Reported Earnings • May 14
Full year 2026 earnings released: EPS: JP¥101 (vs JP¥74.45 in FY 2025) Full year 2026 results: EPS: JP¥101 (up from JP¥74.45 in FY 2025). Revenue: JP¥25.6b (up 4.6% from FY 2025). Net income: JP¥611.0m (up 36% from FY 2025). Profit margin: 2.4% (up from 1.8% in FY 2025). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Announcement • May 12
Sanyu Co., Ltd., Annual General Meeting, Jun 26, 2026 Sanyu Co., Ltd., Annual General Meeting, Jun 26, 2026. Announcement • May 09
Sanyu Co., Ltd. to Report Fiscal Year 2026 Results on May 12, 2026 Sanyu Co., Ltd. announced that they will report fiscal year 2026 results on May 12, 2026 Board Change • May 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 1 highly experienced director. Chairman, CEO & President Akira Kita was the last 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: Insufficient board refreshment. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥25.00 per share Eligible shareholders must have bought the stock before 30 March 2026. Payment date: 30 June 2026. Payout ratio is a comfortable 23% and this is well supported by cash flows. Trailing yield: 3.4%. Lower than top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (2.5%). Reported Earnings • Feb 05
Third quarter 2026 earnings released: EPS: JP¥29.12 (vs JP¥27.79 in 3Q 2025) Third quarter 2026 results: EPS: JP¥29.12 (up from JP¥27.79 in 3Q 2025). Revenue: JP¥6.53b (up 3.3% from 3Q 2025). Net income: JP¥176.0m (up 4.8% from 3Q 2025). Profit margin: 2.7% (in line with 3Q 2025). Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Announcement • Nov 29
Sanyu Co., Ltd. to Report Q3, 2026 Results on Feb 03, 2026 Sanyu Co., Ltd. announced that they will report Q3, 2026 results on Feb 03, 2026 Declared Dividend • Nov 07
Dividend of JP¥25.00 announced Shareholders will receive a dividend of JP¥25.00. Ex-date: 30th March 2026 Payment date: 30th June 2026 Dividend yield will be 3.9%, which is higher than the industry average of 3.4%. Sustainability & Growth Dividend is well covered by both earnings (24% earnings payout ratio) and cash flows (13% cash payout ratio). The dividend has increased by an average of 15% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 10% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Nov 07
Second quarter 2026 earnings released: EPS: JP¥26.14 (vs JP¥22.34 in 2Q 2025) Second quarter 2026 results: EPS: JP¥26.14 (up from JP¥22.34 in 2Q 2025). Revenue: JP¥6.30b (up 3.9% from 2Q 2025). Net income: JP¥158.0m (up 17% from 2Q 2025). Profit margin: 2.5% (up from 2.2% in 2Q 2025). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Sep 04
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to JP¥668, the stock trades at a trailing P/E ratio of 7.5x. Average trailing P/E is 13x in the Metals and Mining industry in Japan. Total returns to shareholders of 52% over the past three years. Announcement • Sep 01
Sanyu Co., Ltd. to Report Q2, 2026 Results on Nov 05, 2025 Sanyu Co., Ltd. announced that they will report Q2, 2026 results on Nov 05, 2025 Reported Earnings • Aug 06
First quarter 2026 earnings released: EPS: JP¥23.66 (vs JP¥9.27 in 1Q 2025) First quarter 2026 results: EPS: JP¥23.66 (up from JP¥9.27 in 1Q 2025). Revenue: JP¥6.37b (up 7.8% from 1Q 2025). Net income: JP¥143.0m (up 155% from 1Q 2025). Profit margin: 2.2% (up from 0.9% in 1Q 2025). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Reported Earnings • Jun 30
Full year 2025 earnings released: EPS: JP¥74.45 (vs JP¥63.86 in FY 2024) Full year 2025 results: EPS: JP¥74.45 (up from JP¥63.86 in FY 2024). Revenue: JP¥24.4b (up 1.8% from FY 2024). Net income: JP¥450.0m (up 17% from FY 2024). Profit margin: 1.8% (up from 1.6% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Announcement • May 31
Sanyu Co., Ltd. to Report Q1, 2026 Results on Aug 04, 2025 Sanyu Co., Ltd. announced that they will report Q1, 2026 results on Aug 04, 2025 Reported Earnings • May 18
Full year 2025 earnings released: EPS: JP¥74.45 (vs JP¥63.86 in FY 2024) Full year 2025 results: EPS: JP¥74.45 (up from JP¥63.86 in FY 2024). Revenue: JP¥24.4b (up 1.8% from FY 2024). Net income: JP¥450.0m (up 17% from FY 2024). Profit margin: 1.8% (up from 1.6% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Announcement • May 13
Sanyu Co., Ltd., Annual General Meeting, Jun 27, 2025 Sanyu Co., Ltd., Annual General Meeting, Jun 27, 2025. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥20.00 per share Eligible shareholders must have bought the stock before 28 March 2025. Payment date: 30 June 2025. Payout ratio is a comfortable 31% and this is well supported by cash flows. Trailing yield: 3.8%. Within top quartile of Japanese dividend payers (3.7%). In line with average of industry peers (4.1%). Announcement • Mar 01
Sanyu Co., Ltd. to Report Fiscal Year 2025 Results on May 13, 2025 Sanyu Co., Ltd. announced that they will report fiscal year 2025 results on May 13, 2025 Reported Earnings • Feb 06
Third quarter 2025 earnings released: EPS: JP¥27.79 (vs JP¥17.70 in 3Q 2024) Third quarter 2025 results: EPS: JP¥27.79 (up from JP¥17.70 in 3Q 2024). Revenue: JP¥6.32b (flat on 3Q 2024). Net income: JP¥168.0m (up 57% from 3Q 2024). Profit margin: 2.7% (up from 1.7% in 3Q 2024). Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Announcement • Nov 30
Sanyu Co., Ltd. to Report Q3, 2025 Results on Feb 04, 2025 Sanyu Co., Ltd. announced that they will report Q3, 2025 results on Feb 04, 2025 Reported Earnings • Nov 08
Second quarter 2025 earnings released: EPS: JP¥22.34 (vs JP¥15.39 in 2Q 2024) Second quarter 2025 results: EPS: JP¥22.34 (up from JP¥15.39 in 2Q 2024). Revenue: JP¥6.06b (up 1.6% from 2Q 2024). Net income: JP¥135.0m (up 45% from 2Q 2024). Profit margin: 2.2% (up from 1.6% in 2Q 2024). Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Declared Dividend • Nov 07
Dividend of JP¥18.00 announced Shareholders will receive a dividend of JP¥18.00. Ex-date: 28th March 2025 Payment date: 30th June 2025 Dividend yield will be 3.8%, which is higher than the industry average of 3.4%. Sustainability & Growth Dividend is well covered by both earnings (44% earnings payout ratio) and cash flows (10% cash payout ratio). The dividend has increased by an average of 9.1% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to decline by 52% to shift the payout ratio to a potentially unsustainable range, which is more than the 8.6% EPS decline seen over the last 5 years. Announcement • Aug 27
Sanyu Co., Ltd. to Report Q2, 2025 Results on Nov 05, 2024 Sanyu Co., Ltd. announced that they will report Q2, 2025 results on Nov 05, 2024 Reported Earnings • Aug 05
First quarter 2025 earnings released: EPS: JP¥9.27 (vs JP¥29.45 in 1Q 2024) First quarter 2025 results: EPS: JP¥9.27 (down from JP¥29.45 in 1Q 2024). Revenue: JP¥5.91b (flat on 1Q 2024). Net income: JP¥56.0m (down 69% from 1Q 2024). Profit margin: 0.9% (down from 3.0% in 1Q 2024). Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Announcement • Jun 02
Sanyu Co., Ltd. to Report Q1, 2025 Results on Aug 02, 2024 Sanyu Co., Ltd. announced that they will report Q1, 2025 results on Aug 02, 2024 Reported Earnings • May 17
Full year 2024 earnings released: EPS: JP¥63.86 (vs JP¥107 in FY 2023) Full year 2024 results: EPS: JP¥63.86 (down from JP¥107 in FY 2023). Revenue: JP¥24.0b (flat on FY 2023). Net income: JP¥386.0m (down 40% from FY 2023). Profit margin: 1.6% (down from 2.7% in FY 2023). Over the last 3 years on average, earnings per share has increased by 8% per year whereas the company’s share price has increased by 4% per year. Announcement • May 15
Sanyu Co., Ltd., Annual General Meeting, Jun 27, 2024 Sanyu Co., Ltd., Annual General Meeting, Jun 27, 2024. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥21.00 per share Eligible shareholders must have bought the stock before 28 March 2024. Payment date: 01 July 2024. Payout ratio is a comfortable 47% and this is well supported by cash flows. Trailing yield: 3.0%. Lower than top quartile of Japanese dividend payers (3.2%). Lower than average of industry peers (3.5%). Announcement • Mar 02
Sanyu Co., Ltd. to Report Fiscal Year 2024 Results on May 13, 2024 Sanyu Co., Ltd. announced that they will report fiscal year 2024 results on May 13, 2024 Reported Earnings • Feb 04
Third quarter 2024 earnings released: EPS: JP¥17.70 (vs JP¥44.01 in 3Q 2023) Third quarter 2024 results: EPS: JP¥17.70 (down from JP¥44.01 in 3Q 2023). Revenue: JP¥6.36b (down 1.2% from 3Q 2023). Net income: JP¥107.0m (down 60% from 3Q 2023). Profit margin: 1.7% (down from 4.1% in 3Q 2023). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Announcement • Nov 27
Sanyu Co., Ltd. to Report Q3, 2024 Results on Feb 02, 2024 Sanyu Co., Ltd. announced that they will report Q3, 2024 results on Feb 02, 2024 Reported Earnings • Nov 04
Second quarter 2024 earnings released: EPS: JP¥15.39 (vs JP¥34.58 in 2Q 2023) Second quarter 2024 results: EPS: JP¥15.39 (down from JP¥34.58 in 2Q 2023). Revenue: JP¥5.97b (up 2.9% from 2Q 2023). Net income: JP¥93.0m (down 56% from 2Q 2023). Profit margin: 1.6% (down from 3.6% in 2Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 50% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Announcement • Aug 27
Sanyu Co., Ltd. to Report Q2, 2024 Results on Nov 02, 2023 Sanyu Co., Ltd. announced that they will report Q2, 2024 results on Nov 02, 2023 Reported Earnings • Aug 03
First quarter 2024 earnings released: EPS: JP¥29.45 (vs JP¥22.67 in 1Q 2023) First quarter 2024 results: EPS: JP¥29.45 (up from JP¥22.67 in 1Q 2023). Revenue: JP¥5.96b (up 8.3% from 1Q 2023). Net income: JP¥178.0m (up 30% from 1Q 2023). Profit margin: 3.0% (up from 2.5% in 1Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 67% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Announcement • May 28
Sanyu Co., Ltd. to Report Q1, 2024 Results on Aug 02, 2023 Sanyu Co., Ltd. announced that they will report Q1, 2024 results on Aug 02, 2023 Reported Earnings • May 16
Full year 2023 earnings released: EPS: JP¥107 (vs JP¥111 in FY 2022) Full year 2023 results: EPS: JP¥107 (down from JP¥111 in FY 2022). Revenue: JP¥23.9b (up 14% from FY 2022). Net income: JP¥645.0m (down 3.6% from FY 2022). Profit margin: 2.7% (down from 3.2% in FY 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 73% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Announcement • May 13
Sanyu Co., Ltd., Annual General Meeting, Jun 29, 2023 Sanyu Co., Ltd., Annual General Meeting, Jun 29, 2023. Valuation Update With 7 Day Price Move • May 12
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to JP¥531, the stock trades at a trailing P/E ratio of 4.2x. Average trailing P/E is 7x in the Metals and Mining industry in Japan. Total returns to shareholders of 80% over the past three years. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥30.00 per share at 2.9% yield Eligible shareholders must have bought the stock before 30 March 2023. Payment date: 30 June 2023. Payout ratio is a comfortable 26% but the company is not cash flow positive. Trailing yield: 2.9%. Lower than top quartile of Japanese dividend payers (3.6%). Lower than average of industry peers (4.6%). Valuation Update With 7 Day Price Move • Mar 02
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to JP¥762, the stock trades at a trailing P/E ratio of 6x. Average trailing P/E is 7x in the Metals and Mining industry in Japan. Total returns to shareholders of 135% over the past three years. Reported Earnings • Feb 03
Third quarter 2023 earnings released: EPS: JP¥44.01 (vs JP¥35.57 in 3Q 2022) Third quarter 2023 results: EPS: JP¥44.01 (up from JP¥35.57 in 3Q 2022). Revenue: JP¥6.44b (up 20% from 3Q 2022). Net income: JP¥266.0m (up 24% from 3Q 2022). Profit margin: 4.1% (up from 4.0% in 3Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 68% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Announcement • Nov 27
Sanyu Co., Ltd. to Report Q3, 2023 Results on Feb 02, 2023 Sanyu Co., Ltd. announced that they will report Q3, 2023 results on Feb 02, 2023 Reported Earnings • Nov 18
Second quarter 2023 earnings released: EPS: JP¥34.58 (vs JP¥26.14 in 2Q 2022) Second quarter 2023 results: EPS: JP¥34.58 (up from JP¥26.14 in 2Q 2022). Revenue: JP¥5.80b (up 17% from 2Q 2022). Net income: JP¥209.0m (up 32% from 2Q 2022). Profit margin: 3.6% (up from 3.2% in 2Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 55% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Board Change • Nov 16
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 4 non-independent directors. Auditor Noriaki Fujita was the last director to join the board, commencing their role in 2020. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 04
Second quarter 2023 earnings released: EPS: JP¥34.58 (vs JP¥26.14 in 2Q 2022) Second quarter 2023 results: EPS: JP¥34.58 (up from JP¥26.14 in 2Q 2022). Revenue: JP¥5.80b (up 17% from 2Q 2022). Net income: JP¥209.0m (up 32% from 2Q 2022). Profit margin: 3.6% (up from 3.2% in 2Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 55% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Announcement • Aug 29
Sanyu Co., Ltd. to Report Q2, 2023 Results on Nov 02, 2022 Sanyu Co., Ltd. announced that they will report Q2, 2023 results on Nov 02, 2022 Reported Earnings • Aug 04
First quarter 2023 earnings released: EPS: JP¥22.67 (vs JP¥23.33 in 1Q 2022) First quarter 2023 results: EPS: JP¥22.67 (down from JP¥23.33 in 1Q 2022). Revenue: JP¥5.50b (up 8.3% from 1Q 2022). Net income: JP¥137.0m (down 2.8% from 1Q 2022). Profit margin: 2.5% (down from 2.8% in 1Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Announcement • Jun 08
Sanyu Co., Ltd. to Report Q1, 2023 Results on Aug 02, 2022 Sanyu Co., Ltd. announced that they will report Q1, 2023 results on Aug 02, 2022 Announcement • May 18
Sanyu Co., Ltd., Annual General Meeting, Jun 29, 2022 Sanyu Co., Ltd., Annual General Meeting, Jun 29, 2022. Board Change • Apr 27
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 3 non-independent directors. Auditor Noriaki Fujita was the last director to join the board, commencing their role in 2020. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Apr 08
Sanyu Co., Ltd. to Report Fiscal Year 2022 Results on May 13, 2022 Sanyu Co., Ltd. announced that they will report fiscal year 2022 results on May 13, 2022 Upcoming Dividend • Mar 23
Upcoming dividend of JP¥29.00 per share Eligible shareholders must have bought the stock before 30 March 2022. Payment date: 30 June 2022. Payout ratio is a comfortable 5.6% and this is well supported by cash flows. Trailing yield: 4.5%. Within top quartile of Japanese dividend payers (3.4%). In line with average of industry peers (4.7%). Reported Earnings • Feb 03
Third quarter 2022 earnings: Revenues and EPS in line with analyst expectations Third quarter 2022 results: EPS: JP¥35.57 (up from JP¥19.52 in 3Q 2021). Revenue: JP¥5.38b (up 13% from 3Q 2021). Net income: JP¥215.0m (up 82% from 3Q 2021). Profit margin: 4.0% (up from 2.5% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 7% per year whereas the company’s share price has increased by 12% per year. Reported Earnings • Nov 04
Second quarter 2022 earnings released: EPS JP¥26.14 (vs JP¥0.66 loss in 2Q 2021) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2022 results: Revenue: JP¥4.98b (up 30% from 2Q 2021). Net income: JP¥158.0m (up JP¥162.0m from 2Q 2021). Profit margin: 3.2% (up from net loss in 2Q 2021). The move to profitability was driven by higher revenue. 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 2% per year, which means it is well ahead of earnings. Reported Earnings • Aug 04
First quarter 2022 earnings released: EPS JP¥23.33 (vs JP¥21.51 loss in 1Q 2021) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2022 results: Revenue: JP¥5.08b (up 47% from 1Q 2021). Net income: JP¥141.0m (up JP¥271.0m from 1Q 2021). Profit margin: 2.8% (up from net loss in 1Q 2021). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 37% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Reported Earnings • May 14
Full year 2021 earnings released: EPS JP¥18.53 (vs JP¥26.14 in FY 2020) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2021 results: Revenue: JP¥17.1b (down 16% from FY 2020). Net income: JP¥112.0m (down 29% from FY 2020). Profit margin: 0.7% (down from 0.8% in FY 2020). Over the last 3 years on average, earnings per share has fallen by 57% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥5.00 per share Eligible shareholders must have bought the stock before 30 March 2021. Payment date: 26 June 2021. Trailing yield: 1.3%. Lower than top quartile of Japanese dividend payers (2.7%). Lower than average of industry peers (1.5%). Announcement • Mar 17
Sanyu Co., Ltd. to Report Fiscal Year 2021 Results on May 12, 2021 Sanyu Co., Ltd. announced that they will report fiscal year 2021 results on May 12, 2021 Is New 90 Day High Low • Mar 15
New 90-day high: JP¥409 The company is up 7.0% from a price of JP¥383 on 15 December 2020. Underperformed the Japanese market, which is up 9.0% over the last 90 days. Lagged the Metals and Mining industry, which is up 20% over the same period. Reported Earnings • Feb 03
Third quarter 2021 earnings released: EPS JP¥19.52 (vs JP¥1.49 in 3Q 2020) The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2021 results: Revenue: JP¥4.75b (down 5.2% from 3Q 2020). Net income: JP¥118.0m (up JP¥109.0m from 3Q 2020). Profit margin: 2.5% (up from 0.2% in 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 58% per year but the company’s share price has only fallen by 17% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Jan 27
New 90-day high: JP¥404 The company is up 23% from its price of JP¥328 on 29 October 2020. The Japanese market is up 14% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is up 22% over the same period. Announcement • Dec 19
Sanyu Co., Ltd. to Report Q3, 2021 Results on Feb 02, 2021 Sanyu Co., Ltd. announced that they will report Q3, 2021 results on Feb 02, 2021 Is New 90 Day High Low • Dec 04
New 90-day high: JP¥360 The company is up 7.0% from its price of JP¥338 on 04 September 2020. The Japanese market is up 10.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Metals and Mining industry, which is up 11% over the same period. Announcement • Sep 04
Sanyu Co., Ltd. to Report Q2, 2021 Results on Nov 02, 2020 Sanyu Co., Ltd. announced that they will report Q2, 2021 results on Nov 02, 2020