Buy Or Sell Opportunity • May 13
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 3.2% to JP¥1,794. The fair value is estimated to be JP¥1,471, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 18% over the last 3 years. Earnings per share has grown by 18%. For the next 3 years, revenue is forecast to grow by 10% per annum. Earnings are also forecast to grow by 11% per annum over the same time period. Reported Earnings • Apr 10
Full year 2026 earnings: EPS exceeds analyst expectations Full year 2026 results: EPS: JP¥135 (up from JP¥116 in FY 2025). Revenue: JP¥48.6b (up 15% from FY 2025). Net income: JP¥3.17b (up 17% from FY 2025). Profit margin: 6.5% (up from 6.4% in FY 2025). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 1.0%. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 5.8% growth forecast for the Multiline Retail industry in Japan. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Announcement • Apr 09
Treasure Factory Co.,LTD., Annual General Meeting, May 27, 2026 Treasure Factory Co.,LTD., Annual General Meeting, May 27, 2026. Announcement • Apr 02
Treasure Factory Co.,LTD. to Report Fiscal Year 2026 Results on Apr 09, 2026 Treasure Factory Co.,LTD. announced that they will report fiscal year 2026 results on Apr 09, 2026 Upcoming Dividend • Feb 19
Upcoming dividend of JP¥20.00 per share Eligible shareholders must have bought the stock before 26 February 2026. Payment date: 29 May 2026. Payout ratio is a comfortable 27% but the company is paying out more than the cash it is generating. Trailing yield: 2.1%. Lower than top quartile of Japanese dividend payers (3.4%). Higher than average of industry peers (1.3%). Reported Earnings • Jan 14
Third quarter 2026 earnings released: EPS: JP¥43.04 (vs JP¥34.73 in 3Q 2025) Third quarter 2026 results: EPS: JP¥43.04 (up from JP¥34.73 in 3Q 2025). Revenue: JP¥12.7b (up 17% from 3Q 2025). Net income: JP¥1.01b (up 24% from 3Q 2025). Profit margin: 7.9% (up from 7.5% in 3Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 9.9% p.a. on average during the next 3 years, compared to a 5.0% growth forecast for the Multiline Retail 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. Buy Or Sell Opportunity • Nov 06
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 7.9% to JP¥1,658. The fair value is estimated to be JP¥2,089, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 19% over the last 3 years. Earnings per share has grown by 21%. For the next 3 years, revenue is forecast to grow by 10% per annum. Earnings are also forecast to grow by 12% per annum over the same time period. Declared Dividend • Nov 05
First half dividend of JP¥20.00 announced Shareholders will receive a dividend of JP¥20.00. Ex-date: 26th February 2026 Payment date: 29th May 2026 Dividend yield will be 2.3%, which is higher than the industry average of 1.2%. Sustainability & Growth Dividend is covered by earnings (29% earnings payout ratio) but not covered by cash flows (253% cash payout ratio). The dividend has increased by an average of 22% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 40% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Nov 01
Treasure Factory Co.,LTD. to Report Q3, 2026 Results on Jan 13, 2026 Treasure Factory Co.,LTD. announced that they will report Q3, 2026 results on Jan 13, 2026 Announcement • Oct 11
Treasure Factory Co.,LTD. (TSE:3093) agreed to acquire Empty Dressy Business of Empty Co., Ltd. from Empty Co., Ltd. for ¥48 million. Treasure Factory Co.,LTD. (TSE:3093) agreed to acquire Empty Dressy Business of Empty Co., Ltd. from Empty Co., Ltd. for ¥48 million on October 9, 2025. A cash consideration of ¥48 million will be paid by Treasure Factory Co.,LTD. As part of consideration, ¥48 million is paid towards assets of Empty Dressy Business of Empty Co., Ltd.
For the period ending December 31, 2024, Empty Dressy Business of Empty Co., Ltd. reported total revenue of ¥29 million and EBIT of ¥13 million.
The expected completion of the transaction is November 1, 2025. Buy Or Sell Opportunity • Oct 10
Now 23% undervalued after recent price drop Over the last 90 days, the stock has fallen 10% to JP¥1,650. The fair value is estimated to be JP¥2,145, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 19% over the last 3 years. Earnings per share has grown by 21%. For the next 3 years, revenue is forecast to grow by 8.9% per annum. Earnings are also forecast to grow by 12% per annum over the same time period. Upcoming Dividend • Aug 21
Upcoming dividend of JP¥19.00 per share Eligible shareholders must have bought the stock before 28 August 2025. Payment date: 04 November 2025. Payout ratio is a comfortable 29% and this is well supported by cash flows. Trailing yield: 2.2%. Lower than top quartile of Japanese dividend payers (3.7%). Higher than average of industry peers (1.2%). Announcement • Jul 26
Treasure Factory Co.,LTD. to Report Q2, 2026 Results on Oct 09, 2025 Treasure Factory Co.,LTD. announced that they will report Q2, 2026 results on Oct 09, 2025 Reported Earnings • Jul 11
First quarter 2026 earnings released: EPS: JP¥42.58 (vs JP¥39.41 in 1Q 2025) First quarter 2026 results: EPS: JP¥42.58 (up from JP¥39.41 in 1Q 2025). Revenue: JP¥11.8b (up 15% from 1Q 2025). Net income: JP¥998.0m (up 8.1% from 1Q 2025). Profit margin: 8.4% (down from 8.9% in 1Q 2025). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 9.1% p.a. on average during the next 3 years, compared to a 5.7% growth forecast for the Multiline Retail industry in Japan. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has increased by 42% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jul 09
Treasure Factory Co.,LTD. Provides Earnings Guidance for the First Two Quarters of Fiscal 2026 and Full Year Ending February 28, 2026 Treasure Factory Co.,LTD. provided earnings guidance for the first two quarters of fiscal 2026 and full year ending February 28, 2026. For the first two quarters, the company expects net sales of JPY 21,528 million, operating income of JPY 1,830 million and profit attributable to owners of parent of JPY 1,195 million or JPY 51.00 per share.
For the full year ending February 28, 2026, the company expects net sales of JPY 46,252 million, operating income of JPY 4,420 million and profit attributable to owners of parent of JPY 3,008 million or JPY 128.37 per share. New Risk • Jul 09
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 6.0% 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 Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (6.0% average weekly change). Declared Dividend • Jun 18
Final dividend of JP¥19.00 announced Shareholders will receive a dividend of JP¥19.00. Ex-date: 28th August 2025 Payment date: 4th November 2025 Dividend yield will be 2.0%, which is higher than the industry average of 1.2%. Sustainability & Growth Dividend is covered by both earnings (29% earnings payout ratio) and cash flows (64% cash payout ratio). The dividend has increased by an average of 22% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 38% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Price Target Changed • Jun 05
Price target increased by 39% to JP¥2,500 Up from JP¥1,800, the current price target is provided by 1 analyst. New target price is 38% above last closing price of JP¥1,816. Stock is up 5.8% over the past year. The company is forecast to post earnings per share of JP¥136 for next year compared to JP¥116 last year. Reported Earnings • Jun 03
Full year 2025 earnings: Revenues and EPS in line with analyst expectations Full year 2025 results: EPS: JP¥116 (up from JP¥95.92 in FY 2024). Revenue: JP¥42.2b (up 23% from FY 2024). Net income: JP¥2.71b (up 21% from FY 2024). Profit margin: 6.4% (down from 6.5% in FY 2024). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 9.6% p.a. on average during the next 3 years, compared to a 5.4% growth forecast for the Multiline Retail industry in Japan. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has increased by 52% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Apr 26
Treasure Factory Co.,LTD. to Report Q1, 2026 Results on Jul 09, 2025 Treasure Factory Co.,LTD. announced that they will report Q1, 2026 results on Jul 09, 2025 Announcement • Apr 16
Treasure Factory Co.,LTD. Announces Dividend for the Fiscal Year Ending February 28, 2025, Effective on May 29, 2025 Treasure Factory Co.,LTD. announced dividend for the fiscal year ending February 28, 2025. For the period, the company has declared a dividend of JPY 16.00 per share against JPY 16.00 per share paid year ago. Effective date: May 29, 2025. Record date: February 28, 2025. As a result, the total year-end dividend for this fiscal year will be 18 yen per share, including the ordinary dividend of JPY 16 per share and the commemorative dividend of JPY 2 per share . Reported Earnings • Apr 10
Full year 2025 earnings: Revenues and EPS in line with analyst expectations Full year 2025 results: EPS: JP¥116 (up from JP¥95.92 in FY 2024). Revenue: JP¥42.2b (up 23% from FY 2024). Net income: JP¥2.71b (up 21% from FY 2024). Profit margin: 6.4% (down from 6.5% in FY 2024). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 8.3% p.a. on average during the next 3 years, compared to a 5.5% growth forecast for the Multiline Retail industry in Japan. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has increased by 55% per year, which means it is tracking significantly ahead of earnings growth. Buy Or Sell Opportunity • Mar 10
Now 21% undervalued Over the last 90 days, the stock has risen 17% to JP¥1,664. The fair value is estimated to be JP¥2,095, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 20% over the last 3 years. Earnings per share has grown by 40%. For the next 3 years, revenue is forecast to grow by 9.1% per annum. Earnings are also forecast to grow by 10% per annum over the same time period. Valuation Update With 7 Day Price Move • Mar 05
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to JP¥1,760, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 17x in the Multiline Retail industry in Japan. Total returns to shareholders of 312% over the past three years. Upcoming Dividend • Feb 20
Upcoming dividend of JP¥16.00 per share Eligible shareholders must have bought the stock before 27 February 2025. Payment date: 30 May 2025. Payout ratio is a comfortable 14% and this is well supported by cash flows. Trailing yield: 2.3%. Lower than top quartile of Japanese dividend payers (3.8%). Higher than average of industry peers (1.4%). Announcement • Feb 03
Treasure Factory Co.,LTD. to Report Fiscal Year 2025 Results on Apr 09, 2025 Treasure Factory Co.,LTD. announced that they will report fiscal year 2025 results on Apr 09, 2025 Valuation Update With 7 Day Price Move • Jan 21
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to JP¥1,668, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 17x in the Multiline Retail industry in Japan. Total returns to shareholders of 339% over the past three years. New Risk • Jan 15
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 43% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Minor Risks High level of debt (43% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (5.5% average weekly change). Reported Earnings • Jan 15
Third quarter 2025 earnings released: EPS: JP¥34.73 (vs JP¥28.56 in 3Q 2024) Third quarter 2025 results: EPS: JP¥34.73 (up from JP¥28.56 in 3Q 2024). Revenue: JP¥10.9b (up 21% from 3Q 2024). Net income: JP¥814.0m (up 22% from 3Q 2024). Profit margin: 7.5% (up from 7.4% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 9.5% p.a. on average during the next 3 years, compared to a 5.5% growth forecast for the Multiline Retail industry in Japan. Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has increased by 54% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Nov 07
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 6.1% 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 Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (6.1% average weekly change). Declared Dividend • Nov 02
First half dividend of JP¥16.00 announced Shareholders will receive a dividend of JP¥16.00. Ex-date: 27th February 2025 Payment date: 30th May 2025 Dividend yield will be 2.6%, which is higher than the industry average of 1.2%. Sustainability & Growth Dividend is covered by both earnings (44% earnings payout ratio) and cash flows (61% cash payout ratio). The dividend has increased by an average of 22% per year over the past 9 years. However, payments have been volatile during that time. EPS is expected to grow by 49% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Oct 29
Treasure Factory Co.,LTD. to Report Q3, 2025 Results on Jan 14, 2025 Treasure Factory Co.,LTD. announced that they will report Q3, 2025 results on Jan 14, 2025 Announcement • Aug 16
Treasure Factory Co.,LTD. to Report Q2, 2025 Results on Oct 10, 2024 Treasure Factory Co.,LTD. announced that they will report Q2, 2025 results on Oct 10, 2024 Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to JP¥1,579, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 16x in the Multiline Retail industry in Japan. Total returns to shareholders of 251% over the past three years. New Risk • Jul 30
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 7.3% 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. Valuation Update With 7 Day Price Move • Jul 17
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to JP¥2,099, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 18x in the Multiline Retail industry in Japan. Total returns to shareholders of 337% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥3,303 per share. Reported Earnings • Jul 12
First quarter 2025 earnings released: EPS: JP¥39.41 (vs JP¥28.90 in 1Q 2024) First quarter 2025 results: EPS: JP¥39.41 (up from JP¥28.90 in 1Q 2024). Revenue: JP¥10.3b (up 25% from 1Q 2024). Net income: JP¥923.0m (up 37% from 1Q 2024). Profit margin: 8.9% (up from 8.1% in 1Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 5.9% growth forecast for the Multiline Retail industry in Japan. Over the last 3 years on average, earnings per share has increased by 57% per year and the company’s share price has also increased by 57% per year. Declared Dividend • Jun 06
Final dividend of JP¥16.00 announced Shareholders will receive a dividend of JP¥16.00. Ex-date: 29th August 2024 Payment date: 1st November 2024 Dividend yield will be 1.9%, which is higher than the industry average of 1.2%. Sustainability & Growth Dividend is covered by earnings (28% 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 22% per year over the past 9 years. However, payments have been volatile during that time. EPS is expected to grow by 37% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Jun 01
Full year 2024 earnings: EPS in line with analyst expectations despite revenue beat Full year 2024 results: EPS: JP¥95.92 (up from JP¥76.29 in FY 2023). Revenue: JP¥34.5b (up 22% from FY 2023). Net income: JP¥2.24b (up 31% from FY 2023). Profit margin: 6.5% (up from 6.1% in FY 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.1%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 5.5% growth forecast for the Multiline Retail industry in Japan. 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 49% per year, which means it is significantly lagging earnings growth. Announcement • Apr 29
Treasure Factory Co.,LTD. to Report Q1, 2025 Results on Jul 10, 2024 Treasure Factory Co.,LTD. announced that they will report Q1, 2025 results on Jul 10, 2024 Announcement • Apr 12
Treasure Factory Co.,LTD., Annual General Meeting, May 29, 2024 Treasure Factory Co.,LTD., Annual General Meeting, May 29, 2024. New Risk • Apr 11
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 6.3% 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. This is currently the only risk that has been identified for the company. Reported Earnings • Apr 11
Full year 2024 earnings: EPS in line with analyst expectations despite revenue beat Full year 2024 results: EPS: JP¥95.92 (up from JP¥76.29 in FY 2023). Revenue: JP¥34.5b (up 22% from FY 2023). Net income: JP¥2.24b (up 31% from FY 2023). Profit margin: 6.5% (up from 6.1% in FY 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.1%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 9.4% p.a. on average during the next 3 years, compared to a 5.4% growth forecast for the Multiline Retail industry in Japan. 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 43% per year, which means it is significantly lagging earnings growth. New Risk • Feb 27
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.7% 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 Debt is not well covered by operating cash flow (19% operating cash flow to total debt). Minor Risks Dividend is not well covered by cash flows (395% cash payout ratio). Share price has been volatile over the past 3 months (5.9% average weekly change). Shareholders have been diluted in the past year (2.7% increase in shares outstanding). Upcoming Dividend • Feb 21
Upcoming dividend of JP¥16.00 per share Eligible shareholders must have bought the stock before 28 February 2024. Payment date: 27 May 2024. Payout ratio is a comfortable 28% but the company is paying out more than the cash it is generating. Trailing yield: 1.7%. Lower than top quartile of Japanese dividend payers (3.3%). Higher than average of industry peers (1.2%). Reported Earnings • Jan 14
Third quarter 2024 earnings released: EPS: JP¥28.56 (vs JP¥26.79 in 3Q 2023) Third quarter 2024 results: EPS: JP¥28.56 (up from JP¥26.79 in 3Q 2023). Revenue: JP¥9.01b (up 19% from 3Q 2023). Net income: JP¥668.0m (up 12% from 3Q 2023). Profit margin: 7.4% (down from 7.9% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 5.8% growth forecast for the Multiline Retail industry in Japan. Over the last 3 years on average, earnings per share has increased by 80% per year but the company’s share price has only increased by 52% per year, which means it is significantly lagging earnings growth. Announcement • Oct 29
Treasure Factory Co.,LTD. to Report Q3, 2024 Results on Jan 12, 2024 Treasure Factory Co.,LTD. announced that they will report Q3, 2024 results on Jan 12, 2024 Buying Opportunity • Oct 19
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 20%. The fair value is estimated to be JP¥1,439, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 19% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 20% in 2 years. Earnings is forecast to grow by 24% in the next 2 years. Reported Earnings • Oct 12
Second quarter 2024 earnings released: EPS: JP¥11.08 (vs JP¥5.97 in 2Q 2023) Second quarter 2024 results: EPS: JP¥11.08 (up from JP¥5.97 in 2Q 2023). Revenue: JP¥7.60b (up 25% from 2Q 2023). Net income: JP¥259.0m (up 95% from 2Q 2023). Profit margin: 3.4% (up from 2.2% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 8.8% p.a. on average during the next 3 years, compared to a 6.1% growth forecast for the Multiline Retail industry in Japan. Over the last 3 years on average, earnings per share has increased by 92% per year but the company’s share price has only increased by 50% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Aug 23
Upcoming dividend of JP¥12.00 per share at 1.5% yield Eligible shareholders must have bought the stock before 30 August 2023. Payment date: 01 November 2023. Payout ratio is a comfortable 23% and this is well supported by cash flows. Trailing yield: 1.5%. Lower than top quartile of Japanese dividend payers (3.5%). Higher than average of industry peers (1.2%). Announcement • Aug 03
Treasure Factory Co.,LTD. to Report Q2, 2024 Results on Oct 11, 2023 Treasure Factory Co.,LTD. announced that they will report Q2, 2024 results on Oct 11, 2023 New Risk • Jul 25
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 1.6% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (7.2% average weekly change). Shareholders have been diluted in the past year (5.0% increase in shares outstanding). Valuation Update With 7 Day Price Move • Jul 19
Investor sentiment deteriorates as stock falls 21% After last week's 21% share price decline to JP¥1,454, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 19x in the Multiline Retail industry in Japan. Total returns to shareholders of 346% over the past three years. Reported Earnings • Jul 16
First quarter 2024 earnings released: EPS: JP¥28.90 (vs JP¥23.93 in 1Q 2023) First quarter 2024 results: EPS: JP¥28.90 (up from JP¥23.93 in 1Q 2023). Revenue: JP¥8.26b (up 23% from 1Q 2023). Net income: JP¥673.0m (up 27% from 1Q 2023). Profit margin: 8.1% (up from 7.9% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 9.7% p.a. on average during the next 3 years, compared to a 5.9% growth forecast for the Multiline Retail industry in Japan. Over the last 3 years on average, earnings per share has increased by 101% per year but the company’s share price has only increased by 62% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 30
Full year 2023 earnings: EPS and revenues exceed analyst expectations Full year 2023 results: EPS: JP¥153 (up from JP¥31.37 in FY 2022). Revenue: JP¥28.2b (up 21% from FY 2022). Net income: JP¥1.71b (up 143% from FY 2022). Profit margin: 6.1% (up from 3.0% in FY 2022). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.1%. Earnings per share (EPS) also surpassed analyst estimates by 9.0%. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 5.7% growth forecast for the Multiline Retail industry in Japan. Over the last 3 years on average, earnings per share has increased by 106% per year but the company’s share price has only increased by 66% per year, which means it is significantly lagging earnings growth. Reported Earnings • Apr 13
Full year 2023 earnings: EPS and revenues exceed analyst expectations Full year 2023 results: EPS: JP¥153 (up from JP¥31.37 in FY 2022). Revenue: JP¥28.2b (up 21% from FY 2022). Net income: JP¥1.71b (up 143% from FY 2022). Profit margin: 6.1% (up from 3.0% in FY 2022). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.1%. Earnings per share (EPS) also surpassed analyst estimates by 9.0%. Revenue is forecast to grow 8.6% p.a. on average during the next 3 years, compared to a 5.8% growth forecast for the Multiline Retail industry in Japan. Over the last 3 years on average, earnings per share has increased by 106% per year but the company’s share price has only increased by 76% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Apr 13
Investor sentiment improves as stock rises 37% After last week's 37% share price gain to JP¥1,643, the stock trades at a forward P/E ratio of 23x. Average forward P/E is 18x in the Multiline Retail industry in Japan. Total returns to shareholders of 474% over the past three years. Upcoming Dividend • Feb 20
Upcoming dividend of JP¥25.00 per share at 1.4% yield Eligible shareholders must have bought the stock before 27 February 2023. Payment date: 26 May 2023. Payout ratio is a comfortable 14% and this is well supported by cash flows. Trailing yield: 1.4%. Lower than top quartile of Japanese dividend payers (3.6%). In line with average of industry peers (1.5%). Valuation Update With 7 Day Price Move • Feb 16
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to JP¥2,553, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 16x in the Multiline Retail industry in Japan. Total returns to shareholders of 216% over the past three years. Announcement • Feb 13
Treasure Factory Co.,Ltd. Revises Dividend Guidance for the Fiscal Year Ending February 28, 2023 Treasure Factory Co.,LTD. revised dividend guidance for the fiscal year ending February 28, 2023. For the year, the company expected dividend of JPY 25.00 per share compared to previously dividend guidance of JPY 20.00 per share. The previous year dividend paid was JPY 9 per share. Announcement • Feb 04
Treasure Factory Co.,LTD. to Report Fiscal Year 2023 Results on Apr 12, 2023 Treasure Factory Co.,LTD. announced that they will report fiscal year 2023 results on Apr 12, 2023 Valuation Update With 7 Day Price Move • Jan 20
Investor sentiment deteriorated over the past week After last week's 16% share price decline to JP¥2,288, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 15x in the Multiline Retail industry in Japan. Total returns to shareholders of 164% over the past three years. Reported Earnings • Jan 13
Third quarter 2023 earnings released: EPS: JP¥53.57 (vs JP¥25.60 in 3Q 2022) Third quarter 2023 results: EPS: JP¥53.57 (up from JP¥25.60 in 3Q 2022). Revenue: JP¥7.56b (up 23% from 3Q 2022). Net income: JP¥598.0m (up 108% from 3Q 2022). Profit margin: 7.9% (up from 4.7% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 9.5% p.a. on average during the next 3 years, compared to a 3.6% growth forecast for the Multiline Retail industry in Japan. 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 43% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Nov 26
Now 20% undervalued Over the last 90 days, the stock is up 29%. The fair value is estimated to be JP¥2,726, however this is not to be taken as a buy 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 38%. For the next 3 years, revenue is forecast to grow by 10.0% per annum. Earnings is also forecast to grow by 11% per annum over the same time period. Board Change • Nov 16
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. 3 experienced directors. 6 highly experienced directors. 1 independent director (5 non-independent directors). Independent External Director Kumiko Miyamoto was the last independent director to join the board, commencing their role in 2016. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Announcement • Oct 30
Treasure Factory Co.,LTD. to Report Q3, 2023 Results on Jan 12, 2023 Treasure Factory Co.,LTD. announced that they will report Q3, 2023 results on Jan 12, 2023 Buying Opportunity • Oct 28
Now 20% undervalued Over the last 90 days, the stock is up 46%. The fair value is estimated to be JP¥2,752, however this is not to be taken as a buy 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 38%. For the next 3 years, revenue is forecast to grow by 9.8% per annum. Earnings is also forecast to grow by 7.5% per annum over the same time period. 
