New Risk • May 17
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. The company is paying a dividend despite having no free cash flows. Dividend yield: 4.8% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. 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 Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (3.9% net profit margin). Reported Earnings • May 13
Full year 2026 earnings: EPS misses analyst expectations Full year 2026 results: EPS: JP¥151 (down from JP¥221 in FY 2025). Revenue: JP¥63.0b (flat on FY 2025). Net income: JP¥2.47b (down 32% from FY 2025). Profit margin: 3.9% (down from 5.7% in FY 2025). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 1.3%. Revenue is forecast to grow 5.5% p.a. on average during the next 2 years, compared to a 32% growth forecast for the Communications industry in Asia. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Announcement • May 12
Aiphone Co.,Ltd., Annual General Meeting, Jun 26, 2026 Aiphone Co.,Ltd., Annual General Meeting, Jun 26, 2026. Announcement • May 10
Aiphone Co.,Ltd. to Report Fiscal Year 2026 Results on May 12, 2026 Aiphone Co.,Ltd. announced that they will report fiscal year 2026 results at 12:00 PM, Tokyo Standard Time on May 12, 2026 Upcoming Dividend • Mar 23
Upcoming dividend of JP¥80.00 per share Eligible shareholders must have bought the stock before 30 March 2026. Payment date: 30 June 2026. Payout ratio is on the higher end at 82%, however this is supported by cash flows. Trailing yield: 4.8%. Within top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (2.9%). Major Estimate Revision • Feb 10
Consensus EPS estimates fall by 21% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from JP¥64.7b to JP¥62.5b. EPS estimate also fell from JP¥192 per share to JP¥153 per share. Net income forecast to grow 20% next year vs 59% growth forecast for Communications industry in Japan. Consensus price target of JP¥2,820 unchanged from last update. Share price fell 3.8% to JP¥2,885 over the past week. Reported Earnings • Feb 05
Third quarter 2026 earnings released: EPS: JP¥10.33 (vs JP¥21.94 in 3Q 2025) Third quarter 2026 results: EPS: JP¥10.33 (down from JP¥21.94 in 3Q 2025). Revenue: JP¥14.0b (down 8.2% from 3Q 2025). Net income: JP¥169.0m (down 53% from 3Q 2025). Profit margin: 1.2% (down from 2.4% in 3Q 2025). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 6.2% p.a. on average during the next 3 years, compared to a 28% growth forecast for the Communications industry in Asia. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 14% per year, which means it is well ahead of earnings. Announcement • Dec 27
Aiphone Co.,Ltd. to Report Q3, 2026 Results on Feb 03, 2026 Aiphone Co.,Ltd. announced that they will report Q3, 2026 results on Feb 03, 2026 Declared Dividend • Dec 03
First half dividend of JP¥80.00 announced Dividend of JP¥80.00 is the same as last year. Ex-date: 30th March 2026 Payment date: 30th June 2026 Dividend yield will be 4.6%, which is higher than the industry average of 2.9%. Sustainability & Growth Dividend is covered by both earnings (77% earnings payout ratio) and cash flows (62% cash payout ratio). The dividend has increased by an average of 16% 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. EPS is expected to grow by 51% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Nov 06
Second quarter 2026 earnings released: EPS: JP¥39.16 (vs JP¥23.04 in 2Q 2025) Second quarter 2026 results: EPS: JP¥39.16 (up from JP¥23.04 in 2Q 2025). Revenue: JP¥15.9b (up 5.2% from 2Q 2025). Net income: JP¥641.0m (up 70% from 2Q 2025). Profit margin: 4.0% (up from 2.5% in 2Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 4.6% p.a. on average during the next 3 years, compared to a 23% growth forecast for the Communications industry in Asia. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 16% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥50.00 per share Eligible shareholders must have bought the stock before 29 September 2025. Payment date: 02 December 2025. Payout ratio is on the higher end at 85%, however this is supported by cash flows. Trailing yield: 4.5%. Within top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (3.0%). Announcement • Sep 01
Aiphone Co.,Ltd. to Report Q2, 2026 Results on Nov 04, 2025 Aiphone Co.,Ltd. announced that they will report Q2, 2026 results on Nov 04, 2025 Reported Earnings • Aug 07
First quarter 2026 earnings released: EPS: JP¥13.08 (vs JP¥80.48 in 1Q 2025) First quarter 2026 results: EPS: JP¥13.08 (down from JP¥80.48 in 1Q 2025). Revenue: JP¥14.3b (down 9.8% from 1Q 2025). Net income: JP¥214.0m (down 84% from 1Q 2025). Profit margin: 1.5% (down from 8.3% in 1Q 2025). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 4.9% p.a. on average during the next 3 years, compared to a 19% growth forecast for the Communications industry in Asia. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has increased by 13% per year, which means it is tracking significantly ahead of earnings growth. Declared Dividend • Jul 09
Final dividend of JP¥50.00 announced Dividend of JP¥50.00 is the same as last year. Ex-date: 29th September 2025 Payment date: 2nd December 2025 Dividend yield will be 4.7%, which is higher than the industry average of 2.9%. Sustainability & Growth Dividend is covered by both earnings (62% earnings payout ratio) and cash flows (46% cash payout ratio). The dividend has increased by an average of 16% 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. EPS is expected to grow by 16% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Jul 04
Full year 2025 earnings: EPS and revenues exceed analyst expectations Full year 2025 results: EPS: JP¥221 (down from JP¥284 in FY 2024). Revenue: JP¥63.3b (up 3.2% from FY 2024). Net income: JP¥3.62b (down 22% from FY 2024). Profit margin: 5.7% (down from 7.6% in FY 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.1%. Earnings per share (EPS) also surpassed analyst estimates by 2.6%. Revenue is forecast to grow 3.9% p.a. on average during the next 3 years, compared to a 18% growth forecast for the Communications industry in Asia. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has increased by 15% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jun 04
Aiphone Co.,Ltd. to Report Q1, 2026 Results on Aug 05, 2025 Aiphone Co.,Ltd. announced that they will report Q1, 2026 results on Aug 05, 2025 Reported Earnings • May 09
Full year 2025 earnings: EPS and revenues exceed analyst expectations Full year 2025 results: EPS: JP¥221 (down from JP¥284 in FY 2024). Revenue: JP¥63.3b (up 3.2% from FY 2024). Net income: JP¥3.62b (down 22% from FY 2024). Profit margin: 5.7% (down from 7.6% in FY 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.1%. Earnings per share (EPS) also surpassed analyst estimates by 2.6%. Revenue is forecast to grow 3.4% p.a. on average during the next 2 years, compared to a 18% growth forecast for the Communications industry in Asia. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has increased by 15% per year, which means it is tracking significantly ahead of earnings growth. Announcement • May 08
Aiphone Co.,Ltd., Annual General Meeting, Jun 27, 2025 Aiphone Co.,Ltd., Annual General Meeting, Jun 27, 2025. Buy Or Sell Opportunity • Apr 07
Now 24% undervalued after recent price drop Over the last 90 days, the stock has fallen 18% to JP¥2,244. The fair value is estimated to be JP¥2,937, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.7% over the last 3 years, while earnings per share has been flat. Revenue is forecast to grow by 7.0% in 2 years. Earnings are forecast to grow by 8.3% in the next 2 years. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥80.00 per share Eligible shareholders must have bought the stock before 28 March 2025. Payment date: 30 June 2025. Payout ratio is a comfortable 62% and this is well supported by cash flows. Trailing yield: 4.8%. Within top quartile of Japanese dividend payers (3.7%). Higher than average of industry peers (3.0%). Announcement • Mar 01
Aiphone Co.,Ltd. to Report Fiscal Year 2025 Results on May 08, 2025 Aiphone Co.,Ltd. announced that they will report fiscal year 2025 results on May 08, 2025 Reported Earnings • Feb 05
Third quarter 2025 earnings released: EPS: JP¥21.94 (vs JP¥38.86 in 3Q 2024) Third quarter 2025 results: EPS: JP¥21.94 (down from JP¥38.86 in 3Q 2024). Revenue: JP¥15.3b (up 3.3% from 3Q 2024). Net income: JP¥359.0m (down 44% from 3Q 2024). Profit margin: 2.4% (down from 4.3% in 3Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 3.6% p.a. on average during the next 3 years, compared to a 19% growth forecast for the Communications industry in Asia. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Announcement • Nov 30
Aiphone Co.,Ltd. to Report Q3, 2025 Results on Feb 04, 2025 Aiphone Co.,Ltd. announced that they will report Q3, 2025 results on Feb 04, 2025 Reported Earnings • Nov 08
Second quarter 2025 earnings released: EPS: JP¥23.04 (vs JP¥68.93 in 2Q 2024) Second quarter 2025 results: EPS: JP¥23.04 (down from JP¥68.93 in 2Q 2024). Revenue: JP¥15.1b (down 6.5% from 2Q 2024). Net income: JP¥377.0m (down 67% from 2Q 2024). Profit margin: 2.5% (down from 7.0% in 2Q 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 3.3% p.a. on average during the next 3 years, compared to a 20% growth forecast for the Communications industry in Asia. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Upcoming Dividend • Sep 20
Upcoming dividend of JP¥50.00 per share Eligible shareholders must have bought the stock before 27 September 2024. Payment date: 12 December 2024. Payout ratio is a comfortable 48% and this is well supported by cash flows. Trailing yield: 4.5%. Within top quartile of Japanese dividend payers (3.8%). Higher than average of industry peers (3.5%). Reported Earnings • Aug 09
First quarter 2025 earnings released: EPS: JP¥80.48 (vs JP¥92.51 in 1Q 2024) First quarter 2025 results: EPS: JP¥80.48 (down from JP¥92.51 in 1Q 2024). Revenue: JP¥15.9b (up 13% from 1Q 2024). Net income: JP¥1.32b (down 13% from 1Q 2024). Profit margin: 8.3% (down from 11% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 2.5% p.a. on average during the next 3 years, compared to a 20% growth forecast for the Communications industry in Asia. 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 11% per year, which means it is well ahead of earnings. Buy Or Sell Opportunity • Aug 06
Now 30% overvalued Over the last 90 days, the stock has fallen 11% to JP¥2,639. The fair value is estimated to be JP¥2,037, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 7.9% over the last 3 years, while earnings per share has been flat. For the next 3 years, revenue is forecast to grow by 3.2% per annum. Earnings are forecast to decline by 1.3% per annum over the same time period. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 23% After last week's 23% share price decline to JP¥2,350, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 23x in the Communications industry in Asia. Total returns to shareholders of 37% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥2,037 per share. Price Target Changed • Jun 18
Price target decreased by 11% to JP¥2,940 Down from JP¥3,300, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of JP¥2,986. Stock is up 19% over the past year. The company is forecast to post earnings per share of JP¥237 for next year compared to JP¥284 last year. Announcement • Jun 06
Aiphone Co.,Ltd. to Report Q1, 2025 Results on Aug 06, 2024 Aiphone Co.,Ltd. announced that they will report Q1, 2025 results on Aug 06, 2024 Announcement • May 10
Aiphone Co.,Ltd., Annual General Meeting, Jun 27, 2024 Aiphone Co.,Ltd., Annual General Meeting, Jun 27, 2024. Reported Earnings • May 09
Full year 2024 earnings: EPS and revenues exceed analyst expectations Full year 2024 results: EPS: JP¥284 (up from JP¥179 in FY 2023). Revenue: JP¥61.3b (up 16% from FY 2023). Net income: JP¥4.65b (up 59% from FY 2023). Profit margin: 7.6% (up from 5.5% in FY 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.7%. Earnings per share (EPS) also surpassed analyst estimates by 23%. Revenue is forecast to grow 2.4% p.a. on average during the next 3 years, compared to a 20% growth forecast for the Communications industry in Asia. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has increased by 14% per year, which means it is well ahead of earnings. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥80.00 per share Eligible shareholders must have bought the stock before 28 March 2024. Payment date: 01 July 2024. Payout ratio is a comfortable 34% and this is well supported by cash flows. Trailing yield: 3.3%. Within top quartile of Japanese dividend payers (3.2%). Higher than average of industry peers (2.6%). Announcement • Mar 02
Aiphone Co.,Ltd. to Report Fiscal Year 2024 Results on May 08, 2024 Aiphone Co.,Ltd. announced that they will report fiscal year 2024 results on May 08, 2024 New Risk • Feb 29
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 1.3% 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. This is currently the only risk that has been identified for the company. Major Estimate Revision • Feb 23
Consensus EPS estimates fall by 16% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate fell from JP¥288 to JP¥243 per share. Revenue forecast steady at JP¥60.6b. Net income forecast to grow 0.5% next year vs 61% growth forecast for Communications industry in Japan. Consensus price target down from JP¥3,300 to JP¥3,130. Share price rose 2.4% to JP¥2,859 over the past week. Reported Earnings • Feb 08
Third quarter 2024 earnings released: EPS: JP¥38.86 (vs JP¥35.81 in 3Q 2023) Third quarter 2024 results: EPS: JP¥38.86 (up from JP¥35.81 in 3Q 2023). Revenue: JP¥14.8b (up 17% from 3Q 2023). Net income: JP¥636.0m (up 8.7% from 3Q 2023). Profit margin: 4.3% (down from 4.6% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 3.3% p.a. on average during the next 3 years, compared to a 22% growth forecast for the Communications industry in Asia. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 16% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Nov 29
Aiphone Co.,Ltd. to Report Q3, 2024 Results on Feb 06, 2024 Aiphone Co.,Ltd. announced that they will report Q3, 2024 results on Feb 06, 2024 Reported Earnings • Nov 11
Second quarter 2024 earnings released: EPS: JP¥68.93 (vs JP¥24.18 in 2Q 2023) Second quarter 2024 results: EPS: JP¥68.93 (up from JP¥24.18 in 2Q 2023). Revenue: JP¥16.1b (up 28% from 2Q 2023). Net income: JP¥1.13b (up 186% from 2Q 2023). Profit margin: 7.0% (up from 3.1% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 3.0% p.a. on average during the next 3 years, compared to a 21% growth forecast for the Communications industry in Asia. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has increased by 22% per year, which means it is tracking significantly ahead of earnings growth. Buying Opportunity • Nov 07
Now 21% undervalued Over the last 90 days, the stock is up 8.9%. The fair value is estimated to be JP¥3,770, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.7% over the last 3 years. Earnings per share has grown by 9.5%. Revenue is forecast to grow by 12% in 2 years. Earnings is forecast to grow by 32% in the next 2 years. Buying Opportunity • Sep 29
Now 21% undervalued Over the last 90 days, the stock is up 24%. The fair value is estimated to be JP¥3,778, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.7% over the last 3 years. Earnings per share has grown by 9.5%. Revenue is forecast to grow by 12% in 2 years. Earnings is forecast to grow by 32% in the next 2 years. Upcoming Dividend • Sep 21
Upcoming dividend of JP¥40.00 per share at 2.6% yield Eligible shareholders must have bought the stock before 28 September 2023. Payment date: 04 December 2023. Payout ratio is a comfortable 37% but the company is not cash flow positive. Trailing yield: 2.6%. Lower than top quartile of Japanese dividend payers (3.3%). In line with average of industry peers (2.7%). Announcement • Aug 30
Aiphone Co.,Ltd. to Report Q2, 2024 Results on Nov 10, 2023 Aiphone Co.,Ltd. announced that they will report Q2, 2024 results on Nov 10, 2023 New Risk • Aug 24
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 Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (5.2% average weekly change). Major Estimate Revision • Aug 11
Consensus EPS estimates increase by 42% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has improved. 2024 revenue forecast increased from JP¥56.8b to JP¥60.5b. EPS estimate increased from JP¥207 to JP¥294 per share. Net income forecast to grow 31% next year vs 44% growth forecast for Communications industry in Japan. Consensus price target of JP¥2,450 unchanged from last update. Share price was steady at JP¥2,794 over the past week. Reported Earnings • Aug 02
First quarter 2024 earnings released: EPS: JP¥92.51 (vs JP¥52.82 in 1Q 2023) First quarter 2024 results: EPS: JP¥92.51 (up from JP¥52.82 in 1Q 2023). Revenue: JP¥14.0b (up 25% from 1Q 2023). Net income: JP¥1.51b (up 75% from 1Q 2023). Profit margin: 11% (up from 7.7% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 3.7% p.a. on average during the next 3 years, compared to a 18% growth forecast for the Communications industry in Asia. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has increased by 28% per year, which means it is tracking significantly ahead of earnings growth. Board Change • Jul 25
High number of new and inexperienced directors There are 6 new directors who have joined the board in the last 3 years. The company's board is composed of: 6 new directors. No experienced directors. 1 highly experienced director. Independent Outside Director Masaaki Iritani is the most experienced director on the board, commencing their role in 2013. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Announcement • Jun 28
Aiphone Co.,Ltd. to Report Q1, 2024 Results on Aug 01, 2023 Aiphone Co.,Ltd. announced that they will report Q1, 2024 results on Aug 01, 2023 Reported Earnings • May 10
Full year 2023 earnings: EPS and revenues exceed analyst expectations Full year 2023 results: EPS: JP¥179 (down from JP¥259 in FY 2022). Revenue: JP¥52.8b (up 1.6% from FY 2022). Net income: JP¥2.93b (down 31% from FY 2022). Profit margin: 5.5% (down from 8.1% in FY 2022). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 2.5%. Earnings per share (EPS) also surpassed analyst estimates by 13%. Revenue is forecast to grow 3.5% p.a. on average during the next 2 years, compared to a 18% growth forecast for the Communications industry in Asia. 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 11% per year. Buying Opportunity • Apr 05
Now 22% undervalued Over the last 90 days, the stock is up 12%. The fair value is estimated to be JP¥2,587, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.6% over the last 3 years. Earnings per share has grown by 15%. Revenue is forecast to grow by 11% in 2 years. Earnings is forecast to grow by 58% in the next 2 years. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥40.00 per share at 4.0% yield Eligible shareholders must have bought the stock before 30 March 2023. Payment date: 30 June 2023. Payout ratio is a comfortable 71% but the company is not cash flow positive. Trailing yield: 4.0%. Within top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (3.1%). Reported Earnings • Feb 10
Third quarter 2023 earnings released: EPS: JP¥35.81 (vs JP¥66.22 in 3Q 2022) Third quarter 2023 results: EPS: JP¥35.81 (down from JP¥66.22 in 3Q 2022). Revenue: JP¥12.6b (flat on 3Q 2022). Net income: JP¥585.0m (down 46% from 3Q 2022). Profit margin: 4.6% (down from 8.5% in 3Q 2022). Revenue is forecast to grow 6.0% p.a. on average during the next 3 years, compared to a 19% growth forecast for the Communications industry in Asia. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Announcement • Nov 27
Aiphone Co.,Ltd. to Report Q3, 2023 Results on Feb 07, 2023 Aiphone Co.,Ltd. announced that they will report Q3, 2023 results on Feb 07, 2023 Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Outside Director Masaaki Iritani was the last independent director to join the board, commencing their role in 2013. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 03
Second quarter 2023 earnings released: EPS: JP¥24.18 (vs JP¥90.08 in 2Q 2022) Second quarter 2023 results: EPS: JP¥24.18 (down from JP¥90.08 in 2Q 2022). Revenue: JP¥12.6b (down 5.6% from 2Q 2022). Net income: JP¥395.0m (down 73% from 2Q 2022). Profit margin: 3.1% (down from 11% in 2Q 2022). The decrease in margin was primarily driven by lower revenue. Revenue is forecast to grow 5.5% p.a. on average during the next 3 years, compared to a 19% growth forecast for the Communications industry in Asia. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥40.00 per share Eligible shareholders must have bought the stock before 29 September 2022. Payment date: 02 December 2022. Payout ratio is a comfortable 39% and the cash payout ratio is 93%. Trailing yield: 4.0%. Within top quartile of Japanese dividend payers (3.7%). Higher than average of industry peers (3.0%). Announcement • Aug 28
Aiphone Co.,Ltd. to Report Q2, 2023 Results on Nov 01, 2022 Aiphone Co.,Ltd. announced that they will report Q2, 2023 results on Nov 01, 2022 Reported Earnings • Aug 03
First quarter 2023 earnings released: EPS: JP¥52.82 (vs JP¥79.92 in 1Q 2022) First quarter 2023 results: EPS: JP¥52.82 (down from JP¥79.92 in 1Q 2022). Revenue: JP¥11.2b (down 6.0% from 1Q 2022). Net income: JP¥863.0m (down 34% from 1Q 2022). Profit margin: 7.7% (down from 11% in 1Q 2022). The decrease in margin was driven by lower revenue. Over the next year, revenue is forecast to grow 2.1%, compared to a 27% growth forecast for the 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 5% per year, which means it is significantly lagging earnings growth. Announcement • Jun 01
Aiphone Co.,Ltd. to Report Q1, 2023 Results on Aug 02, 2022 Aiphone Co.,Ltd. announced that they will report Q1, 2023 results on Aug 02, 2022 Announcement • May 12
Aiphone Co.,Ltd., Annual General Meeting, Jun 29, 2022 Aiphone Co.,Ltd., Annual General Meeting, Jun 29, 2022. Reported Earnings • May 11
Full year 2022 earnings: EPS misses analyst expectations Full year 2022 results: EPS: JP¥259 (up from JP¥184 in FY 2021). Revenue: JP¥52.0b (up 13% from FY 2021). Net income: JP¥4.23b (up 41% from FY 2021). Profit margin: 8.1% (up from 6.5% in FY 2021). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 4.9%. Over the next year, revenue is forecast to grow 2.2%, compared to a 26% growth forecast for the industry in Japan. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Price Target Changed • Apr 27
Price target increased to JP¥2,300 Up from JP¥2,000, the current price target is an average from 2 analysts. New target price is 17% above last closing price of JP¥1,961. Stock is up 14% over the past year. The company is forecast to post earnings per share of JP¥272 for next year compared to JP¥184 last year. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 5 non-independent directors. Independent Outside Director Masaaki Iriya was the last independent director to join the board, commencing their role in 2013. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Apr 08
Aiphone Co.,Ltd. to Report Fiscal Year 2022 Results on May 10, 2022 Aiphone Co.,Ltd. announced that they will report fiscal year 2022 results on May 10, 2022 Upcoming Dividend • Mar 23
Upcoming dividend of JP¥53.00 per share Eligible shareholders must have bought the stock before 30 March 2022. Payment date: 30 June 2022. Payout ratio is a comfortable 23% and this is well supported by cash flows. Trailing yield: 4.2%. Within top quartile of Japanese dividend payers (3.4%). Higher than average of industry peers (2.9%). Reported Earnings • Feb 04
Third quarter 2022 earnings: EPS exceeds analyst expectations Third quarter 2022 results: EPS: JP¥66.22 (up from JP¥35.74 in 3Q 2021). Revenue: JP¥12.7b (up 7.0% from 3Q 2021). Net income: JP¥1.08b (up 85% from 3Q 2021). Profit margin: 8.5% (up from 4.9% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 20%. Over the next year, revenue is forecast to grow 3.1%, compared to a 26% growth forecast for the industry in Japan. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • Dec 04
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate increased from JP¥245 to JP¥272. Revenue forecast steady at JP¥52.9b. Net income forecast to shrink 12% next year vs 49% growth forecast for Communications industry in Japan . Consensus price target of JP¥2,300 unchanged from last update. Share price was steady at JP¥2,194 over the past week. Announcement • Nov 24
Aiphone Co.,Ltd. (TSE:6718) acquired Software Sapporo Co., Ltd. Aiphone Co.,Ltd. (TSE:6718) acquired Software Sapporo Co., Ltd. on November 17, 2021.
Aiphone Co.,Ltd. (TSE:6718) completed the acquisition of Software Sapporo Co., Ltd. on November 17, 2021. Reported Earnings • Nov 04
Second quarter 2022 earnings released: EPS JP¥90.08 (vs JP¥64.19 in 2Q 2021) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2022 results: Revenue: JP¥13.4b (up 10.0% from 2Q 2021). Net income: JP¥1.47b (up 40% from 2Q 2021). Profit margin: 11% (up from 8.6% in 2Q 2021). 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 14% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥25.00 per share Eligible shareholders must have bought the stock before 29 September 2021. Payment date: 02 December 2021. Trailing yield: 3.2%. Within top quartile of Japanese dividend payers (3.0%). Higher than average of industry peers (2.3%). Valuation Update With 7 Day Price Move • Sep 11
Investor sentiment improved over the past week After last week's 16% share price gain to JP¥2,366, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 25x in the Communications industry in Asia. Total returns to shareholders of 59% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥1,408 per share. Reported Earnings • Aug 04
First quarter 2022 earnings released: EPS JP¥79.92 (vs JP¥9.73 loss in 1Q 2021) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2022 results: Revenue: JP¥12.0b (up 46% from 1Q 2021). Net income: JP¥1.31b (up JP¥1.47b from 1Q 2021). Profit margin: 11% (up from net loss in 1Q 2021). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Price Target Changed • Jun 17
Price target increased to JP¥2,300 Up from JP¥2,000, the current price target is provided by 1 analyst. New target price is 6.8% above last closing price of JP¥2,154. Stock is up 37% over the past year. Reported Earnings • May 09
Full year 2021 earnings released: EPS JP¥184 (vs JP¥145 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¥46.1b (down 4.9% from FY 2020). Net income: JP¥3.01b (up 27% from FY 2020). Profit margin: 6.5% (up from 4.9% in FY 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • May 07
Investor sentiment improved over the past week After last week's 21% share price gain to JP¥2,073, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 22x in the Communications industry in Asia. Total returns to shareholders of 18% over the past three years. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥25.00 per share Eligible shareholders must have bought the stock before 30 March 2021. Payment date: 29 June 2021. Trailing yield: 2.8%. Within top quartile of Japanese dividend payers (2.7%). Higher than average of industry peers (1.8%). Announcement • Mar 04
Aiphone Co.,Ltd. to Report Fiscal Year 2021 Results on May 07, 2021 Aiphone Co.,Ltd. announced that they will report fiscal year 2021 results on May 07, 2021 Is New 90 Day High Low • Mar 02
New 90-day high: JP¥1,820 The company is up 13% from its price of JP¥1,613 on 02 December 2020. The Japanese market is up 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Communications industry, which is up 1.0% over the same period. Reported Earnings • Feb 03
Third quarter 2021 earnings released: EPS JP¥35.74 (vs JP¥21.66 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: JP¥11.9b (up 16% from 3Q 2020). Net income: JP¥584.0m (up 65% from 3Q 2020). Profit margin: 4.9% (up from 3.5% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Analyst Estimate Surprise Post Earnings • Feb 03
Revenue and earnings beat expectations Revenue exceeded analyst estimates by 20%. Earnings per share (EPS) also surpassed analyst estimates by 1.4%. Over the next year, revenue is forecast to grow 2.3%, compared to a 36% growth forecast for the Communications industry in Japan. Is New 90 Day High Low • Jan 28
New 90-day high: JP¥1,748 The company is up 20% from its price of JP¥1,460 on 30 October 2020. The Japanese market is up 15% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Communications industry, which is up 2.0% over the same period. Is New 90 Day High Low • Dec 18
New 90-day high: JP¥1,740 The company is up 14% from its price of JP¥1,523 on 18 September 2020. The Japanese market is up 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Communications industry, which is up 3.0% over the same period. Announcement • Dec 05
Aiphone Co.,Ltd. to Report Q3, 2021 Results on Feb 02, 2021 Aiphone Co.,Ltd. announced that they will report Q3, 2021 results on Feb 02, 2021 Is New 90 Day High Low • Dec 01
New 90-day high: JP¥1,694 The company is up 23% from its price of JP¥1,373 on 02 September 2020. The Japanese market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Communications industry, which is up 10.0% over the same period.