Valuation Update With 7 Day Price Move • Jul 17
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to JP¥762, the stock trades at a trailing P/E ratio of 4.5x. Average trailing P/E is 14x in the Specialty Retail industry in Japan. Total returns to shareholders of 181% over the past three years. Valuation Update With 7 Day Price Move • Jun 25
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to JP¥950, the stock trades at a trailing P/E ratio of 5.6x. Average trailing P/E is 14x in the Specialty Retail industry in Japan. Total returns to shareholders of 240% over the past three years. Upcoming Dividend • Jun 25
Upcoming dividend of JP¥5.50 per share Eligible shareholders must have bought the stock before 29 June 2026. Payment date: 01 September 2026. Payout ratio is a comfortable 6.5% but the company is not cash flow positive. Trailing yield: 1.3%. Lower than top quartile of Japanese dividend payers (3.9%). In line with average of industry peers (1.3%). Reported Earnings • May 20
First quarter 2026 earnings released: EPS: JP¥46.27 (vs JP¥28.35 in 1Q 2025) First quarter 2026 results: EPS: JP¥46.27 (up from JP¥28.35 in 1Q 2025). Revenue: JP¥1.89b (up 9.0% from 1Q 2025). Net income: JP¥111.0m (up 63% from 1Q 2025). Profit margin: 5.9% (up from 3.9% in 1Q 2025). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 36% per year whereas the company’s share price has increased by 34% per year. Board Change • May 20
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. 1 experienced director. 6 highly experienced directors. 2 independent directors (5 non-independent directors). Independent Outside Director Kyoko Takeda was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Announcement • Mar 16
Truck-One Co., Ltd., Annual General Meeting, Mar 19, 2026 Truck-One Co., Ltd., Annual General Meeting, Mar 19, 2026, at 10:00 Tokyo Standard Time. Location: 2-3-1 otemachi, kudamatsu city, yamaguchi prefecture, kudamatsu city, citizen exchange center, hoshiland kudamatsu salvia hall a, kudamatsu Japan Valuation Update With 7 Day Price Move • Nov 14
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to JP¥439, the stock trades at a trailing P/E ratio of 5.2x. Average trailing P/E is 13x in the Specialty Retail industry in Japan. Total returns to shareholders of 67% over the past three years. New Risk • Nov 04
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Japanese stocks, typically moving 8.2% 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: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Market cap is less than US$10m (JP¥887.6m market cap, or US$5.80m). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (8.2% average weekly change). Large one-off items impacting financial results. Valuation Update With 7 Day Price Move • Aug 06
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to JP¥293, the stock trades at a trailing P/E ratio of 4.8x. Average trailing P/E is 12x in the Specialty Retail industry in Japan. Total returns to shareholders of 20% over the past three years. Upcoming Dividend • Jun 20
Upcoming dividend of JP¥3.00 per share Eligible shareholders must have bought the stock before 27 June 2024. Payment date: 02 September 2024. Payout ratio is a comfortable 13% but the company is not cash flow positive. Trailing yield: 1.7%. Lower than top quartile of Japanese dividend payers (3.4%). Higher than average of industry peers (1.5%). New Risk • Jun 17
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Japanese stocks, typically moving 5.8% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (1.1% operating cash flow to total debt). Market cap is less than US$10m (JP¥837.2m market cap, or US$5.31m). Minor Risks Share price has been volatile over the past 3 months (5.8% average weekly change). Large one-off items impacting financial results. Reported Earnings • May 18
First quarter 2024 earnings released: EPS: JP¥32.52 (vs JP¥21.26 in 1Q 2023) First quarter 2024 results: EPS: JP¥32.52 (up from JP¥21.26 in 1Q 2023). Revenue: JP¥1.57b (down 3.6% from 1Q 2023). Net income: JP¥78.0m (up 53% from 1Q 2023). Profit margin: 5.0% (up from 3.1% in 1Q 2023). Over the last 3 years on average, earnings per share has increased by 47% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 26
Full year 2023 earnings released: EPS: JP¥50.02 (vs JP¥45.02 in FY 2022) Full year 2023 results: EPS: JP¥50.02 (up from JP¥45.02 in FY 2022). Revenue: JP¥6.44b (down 9.3% from FY 2022). Net income: JP¥120.0m (up 11% from FY 2022). Profit margin: 1.9% (up from 1.5% in FY 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 54% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Reported Earnings • Feb 18
Full year 2023 earnings released: EPS: JP¥50.02 (vs JP¥45.02 in FY 2022) Full year 2023 results: EPS: JP¥50.02 (up from JP¥45.02 in FY 2022). Revenue: JP¥6.44b (down 9.3% from FY 2022). Net income: JP¥120.0m (up 11% from FY 2022). Profit margin: 1.9% (up from 1.5% in FY 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 54% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Dec 21
Upcoming dividend of JP¥5.50 per share at 1.2% yield Eligible shareholders must have bought the stock before 28 December 2023. Payment date: 21 March 2024. Payout ratio is a comfortable 5.9% but the company is not cash flow positive. Trailing yield: 1.2%. Lower than top quartile of Japanese dividend payers (3.5%). Lower than average of industry peers (1.4%). Reported Earnings • Nov 18
Third quarter 2023 earnings released: EPS: JP¥19.18 (vs JP¥11.67 in 3Q 2022) Third quarter 2023 results: EPS: JP¥19.18 (up from JP¥11.67 in 3Q 2022). Revenue: JP¥1.55b (down 14% from 3Q 2022). Net income: JP¥46.0m (up 64% from 3Q 2022). Profit margin: 3.0% (up from 1.5% in 3Q 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 66% per year but the company’s share price has only increased by 21% per year, which means it is significantly lagging earnings growth. New Risk • Nov 13
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Japanese stocks, typically moving 5.8% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (5.2% operating cash flow to total debt). Market cap is less than US$10m (JP¥753.3m market cap, or US$4.97m). Minor Risk Share price has been volatile over the past 3 months (5.8% average weekly change). Reported Earnings • Aug 13
Second quarter 2023 earnings released: EPS: JP¥11.26 (vs JP¥10.01 in 2Q 2022) Second quarter 2023 results: EPS: JP¥11.26 (up from JP¥10.01 in 2Q 2022). Revenue: JP¥1.66b (down 4.2% from 2Q 2022). Net income: JP¥27.0m (up 13% from 2Q 2022). Profit margin: 1.6% (up from 1.4% in 2Q 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 71% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jun 22
Upcoming dividend of JP¥2.50 per share at 1.7% yield Eligible shareholders must have bought the stock before 29 June 2023. Payment date: 01 September 2023. Payout ratio is a comfortable 11% but the company is not cash flow positive. Trailing yield: 1.7%. Lower than top quartile of Japanese dividend payers (3.5%). Higher than average of industry peers (1.3%). Reported Earnings • May 17
First quarter 2023 earnings released: EPS: JP¥21.26 (vs JP¥7.50 in 1Q 2022) First quarter 2023 results: EPS: JP¥21.26 (up from JP¥7.50 in 1Q 2022). Revenue: JP¥1.63b (flat on 1Q 2022). Net income: JP¥51.0m (up 183% from 1Q 2022). Profit margin: 3.1% (up from 1.1% in 1Q 2022). Over the last 3 years on average, earnings per share has increased by 70% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Reported Earnings • Feb 17
Full year 2022 earnings released: EPS: JP¥45.02 (vs JP¥28.76 in FY 2021) Full year 2022 results: EPS: JP¥45.02 (up from JP¥28.76 in FY 2021). Revenue: JP¥7.10b (up 18% from FY 2021). Net income: JP¥108.0m (up 56% from FY 2021). Profit margin: 1.5% (up from 1.2% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 59% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Dec 22
Upcoming dividend of JP¥4.00 per share Eligible shareholders must have bought the stock before 29 December 2022. Payment date: 22 March 2023. Payout ratio is a comfortable 12% but the company is not cash flow positive. Trailing yield: 1.8%. Lower than top quartile of Japanese dividend payers (3.8%). Higher than average of industry peers (1.5%). Reported Earnings • Nov 17
Third quarter 2022 earnings released: EPS: JP¥11.67 (vs JP¥5.00 in 3Q 2021) Third quarter 2022 results: EPS: JP¥11.67 (up from JP¥5.00 in 3Q 2021). Revenue: JP¥1.81b (up 24% from 3Q 2021). Net income: JP¥28.0m (up 133% from 3Q 2021). Profit margin: 1.5% (up from 0.8% in 3Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has only increased by 3% 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. 6 non-independent directors. Director Takatoshi Masaki 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. Valuation Update With 7 Day Price Move • Oct 04
Investor sentiment improved over the past week After last week's 17% share price gain to JP¥296, the stock trades at a trailing P/E ratio of 8.6x. Average trailing P/E is 10x in the Specialty Retail industry in Japan. Total returns to shareholders of 25% over the past three years. Reported Earnings • Aug 15
Second quarter 2022 earnings released: EPS: JP¥10.01 (vs JP¥9.59 in 2Q 2021) Second quarter 2022 results: EPS: JP¥10.01 (up from JP¥9.59 in 2Q 2021). Revenue: JP¥1.73b (up 13% from 2Q 2021). Net income: JP¥24.0m (up 4.3% from 2Q 2021). Profit margin: 1.4% (in line with 2Q 2021). Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jun 22
Upcoming dividend of JP¥2.50 per share Eligible shareholders must have bought the stock before 29 June 2022. Payment date: 01 September 2022. Payout ratio is a comfortable 15% and this is well supported by cash flows. Trailing yield: 2.0%. Lower than top quartile of Japanese dividend payers (3.8%). Higher than average of industry peers (1.7%). Reported Earnings • May 19
First quarter 2022 earnings released: EPS: JP¥7.50 (vs JP¥2.08 in 1Q 2021) First quarter 2022 results: EPS: JP¥7.50 (up from JP¥2.08 in 1Q 2021). Revenue: JP¥1.64b (up 26% from 1Q 2021). Net income: JP¥18.0m (up 260% from 1Q 2021). Profit margin: 1.1% (up from 0.4% 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 7% per year but the company’s share price has remained flat, which means it is well ahead of earnings. 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. 6 non-independent directors. Director Takatoshi Masaki 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. Upcoming Dividend • Dec 22
Upcoming dividend of JP¥2.50 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 22 March 2022. Payout ratio is a comfortable 29% but the company is not cash flow positive. Trailing yield: 1.8%. Lower than top quartile of Japanese dividend payers (3.3%). Higher than average of industry peers (1.5%). Reported Earnings • Nov 17
Third quarter 2021 earnings released: EPS JP¥5.00 (vs JP¥1.25 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: JP¥1.46b (up 16% from 3Q 2020). Net income: JP¥12.0m (up 300% from 3Q 2020). Profit margin: 0.8% (up from 0.2% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Upcoming Dividend • Jun 23
Upcoming dividend of JP¥2.50 per share Eligible shareholders must have bought the stock before 29 June 2021. Payment date: 01 September 2021. Trailing yield: 1.8%. Lower than top quartile of Japanese dividend payers (3.0%). Higher than average of industry peers (1.3%). Reported Earnings • May 17
First quarter 2021 earnings released: EPS JP¥2.08 (vs JP¥4.17 in 1Q 2020) The company reported a soft first quarter result with weaker earnings and profit margins, although revenues improved. First quarter 2021 results: Revenue: JP¥1.30b (up 16% from 1Q 2020). Net income: JP¥5.00m (down 50% from 1Q 2020). Profit margin: 0.4% (down from 0.9% in 1Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Reported Earnings • Feb 14
Full year 2020 earnings released: EPS JP¥9.59 (vs JP¥17.93 in FY 2019) The company reported a soft full year result with weaker earnings and profit margins, although revenues improved. Full year 2020 results: Revenue: JP¥4.74b (up 3.1% from FY 2019). Net income: JP¥23.0m (down 47% from FY 2019). Profit margin: 0.5% (down from 0.9% in FY 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Is New 90 Day High Low • Jan 21
New 90-day high: JP¥246 The company is up 6.0% from its price of JP¥232 on 23 October 2020. The Japanese market is up 13% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Specialty Retail industry, which is up 10.0% over the same period. Reported Earnings • Nov 19
Third quarter 2020 earnings released: EPS JP¥1.25 The company reported a poor third quarter result with weaker earnings and profit margins, although revenues were flat. Third quarter 2020 results: Revenue: JP¥1.26b (flat on 3Q 2019). Net income: JP¥3.00m (down 25% from 3Q 2019). Profit margin: 0.2% (down from 0.3% in 3Q 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has remained flat, which means it is well ahead of earnings.