Valuation Update With 7 Day Price Move • May 21
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to JP¥384, the stock trades at a trailing P/E ratio of 4.6x. Average trailing P/E is 14x in the Specialty Retail industry in Japan. Total returns to shareholders of 45% over the past three years. Reported Earnings • May 19
First quarter 2026 earnings released: EPS: JP¥28.95 (vs JP¥6.23 in 1Q 2025) First quarter 2026 results: EPS: JP¥28.95 (up from JP¥6.23 in 1Q 2025). Revenue: JP¥13.4b (up 36% from 1Q 2025). Net income: JP¥372.0m (up 365% from 1Q 2025). Profit margin: 2.8% (up from 0.8% in 1Q 2025). 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 10% per year, which means it is well ahead of earnings. New Risk • May 19
New major risk - Financial position The company's debt is not well covered by operating cash flow. Currently running at an operating cash loss. This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (currently running at an operating cash loss). Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Market cap is less than US$100m (JP¥4.45b market cap, or US$28.0m). Reported Earnings • Apr 04
Full year 2025 earnings released: EPS: JP¥61.29 (vs JP¥93.29 in FY 2024) Full year 2025 results: EPS: JP¥61.29 (down from JP¥93.29 in FY 2024). Revenue: JP¥40.8b (down 6.8% from FY 2024). Net income: JP¥787.0m (down 34% from FY 2024). Profit margin: 1.9% (down from 2.7% in FY 2024). Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. Reported Earnings • Feb 16
Full year 2025 earnings released: EPS: JP¥61.29 (vs JP¥93.29 in FY 2024) Full year 2025 results: EPS: JP¥61.29 (down from JP¥93.29 in FY 2024). Revenue: JP¥40.8b (down 6.8% from FY 2024). Net income: JP¥787.0m (down 34% from FY 2024). Profit margin: 1.9% (down from 2.7% in FY 2024). Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Announcement • Feb 13
Apple International Co., Ltd., Annual General Meeting, Mar 27, 2026 Apple International Co., Ltd., Annual General Meeting, Mar 27, 2026. Announcement • Dec 27
Apple International Co., Ltd. to Report Fiscal Year 2025 Results on Feb 13, 2026 Apple International Co., Ltd. announced that they will report fiscal year 2025 results on Feb 13, 2026 Upcoming Dividend • Dec 22
Upcoming dividend of JP¥10.00 per share Eligible shareholders must have bought the stock before 29 December 2025. Payment date: 31 March 2026. Payout ratio is a comfortable 25% and this is well supported by cash flows. Trailing yield: 2.9%. Lower than top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (1.5%). Reported Earnings • Nov 18
Third quarter 2025 earnings released: EPS: JP¥18.38 (vs JP¥26.71 in 3Q 2024) Third quarter 2025 results: EPS: JP¥18.38 (down from JP¥26.71 in 3Q 2024). Revenue: JP¥10.8b (up 4.5% from 3Q 2024). Net income: JP¥236.0m (down 31% from 3Q 2024). Profit margin: 2.2% (down from 3.3% in 3Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Announcement • Sep 23
Apple International Co., Ltd. to Report Q3, 2025 Results on Nov 14, 2025 Apple International Co., Ltd. announced that they will report Q3, 2025 results on Nov 14, 2025 Reported Earnings • Aug 10
Second quarter 2025 earnings released: EPS: JP¥1.95 (vs JP¥19.62 in 2Q 2024) Second quarter 2025 results: EPS: JP¥1.95 (down from JP¥19.62 in 2Q 2024). Revenue: JP¥8.83b (down 9.7% from 2Q 2024). Net income: JP¥25.0m (down 90% from 2Q 2024). Profit margin: 0.3% (down from 2.6% in 2Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Announcement • Jun 26
Apple International Co., Ltd. to Report Q2, 2025 Results on Aug 08, 2025 Apple International Co., Ltd. announced that they will report Q2, 2025 results on Aug 08, 2025 New Risk • May 11
New major risk - Financial position The company's debt is not well covered by operating cash flow. Currently running at an operating cash loss. This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (currently running at an operating cash loss). Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (2.1% net profit margin). Market cap is less than US$100m (JP¥5.16b market cap, or US$35.5m). Reported Earnings • May 11
First quarter 2025 earnings released: EPS: JP¥6.23 (vs JP¥33.02 in 1Q 2024) First quarter 2025 results: EPS: JP¥6.23 (down from JP¥33.02 in 1Q 2024). Revenue: JP¥9.86b (down 26% from 1Q 2024). Net income: JP¥80.0m (down 81% from 1Q 2024). Profit margin: 0.8% (down from 3.2% in 1Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has increased by 22% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to JP¥335, the stock trades at a trailing P/E ratio of 3.6x. Average trailing P/E is 13x in the Specialty Retail industry in Japan. Total returns to shareholders of 83% over the past three years. Announcement • Mar 27
Apple International Co., Ltd. to Report Q1, 2025 Results on May 09, 2025 Apple International Co., Ltd. announced that they will report Q1, 2025 results on May 09, 2025 Reported Earnings • Feb 16
Full year 2024 earnings released: EPS: JP¥93.29 (vs JP¥78.11 in FY 2023) Full year 2024 results: EPS: JP¥93.29 (up from JP¥78.11 in FY 2023). Revenue: JP¥43.8b (up 42% from FY 2023). Net income: JP¥1.20b (up 19% from FY 2023). Profit margin: 2.7% (down from 3.3% in FY 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has increased by 23% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Feb 14
Apple International Co., Ltd., Annual General Meeting, Mar 28, 2025 Apple International Co., Ltd., Annual General Meeting, Mar 28, 2025. Announcement • Jan 03
Apple International Co., Ltd. to Report Fiscal Year 2024 Results on Feb 14, 2025 Apple International Co., Ltd. announced that they will report fiscal year 2024 results on Feb 14, 2025 Upcoming Dividend • Dec 20
Upcoming dividend of JP¥15.00 per share Eligible shareholders must have bought the stock before 27 December 2024. Payment date: 31 March 2025. Payout ratio is a comfortable 13% but the company is not cash flow positive. Trailing yield: 2.3%. Lower than top quartile of Japanese dividend payers (3.8%). Higher than average of industry peers (1.4%). New Risk • Nov 18
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 6.8% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (6.8% average weekly change). Profit margins are more than 30% lower than last year (2.5% net profit margin). Market cap is less than US$100m (JP¥6.27b market cap, or US$40.6m). Valuation Update With 7 Day Price Move • Nov 18
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to JP¥488, the stock trades at a trailing P/E ratio of 6.2x. Average trailing P/E is 13x in the Specialty Retail industry in Japan. Total returns to shareholders of 102% over the past three years. Reported Earnings • Nov 10
Third quarter 2024 earnings released: EPS: JP¥26.71 (vs JP¥18.31 in 3Q 2023) Third quarter 2024 results: EPS: JP¥26.71 (up from JP¥18.31 in 3Q 2023). Revenue: JP¥10.4b (up 40% from 3Q 2023). Net income: JP¥343.0m (up 45% from 3Q 2023). Profit margin: 3.3% (up from 3.2% in 3Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Announcement • Sep 25
Apple International Co., Ltd. to Report Q3, 2024 Results on Nov 08, 2024 Apple International Co., Ltd. announced that they will report Q3, 2024 results on Nov 08, 2024 Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 23% After last week's 23% share price decline to JP¥390, the stock trades at a trailing P/E ratio of 4.4x. Average trailing P/E is 13x in the Specialty Retail industry in Japan. Total returns to shareholders of 21% over the past three years. New Risk • Jul 11
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 7.5% 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 Debt is not well covered by operating cash flow (currently running at an operating cash loss). Share price has been highly volatile over the past 3 months (7.5% average weekly change). Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (3.1% net profit margin). Market cap is less than US$100m (JP¥7.05b market cap, or US$43.6m). Announcement • Jun 22
Apple International Co., Ltd. to Report Q2, 2024 Results on Aug 09, 2024 Apple International Co., Ltd. announced that they will report Q2, 2024 results on Aug 09, 2024 Valuation Update With 7 Day Price Move • May 17
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to JP¥480, the stock trades at a trailing P/E ratio of 5.9x. Average trailing P/E is 13x in the Specialty Retail industry in Japan. Total returns to shareholders of 90% over the past three years. Reported Earnings • May 13
First quarter 2024 earnings released: EPS: JP¥33.02 (vs JP¥23.30 in 1Q 2023) First quarter 2024 results: EPS: JP¥33.02 (up from JP¥23.30 in 1Q 2023). Revenue: JP¥13.4b (up 67% from 1Q 2023). Net income: JP¥424.0m (up 41% from 1Q 2023). Profit margin: 3.2% (down from 3.8% in 1Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has only increased by 25% per year, which means it is significantly lagging earnings growth. Announcement • Mar 28
Apple International Co., Ltd. to Report Q1, 2024 Results on May 10, 2024 Apple International Co., Ltd. announced that they will report Q1, 2024 results on May 10, 2024 Reported Earnings • Feb 19
Full year 2023 earnings released: EPS: JP¥78.11 (vs JP¥99.25 in FY 2022) Full year 2023 results: EPS: JP¥78.11 (down from JP¥99.25 in FY 2022). Revenue: JP¥30.9b (up 5.8% from FY 2022). Net income: JP¥1.01b (down 24% from FY 2022). Profit margin: 3.3% (down from 4.6% in FY 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 48% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Announcement • Feb 19
Apple International Co., Ltd., Annual General Meeting, Mar 28, 2024 Apple International Co., Ltd., Annual General Meeting, Mar 28, 2024. Announcement • Dec 21
Apple International Co., Ltd. to Report Fiscal Year 2023 Results on Feb 16, 2024 Apple International Co., Ltd. announced that they will report fiscal year 2023 results on Feb 16, 2024 Upcoming Dividend • Dec 21
Upcoming dividend of JP¥15.00 per share at 1.2% yield Eligible shareholders must have bought the stock before 28 December 2023. Payment date: 27 March 2024. Payout ratio is a comfortable 5.4% 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%). New Risk • Nov 22
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 7.3% 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 (8.5% average weekly change). Minor Risks Shareholders have been diluted in the past year (7.3% increase in shares outstanding). Market cap is less than US$100m (JP¥5.56b market cap, or US$37.5m). Reported Earnings • Nov 12
Third quarter 2023 earnings released: EPS: JP¥18.31 (vs JP¥48.10 in 3Q 2022) Third quarter 2023 results: EPS: JP¥18.31 (down from JP¥48.10 in 3Q 2022). Revenue: JP¥7.42b (down 28% from 3Q 2022). Net income: JP¥236.0m (down 62% from 3Q 2022). Profit margin: 3.2% (down from 6.1% in 3Q 2022). The decrease in margin was driven by lower 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 32% per year, which means it is significantly lagging earnings growth. Announcement • Sep 21
Apple International Co., Ltd. to Report Q3, 2023 Results on Nov 10, 2023 Apple International Co., Ltd. announced that they will report Q3, 2023 results on Nov 10, 2023 Announcement • Sep 01
Apple International Co., Ltd. (TSE:2788) announces an Equity Buyback for 90,000 shares, representing 0.7% for ¥45.27 million. Apple International Co., Ltd. (TSE:2788) announces a share repurchase program. Under the program, the company will repurchase up to 90,000 shares, representing 0.70% of its issued share capital (excluding treasury stock), for a total purchase price of ¥45.27 million. The shares will be repurchased at a price of ¥503 per share. The purpose of the program is to improve capital efficiency. As of June 30, 2023, the company has 12,921,124 issued shares (excluding treasury stock) and 930,276 treasury shares. New Risk • Aug 22
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 7.6% 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 (7.6% average weekly change). High level of non-cash earnings (49% accrual ratio). Minor Risk Market cap is less than US$100m (JP¥5.88b market cap, or US$40.4m). New Risk • Aug 17
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 49% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (49% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (7.2% average weekly change). Market cap is less than US$100m (JP¥5.67b market cap, or US$38.9m). Reported Earnings • Aug 12
Second quarter 2023 earnings released: EPS: JP¥37.38 (vs JP¥28.52 in 2Q 2022) Second quarter 2023 results: EPS: JP¥37.38 (up from JP¥28.52 in 2Q 2022). Revenue: JP¥8.13b (up 8.9% from 2Q 2022). Net income: JP¥483.0m (up 22% from 2Q 2022). Profit margin: 5.9% (up from 5.3% in 2Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 68% per year but the company’s share price has only increased by 31% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Aug 04
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to JP¥454, the stock trades at a trailing P/E ratio of 3.9x. Average trailing P/E is 13x in the Specialty Retail industry in Japan. Total returns to shareholders of 236% over the past three years. New Risk • Jul 14
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Japanese stocks, typically moving 5.1% 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 (5.1% average weekly change). Market cap is less than US$100m (JP¥4.29b market cap, or US$30.9m). Announcement • Jun 23
Apple International Co., Ltd. to Report Q2, 2023 Results on Aug 10, 2023 Apple International Co., Ltd. announced that they will report Q2, 2023 results on Aug 10, 2023 Reported Earnings • May 16
First quarter 2023 earnings released: EPS: JP¥23.30 (vs JP¥10.40 in 1Q 2022) First quarter 2023 results: EPS: JP¥23.30 (up from JP¥10.40 in 1Q 2022). Revenue: JP¥7.99b (up 48% from 1Q 2022). Net income: JP¥301.0m (up 109% from 1Q 2022). Profit margin: 3.8% (up from 2.7% in 1Q 2022). The increase in margin was driven by higher revenue. 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 24% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 31
Full year 2022 earnings released: EPS: JP¥99.25 (vs JP¥29.10 in FY 2021) Full year 2022 results: EPS: JP¥99.25 (up from JP¥29.10 in FY 2021). Revenue: JP¥29.2b (up 57% from FY 2021). Net income: JP¥1.33b (up 230% from FY 2021). Profit margin: 4.6% (up from 2.2% 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 68% per year but the company’s share price has only increased by 32% per year, which means it is significantly lagging earnings growth. Reported Earnings • Feb 22
Full year 2022 earnings released: EPS: JP¥99.25 (vs JP¥29.10 in FY 2021) Full year 2022 results: EPS: JP¥99.25 (up from JP¥29.10 in FY 2021). Revenue: JP¥29.2b (up 57% from FY 2021). Net income: JP¥1.33b (up 230% from FY 2021). Profit margin: 4.6% (up from 2.2% 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 68% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Feb 20
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to JP¥287, the stock trades at a trailing P/E ratio of 2.9x. Average trailing P/E is 11x in the Specialty Retail industry in Japan. Total returns to shareholders of 45% over the past three years. Announcement • Feb 19
Apple International Co., Ltd., Annual General Meeting, Mar 24, 2023 Apple International Co., Ltd., Annual General Meeting, Mar 24, 2023. Announcement • Dec 28
Apple International Co., Ltd. to Report Fiscal Year 2022 Results on Feb 17, 2023 Apple International Co., Ltd. announced that they will report fiscal year 2022 results on Feb 17, 2023 Upcoming Dividend • Dec 22
Upcoming dividend of JP¥5.00 per share Eligible shareholders must have bought the stock before 29 December 2022. Payment date: 28 March 2023. Payout ratio is a comfortable 5.4% and this is well supported by cash flows. Trailing yield: 1.4%. Lower than top quartile of Japanese dividend payers (3.8%). In line with average of industry peers (1.5%). Board Change • Nov 16
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 7 highly experienced directors. No independent directors (7 non-independent directors). GM of Administration & Director Shigeki Shimizu was the last director to join the board, commencing their role in 2015. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Nov 13
Third quarter 2022 earnings released: EPS: JP¥48.10 (vs JP¥1.30 in 3Q 2021) Third quarter 2022 results: EPS: JP¥48.10 (up from JP¥1.30 in 3Q 2021). Revenue: JP¥10.3b (up 290% from 3Q 2021). Net income: JP¥625.0m (up JP¥607.0m from 3Q 2021). Profit margin: 6.1% (up from 0.7% 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 65% per year but the company’s share price has only increased by 22% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Sep 27
Investor sentiment improved over the past week After last week's 16% share price gain to JP¥417, the stock trades at a trailing P/E ratio of 8.7x. Average trailing P/E is 11x in the Specialty Retail industry in Japan. Total returns to shareholders of 103% over the past three years. Valuation Update With 7 Day Price Move • Sep 01
Investor sentiment improved over the past week After last week's 18% share price gain to JP¥355, the stock trades at a trailing P/E ratio of 7.4x. Average trailing P/E is 11x in the Specialty Retail industry in Japan. Total returns to shareholders of 76% over the past three years. Reported Earnings • Aug 15
Second quarter 2022 earnings released: EPS: JP¥28.52 (vs JP¥5.13 in 2Q 2021) Second quarter 2022 results: EPS: JP¥28.52 (up from JP¥5.13 in 2Q 2021). Revenue: JP¥7.46b (up 87% from 2Q 2021). Net income: JP¥395.0m (up 456% from 2Q 2021). Profit margin: 5.3% (up from 1.8% in 2Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 49% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Aug 08
Investor sentiment improved over the past week After last week's 38% share price gain to JP¥303, the stock trades at a trailing P/E ratio of 11.5x. Average trailing P/E is 11x in the Specialty Retail industry in Japan. Total returns to shareholders of 50% over the past three years. Announcement • Jul 08
Apple International Co., Ltd. (TSE:2788) announces an Equity Buyback for 930,200 shares, representing 6.72% for ¥199.99 million. Apple International Co., Ltd. (TSE:2788) announces a share repurchase program. Under the program, the company will repurchase up to 930,200 shares, representing 6.72% of its share capital, for ¥199.99 million. The shares will be repurchased at a price of ¥215 per share. The purpose of the program is to improve capital efficiency. The program will expire on July 8, 2022. Announcement • Jun 19
Apple International Co., Ltd. to Report Q2, 2022 Results on Aug 12, 2022 Apple International Co., Ltd. announced that they will report Q2, 2022 results on Aug 12, 2022 Reported Earnings • May 16
First quarter 2022 earnings released: EPS: JP¥10.40 (vs JP¥15.02 in 1Q 2021) First quarter 2022 results: EPS: JP¥10.40 (down from JP¥15.02 in 1Q 2021). Revenue: JP¥5.39b (down 16% from 1Q 2021). Net income: JP¥144.0m (down 31% from 1Q 2021). Profit margin: 2.7% (down from 3.2% in 1Q 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Board Change • Apr 27
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 7 highly experienced directors. No independent directors (7 non-independent directors). GM of Administration & Director Shigeki Shimizu was the last director to join the board, commencing their role in 2015. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Announcement • Apr 08
Apple International Co., Ltd. to Report Q1, 2022 Results on May 13, 2022 Apple International Co., Ltd. announced that they will report Q1, 2022 results on May 13, 2022 Reported Earnings • Apr 02
Full year 2021 earnings released: EPS: JP¥29.10 (vs JP¥23.70 in FY 2020) Full year 2021 results: EPS: JP¥29.10 (up from JP¥23.70 in FY 2020). Revenue: JP¥18.7b (down 4.6% from FY 2020). Net income: JP¥403.0m (up 23% from FY 2020). Profit margin: 2.2% (up from 1.7% in FY 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Mar 15
Investor sentiment improved over the past week After last week's 20% share price gain to JP¥208, the stock trades at a trailing P/E ratio of 7.1x. Average trailing P/E is 10x in the Specialty Retail industry in Japan. Total loss to shareholders of 16% over the past three years. Announcement • Feb 20
Apple International Co., Ltd., Annual General Meeting, Mar 25, 2022 Apple International Co., Ltd., Annual General Meeting, Mar 25, 2022. Reported Earnings • Feb 20
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: JP¥29.10 (up from JP¥23.70 in FY 2020). Revenue: JP¥18.7b (down 4.6% from FY 2020). Net income: JP¥403.0m (up 23% from FY 2020). Profit margin: 2.2% (up from 1.7% in FY 2020). The increase in margin was driven by lower expenses. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Dec 22
Upcoming dividend of JP¥5.00 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 29 March 2022. Payout ratio is a comfortable 16% and the cash payout ratio is 75%. Trailing yield: 2.1%. Lower than top quartile of Japanese dividend payers (3.3%). Higher than average of industry peers (1.5%). Reported Earnings • Nov 15
Third quarter 2021 earnings released: EPS JP¥1.30 (vs JP¥7.80 in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: JP¥2.63b (down 49% from 3Q 2020). Net income: JP¥18.0m (down 83% from 3Q 2020). Profit margin: 0.7% (down from 2.1% in 3Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 34% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Aug 16
Investor sentiment deteriorated over the past week After last week's 16% share price decline to JP¥300, the stock trades at a trailing P/E ratio of 7.9x. Average trailing P/E is 11x in the Specialty Retail industry in Japan. Negligible returns to shareholders over past three years. Valuation Update With 7 Day Price Move • Jul 12
Investor sentiment improved over the past week After last week's 16% share price gain to JP¥369, the stock trades at a trailing P/E ratio of 9.7x. Average trailing P/E is 11x in the Specialty Retail industry in Japan. Total returns to shareholders of 17% over the past three years. Reported Earnings • May 18
First quarter 2021 earnings released: EPS JP¥15.02 (vs JP¥0.87 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: JP¥6.43b (up 25% from 1Q 2020). Net income: JP¥208.0m (up JP¥196.0m from 1Q 2020). Profit margin: 3.2% (up from 0.2% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 41% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Reported Earnings • Apr 02
Full year 2020 earnings released: EPS JP¥23.70 (vs JP¥11.42 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: JP¥19.6b (up 11% from FY 2019). Net income: JP¥328.0m (up 108% from FY 2019). Profit margin: 1.7% (up from 0.9% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 39% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. Announcement • Feb 21
Apple International Co., Ltd., Annual General Meeting, Mar 26, 2021 Apple International Co., Ltd., Annual General Meeting, Mar 26, 2021. Reported Earnings • Feb 21
Full year 2020 earnings released: EPS JP¥23.70 (vs JP¥11.42 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: JP¥19.6b (up 11% from FY 2019). Net income: JP¥328.0m (up 108% from FY 2019). Profit margin: 1.7% (up from 0.9% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 39% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Feb 12
New 90-day high: JP¥315 The company is up 59% from its price of JP¥198 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 Specialty Retail industry, which is up 7.0% over the same period. Is New 90 Day High Low • Jan 21
New 90-day high: JP¥284 The company is up 50% from its price of JP¥189 on 23 October 2020. The Japanese market is up 13% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Specialty Retail industry, which is up 10.0% over the same period. Announcement • Dec 30
Apple International Co., Ltd. to Report Fiscal Year 2020 Results on Feb 19, 2021 Apple International Co., Ltd. announced that they will report fiscal year 2020 results on Feb 19, 2021 Is New 90 Day High Low • Dec 30
New 90-day high: JP¥274 The company is up 47% from its price of JP¥187 on 30 September 2020. The Japanese market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Specialty Retail industry, which is up 14% over the same period. Valuation Update With 7 Day Price Move • Dec 10
Market bids up stock over the past week After last week's 18% share price gain to JP¥260, the stock is trading at a trailing P/E ratio of 15.4x, up from the previous P/E ratio of 13.1x. This compares to an average P/E of 13x in the Specialty Retail industry in Japan. Total return to shareholders over the past three years is a loss of 17%. Valuation Update With 7 Day Price Move • Dec 07
Market bids up stock over the past week After last week's 24% share price gain to JP¥257, the stock is trading at a trailing P/E ratio of 15.3x, up from the previous P/E ratio of 12.3x. This compares to an average P/E of 13x in the Specialty Retail industry in Japan. Total return to shareholders over the past three years is a loss of 18%. Is New 90 Day High Low • Dec 02
New 90-day high: JP¥219 The company is up 22% from its price of JP¥180 on 03 September 2020. The Japanese market is up 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Specialty Retail industry, which is up 15% over the same period. Announcement • Sep 03
Apple International Co., Ltd. to Report Q3, 2020 Results on Nov 13, 2020 Apple International Co., Ltd. announced that they will report Q3, 2020 results on Nov 13, 2020 Announcement • Aug 09
Apple International Co., Ltd. to Report Q2, 2020 Results on Aug 14, 2020 Apple International Co., Ltd. announced that they will report Q2, 2020 results on Aug 14, 2020 
