Announcement • Aug 03
System Integrator Corp. to Report Q2, 2027 Results on Oct 15, 2026 System Integrator Corp. announced that they will report Q2, 2027 results on Oct 15, 2026 Reported Earnings • Jul 19
First quarter 2027 earnings released: EPS: JP¥8.89 (vs JP¥2.57 in 1Q 2026) First quarter 2027 results: EPS: JP¥8.89 (up from JP¥2.57 in 1Q 2026). Revenue: JP¥1.58b (up 24% from 1Q 2026). Net income: JP¥97.0m (up 246% from 1Q 2026). Profit margin: 6.1% (up from 2.2% in 1Q 2026). The increase in margin was driven by higher revenue. Reported Earnings • Jun 03
Full year 2026 earnings released: EPS: JP¥41.95 (vs JP¥53.40 in FY 2025) Full year 2026 results: EPS: JP¥41.95 (down from JP¥53.40 in FY 2025). Revenue: JP¥5.56b (up 17% from FY 2025). Net income: JP¥458.0m (down 21% from FY 2025). Profit margin: 8.2% (down from 12% in FY 2025). The decrease in margin was driven by higher expenses. Reported Earnings • Apr 16
Full year 2026 earnings released: EPS: JP¥41.95 (vs JP¥53.40 in FY 2025) Full year 2026 results: EPS: JP¥41.95 (down from JP¥53.40 in FY 2025). Revenue: JP¥5.56b (up 17% from FY 2025). Net income: JP¥458.0m (down 21% from FY 2025). Profit margin: 8.2% (down from 12% in FY 2025). The decrease in margin was driven by higher expenses. Announcement • Apr 14
System Integrator Corp., Annual General Meeting, May 28, 2026 System Integrator Corp., Annual General Meeting, May 28, 2026. Announcement • Apr 07
System Integrator Corp. to Report Fiscal Year 2026 Results on Apr 14, 2026 System Integrator Corp. announced that they will report fiscal year 2026 results on Apr 14, 2026 Buy Or Sell Opportunity • Feb 26
Now 20% undervalued Over the last 90 days, the stock has risen 11% to JP¥506. The fair value is estimated to be JP¥634, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Upcoming Dividend • Feb 19
Upcoming dividend of JP¥11.00 per share Eligible shareholders must have bought the stock before 26 February 2026. Payment date: 29 May 2026. Payout ratio is a comfortable 7.3% and this is well supported by cash flows. Trailing yield: 2.1%. Lower than top quartile of Japanese dividend payers (3.4%). In line with average of industry peers (2.2%). Buy Or Sell Opportunity • Feb 02
Now 20% undervalued Over the last 90 days, the stock has risen 9.1% to JP¥504. The fair value is estimated to be JP¥632, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Buy Or Sell Opportunity • Jan 16
Now 20% undervalued Over the last 90 days, the stock has risen 3.5% to JP¥500. The fair value is estimated to be JP¥628, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Reported Earnings • Jan 15
Third quarter 2026 earnings released: EPS: JP¥12.37 (vs JP¥37.55 in 3Q 2025) Third quarter 2026 results: EPS: JP¥12.37 (down from JP¥37.55 in 3Q 2025). Revenue: JP¥1.42b (up 10% from 3Q 2025). Net income: JP¥135.0m (down 67% from 3Q 2025). Profit margin: 9.5% (down from 32% in 3Q 2025). Announcement • Nov 03
System Integrator Corp. to Report Q3, 2026 Results on Jan 14, 2026 System Integrator Corp. announced that they will report Q3, 2026 results at 3:00 PM, Tokyo Standard Time on Jan 14, 2026 Buy Or Sell Opportunity • Oct 24
Now 21% undervalued Over the last 90 days, the stock has risen 13% to JP¥490. The fair value is estimated to be JP¥621, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Reported Earnings • Oct 16
Second quarter 2026 earnings released: EPS: JP¥16.30 (vs JP¥37.55 in 2Q 2025) Second quarter 2026 results: EPS: JP¥16.30 (down from JP¥37.55 in 2Q 2025). Revenue: JP¥1.45b (up 12% from 2Q 2025). Net income: JP¥178.0m (down 57% from 2Q 2025). Profit margin: 12% (down from 32% in 2Q 2025). Announcement • Jul 29
System Integrator Corp. to Report Q2, 2026 Results on Oct 15, 2025 System Integrator Corp. announced that they will report Q2, 2026 results on Oct 15, 2025 Reported Earnings • Jul 17
First quarter 2026 earnings released First quarter 2026 results: Net income: (down JP¥410.0m from profit in 1Q 2025). Announcement • Apr 26
System Integrator Corp. to Report Q1, 2026 Results on Jul 15, 2025 System Integrator Corp. announced that they will report Q1, 2026 results on Jul 15, 2025 New Risk • Apr 23
New minor risk - Financial data availability Less than 3 years of financial data is available. This is considered a minor risk. If the company has been trading for less than 3 years, then it has not had the opportunity to establish a long-term track record. This makes it difficult for investors to assess the true growth potential, sustainability and resilience of the business under different economic conditions. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (199% accrual ratio). Minor Risks Less than 3 years of financial data is available. Market cap is less than US$100m (JP¥4.01b market cap, or US$28.2m). New Risk • Apr 16
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 125% 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 (125% accrual ratio). Minor Risks Profit margins are more than 30% lower than last year (12% net profit margin). Market cap is less than US$100m (JP¥3.91b market cap, or US$27.4m). Reported Earnings • Apr 15
Full year 2025 earnings released: EPS: JP¥53.40 (vs JP¥86.47 in FY 2024) Full year 2025 results: EPS: JP¥53.40 (down from JP¥86.47 in FY 2024). Revenue: JP¥4.77b (down 1.4% from FY 2024). Net income: JP¥583.0m (down 38% from FY 2024). Profit margin: 12% (down from 20% in FY 2024). Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Announcement • Apr 14
System Integrator Corp., Annual General Meeting, May 28, 2025 System Integrator Corp., Annual General Meeting, May 28, 2025. Valuation Update With 7 Day Price Move • Apr 14
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to JP¥364, the stock trades at a trailing P/E ratio of 4.7x. Average trailing P/E is 19x in the Software industry in Japan. Total loss to shareholders of 20% over the past three years. New Risk • Mar 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 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: Minor Risks Share price has been volatile over the past 3 months (5.2% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (JP¥3.91b market cap, or US$26.5m). Announcement • Feb 27
System Integrator Corp. to Report Fiscal Year 2025 Results on Apr 14, 2025 System Integrator Corp. announced that they will report fiscal year 2025 results on Apr 14, 2025 Upcoming Dividend • Feb 20
Upcoming dividend of JP¥10.00 per share Eligible shareholders must have bought the stock before 27 February 2025. Payment date: 29 May 2025. Trailing yield: 3.3%. Lower than top quartile of Japanese dividend payers (3.8%). Higher than average of industry peers (1.2%). Valuation Update With 7 Day Price Move • Feb 06
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to JP¥364, the stock trades at a trailing P/E ratio of 4.7x. Average trailing P/E is 21x in the Software industry in Japan. Total loss to shareholders of 29% over the past three years. Reported Earnings • Jan 15
Third quarter 2025 earnings released: EPS: JP¥8.98 (vs JP¥5.59 in 3Q 2024) Third quarter 2025 results: EPS: JP¥8.98 (up from JP¥5.59 in 3Q 2024). Revenue: JP¥1.25b (flat on 3Q 2024). Net income: JP¥98.0m (up 61% from 3Q 2024). Profit margin: 7.8% (up from 4.9% in 3Q 2024). Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings. Announcement • Jan 10
AtCoder Inc. agreed to acquire TOPSIC business of System Integrator Corp. from System Integrator Corp. (TSE:3826). AtCoder Inc. agreed to acquire TOPSIC business of System Integrator Corp. from System Integrator Corp. (TSE:3826) on January 6, 2025. The expected completion of the transaction is February 28, 2025. Announcement • Nov 27
System Integrator Corp. to Report Q3, 2025 Results on Jan 14, 2025 System Integrator Corp. announced that they will report Q3, 2025 results on Jan 14, 2025 Reported Earnings • Oct 18
Second quarter 2025 earnings released: EPS: JP¥7.60 (vs JP¥9.80 in 2Q 2024) Second quarter 2025 results: EPS: JP¥7.60 (down from JP¥9.80 in 2Q 2024). Revenue: JP¥1.20b (down 8.6% from 2Q 2024). Net income: JP¥83.0m (down 22% from 2Q 2024). Profit margin: 6.9% (down from 8.2% in 2Q 2024). Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has fallen by 19% per year, which means it is significantly lagging earnings. New Risk • Sep 20
New minor risk - Dividend sustainability The company has a short dividend paying track record. Less than a year of continuous dividend payments. Dividend yield: 3.7% This is considered a minor risk. For dividend focussed investors, companies that have not established a long-term track record of consistently maintaining or growing dividends are less attractive than those companies that have a long track record. Those that have a long track record have proven their underlying business is stable enough to consistently maintain or grow the dividend and that the company considers maintaining the dividend to be one of its priorities. 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 Short dividend paying track record (less than a year of continuous dividend payments). Large one-off items impacting financial results. Market cap is less than US$100m (JP¥3.61b market cap, or US$25.4m). 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¥297, the stock trades at a trailing P/E ratio of 3.9x. Average trailing P/E is 20x in the Software industry in Japan. Total loss to shareholders of 48% over the past three years. Announcement • Jul 27
System Integrator Corp. to Report Q2, 2025 Results on Oct 15, 2024 System Integrator Corp. announced that they will report Q2, 2025 results on Oct 15, 2024 Reported Earnings • Jul 18
First quarter 2025 earnings released: JP¥0.73 loss per share (vs JP¥9.07 profit in 1Q 2024) First quarter 2025 results: JP¥0.73 loss per share (down from JP¥9.07 profit in 1Q 2024). Revenue: JP¥1.03b (down 7.5% from 1Q 2024). Net loss: JP¥8.00m (down 108% from profit in 1Q 2024). Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has fallen by 17% per year, which means it is significantly lagging earnings. Reported Earnings • Jun 01
Full year 2024 earnings released: EPS: JP¥86.47 (vs JP¥25.61 in FY 2023) Full year 2024 results: EPS: JP¥86.47 (up from JP¥25.61 in FY 2023). Revenue: JP¥4.84b (up 7.8% from FY 2023). Net income: JP¥944.0m (up 237% from FY 2023). Profit margin: 20% (up from 6.2% in FY 2023). Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has fallen by 17% per year, which means it is significantly lagging earnings. Announcement • Apr 29
System Integrator Corp. to Report Q1, 2025 Results on Jul 12, 2024 System Integrator Corp. announced that they will report Q1, 2025 results on Jul 12, 2024 Announcement • Apr 17
System Integrator Corp., Annual General Meeting, May 28, 2024 System Integrator Corp., Annual General Meeting, May 28, 2024. New Risk • Apr 17
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 101% 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 Earnings have declined by 1.6% per year over the past 5 years. High level of non-cash earnings (101% accrual ratio). Minor Risk Market cap is less than US$100m (JP¥4.30b market cap, or US$27.8m). Reported Earnings • Apr 16
Full year 2024 earnings released: EPS: JP¥86.47 (vs JP¥25.61 in FY 2023) Full year 2024 results: EPS: JP¥86.47 (up from JP¥25.61 in FY 2023). Revenue: JP¥4.84b (up 7.8% from FY 2023). Net income: JP¥944.0m (up 237% from FY 2023). Profit margin: 20% (up from 6.2% in FY 2023). Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has fallen by 18% per year, which means it is significantly lagging earnings. Upcoming Dividend • Feb 21
Inaugural dividend of JP¥12.00 per share Eligible shareholders must have bought the stock before 28 February 2024. Payment date: 27 May 2024. This is the first dividend for System Integrator since going public. The average dividend yield among industry peers is 1.5%. Announcement • Jan 31
System Integrator Corp. to Report Fiscal Year 2024 Results on Apr 15, 2024 System Integrator Corp. announced that they will report fiscal year 2024 results on Apr 15, 2024 Reported Earnings • Jan 16
Third quarter 2024 earnings released: EPS: JP¥5.59 (vs JP¥3.94 in 3Q 2023) Third quarter 2024 results: EPS: JP¥5.59 (up from JP¥3.94 in 3Q 2023). Revenue: JP¥1.25b (up 23% from 3Q 2023). Net income: JP¥61.0m (up 42% from 3Q 2023). Profit margin: 4.9% (up from 4.2% in 3Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Announcement • Oct 29
System Integrator Corp. to Report Q3, 2024 Results on Jan 15, 2024 System Integrator Corp. announced that they will report Q3, 2024 results on Jan 15, 2024 Reported Earnings • Oct 15
Second quarter 2024 earnings released: EPS: JP¥9.80 (vs JP¥7.33 in 2Q 2023) Second quarter 2024 results: EPS: JP¥9.80 (up from JP¥7.33 in 2Q 2023). Revenue: JP¥1.31b (up 15% from 2Q 2023). Net income: JP¥107.0m (up 34% from 2Q 2023). Profit margin: 8.2% (up from 7.0% in 2Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has fallen by 16% per year, which means it is performing significantly worse than earnings. Announcement • Aug 03
System Integrator Corp. to Report Q2, 2024 Results on Oct 31, 2023 System Integrator Corp. announced that they will report Q2, 2024 results on Oct 31, 2023 Reported Earnings • Jul 16
First quarter 2024 earnings released: EPS: JP¥9.07 (vs JP¥0.05 in 1Q 2023) First quarter 2024 results: EPS: JP¥9.07 (up from JP¥0.05 in 1Q 2023). Revenue: JP¥1.11b (up 7.5% from 1Q 2023). Net income: JP¥99.0m (up JP¥99.0m from 1Q 2023). Profit margin: 8.9% (up from 0% in 1Q 2023). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has fallen by 18% per year, which means it is performing significantly worse than earnings. Reported Earnings • May 30
Full year 2023 earnings released: EPS: JP¥25.61 (vs JP¥35.50 in FY 2022) Full year 2023 results: EPS: JP¥25.61 (down from JP¥35.50 in FY 2022). Revenue: JP¥4.49b (down 6.9% from FY 2022). Net income: JP¥280.0m (down 28% from FY 2022). Profit margin: 6.2% (down from 8.1% in FY 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has fallen by 23% per year, which means it is performing significantly worse than earnings. Announcement • May 28
System Integrator Corp. to Report Q1, 2024 Results on Jul 14, 2023 System Integrator Corp. announced that they will report Q1, 2024 results on Jul 14, 2023 Reported Earnings • Apr 16
Full year 2023 earnings released: EPS: JP¥25.61 (vs JP¥35.50 in FY 2022) Full year 2023 results: EPS: JP¥25.61 (down from JP¥35.50 in FY 2022). Revenue: JP¥4.49b (down 6.9% from FY 2022). Net income: JP¥280.0m (down 28% from FY 2022). Profit margin: 6.2% (down from 8.1% in FY 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 16% per year whereas the company’s share price has fallen by 15% per year. Upcoming Dividend • Feb 20
Upcoming dividend of JP¥7.00 per share Eligible shareholders must have bought the stock before 27 February 2023. Payment date: 25 May 2023. The company last paid an ordinary dividend in April 2012. The average dividend yield among industry peers is 1.8%. Announcement • Feb 03
System Integrator Corp. to Report Fiscal Year 2022 Results on Apr 14, 2023 System Integrator Corp. announced that they will report fiscal year 2022 results on Apr 14, 2023 Reported Earnings • Jan 14
Third quarter 2023 earnings released: EPS: JP¥3.94 (vs JP¥10.98 in 3Q 2022) Third quarter 2023 results: EPS: JP¥3.94 (down from JP¥10.98 in 3Q 2022). Revenue: JP¥1.02b (down 19% from 3Q 2022). Net income: JP¥43.0m (down 65% from 3Q 2022). Profit margin: 4.2% (down from 9.6% in 3Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has fallen by 24% per year, which means it is performing significantly worse than earnings. Announcement • Nov 30
System Integrator Corp. to Report Q3, 2023 Results on Jan 13, 2023 System Integrator Corp. announced that they will report Q3, 2023 results on Jan 13, 2023 Board Change • Nov 16
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 3 non-independent directors. Audit & Supervisory Board Member Akira Tanaka was the last director to join the board, commencing their role in 2021. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Oct 17
Second quarter 2023 earnings released: EPS: JP¥7.33 (vs JP¥8.81 in 2Q 2022) Second quarter 2023 results: EPS: JP¥7.33 (down from JP¥8.81 in 2Q 2022). Revenue: JP¥1.14b (down 17% from 2Q 2022). Net income: JP¥80.0m (down 18% from 2Q 2022). Profit margin: 7.0% (in line with 2Q 2022). Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has fallen by 17% per year, which means it is performing significantly worse than earnings. Announcement • Jul 31
System Integrator Corp. to Report Q2, 2023 Results on Oct 14, 2022 System Integrator Corp. announced that they will report Q2, 2023 results on Oct 14, 2022 Reported Earnings • Jul 17
First quarter 2023 earnings released: EPS: JP¥0.05 (vs JP¥9.90 in 1Q 2022) First quarter 2023 results: EPS: JP¥0.05 (down from JP¥9.90 in 1Q 2022). Revenue: JP¥1.03b (down 4.8% from 1Q 2022). Net income: JP¥0 (down JP¥109.0m from profit in 1Q 2022). Profit margin: 0% (down from 10.0% in 1Q 2022). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 11% per year whereas the company’s share price has fallen by 12% per year. Reported Earnings • May 29
Full year 2022 earnings released: EPS: JP¥35.50 (vs JP¥26.62 in FY 2021) Full year 2022 results: EPS: JP¥35.50 (up from JP¥26.62 in FY 2021). Revenue: JP¥4.82b (up 13% from FY 2021). Net income: JP¥391.0m (up 33% from FY 2021). Profit margin: 8.1% (up from 6.9% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 12% per year whereas the company’s share price has fallen by 10% per year. Announcement • May 13
System Integrator Corp. to Report Q1, 2023 Results on Jul 14, 2022 System Integrator Corp. announced that they will report Q1, 2023 results on Jul 14, 2022 Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 3 non-independent directors. Audit & Supervisory Board Member Akira Tanaka was the last 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. Announcement • Apr 25
System Integrator Corp. (TSE:3826) announces an Equity Buyback for 100,000 shares, representing 0.91% for ¥50 million. System Integrator Corp. (TSE:3826) announces a share repurchase program. Under the program, the company will repurchase up to 100,000 shares, representing 0.91% of its issued share capital for total worth of ¥50 million. The purpose of the program is to return profits to shareholders, utilize it in incentive plans, and implement agile capital policies according to the future business environment. The program will run till May 13, 2022. As of February 28, 2022, the company had 11,017,719 shares in issue (excluding treasury stock) and 60,681 shares in treasury. Valuation Update With 7 Day Price Move • Apr 21
Investor sentiment deteriorated over the past week After last week's 18% share price decline to JP¥475, the stock trades at a trailing P/E ratio of 13.5x. Average trailing P/E is 23x in the Software industry in Japan. Total loss to shareholders of 26% over the past three years. Announcement • Apr 16
System Integrator Corp., Annual General Meeting, May 24, 2022 System Integrator Corp., Annual General Meeting, May 24, 2022. Reported Earnings • Apr 15
Full year 2022 earnings released: EPS: JP¥35.50 (vs JP¥26.62 in FY 2021) Full year 2022 results: EPS: JP¥35.50 (up from JP¥26.62 in FY 2021). Revenue: JP¥4.82b (up 13% from FY 2021). Net income: JP¥391.0m (up 33% from FY 2021). Profit margin: 8.1% (up from 6.9% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Feb 18
Inaugural dividend of JP¥13.00 per share Eligible shareholders must have bought the stock before 25 February 2022. Payment date: 26 May 2022. The company is not currently making a profit but it is cash flow positive. The company last paid an ordinary dividend in January 2012. The average dividend yield among industry peers is 1.7%. Announcement • Feb 10
System Integrator Corp. to Report Fiscal Year 2021 Results on Apr 14, 2022 System Integrator Corp. announced that they will report fiscal year 2021 results on Apr 14, 2022 Buying Opportunity • Jan 27
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 21%. The fair value is estimated to be JP¥625, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.5% per annum over the last 3 years. Earnings per share has declined by 27% per annum over the last 3 years. Reported Earnings • Jan 16
Third quarter 2022 earnings: Revenues and EPS in line with analyst expectations Third quarter 2022 results: EPS: JP¥10.98 (up from JP¥4.82 in 3Q 2021). Revenue: JP¥1.25b (up 33% from 3Q 2021). Net income: JP¥121.0m (up 128% from 3Q 2021). Profit margin: 9.6% (up from 5.6% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has fallen by 27% 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. Reported Earnings • Oct 15
Second quarter 2022 earnings released: EPS JP¥8.81 (vs JP¥4.91 in 2Q 2021) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2022 results: Revenue: JP¥1.38b (up 11% from 2Q 2021). Net income: JP¥97.0m (up 80% from 2Q 2021). Profit margin: 7.0% (up from 4.4% in 2Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has only fallen by 20% per year, which means it has not declined as severely as earnings. Reported Earnings • Oct 15
Second quarter 2022 earnings released: EPS JP¥8.81 (vs JP¥4.91 in 2Q 2021) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2022 results: Revenue: JP¥1.38b (up 11% from 2Q 2021). Net income: JP¥97.0m (up 80% from 2Q 2021). Profit margin: 7.0% (up from 4.4% in 2Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has only fallen by 20% per year, which means it has not declined as severely as earnings. Reported Earnings • Jul 16
First quarter 2022 earnings released: EPS JP¥9.90 (vs JP¥4.09 in 1Q 2021) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2022 results: Revenue: JP¥1.09b (up 19% from 1Q 2021). Net income: JP¥109.0m (up 142% from 1Q 2021). Profit margin: 10.0% (up from 4.9% 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 22% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Reported Earnings • May 29
Full year 2021 earnings released: EPS JP¥26.62 (vs JP¥41.57 in FY 2020) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2021 results: Revenue: JP¥4.26b (down 6.5% from FY 2020). Net income: JP¥293.0m (down 36% from FY 2020). Profit margin: 6.9% (down from 10% 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 15% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Reported Earnings • Apr 16
Full year 2021 earnings released: EPS JP¥26.62 (vs JP¥41.57 in FY 2020) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2021 results: Revenue: JP¥4.26b (down 6.5% from FY 2020). Net income: JP¥293.0m (down 36% from FY 2020). Profit margin: 6.9% (down from 10% 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 15% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Announcement • Feb 03
System Integrator Corp. to Report Fiscal Year 2021 Results on Apr 14, 2021 System Integrator Corp. announced that they will report fiscal year 2021 results on Apr 14, 2021 Is New 90 Day High Low • Jan 29
New 90-day low: JP¥595 The company is down 14% from its price of JP¥694 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. Reported Earnings • Jan 15
Third quarter 2021 earnings released: EPS JP¥4.82 The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: JP¥945.0m (down 24% from 3Q 2020). Net income: JP¥53.0m (down 52% from 3Q 2020). Profit margin: 5.6% (down from 8.8% in 3Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Dec 22
New 90-day low: JP¥613 The company is down 16% from its price of JP¥729 on 23 September 2020. The Japanese market is up 8.0% 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. Is New 90 Day High Low • Dec 04
New 90-day low: JP¥652 The company is down 9.0% from its price of JP¥719 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 Software industry, which is up 4.0% over the same period. Announcement • Aug 15
System Integrator Corp. to Report Q2, 2021 Results on Oct 09, 2020 System Integrator Corp. announced that they will report Q2, 2021 results on Oct 09, 2020 
