Valuation Update With 7 Day Price Move • 17h
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to JP¥11,040, the stock trades at a forward P/E ratio of 31x. Average forward P/E is 15x in the Chemicals industry in Japan. Total returns to shareholders of 323% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥15,328 per share. Price Target Changed • Jun 06
Price target increased by 10% to JP¥11,267 Up from JP¥10,233, the current price target is an average from 12 analysts. New target price is 8.1% above last closing price of JP¥10,420. Stock is up 177% over the past year. The company is forecast to post earnings per share of JP¥331 for next year compared to JP¥278 last year. Announcement • May 27
Tokyo Ohka Kogyo Co., Ltd. to Report Q2, 2026 Results on Aug 06, 2026 Tokyo Ohka Kogyo Co., Ltd. announced that they will report Q2, 2026 results on Aug 06, 2026 Buy Or Sell Opportunity • May 18
Now 22% undervalued Over the last 90 days, the stock has risen 16% to JP¥10,360. The fair value is estimated to be JP¥13,302, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Earnings per share has grown by 36%. For the next 3 years, revenue is forecast to grow by 9.1% per annum. Earnings are also forecast to grow by 10% per annum over the same time period. Live News • May 12
Tokyo Ohka Kogyo Delivers Double Digit Growth and Lifts Dividend on AI Semiconductor Demand Tokyo Ohka Kogyo reported double-digit sales and profit growth in Q1 FY2026, supported by strong demand for semiconductor-related products tied to generative AI and electronic functional materials.
The company kept its full-year FY2026 guidance, which calls for continued double-digit growth, and raised its annual dividend forecast to ¥80 per share, extending its run of yearly dividend increases.
Tokyo Ohka Kogyo also consolidated micro resist technology GmbH into its operations, expanding its capabilities in semiconductor materials.
The combination of strong AI-related demand, maintained growth guidance and a higher dividend points to management confidence in the current business trajectory and cash generation capacity.
At the same time, investors may want to watch execution around the integration of micro resist technology GmbH and the company’s ability to manage raw material costs while supporting margins. Reported Earnings • May 12
First quarter 2026 earnings released: EPS: JP¥97.81 (vs JP¥62.91 in 1Q 2025) First quarter 2026 results: EPS: JP¥97.81 (up from JP¥62.91 in 1Q 2025). Revenue: JP¥67.1b (up 24% from 1Q 2025). Net income: JP¥11.7b (up 56% from 1Q 2025). Profit margin: 18% (up from 14% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 9.0% p.a. on average during the next 3 years, compared to a 4.8% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has increased by 69% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • May 11
Investor sentiment improves as stock rises 25% After last week's 25% share price gain to JP¥11,190, the stock trades at a forward P/E ratio of 37x. Average forward P/E is 14x in the Chemicals industry in Japan. Total returns to shareholders of 396% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥13,158 per share. Declared Dividend • Apr 11
Final dividend of JP¥40.00 announced Shareholders will receive a dividend of JP¥40.00. Ex-date: 29th June 2026 Payment date: 8th September 2026 Dividend yield will be 0.8%, which is lower than the industry average of 2.2%. Payout Ratios Payout ratio: 26%. Cash payout ratio: 98%. Valuation Update With 7 Day Price Move • Apr 09
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to JP¥8,755, the stock trades at a forward P/E ratio of 29x. Average forward P/E is 14x in the Chemicals industry in Japan. Total returns to shareholders of 290% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥11,046 per share. New Risk • Apr 08
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 9.4% 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. Announcement • Apr 02
Tokyo Ohka Kogyo Co., Ltd. to Report Q1, 2026 Results on May 11, 2026 Tokyo Ohka Kogyo Co., Ltd. announced that they will report Q1, 2026 results on May 11, 2026 Reported Earnings • Mar 29
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: EPS: JP¥278 (up from JP¥187 in FY 2024). Revenue: JP¥237.0b (up 18% from FY 2024). Net income: JP¥33.3b (up 47% from FY 2024). Profit margin: 14% (up from 11% in FY 2024). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 9.1%. Revenue is forecast to grow 9.3% p.a. on average during the next 3 years, compared to a 4.3% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has increased by 46% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Mar 16
Price target increased by 8.1% to JP¥8,296 Up from JP¥7,671, the current price target is an average from 12 analysts. New target price is approximately in line with last closing price of JP¥8,383. Stock is up 147% over the past year. The company is forecast to post earnings per share of JP¥297 for next year compared to JP¥278 last year. Price Target Changed • Mar 12
Price target increased by 9.2% to JP¥7,879 Up from JP¥7,213, the current price target is an average from 12 analysts. New target price is approximately in line with last closing price of JP¥8,222. Stock is up 145% over the past year. The company is forecast to post earnings per share of JP¥293 for next year compared to JP¥278 last year. Valuation Update With 7 Day Price Move • Mar 09
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to JP¥7,750, the stock trades at a forward P/E ratio of 26x. Average forward P/E is 14x in the Chemicals industry in Japan. Total returns to shareholders of 223% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥11,099 per share. Buy Or Sell Opportunity • Mar 04
Now 22% undervalued Over the last 90 days, the stock has risen 45% to JP¥8,584. The fair value is estimated to be JP¥11,030, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 28%. For the next 3 years, revenue is forecast to grow by 8.9% per annum. Earnings are also forecast to grow by 8.4% per annum over the same time period. Price Target Changed • Feb 12
Price target increased by 8.5% to JP¥7,213 Up from JP¥6,650, the current price target is an average from 12 analysts. New target price is 13% below last closing price of JP¥8,330. Stock is up 119% over the past year. The company is forecast to post earnings per share of JP¥292 for next year compared to JP¥278 last year. Reported Earnings • Feb 10
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: EPS: JP¥278 (up from JP¥187 in FY 2024). Revenue: JP¥237.0b (up 18% from FY 2024). Net income: JP¥33.3b (up 47% from FY 2024). Profit margin: 14% (up from 11% in FY 2024). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 9.1%. Revenue is forecast to grow 8.4% 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 28% per year but the company’s share price has increased by 53% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Feb 10
Price target increased by 8.8% to JP¥7,029 Up from JP¥6,458, the current price target is an average from 12 analysts. New target price is 17% below last closing price of JP¥8,432. Stock is up 141% over the past year. The company is forecast to post earnings per share of JP¥255 for next year compared to JP¥187 last year. Announcement • Feb 09
Tokyo Ohka Kogyo Co., Ltd., Annual General Meeting, Mar 27, 2026 Tokyo Ohka Kogyo Co., Ltd., Annual General Meeting, Mar 27, 2026. Valuation Update With 7 Day Price Move • Feb 09
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to JP¥8,389, the stock trades at a forward P/E ratio of 30x. Average forward P/E is 14x in the Chemicals industry in Japan. Total returns to shareholders of 310% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥13,060 per share. Price Target Changed • Dec 31
Price target increased by 7.4% to JP¥6,368 Up from JP¥5,927, the current price target is an average from 13 analysts. New target price is 9.7% above last closing price of JP¥5,804. Stock is up 64% over the past year. The company is forecast to post earnings per share of JP¥247 for next year compared to JP¥187 last year. Upcoming Dividend • Dec 22
Upcoming dividend of JP¥35.00 per share Eligible shareholders must have bought the stock before 29 December 2025. Payment date: 31 March 2026. Payout ratio is a comfortable 28% but the company is paying out more than the cash it is generating. Trailing yield: 1.2%. Lower than top quartile of Japanese dividend payers (3.6%). Lower than average of industry peers (2.5%). Announcement • Dec 03
Tokyo Ohka Kogyo Co., Ltd. to Report Fiscal Year 2025 Results on Feb 09, 2026 Tokyo Ohka Kogyo Co., Ltd. announced that they will report fiscal year 2025 results on Feb 09, 2026 Price Target Changed • Nov 21
Price target increased by 9.7% to JP¥5,679 Up from JP¥5,179, the current price target is an average from 14 analysts. New target price is approximately in line with last closing price of JP¥5,574. Stock is up 61% over the past year. The company is forecast to post earnings per share of JP¥240 for next year compared to JP¥187 last year. New Risk • Nov 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 5.8% 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. Price Target Changed • Nov 15
Price target increased by 9.2% to JP¥5,443 Up from JP¥4,982, the current price target is an average from 14 analysts. New target price is 13% below last closing price of JP¥6,292. Stock is up 70% over the past year. The company is forecast to post earnings per share of JP¥237 for next year compared to JP¥187 last year. Reported Earnings • Nov 13
Third quarter 2025 earnings: EPS and revenues exceed analyst expectations Third quarter 2025 results: EPS: JP¥70.44 (up from JP¥53.58 in 3Q 2024). Revenue: JP¥61.2b (up 18% from 3Q 2024). Net income: JP¥8.45b (up 30% from 3Q 2024). Profit margin: 14% (up from 13% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 4.8%. Earnings per share (EPS) also surpassed analyst estimates by 23%. Revenue is forecast to grow 6.6% 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 increased by 18% per year but the company’s share price has increased by 41% per year, which means it is tracking significantly ahead of earnings growth. Buy Or Sell Opportunity • Nov 05
Now 22% undervalued Over the last 90 days, the stock has risen 31% to JP¥5,686. The fair value is estimated to be JP¥7,248, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.8% over the last 3 years. Earnings per share has grown by 9.9%. For the next 3 years, revenue is forecast to grow by 7.1% per annum. Earnings are also forecast to grow by 7.0% per annum over the same time period. Declared Dividend • Sep 09
First half dividend of JP¥35.00 announced Shareholders will receive a dividend of JP¥35.00. Ex-date: 29th December 2025 Payment date: 31st March 2026 Dividend yield will be 1.5%, which is lower than the industry average of 2.2%. Sustainability & Growth Dividend is covered by earnings (31% earnings payout ratio) but not covered by cash flows (456% cash payout ratio). The dividend has increased by an average of 13% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 20% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Sep 04
Tokyo Ohka Kogyo Co., Ltd. to Report Q3, 2025 Results on Nov 11, 2025 Tokyo Ohka Kogyo Co., Ltd. announced that they will report Q3, 2025 results on Nov 11, 2025 Reported Earnings • Aug 07
Second quarter 2025 earnings: EPS and revenues exceed analyst expectations Second quarter 2025 results: EPS: JP¥50.92 (up from JP¥45.77 in 2Q 2024). Revenue: JP¥57.4b (up 15% from 2Q 2024). Net income: JP¥6.09b (up 9.9% from 2Q 2024). Profit margin: 11% (in line with 2Q 2024). Revenue exceeded analyst estimates by 2.5%. Earnings per share (EPS) also surpassed analyst estimates by 11%. Revenue is forecast to grow 6.4% 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 10% per year but the company’s share price has increased by 24% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Jun 20
Upcoming dividend of JP¥35.00 per share Eligible shareholders must have bought the stock before 27 June 2025. Payment date: 08 September 2025. Payout ratio is a comfortable 29% but the company is paying out more than the cash it is generating. Trailing yield: 1.7%. Lower than top quartile of Japanese dividend payers (4.0%). Lower than average of industry peers (2.9%). Announcement • Jun 06
Tokyo Ohka Kogyo Co., Ltd Appoints Shogo Ishihara as Executive Officer, Effective July 1, 2025 Tokyo Ohka Kogyo Co., Ltd. announced changes of Executive Officers pursuant to a resolution at the Board of Directors' meeting held on June 6, 2025. Shogo Ishihara has been appointed as Executive Officer and Division Manager of the Human Capital Division, effective July 1, 2025, previously serving as Deputy Division Manager of Human Capital Division. Announcement • May 24
Tokyo Ohka Kogyo Co., Ltd. to Report Q2, 2025 Results on Aug 06, 2025 Tokyo Ohka Kogyo Co., Ltd. announced that they will report Q2, 2025 results on Aug 06, 2025 Reported Earnings • May 13
First quarter 2025 earnings: EPS and revenues exceed analyst expectations First quarter 2025 results: EPS: JP¥62.91 (up from JP¥29.73 in 1Q 2024). Revenue: JP¥54.3b (up 21% from 1Q 2024). Net income: JP¥7.53b (up 109% from 1Q 2024). Profit margin: 14% (up from 8.0% in 1Q 2024). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 2.6%. Earnings per share (EPS) also surpassed analyst estimates by 65%. Revenue is forecast to grow 7.2% p.a. on average during the next 3 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 3% per year but the company’s share price has increased by 14% per year, which means it is tracking significantly ahead of earnings growth. Declared Dividend • Apr 11
Final dividend of JP¥35.00 announced Shareholders will receive a dividend of JP¥35.00. Ex-date: 27th June 2025 Payment date: 8th September 2025 Dividend yield will be 2.4%, which is higher than the industry average of 2.2%. Sustainability & Growth Dividend is covered by earnings (34% earnings payout ratio) but not covered by cash flows (180% cash payout ratio). The dividend has increased by an average of 15% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 30% over the next 3 years, which should provide support to the dividend and adequate earnings cover. 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¥2,575, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 10x in the Chemicals industry in Japan. Total returns to shareholders of 20% over the past three years. New Risk • Apr 04
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 5.3% 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 Dividend is not well covered by cash flows (180% cash payout ratio). Share price has been volatile over the past 3 months (5.3% average weekly change). Announcement • Mar 18
Tokyo Ohka Kogyo Co., Ltd. to Report Q1, 2025 Results on May 12, 2025 Tokyo Ohka Kogyo Co., Ltd. announced that they will report Q1, 2025 results on May 12, 2025 Announcement • Feb 26
Tokyo Ohka Kogyo Co., Ltd. (TSE:4186) agreed to acquire Micro Resist Technology Gesellschaft FÜR Chemische Materialien Spezieller Photoresistsysteme Mbh. Tokyo Ohka Kogyo Co., Ltd. (TSE:4186) agreed to acquire Micro Resist Technology Gesellschaft FÜR Chemische Materialien Spezieller Photoresistsysteme Mbh on February 24, 2025.
The expected completion of the transaction is February 28, 2025. New Risk • Feb 15
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. Cash payout ratio: 181% Dividend yield: 1.9% 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. This is currently the only risk that has been identified for the company. Announcement • Feb 13
Tokyo Ohka Kogyo Co., Ltd. Announces Management Changes, Effective March 28, 2025 TOKYO OHKA KOGYO CO., LTD. announced change of Director (Scheduled to take effect on March 28, 2025). Retiring Directors are Nobuo Tokutake, previous position is Director Standing Audit and Supervisory Committee Member. Noriko Sekiguchi, previous position is Director Audit and Supervisory Committee Member and current position is Representative of Sekiguchi Noriko CPA Office, Audit & Supervisory, Board Member of Oji Holdings Corporation (Independent Outside Audit & Supervisory Board Member), External Director, Audit & Supervisory Committee, and Member of Ryoden Corporation. Changes of executive officers is Effective March 28, 2025. Tsukasa Honkawa is retiring as executive officer and current position is President, TOK ENGINEERING CO., LTD. The company also announced the change of position and responsibility of executive officer, Effective March 28, 2025. Hirotaka Yamamoto’s new position as Managing Executive Officer. Previous position is Executive Officer. No change/Current position: Director, Division Manager, Manufacturing Division. Naoki Watanabe’s new position as Division Manager, New Business, Development Division. Previous position is Chairman and President, TOK CHINA CO., LTD. No change/Current position: Executive Officer. Naoki Tatsuno’s new position as Chairman and President, TOK CHINA CO., LTD. Previous position is Deputy Division Manager, Marketing Division. No change/Current position: Executive Officer. Upcoming Dividend • Dec 20
Upcoming dividend of JP¥29.00 per share Eligible shareholders must have bought the stock before 27 December 2024. Payment date: 31 March 2025. Payout ratio is a comfortable 34% but the company is paying out more than the cash it is generating. Trailing yield: 1.7%. Lower than top quartile of Japanese dividend payers (3.8%). Lower than average of industry peers (2.6%). Announcement • Dec 19
Tokyo Ohka Kogyo Co., Ltd. to Report Fiscal Year 2024 Results on Feb 12, 2025 Tokyo Ohka Kogyo Co., Ltd. announced that they will report fiscal year 2024 results on Feb 12, 2025 Reported Earnings • Nov 14
Third quarter 2024 earnings: EPS and revenues exceed analyst expectations Third quarter 2024 results: EPS: JP¥53.58 (up from JP¥17.89 in 3Q 2023). Revenue: JP¥51.8b (up 27% from 3Q 2023). Net income: JP¥6.49b (up 200% from 3Q 2023). Profit margin: 13% (up from 5.3% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 2.0%. Earnings per share (EPS) also surpassed analyst estimates by 16%. Revenue is forecast to grow 8.3% 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 3% per year but the company’s share price has increased by 14% per year, which means it is well ahead of earnings. Announcement • Nov 12
Tokyo Ohka Kogyo Co., Ltd. (TSE:4186) announces an Equity Buyback for 2,500,000 shares, representing 2.06% for ¥7,000 million. Tokyo Ohka Kogyo Co., Ltd. (TSE:4186) announces a share repurchase program. Under the program, the company will repurchase up to 2,500,000 shares, representing 2.05% of its issued shares excluding treasury for ¥7,000 million. The purpose of the program is to implement a flexible capital policy that responds to changes in the business environment and to return profits to shareholders. The program will be valid till January 31, 2025. As of October 31, 2024, the company had 121,507,648 outstanding shares and 6,292,352 shares in treasury. Announcement • Sep 03
Tokyo Ohka Kogyo Co., Ltd. to Report Q3, 2024 Results on Nov 12, 2024 Tokyo Ohka Kogyo Co., Ltd. announced that they will report Q3, 2024 results on Nov 12, 2024 Reported Earnings • Aug 08
Second quarter 2024 earnings: EPS and revenues exceed analyst expectations Second quarter 2024 results: EPS: JP¥45.77 (up from JP¥26.44 in 2Q 2023). Revenue: JP¥49.7b (up 27% from 2Q 2023). Net income: JP¥5.54b (up 73% from 2Q 2023). Profit margin: 11% (up from 8.2% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 7.5%. Earnings per share (EPS) also surpassed analyst estimates by 8.5%. Revenue is forecast to grow 8.2% 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 2% per year but the company’s share price has increased by 12% per year, which means it is well ahead of earnings. New Risk • Aug 05
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. Cash payout ratio: 354% Dividend yield: 2.1% 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: Minor Risks Dividend is not well covered by cash flows (354% cash payout ratio). Share price has been volatile over the past 3 months (6.7% average weekly change). Buy Or Sell Opportunity • Jul 05
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 1.3% to JP¥4,225. The fair value is estimated to be JP¥5,346, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years, while earnings per share has been flat. For the next 3 years, revenue is forecast to grow by 8.9% per annum. Earnings are also forecast to grow by 17% per annum over the same time period. Upcoming Dividend • Jun 20
Upcoming dividend of JP¥29.00 per share Eligible shareholders must have bought the stock before 27 June 2024. Payment date: 06 September 2024. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 1.3%. Lower than top quartile of Japanese dividend payers (3.4%). Lower than average of industry peers (2.3%). Announcement • Jun 14
Tokyo Ohka Kogyo Co., Ltd. to Report Q2, 2024 Results on Aug 06, 2024 Tokyo Ohka Kogyo Co., Ltd. announced that they will report Q2, 2024 results on Aug 06, 2024 Buy Or Sell Opportunity • Jun 05
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 12% to JP¥3,925. The fair value is estimated to be JP¥4,963, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years, while earnings per share has been flat. For the next 3 years, revenue is forecast to grow by 8.6% per annum. Earnings are also forecast to grow by 16% per annum over the same time period. Reported Earnings • May 16
First quarter 2024 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2024 results: EPS: JP¥29.73 (up from JP¥17.85 in 1Q 2023). Revenue: JP¥45.0b (up 17% from 1Q 2023). Net income: JP¥3.60b (up 67% from 1Q 2023). Profit margin: 8.0% (up from 5.6% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 5.8%. Earnings per share (EPS) missed analyst estimates by 17%. Revenue is forecast to grow 8.2% 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 increased by 2% per year but the company’s share price has increased by 24% per year, which means it is tracking significantly ahead of earnings growth. Buy Or Sell Opportunity • May 14
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 3.0% to JP¥3,931. The fair value is estimated to be JP¥4,985, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has grown by 8.8%. For the next 3 years, revenue is forecast to grow by 8.4% per annum. Earnings are also forecast to grow by 17% per annum over the same time period. Declared Dividend • Apr 11
Final dividend of JP¥29.00 announced Shareholders will receive a dividend of JP¥29.00. Ex-date: 27th June 2024 Payment date: 6th September 2024 Dividend yield will be 2.7%, which is higher than the industry average of 2.2%. Sustainability & Growth Dividend is covered by earnings (55% earnings payout ratio) but not covered by cash flows (354% cash payout ratio). The dividend has increased by an average of 14% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to decline by 29% over the next 3 years. However, it would need to fall by 39% to increase the payout ratio to a potentially unsustainable range. Price Target Changed • Mar 26
Price target increased by 7.2% to JP¥4,536 Up from JP¥4,232, the current price target is an average from 13 analysts. New target price is approximately in line with last closing price of JP¥4,626. Stock is up 83% over the past year. The company is forecast to post earnings per share of JP¥160 for next year compared to JP¥105 last year. Announcement • Mar 15
Tokyo Ohka Kogyo Co., Ltd. to Report Q1, 2024 Results on May 13, 2024 Tokyo Ohka Kogyo Co., Ltd. announced that they will report Q1, 2024 results on May 13, 2024 Price Target Changed • Mar 12
Price target increased by 7.8% to JP¥4,362 Up from JP¥4,046, the current price target is an average from 13 analysts. New target price is approximately in line with last closing price of JP¥4,474. Stock is up 84% over the past year. The company is forecast to post earnings per share of JP¥160 for next year compared to JP¥105 last year. Price Target Changed • Feb 17
Price target increased by 9.0% to JP¥3,821 Up from JP¥3,506, the current price target is an average from 13 analysts. New target price is 8.9% below last closing price of JP¥4,193. Stock is up 74% over the past year. The company is forecast to post earnings per share of JP¥150 for next year compared to JP¥105 last year. Buy Or Sell Opportunity • Feb 16
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 37% to JP¥4,193. The fair value is estimated to be JP¥3,477, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has grown by 8.8%. For the next 3 years, revenue is forecast to grow by 8.3% per annum. Earnings are also forecast to grow by 17% per annum over the same time period. Reported Earnings • Feb 14
Full year 2023 earnings: EPS misses analyst expectations Full year 2023 results: EPS: JP¥315. Revenue: JP¥162.3b (down 7.5% from FY 2022). Net income: JP¥12.7b (down 35% from FY 2022). Profit margin: 7.8% (down from 11% in FY 2022). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 8.0%. Revenue is forecast to grow 8.5% p.a. on average during the next 3 years, compared to a 5.8% growth forecast for the Chemicals industry in Japan. Valuation Update With 7 Day Price Move • Feb 14
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to JP¥4,051, the stock trades at a forward P/E ratio of 28x. Average forward P/E is 13x in the Chemicals industry in Japan. Total returns to shareholders of 90% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥3,906 per share. 
