Reported Earnings • Jun 11
Second quarter 2026 earnings released: EPS: JP¥1.88 (vs JP¥3.85 loss in 2Q 2025) Second quarter 2026 results: EPS: JP¥1.88 (up from JP¥3.85 loss in 2Q 2025). Revenue: JP¥915.0m (up 2.5% from 2Q 2025). Net income: JP¥37.4m (up JP¥113.7m from 2Q 2025). Profit margin: 4.1% (up from net loss in 2Q 2025). Revenue is forecast to grow 2.7% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Life Sciences industry in Asia. New Risk • Jan 08
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 5.5% 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 Share price has been volatile over the past 3 months (5.5% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.3% net profit margin). Market cap is less than US$100m (JP¥8.29b market cap, or US$52.9m). Major Estimate Revision • Dec 27
Consensus EPS estimates have been downgraded. The consensus outlook for earnings per share (EPS) in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from JP¥4.23b to JP¥3.99b. Now expected to report a loss of JP¥6.10 per share instead of JP¥8.60 per share profit previously forecast. Life Sciences industry in Japan expected to see average net income growth of 21% next year. Consensus price target of JP¥880 unchanged from last update. Share price was steady at JP¥395 over the past week. Announcement • Dec 11
CellSource Co., Ltd., Annual General Meeting, Jan 28, 2026 CellSource Co., Ltd., Annual General Meeting, Jan 28, 2026. Upcoming Dividend • Oct 23
Upcoming dividend of JP¥5.00 per share Eligible shareholders must have bought the stock before 30 October 2025. Payment date: 14 January 2026. Trailing yield: 1.0%. Lower than top quartile of Japanese dividend payers (3.7%). Lower than average of industry peers (2.9%). Announcement • Oct 02
CellSource Co., Ltd. to Report Fiscal Year 2025 Results on Dec 11, 2025 CellSource Co., Ltd. announced that they will report fiscal year 2025 results on Dec 11, 2025 Major Estimate Revision • Oct 01
Consensus EPS estimates fall by 42% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate fell from JP¥9.60 to JP¥5.60 per share. Revenue forecast steady at JP¥3.77b. Net income forecast to shrink 66% next year vs 16% growth forecast for Life Sciences industry in Japan . Consensus price target of JP¥880 unchanged from last update. Share price fell 3.1% to JP¥555 over the past week. New Risk • Sep 13
New major risk - Financial data availability The company's latest financial reports are more than a year old. Last reported fiscal period ended July 2024. This is considered a major risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. In the worst case scenario, it may be facing other major going concern issues jeopardizing its viability as a listed company. Currently, the following risks have been identified for the company: Major Risks Latest financial reports are more than 1 year old (reported July 2024 fiscal period end). Revenue has declined by 1.4% over the past year. Minor Risks Profit margins are more than 30% lower than last year (14% net profit margin). Market cap is less than US$100m (JP¥11.7b market cap, or US$79.1m). New Risk • Sep 12
New major risk - Revenue and earnings growth Revenue has declined by 1.4% over the past year. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If revenues are declining, then it is difficult for the company to prevent its earnings from declining as well. A trend of falling revenue can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Revenue has declined by 1.4% over the past year. Minor Risks Latest financial reports are more than 6 months old (reported July 2024 fiscal period end). Profit margins are more than 30% lower than last year (14% net profit margin). Market cap is less than US$100m (JP¥12.4b market cap, or US$83.9m). Buy Or Sell Opportunity • Jul 14
Now 20% undervalued Over the last 90 days, the stock has risen 13% to JP¥702. The fair value is estimated to be JP¥878, 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 year. Earnings per share has declined by 39%. For the next 3 years, revenue is forecast to grow by 5.8% per annum. Earnings are forecast to decline by 0.3% per annum over the same time period. Declared Dividend • Jun 14
Dividend of JP¥5.00 announced Dividend of JP¥5.00 is the same as last year. Ex-date: 30th October 2025 Payment date: 14th January 2026 Dividend yield will be 0.7%, which is lower than the industry average of 2.1%. Buy Or Sell Opportunity • May 09
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 25% to JP¥651. The fair value is estimated to be JP¥819, 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 year. Earnings per share has declined by 39%. For the next 3 years, revenue is forecast to grow by 5.5% per annum. Earnings are forecast to decline by 1.9% per annum over the same time period. New Risk • Apr 23
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 1.9% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 1.9% per year for the foreseeable future. Minor Risks Latest financial reports are more than 6 months old (reported July 2024 fiscal period end). Share price has been volatile over the past 3 months (7.4% average weekly change). Profit margins are more than 30% lower than last year (14% net profit margin). Market cap is less than US$100m (JP¥13.0b market cap, or US$91.4m). Buy Or Sell Opportunity • Apr 07
Now 30% undervalued after recent price drop Over the last 90 days, the stock has fallen 32% to JP¥559. The fair value is estimated to be JP¥802, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.7% over the last 3 years. Earnings per share has declined by 39%. For the next 3 years, revenue is forecast to grow by 8.9% per annum. Earnings are also forecast to grow by 41% per annum over the same time period. New Risk • Mar 31
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: JP¥14.9b (US$99.5m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.2% net profit margin). Market cap is less than US$100m (JP¥14.9b market cap, or US$99.5m). Reported Earnings • Mar 12
First quarter 2025 earnings released: JP¥2.27 loss per share (vs JP¥7.23 profit in 1Q 2024) First quarter 2025 results: JP¥2.27 loss per share (down from JP¥7.23 profit in 1Q 2024). Revenue: JP¥849.0m (down 28% from 1Q 2024). Net loss: JP¥45.0m (down 132% from profit in 1Q 2024). Revenue is forecast to grow 8.6% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Life Sciences industry in Asia. Over the last 3 years on average, earnings per share has fallen by 39% per year whereas the company’s share price has fallen by 38% per year. Reported Earnings • Feb 06
Full year 2024 earnings released: EPS: JP¥11.97 (vs JP¥48.88 in FY 2023) Full year 2024 results: EPS: JP¥11.97 (down from JP¥48.88 in FY 2023). Revenue: JP¥4.36b (down 3.4% from FY 2023). Net income: JP¥237.0m (down 74% from FY 2023). Profit margin: 5.4% (down from 21% in FY 2023). Revenue is forecast to grow 7.9% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Life Sciences industry in Asia. Over the last 3 years on average, earnings per share has fallen by 35% per year whereas the company’s share price has fallen by 39% per year. New Risk • Jan 14
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: JP¥15.6b (US$99.1m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (5.8% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (5.4% net profit margin). Market cap is less than US$100m (JP¥15.6b market cap, or US$99.1m). Buy Or Sell Opportunity • Dec 20
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 36% to JP¥828. The fair value is estimated to be JP¥1,037, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has declined by 35%. For the next 3 years, revenue is forecast to grow by 17% per annum. Earnings are also forecast to grow by 39% per annum over the same time period. Valuation Update With 7 Day Price Move • Dec 19
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to JP¥844, the stock trades at a forward P/E ratio of 56x. Average forward P/E is 26x in the Life Sciences industry in Asia. Total loss to shareholders of 83% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥1,038 per share. Reported Earnings • Dec 13
Full year 2024 earnings released: EPS: JP¥11.97 (vs JP¥48.88 in FY 2023) Full year 2024 results: EPS: JP¥11.97 (down from JP¥48.88 in FY 2023). Revenue: JP¥4.36b (down 3.4% from FY 2023). Net income: JP¥237.0m (down 74% from FY 2023). Profit margin: 5.4% (down from 21% in FY 2023). Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Life Sciences industry in Asia. Over the last 3 years on average, earnings per share has fallen by 35% per year but the company’s share price has fallen by 40% per year, which means it is performing significantly worse than earnings. Announcement • Dec 12
CellSource Co., Ltd., Annual General Meeting, Jan 29, 2025 CellSource Co., Ltd., Annual General Meeting, Jan 29, 2025. Upcoming Dividend • Oct 23
Upcoming dividend of JP¥5.00 per share Eligible shareholders must have bought the stock before 30 October 2024. Payment date: 09 January 2025. Trailing yield: 0.4%. Lower than top quartile of Japanese dividend payers (3.8%). Lower than average of industry peers (2.8%). Buy Or Sell Opportunity • Oct 18
Now 22% overvalued Over the last 90 days, the stock has fallen 16% to JP¥1,254. The fair value is estimated to be JP¥1,028, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Earnings per share has declined by 32%. For the next 3 years, revenue is forecast to grow by 14% per annum. Earnings are also forecast to grow by 26% per annum over the same time period. Announcement • Oct 02
CellSource Co., Ltd. to Report Fiscal Year 2024 Results on Dec 12, 2024 CellSource Co., Ltd. announced that they will report fiscal year 2024 results on Dec 12, 2024 Reported Earnings • Sep 14
Third quarter 2024 earnings released: EPS: JP¥3.79 (vs JP¥14.03 in 3Q 2023) Third quarter 2024 results: EPS: JP¥3.79 (down from JP¥14.03 in 3Q 2023). Revenue: JP¥1.11b (down 9.9% from 3Q 2023). Net income: JP¥75.0m (down 72% from 3Q 2023). Profit margin: 6.7% (down from 21% in 3Q 2023). The decrease in margin was primarily driven by lower revenue. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Life Sciences industry in Asia. Over the last 3 years on average, earnings per share has fallen by 32% per year but the company’s share price has fallen by 41% per year, which means it is performing significantly worse than earnings. Announcement • Sep 12
CellSource Co., Ltd. Provides Year-End Dividend Guidance for the Fiscal Year Ending October 31, 2024 CellSource Co., Ltd. provided year-end dividend guidance for the fiscal year ending October 31, 2024. For the period, the company expects dividend of JPY 5.00 per share. Declared Dividend • Sep 12
Dividend of JP¥5.00 announced Shareholders will receive a dividend of JP¥5.00. Ex-date: 30th October 2024 Payment date: 9th January 2025 Dividend yield will be 0.4%, which is lower than the industry average of 2.1%. Sustainability & Growth 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¥1,239, the stock trades at a forward P/E ratio of 40x. Average forward P/E is 21x in the Life Sciences industry in Asia. Total loss to shareholders of 73% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥1,407 per share. New Risk • Jul 17
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Japanese stocks, typically moving 7.7% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (7.7% average weekly change). High level of non-cash earnings (47% accrual ratio). Minor Risk Shareholders have been diluted in the past year (5.9% increase in shares outstanding). Buy Or Sell Opportunity • Jul 17
Now 29% overvalued after recent price rise Over the last 90 days, the stock has risen 2.4% to JP¥1,588. The fair value is estimated to be JP¥1,234, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 22% over the last 3 years. Earnings per share has declined by 31%. For the next 3 years, revenue is forecast to grow by 12% per annum. Earnings are also forecast to grow by 20% per annum over the same time period. Reported Earnings • Jun 16
Second quarter 2024 earnings released: EPS: JP¥7.58 (vs JP¥10.38 in 2Q 2023) Second quarter 2024 results: EPS: JP¥7.58 (down from JP¥10.38 in 2Q 2023). Revenue: JP¥1.11b (flat on 2Q 2023). Net income: JP¥150.0m (down 23% from 2Q 2023). Profit margin: 14% (down from 18% in 2Q 2023). Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Life Sciences industry in Asia. Over the last 3 years on average, earnings per share has fallen by 31% per year but the company’s share price has fallen by 39% per year, which means it is performing significantly worse than earnings. Buy Or Sell Opportunity • Jun 12
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 21% to JP¥1,157. The fair value is estimated to be JP¥1,487, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 27% over the last 3 years. Earnings per share has declined by 30%. For the next 3 years, revenue is forecast to grow by 14% per annum. Earnings are also forecast to grow by 20% per annum over the same time period. Reported Earnings • Mar 12
First quarter 2024 earnings released: EPS: JP¥7.23 (vs JP¥11.56 in 1Q 2023) First quarter 2024 results: EPS: JP¥7.23 (down from JP¥11.56 in 1Q 2023). Revenue: JP¥1.17b (up 11% from 1Q 2023). Net income: JP¥143.0m (down 34% from 1Q 2023). Profit margin: 12% (down from 20% in 1Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 17% growth forecast for the Life Sciences industry in Asia. Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has only fallen by 24% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Mar 01
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to JP¥1,414, the stock trades at a forward P/E ratio of 48x. Average forward P/E is 13x in the Life Sciences industry in Japan. Total loss to shareholders of 54% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥1,655 per share. Announcement • Feb 17
CellSource Co., Ltd. to Report Q2, 2024 Results on Jun 13, 2024 CellSource Co., Ltd. announced that they will report Q2, 2024 results on Jun 13, 2024 Board Change • Feb 14
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 Outside Director Tsuneyasu Ozaki was the last independent director to join the board, commencing their role in 2023. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Buy Or Sell Opportunity • Jan 30
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 30% to JP¥1,221. The fair value is estimated to be JP¥1,530, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 31% over the last 3 years. Earnings per share has declined by 33%. For the next 3 years, revenue is forecast to grow by 16% per annum. Earnings are also forecast to grow by 22% per annum over the same time period. Announcement • Jan 27
CellSource Co., Ltd. to Report Q1, 2024 Results on Mar 11, 2024 CellSource Co., Ltd. announced that they will report Q1, 2024 results on Mar 11, 2024 Buying Opportunity • Jan 18
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 40%. The fair value is estimated to be JP¥1,539, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 31% over the last 3 years. Earnings per share has declined by 33%. For the next 3 years, revenue is forecast to grow by 16% per annum. Earnings is also forecast to grow by 22% per annum over the same time period. Buying Opportunity • Dec 25
Now 24% undervalued after recent price drop Over the last 90 days, the stock is down 44%. The fair value is estimated to be JP¥1,661, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 31% over the last 3 years. Earnings per share has declined by 33%. For the next 3 years, revenue is forecast to grow by 15% per annum. Earnings is also forecast to grow by 20% per annum over the same time period. Valuation Update With 7 Day Price Move • Dec 22
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to JP¥1,336, the stock trades at a forward P/E ratio of 27x. Average forward P/E is 12x in the Life Sciences industry in Japan. Total loss to shareholders of 61% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥943 per share. Reported Earnings • Dec 16
Full year 2023 earnings released: EPS: JP¥48.88 (vs JP¥54.50 in FY 2022) Full year 2023 results: EPS: JP¥48.88 (down from JP¥54.50 in FY 2022). Revenue: JP¥4.51b (up 5.5% from FY 2022). Net income: JP¥923.0m (down 9.2% from FY 2022). Profit margin: 21% (down from 24% in FY 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 6.6% growth forecast for the Life Sciences industry in Japan. Over the last 3 years on average, earnings per share has fallen by 33% per year but the company’s share price has only fallen by 25% per year, which means it has not declined as severely as earnings. Announcement • Dec 15
CellSource Co., Ltd., Annual General Meeting, Jan 25, 2024 CellSource Co., Ltd., Annual General Meeting, Jan 25, 2024. Announcement • Oct 28
CellSource Co., Ltd. to Report Fiscal Year 2023 Results on Dec 15, 2023 CellSource Co., Ltd. announced that they will report fiscal year 2023 results on Dec 15, 2023 New Risk • Oct 07
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 5.7% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (7.7% average weekly change). Minor Risk Shareholders have been diluted in the past year (5.7% increase in shares outstanding). Reported Earnings • Sep 16
Third quarter 2023 earnings released: EPS: JP¥14.03 (vs JP¥15.05 in 3Q 2022) Third quarter 2023 results: EPS: JP¥14.03 (down from JP¥15.05 in 3Q 2022). Revenue: JP¥1.24b (up 5.2% from 3Q 2022). Net income: JP¥265.0m (down 5.7% from 3Q 2022). Profit margin: 21% (down from 24% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 7.3% growth forecast for the Life Sciences industry in Japan. Over the last 3 years on average, earnings per share has fallen by 32% per year but the company’s share price has only fallen by 15% per year, which means it has not declined as severely as earnings. New Risk • Jul 23
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.0% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (7.7% average weekly change). Minor Risk Shareholders have been diluted in the past year (2.0% increase in shares outstanding). Announcement • Jul 06
CellSource Co., Ltd. to Report Q3, 2023 Results on Sep 13, 2023 CellSource Co., Ltd. announced that they will report Q3, 2023 results on Sep 13, 2023 New Risk • Jun 17
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Japanese stocks, typically moving 7.8% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. This is currently the only risk that has been identified for the company. Reported Earnings • Jun 16
Second quarter 2023 earnings released: EPS: JP¥10.38 (vs JP¥8.20 in 2Q 2022) Second quarter 2023 results: EPS: JP¥10.38 (up from JP¥8.20 in 2Q 2022). Revenue: JP¥1.11b (up 27% from 2Q 2022). Net income: JP¥194.0m (up 27% from 2Q 2022). Profit margin: 18% (in line with 2Q 2022). Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 7.3% growth forecast for the Life Sciences industry in Japan. Over the last 3 years on average, earnings per share has fallen by 34% per year but the company’s share price has increased by 19% per year, which means it is well ahead of earnings. Announcement • Jun 15
Cellsource Co., Ltd. Provides Non-Consolidated Earnings Guidance for the Fiscal Year Ending October 31, 2023 CellSource Co., Ltd. provided non-consolidated earnings guidance for the fiscal year ending October 31, 2023. Net sales to be JPY 5,192 million, operating profit to be JPY 1,625 million, profit to be JPY 1,024 million and basic earnings per share to be JPY 54.81 per share. Reported Earnings • Mar 15
First quarter 2023 earnings released: EPS: JP¥11.56 (vs JP¥8.32 in 1Q 2022) First quarter 2023 results: EPS: JP¥11.56 (up from JP¥8.32 in 1Q 2022). Revenue: JP¥1.06b (up 29% from 1Q 2022). Net income: JP¥216.0m (up 39% from 1Q 2022). Profit margin: 20% (up from 19% in 1Q 2022). The increase in margin was driven by higher revenue. Reported Earnings • Feb 02
Full year 2022 earnings released: EPS: JP¥54.50 (vs JP¥105 in FY 2021) Full year 2022 results: EPS: JP¥54.50. Revenue: JP¥4.27b (up 46% from FY 2021). Net income: JP¥1.02b (up 56% from FY 2021). Profit margin: 24% (up from 22% in FY 2021). The increase in margin was driven by higher revenue. Announcement • Jan 29
CellSource Co., Ltd. to Report Q1, 2023 Results on Mar 14, 2023 CellSource Co., Ltd. announced that they will report Q1, 2023 results on Mar 14, 2023 Valuation Update With 7 Day Price Move • Dec 21
Investor sentiment deteriorated over the past week After last week's 17% share price decline to JP¥4,210, the stock trades at a trailing P/E ratio of 77.4x. Average trailing P/E is 16x in the Life Sciences industry in Japan. Total returns to shareholders of 229% over the past three years. Reported Earnings • Dec 18
Full year 2022 earnings released: EPS: JP¥54.50 (vs JP¥105 in FY 2021) Full year 2022 results: EPS: JP¥54.50. Revenue: JP¥4.27b (up 46% from FY 2021). Net income: JP¥1.02b (up 56% from FY 2021). Profit margin: 24% (up from 22% in FY 2021). The increase in margin was driven by higher revenue. Announcement • Dec 15
CellSource Co., Ltd. Provides Earnings Guidance for the Fiscal Year Ending October 31, 2023 CellSource Co., Ltd. provided earnings guidance for the Fiscal Year Ending October 31, 2023. For the year, the company expects net sales of JPY 5,192 million, Operating profit of JPY 1,625 million, Profit of JPY 1,024 million or Basic EPS of JPY 54.81. Announcement • Dec 14
CellSource Co., Ltd., Annual General Meeting, Jan 27, 2023 CellSource Co., Ltd., Annual General Meeting, Jan 27, 2023. 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. 4 non-independent directors. Independent Outside Director Takashi Sawada 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. Announcement • Oct 02
CellSource Co., Ltd. to Report Q4, 2022 Results on Dec 14, 2022 CellSource Co., Ltd. announced that they will report Q4, 2022 results on Dec 14, 2022 Reported Earnings • Sep 15
Third quarter 2022 earnings released: EPS: JP¥15.05 (vs JP¥25.88 in 3Q 2021) Third quarter 2022 results: EPS: JP¥15.05. Revenue: JP¥1.18b (up 54% from 3Q 2021). Net income: JP¥281.0m (up 76% from 3Q 2021). Profit margin: 24% (up from 21% in 3Q 2021). The increase in margin was driven by higher revenue. Reported Earnings • Jun 14
Second quarter 2022 earnings released: EPS: JP¥8.20 (vs JP¥25.12 in 2Q 2021) Second quarter 2022 results: EPS: JP¥8.20 (down from JP¥25.12 in 2Q 2021). Revenue: JP¥877.0m (up 22% from 2Q 2021). Net income: JP¥153.0m (down 1.3% from 2Q 2021). Profit margin: 17% (down from 22% in 2Q 2021). The decrease in margin was driven by higher expenses. Board Change • Apr 27
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. 5 non-independent directors. Independent Outside Director Norio Murakami was the last independent director to join the board, commencing their role in 2017. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Apr 08
CellSource Co., Ltd. to Report Q2, 2022 Results on Jun 13, 2022 CellSource Co., Ltd. announced that they will report Q2, 2022 results on Jun 13, 2022 Valuation Update With 7 Day Price Move • Mar 23
Investor sentiment deteriorated over the past week After last week's 28% share price decline to JP¥2,535, the stock trades at a trailing P/E ratio of 68.2x. Average trailing P/E is 19x in the Life Sciences industry in Japan. Total loss to shareholders of 33% over the past year. Reported Earnings • Mar 18
First quarter 2022 earnings: Revenues and EPS in line with analyst expectations First quarter 2022 results: EPS: JP¥8.32 (down from JP¥18.38 in 1Q 2021). Revenue: JP¥820.0m (up 32% from 1Q 2021). Net income: JP¥155.0m (up 37% from 1Q 2021). Profit margin: 19% (in line with 1Q 2021). Revenue was in line with analyst estimates. Buying Opportunity • Mar 07
Now 23% undervalued after recent price drop Over the last 90 days, the stock is down 52%. The fair value is estimated to be JP¥4,220, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 26% per annum over the last 3 years. Earnings per share has declined by 10% per annum over the last 3 years. Buying Opportunity • Feb 17
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 56%. The fair value is estimated to be JP¥4,238, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 26% per annum over the last 3 years. Earnings per share has declined by 10% per annum over the last 3 years. Board Change • Jan 11
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 8 experienced directors. No highly experienced directors. 2 independent directors (3 non-independent directors). Independent Outside Director Norio Murakami was the last independent director to join the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Dec 17
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: JP¥105 (down from JP¥137 in FY 2020). Revenue: JP¥2.92b (up 57% from FY 2020). Net income: JP¥651.0m (up 138% from FY 2020). Profit margin: 22% (up from 15% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Reported Earnings • Jun 16
Second quarter 2021 earnings released: EPS JP¥25.12 (vs JP¥19.81 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: JP¥721.0m (up 70% from 2Q 2020). Net income: JP¥155.0m (up 288% from 2Q 2020). Profit margin: 22% (up from 9.4% in 2Q 2020). The increase in margin was driven by higher revenue. Reported Earnings • Mar 16
First quarter 2021 earnings released: EPS JP¥18.38 (vs JP¥36.57 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: JP¥622.0m (up 42% from 1Q 2020). Net income: JP¥113.0m (up 109% from 1Q 2020). Profit margin: 18% (up from 12% in 1Q 2020). The increase in margin was driven by higher revenue. Reported Earnings • Feb 03
Full year 2020 earnings released: EPS JP¥137 (vs JP¥137 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: JP¥1.86b (up 15% from FY 2019). Net income: JP¥274.0m (up 38% from FY 2019). Profit margin: 15% (up from 12% in FY 2019). The increase in margin was driven by higher revenue. Announcement • Jan 28
CellSource Co., Ltd. to Report Q1, 2021 Results on Mar 15, 2021 CellSource Co., Ltd. announced that they will report Q1, 2021 results on Mar 15, 2021 Announcement • Dec 16
CellSource Co., Ltd., Annual General Meeting, Jan 28, 2021 CellSource Co., Ltd., Annual General Meeting, Jan 28, 2021. Announcement • Jul 26
CellSource Co., Ltd. to Report Q3, 2020 Results on Sep 10, 2020 CellSource Co., Ltd. announced that they will report Q3, 2020 results on Sep 10, 2020