries, Ltd. (TSE:4022) announces a share repurchase program. Under the program, the company will repurchase up to 100,000 shares, representing 1.27% of its issued share capital (excluding treasury stock) for ¥200 million. The purpose of the program is to enhance shareholder returns and improve capital efficiency. The program will be valid till February 28, 2025. As of September 30, 2024, the company had 7,881,795 shares outstanding and 62,408 treasury shares. Upcoming Dividend • Sep 20
Upcoming dividend of JP¥48.00 per share Eligible shareholders must have bought the stock before 27 September 2024. Payment date: 04 December 2024. Payout ratio is a comfortable 27% and this is well supported by cash flows. Trailing yield: 3.6%. Lower than top quartile of Japanese dividend payers (3.8%). Higher than average of industry peers (2.4%). Announcement • Sep 04
Rasa Industries, Ltd. to Report Q2, 2025 Results on Nov 14, 2024 Rasa Industries, Ltd. announced that they will report Q2, 2025 results on Nov 14, 2024 Reported Earnings • Aug 14
First quarter 2025 earnings released: EPS: JP¥99.56 (vs JP¥68.87 in 1Q 2024) First quarter 2025 results: EPS: JP¥99.56 (up from JP¥68.87 in 1Q 2024). Revenue: JP¥10.6b (up 2.4% from 1Q 2024). Net income: JP¥784.0m (up 44% from 1Q 2024). Profit margin: 7.4% (up from 5.3% in 1Q 2024). Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 13% per year, which means it is tracking significantly ahead of earnings growth. Buy Or Sell Opportunity • Aug 06
Now 33% overvalued Over the last 90 days, the stock has fallen 17% to JP¥2,371. The fair value is estimated to be JP¥1,783, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Earnings per share has grown by 5.3%. New Risk • Aug 05
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 7.0% 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 (7.0% average weekly change). Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 26% After last week's 26% share price decline to JP¥2,100, the stock trades at a trailing P/E ratio of 6.9x. Average trailing P/E is 12x in the Chemicals industry in Japan. Total returns to shareholders of 31% over the past three years. Announcement • Jun 06
Rasa Industries, Ltd. to Report Q1, 2025 Results on Aug 09, 2024 Rasa Industries, Ltd. announced that they will report Q1, 2025 results on Aug 09, 2024 Reported Earnings • May 21
Full year 2024 earnings released: EPS: JP¥301 (vs JP¥408 in FY 2023) Full year 2024 results: EPS: JP¥301 (down from JP¥408 in FY 2023). Revenue: JP¥42.8b (down 14% from FY 2023). Net income: JP¥2.38b (down 26% from FY 2023). Profit margin: 5.6% (down from 6.5% in FY 2023). The decrease in margin was driven by lower revenue. 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 19% per year, which means it is tracking significantly ahead of earnings growth. Announcement • May 17
Rasa Industries, Ltd., Annual General Meeting, Jun 27, 2024 Rasa Industries, Ltd., Annual General Meeting, Jun 27, 2024. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥41.00 per share Eligible shareholders must have bought the stock before 28 March 2024. Payment date: 01 July 2024. Payout ratio is a comfortable 48% and this is well supported by cash flows. Trailing yield: 3.1%. Lower than top quartile of Japanese dividend payers (3.2%). Higher than average of industry peers (2.1%). Announcement • Mar 02
Rasa Industries, Ltd. to Report Fiscal Year 2024 Results on May 15, 2024 Rasa Industries, Ltd. announced that they will report fiscal year 2024 results on May 15, 2024 Reported Earnings • Feb 19
Third quarter 2024 earnings released: EPS: JP¥57.15 (vs JP¥103 in 3Q 2023) Third quarter 2024 results: EPS: JP¥57.15 (down from JP¥103 in 3Q 2023). Revenue: JP¥9.71b (down 24% from 3Q 2023). Net income: JP¥451.0m (down 45% from 3Q 2023). Profit margin: 4.6% (down from 6.4% in 3Q 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 but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Announcement • Nov 26
Rasa Industries, Ltd. to Report Q3, 2024 Results on Feb 14, 2024 Rasa Industries, Ltd. announced that they will report Q3, 2024 results on Feb 14, 2024 Reported Earnings • Nov 20
Second quarter 2024 earnings released: EPS: JP¥56.32 (vs JP¥104 in 2Q 2023) Second quarter 2024 results: EPS: JP¥56.32 (down from JP¥104 in 2Q 2023). Revenue: JP¥10.3b (down 22% from 2Q 2023). Net income: JP¥446.0m (down 46% from 2Q 2023). Profit margin: 4.3% (down from 6.3% 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 18% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Announcement • Nov 17
Rasa Industries, Ltd. (TSE:4022) announces an Equity Buyback for 60,000 shares, representing 0.76% for ¥100 million. Rasa Industries, Ltd. (TSE:4022) announces a share repurchase program. Under the program, the company will repurchase 60,000 shares, representing 0.76% of its share capital, for ¥100 million. The company will repurchase its shares for appropriation to treasury stock to be delivered to the executive officers of the company. The program will run until December 29, 2023. As of September 30, 2023, the company had 7,923,565 shares outstanding (excluding treasury shares) and 20,638 shares in treasury. Announcement • Sep 01
Rasa Industries, Ltd. to Report Q2, 2024 Results on Nov 14, 2023 Rasa Industries, Ltd. announced that they will report Q2, 2024 results on Nov 14, 2023 Reported Earnings • Aug 12
First quarter 2024 earnings released: EPS: JP¥68.87 (vs JP¥128 in 1Q 2023) First quarter 2024 results: EPS: JP¥68.87 (down from JP¥128 in 1Q 2023). Revenue: JP¥10.4b (down 14% from 1Q 2023). Net income: JP¥545.0m (down 46% from 1Q 2023). Profit margin: 5.3% (down from 8.3% in 1Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Announcement • May 31
Rasa Industries, Ltd. to Report Q1, 2024 Results on Aug 10, 2023 Rasa Industries, Ltd. announced that they will report Q1, 2024 results on Aug 10, 2023 Reported Earnings • May 19
Full year 2023 earnings released: EPS: JP¥408 (vs JP¥320 in FY 2022) Full year 2023 results: EPS: JP¥408 (up from JP¥320 in FY 2022). Revenue: JP¥49.6b (up 40% from FY 2022). Net income: JP¥3.23b (up 27% from FY 2022). Profit margin: 6.5% (down from 7.2% in FY 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥70.00 per share at 3.4% yield Eligible shareholders must have bought the stock before 30 March 2023. Payment date: 30 June 2023. Payout ratio is a comfortable 16% but the company is not cash flow positive. Trailing yield: 3.4%. Lower than top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (2.8%). Reported Earnings • Feb 17
Third quarter 2023 earnings released: EPS: JP¥103 (vs JP¥71.10 in 3Q 2022) Third quarter 2023 results: EPS: JP¥103 (up from JP¥71.10 in 3Q 2022). Revenue: JP¥12.8b (up 47% from 3Q 2022). Net income: JP¥815.0m (up 45% from 3Q 2022). Profit margin: 6.4% (down from 6.5% 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 30% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Announcement • Dec 02
Rasa Industries, Ltd. to Report Q3, 2023 Results on Feb 14, 2023 Rasa Industries, Ltd. announced that they will report Q3, 2023 results on Feb 14, 2023 Reported Earnings • Nov 16
Second quarter 2023 earnings released: EPS: JP¥104 (vs JP¥69.87 in 2Q 2022) Second quarter 2023 results: EPS: JP¥104 (up from JP¥69.87 in 2Q 2022). Revenue: JP¥13.1b (up 57% from 2Q 2022). Net income: JP¥820.0m (up 48% from 2Q 2022). Profit margin: 6.3% (down from 6.7% 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 26% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Board Change • Nov 16
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. 10 non-independent directors. Independent Outside Director Miho Fujita 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 • Sep 01
Rasa Industries, Ltd. to Report Q2, 2023 Results on Nov 14, 2022 Rasa Industries, Ltd. announced that they will report Q2, 2023 results on Nov 14, 2022 Valuation Update With 7 Day Price Move • Aug 17
Investor sentiment improved over the past week After last week's 18% share price gain to JP¥2,378, the stock trades at a trailing P/E ratio of 6.2x. Average trailing P/E is 10x in the Chemicals industry in Japan. Total returns to shareholders of 120% over the past three years. Reported Earnings • Aug 12
First quarter 2023 earnings released: EPS: JP¥128 (vs JP¥65.87 in 1Q 2022) First quarter 2023 results: EPS: JP¥128 (up from JP¥65.87 in 1Q 2022). Revenue: JP¥12.1b (up 55% from 1Q 2022). Net income: JP¥1.01b (up 94% from 1Q 2022). Profit margin: 8.3% (up from 6.7% in 1Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has increased by 26% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jun 08
Rasa Industries, Ltd. to Report Q1, 2023 Results on Aug 10, 2022 Rasa Industries, Ltd. announced that they will report Q1, 2023 results on Aug 10, 2022 Reported Earnings • May 18
Full year 2022 earnings released: EPS: JP¥320 (vs JP¥253 in FY 2021) Full year 2022 results: EPS: JP¥320 (up from JP¥253 in FY 2021). Revenue: JP¥35.4b (up 22% from FY 2021). Net income: JP¥2.54b (up 27% from FY 2021). Profit margin: 7.2% (up from 6.9% 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 9% per year whereas the company’s share price has increased by 12% per year. Announcement • May 15
Rasa Industries, Ltd., Annual General Meeting, Jun 29, 2022 Rasa Industries, Ltd., Annual General Meeting, Jun 29, 2022. Valuation Update With 7 Day Price Move • May 06
Investor sentiment improved over the past week After last week's 17% share price gain to JP¥1,655, the stock trades at a trailing P/E ratio of 5.8x. Average trailing P/E is 10x in the Chemicals industry in Japan. Total returns to shareholders of 30% over the past three years. 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. 3 experienced directors. 7 highly experienced directors. No independent directors (7 non-independent directors). External Full-Time Auditor Yuji Yamashita was the last director to join the board, commencing their role in 2015. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Announcement • Apr 08
Rasa Industries, Ltd. to Report Fiscal Year 2022 Results on May 13, 2022 Rasa Industries, Ltd. announced that they will report fiscal year 2022 results on May 13, 2022 Upcoming Dividend • Mar 23
Upcoming dividend of JP¥50.00 per share Eligible shareholders must have bought the stock before 30 March 2022. Payment date: 30 June 2022. Payout ratio is a comfortable 16% and this is well supported by cash flows. Trailing yield: 2.8%. Lower than top quartile of Japanese dividend payers (3.4%). In line with average of industry peers (2.6%). Reported Earnings • Feb 17
Third quarter 2022 earnings: EPS and revenues exceed analyst expectations Third quarter 2022 results: EPS: JP¥71.08 (up from JP¥63.22 in 3Q 2021). Revenue: JP¥8.73b (up 29% from 3Q 2021). Net income: JP¥564.0m (up 13% from 3Q 2021). Profit margin: 6.5% (down from 7.4% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 15%. Earnings per share (EPS) also surpassed analyst estimates by 34%. Over the next year, revenue is forecast to stay flat compared to a 6.5% growth forecast for the industry in Japan. 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 5% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 16
Second quarter 2022 earnings released: EPS JP¥69.86 (vs JP¥54.89 in 2Q 2021) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2022 results: Revenue: JP¥8.32b (up 23% from 2Q 2021). Net income: JP¥554.0m (up 27% from 2Q 2021). Profit margin: 6.7% (up from 6.5% in 2Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Reported Earnings • Aug 18
First quarter 2022 earnings released: EPS JP¥65.87 (vs JP¥55.52 in 1Q 2021) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2022 results: Revenue: JP¥7.79b (up 3.6% from 1Q 2021). Net income: JP¥522.0m (up 19% from 1Q 2021). Profit margin: 6.7% (up from 5.8% in 1Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 10% per year whereas the company’s share price has fallen by 11% per year. Reported Earnings • May 18
Full year 2021 earnings released: EPS JP¥253 (vs JP¥174 in FY 2020) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2021 results: Revenue: JP¥29.0b (down 2.6% from FY 2020). Net income: JP¥2.00b (up 46% from FY 2020). Profit margin: 6.9% (up from 4.6% in FY 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 13% per year whereas the company’s share price has fallen by 11% per year. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥40.00 per share Eligible shareholders must have bought the stock before 30 March 2021. Payment date: 29 June 2021. Trailing yield: 1.9%. Lower than top quartile of Japanese dividend payers (2.7%). In line with average of industry peers (1.8%). Announcement • Mar 04
Rasa Industries, Ltd. to Report Fiscal Year 2021 Results on May 14, 2021 Rasa Industries, Ltd. announced that they will report fiscal year 2021 results on May 14, 2021 Is New 90 Day High Low • Mar 02
New 90-day low: JP¥2,096 The company is down 3.0% from its price of JP¥2,163 on 02 December 2020. The Japanese market is up 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Chemicals industry, which is flat over the same period. Reported Earnings • Feb 14
Third quarter 2021 earnings released: EPS JP¥63.20 (vs JP¥32.18 in 3Q 2020) The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2021 results: Revenue: JP¥6.76b (down 5.2% from 3Q 2020). Net income: JP¥501.0m (up 97% from 3Q 2020). Profit margin: 7.4% (up from 3.6% 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 12% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Jan 12
New 90-day high: JP¥2,485 The company is up 16% from its price of JP¥2,148 on 14 October 2020. The Japanese market is up 12% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Chemicals industry, which is up 17% over the same period. Announcement • Dec 04
Rasa Industries, Ltd. to Report Q3, 2021 Results on Feb 12, 2021 Rasa Industries, Ltd. announced that they will report Q3, 2021 results on Feb 12, 2021 Is New 90 Day High Low • Dec 03
New 90-day high: JP¥2,384 The company is up 47% from its price of JP¥1,624 on 04 September 2020. The Japanese market is up 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Chemicals industry, which is up 17% over the same period.