Valuation Update With 7 Day Price Move • May 29
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to JP¥5,127, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 15x in the Chemicals industry in Japan. Total returns to shareholders of 160% over the past three years. New Risk • May 18
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. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • May 14
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to JP¥4,867, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 15x in the Chemicals industry in Japan. Total returns to shareholders of 145% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥1,954 per share. Live News • May 10
Tokuyama Prioritizes Capital Efficiency and Raises Dividend Targets With Healthcare Expansion Tokuyama is increasing its focus on capital-efficient management, taking into account capital costs and stock price in its decision making.
The company is reshaping its business portfolio toward growth and healthcare, including acquiring in vitro diagnostics-related operations.
Tokuyama plans to offer higher and more stable shareholder returns, targeting at least a 30% dividend payout ratio and a 3% dividend-on-equity level.
For you as an investor, the main takeaway is that Tokuyama is trying to link its management approach more closely to shareholder value. By completing its Medium-Term Management Plan 2025 and working on a new plan, the company is signaling that capital allocation, portfolio choices and the stock’s valuation are core parts of how it runs the business.
The shift toward healthcare and in vitro diagnostics, alongside the transfer of domestic cement and solidification agent sales, points to a cleaner focus on areas the company views as having better potential within its portfolio. The explicit dividend targets give you clearer visibility on how management thinks about returning cash to shareholders, although the actual payout will still depend on earnings, cash flow and other conditions that are not detailed here. Reported Earnings • Apr 29
Full year 2026 earnings: EPS and revenues miss analyst expectations Full year 2026 results: EPS: JP¥309 (down from JP¥325 in FY 2025). Revenue: JP¥349.5b (up 1.9% from FY 2025). Net income: JP¥22.2b (down 5.1% from FY 2025). Profit margin: 6.4% (down from 6.8% in FY 2025). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 1.2%. Earnings per share (EPS) also missed analyst estimates by 21%. Revenue is forecast to grow 7.3% p.a. on average during the next 2 years, compared to a 4.5% growth forecast for the Chemicals industry in Japan. 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 19% per year, which means it is significantly lagging earnings growth. Announcement • Apr 29
Tokuyama Corporation, Annual General Meeting, Jun 26, 2026 Tokuyama Corporation, Annual General Meeting, Jun 26, 2026. Price Target Changed • Apr 07
Price target decreased by 14% to JP¥4,323 Down from JP¥5,050, the current price target is an average from 3 analysts. New target price is 17% above last closing price of JP¥3,703. Stock is up 50% over the past year. The company is forecast to post earnings per share of JP¥393 for next year compared to JP¥325 last year. Announcement • Mar 31
Tokuyama Corporation to Report Fiscal Year 2026 Results on Apr 28, 2026 Tokuyama Corporation announced that they will report fiscal year 2026 results on Apr 28, 2026 Upcoming Dividend • Mar 23
Upcoming dividend of JP¥60.00 per share Eligible shareholders must have bought the stock before 30 March 2026. Payment date: 25 June 2026. Payout ratio is a comfortable 31% and this is well supported by cash flows. Trailing yield: 3.3%. Lower than top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (2.3%). Buy Or Sell Opportunity • Mar 03
Now 21% undervalued Over the last 90 days, the stock has risen 3.2% to JP¥4,168. The fair value is estimated to be JP¥5,308, 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 24%. Revenue is forecast to grow by 17% in 2 years. Earnings are forecast to grow by 41% in the next 2 years. Reported Earnings • Jan 31
Third quarter 2026 earnings released: EPS: JP¥93.47 (vs JP¥73.35 in 3Q 2025) Third quarter 2026 results: EPS: JP¥93.47 (up from JP¥73.35 in 3Q 2025). Revenue: JP¥87.8b (flat on 3Q 2025). Net income: JP¥6.73b (up 27% from 3Q 2025). Profit margin: 7.7% (up from 6.0% in 3Q 2025). Revenue is forecast to grow 7.7% p.a. on average during the next 3 years, compared to a 4.4% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, earnings per share has increased by 24% per year whereas the company’s share price has increased by 28% per year. Buy Or Sell Opportunity • Jan 30
Now 21% undervalued Over the last 90 days, the stock has risen 5.6% to JP¥4,048. The fair value is estimated to be JP¥5,140, 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%. Revenue is forecast to grow by 16% in 2 years. Earnings are forecast to grow by 46% in the next 2 years. Buy Or Sell Opportunity • Dec 16
Now 21% undervalued Over the last 90 days, the stock has risen 11% to JP¥4,100. The fair value is estimated to be JP¥5,184, 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%. Revenue is forecast to grow by 16% in 2 years. Earnings are forecast to grow by 46% in the next 2 years. Announcement • Dec 13
Tokuyama Corporation to Report Q3, 2026 Results on Jan 30, 2026 Tokuyama Corporation announced that they will report Q3, 2026 results on Jan 30, 2026 Declared Dividend • Dec 02
First half dividend of JP¥60.00 announced Shareholders will receive a dividend of JP¥60.00. Ex-date: 30th March 2026 Payment date: 25th June 2026 Dividend yield will be 3.0%, which is higher than the industry average of 2.2%. Sustainability & Growth Dividend is well covered by both earnings (33% earnings payout ratio) and cash flows (35% cash payout ratio). The dividend has increased by an average of 22% per year over the past 9 years and payments have been stable during that time. EPS is expected to grow by 53% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Price Target Changed • Nov 29
Price target increased by 14% to JP¥4,817 Up from JP¥4,217, the current price target is an average from 3 analysts. New target price is 17% above last closing price of JP¥4,106. Stock is up 54% over the past year. The company is forecast to post earnings per share of JP¥413 for next year compared to JP¥325 last year. Buy Or Sell Opportunity • Nov 28
Now 20% undervalued Over the last 90 days, the stock has risen 21% to JP¥4,106. The fair value is estimated to be JP¥5,147, 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%. Revenue is forecast to grow by 16% in 2 years. Earnings are forecast to grow by 46% in the next 2 years. Reported Earnings • Oct 30
Second quarter 2026 earnings released: EPS: JP¥101 (vs JP¥58.92 in 2Q 2025) Second quarter 2026 results: EPS: JP¥101 (up from JP¥58.92 in 2Q 2025). Revenue: JP¥81.9b (down 1.3% from 2Q 2025). Net income: JP¥7.23b (up 71% from 2Q 2025). Profit margin: 8.8% (up from 5.1% in 2Q 2025). The increase in margin was driven by lower expenses. Revenue is forecast to grow 6.5% p.a. on average during the next 3 years, compared to a 4.1% growth forecast for the Chemicals industry in Japan. 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 30% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Oct 29
Price target increased by 11% to JP¥4,217 Up from JP¥3,810, the current price target is an average from 3 analysts. New target price is 8.2% above last closing price of JP¥3,896. Stock is up 46% over the past year. The company is forecast to post earnings per share of JP¥404 for next year compared to JP¥325 last year. Announcement • Oct 03
Tokuyama Corporation (TSE:4043) completed the acquisition of Vitro diagnostic pharmaceutical business from JSR Corporation. Tokuyama Corporation (TSE:4043) agreed to acquire Vitro diagnostic pharmaceutical business from JSR Corporation for ¥82 billion on April 22, 2025. A cash consideration of ¥82 billion will be paid by Tokuyama Corporation subject to adjustments.
The expected completion of the transaction is October 1, 2025.
Tokuyama Corporation (TSE:4043) completed the acquisition of Vitro diagnostic pharmaceutical business from JSR Corporation on October 1, 2025. The business has been established as a New Company and named as Tokuyama Life Science Corporation. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥60.00 per share Eligible shareholders must have bought the stock before 29 September 2025. Payment date: 02 December 2025. Payout ratio is a comfortable 34% and this is well supported by cash flows. Trailing yield: 3.2%. Lower than top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (2.6%). Announcement • Sep 11
Tokuyama Corporation to Report Q2, 2026 Results on Oct 29, 2025 Tokuyama Corporation announced that they will report Q2, 2026 results on Oct 29, 2025 Reported Earnings • Jul 30
First quarter 2026 earnings released: EPS: JP¥68.26 (vs JP¥103 in 1Q 2025) First quarter 2026 results: EPS: JP¥68.26 (down from JP¥103 in 1Q 2025). Revenue: JP¥81.8b (flat on 1Q 2025). Net income: JP¥4.91b (down 34% from 1Q 2025). Profit margin: 6.0% (down from 9.0% in 1Q 2025). Revenue is forecast to grow 6.8% p.a. on average during the next 3 years, compared to a 4.0% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has increased by 23% per year, which means it is tracking significantly ahead of earnings growth. Board Change • Jul 22
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 5 independent directors. 6 non-independent directors. Independent Outside Director Hiraku Ishizuka was the last independent director to join the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Declared Dividend • Jul 09
Final dividend of JP¥60.00 announced Shareholders will receive a dividend of JP¥60.00. Ex-date: 29th September 2025 Payment date: 2nd December 2025 Dividend yield will be 3.5%, which is higher than the industry average of 2.2%. Sustainability & Growth Dividend is well covered by both earnings (31% earnings payout ratio) and cash flows (29% cash payout ratio). The dividend has increased by an average of 25% per year over the past 8 years and payments have been stable during that time. EPS is expected to grow by 50% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Jul 01
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: EPS: JP¥325 (up from JP¥247 in FY 2024). Revenue: JP¥343.1b (flat on FY 2024). Net income: JP¥23.4b (up 32% from FY 2024). Profit margin: 6.8% (up from 5.2% in FY 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 5.2%. Revenue is forecast to grow 6.3% p.a. on average during the next 3 years, compared to a 3.9% growth forecast for the Chemicals industry in Japan. 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 19% per year, which means it is well ahead of earnings. Announcement • Jun 14
Tokuyama Corporation to Report Q1, 2026 Results on Jul 29, 2025 Tokuyama Corporation announced that they will report Q1, 2026 results on Jul 29, 2025 Reported Earnings • Apr 29
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: EPS: JP¥325 (up from JP¥247 in FY 2024). Revenue: JP¥343.1b (flat on FY 2024). Net income: JP¥23.4b (up 32% from FY 2024). Profit margin: 6.8% (up from 5.2% in FY 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 5.2%. Revenue is forecast to grow 5.4% p.a. on average during the next 2 years, compared to a 4.7% growth forecast for the Chemicals industry in Japan. 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 16% per year, which means it is well ahead of earnings. Announcement • Apr 28
Tokuyama Corporation, Annual General Meeting, Jun 24, 2025 Tokuyama Corporation, Annual General Meeting, Jun 24, 2025. Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to JP¥2,315, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 10x in the Chemicals industry in Japan. Total returns to shareholders of 57% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥4,227 per share. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥50.00 per share Eligible shareholders must have bought the stock before 28 March 2025. Payment date: 26 June 2025. Payout ratio is a comfortable 30% and this is well supported by cash flows. Trailing yield: 3.4%. Lower than top quartile of Japanese dividend payers (3.7%). Higher than average of industry peers (2.6%). Announcement • Mar 20
Tokuyama Corporation to Report Fiscal Year 2025 Results on Apr 28, 2025 Tokuyama Corporation announced that they will report fiscal year 2025 results on Apr 28, 2025 Reported Earnings • Feb 01
Third quarter 2025 earnings released: EPS: JP¥73.35 (vs JP¥78.93 in 3Q 2024) Third quarter 2025 results: EPS: JP¥73.35 (down from JP¥78.93 in 3Q 2024). Revenue: JP¥87.8b (up 4.4% from 3Q 2024). Net income: JP¥5.28b (down 7.1% from 3Q 2024). Profit margin: 6.0% (down from 6.7% in 3Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 5.5% p.a. on average during the next 3 years, compared to a 5.0% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Board Change • Jan 31
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 5 non-independent directors. Independent Outside Director Hiraku Ishizuka was the last independent director to join the board, commencing their role in 2023. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Dec 04
Tokuyama Corporation to Report Q3, 2025 Results on Jan 31, 2025 Tokuyama Corporation announced that they will report Q3, 2025 results on Jan 31, 2025 Reported Earnings • Oct 30
Second quarter 2025 earnings released: EPS: JP¥58.92 (vs JP¥26.74 in 2Q 2024) Second quarter 2025 results: EPS: JP¥58.92 (up from JP¥26.74 in 2Q 2024). Revenue: JP¥83.0b (up 2.2% from 2Q 2024). Net income: JP¥4.24b (up 120% from 2Q 2024). Profit margin: 5.1% (up from 2.4% in 2Q 2024). Revenue is forecast to grow 5.6% p.a. on average during the next 3 years, compared to a 5.2% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Upcoming Dividend • Sep 20
Upcoming dividend of JP¥50.00 per share Eligible shareholders must have bought the stock before 27 September 2024. Payment date: 02 December 2024. Payout ratio is a comfortable 28% and this is well supported by cash flows. Trailing yield: 3.5%. Lower than top quartile of Japanese dividend payers (3.8%). Higher than average of industry peers (2.4%). Announcement • Sep 06
Tokuyama Corporation to Report Q2, 2025 Results on Oct 29, 2024 Tokuyama Corporation announced that they will report Q2, 2025 results on Oct 29, 2024 Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to JP¥2,492, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 12x in the Chemicals industry in Japan. Total returns to shareholders of 17% over the past three years. Reported Earnings • Jul 27
First quarter 2025 earnings released: EPS: JP¥103 (vs JP¥59.82 in 1Q 2024) First quarter 2025 results: EPS: JP¥103 (up from JP¥59.82 in 1Q 2024). Revenue: JP¥82.5b (down 2.8% from 1Q 2024). Net income: JP¥7.40b (up 72% from 1Q 2024). Profit margin: 9.0% (up from 5.1% in 1Q 2024). The increase in margin was driven by lower expenses. Revenue is forecast to grow 5.7% p.a. on average during the next 3 years, compared to a 5.6% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Declared Dividend • Jul 11
Final dividend of JP¥50.00 announced Shareholders will receive a dividend of JP¥50.00. Ex-date: 27th September 2024 Payment date: 2nd December 2024 Dividend yield will be 3.2%, which is higher than the industry average of 2.2%. Sustainability & Growth Dividend is well covered by both earnings (32% earnings payout ratio) and cash flows (30% cash payout ratio). The dividend has increased by an average of 13% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 74% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Buy Or Sell Opportunity • Jul 01
Now 23% undervalued Over the last 90 days, the stock has risen 7.9% to JP¥2,921. The fair value is estimated to be JP¥3,782, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.9% over the last 3 years. Earnings per share has declined by 26%. For the next 3 years, revenue is forecast to grow by 4.7% per annum. Earnings are also forecast to grow by 20% per annum over the same time period. Buy Or Sell Opportunity • Jun 24
Now 20% undervalued Over the last 90 days, the stock has risen 9.3% to JP¥2,912. The fair value is estimated to be JP¥3,642, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.9% over the last 3 years. Earnings per share has declined by 26%. For the next 3 years, revenue is forecast to grow by 4.7% per annum. Earnings are also forecast to grow by 20% per annum over the same time period. Buy Or Sell Opportunity • Jun 17
Now 20% undervalued Over the last 90 days, the stock has risen 10% to JP¥2,921. The fair value is estimated to be JP¥3,661, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.9% over the last 3 years. Earnings per share has declined by 26%. For the next 3 years, revenue is forecast to grow by 4.7% per annum. Earnings are also forecast to grow by 20% per annum over the same time period. Announcement • Jun 17
Tokuyama Corporation to Report Q1, 2025 Results on Jul 26, 2024 Tokuyama Corporation announced that they will report Q1, 2025 results on Jul 26, 2024 Announcement • Apr 28
Tokuyama Corporation, Annual General Meeting, Jun 25, 2024 Tokuyama Corporation, Annual General Meeting, Jun 25, 2024. Reported Earnings • Apr 27
Full year 2024 earnings: EPS misses analyst expectations Full year 2024 results: EPS: JP¥247 (up from JP¥130 in FY 2023). Revenue: JP¥342.0b (down 2.8% from FY 2023). Net income: JP¥17.8b (up 90% from FY 2023). Profit margin: 5.2% (up from 2.7% in FY 2023). The increase in margin was driven by lower expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 2.1%. Revenue is forecast to grow 5.7% p.a. on average during the next 2 years, compared to a 5.6% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Buy Or Sell Opportunity • Apr 19
Now 20% undervalued Over the last 90 days, the stock has risen 15% to JP¥2,814. The fair value is estimated to be JP¥3,525, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.0% over the last 3 years. Earnings per share has declined by 26%. Revenue is forecast to grow by 9.9% in 2 years. Earnings are forecast to grow by 118% in the next 2 years. Price Target Changed • Apr 12
Price target increased by 12% to JP¥3,053 Up from JP¥2,733, the current price target is an average from 3 analysts. New target price is 5.1% above last closing price of JP¥2,904. Stock is up 37% over the past year. The company is forecast to post earnings per share of JP¥252 for next year compared to JP¥130 last year. Announcement • Mar 28
Tokuyama Corporation to Report Fiscal Year 2024 Results on Apr 26, 2024 Tokuyama Corporation announced that they will report fiscal year 2024 results on Apr 26, 2024 Upcoming Dividend • Mar 21
Upcoming dividend of JP¥35.00 per share Eligible shareholders must have bought the stock before 28 March 2024. Payment date: 26 June 2024. Payout ratio is a comfortable 40% but the company is not cash flow positive. Trailing yield: 2.6%. Lower than top quartile of Japanese dividend payers (3.2%). Higher than average of industry peers (2.1%). Reported Earnings • Feb 02
Third quarter 2024 earnings released: EPS: JP¥78.93 (vs JP¥27.26 in 3Q 2023) Third quarter 2024 results: EPS: JP¥78.93 (up from JP¥27.26 in 3Q 2023). Revenue: JP¥84.2b (down 9.2% from 3Q 2023). Net income: JP¥5.68b (up 190% from 3Q 2023). Profit margin: 6.7% (up from 2.1% in 3Q 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 5.7% p.a. on average during the next 3 years, compared to a 5.7% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, earnings per share has fallen by 26% 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 • Feb 01
Tokuyama Corporation Revises Earnings Forecast for Fiscal 2023 Tokuyama Corporation revised earnings forecast for Fiscal 2023 (April 1, 2023 to March 31, 2024). For the period, the company expects net sales to be JPY 345,000 as compared to previous JPY 355,000. Operating profit to be JPY 26,000 as compared to previous JPY 30,000. Profit attribute to owners of parents to be JPY 18,000 as compared to previous JPY 22,000. Basic EPS to be JPY 250.17 as compared to previous JPY 305.76. Price Target Changed • Dec 16
Price target decreased by 18% to JP¥2,600 Down from JP¥3,167, the current price target is an average from 2 analysts. New target price is 15% above last closing price of JP¥2,270. Stock is up 23% over the past year. The company is forecast to post earnings per share of JP¥315 for next year compared to JP¥130 last year. Announcement • Nov 29
Tokuyama Corporation to Report Q3, 2024 Results on Jan 31, 2024 Tokuyama Corporation announced that they will report Q3, 2024 results on Jan 31, 2024 Reported Earnings • Oct 29
Second quarter 2024 earnings released: EPS: JP¥26.74 (vs JP¥28.95 in 2Q 2023) Second quarter 2024 results: EPS: JP¥26.74 (down from JP¥28.95 in 2Q 2023). Revenue: JP¥81.2b (down 1.4% from 2Q 2023). Net income: JP¥1.92b (down 7.6% from 2Q 2023). Profit margin: 2.4% (down from 2.5% in 2Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 2.2% p.a. on average during the next 3 years, compared to a 4.2% growth forecast for the Chemicals industry in Japan. 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. Buying Opportunity • Oct 26
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 10%. The fair value is estimated to be JP¥2,754, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.2% over the last 3 years. Earnings per share has declined by 11%. For the next 3 years, revenue is forecast to grow by 1.7% per annum. Earnings is also forecast to grow by 18% per annum over the same time period. Buying Opportunity • Oct 04
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 9.2%. The fair value is estimated to be JP¥2,768, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.2% over the last 3 years. Earnings per share has declined by 11%. For the next 3 years, revenue is forecast to grow by 1.7% per annum. Earnings is also forecast to grow by 18% per annum over the same time period. Upcoming Dividend • Sep 21
Upcoming dividend of JP¥35.00 per share at 2.9% yield Eligible shareholders must have bought the stock before 28 September 2023. Payment date: 01 December 2023. Payout ratio is a comfortable 55% but the company is not cash flow positive. Trailing yield: 2.9%. Lower than top quartile of Japanese dividend payers (3.3%). Higher than average of industry peers (2.5%). Announcement • Aug 30
Tokuyama Corporation to Report Q2, 2024 Results on Oct 27, 2023 Tokuyama Corporation announced that they will report Q2, 2024 results on Oct 27, 2023 Reported Earnings • Jul 28
First quarter 2024 earnings released: EPS: JP¥59.82 (vs JP¥62.29 in 1Q 2023) First quarter 2024 results: EPS: JP¥59.82 (down from JP¥62.29 in 1Q 2023). Revenue: JP¥84.9b (up 1.0% from 1Q 2023). Net income: JP¥4.30b (down 4.0% from 1Q 2023). Profit margin: 5.1% (down from 5.3% in 1Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 1.5% p.a. on average during the next 3 years, compared to a 4.0% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Announcement • May 28
Tokuyama Corporation to Report Q1, 2024 Results on Jul 27, 2023 Tokuyama Corporation announced that they will report Q1, 2024 results on Jul 27, 2023 Reported Earnings • Apr 29
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: JP¥130 (down from JP¥389 in FY 2022). Revenue: JP¥351.8b (up 20% from FY 2022). Net income: JP¥9.36b (down 67% from FY 2022). Profit margin: 2.7% (down from 9.5% in FY 2022). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 1.4%. Earnings per share (EPS) also missed analyst estimates by 24%. Revenue is forecast to grow 1.6% p.a. on average during the next 3 years, compared to a 3.3% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, earnings per share has fallen by 2% per year whereas the company’s share price has remained flat. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥35.00 per share at 3.4% yield Eligible shareholders must have bought the stock before 30 March 2023. Payment date: 27 June 2023. Payout ratio is a comfortable 22% 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%). Price Target Changed • Feb 23
Price target increased by 8.2% to JP¥2,630 Up from JP¥2,430, the current price target is an average from 4 analysts. New target price is 26% above last closing price of JP¥2,083. Stock is up 19% over the past year. The company is forecast to post earnings per share of JP¥172 for next year compared to JP¥389 last year. Major Estimate Revision • Feb 07
Consensus EPS estimates fall by 27% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate fell from JP¥238 to JP¥174 per share. Revenue forecast steady at JP¥355.9b. Net income forecast to shrink 25% next year vs 2.9% growth forecast for Chemicals industry in Japan . Consensus price target down from JP¥2,480 to JP¥2,430. Share price rose 4.5% to JP¥1,979 over the past week. Reported Earnings • Feb 01
Third quarter 2023 earnings released: EPS: JP¥27.25 (vs JP¥57.25 in 3Q 2022) Third quarter 2023 results: EPS: JP¥27.25 (down from JP¥57.25 in 3Q 2022). Revenue: JP¥92.6b (up 17% from 3Q 2022). Net income: JP¥1.96b (down 52% from 3Q 2022). Profit margin: 2.1% (down from 5.2% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to stay flat during the next 3 years compared to a 4.2% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Announcement • Jan 31
Tokuyama Corporation Revises Earnings Forecast for Fiscal 2022 Tokuyama Corporation has revised earnings forecast for Fiscal 2022 (April 1, 2022 to March 31, 2023). For the period, the company expects net sales to be JPY 356,000 as compared to previous JPY 370,000. Operating profit to be JPY 21,000 as compared to previous JPY 18,000. Profit attribute to owners of parents to be JPY 12,000 as compared to previous JPY 15,000. Basic EPS to be JPY 166.78 as compared to previous JPY 208.47. The performance forecast for the full fiscal year ending March 31, 2023 has been revised as above from the previous performance forecast released on October 28, 2022, based on overseas vinyl chloride products market conditions and other factors. Price Target Changed • Dec 22
Price target increased to JP¥2,583 Up from JP¥2,308, the current price target is an average from 3 analysts. New target price is 43% above last closing price of JP¥1,806. Stock is up 0.7% over the past year. The company is forecast to post earnings per share of JP¥242 for next year compared to JP¥389 last year. Announcement • Nov 27
Tokuyama Corporation to Report Q3, 2023 Results on Jan 31, 2023 Tokuyama Corporation announced that they will report Q3, 2023 results on Jan 31, 2023