New Risk • Jun 01
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: JP¥15.9b (US$99.8m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (29% accrual ratio). Minor Risks Dividend is not well covered by cash flows (126% cash payout ratio). Market cap is less than US$100m (JP¥15.9b market cap, or US$99.8m). Announcement • Jun 01
Double Standard Inc. to Report Q1, 2027 Results on Aug 13, 2026 Double Standard Inc. announced that they will report Q1, 2027 results on Aug 13, 2026 Reported Earnings • May 18
Full year 2026 earnings released: EPS: JP¥81.90 (vs JP¥132 in FY 2025) Full year 2026 results: EPS: JP¥81.90 (down from JP¥132 in FY 2025). Revenue: JP¥7.01b (down 12% from FY 2025). Net income: JP¥1.11b (down 38% from FY 2025). Profit margin: 16% (down from 22% in FY 2025). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has fallen by 21% per year, which means it is performing significantly worse than earnings. Buy Or Sell Opportunity • May 14
Now 25% undervalued after recent price drop Over the last 90 days, the stock has fallen 20% to JP¥1,244. The fair value is estimated to be JP¥1,662, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.0% over the last 3 years, while earnings per share has been flat. Announcement • May 13
Double Standard Inc., Annual General Meeting, Jun 29, 2026 Double Standard Inc., Annual General Meeting, Jun 29, 2026. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥70.00 per share Eligible shareholders must have bought the stock before 30 March 2026. Payment date: 30 June 2026. Payout ratio is a comfortable 62% and this is well supported by cash flows. Trailing yield: 5.0%. Within top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (1.8%). Reported Earnings • Feb 16
Third quarter 2026 earnings released: EPS: JP¥21.46 (vs JP¥34.03 in 3Q 2025) Third quarter 2026 results: EPS: JP¥21.46 (down from JP¥34.03 in 3Q 2025). Revenue: JP¥1.80b (down 9.5% from 3Q 2025). Net income: JP¥290.0m (down 37% from 3Q 2025). Profit margin: 16% (down from 23% in 3Q 2025). The decrease in margin was driven by lower 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 • Nov 29
Double Standard Inc. to Report Q3, 2026 Results on Feb 13, 2026 Double Standard Inc. announced that they will report Q3, 2026 results on Feb 13, 2026 Reported Earnings • Nov 17
Second quarter 2026 earnings released: EPS: JP¥22.20 (vs JP¥33.96 in 2Q 2025) Second quarter 2026 results: EPS: JP¥22.20 (down from JP¥33.96 in 2Q 2025). Revenue: JP¥1.65b (down 13% from 2Q 2025). Net income: JP¥300.0m (down 35% from 2Q 2025). Profit margin: 18% (down from 24% in 2Q 2025). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Declared Dividend • Nov 15
Dividend increased to JP¥70.00 Dividend of JP¥70.00 is 17% higher than last year. Ex-date: 30th March 2026 Payment date: 30th June 2026 Dividend yield will be 4.1%, which is higher than the industry average of 1.4%. Sustainability & Growth Dividend is well covered by both earnings (49% earnings payout ratio) and cash flows (46% cash payout ratio). The dividend has increased by an average of 31% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. Earnings per share has grown by 19% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Buy Or Sell Opportunity • Oct 11
Now 20% undervalued Over the last 90 days, the stock has risen 12% to JP¥1,764. The fair value is estimated to be JP¥2,215, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.1% over the last 3 years. Earnings per share has grown by 13%. New Risk • Sep 29
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 5.0% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Announcement • Sep 02
Double Standard Inc. to Report Q2, 2026 Results on Nov 13, 2025 Double Standard Inc. announced that they will report Q2, 2026 results on Nov 13, 2025 Buy Or Sell Opportunity • Aug 22
Now 21% undervalued Over the last 90 days, the stock has risen 14% to JP¥1,761. The fair value is estimated to be JP¥2,230, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.1% over the last 3 years. Earnings per share has grown by 13%. Reported Earnings • Aug 15
First quarter 2026 earnings released: EPS: JP¥15.61 (vs JP¥30.08 in 1Q 2025) First quarter 2026 results: EPS: JP¥15.61 (down from JP¥30.08 in 1Q 2025). Revenue: JP¥1.41b (down 23% from 1Q 2025). Net income: JP¥211.0m (down 48% from 1Q 2025). Profit margin: 15% (down from 22% in 1Q 2025). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Aug 14
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to JP¥1,894, the stock trades at a trailing P/E ratio of 14.4x. Average trailing P/E is 18x in the IT industry in Japan. Total loss to shareholders of 20% over the past three years. Reported Earnings • Jul 05
Full year 2025 earnings released: EPS: JP¥132 (vs JP¥122 in FY 2024) Full year 2025 results: EPS: JP¥132 (up from JP¥122 in FY 2024). Revenue: JP¥8.00b (up 12% from FY 2024). Net income: JP¥1.78b (up 7.7% from FY 2024). Profit margin: 22% (in line with FY 2024). Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Announcement • Jun 04
Double Standard Inc. to Report Q1, 2026 Results on Aug 13, 2025 Double Standard Inc. announced that they will report Q1, 2026 results on Aug 13, 2025 Reported Earnings • May 17
Full year 2025 earnings released: EPS: JP¥132 (vs JP¥122 in FY 2024) Full year 2025 results: EPS: JP¥132 (up from JP¥122 in FY 2024). Revenue: JP¥8.00b (up 12% from FY 2024). Net income: JP¥1.78b (up 7.7% from FY 2024). Profit margin: 22% (in line with FY 2024). Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Announcement • May 13
Double Standard Inc., Annual General Meeting, Jun 27, 2025 Double Standard Inc., Annual General Meeting, Jun 27, 2025. Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to JP¥1,203, the stock trades at a trailing P/E ratio of 8.7x. Average trailing P/E is 15x in the IT industry in Japan. Total loss to shareholders of 32% over the past three years. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥60.00 per share Eligible shareholders must have bought the stock before 28 March 2025. Payment date: 30 June 2025. Payout ratio is a comfortable 40% and this is well supported by cash flows. Trailing yield: 3.5%. Lower than top quartile of Japanese dividend payers (3.7%). Higher than average of industry peers (1.4%). Announcement • Mar 04
Double Standard Inc. to Report Fiscal Year 2025 Results on May 13, 2025 Double Standard Inc. announced that they will report fiscal year 2025 results on May 13, 2025 Reported Earnings • Feb 15
Third quarter 2025 earnings released: EPS: JP¥34.03 (vs JP¥30.90 in 3Q 2024) Third quarter 2025 results: EPS: JP¥34.03 (up from JP¥30.90 in 3Q 2024). Revenue: JP¥1.99b (up 9.4% from 3Q 2024). Net income: JP¥460.0m (up 9.8% from 3Q 2024). Profit margin: 23% (in line with 3Q 2024). 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 2% per year, which means it is significantly lagging earnings. Buy Or Sell Opportunity • Feb 15
Now 21% undervalued Over the last 90 days, the stock has risen 10% to JP¥1,735. The fair value is estimated to be JP¥2,186, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.3% over the last 3 years. Earnings per share has grown by 17%. Announcement • Nov 30
Double Standard Inc. to Report Q3, 2025 Results on Feb 13, 2025 Double Standard Inc. announced that they will report Q3, 2025 results on Feb 13, 2025 Declared Dividend • Nov 15
Dividend increased to JP¥60.00 Dividend of JP¥60.00 is 9.1% higher than last year. Ex-date: 28th March 2025 Payment date: 30th June 2025 Dividend yield will be 3.8%, which is higher than the industry average of 1.4%. Sustainability & Growth Dividend is covered by both earnings (45% earnings payout ratio) and cash flows (72% cash payout ratio). The dividend has increased by an average of 34% per year over the past 9 years and payments have been stable during that time. Earnings per share has grown by 23% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Buy Or Sell Opportunity • Sep 06
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 14% to JP¥1,506. The fair value is estimated to be JP¥1,891, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.7% over the last 3 years. Earnings per share has grown by 17%. Announcement • Aug 30
Double Standard Inc. to Report Q2, 2025 Results on Nov 13, 2024 Double Standard Inc. announced that they will report Q2, 2025 results on Nov 13, 2024 Reported Earnings • Aug 19
First quarter 2025 earnings released: EPS: JP¥26.19 (vs JP¥24.89 in 1Q 2024) First quarter 2025 results: EPS: JP¥26.19 (up from JP¥24.89 in 1Q 2024). Revenue: JP¥1.76b (up 17% from 1Q 2024). Net income: JP¥354.0m (up 4.7% from 1Q 2024). Profit margin: 20% (down from 22% in 1Q 2024). The decrease in margin was driven by higher expenses. 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 26% per year, which means it is significantly lagging earnings. New Risk • Aug 05
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 6.6% 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 High level of non-cash earnings (77% accrual ratio). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (6.6% average weekly change). Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 26% After last week's 26% share price decline to JP¥1,393, the stock trades at a trailing P/E ratio of 11.4x. Average trailing P/E is 17x in the IT industry in Japan. Total loss to shareholders of 39% over the past three years. Buy Or Sell Opportunity • Jul 12
Now 20% overvalued The stock has been flat over the last 90 days, currently trading at JP¥1,817. The fair value is estimated to be JP¥1,510, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 7.1% over the last 3 years. Earnings per share has grown by 20%. Board Change • Jul 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. 2 highly experienced directors. Independent Outside Director Tohru Akaura was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Jun 28
Double Standard Inc. to Report Q1, 2025 Results on Aug 13, 2024 Double Standard Inc. announced that they will report Q1, 2025 results on Aug 13, 2024 Reported Earnings • May 16
Full year 2024 earnings released: EPS: JP¥122 (vs JP¥120 in FY 2023) Full year 2024 results: EPS: JP¥122 (up from JP¥120 in FY 2023). Revenue: JP¥7.15b (up 3.4% from FY 2023). Net income: JP¥1.65b (up 1.8% from FY 2023). Profit margin: 23% (in line with FY 2023). 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 9% per year, which means it is significantly lagging earnings. Announcement • May 15
Double Standard Inc., Annual General Meeting, Jun 27, 2024 Double Standard Inc., Annual General Meeting, Jun 27, 2024. Buy Or Sell Opportunity • Apr 30
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 8.6% to JP¥1,784. The fair value is estimated to be JP¥1,471, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 24%. Buy Or Sell Opportunity • Apr 10
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 11% to JP¥1,786. The fair value is estimated to be JP¥1,481, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 24%. Revenue is forecast to decline by 1.2% in 2 years. Earnings are forecast to decline by 23% in the next 2 years. Announcement • Mar 28
Double Standard Inc. to Report Fiscal Year 2024 Results on May 13, 2024 Double Standard Inc. announced that they will report fiscal year 2024 results on May 13, 2024 Upcoming Dividend • Mar 21
Upcoming dividend of JP¥55.00 per share Eligible shareholders must have bought the stock before 28 March 2024. Payment date: 01 July 2024. Payout ratio is a comfortable 45% and this is well supported by cash flows. Trailing yield: 2.9%. Lower than top quartile of Japanese dividend payers (3.2%). Higher than average of industry peers (1.4%). Buy Or Sell Opportunity • Feb 15
Now 25% overvalued after recent price rise Over the last 90 days, the stock has risen 24% to JP¥1,809. The fair value is estimated to be JP¥1,452, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 24%. Revenue is forecast to decline by 1.2% in 2 years. Earnings are forecast to decline by 23% in the next 2 years. Reported Earnings • Feb 14
Third quarter 2024 earnings released: EPS: JP¥30.90 (vs JP¥32.04 in 3Q 2023) Third quarter 2024 results: EPS: JP¥30.90 (down from JP¥32.04 in 3Q 2023). Revenue: JP¥1.82b (up 18% from 3Q 2023). Net income: JP¥419.0m (down 3.7% from 3Q 2023). Profit margin: 23% (down from 28% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is expected to decline by 3.0% p.a. on average during the next 3 years, while revenues in the IT industry in Japan are expected to grow by 5.5%. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Announcement • Nov 29
Double Standard Inc. to Report Q3, 2024 Results on Feb 13, 2024 Double Standard Inc. announced that they will report Q3, 2024 results on Feb 13, 2024 Reported Earnings • Nov 16
Second quarter 2024 earnings released: EPS: JP¥22.68 (vs JP¥22.83 in 2Q 2023) Second quarter 2024 results: EPS: JP¥22.68 (down from JP¥22.83 in 2Q 2023). Revenue: JP¥1.69b (flat on 2Q 2023). Net income: JP¥308.0m (flat on 2Q 2023). Profit margin: 18% (in line with 2Q 2023). Revenue is expected to decline by 1.1% p.a. on average during the next 3 years, while revenues in the IT industry in Japan are expected to grow by 5.7%. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Buying Opportunity • Nov 08
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 39%. The fair value is estimated to be JP¥1,776, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 19% over the last 3 years. Earnings per share has grown by 29%. Revenue is forecast to grow by 17% in 2 years. Earnings is forecast to decline by 2.5% in the next 2 years. Buying Opportunity • Oct 20
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 40%. The fair value is estimated to be JP¥1,795, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 19% over the last 3 years. Earnings per share has grown by 29%. Revenue is forecast to grow by 17% in 2 years. Earnings is forecast to decline by 2.5% in the next 2 years. Valuation Update With 7 Day Price Move • Sep 25
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to JP¥1,657, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 19x in the IT industry in Japan. Total loss to shareholders of 28% over the past three years. Announcement • Sep 23
Double Standard Inc. (TSE:3925) announces an Equity Buyback for 680,000 shares, representing 5.01% for ¥1,020 million. Double Standard Inc. (TSE:3925) announces a share repurchase program. Under the program, the company will repurchase 680,000 shares, representing 5.01% of its share capital for ¥1,020 million. The purpose of the program is to improve shareholder returns and capital efficiency, as well as enable flexible capital policy. The plan will run until March 31, 2024. As of June 30, 2023, the company had 13,579,046 shares in issue (excluding treasury stock) and 954 shares in treasury. Buying Opportunity • Sep 21
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 45%. The fair value is estimated to be JP¥1,780, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 19% over the last 3 years. Earnings per share has grown by 29%. Revenue is forecast to grow by 17% in 2 years. Earnings is forecast to decline by 2.5% in the next 2 years. New Risk • Sep 12
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 12% per year for the foreseeable future. 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 expected to decline, then in most cases the share price will decline over time as well. 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 Share price has been highly volatile over the past 3 months (9.5% average weekly change). Earnings are forecast to decline by an average of 12% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Announcement • Aug 27
Double Standard Inc. to Report Q2, 2024 Results on Nov 13, 2023 Double Standard Inc. announced that they will report Q2, 2024 results on Nov 13, 2023 Reported Earnings • Aug 16
First quarter 2024 earnings released: EPS: JP¥24.89 (vs JP¥32.18 in 1Q 2023) First quarter 2024 results: EPS: JP¥24.89 (down from JP¥32.18 in 1Q 2023). Revenue: JP¥1.51b (down 15% from 1Q 2023). Net income: JP¥338.0m (down 23% from 1Q 2023). Profit margin: 22% (down from 25% in 1Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 6.0% growth forecast for the IT industry in Japan. 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 19% per year, which means it is significantly lagging earnings. Buying Opportunity • Aug 15
Now 26% undervalued after recent price drop Over the last 90 days, the stock is down 23%. The fair value is estimated to be JP¥2,437, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 22% over the last 3 years. Earnings per share has grown by 28%. For the next 3 years, revenue is forecast to grow by 11% per annum. Earnings is also forecast to grow by 7.2% per annum over the same time period. New Risk • Jul 10
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Japanese stocks, typically moving 5.1% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (52% accrual ratio). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (5.1% average weekly change). Announcement • May 14
Double Standard Inc., Annual General Meeting, Jun 29, 2023 Double Standard Inc., Annual General Meeting, Jun 29, 2023. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥50.00 per share at 2.5% yield Eligible shareholders must have bought the stock before 30 March 2023. Payment date: 30 June 2023. Payout ratio is a comfortable 35% and this is well supported by cash flows. Trailing yield: 2.5%. Lower than top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (1.7%). Reported Earnings • Feb 16
Third quarter 2023 earnings released: EPS: JP¥32.04 (vs JP¥17.31 in 3Q 2022) Third quarter 2023 results: EPS: JP¥32.04 (up from JP¥17.31 in 3Q 2022). Revenue: JP¥1.54b (up 9.9% from 3Q 2022). Net income: JP¥435.0m (up 85% from 3Q 2022). Profit margin: 28% (up from 17% in 3Q 2022). The increase in margin was primarily driven by higher revenue. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 6.6% growth forecast for the IT industry in Japan. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Announcement • Dec 07
Double Standard Inc. to Report Q3, 2023 Results on Feb 14, 2023 Double Standard Inc. announced that they will report Q3, 2023 results on Feb 14, 2023 Valuation Update With 7 Day Price Move • Nov 21
Investor sentiment deteriorated over the past week After last week's 16% share price decline to JP¥2,254, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 18x in the IT industry in Japan. Total loss to shareholders of 16% over the past three years. 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. 8 experienced directors. No highly experienced directors. 1 independent director (3 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Announcement • Aug 28
Double Standard Inc. to Report Q2, 2023 Results on Nov 14, 2022 Double Standard Inc. announced that they will report Q2, 2023 results on Nov 14, 2022 Valuation Update With 7 Day Price Move • Aug 19
Investor sentiment improved over the past week After last week's 22% share price gain to JP¥2,557, the stock trades at a forward P/E ratio of 23x. Average forward P/E is 18x in the IT industry in Japan. Total returns to shareholders of 14% over the past three years. Reported Earnings • Aug 14
First quarter 2023 earnings released: EPS: JP¥32.18 (vs JP¥22.83 in 1Q 2022) First quarter 2023 results: EPS: JP¥32.18 (up from JP¥22.83 in 1Q 2022). Revenue: JP¥1.78b (down 23% from 1Q 2022). Net income: JP¥437.0m (up 41% from 1Q 2022). Profit margin: 25% (up from 13% in 1Q 2022). The increase in margin was driven by lower expenses. Over the next year, revenue is forecast to grow 10%, compared to a 11% growth forecast for the industry in Japan. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Buying Opportunity • Jul 27
Now 21% undervalued Over the last 90 days, the stock is up 8.9%. The fair value is estimated to be JP¥2,514, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 34% over the last 3 years. Earnings per share has grown by 25%. For the next 3 years, revenue is forecast to grow by 11% per annum. Earnings is also forecast to grow by 19% per annum over the same time period. Buying Opportunity • Jul 12
Now 22% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be JP¥2,520, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 34% over the last 3 years. Earnings per share has grown by 25%. For the next 3 years, revenue is forecast to grow by 11% per annum. Earnings is also forecast to grow by 19% per annum over the same time period. Buying Opportunity • Jun 10
Now 22% undervalued Over the last 90 days, the stock is up 7.0%. The fair value is estimated to be JP¥2,501, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 34% over the last 3 years. Earnings per share has grown by 25%. Revenue is forecast to grow by 20% in 2 years. Earnings is forecast to grow by 43% in the next 2 years. Announcement • Jun 04
Double Standard Inc. to Report Q1, 2023 Results on Aug 12, 2022 Double Standard Inc. announced that they will report Q1, 2023 results on Aug 12, 2022 Buying Opportunity • May 25
Now 22% undervalued Over the last 90 days, the stock is up 11%. The fair value is estimated to be JP¥2,517, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 34% over the last 3 years. Earnings per share has grown by 25%. Revenue is forecast to grow by 20% in 2 years. Earnings is forecast to grow by 43% in the next 2 years. Announcement • May 18
Double Standard Inc., Annual General Meeting, Jun 29, 2022 Double Standard Inc., Annual General Meeting, Jun 29, 2022. Valuation Update With 7 Day Price Move • May 18
Investor sentiment improved over the past week After last week's 20% share price gain to JP¥2,113, the stock trades at a forward P/E ratio of 23x. Average forward P/E is 19x in the IT industry in Japan. Negligible returns to shareholders over past three years. 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. 8 experienced directors. No highly experienced directors. 1 independent director (3 non-independent directors). was the last director to join the board, commencing their role in . 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
Double Standard Inc. to Report Fiscal Year 2022 Results on May 13, 2022 Double Standard Inc. announced that they will report fiscal year 2022 results on May 13, 2022 Upcoming Dividend • Mar 23
Upcoming dividend of JP¥40.00 per share Eligible shareholders must have bought the stock before 30 March 2022. Payment date: 30 June 2022. Payout ratio is a comfortable 31% and this is well supported by cash flows. Trailing yield: 1.7%. Lower than top quartile of Japanese dividend payers (3.4%). Higher than average of industry peers (1.5%). Reported Earnings • Feb 17
Third quarter 2022 earnings: EPS and revenues exceed analyst expectations Third quarter 2022 results: EPS: JP¥17.31 (up from JP¥13.40 in 3Q 2021). Revenue: JP¥1.40b (up 22% from 3Q 2021). Net income: JP¥235.0m (up 29% from 3Q 2021). Profit margin: 17% (up from 16% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 2.6%. Earnings per share (EPS) also surpassed analyst estimates by 6.7%. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Feb 15
Investor sentiment deteriorated over the past week After last week's 20% share price decline to JP¥1,926, the stock trades at a trailing P/E ratio of 22.8x. Average trailing P/E is 18x in the IT industry in Japan. Total loss to shareholders of 21% over the past three years.