Announcement • May 18
Tokai Carbon Co., Ltd. to Report Q2, 2026 Results on Aug 05, 2026 Tokai Carbon Co., Ltd. announced that they will report Q2, 2026 results on Aug 05, 2026 Announcement • May 15
Tokai Carbon Co., Ltd. (TSE:5301) announces an Equity Buyback for 11,210,700 shares, for ¥14,999.92 million. Tokai Carbon Co., Ltd. (TSE:5301) announces a share repurchase program. Under the program, the company will repurchase up to 11,210,700 shares, representing 5.25% of its issued share capital, for ¥14,999.92 million. The shares will be repurchased at a price of ¥1,338 per share. The purpose of the program is to improve capital efficiency and implement flexible capital policies as well as enhance shareholder returns. The program is valid till May 15, 2026. As of April 30, 2026, the company had 213,546,633 outstanding shares (excluding treasury stock) and 11,396,471 treasury shares. New Risk • May 14
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. 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 (7.6% average weekly change). Reported Earnings • May 14
First quarter 2026 earnings released: EPS: JP¥7.29 (vs JP¥14.18 in 1Q 2025) First quarter 2026 results: EPS: JP¥7.29 (down from JP¥14.18 in 1Q 2025). Revenue: JP¥81.7b (up 1.7% from 1Q 2025). Net income: JP¥1.56b (down 49% from 1Q 2025). Profit margin: 1.9% (down from 3.8% in 1Q 2025). 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 4.7% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, earnings per share has fallen by 60% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • May 12
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to JP¥1,339, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 14x in the Chemicals industry in Japan. Total returns to shareholders of 17% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥1,956 per share. Price Target Changed • May 09
Price target increased by 8.1% to JP¥1,338 Up from JP¥1,238, the current price target is an average from 4 analysts. New target price is 12% above last closing price of JP¥1,190. Stock is up 30% over the past year. The company is forecast to post earnings per share of JP¥63.01 for next year compared to JP¥94.04 last year. Major Estimate Revision • Apr 28
Consensus EPS estimates fall by 12% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from JP¥344.7b to JP¥340.8b. EPS estimate also fell from JP¥69.82 per share to JP¥61.37 per share. Net income forecast to shrink 35% next year vs 7.5% growth forecast for Chemicals industry in Japan . Consensus price target broadly unchanged at JP¥1,238. Share price was steady at JP¥1,051 over the past week. Declared Dividend • Apr 11
Final dividend of JP¥15.00 announced Dividend of JP¥15.00 is the same as last year. Ex-date: 29th June 2026 Payment date: 1st September 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 (32% earnings payout ratio) and cash flows (49% cash payout ratio). The dividend has increased by an average of 17% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 34% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Mar 23
Tokai Carbon Co., Ltd.(TSE:5301) dropped from FTSE All-World Index (USD) Tokai Carbon Co., Ltd.(TSE:5301) dropped from FTSE All-World Index (USD) Major Estimate Revision • Mar 04
Consensus EPS estimates fall by 12% The consensus outlook for fiscal year 2026 has been updated. 2026 EPS estimate fell from JP¥87.44 to JP¥76.72 per share. Revenue forecast steady at JP¥344.6b. Net income forecast to shrink 15% next year vs 7.5% growth forecast for Chemicals industry in Japan . Consensus price target broadly unchanged at JP¥1,235. Share price fell 6.6% to JP¥981 over the past week. Board Change • Feb 25
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, none were independent directors. The company's board is composed of: 2 independent directors. 6 non-independent directors. Independent External Director Mayumi Asada was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Announcement • Feb 13
Tokai Carbon Co., Ltd. to Report Q1, 2026 Results on May 13, 2026 Tokai Carbon Co., Ltd. announced that they will report Q1, 2026 results on May 13, 2026 Announcement • Feb 12
Tokai Carbon Co., Ltd., Annual General Meeting, Mar 27, 2026 Tokai Carbon Co., Ltd., Annual General Meeting, Mar 27, 2026. Announcement • Nov 10
Tokai Carbon Co., Ltd. to Report Fiscal Year 2025 Results on Feb 12, 2026 Tokai Carbon Co., Ltd. announced that they will report fiscal year 2025 results on Feb 12, 2026 Reported Earnings • Nov 08
Third quarter 2025 earnings released: EPS: JP¥36.61 (vs JP¥9.01 in 3Q 2024) Third quarter 2025 results: EPS: JP¥36.61 (up from JP¥9.01 in 3Q 2024). Revenue: JP¥79.3b (down 9.7% from 3Q 2024). Net income: JP¥7.82b (up 306% from 3Q 2024). Profit margin: 9.9% (up from 2.2% in 3Q 2024). Revenue is forecast to grow 6.3% 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, the company's share price growth rate has exceeded its earnings growth rate by 97 percentage points per year, which is a significant difference in performance. Declared Dividend • Sep 02
First half dividend of JP¥15.00 announced Dividend of JP¥15.00 is the same as last year. Ex-date: 29th December 2025 Payment date: 30th March 2026 Dividend yield will be 3.0%, which is higher than the industry average of 2.2%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months. However, the dividend is well covered by cash flows (37% cash payout ratio). The dividend has increased by an average of 17% per year over the past 10 years. However, payments have been volatile during that time. Price Target Changed • Aug 14
Price target increased by 11% to JP¥1,265 Up from JP¥1,138, the current price target is an average from 4 analysts. New target price is 27% above last closing price of JP¥998. Stock is up 13% over the past year. The company is forecast to post earnings per share of JP¥62.81 next year compared to a net loss per share of JP¥266 last year. Reported Earnings • Aug 08
Second quarter 2025 earnings released: EPS: JP¥25.82 (vs JP¥9.54 in 2Q 2024) Second quarter 2025 results: EPS: JP¥25.82 (up from JP¥9.54 in 2Q 2024). Revenue: JP¥77.7b (down 12% from 2Q 2024). Net income: JP¥5.51b (up 171% from 2Q 2024). Profit margin: 7.1% (up from 2.3% in 2Q 2024). Revenue is forecast to grow 5.4% 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, the company's share price growth rate has exceeded its earnings growth rate by 91 percentage points per year, which is a significant difference in performance. Announcement • Jul 07
Tokai Carbon Co., Ltd. (TSE:5301) and Thai Tokai Carbon Product Co., Ltd. agreed to acquire Bridgestone Carbon Black (Thailand) Co.,Ltd. from Bridgestone Corporation (TSE:5108) and Asahi Carbon Co. Ltd. Tokai Carbon Co., Ltd. (TSE:5301) and Thai Tokai Carbon Product Co., Ltd. agreed to acquire Bridgestone Carbon Black (Thailand) Co.,Ltd. from Bridgestone Corporation (TSE:5108) and Asahi Carbon Co. Ltd on July 7, 2025. A cash consideration will be paid by Tokai Carbon Co., Ltd. and Thai Tokai Carbon Product Co., Ltd. As part of consideration, an undisclosed value is paid towards common equity of Bridgestone Carbon Black (Thailand) Co.,Ltd. Upon completion of the transaction, Tokai Carbon Co., Ltd. will own 1% and Thai Tokai Carbon Product Co., Ltd. will own 99% of the shares. Bridgestone Carbon Black (Thailand) Co.,Ltd. is expected to become consolidated subsidiary of Tokai Carbon Co., Ltd.
For the period ending December 31, 2024, Bridgestone Carbon Black (Thailand) Co.,Ltd. reported total revenue of THB 2.35 billion, EBIT of THB 54 million and net income of THB 42 million. As of December 31, 2024, Bridgestone Carbon Black (Thailand) Co.,Ltd. reported total assets of THB 2.35 billion and total common equity of THB 2.07 billion.
The transaction is subject to approval of offer by acquirer board. The deal has been approved by the board. The expected completion of the transaction is September 30, 2025. Announcement • Jul 02
Lenbach Equity Opportunities III managed by DUBAG Investment Advisory GmbH completed the acquisition of TOKAI ERFTCARBON GmbH from Tokai Carbon Co., Ltd. (TSE:5301). Lenbach Equity Opportunities III managed by DUBAG Investment Advisory GmbH agreed to acquire TOKAI ERFTCARBON GmbH from Tokai Carbon Co., Ltd. (TSE:5301) on May 16, 2025. A cash consideration will be paid by Lenbach Equity Opportunities III and DUBAG Investment Advisory GmbH. As part of consideration, an undisclosed value is paid towards common equity of TOKAI ERFTCARBON GmbH.
For the period ending December 31, 2024, TOKAI ERFTCARBON GmbH reported total revenue of €72.6 million, operating loss of €45.6 million and net loss of €46.1 million. As of December 31, 2024, TOKAI ERFTCARBON GmbH reported total assets of €81.5 million and total common equity of €39.7 million. The transaction is expected to close in June 2025.
Lenbach Equity Opportunities III managed by DUBAG Investment Advisory GmbH completed the acquisition of TOKAI ERFTCARBON GmbH from Tokai Carbon Co., Ltd. (TSE:5301) on June 30, 2025. As a result of this share transfer, TEG will no longer be included in the scope of consolidation, effective from the second quarter of the fiscal year ending December 2025. Ronald Meißner, LL.M., Dr. Florian Anselm, Dr. Attila Bangha-Szabo, Mark Leonard, Werner Geißelmeier, Dr. Fabian Klein, Dr. Michael Reich, Julia Stubert and Dr. Joël Hofmann of Pinsent Masons Germany LLP. Takanari Sekiguchi of Hibiya-Nakata acted jointly with Pinsent Masons Germany LLP. Sven Schweneke, Laurenz Kiefer, Dr. Philip Cavaillès, Dr. Adrian Birnbach, Dr. Stefan Horn, Dr. Michael Brüggemann, Julia Siedhoff and Julian C. Ludwig of Taylor Wessing acted as legal advisor to Lenbach Equity Opportunities III. Upcoming Dividend • Jun 20
Upcoming dividend of JP¥15.00 per share Eligible shareholders must have bought the stock before 27 June 2025. Payment date: 02 September 2025. The company is not currently making a profit but it is cash flow positive. Trailing yield: 3.0%. Lower than top quartile of Japanese dividend payers (4.0%). In line with average of industry peers (2.9%). Price Target Changed • May 30
Price target increased by 7.1% to JP¥1,138 Up from JP¥1,063, the current price target is an average from 4 analysts. New target price is 9.6% above last closing price of JP¥1,038. Stock is up 4.2% over the past year. The company is forecast to post earnings per share of JP¥57.20 next year compared to a net loss per share of JP¥266 last year. Announcement • May 20
Lenbach Equity Opportunities III and DUBAG Investment Advisory GmbH agreed to acquire TOKAI ERFTCARBON GmbH from Tokai Carbon Co., Ltd. (TSE:5301) Lenbach Equity Opportunities III and DUBAG Investment Advisory GmbH agreed to acquire TOKAI ERFTCARBON GmbH from Tokai Carbon Co., Ltd. (TSE:5301) on May 16, 2025. A cash consideration will be paid by Lenbach Equity Opportunities III and DUBAG Investment Advisory GmbH. As part of consideration, an undisclosed value is paid towards common equity of TOKAI ERFTCARBON GmbH.
For the period ending December 31, 2024, TOKAI ERFTCARBON GmbH reported total revenue of €72.6 million, operating loss of €45.6 million and net loss of €46.1 million. As of December 31, 2024, TOKAI ERFTCARBON GmbH reported total assets of €81.5 million and total common equity of €39.7 million. The transaction is expected to close in June 2025. Reported Earnings • May 16
First quarter 2025 earnings released: EPS: JP¥14.18 (vs JP¥7.63 in 1Q 2024) First quarter 2025 results: EPS: JP¥14.18 (up from JP¥7.63 in 1Q 2024). Revenue: JP¥80.3b (down 2.2% from 1Q 2024). Net income: JP¥3.03b (up 86% from 1Q 2024). Profit margin: 3.8% (up from 2.0% in 1Q 2024). Revenue is forecast to grow 5.3% p.a. on average during the next 3 years, compared to a 4.6% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 75 percentage points per year, which is a significant difference in performance. Declared Dividend • Apr 11
Final dividend of JP¥15.00 announced Dividend of JP¥15.00 is the same as last year. Ex-date: 27th June 2025 Payment date: 2nd September 2025 Dividend yield will be 3.6%, which is higher than the industry average of 2.2%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months. However, the dividend is covered by cash flows (68% cash payout ratio). The dividend has increased by an average of 17% per year over the past 10 years. However, payments have been volatile during that time. Buy Or Sell Opportunity • Feb 28
Now 22% undervalued Over the last 90 days, the stock has risen 1.1% to JP¥917. The fair value is estimated to be JP¥1,179, 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. Meanwhile, the company became loss making. Reported Earnings • Feb 13
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: JP¥266 loss per share (down from JP¥119 profit in FY 2023). Revenue: JP¥350.1b (down 3.8% from FY 2023). Net loss: JP¥56.7b (down 323% from profit in FY 2023). Revenue missed analyst estimates by 2.4%. Earnings per share (EPS) were also behind analyst expectations. Revenue is forecast to grow 7.7% 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 47% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Announcement • Feb 12
Tokai Carbon Co., Ltd., Annual General Meeting, Mar 27, 2025 Tokai Carbon Co., Ltd., Annual General Meeting, Mar 27, 2025. Upcoming Dividend • Dec 20
Upcoming dividend of JP¥15.00 per share Eligible shareholders must have bought the stock before 27 December 2024. Payment date: 31 March 2025. Payout ratio is a comfortable 73% and the cash payout ratio is 78%. Trailing yield: 3.4%. Lower than top quartile of Japanese dividend payers (3.8%). Higher than average of industry peers (2.6%). Reported Earnings • Nov 08
Third quarter 2024 earnings released: EPS: JP¥9.01 (vs JP¥25.66 in 3Q 2023) Third quarter 2024 results: EPS: JP¥9.01 (down from JP¥25.66 in 3Q 2023). Revenue: JP¥87.7b (down 1.7% from 3Q 2023). Net income: JP¥1.92b (down 65% from 3Q 2023). Profit margin: 2.2% (down from 6.1% in 3Q 2023). The decrease in margin was primarily driven by higher expenses. Revenue is forecast to grow 7.7% p.a. on average during the next 3 years, compared to a 5.1% 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 fallen by 11% per year, which means it is significantly lagging earnings. Price Target Changed • Nov 07
Price target decreased by 8.5% to JP¥1,025 Down from JP¥1,120, the current price target is an average from 4 analysts. New target price is 6.2% above last closing price of JP¥965. Stock is down 10% over the past year. The company is forecast to post earnings per share of JP¥59.75 for next year compared to JP¥119 last year. Declared Dividend • Aug 10
Dividend of JP¥15.00 announced Shareholders will receive a dividend of JP¥15.00. Ex-date: 27th December 2024 Payment date: 31st March 2025 Dividend yield will be 3.5%, which is higher than the industry average of 2.2%. Sustainability & Growth Dividend is covered by both earnings (40% earnings payout ratio) and cash flows (51% cash payout ratio). The dividend has increased by an average of 17% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 59% over the next 3 years, which should provide support to the dividend and adequate earnings cover. 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 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. 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 (5.8% average weekly change). Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 21% After last week's 21% share price decline to JP¥753, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 12x in the Chemicals industry in Japan. Total loss to shareholders of 43% over the past three years. Upcoming Dividend • Jun 20
Upcoming dividend of JP¥15.00 per share Eligible shareholders must have bought the stock before 27 June 2024. Payment date: 02 September 2024. Payout ratio is a comfortable 40% and this is well supported by cash flows. Trailing yield: 3.2%. Lower than top quartile of Japanese dividend payers (3.4%). Higher than average of industry peers (2.3%). Major Estimate Revision • May 29
Consensus EPS estimates fall by 20% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from JP¥375.3b to JP¥367.5b. EPS estimate also fell from JP¥81.59 per share to JP¥65.18 per share. Net income forecast to shrink 15% next year vs 13% growth forecast for Chemicals industry in Japan . Consensus price target down from JP¥1,220 to JP¥1,195. Share price was steady at JP¥984 over the past week. Reported Earnings • May 11
First quarter 2024 earnings released: EPS: JP¥7.63 (vs JP¥37.36 in 1Q 2023) First quarter 2024 results: EPS: JP¥7.63 (down from JP¥37.36 in 1Q 2023). Revenue: JP¥82.2b (down 5.0% from 1Q 2023). Net income: JP¥1.63b (down 80% from 1Q 2023). Profit margin: 2.0% (down from 9.2% in 1Q 2023). The decrease in margin was primarily driven by lower revenue. Revenue is forecast to grow 7.3% 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 42% per year but the company’s share price has fallen by 18% per year, which means it is significantly lagging earnings. Declared Dividend • Apr 11
Final dividend of JP¥15.00 announced Shareholders will receive a dividend of JP¥15.00. Ex-date: 27th June 2024 Payment date: 2nd September 2024 Dividend yield will be 3.1%, which is higher than the industry average of 2.2%. Sustainability & Growth Dividend is covered by both earnings (2% earnings payout ratio) and cash flows (51% cash payout ratio). The dividend has increased by an average of 17% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 39% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Apr 09
Tokai Carbon Co., Ltd. (TSE:5301) agreed to acquire 3% stake in Tokai Carbon Korea Co., Ltd. (KOSDAQ:A064760) from KC Co., Ltd. (KOSE:A029460) for ¥5.2 billion. Tokai Carbon Co., Ltd. (TSE:5301) agreed to acquire 3% stake in Tokai Carbon Korea Co., Ltd. (KOSDAQ:A064760) from KC Co., Ltd. (KOSE:A029460) for ¥5.2 billion on April 9, 2024. The transaction is expected to close on April 23, 2024. Announcement • Mar 23
Tokai Carbon Co., Ltd. to Report Q1, 2024 Results on May 09, 2024 Tokai Carbon Co., Ltd. announced that they will report Q1, 2024 results on May 09, 2024 Major Estimate Revision • Mar 08
Consensus EPS estimates fall by 11% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate fell from JP¥93.80 to JP¥83.02 per share. Revenue forecast steady at JP¥379.8b. Net income forecast to shrink 34% next year vs 21% growth forecast for Chemicals industry in Japan . Consensus price target of JP¥1,220 unchanged from last update. Share price was steady at JP¥992 over the past week. Reported Earnings • Feb 14
Full year 2023 earnings: EPS exceeds analyst expectations Full year 2023 results: EPS: JP¥119 (up from JP¥105 in FY 2022). Revenue: JP¥363.9b (up 6.9% from FY 2022). Net income: JP¥25.5b (up 14% from FY 2022). Profit margin: 7.0% (up from 6.6% in FY 2022). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 14%. Revenue is forecast to grow 6.9% p.a. on average during the next 3 years, compared to a 5.8% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, earnings per share has increased by 58% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Upcoming Dividend • Dec 21
Upcoming dividend of JP¥18.00 per share at 3.5% yield Eligible shareholders must have bought the stock before 28 December 2023. Payment date: 01 April 2024. Payout ratio is a comfortable 2.3% but the company is not cash flow positive. Trailing yield: 3.5%. Within top quartile of Japanese dividend payers (3.5%). Higher than average of industry peers (2.4%). Major Estimate Revision • Nov 29
Consensus EPS estimates fall by 11% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate fell from JP¥117 to JP¥104 per share. Revenue forecast steady at JP¥365.0b. Net income forecast to shrink 22% next year vs 13% growth forecast for Chemicals industry in Japan . Consensus price target down from JP¥1,308 to JP¥1,220. Share price was steady at JP¥1,097 over the past week. Reported Earnings • Nov 08
Third quarter 2023 earnings released: EPS: JP¥25.66 (vs JP¥32.22 in 3Q 2022) Third quarter 2023 results: EPS: JP¥25.66 (down from JP¥32.22 in 3Q 2022). Revenue: JP¥89.2b (flat on 3Q 2022). Net income: JP¥5.47b (down 20% from 3Q 2022). Profit margin: 6.1% (down from 7.7% in 3Q 2022). Revenue is forecast to grow 6.4% 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 70% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Price Target Changed • Sep 08
Price target decreased by 9.4% to JP¥1,308 Down from JP¥1,443, the current price target is an average from 4 analysts. New target price is 12% above last closing price of JP¥1,163. Stock is up 14% over the past year. The company is forecast to post earnings per share of JP¥117 for next year compared to JP¥105 last year. Price Target Changed • Sep 04
Price target decreased by 9.4% to JP¥1,368 Down from JP¥1,510, the current price target is an average from 4 analysts. New target price is 15% above last closing price of JP¥1,192. Stock is up 19% over the past year. The company is forecast to post earnings per share of JP¥112 for next year compared to JP¥105 last year. Announcement • Aug 19
Tokai Carbon Co., Ltd. to Report Fiscal Year 2023 Results on Feb 13, 2024 Tokai Carbon Co., Ltd. announced that they will report fiscal year 2023 results on Feb 13, 2024 Announcement • Aug 09
Tokai Carbon Co., Ltd. Announces Management Changes, Effective as of September 1, 2023 Tokai Carbon Co., Ltd. decided on the following personnel change effective as of September 1, 2023: Masafumi Tsuji, Member of the Board Executive Officer Responsible for Human Resources, General Affairs and Legal Affairs Department as Member of the Board Managing Executive Officer Responsible for Human Resources General Manager, Graphite Electrode Division; Hiroshi Takahashi, Executive Officer Responsible for General Administration Department for Group Companies as Executive Officer Advisor, Tokai Material Co., Ltd.; Akira Yamada, Executive Officer General Manager, General Affairs and Legal Affairs Department as Executive Officer Responsible for General Affairs and Legal Affairs Department General Manager, General Affairs and Legal Affairs Department; Keiichiro Machihara, Executive Officer Deputy General Manager, Technology & Engineering Division General Manager, Engineering Department as Executive Officer, Deputy General Manager, Technology & Engineering Division General Manager, Engineering Department Engineering Advisor, CB Business Rebuilding Project. Reported Earnings • Aug 09
Second quarter 2023 earnings released: EPS: JP¥37.24 (vs JP¥24.43 in 2Q 2022) Second quarter 2023 results: EPS: JP¥37.24 (up from JP¥24.43 in 2Q 2022). Revenue: JP¥91.9b (up 5.0% from 2Q 2022). Net income: JP¥7.94b (up 52% from 2Q 2022). Profit margin: 8.6% (up from 5.9% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 6.0% 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 70% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jun 22
Upcoming dividend of JP¥18.00 per share at 2.8% yield Eligible shareholders must have bought the stock before 29 June 2023. Payment date: 01 September 2023. Payout ratio is a comfortable 28% but the company is not cash flow positive. Trailing yield: 2.8%. Lower than top quartile of Japanese dividend payers (3.5%). Higher than average of industry peers (2.5%). Reported Earnings • May 14
First quarter 2023 earnings released: EPS: JP¥37.36 (vs JP¥18.97 in 1Q 2022) First quarter 2023 results: EPS: JP¥37.36 (up from JP¥18.97 in 1Q 2022). Revenue: JP¥86.5b (up 25% from 1Q 2022). Net income: JP¥7.96b (up 97% from 1Q 2022). Profit margin: 9.2% (up from 5.8% in 1Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 6.6% p.a. on average during the next 3 years, compared to a 3.7% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Feb 16
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to JP¥1,253, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 9x in the Chemicals industry in Japan. Total returns to shareholders of 33% over the past three years. Reported Earnings • Feb 12
Full year 2022 earnings: EPS in line with analyst expectations despite revenue beat Full year 2022 results: EPS: JP¥105 (up from JP¥75.55 in FY 2021). Revenue: JP¥340.4b (up 32% from FY 2021). Net income: JP¥22.4b (up 39% from FY 2021). Profit margin: 6.6% (up from 6.2% in FY 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 3.1%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 6.3% 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 12% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Announcement • Feb 10
Tokai Carbon Co., Ltd. Announces Notice on Changes in the Management Tokai Carbon decided on the following personnel change effective as of March 30, 2023. (1) New Member of the Board. New Position: Member of the BoardExecutive Officer (Director & Managing Director, THAI TOKAI CARBON PRODUCT CO., LTD.), Name: Tatsuhiko Yamazaki. Current Position: Business Director(Director & Managing Director, THAI TOKAI CARBON PRODUCT CO., LTD.). (2) Retirement from Member of the Board. Current Position: Member of the BoardExecutive Officer Responsible for Human Resources, General Affairs and Legal Affairs Department, Name: Yuji Serizawa. Post-Retirement: (Audit & Supervisory Board Member). (3) New Audit & Supervisory Board Member. New Position: Audit & Supervisory Board Member, Name: Yuji Serizawa. Current Position: Member of the Board Executive Officer Responsible for Human Resources, General Affairs and Legal Affairs Department. . New Position: Audit & Supervisory Board Member (External), Name: Yoshinori Matsushima. (4) Retirement from Audit & Supervisory Board Member. Current Position: Audit & Supervisory Board Member, Name: Masanao Hosoya. Post-Retirement: -. Current Position: Audit & Supervisory Board Member (External), Name: Motokazu Hiura. Post-Retirement: -. (5) New Substitute Audit & Supervisory Board Member. New Position: Substitute Audit & Supervisory Board Member (External), Name: Toshiya Onuma. Current Position:-. (6) New Executive Officer. New Position: Executive Officer Responsible for Strategic Planning Department, Name: Tsunayuki Sato. Current Position: Business Director General Manager, Strategic Investment Department. (7) Changes in Member of the Board and Executive Officer. New Position: Member of the BoardExecutive Officer Responsible for Human Resources, General Affairs and Legal Affairs Department, Name: Masafumi Tsuji. Current Position: Member of the BoardExecutive Officer Responsible for Corporate Planning, General Administration for Group Companies, Strategic Investment, Sales Research & Planning and Business Incubation Department General Manager, Corporate Planning Department. New Position: Member of the Board Executive Officer General Manager,Technology & Engineering Division, Name: Syunji Yamamoto. Current Position: Member of the Board Executive Officer (Director, TCCB Genpar LLC). New Position: Executive Officer Responsible for General Administration Department for Group Companies Name: Hiroshi Takahashi. Current Position: Executive OfficerGeneral Manager, General Administration Department for Group Companies. (8) Other Changes. New Position: (Retirement), Name: Nobuyuki Murofushi. Current Position: Executive Fellow Executive Officer to the President. Announcement • Feb 09
Tokai Carbon Co., Ltd. Revises Consolidated Earnings Guidance for the Fiscal Year Ending December 31, 2022 Tokai Carbon Co., Ltd. revised consolidated earnings guidance for the fiscal year ending December 31, 2022. The company expects net sales to be JPY 340,000 million as compared to previous JPY 305,000 million, Operating income to be JPY 40,588 million as compared to previous JPY 35,000 million, net income attributable to owners of parent to be JPY 22,418 million as compared to previous JPY 20,000 million. EPS to be JPY 105.16 as compared to previous JPY 93.82 per basic share. Net sales, operating income, ordinary income and net income attributable to owners of the parent company increased compared to the previous guidance due to increased shipments of materials andproducts in the background of the gradual recovery of the global economy. Net sales improved from the previous forecast mainly due to an improvement in the selling price ofcarbon black. Announcement • Jan 27
Tokai Carbon Co., Ltd. Announces Executive Changes Tokai Carbon Co., Ltd. announced following personnel change effective as of February 1, 2023. Keiichiro Machihara, Executive Officer General Manager, Technology & Engineering Division as Executive Officer General Manager, Technology & Engineering Division General Manager, Engineering Department. Announcement • Dec 28
Tokai Carbon Co., Ltd. to Report Fiscal Year 2022 Results on Feb 09, 2023 Tokai Carbon Co., Ltd. announced that they will report fiscal year 2022 results on Feb 09, 2023 Upcoming Dividend • Dec 22
Upcoming dividend of JP¥15.00 per share Eligible shareholders must have bought the stock before 29 December 2022. Payment date: 31 March 2023. Payout ratio is a comfortable 28% but the company is paying out more than the cash it is generating. Trailing yield: 2.7%. Lower than top quartile of Japanese dividend payers (3.8%). In line with average of industry peers (3.0%). Reported Earnings • Nov 16
Third quarter 2022 earnings released: EPS: JP¥32.22 (vs JP¥18.06 in 3Q 2021) Third quarter 2022 results: EPS: JP¥32.22 (up from JP¥18.06 in 3Q 2021). Revenue: JP¥89.3b (up 32% from 3Q 2021). Net income: JP¥6.87b (up 78% from 3Q 2021). Profit margin: 7.7% (up from 5.7% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 8.0% 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 25% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 5 non-independent directors. Independent External Director Toshiro Miyazaki 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. Reported Earnings • Nov 09
Third quarter 2022 earnings released: EPS: JP¥32.21 (vs JP¥18.06 in 3Q 2021) Third quarter 2022 results: EPS: JP¥32.21 (up from JP¥18.06 in 3Q 2021). Revenue: JP¥89.3b (up 32% from 3Q 2021). Net income: JP¥6.87b (up 78% from 3Q 2021). Profit margin: 7.7% (up from 5.7% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 8.0% 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 fallen by 25% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Price Target Changed • Aug 30
Price target decreased to JP¥1,500 Down from JP¥1,838, the current price target is an average from 3 analysts. New target price is 46% above last closing price of JP¥1,026. Stock is down 32% over the past year. The company is forecast to post earnings per share of JP¥102 for next year compared to JP¥75.55 last year. Reported Earnings • Aug 09
Second quarter 2022 earnings released: EPS: JP¥24.43 (vs JP¥17.54 in 2Q 2021) Second quarter 2022 results: EPS: JP¥24.43 (up from JP¥17.54 in 2Q 2021). Revenue: JP¥87.6b (up 38% from 2Q 2021). Net income: JP¥5.21b (up 39% from 2Q 2021). Profit margin: 5.9% (in line with 2Q 2021). Over the next year, revenue is forecast to grow 6.5%, compared to a 9.3% growth forecast for the industry in Japan. Over the last 3 years on average, earnings per share has fallen by 57% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Upcoming Dividend • Jun 22
Upcoming dividend of JP¥15.00 per share Eligible shareholders must have bought the stock before 29 June 2022. Payment date: 01 September 2022. Payout ratio is a comfortable 35% and this is well supported by cash flows. Trailing yield: 2.8%. Lower than top quartile of Japanese dividend payers (3.8%). In line with average of industry peers (3.0%). Reported Earnings • May 13
First quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2022 results: EPS: JP¥18.97 (up from JP¥9.23 in 1Q 2021). Revenue: JP¥69.5b (up 29% from 1Q 2021). Net income: JP¥4.04b (up 106% from 1Q 2021). Profit margin: 5.8% (up from 3.6% in 1Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 2.6%. Earnings per share (EPS) missed analyst estimates by 48%. Over the next year, revenue is forecast to grow 12%, compared to a 7.6% growth forecast for the industry in Japan. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 76 percentage points per year, which is a significant difference in performance.