Valuation Update With 7 Day Price Move • Jul 30
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to JP¥2,096, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 14x in the Chemicals industry in Japan. Total returns to shareholders of 68% over the past three years. Declared Dividend • Jul 25
Dividend of JP¥33.00 announced Shareholders will receive a dividend of JP¥33.00. Ex-date: 29th September 2026 Payment date: 26th November 2026 Dividend yield will be 2.9%, which is higher than the industry average of 2.2%. Sustainability & Growth Dividend is covered by both earnings (54% earnings payout ratio) and cash flows (50% cash payout ratio). The dividend has increased by an average of 22% 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 50% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Jul 24
First quarter 2027 earnings released: EPS: JP¥30.04 (vs JP¥38.65 in 1Q 2026) First quarter 2027 results: EPS: JP¥30.04 (down from JP¥38.65 in 1Q 2026). Revenue: JP¥30.6b (up 9.3% from 1Q 2026). Net income: JP¥2.42b (down 22% from 1Q 2026). Profit margin: 7.9% (down from 11% in 1Q 2026). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 4.9% p.a. on average during the next 3 years, compared to a 5.3% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has increased by 17% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jun 05
Shin-Etsu Polymer Co.,Ltd. to Report Q1, 2027 Results on Jul 23, 2026 Shin-Etsu Polymer Co.,Ltd. announced that they will report Q1, 2027 results on Jul 23, 2026 Reported Earnings • Apr 28
Full year 2026 earnings: EPS misses analyst expectations Full year 2026 results: EPS: JP¥123 (up from JP¥117 in FY 2025). Revenue: JP¥115.1b (up 4.1% from FY 2025). Net income: JP¥9.90b (up 5.0% from FY 2025). Profit margin: 8.6% (in line with FY 2025). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 3.2%. Revenue is forecast to grow 4.8% p.a. on average during the next 2 years, compared to a 4.5% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has increased by 15% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Apr 27
Shin-Etsu Polymer Co.,Ltd., Annual General Meeting, Jun 24, 2026 Shin-Etsu Polymer Co.,Ltd., Annual General Meeting, Jun 24, 2026. Announcement • Apr 21
Shin-Etsu Polymer Co.,Ltd. to Report Fiscal Year 2026 Results on Apr 27, 2026 Shin-Etsu Polymer Co.,Ltd. announced that they will report fiscal year 2026 results on Apr 27, 2026 Upcoming Dividend • Mar 23
Upcoming dividend of JP¥30.00 per share Eligible shareholders must have bought the stock before 30 March 2026. Payment date: 25 June 2026. Payout ratio is a comfortable 44% and this is well supported by cash flows. Trailing yield: 3.1%. Lower than top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (2.3%). Reported Earnings • Jan 27
Third quarter 2026 earnings released: EPS: JP¥33.98 (vs JP¥34.08 in 3Q 2025) Third quarter 2026 results: EPS: JP¥33.98 (down from JP¥34.08 in 3Q 2025). Revenue: JP¥30.4b (up 5.5% from 3Q 2025). Net income: JP¥2.73b (flat on 3Q 2025). Profit margin: 9.0% (in line with 3Q 2025). Revenue is forecast to grow 5.2% 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 9% per year but the company’s share price has increased by 17% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Dec 06
Shin-Etsu Polymer Co.,Ltd. to Report Q3, 2026 Results on Jan 26, 2026 Shin-Etsu Polymer Co.,Ltd. announced that they will report Q3, 2026 results on Jan 26, 2026 Declared Dividend • Nov 27
First half dividend of JP¥30.00 announced Shareholders will receive a dividend of JP¥30.00. Ex-date: 30th March 2026 Payment date: 25th June 2026 Dividend yield will be 3.1%, which is higher than the industry average of 2.2%. Sustainability & Growth Dividend is covered by both earnings (44% earnings payout ratio) and cash flows (54% cash payout ratio). The dividend has increased by an average of 21% 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 29% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Oct 24
Second quarter 2026 earnings released: EPS: JP¥29.48 (vs JP¥28.76 in 2Q 2025) Second quarter 2026 results: EPS: JP¥29.48 (up from JP¥28.76 in 2Q 2025). Revenue: JP¥28.2b (down 3.0% from 2Q 2025). Net income: JP¥2.37b (up 2.2% from 2Q 2025). Profit margin: 8.4% (up from 8.0% in 2Q 2025). The increase in margin was driven by lower expenses. Revenue is forecast to grow 5.1% p.a. on average during the next 3 years, compared to a 3.9% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has increased by 16% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Oct 24
Shin-Etsu Polymer Co.,Ltd. (TSE:7970) announces an Equity Buyback for 500,000 shares, representing 0.62% for ¥1,000 million. Shin-Etsu Polymer Co.,Ltd. (TSE:7970) announces a share repurchase program. Under the program, the company will repurchase up to 500,000 shares, representing 0.62% of its share capital, for ¥1,000 million. The company will repurchase its shares in order to use these shares to be issued when stock option rights are exercised. The share repurchase program will run until December 31, 2025.. As of September 30, 2025, the company had 80,586,091 issued shares (excluding treasury stock) and 2,037,285 shares in treasury. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥28.00 per share Eligible shareholders must have bought the stock before 29 September 2025. Payment date: 26 November 2025. Payout ratio is a comfortable 41% and the cash payout ratio is 89%. Trailing yield: 2.9%. Lower than top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (2.6%). Announcement • Sep 06
Shin-Etsu Polymer Co.,Ltd. to Report Q2, 2026 Results on Oct 23, 2025 Shin-Etsu Polymer Co.,Ltd. announced that they will report Q2, 2026 results on Oct 23, 2025 Reported Earnings • Jul 24
First quarter 2026 earnings released: EPS: JP¥38.65 (vs JP¥28.05 in 1Q 2025) First quarter 2026 results: EPS: JP¥38.65 (up from JP¥28.05 in 1Q 2025). Revenue: JP¥28.0b (up 9.2% from 1Q 2025). Net income: JP¥3.11b (up 37% from 1Q 2025). Profit margin: 11% (up from 8.8% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 4.7% p.a. on average during the next 3 years, compared to a 4.0% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, earnings per share has increased by 8% per year whereas the company’s share price has increased by 13% per year. Declared Dividend • Jul 21
Final dividend of JP¥25.00 announced Shareholders will receive a dividend of JP¥25.00. Ex-date: 29th September 2025 Payment date: 26th November 2025 Dividend yield will be 3.0%, which is higher than the industry average of 2.2%. Sustainability & Growth Dividend is covered by both earnings (43% earnings payout ratio) and cash flows (86% cash payout ratio). The dividend has increased by an average of 20% 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 34% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Jun 25
Full year 2025 earnings: EPS and revenues exceed analyst expectations Full year 2025 results: EPS: JP¥117 (up from JP¥107 in FY 2024). Revenue: JP¥110.6b (up 5.9% from FY 2024). Net income: JP¥9.43b (up 8.7% from FY 2024). Profit margin: 8.5% (up from 8.3% in FY 2024). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.5%. Earnings per share (EPS) also surpassed analyst estimates by 4.4%. Revenue is forecast to grow 4.9% p.a. on average during the next 3 years, compared to a 3.9% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, earnings per share has increased by 9% per year whereas the company’s share price has increased by 13% per year. Announcement • Jun 06
Shin-Etsu Polymer Co.,Ltd. to Report Q1, 2026 Results on Jul 23, 2025 Shin-Etsu Polymer Co.,Ltd. announced that they will report Q1, 2026 results on Jul 23, 2025 Announcement • May 22
Shin-Etsu Polymer Co.,Ltd. Announces Dividend for the Year Ended March 31, 2025, Effective from June 25, 2025 Shin-Etsu Polymer Co.,Ltd. announced dividend for the year ended March 31, 2025. For the year, the company announced dividend of JPY 27.00 per share compared to JPY 24.00 per share a year ago. Record date is March 31, 2025 and Effective date is June 25, 2025. Reported Earnings • Apr 25
Full year 2025 earnings: EPS and revenues exceed analyst expectations Full year 2025 results: EPS: JP¥117 (up from JP¥107 in FY 2024). Revenue: JP¥110.6b (up 5.9% from FY 2024). Net income: JP¥9.43b (up 8.7% from FY 2024). Profit margin: 8.5% (up from 8.3% in FY 2024). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.5%. Earnings per share (EPS) also surpassed analyst estimates by 4.4%. Revenue is forecast to grow 4.5% p.a. on average during the next 2 years, compared to a 4.7% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, earnings per share has increased by 9% per year whereas the company’s share price has increased by 13% per year. Announcement • Apr 24
Shin-Etsu Polymer Co.,Ltd., Annual General Meeting, Jun 24, 2025 Shin-Etsu Polymer Co.,Ltd., Annual General Meeting, Jun 24, 2025. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥25.00 per share Eligible shareholders must have bought the stock before 28 March 2025. Payment date: 26 June 2025. Payout ratio is a comfortable 43% but the company is paying out more than the cash it is generating. Trailing yield: 3.2%. Lower than top quartile of Japanese dividend payers (3.7%). Higher than average of industry peers (2.6%). Announcement • Mar 06
Shin-Etsu Polymer Co.,Ltd. to Report Fiscal Year 2025 Results on Apr 24, 2025 Shin-Etsu Polymer Co.,Ltd. announced that they will report fiscal year 2025 results on Apr 24, 2025 Reported Earnings • Jan 29
Third quarter 2025 earnings released: EPS: JP¥34.08 (vs JP¥27.67 in 3Q 2024) Third quarter 2025 results: EPS: JP¥34.08 (up from JP¥27.67 in 3Q 2024). Revenue: JP¥28.8b (up 7.3% from 3Q 2024). Net income: JP¥2.74b (up 23% from 3Q 2024). Profit margin: 9.5% (up from 8.3% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 5.8% 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 increased by 9% per year but the company’s share price has increased by 15% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Dec 04
Shin-Etsu Polymer Co.,Ltd. to Report Q3, 2025 Results on Jan 28, 2025 Shin-Etsu Polymer Co.,Ltd. announced that they will report Q3, 2025 results on Jan 28, 2025 Declared Dividend • Nov 27
First half dividend of JP¥25.00 announced Shareholders will receive a dividend of JP¥25.00. Ex-date: 28th March 2025 Payment date: 26th June 2025 Dividend yield will be 3.1%, which is higher than the industry average of 2.2%. Sustainability & Growth Dividend is covered by earnings (22% earnings payout ratio) but not covered by cash flows (dividend approximately 18x free cash flows). The dividend has increased by an average of 19% 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 48% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Oct 26
Second quarter 2025 earnings released: EPS: JP¥28.76 (vs JP¥28.60 in 2Q 2024) Second quarter 2025 results: EPS: JP¥28.76 (up from JP¥28.60 in 2Q 2024). Revenue: JP¥29.1b (up 8.3% from 2Q 2024). Net income: JP¥2.32b (flat on 2Q 2024). Profit margin: 8.0% (down from 8.6% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 5.9% p.a. on average during the next 3 years, compared to a 5.3% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, earnings per share has increased by 11% per year whereas the company’s share price has increased by 13% per year. Announcement • Oct 24
Shin-Etsu Polymer Co.,Ltd. (TSE:7970) announces an Equity Buyback for 500,000 shares, representing 0.62% for ¥900 million. Shin-Etsu Polymer Co.,Ltd. (TSE:7970) announces a share repurchase program. Under the program, the company will repurchase up to 500,000 shares, representing 0.62% of its share capital, for ¥900 million. The company will repurchase its shares in order to use these shares to be issued when stock option rights are exercised. The share repurchase program will run until December 31, 2024. As of September 30, 2024, the company had 80,814,415 issued shares (excluding treasury stock) and 1,808,961 shares in treasury. Upcoming Dividend • Sep 20
Upcoming dividend of JP¥24.00 per share Eligible shareholders must have bought the stock before 27 September 2024. Payment date: 28 November 2024. Payout ratio is a comfortable 43% but the company is not cash flow positive. Trailing yield: 3.1%. Lower than top quartile of Japanese dividend payers (3.8%). Higher than average of industry peers (2.4%). Announcement • Sep 06
Shin-Etsu Polymer Co.,Ltd. to Report Q2, 2025 Results on Oct 24, 2024 Shin-Etsu Polymer Co.,Ltd. announced that they will report Q2, 2025 results on Oct 24, 2024 Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 22% After last week's 22% share price decline to JP¥1,266, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 12x in the Chemicals industry in Japan. Total returns to shareholders of 37% over the past three years. New Risk • Aug 02
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 5.7% 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 Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (5.7% average weekly change). Reported Earnings • Jul 27
First quarter 2025 earnings released: EPS: JP¥28.05 (vs JP¥28.41 in 1Q 2024) First quarter 2025 results: EPS: JP¥28.05 (down from JP¥28.41 in 1Q 2024). Revenue: JP¥25.6b (down 3.6% from 1Q 2024). Net income: JP¥2.27b (down 1.5% from 1Q 2024). Profit margin: 8.8% (up from 8.7% in 1Q 2024). The increase in margin was driven by lower expenses. Revenue is forecast to grow 6.5% p.a. on average during the next 3 years, compared to a 5.6% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, earnings per share has increased by 14% per year whereas the company’s share price has increased by 17% per year. Declared Dividend • Jul 18
Final dividend of JP¥22.00 announced Shareholders will receive a dividend of JP¥22.00. Ex-date: 27th September 2024 Payment date: 28th November 2024 Dividend yield will be 3.0%, which is higher than the industry average of 2.2%. Sustainability & Growth Dividend is covered by earnings (44% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 18% 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 37% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Buy Or Sell Opportunity • Jul 01
Now 26% overvalued The stock has been flat over the last 90 days, currently trading at JP¥1,512. The fair value is estimated to be JP¥1,197, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 17%. For the next 3 years, revenue is forecast to grow by 5.5% per annum. Earnings are also forecast to grow by 11% per annum over the same time period. Buy Or Sell Opportunity • Jun 14
Now 20% overvalued Over the last 90 days, the stock has fallen 7.7% to JP¥1,429. The fair value is estimated to be JP¥1,190, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 17%. For the next 3 years, revenue is forecast to grow by 5.5% per annum. Earnings are also forecast to grow by 11% per annum over the same time period. Announcement • Apr 27
Shin-Etsu Polymer Co.,Ltd., Annual General Meeting, Jun 25, 2024 Shin-Etsu Polymer Co.,Ltd., Annual General Meeting, Jun 25, 2024. Reported Earnings • Apr 25
Full year 2024 earnings: EPS exceeds analyst expectations Full year 2024 results: EPS: JP¥107 (up from JP¥106 in FY 2023). Revenue: JP¥104.4b (down 3.6% from FY 2023). Net income: JP¥8.67b (up 1.7% from FY 2023). Profit margin: 8.3% (up from 7.9% in FY 2023). The increase in margin was driven by lower expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 3.3%. Revenue is forecast to grow 4.4% p.a. on average during the next 2 years, compared to a 5.5% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, earnings per share has increased by 17% per year whereas the company’s share price has increased by 15% per year. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥22.00 per share Eligible shareholders must have bought the stock before 28 March 2024. Payment date: 26 June 2024. Payout ratio is a comfortable 44% but the company is not cash flow positive. Trailing yield: 2.8%. Lower than top quartile of Japanese dividend payers (3.2%). Higher than average of industry peers (2.1%). Announcement • Mar 08
Shin-Etsu Polymer Co.,Ltd. to Report Fiscal Year 2024 Results on Apr 24, 2024 Shin-Etsu Polymer Co.,Ltd. announced that they will report fiscal year 2024 results on Apr 24, 2024 Reported Earnings • Jan 26
Third quarter 2024 earnings released: EPS: JP¥27.67 (vs JP¥32.20 in 3Q 2023) Third quarter 2024 results: EPS: JP¥27.67 (down from JP¥32.20 in 3Q 2023). Revenue: JP¥26.8b (down 9.4% from 3Q 2023). Net income: JP¥2.23b (down 14% from 3Q 2023). Profit margin: 8.3% (down from 8.8% in 3Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 3.6% p.a. on average during the next 3 years, compared to a 5.2% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, earnings per share has increased by 19% per year and the company’s share price has also increased by 19% per year. Announcement • Dec 08
Shin-Etsu Polymer Co.,Ltd. to Report Q3, 2024 Results on Jan 25, 2024 Shin-Etsu Polymer Co.,Ltd. announced that they will report Q3, 2024 results on Jan 25, 2024 Reported Earnings • Oct 28
Second quarter 2024 earnings: EPS and revenues exceed analyst expectations Second quarter 2024 results: EPS: JP¥28.60 (down from JP¥28.88 in 2Q 2023). Revenue: JP¥26.9b (down 1.7% from 2Q 2023). Net income: JP¥2.32b (flat on 2Q 2023). Profit margin: 8.6% (in line with 2Q 2023). Revenue exceeded analyst estimates by 1.7%. Earnings per share (EPS) also surpassed analyst estimates by 22%. Revenue is forecast to grow 4.3% 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, earnings per share has increased by 20% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Announcement • Oct 28
Shin-Etsu Polymer Co.,Ltd. (TSE:7970) announces an Equity Buyback for 600,000 shares, representing 0.74% for ¥900 million. Shin-Etsu Polymer Co.,Ltd. (TSE:7970) announces a share repurchase program. Under the program, the company will repurchase up to 600,000 shares, representing 0.74% of its share capital, for ¥900 million. The company will repurchase its shares in order to use these shares to be issued when stock option rights are exercised. The share repurchase program will run until December 31, 2023. As of September 30, 2023, the company had 81,031,932 issued shares (excluding treasury stock) and 1,591,444 shares in treasury. Upcoming Dividend • Sep 21
Upcoming dividend of JP¥22.00 per share at 3.3% yield Eligible shareholders must have bought the stock before 28 September 2023. Payment date: 27 November 2023. Payout ratio is a comfortable 38% but the company is not cash flow positive. Trailing yield: 3.3%. Within top quartile of Japanese dividend payers (3.3%). Higher than average of industry peers (2.5%). Announcement • Sep 07
Shin-Etsu Polymer Co.,Ltd. to Report Q2, 2024 Results on Oct 26, 2023 Shin-Etsu Polymer Co.,Ltd. announced that they will report Q2, 2024 results on Oct 26, 2023 Reported Earnings • Jul 27
First quarter 2024 earnings released: EPS: JP¥28.41 (vs JP¥33.53 in 1Q 2023) First quarter 2024 results: EPS: JP¥28.41 (down from JP¥33.53 in 1Q 2023). Revenue: JP¥26.6b (up 5.4% from 1Q 2023). Net income: JP¥2.30b (down 15% from 1Q 2023). Profit margin: 8.7% (down from 11% in 1Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 4.2% p.a. on average during the next 3 years, compared to a 3.9% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, earnings per share has increased by 18% per year whereas the company’s share price has increased by 16% per year. Board Change • Jul 27
Less than half of directors are independent There are 6 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 6 new directors. 3 experienced directors. No highly experienced directors. 2 independent directors (3 non-independent directors). President, COO & Director Toshiaki Deto is the most experienced director on the board, commencing their role in 2016. Independent Outside Corporate Auditor Tomoko Moriya was the last independent director to join the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Major Estimate Revision • Jul 11
Consensus EPS estimates fall by 11% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from JP¥109.8b to JP¥108.0b. EPS estimate also fell from JP¥121 per share to JP¥107 per share. Net income forecast to grow 1.7% next year vs 4.6% growth forecast for Chemicals industry in Japan. Consensus price target of JP¥1,740 unchanged from last update. Share price fell 6.3% to JP¥1,455 over the past week. Announcement • Jun 09
Shin-Etsu Polymer Co.,Ltd. to Report Q1, 2024 Results on Jul 26, 2023 Shin-Etsu Polymer Co.,Ltd. announced that they will report Q1, 2024 results on Jul 26, 2023 Reported Earnings • Apr 28
Full year 2023 earnings: EPS misses analyst expectations Full year 2023 results: EPS: JP¥106 (up from JP¥78.14 in FY 2022). Revenue: JP¥108.3b (up 17% from FY 2022). Net income: JP¥8.53b (up 35% from FY 2022). Profit margin: 7.9% (up from 6.8% in FY 2022). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 12%. Revenue is forecast to grow 5.4% p.a. on average during the next 2 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 16% per year whereas the company’s share price has increased by 17% per year. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥18.00 per share at 2.5% yield Eligible shareholders must have bought the stock before 30 March 2023. Payment date: 24 June 2023. Payout ratio is a comfortable 31% and the cash payout ratio is 84%. Trailing yield: 2.5%. Lower than top quartile of Japanese dividend payers (3.6%). Lower than average of industry peers (2.8%). Reported Earnings • Jan 26
Third quarter 2023 earnings released: EPS: JP¥32.20 (vs JP¥26.79 in 3Q 2022) Third quarter 2023 results: EPS: JP¥32.20 (up from JP¥26.79 in 3Q 2022). Revenue: JP¥29.6b (up 18% from 3Q 2022). Net income: JP¥2.60b (up 21% from 3Q 2022). Profit margin: 8.8% (up from 8.6% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 4.6% 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 12% per year whereas the company’s share price has increased by 10% per year. Announcement • Dec 09
Shin-Etsu Polymer Co.,Ltd. to Report Q3, 2023 Results on Jan 25, 2023 Shin-Etsu Polymer Co.,Ltd. announced that they will report Q3, 2023 results on Jan 25, 2023 Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 4 non-independent directors. Independent Outside Director Osamu Miyashita was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Oct 27
Second quarter 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2023 results: EPS: JP¥28.88 (up from JP¥20.71 in 2Q 2022). Revenue: JP¥27.3b (up 21% from 2Q 2022). Net income: JP¥2.33b (up 39% from 2Q 2022). Profit margin: 8.5% (up from 7.4% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.3%. Earnings per share (EPS) missed analyst estimates by 5.2%. Revenue is forecast to grow 5.8% 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 increased by 7% per year whereas the company’s share price has increased by 9% per year. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥18.00 per share Eligible shareholders must have bought the stock before 29 September 2022. Payment date: 28 November 2022. Payout ratio is a comfortable 29% and this is well supported by cash flows. Trailing yield: 2.8%. Lower than top quartile of Japanese dividend payers (3.7%). In line with average of industry peers (2.9%). Announcement • Sep 09
Shin-Etsu Polymer Co.,Ltd. to Report Q2, 2023 Results on Oct 26, 2022 Shin-Etsu Polymer Co.,Ltd. announced that they will report Q2, 2023 results on Oct 26, 2022 Reported Earnings • Jul 27
First quarter 2023 earnings released: EPS: JP¥33.53 (vs JP¥22.41 in 1Q 2022) First quarter 2023 results: EPS: JP¥33.53 (up from JP¥22.41 in 1Q 2022). Revenue: JP¥25.2b (up 20% from 1Q 2022). Net income: JP¥2.70b (up 49% from 1Q 2022). Profit margin: 11% (up from 8.6% in 1Q 2022). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 7.8%, compared to a 12% growth forecast for the 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 21% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jun 08
Shin-Etsu Polymer Co.,Ltd. to Report Q1, 2023 Results on Jul 26, 2022 Shin-Etsu Polymer Co.,Ltd. announced that they will report Q1, 2023 results on Jul 26, 2022 Price Target Changed • May 19
Price target increased to JP¥1,220 Up from JP¥1,100, the current price target is an average from 3 analysts. New target price is 14% above last closing price of JP¥1,069. Stock is up 2.8% over the past year. The company is forecast to post earnings per share of JP¥93.45 for next year compared to JP¥78.14 last year. Reported Earnings • Apr 28
Full year 2022 earnings: EPS misses analyst expectations Full year 2022 results: EPS: JP¥78.14 (up from JP¥56.08 in FY 2021). Revenue: JP¥92.6b (up 21% from FY 2021). Net income: JP¥6.31b (up 39% from FY 2021). Profit margin: 6.8% (up from 5.9% in FY 2021). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 13%. Over the next year, revenue is forecast to grow 8.0%, compared to a 9.7% growth forecast for the industry in Japan. 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 7% per year, which means it is well ahead of earnings. Buying Opportunity • Apr 27
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 7.1%. The fair value is estimated to be JP¥1,260, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 2.7%. Revenue is forecast to grow by 16% in 2 years. Earnings is forecast to grow by 27% in the next 2 years. Announcement • Apr 08
Shin-Etsu Polymer Co.,Ltd. to Report Fiscal Year 2022 Results on Apr 26, 2022 Shin-Etsu Polymer Co.,Ltd. announced that they will report fiscal year 2022 results on Apr 26, 2022 Upcoming Dividend • Mar 23
Upcoming dividend of JP¥12.00 per share Eligible shareholders must have bought the stock before 30 March 2022. Payment date: 28 June 2022. Payout ratio is a comfortable 11% and this is well supported by cash flows. Trailing yield: 2.2%. Lower than top quartile of Japanese dividend payers (3.4%). Lower than average of industry peers (2.6%). Buying Opportunity • Mar 07
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 5.2%. The fair value is estimated to be JP¥1,276, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 2.7% per annum over the last 3 years. Reported Earnings • Jan 28
Third quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2022 results: EPS: JP¥26.79 (up from JP¥16.39 in 3Q 2021). Revenue: JP¥25.2b (up 26% from 3Q 2021). Net income: JP¥2.16b (up 63% from 3Q 2021). Profit margin: 8.6% (up from 6.6% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 11%. Earnings per share (EPS) missed analyst estimates by 20%. Over the next year, revenue is forecast to grow 6.6%, compared to a 8.9% growth forecast for the 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 12% per year, which means it is well ahead of earnings. Reported Earnings • Oct 27
Second quarter 2022 earnings released: EPS JP¥20.71 (vs JP¥11.13 in 2Q 2021) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2022 results: Revenue: JP¥22.7b (up 30% from 2Q 2021). Net income: JP¥1.68b (up 86% from 2Q 2021). Profit margin: 7.4% (up from 5.2% in 2Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥11.00 per share Eligible shareholders must have bought the stock before 29 September 2021. Payment date: 26 November 2021. Trailing yield: 2.1%. Lower than top quartile of Japanese dividend payers (3.0%). Higher than average of industry peers (1.9%). Valuation Update With 7 Day Price Move • Sep 14
Investor sentiment improved over the past week After last week's 15% share price gain to JP¥1,100, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 12x in the Chemicals industry in Japan. Total returns to shareholders of 28% over the past three years. Reported Earnings • Jul 27
First quarter 2022 earnings released: EPS JP¥22.41 (vs JP¥15.47 in 1Q 2021) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2022 results: Revenue: JP¥21.0b (up 15% from 1Q 2021). Net income: JP¥1.81b (up 45% from 1Q 2021). Profit margin: 8.6% (up from 6.8% in 1Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Reported Earnings • Apr 29
Full year 2021 earnings released: EPS JP¥56.08 (vs JP¥77.55 in FY 2020) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2021 results: Revenue: JP¥76.9b (down 4.2% from FY 2020). Net income: JP¥4.54b (down 28% from FY 2020). Profit margin: 5.9% (down from 7.8% in FY 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 3% per year whereas the company’s share price has fallen by 2% per year. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥11.00 per share Eligible shareholders must have bought the stock before 30 March 2021. Payment date: 25 June 2021. Trailing yield: 1.8%. Lower than top quartile of Japanese dividend payers (2.7%). In line with average of industry peers (1.8%). Announcement • Mar 10
Shin-Etsu Polymer Co.,Ltd. to Report Fiscal Year 2021 Results on Apr 27, 2021 Shin-Etsu Polymer Co.,Ltd. announced that they will report fiscal year 2021 results on Apr 27, 2021 Is New 90 Day High Low • Feb 12
New 90-day high: JP¥1,066 The company is up 16% from its price of JP¥922 on 13 November 2020. The Japanese market is up 13% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Chemicals industry, which is up 14% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is JP¥1,250 per share. Analyst Estimate Surprise Post Earnings • Feb 11
Revenue and earnings beat expectations Revenue exceeded analyst estimates by 2.3%. Earnings per share (EPS) also surpassed analyst estimates by 3.7%. Over the next year, revenue is forecast to grow 5.8%, compared to a 6.5% growth forecast for the Chemicals industry in Japan. Reported Earnings • Feb 11
Third quarter 2021 earnings released: EPS JP¥16.39 (vs JP¥20.61 in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: JP¥20.0b (down 2.2% from 3Q 2020). Net income: JP¥1.33b (down 21% from 3Q 2020). Profit margin: 6.6% (down from 8.2% in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Reported Earnings • Jan 28
Third quarter 2021 earnings released: EPS JP¥16.39 (vs JP¥20.61 in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: JP¥20.0b (down 2.2% from 3Q 2020). Net income: JP¥1.33b (down 21% from 3Q 2020). Profit margin: 6.6% (down from 8.2% in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Analyst Estimate Surprise Post Earnings • Jan 28
Revenue and earnings beat expectations Revenue exceeded analyst estimates by 2.3%. Earnings per share (EPS) also surpassed analyst estimates by 3.7%. Over the next year, revenue is forecast to grow 4.4%, compared to a 4.5% growth forecast for the Chemicals industry in Japan. Is New 90 Day High Low • Jan 26
New 90-day high: JP¥1,006 The company is up 6.0% from its price of JP¥945 on 28 October 2020. The Japanese market is up 15% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Chemicals industry, which is up 19% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is JP¥1,137 per share. Is New 90 Day High Low • Dec 02
New 90-day high: JP¥976 The company is up 12% from its price of JP¥873 on 03 September 2020. The Japanese market is up 9.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Chemicals industry, which is up 19% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is JP¥1,002 per share. Announcement • Sep 12
Shin-Etsu Polymer Co.,Ltd. to Report Q2, 2021 Results on Oct 26, 2020 Shin-Etsu Polymer Co.,Ltd. announced that they will report Q2, 2021 results on Oct 26, 2020