Reported Earnings • Jun 23
Full year 2026 earnings released: JP¥41.32 loss per share (vs JP¥37.70 profit in FY 2025) Full year 2026 results: JP¥41.32 loss per share (down from JP¥37.70 profit in FY 2025). Revenue: JP¥8.86b (down 26% from FY 2025). Net loss: JP¥1.56b (down 205% from profit in FY 2025). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 85 percentage points per year, which is a significant difference in performance. Reported Earnings • May 13
Full year 2026 earnings released: JP¥41.32 loss per share (vs JP¥37.70 profit in FY 2025) Full year 2026 results: JP¥41.32 loss per share (down from JP¥37.70 profit in FY 2025). Revenue: JP¥8.86b (down 26% from FY 2025). Net loss: JP¥1.56b (down 205% from profit in FY 2025). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 91 percentage points per year, which is a significant difference in performance. Announcement • May 11
UNITED, Inc., Annual General Meeting, Jun 18, 2026 UNITED, Inc., Annual General Meeting, Jun 18, 2026. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥11.50 per share Eligible shareholders must have bought the stock before 30 March 2026. Payment date: 18 June 2026. The company is not currently making a profit and is not cash flow positive. Trailing yield: 4.3%. Within top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (2.3%). Reported Earnings • Feb 07
Third quarter 2026 earnings released: JP¥8.52 loss per share (vs JP¥7.08 profit in 3Q 2025) Third quarter 2026 results: JP¥8.52 loss per share (down from JP¥7.08 profit in 3Q 2025). Revenue: JP¥2.24b (down 27% from 3Q 2025). Net loss: JP¥319.0m (down 215% from profit in 3Q 2025). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 81 percentage points per year, which is a significant difference in performance. Declared Dividend • Dec 11
First half dividend of JP¥11.50 announced Shareholders will receive a dividend of JP¥11.50. Ex-date: 30th March 2026 Payment date: 18th June 2026 Dividend yield will be 4.8%, which is higher than the industry average of 1.4%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months and having 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 37% per year over the past 10 years. However, payments have been volatile during that time. New Risk • Nov 09
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: 4.5% 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. 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 27% per year over the past 5 years. Reported Earnings • Nov 08
Second quarter 2026 earnings released: JP¥6.20 loss per share (vs JP¥7.67 loss in 2Q 2025) Second quarter 2026 results: JP¥6.20 loss per share (improved from JP¥7.67 loss in 2Q 2025). Revenue: JP¥2.35b (up 46% from 2Q 2025). Net loss: JP¥232.0m (loss narrowed 23% from 2Q 2025). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 59 percentage points per year, which is a significant difference in performance. Buy Or Sell Opportunity • Oct 29
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 10% to JP¥514. The fair value is estimated to be JP¥653, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 8.0% over the last 3 years. Meanwhile, the company became loss making. Buy Or Sell Opportunity • Oct 14
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 9.3% to JP¥517. The fair value is estimated to be JP¥648, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 8.0% over the last 3 years. Meanwhile, the company became loss making. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥11.50 per share Eligible shareholders must have bought the stock before 29 September 2025. Payment date: 10 December 2025. The company is not currently making a profit but it is cash flow positive. Trailing yield: 3.8%. Within top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (1.5%). Reported Earnings • Aug 02
First quarter 2026 earnings released: JP¥10.21 loss per share (vs JP¥49.20 profit in 1Q 2025) First quarter 2026 results: JP¥10.21 loss per share (down from JP¥49.20 profit in 1Q 2025). Revenue: JP¥1.96b (down 58% from 1Q 2025). Net loss: JP¥394.0m (down 120% from profit in 1Q 2025). Over the last 3 years on average, earnings per share has fallen by 52% per year but the company’s share price has only fallen by 11% per year, which means it has not declined as severely as earnings. Declared Dividend • Jul 09
Final dividend of JP¥11.50 announced Shareholders will receive a dividend of JP¥11.50. Ex-date: 29th September 2025 Payment date: 10th December 2025 Dividend yield will be 6.3%, which is higher than the industry average of 1.4%. Sustainability & Growth Dividend is covered by both earnings (57% earnings payout ratio) and cash flows (77% cash payout ratio). The dividend has increased by an average of 37% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 3.8% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Jun 21
Full year 2025 earnings released: EPS: JP¥37.70 (vs JP¥60.43 in FY 2024) Full year 2025 results: EPS: JP¥37.70 (down from JP¥60.43 in FY 2024). Revenue: JP¥12.0b (down 4.3% from FY 2024). Net income: JP¥1.48b (down 37% from FY 2024). Profit margin: 12% (down from 19% in FY 2024). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 35% 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 • May 29
UNITED, Inc. (TSE:2497) announces an Equity Buyback for 2,110,000 shares, representing 5.37% for ¥1,250 million. UNITED, Inc. (TSE:2497) announces a share repurchase program. Under the program, the company will repurchase up to 2,110,000 shares, representing 5.37% of its issued share capital (excluding treasury stock), for a total purchase price of ¥1,250 million. The shares will be repurchased at a price of of ¥585 per share. The purpose of the program to contribute to a flexible capital policy that responds to changes in the business environment. As of March 31, 2025, the company had 39,284,287 issued shares (excluding treasury stock) and 1,128,403 treasury shares. Valuation Update With 7 Day Price Move • May 19
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to JP¥581, the stock trades at a trailing P/E ratio of 15.4x. Average trailing P/E is 21x in the Software industry in Japan. Total loss to shareholders of 19% over the past three years. Reported Earnings • May 14
Full year 2025 earnings released: EPS: JP¥37.70 (vs JP¥60.43 in FY 2024) Full year 2025 results: EPS: JP¥37.70 (down from JP¥60.43 in FY 2024). Revenue: JP¥12.0b (down 4.3% from FY 2024). Net income: JP¥1.48b (down 37% from FY 2024). Profit margin: 12% (down from 19% in FY 2024). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 35% 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. Announcement • May 12
UNITED, Inc., Annual General Meeting, Jun 17, 2025 UNITED, Inc., Annual General Meeting, Jun 17, 2025. Buy Or Sell Opportunity • Apr 10
Now 22% overvalued Over the last 90 days, the stock has fallen 14% to JP¥676. The fair value is estimated to be JP¥554, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 4.9% over the last 3 years. Earnings per share has declined by 28%. Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to JP¥624, the stock trades at a trailing P/E ratio of 15.3x. Average trailing P/E is 18x in the Software industry in Japan. Total loss to shareholders of 20% over the past three years. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥24.00 per share Eligible shareholders must have bought the stock before 28 March 2025. Payment date: 20 June 2025. Payout ratio is a comfortable 57% but the company is not cash flow positive. Trailing yield: 4.4%. Within top quartile of Japanese dividend payers (3.7%). Higher than average of industry peers (1.6%). Reported Earnings • Feb 08
Third quarter 2025 earnings released: EPS: JP¥7.08 (vs JP¥10.34 loss in 3Q 2024) Third quarter 2025 results: EPS: JP¥7.08 (up from JP¥10.34 loss in 3Q 2024). Revenue: JP¥3.09b (up 91% from 3Q 2024). Net income: JP¥278.0m (up JP¥683.0m from 3Q 2024). Profit margin: 9.0% (up from net loss in 3Q 2024). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 28% 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. Declared Dividend • Dec 11
First half dividend of JP¥24.00 announced Dividend of JP¥24.00 is the same as last year. Ex-date: 28th March 2025 Payment date: 20th June 2025 Dividend yield will be 6.0%, which is higher than the industry average of 1.4%. Sustainability & Growth Dividend is covered by earnings (49% 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 58% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 40% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. New Risk • Nov 27
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 23% 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 (23% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (9.4% net profit margin). Announcement • Nov 13
UNITED, Inc. (TSE:2497) agreed to acquire 51% stake in Bestco Co., Ltd. from Daisuke Iseki for JPY 976.7 million. UNITED, Inc. (TSE:2497) agreed to acquire 51% stake in Bestco Co., Ltd. from Daisuke Iseki for JPY 976.7 million on November 13, 2024. For the period ending June 30, 2024, Bestco Co., Ltd. reported total revenue of ¥2.3 billion, EBIT of ¥94.34 million and net income of ¥62.84 million. As of June 30, 2024, Bestco Co., Ltd. reported total assets of ¥1.05 billion and total common equity of ¥544.51 million. The transaction is expected to close in mid-December 2024. Upcoming Dividend • Sep 20
Upcoming dividend of JP¥24.00 per share Eligible shareholders must have bought the stock before 27 September 2024. Payment date: 09 December 2024. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 5.9%. Within top quartile of Japanese dividend payers (3.8%). Higher than average of industry peers (1.2%). New Risk • Aug 09
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 34% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 148% Cash payout ratio: 98% Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (6.1% net profit margin). Reported Earnings • Aug 09
First quarter 2025 earnings released: EPS: JP¥49.20 (vs JP¥94.30 in 1Q 2024) First quarter 2025 results: EPS: JP¥49.20 (down from JP¥94.30 in 1Q 2024). Revenue: JP¥4.71b (down 35% from 1Q 2024). Net income: JP¥1.93b (down 48% from 1Q 2024). Profit margin: 41% (down from 51% in 1Q 2024). Over the last 3 years on average, earnings per share has fallen by 2% per year whereas the company’s share price has fallen by 3% per year. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to JP¥675, the stock trades at a trailing P/E ratio of 11.2x. Average trailing P/E is 20x in the Software industry in Japan. Total loss to shareholders of 11% over the past three years. Buy Or Sell Opportunity • Jul 17
Now 21% overvalued Over the last 90 days, the stock has fallen 1.5% to JP¥831. The fair value is estimated to be JP¥687, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 10%. Declared Dividend • Jul 11
Final dividend of JP¥24.00 announced Dividend of JP¥24.00 is the same as last year. Ex-date: 27th September 2024 Payment date: 9th December 2024 Dividend yield will be 5.9%, which is higher than the industry average of 1.4%. Sustainability & Growth Dividend is covered by earnings (28% earnings payout ratio) but not adequately covered by cash flows (98% cash payout ratio). The dividend has increased by an average of 58% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to decline by 69% to shift the payout ratio to a potentially unsustainable range, which is more than the 17% EPS decline seen over the last 5 years. Reported Earnings • Jun 25
Full year 2024 earnings released: EPS: JP¥60.43 (vs JP¥105 in FY 2023) Full year 2024 results: EPS: JP¥60.43 (down from JP¥105 in FY 2023). Revenue: JP¥12.6b (down 4.3% from FY 2023). Net income: JP¥2.37b (down 43% from FY 2023). Profit margin: 19% (down from 32% in FY 2023). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 11
Full year 2024 earnings released: EPS: JP¥60.43 (vs JP¥105 in FY 2023) Full year 2024 results: EPS: JP¥60.43 (down from JP¥105 in FY 2023). Revenue: JP¥12.6b (down 4.3% from FY 2023). Net income: JP¥2.37b (down 43% from FY 2023). Profit margin: 19% (down from 32% in FY 2023). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Announcement • May 11
UNITED, Inc., Annual General Meeting, Jun 19, 2024 UNITED, Inc., Annual General Meeting, Jun 19, 2024. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥24.00 per share Eligible shareholders must have bought the stock before 28 March 2024. Payment date: 19 June 2024. Payout ratio is a comfortable 28% and this is well supported by cash flows. Trailing yield: 2.5%. Lower than top quartile of Japanese dividend payers (3.2%). Higher than average of industry peers (1.3%). New Risk • Feb 28
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 3.2% 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: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Shareholders have been diluted in the past year (3.2% increase in shares outstanding). Reported Earnings • Feb 10
Third quarter 2024 earnings released: JP¥10.34 loss per share (vs JP¥31.04 profit in 3Q 2023) Third quarter 2024 results: JP¥10.34 loss per share (down from JP¥31.04 profit in 3Q 2023). Revenue: JP¥1.62b (down 54% from 3Q 2023). Net loss: JP¥405.0m (down 133% from profit in 3Q 2023). Over the last 3 years on average, earnings per share has increased by 12% per year whereas the company’s share price has increased by 10% per year. Reported Earnings • Nov 10
Second quarter 2024 earnings released: JP¥15.45 loss per share (vs JP¥0.63 loss in 2Q 2023) Second quarter 2024 results: JP¥15.45 loss per share (further deteriorated from JP¥0.63 loss in 2Q 2023). Revenue: JP¥1.95b (up 4.6% from 2Q 2023). Net loss: JP¥605.0m (loss widened JP¥580.0m from 2Q 2023). Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Sep 21
Upcoming dividend of JP¥24.00 per share at 2.4% yield Eligible shareholders must have bought the stock before 28 September 2023. Payment date: 11 December 2023. Payout ratio is a comfortable 16% and this is well supported by cash flows. Trailing yield: 2.4%. Lower than top quartile of Japanese dividend payers (3.3%). Higher than average of industry peers (1.7%). Reported Earnings • Aug 09
First quarter 2024 earnings released: EPS: JP¥94.30 (vs JP¥59.62 in 1Q 2023) First quarter 2024 results: EPS: JP¥94.30 (up from JP¥59.62 in 1Q 2023). Revenue: JP¥7.22b (up 51% from 1Q 2023). Net income: JP¥3.69b (up 54% from 1Q 2023). Profit margin: 51% (in line with 1Q 2023). Over the last 3 years on average, earnings per share has increased by 9% per year whereas the company’s share price has increased by 13% per year. Reported Earnings • Jun 21
Full year 2023 earnings released: EPS: JP¥209 (vs JP¥90.61 in FY 2022) Full year 2023 results: EPS: JP¥209 (up from JP¥90.61 in FY 2022). Revenue: JP¥13.1b (up 3.4% from FY 2022). Net income: JP¥4.14b (up 8.2% from FY 2022). Profit margin: 32% (up from 30% in FY 2022). 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 13% per year, which means it is significantly lagging earnings growth. Announcement • May 12
UNITED, Inc., Annual General Meeting, Jun 16, 2023 UNITED, Inc., Annual General Meeting, Jun 16, 2023. Reported Earnings • May 12
Full year 2023 earnings released: EPS: JP¥209 (vs JP¥181 in FY 2022) Full year 2023 results: EPS: JP¥209 (up from JP¥181 in FY 2022). Revenue: JP¥13.1b (up 3.4% from FY 2022). Net income: JP¥4.14b (up 8.2% from FY 2022). Profit margin: 32% (up from 30% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 10% per year whereas the company’s share price has increased by 7% per year. Reported Earnings • Feb 10
Third quarter 2023 earnings released: EPS: JP¥62.08 (vs JP¥34.81 in 3Q 2022) Third quarter 2023 results: EPS: JP¥62.08 (up from JP¥34.81 in 3Q 2022). Revenue: JP¥3.54b (up 32% from 3Q 2022). Net income: JP¥1.22b (up 67% from 3Q 2022). Profit margin: 34% (up from 27% in 3Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Announcement • Dec 09
UNITED, Inc. (TSE:2497) agreed to acquire Kasooku business of Dufa Co., Ltd. UNITED, Inc. (TSE:2497) agreed to acquire Kasooku business of Dufa Co., Ltd. on December 8, 2022. The transaction is expected to close on December 31, 2022. 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. 5 experienced directors. 6 highly experienced directors. 1 independent director (7 non-independent directors). Independent External Director Tadatsugu Ishimoto 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. Reported Earnings • Nov 11
Second quarter 2023 earnings released: JP¥1.26 loss per share (vs JP¥50.76 profit in 2Q 2022) Second quarter 2023 results: JP¥1.26 loss per share (down from JP¥50.76 profit in 2Q 2022). Revenue: JP¥1.86b (down 44% from 2Q 2022). Net loss: JP¥25.0m (down 102% from profit in 2Q 2022). Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Announcement • Nov 10
UNITED, Inc. (TSE:2497) announces an Equity Buyback for 100,000 shares, representing 0.51% for ¥130 million. UNITED, Inc. (TSE:2497) announces a share repurchase program. Under the program, the company will repurchase up to 100,000 shares, representing 0.51% of its issued share capital (excluding treasury stock), for a total purchase price of ¥130 million. The purpose of the program is to improve capital efficiency and stock value. The program will be valid till December 23, 2022. As of September 30, 2022, the company had 19,643,896 issued shares (excluding treasury stock) and 1,112,449 treasury shares. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥17.00 per share Eligible shareholders must have bought the stock before 29 September 2022. Payment date: 09 December 2022. Payout ratio is a comfortable 18% and this is well supported by cash flows. Trailing yield: 2.5%. Lower than top quartile of Japanese dividend payers (3.7%). Higher than average of industry peers (1.8%). Reported Earnings • Aug 05
First quarter 2023 earnings released: EPS: JP¥119 (vs JP¥94.75 in 1Q 2022) First quarter 2023 results: EPS: JP¥119 (up from JP¥94.75 in 1Q 2022). Revenue: JP¥4.78b (flat on 1Q 2022). Net income: JP¥2.40b (up 17% from 1Q 2022). Profit margin: 50% (up from 43% in 1Q 2022). Over the last 3 years on average, earnings per share has increased by 51% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Reported Earnings • Jun 22
Full year 2022 earnings released: EPS: JP¥181 (vs JP¥168 in FY 2021) Full year 2022 results: EPS: JP¥181 (up from JP¥168 in FY 2021). Revenue: JP¥12.7b (down 22% from FY 2021). Net income: JP¥3.83b (up 2.6% from FY 2021). Profit margin: 30% (up from 23% in FY 2021). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 13
Full year 2022 earnings released: EPS: JP¥181 (vs JP¥168 in FY 2021) Full year 2022 results: EPS: JP¥181 (up from JP¥168 in FY 2021). Revenue: JP¥12.7b (down 22% from FY 2021). Net income: JP¥3.83b (up 2.6% from FY 2021). Profit margin: 30% (up from 23% in FY 2021). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Board Change • Apr 27
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. 2 experienced directors. 6 highly experienced directors. 1 independent director (4 non-independent directors). Independent External Director Tadatsugu Ishimoto 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. Reported Earnings • Feb 09
Third quarter 2022 earnings: Revenues and EPS in line with analyst expectations Third quarter 2022 results: EPS: JP¥34.81 (up from JP¥5.73 in 3Q 2021). Revenue: JP¥2.69b (down 5.8% from 3Q 2021). Net income: JP¥729.0m (up 474% from 3Q 2021). Profit margin: 27% (up from 4.5% in 3Q 2021). 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 4% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Reported Earnings • Nov 10
Second quarter 2022 earnings released: EPS JP¥50.76 (vs JP¥0.76 in 2Q 2021) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2022 results: Revenue: JP¥3.35b (up 11% from 2Q 2021). Net income: JP¥1.09b (up JP¥1.07b from 2Q 2021). Profit margin: 32% (up from 0.6% in 2Q 2021). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥15.00 per share Eligible shareholders must have bought the stock before 29 September 2021. Payment date: 09 December 2021. Trailing yield: 2.0%. Lower than top quartile of Japanese dividend payers (3.0%). Higher than average of industry peers (1.3%). Reported Earnings • Aug 06
First quarter 2022 earnings released: EPS JP¥94.75 (vs JP¥166 in 1Q 2021) The company reported a poor first quarter result with weaker earnings, revenues and profit margins. First quarter 2022 results: Revenue: JP¥4.75b (down 41% from 1Q 2021). Net income: JP¥2.06b (down 44% from 1Q 2021). Profit margin: 43% (down from 46% in 1Q 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 38% 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. Reported Earnings • Jun 26
Full year 2021 earnings released: EPS JP¥168 (vs JP¥62.41 in FY 2020) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2021 results: Revenue: JP¥16.3b (down 22% from FY 2020). Net income: JP¥3.73b (up 166% from FY 2020). Profit margin: 23% (up from 6.7% 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 21% per year whereas the company’s share price has fallen by 17% per year. Reported Earnings • May 14
Full year 2021 earnings released: EPS JP¥168 (vs JP¥62.41 in FY 2020) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2021 results: Revenue: JP¥16.3b (down 22% from FY 2020). Net income: JP¥3.73b (up 166% from FY 2020). Profit margin: 23% (up from 6.7% 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 21% per year whereas the company’s share price has fallen by 26% per year. Announcement • May 12
UNITED, Inc. (TSE:2497) announces an Equity Buyback for 2,000,000 shares, representing 9.15% for ¥3,000 million. UNITED, Inc. (TSE:2497) announces a share repurchase program. Under the program, the company will repurchase up to 2,000,000 shares, representing 9.15% of its issued share capital (excluding treasury stock), for a total purchase price of ¥3,000 million. The purpose of the program is to improve capital efficiency and stock value. The program will be valid till February 28, 2022. As of March 31, 2021, the company had 21,848,779 issued shares (excluding treasury stock) and 1,823,066 treasury shares. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥18.00 per share Eligible shareholders must have bought the stock before 30 March 2021. Payment date: 19 June 2021. Trailing yield: 1.1%. Lower than top quartile of Japanese dividend payers (2.7%). Lower than average of industry peers (1.3%). Is New 90 Day High Low • Feb 20
New 90-day low: JP¥1,289 The company is down 15% from its price of JP¥1,520 on 20 November 2020. The Japanese market is up 12% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Software industry, which is up 3.0% over the same period. Reported Earnings • Feb 06
Third quarter 2021 earnings released: EPS JP¥5.73 (vs JP¥39.00 loss in 3Q 2020) The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2021 results: Revenue: JP¥2.85b (down 39% from 3Q 2020). Net income: JP¥127.0m (up JP¥998.0m from 3Q 2020). Profit margin: 4.5% (up from net loss in 3Q 2020). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has fallen by 25% per year, which means it is performing significantly worse than earnings. Is New 90 Day High Low • Jan 29
New 90-day low: JP¥1,290 The company is down 10.0% from its price of JP¥1,431 on 30 October 2020. The Japanese market is up 16% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Software industry, which is up 6.0% over the same period. Is New 90 Day High Low • Dec 18
New 90-day low: JP¥1,378 The company is down 7.0% from its price of JP¥1,487 on 18 September 2020. The Japanese market is up 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Software industry, which is up 2.0% over the same period. Announcement • Jul 31
Coinage Investment Co., Ltd. completed the acquisition of 83.07% stake in COINAGE, Inc from UNITED, Inc. (TSE:2497). Coinage Investment Co., Ltd signed share transfer agreement to acquire 83.07% stake in COINAGE, Inc from UNITED, Inc. (TSE:2497) on April 25, 2019. Under the terms, Coinage Investment will acquire 0.02 million shares of COINAGE, Inc. COINAGE, Inc reported net assets of ¥540.5 million, total assets of ¥699.3 million, operating loss of ¥286.02 million and net loss of ¥345.1 million for the fiscal year ended March 2019. The transaction has been resolved by the Board of Directors of UNITED, Inc. at the meeting held on April 25, 2019. The transaction is expected to be completed by April 26, 2019.
Coinage Investment Co., Ltd. completed the acquisition of 83.07% stake in COINAGE, Inc from UNITED, Inc. (TSE:2497) on April 26, 2019. Announcement • Jul 24
United, Inc.'s Common Shares to Be Deleted from Other OTC UNITED, Inc. Common Shares (Japan) will be deleted from other OTC effective from June 29, 2020 due to Inactive Security.