New Risk • May 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 9.9% 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 (9.9% average weekly change). Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.2% net profit margin). Reported Earnings • May 09
Full year 2026 earnings: EPS misses analyst expectations Full year 2026 results: EPS: JP¥6.25 (down from JP¥15.89 in FY 2025). Revenue: JP¥38.3b (up 9.6% from FY 2025). Net income: JP¥70.0m (down 61% from FY 2025). Profit margin: 0.2% (down from 0.5% in FY 2025). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 87%. Revenue is forecast to grow 12% p.a. on average during the next 2 years, compared to a 18% growth forecast for the Semiconductor industry in Japan. 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 16% per year, which means it is significantly lagging earnings growth. Announcement • May 08
AOI Electronics Co., Ltd., Annual General Meeting, Jun 25, 2026 AOI Electronics Co., Ltd., Annual General Meeting, Jun 25, 2026. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥29.00 per share Eligible shareholders must have bought the stock before 30 March 2026. Payment date: 29 June 2026. The company is not currently making a profit and is not cash flow positive. Trailing yield: 2.3%. Lower than top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (1.0%). Reported Earnings • Feb 05
Third quarter 2026 earnings released: EPS: JP¥12.05 (vs JP¥26.97 in 3Q 2025) Third quarter 2026 results: EPS: JP¥12.05 (down from JP¥26.97 in 3Q 2025). Revenue: JP¥9.33b (up 7.8% from 3Q 2025). Net income: JP¥135.0m (down 55% from 3Q 2025). Profit margin: 1.4% (down from 3.5% in 3Q 2025). Revenue is forecast to grow 7.3% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Semiconductor industry in Japan. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Announcement • Dec 02
AOI Electronics Co., Ltd. to Report Q3, 2026 Results on Feb 04, 2026 AOI Electronics Co., Ltd. announced that they will report Q3, 2026 results on Feb 04, 2026 New Risk • Dec 02
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 36% 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 Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 287% Paying a dividend despite having no free cash flows. High level of non-cash earnings (36% accrual ratio). Minor Risk Share price has been volatile over the past 3 months (5.7% average weekly change). Reported Earnings • Nov 01
Second quarter 2026 earnings released: EPS: JP¥18.84 (vs JP¥5.63 in 2Q 2025) Second quarter 2026 results: EPS: JP¥18.84 (up from JP¥5.63 in 2Q 2025). Revenue: JP¥9.84b (up 8.3% from 2Q 2025). Net income: JP¥211.0m (up 235% from 2Q 2025). Profit margin: 2.1% (up from 0.7% in 2Q 2025). Revenue is forecast to grow 6.6% p.a. on average during the next 3 years, compared to a 7.8% growth forecast for the Semiconductor industry in Japan. Over the last 3 years on average, earnings per share has fallen by 40% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. New Risk • Oct 31
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 5.6% 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 Risk Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Minor Risk Share price has been volatile over the past 3 months (5.6% average weekly change). Upcoming Dividend • Sep 22
Upcoming dividend of JP¥25.00 per share Eligible shareholders must have bought the stock before 29 September 2025. Payment date: 02 December 2025. The company is not currently making a profit and is not cash flow positive. Trailing yield: 2.2%. Lower than top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (1.3%). Announcement • Sep 02
AOI Electronics Co., Ltd. to Report Q2, 2026 Results on Oct 31, 2025 AOI Electronics Co., Ltd. announced that they will report Q2, 2026 results on Oct 31, 2025 Board Change • Aug 15
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 3 independent directors. 6 non-independent directors. Independent Outside Director Junko Hasimoto was the last independent director to join the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Reported Earnings • Aug 02
First quarter 2026 earnings released: EPS: JP¥18.13 (vs JP¥37.15 in 1Q 2025) First quarter 2026 results: EPS: JP¥18.13 (down from JP¥37.15 in 1Q 2025). Revenue: JP¥9.32b (up 8.8% from 1Q 2025). Net income: JP¥203.0m (down 51% from 1Q 2025). Profit margin: 2.2% (down from 4.9% in 1Q 2025). Revenue is forecast to grow 5.7% p.a. on average during the next 3 years, compared to a 6.9% growth forecast for the Semiconductor industry in Japan. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 72 percentage points per year, which is a significant difference in performance. Major Estimate Revision • Jul 30
Consensus EPS estimates fall by 43%, revenue upgraded The consensus outlook for fiscal year 2026 has been updated. 2026 revenue forecast increased from JP¥35.3b to JP¥37.0b. EPS estimate fell from JP¥61.61 to JP¥34.82 per share. Net income forecast to grow 119% next year vs 0.6% decline forecast for Semiconductor industry in Japan. Consensus price target down from JP¥3,900 to JP¥2,300. Share price fell 5.2% to JP¥2,009 over the past week. Announcement • Jun 06
AOI Electronics Co., Ltd. to Report Q1, 2026 Results on Aug 01, 2025 AOI Electronics Co., Ltd. announced that they will report Q1, 2026 results on Aug 01, 2025 Reported Earnings • May 10
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: EPS: JP¥15.89 (up from JP¥440 loss in FY 2024). Revenue: JP¥35.0b (up 3.0% from FY 2024). Net income: JP¥178.0m (up JP¥5.44b from FY 2024). Profit margin: 0.5% (up from net loss in FY 2024). The move to profitability was primarily driven by lower expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 76%. Revenue is forecast to grow 4.2% p.a. on average during the next 2 years, compared to a 7.5% growth forecast for the Semiconductor industry in Japan. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 90 percentage points per year, which is a significant difference in performance. Announcement • May 09
AOI Electronics Co., Ltd., Annual General Meeting, Jun 26, 2025 AOI Electronics Co., Ltd., Annual General Meeting, Jun 26, 2025. New Risk • Apr 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 6.4% 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 Risk Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Minor Risk Share price has been volatile over the past 3 months (6.4% average weekly change). Upcoming Dividend • Mar 21
Upcoming dividend of JP¥29.00 per share Eligible shareholders must have bought the stock before 28 March 2025. Payment date: 26 June 2025. The company is not currently making a profit and is not cash flow positive. Trailing yield: 2.7%. Lower than top quartile of Japanese dividend payers (3.7%). Higher than average of industry peers (1.8%). Announcement • Mar 05
AOI Electronics Co., Ltd. to Report Fiscal Year 2025 Results on May 09, 2025 AOI Electronics Co., Ltd. announced that they will report fiscal year 2025 results on May 09, 2025 Reported Earnings • Feb 06
Third quarter 2025 earnings released: EPS: JP¥26.97 (vs JP¥13.67 loss in 3Q 2024) Third quarter 2025 results: EPS: JP¥26.97 (up from JP¥13.67 loss in 3Q 2024). Revenue: JP¥8.65b (up 2.5% from 3Q 2024). Net income: JP¥302.0m (up JP¥466.0m from 3Q 2024). Profit margin: 3.5% (up from net loss in 3Q 2024). Revenue is forecast to grow 4.6% p.a. on average during the next 3 years, compared to a 8.6% growth forecast for the Semiconductor industry in Japan. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 107 percentage points per year, which is a significant difference in performance. New Risk • Jan 23
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 5.2% 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 Risk Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Minor Risk Share price has been volatile over the past 3 months (5.2% average weekly change). Announcement • Dec 05
AOI Electronics Co., Ltd. to Report Q3, 2025 Results on Feb 05, 2025 AOI Electronics Co., Ltd. announced that they will report Q3, 2025 results on Feb 05, 2025 Reported Earnings • Nov 03
Second quarter 2025 earnings released: EPS: JP¥5.63 (vs JP¥24.00 loss in 2Q 2024) Second quarter 2025 results: EPS: JP¥5.63 (up from JP¥24.00 loss in 2Q 2024). Revenue: JP¥9.09b (up 3.8% from 2Q 2024). Net income: JP¥63.0m (up JP¥351.0m from 2Q 2024). Profit margin: 0.7% (up from net loss in 2Q 2024). Revenue is forecast to grow 5.0% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Semiconductor industry in Japan. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 109 percentage points per year, which is a significant difference in performance. Announcement • Sep 28
AOI Electronics Co., Ltd. to Report Q2, 2025 Results on Nov 01, 2024 AOI Electronics Co., Ltd. announced that they will report Q2, 2025 results on Nov 01, 2024 Upcoming Dividend • Sep 20
Upcoming dividend of JP¥25.00 per share Eligible shareholders must have bought the stock before 27 September 2024. Payment date: 02 December 2024. The company is not currently making a profit and is not cash flow positive. Trailing yield: 2.2%. Lower than top quartile of Japanese dividend payers (3.8%). Higher than average of industry peers (1.6%). New Risk • Aug 05
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 8.6% 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 (8.6% average weekly change). Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Reported Earnings • Aug 04
First quarter 2025 earnings released: EPS: JP¥37.15 (vs JP¥30.75 loss in 1Q 2024) First quarter 2025 results: EPS: JP¥37.15 (up from JP¥30.75 loss in 1Q 2024). Revenue: JP¥8.57b (up 2.9% from 1Q 2024). Net income: JP¥416.0m (up JP¥785.0m from 1Q 2024). Profit margin: 4.9% (up from net loss in 1Q 2024). Revenue is forecast to grow 4.9% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Semiconductor industry in Japan. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 110 percentage points per year, which is a significant difference in performance. Price Target Changed • Jul 16
Price target increased by 13% to JP¥3,600 Up from JP¥3,200, the current price target is provided by 1 analyst. New target price is 20% above last closing price of JP¥2,993. Stock is up 68% over the past year. The company is forecast to post earnings per share of JP¥56.85 next year compared to a net loss per share of JP¥440 last year. Reported Earnings • May 12
Full year 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2024 results: JP¥440 loss per share (down from JP¥1.17 profit in FY 2023). Revenue: JP¥33.9b (down 8.8% from FY 2023). Net loss: JP¥5.26b (down JP¥5.27b from profit in FY 2023). Revenue exceeded analyst estimates by 1.9%. Earnings per share (EPS) missed analyst estimates by 5.5%. Revenue is forecast to grow 5.7% p.a. on average during the next 2 years, compared to a 13% growth forecast for the Semiconductor industry in Japan. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 97 percentage points per year, which is a significant difference in performance. Announcement • May 12
AOI Electronics Co., Ltd., Annual General Meeting, Jun 25, 2024 AOI Electronics Co., Ltd., Annual General Meeting, Jun 25, 2024. Major Estimate Revision • May 10
Consensus EPS estimates fall by 297% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from JP¥34.8b to JP¥33.3b. Losses expected to increase from JP¥105 per share to JP¥417. Semiconductor industry in Japan expected to see average net income growth of 17% next year. Consensus price target down from JP¥3,200 to JP¥3,000. Share price rose 10% to JP¥2,598 over the past week. Price Target Changed • May 10
Price target decreased by 9.1% to JP¥3,000 Down from JP¥3,300, the current price target is provided by 1 analyst. New target price is 15% above last closing price of JP¥2,598. Stock is up 39% over the past year. The company is forecast to post a net loss per share of JP¥417 compared to earnings per share of JP¥1.17 last year. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥29.00 per share Eligible shareholders must have bought the stock before 28 March 2024. Payment date: 01 July 2024. The company is not currently making a profit and is not cash flow positive. Trailing yield: 2.0%. Lower than top quartile of Japanese dividend payers (3.2%). Higher than average of industry peers (0.9%). Announcement • Mar 15
AOI Electronics Co., Ltd. to Report Fiscal Year 2024 Results on May 10, 2024 AOI Electronics Co., Ltd. announced that they will report fiscal year 2024 results on May 10, 2024 Reported Earnings • Feb 04
Third quarter 2024 earnings released: JP¥13.67 loss per share (vs JP¥7.58 loss in 3Q 2023) Third quarter 2024 results: JP¥13.67 loss per share (further deteriorated from JP¥7.58 loss in 3Q 2023). Revenue: JP¥8.44b (down 2.9% from 3Q 2023). Net loss: JP¥164.0m (loss widened 80% from 3Q 2023). Revenue is forecast to grow 9.0% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Semiconductor industry in Japan. Over the last 3 years on average, earnings per share has fallen by 59% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. New Risk • Dec 16
New major risk - Revenue and earnings growth Earnings have declined by 28% per year over the past 5 years. 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 declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings 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 Risks Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Earnings have declined by 28% per year over the past 5 years. Reported Earnings • Oct 29
Second quarter 2024 earnings: EPS misses analyst expectations Second quarter 2024 results: JP¥24.00 loss per share (down from JP¥22.75 profit in 2Q 2023). Revenue: JP¥8.75b (down 13% from 2Q 2023). Net loss: JP¥288.0m (down 206% from profit in 2Q 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 5.2%. Revenue is forecast to grow 9.4% p.a. on average during the next 3 years, compared to a 9.2% growth forecast for the Semiconductor industry in Japan. Over the last 3 years on average, earnings per share has fallen by 36% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. New Risk • Oct 27
New major risk - Revenue and earnings growth Earnings have declined by 23% per year over the past 5 years. 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 declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings 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 Risks Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Earnings have declined by 23% per year over the past 5 years. Announcement • Oct 26
AOI Electronics Co., Ltd. to Report Q3, 2024 Results on Feb 02, 2024 AOI Electronics Co., Ltd. announced that they will report Q3, 2024 results on Feb 02, 2024 Upcoming Dividend • Sep 21
Upcoming dividend of JP¥25.00 per share at 2.9% yield Eligible shareholders must have bought the stock before 28 September 2023. Payment date: 01 December 2023. The company is not currently making a profit and is not cash flow positive. Trailing yield: 2.9%. Lower than top quartile of Japanese dividend payers (3.3%). Higher than average of industry peers (1.4%). Announcement • Aug 30
AOI Electronics Co., Ltd. to Report Q2, 2024 Results on Oct 27, 2023 AOI Electronics Co., Ltd. announced that they will report Q2, 2024 results on Oct 27, 2023 New Risk • Jul 31
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. The company is paying a dividend despite being loss-making. The company is paying a dividend despite having no free cash flows. Dividend yield: 3.0% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. This is currently the only risk that has been identified for the company. Reported Earnings • Jul 29
First quarter 2024 earnings: EPS and revenues exceed analyst expectations First quarter 2024 results: JP¥30.75 loss per share (down from JP¥58.26 profit in 1Q 2023). Revenue: JP¥8.33b (down 22% from 1Q 2023). Net loss: JP¥369.0m (down 153% from profit in 1Q 2023). Revenue exceeded analyst estimates by 4.1%. Earnings per share (EPS) also surpassed analyst estimates by 29%. Revenue is forecast to grow 7.9% p.a. on average during the next 3 years, compared to a 7.9% growth forecast for the Semiconductor industry in Japan. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Major Estimate Revision • Jun 28
Consensus EPS estimates fall by 67%, revenue upgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast increased from JP¥37.1b to JP¥38.0b. EPS estimate fell from JP¥17.50 to JP¥5.80 per share. Net income forecast to grow 400% next year vs 11% decline forecast for Semiconductor industry in Japan. Consensus price target down from JP¥3,400 to JP¥3,300. Share price was steady at JP¥1,859 over the past week. Announcement • Jun 09
AOI Electronics Co., Ltd. to Report Q1, 2024 Results on Jul 28, 2023 AOI Electronics Co., Ltd. announced that they will report Q1, 2024 results on Jul 28, 2023 Announcement • May 13
AOI Electronics Co., Ltd., Annual General Meeting, Jun 28, 2023 AOI Electronics Co., Ltd., Annual General Meeting, Jun 28, 2023. Reported Earnings • May 12
Full year 2023 earnings: EPS misses analyst expectations Full year 2023 results: EPS: JP¥1.17 (down from JP¥233 in FY 2022). Revenue: JP¥37.2b (down 14% from FY 2022). Net income: JP¥14.0m (down 100% from FY 2022). Profit margin: 0% (down from 6.5% in FY 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 94%. Revenue is forecast to grow 5.8% p.a. on average during the next 3 years, compared to a 6.9% growth forecast for the Semiconductor industry in Japan. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥29.00 per share at 3.0% yield Eligible shareholders must have bought the stock before 30 March 2023. Payment date: 29 June 2023. Payout ratio is a comfortable 21% but the company is paying out more than the cash it is generating. Trailing yield: 3.0%. Lower than top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (2.2%). Major Estimate Revision • Mar 02
Consensus EPS estimates fall by 77% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from JP¥39.4b to JP¥37.5b. EPS estimate also fell from JP¥95.00 per share to JP¥21.70 per share. Net income forecast to shrink 86% next year vs 6.0% decline forecast for Semiconductor industry in Japan. Consensus price target down from JP¥3,500 to JP¥3,400. Share price rose 3.8% to JP¥1,840 over the past week. Reported Earnings • Feb 04
Third quarter 2023 earnings: EPS and revenues miss analyst expectations Third quarter 2023 results: JP¥7.58 loss per share (down from JP¥49.67 profit in 3Q 2022). Revenue: JP¥8.70b (down 18% from 3Q 2022). Net loss: JP¥91.0m (down 115% from profit in 3Q 2022). Revenue missed analyst estimates by 6.5%. Earnings per share (EPS) were also behind analyst expectations. Revenue is forecast to grow 6.6% p.a. on average during the next 3 years, compared to a 7.1% growth forecast for the Semiconductor industry in Japan. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Announcement • Nov 28
AOI Electronics Co., Ltd. to Report Q3, 2023 Results on Feb 03, 2023 AOI Electronics Co., Ltd. announced that they will report Q3, 2023 results on Feb 03, 2023 Reported Earnings • Nov 18
Second quarter 2023 earnings: EPS and revenues miss analyst expectations Second quarter 2023 results: EPS: JP¥22.75 (down from JP¥64.34 in 2Q 2022). Revenue: JP¥10.0b (down 11% from 2Q 2022). Net income: JP¥273.0m (down 65% from 2Q 2022). Profit margin: 2.7% (down from 6.9% in 2Q 2022). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 3.4%. Earnings per share (EPS) also missed analyst estimates by 3.9%. Revenue is forecast to grow 4.6% p.a. on average during the next 3 years, compared to a 7.4% growth forecast for the Semiconductor industry in Japan. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 5 non-independent directors. Independent Outside Director Noboru Kitayama was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Oct 30
Second quarter 2023 earnings: EPS and revenues miss analyst expectations Second quarter 2023 results: EPS: JP¥22.75 (down from JP¥64.34 in 2Q 2022). Revenue: JP¥10.0b (down 11% from 2Q 2022). Net income: JP¥273.0m (down 65% from 2Q 2022). Profit margin: 2.7% (down from 6.9% in 2Q 2022). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 3.4%. Earnings per share (EPS) also missed analyst estimates by 3.9%. Revenue is forecast to grow 6.4% p.a. on average during the next 3 years, compared to a 7.0% growth forecast for the Semiconductor industry in Japan. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥27.00 per share Eligible shareholders must have bought the stock before 29 September 2022. Payment date: 01 December 2022. Payout ratio is a comfortable 24% and this is well supported by cash flows. Trailing yield: 2.9%. Lower than top quartile of Japanese dividend payers (3.7%). In line with average of industry peers (2.9%). Announcement • Aug 31
AOI Electronics Co., Ltd. to Report Q2, 2023 Results on Oct 28, 2022 AOI Electronics Co., Ltd. announced that they will report Q2, 2023 results on Oct 28, 2022 Reported Earnings • Jul 31
First quarter 2023 earnings released: EPS: JP¥58.25 (vs JP¥56.26 in 1Q 2022) First quarter 2023 results: EPS: JP¥58.25 (up from JP¥56.26 in 1Q 2022). Revenue: JP¥10.6b (flat on 1Q 2022). Net income: JP¥699.0m (up 3.6% from 1Q 2022). Profit margin: 6.6% (up from 6.3% in 1Q 2022). Over the next year, revenue is forecast to grow 2.5%, compared to a 23% growth forecast for the industry in Japan. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Board Change • Jul 10
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 5 non-independent directors. Independent Outside Director Noboru Kitayama was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Major Estimate Revision • Jun 03
Consensus forecasts updated The consensus outlook for 2023 has been updated. 2023 revenue forecast increased from JP¥43.0b to JP¥43.8b. EPS estimate fell from JP¥198 to JP¥148 per share. Net income forecast to shrink 36% next year vs 7.8% growth forecast for Semiconductor industry in Japan . Consensus price target of JP¥3,500 unchanged from last update. Share price was steady at JP¥1,915 over the past week. Announcement • Jun 01
AOI Electronics Co., Ltd. to Report Q1, 2023 Results on Jul 29, 2022 AOI Electronics Co., Ltd. announced that they will report Q1, 2023 results on Jul 29, 2022 Reported Earnings • May 13
Full year 2022 earnings: EPS exceeds analyst expectations Full year 2022 results: EPS: JP¥233 (up from JP¥87.84 in FY 2021). Revenue: JP¥43.3b (up 7.7% from FY 2021). Net income: JP¥2.80b (up 166% from FY 2021). Profit margin: 6.5% (up from 2.6% in FY 2021). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 5.6%. Over the next year, revenue is forecast to stay flat compared to a 23% growth forecast for the industry in Japan. 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 3% per year, which means it is significantly lagging earnings. Announcement • May 13
AOI Electronics Co., Ltd., Annual General Meeting, Jun 28, 2022 AOI Electronics Co., Ltd., Annual General Meeting, Jun 28, 2022. Board Change • Apr 27
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was an independent director. The company's board is composed of: 1 new director. 4 experienced directors. 4 highly experienced directors. 4 independent directors (5 non-independent directors). Independent Outside Director Noboru Kitayama 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 • Apr 08
AOI Electronics Co., Ltd. to Report Fiscal Year 2022 Results on May 11, 2022 AOI Electronics Co., Ltd. announced that they will report fiscal year 2022 results on May 11, 2022 Upcoming Dividend • Mar 23
Upcoming dividend of JP¥29.00 per share Eligible shareholders must have bought the stock before 30 March 2022. Payment date: 28 June 2022. Payout ratio is a comfortable 29% and this is well supported by cash flows. Trailing yield: 2.6%. Lower than top quartile of Japanese dividend payers (3.4%). Higher than average of industry peers (1.9%). Reported Earnings • Jan 30
Third quarter 2022 earnings: EPS and revenues miss analyst expectations Third quarter 2022 results: EPS: JP¥49.67 (up from JP¥25.84 in 3Q 2021). Revenue: JP¥10.5b (up 6.0% from 3Q 2021). Net income: JP¥596.0m (up 92% from 3Q 2021). Profit margin: 5.7% (up from 3.1% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 4.5%. Earnings per share (EPS) also missed analyst estimates by 4.0%. Over the next year, revenue is forecast to grow 1.9%, compared to a 24% growth forecast for the industry in Japan. Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Major Estimate Revision • Nov 27
Consensus EPS estimates increase to JP¥203 The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from JP¥41.2b to JP¥43.4b. EPS estimate increased from JP¥157 to JP¥203 per share. Net income forecast to grow 21% next year vs 20% growth forecast for Semiconductor industry in Japan. Consensus price target up from JP¥3,500 to JP¥3,600. Share price rose 2.5% to JP¥2,562 over the past week. Reported Earnings • Oct 31
Second quarter 2022 earnings released: EPS JP¥64.34 (vs JP¥10.50 loss in 2Q 2021) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2022 results: Revenue: JP¥11.2b (up 21% from 2Q 2021). Net income: JP¥772.0m (up JP¥898.0m from 2Q 2021). Profit margin: 6.9% (up from net loss in 2Q 2021). The move to profitability 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 12% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥27.00 per share Eligible shareholders must have bought the stock before 29 September 2021. Payment date: 01 December 2021. Trailing yield: 2.3%. Lower than top quartile of Japanese dividend payers (3.0%). Higher than average of industry peers (1.6%). Major Estimate Revision • Aug 06
Consensus EPS estimates increase to JP¥157 The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from JP¥40.0b to JP¥41.2b. EPS estimate increased from JP¥118 to JP¥157 per share. Net income forecast to grow 67% next year vs 35% growth forecast for Semiconductor industry in Japan. Consensus price target of JP¥3,500 unchanged from last update. Share price rose 3.2% to JP¥2,373 over the past week. Reported Earnings • Aug 03
First quarter 2022 earnings released: EPS JP¥56.25 (vs JP¥47.25 in 1Q 2021) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2022 results: Revenue: JP¥10.7b (up 2.2% from 1Q 2021). Net income: JP¥675.0m (up 19% from 1Q 2021). Profit margin: 6.3% (up from 5.4% 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 51% 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. Reported Earnings • May 09
Full year 2021 earnings released: EPS JP¥87.84 (vs JP¥150 in FY 2020) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2021 results: Revenue: JP¥40.3b (down 4.9% from FY 2020). Net income: JP¥1.05b (down 41% from FY 2020). Profit margin: 2.6% (down from 4.2% in FY 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 54% per year but the company’s share price has only fallen by 13% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥29.00 per share Eligible shareholders must have bought the stock before 30 March 2021. Payment date: 26 June 2021. Trailing yield: 2.4%. Lower than top quartile of Japanese dividend payers (2.7%). Higher than average of industry peers (1.4%). Major Estimate Revision • Mar 06
Analysts increase EPS estimates to JP¥70.80 The 2021 consensus revenue estimate increased from JP¥38.2b to JP¥40.0b. The earnings per share estimate also received an upgrade from JP¥59.15 to JP¥70.80 for the same period. Net income is expected to grow by 79% next year compared to 28% growth forecast for the Semiconductor industry in Japan. The consensus price target of JP¥3,400 was unchanged from the last update. Share price stayed mostly flat at JP¥2,247 over the past week. Announcement • Mar 04
AOI Electronics Co., Ltd. to Report Fiscal Year 2021 Results on May 07, 2021 AOI Electronics Co., Ltd. announced that they will report fiscal year 2021 results on May 07, 2021 Is New 90 Day High Low • Feb 04
New 90-day high: JP¥2,310 The company is up 14% from its price of JP¥2,031 on 06 November 2020. The Japanese market is up 13% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Semiconductor industry, which is up 37% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is JP¥2,495 per share. Reported Earnings • Feb 02
Third quarter 2021 earnings released: EPS JP¥25.83 (vs JP¥61.09 in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: JP¥9.95b (down 7.4% from 3Q 2020). Net income: JP¥310.0m (down 58% from 3Q 2020). Profit margin: 3.1% (down from 6.8% in 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 51% 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. Analyst Estimate Surprise Post Earnings • Feb 02
Revenue and earnings beat expectations Revenue exceeded analyst estimates by 9.3%. Earnings per share (EPS) also surpassed analyst estimates by 121%. Over the next year, revenue is expected to shrink by 4.7% compared to a 11% growth forecast for the Semiconductor industry in Japan. Is New 90 Day High Low • Dec 04
New 90-day high: JP¥2,184 The company is up 3.0% from its price of JP¥2,120 on 04 September 2020. The Japanese market is up 10.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Semiconductor industry, which is up 39% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is JP¥1,827 per share. Price Target Changed • Dec 01
Price target lowered to JP¥3,400 Down from JP¥3,700, the current price target is an average from 2 analysts. The new target price is 60% above the current share price of JP¥2,125. As of last close, the stock is down 15% over the past year. Announcement • Nov 07
AOI Electronics Co., Ltd. to Report Q3, 2021 Results on Jan 29, 2021 AOI Electronics Co., Ltd. announced that they will report Q3, 2021 results on Jan 29, 2021