Board Change • Jul 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 3 experienced directors. 3 highly experienced directors. President, COO & Representative Director Mitsutaka Nakamura was the last director to join the board, commencing their role in 2024. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Jun 03
Tamura Corporation to Report Q1, 2027 Results on Aug 05, 2026 Tamura Corporation announced that they will report Q1, 2027 results on Aug 05, 2026 New Risk • May 25
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Japanese stocks, typically moving 9.7% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. This is currently the only risk that has been identified for the company. Reported Earnings • May 12
Full year 2026 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2026 results: JP¥17.28 loss per share (down from JP¥34.02 profit in FY 2025). Revenue: JP¥123.6b (up 8.3% from FY 2025). Net loss: JP¥1.39b (down 150% from profit in FY 2025). Revenue exceeded analyst estimates by 1.7%. Earnings per share (EPS) missed analyst estimates. Revenue is forecast to grow 4.8% p.a. on average during the next 2 years, compared to a 7.9% growth forecast for the Electronic industry in Japan. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Announcement • May 11
Tamura Corporation, Annual General Meeting, Jun 25, 2026 Tamura Corporation, Annual General Meeting, Jun 25, 2026. Major Estimate Revision • May 08
Consensus EPS estimates fall by 11% The consensus outlook for fiscal year 2026 has been updated. 2026 EPS estimate fell from JP¥11.30 to JP¥10.01 per share. Revenue forecast steady at JP¥121.5b. Net income forecast to grow 60% next year vs 12% growth forecast for Electronic industry in Japan. Consensus price target up from JP¥610 to JP¥900. Share price rose 11% to JP¥934 over the past week. Valuation Update With 7 Day Price Move • Apr 13
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to JP¥729, the stock trades at a forward P/E ratio of 24x. Average forward P/E is 17x in the Electronic industry in Japan. Total loss to shareholders of 1.8% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥328 per share. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥8.00 per share Eligible shareholders must have bought the stock before 30 March 2026. Payment date: 12 June 2026. Payout ratio is a comfortable 65% but the company is paying out more than the cash it is generating. Trailing yield: 2.1%. Lower than top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (1.6%). Announcement • Mar 07
Tamura Corporation to Report Fiscal Year 2026 Results on May 11, 2026 Tamura Corporation announced that they will report fiscal year 2026 results on May 11, 2026 Major Estimate Revision • Feb 21
Consensus EPS estimates fall by 51% The consensus outlook for fiscal year 2026 has been updated. 2026 EPS estimate fell from JP¥23.10 to JP¥11.30. Revenue forecast unchanged from JP¥120.5b at last update. Net income forecast to grow 48% next year vs 14% growth forecast for Electronic industry in Japan. Consensus price target of JP¥610 unchanged from last update. Share price rose 4.4% to JP¥686 over the past week. Reported Earnings • Feb 07
Third quarter 2026 earnings released: EPS: JP¥4.48 (vs JP¥10.87 in 3Q 2025) Third quarter 2026 results: EPS: JP¥4.48 (down from JP¥10.87 in 3Q 2025). Revenue: JP¥31.6b (up 4.6% from 3Q 2025). Net income: JP¥356.0m (down 60% from 3Q 2025). Profit margin: 1.1% (down from 2.9% in 3Q 2025). Revenue is forecast to grow 3.6% p.a. on average during the next 3 years, compared to a 6.7% growth forecast for the Electronic industry in Japan. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Price Target Changed • Jan 29
Price target increased by 17% to JP¥610 Up from JP¥520, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of JP¥623. Stock is up 3.7% over the past year. The company is forecast to post earnings per share of JP¥23.10 for next year compared to JP¥34.02 last year. Declared Dividend • Dec 02
First half dividend of JP¥5.00 announced Shareholders will receive a dividend of JP¥5.00. Ex-date: 30th March 2026 Payment date: 12th June 2026 Dividend yield will be 1.7%, which is higher than the industry average of 1.4%. Sustainability & Growth Dividend is covered by both earnings (30% earnings payout ratio) and cash flows (85% cash payout ratio). The dividend has increased by an average of 5.2% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 58% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Dec 01
Tamura Corporation to Report Q3, 2026 Results on Feb 06, 2026 Tamura Corporation announced that they will report Q3, 2026 results on Feb 06, 2026 Reported Earnings • Nov 12
Second quarter 2026 earnings released: EPS: JP¥0.91 (vs JP¥1.76 in 2Q 2025) Second quarter 2026 results: EPS: JP¥0.91 (down from JP¥1.76 in 2Q 2025). Revenue: JP¥29.3b (up 4.7% from 2Q 2025). Net income: JP¥73.0m (down 49% from 2Q 2025). Profit margin: 0.2% (down from 0.5% in 2Q 2025). Revenue is forecast to stay flat during the next 3 years compared to a 6.5% growth forecast for the Electronic industry in Japan. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Nov 11
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to JP¥628, the stock trades at a forward P/E ratio of 25x. Average forward P/E is 15x in the Electronic industry in Japan. Total loss to shareholders of 10% over the past three years. New Risk • Nov 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 5.5% 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 (5.5% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.9% net profit margin). Major Estimate Revision • Oct 02
Consensus EPS estimates increase by 13% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has improved. 2026 revenue forecast increased from JP¥108.0b to JP¥115.0b. EPS estimate increased from JP¥19.56 to JP¥22.08 per share. Net income forecast to shrink 8.1% next year vs 16% growth forecast for Electronic industry in Japan . Consensus price target up from JP¥500 to JP¥520. Share price fell 3.7% to JP¥488 over the past week. Announcement • Sep 25
Tamura Corporation to Report Q2, 2026 Results on Nov 10, 2025 Tamura Corporation announced that they will report Q2, 2026 results on Nov 10, 2025 Upcoming Dividend • Sep 22
Upcoming dividend of JP¥5.00 per share Eligible shareholders must have bought the stock before 29 September 2025. Payment date: 02 December 2025. Payout ratio is a comfortable 48% and this is well supported by cash flows. Trailing yield: 2.0%. Lower than top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (1.7%). Reported Earnings • Aug 08
First quarter 2026 earnings released: EPS: JP¥3.02 (vs JP¥5.76 in 1Q 2025) First quarter 2026 results: EPS: JP¥3.02 (down from JP¥5.76 in 1Q 2025). Revenue: JP¥28.9b (up 10% from 1Q 2025). Net income: JP¥246.0m (down 48% from 1Q 2025). Profit margin: 0.9% (down from 1.8% in 1Q 2025). Revenue is forecast to stay flat during the next 3 years compared to a 6.2% growth forecast for the Electronic industry in Japan. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Major Estimate Revision • Jul 30
Consensus EPS estimates fall by 53% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from JP¥112.0b to JP¥108.0b. EPS estimate also fell from JP¥41.58 per share to JP¥19.56 per share. Net income forecast to shrink 42% next year vs 7.0% growth forecast for Electronic industry in Japan . Consensus price target down from JP¥620 to JP¥500. Share price fell 3.8% to JP¥477 over the past week. Declared Dividend • Jul 09
Final dividend of JP¥5.00 announced Shareholders will receive a dividend of JP¥5.00. Ex-date: 29th September 2025 Payment date: 2nd December 2025 Dividend yield will be 2.6%, which is higher than the industry average of 1.4%. Sustainability & Growth Dividend is well covered by both earnings (25% earnings payout ratio) and cash flows (14% cash payout ratio). The dividend has increased by an average of 5.2% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 39% over the next 2 years, which should provide support to the dividend and adequate earnings cover. New Risk • Jun 16
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 7.3% 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 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 (7.3% average weekly change). Large one-off items impacting financial results. Announcement • Jun 03
Tamura Corporation to Report Q1, 2026 Results on Aug 06, 2025 Tamura Corporation announced that they will report Q1, 2026 results on Aug 06, 2025 Announcement • May 13
Tamura Corporation (TSE:6768) announces an Equity Buyback for 3,500,000 shares, representing 4.25% for ¥1,000 million. Nagaileben Co., Ltd. (TSE:7447) announces a share repurchase program. Under the program, the company will repurchase up to 3,500,000 shares, representing 4.25% of its issued share capital, for ¥1,000 million. The purpose of the program is to enhance shareholder returns and further improve capital efficiency. The program will be valid till March 31, 2026. As of March 31, 2025, the company has 82,299,673 issued shares (excluding treasury stock) and 968,779 treasury shares. Reported Earnings • May 13
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: EPS: JP¥34.02 (up from JP¥27.41 in FY 2024). Revenue: JP¥114.1b (up 7.0% from FY 2024). Net income: JP¥2.78b (up 24% from FY 2024). Profit margin: 2.4% (up from 2.1% in FY 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 18%. Revenue is forecast to grow 1.3% p.a. on average during the next 2 years, compared to a 6.3% growth forecast for the Electronic industry in Japan. Over the last 3 years on average, earnings per share has increased by 48% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Price Target Changed • Apr 16
Price target decreased by 7.5% to JP¥620 Down from JP¥670, the current price target is provided by 1 analyst. New target price is 44% above last closing price of JP¥432. Stock is down 28% over the past year. The company is forecast to post earnings per share of JP¥41.71 for next year compared to JP¥27.41 last year. Valuation Update With 7 Day Price Move • Apr 04
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to JP¥439, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 11x in the Electronic industry in Japan. Total loss to shareholders of 21% over the past three years. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥8.00 per share Eligible shareholders must have bought the stock before 28 March 2025. Payment date: 12 June 2025. Payout ratio is a comfortable 25% and this is well supported by cash flows. Trailing yield: 1.8%. Lower than top quartile of Japanese dividend payers (3.7%). In line with average of industry peers (1.7%). Announcement • Mar 04
Tamura Corporation to Report Fiscal Year 2025 Results on May 12, 2025 Tamura Corporation announced that they will report fiscal year 2025 results on May 12, 2025 Announcement • Feb 26
Tamura Corporation Announces Board and Executive Changes Tamura Corporation announced that a meeting of the Board of Directors held y resolved to make the following changes in representative directors, based on a report of the Nomination and Remuneration Advisory Committee. Name: Masahiro Asada. New Title: Chairperson, Representative Director, CEO & CFO. Current Title: Representative Director, President, CEO & CFO. Name: Mitsutaka Nakamura. New title: Representative Director, President, COO. Current title: Director, EVP & CSO, In Charge of Corporate strategy. Date of Change: April 1, 2025. Reason for Change: This change aims to promote further growth as a company and ensure a smooth generational transition in the management team. Under the leadership of Mitsutaka Nakamura, who will assume the role of President and COO, the Company will advance the 14th Medium-term Management Plan starting April 1, 2025, to enhance corporate value. Masahiro Asada will support the development of Tamura Group's business and the stability of management as Chairperson and CEO. Name: Mitsutaka Nakamura. Date of Birth: March 9, 1971. Career: September 1997- Joined Tamura Kaken Corporation (Currently Tamura Corporation). October2016- General Manager of Electronic Chemicals Business Sector Sales. October 2017- Executive Officer, General Manager of PWB Functional Materials Division; Electronic Chemicals/FA Systems Business Sector. April 2019- Senior Executive Officer, General Manager of PWB Functional Materials Division, Electronic Chemicals/FA Systems Business Sector. April 2021 -President, Tamura Corporation (Thailand) Co. Ltd. April 2022- Deputy General Manager of Electronic Components Business Sector. April 2023 -General Manager of Electronic Components Business Sector Sales. June 2024 -Director, EVP & CSO, in charge of Corporate Strategy. October 2024 -Head of Marketing Strategy Division. New Risk • Feb 12
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. This is currently the only risk that has been identified for the company. Reported Earnings • Feb 08
Third quarter 2025 earnings released: EPS: JP¥10.87 (vs JP¥8.39 in 3Q 2024) Third quarter 2025 results: EPS: JP¥10.87 (up from JP¥8.39 in 3Q 2024). Revenue: JP¥30.2b (up 12% from 3Q 2024). Net income: JP¥889.0m (up 30% from 3Q 2024). Profit margin: 2.9% (up from 2.5% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 6.5% p.a. on average during the next 3 years, compared to a 7.3% growth forecast for the Electronic industry in Japan. Over the last 3 years on average, earnings per share has increased by 57% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Jan 23
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to JP¥621, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 13x in the Electronic industry in Japan. Total returns to shareholders of 5.2% over the past three years. Announcement • Dec 13
Tamura Corporation to Report Q3, 2025 Results on Feb 06, 2025 Tamura Corporation announced that they will report Q3, 2025 results on Feb 06, 2025 Declared Dividend • Dec 03
First half dividend of JP¥8.00 announced Shareholders will receive a dividend of JP¥8.00. Ex-date: 28th March 2025 Payment date: 12th June 2025 Dividend yield will be 2.6%, which is higher than the industry average of 1.4%. Sustainability & Growth Dividend is well covered by both earnings (13% earnings payout ratio) and cash flows (9% cash payout ratio). The dividend has increased by an average of 5.2% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 28% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Nov 17
Second quarter 2025 earnings released: EPS: JP¥1.76 (vs JP¥0.32 in 2Q 2024) Second quarter 2025 results: EPS: JP¥1.76 (up from JP¥0.32 in 2Q 2024). Revenue: JP¥28.0b (up 2.3% from 2Q 2024). Net income: JP¥144.0m (up 454% from 2Q 2024). Profit margin: 0.5% (up from 0.1% in 2Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 5.3% p.a. on average during the next 3 years, compared to a 7.4% growth forecast for the Electronic industry in Japan. Over the last 3 years on average, earnings per share has increased by 59% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Announcement • Nov 15
Tamura Corporation Announces Cash Dividend for the Second Quarter-End of Fiscal Year Ending March 31, 2025, Payable on December 2, 2024 Tamura Corporation announced cash dividend of JPY 5.00 per share for the second quarter-end of fiscal year ending March 31, 2025 compared to JPY 5.00 per share paid a year ago. Scheduled date to commence dividend payments: December 2, 2024. Upcoming Dividend • Sep 20
Upcoming dividend of JP¥5.00 per share Eligible shareholders must have bought the stock before 27 September 2024. Payment date: 02 December 2024. Payout ratio is a comfortable 27% and this is well supported by cash flows. Trailing yield: 1.7%. Lower than top quartile of Japanese dividend payers (3.8%). Higher than average of industry peers (1.5%). Announcement • Aug 30
Tamura Corporation to Report Q2, 2025 Results on Nov 08, 2024 Tamura Corporation announced that they will report Q2, 2025 results on Nov 08, 2024 Reported Earnings • Aug 07
First quarter 2025 earnings released: EPS: JP¥9.76 (vs JP¥0.32 in 1Q 2024) First quarter 2025 results: EPS: JP¥9.76 (up from JP¥0.32 in 1Q 2024). Revenue: JP¥24.4b (flat on 1Q 2024). Net income: JP¥798.0m (up JP¥772.0m from 1Q 2024). Profit margin: 3.3% (up from 0.1% in 1Q 2024). Revenue is forecast to grow 5.4% p.a. on average during the next 3 years, compared to a 7.2% growth forecast for the Electronic industry in Japan. Over the last 3 years on average, earnings per share has increased by 57% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. New Risk • Aug 05
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 1.9% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. This is currently the only risk that has been identified for the company. Major Estimate Revision • Jul 24
Consensus EPS estimates increase by 13% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has improved. 2025 revenue forecast increased from JP¥110.0b to JP¥112.0b. EPS estimate increased from JP¥37.94 to JP¥42.81 per share. Net income forecast to grow 56% next year vs 12% growth forecast for Electronic industry in Japan. Consensus price target up from JP¥610 to JP¥740. Share price fell 4.9% to JP¥702 over the past week. Price Target Changed • Jul 23
Price target increased by 25% to JP¥740 Up from JP¥590, the current price target is provided by 1 analyst. New target price is 5.3% above last closing price of JP¥703. Stock is up 13% over the past year. The company is forecast to post earnings per share of JP¥42.81 for next year compared to JP¥27.41 last year. Declared Dividend • Jul 11
Final dividend of JP¥5.00 announced Dividend of JP¥5.00 is the same as last year. Ex-date: 27th September 2024 Payment date: 2nd December 2024 Dividend yield will be 1.4%, which is about the same as the industry average. Sustainability & Growth Dividend is not covered by earnings (102% earnings payout ratio). However, it is well covered by cash flows (13% cash payout ratio). The dividend has increased by an average of 5.2% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 13% to bring the payout ratio under control. EPS is expected to grow by 37% over the next 2 years, which is sufficient to bring the dividend into a sustainable range. Announcement • Jun 06
Tamura Corporation to Report Q1, 2025 Results on Aug 05, 2024 Tamura Corporation announced that they will report Q1, 2025 results on Aug 05, 2024 Reported Earnings • May 13
Full year 2024 earnings: EPS exceeds analyst expectations Full year 2024 results: EPS: JP¥27.41 (up from JP¥25.01 in FY 2023). Revenue: JP¥106.6b (down 1.3% from FY 2023). Net income: JP¥2.24b (up 9.4% from FY 2023). Profit margin: 2.1% (up from 1.9% in FY 2023). The increase in margin was driven by lower expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 33%. Revenue is forecast to grow 3.8% p.a. on average during the next 2 years, compared to a 7.1% growth forecast for the Electronic industry in Japan. Over the last 3 years on average, earnings per share has increased by 50% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Announcement • May 12
Tamura Corporation, Annual General Meeting, Jun 26, 2024 Tamura Corporation, Annual General Meeting, Jun 26, 2024. Buy Or Sell Opportunity • Apr 30
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 22% to JP¥651. The fair value is estimated to be JP¥540, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 4.8% in 2 years. Earnings are forecast to grow by 295% in the next 2 years. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥5.00 per share Eligible shareholders must have bought the stock before 28 March 2024. Payment date: 01 July 2024. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 1.8%. Lower than top quartile of Japanese dividend payers (3.2%). Higher than average of industry peers (1.4%). Announcement • Mar 03
Tamura Corporation to Report Fiscal Year 2024 Results on May 10, 2024 Tamura Corporation announced that they will report fiscal year 2024 results on May 10, 2024 Reported Earnings • Feb 08
Third quarter 2024 earnings released: EPS: JP¥8.39 (vs JP¥8.95 in 3Q 2023) Third quarter 2024 results: EPS: JP¥8.39 (down from JP¥8.95 in 3Q 2023). Revenue: JP¥27.0b (down 6.4% from 3Q 2023). Net income: JP¥686.0m (down 6.2% from 3Q 2023). Profit margin: 2.5% (in line with 3Q 2023). Revenue is forecast to grow 4.2% p.a. on average during the next 3 years, compared to a 7.0% growth forecast for the Electronic industry in Japan. Over the last 3 years on average, earnings per share has increased by 57% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Announcement • Feb 06
Tamura Corporation Provides Dividend Guidance for the Year Ending March 31, 2024 Tamura Corporation provided dividend guidance for the year ending March 31, 2024. For the year, the company expects to pay dividend of JPY 5.00 per share. New Risk • Dec 16
New major risk - Revenue and earnings growth Earnings have declined by 39% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 39% per year over the past 5 years. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.8% net profit margin). Profit margins are more than 30% lower than last year (0.8% net profit margin). Announcement • Dec 03
Tamura Corporation to Report Q3, 2024 Results on Feb 05, 2024 Tamura Corporation announced that they will report Q3, 2024 results on Feb 05, 2024 Major Estimate Revision • Dec 02
Consensus EPS estimates fall by 16%, revenue upgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast increased from JP¥105.8b to JP¥107.7b. EPS estimate fell from JP¥19.50 to JP¥16.40 per share. Net income forecast to grow 168% next year vs 9.0% growth forecast for Electronic industry in Japan. Consensus price target down from JP¥640 to JP¥620. Share price was steady at JP¥563 over the past week. Reported Earnings • Nov 08
Second quarter 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2024 results: EPS: JP¥0.32 (down from JP¥13.33 in 2Q 2023). Revenue: JP¥27.4b (up 7.5% from 2Q 2023). Net income: JP¥26.0m (down 98% from 2Q 2023). Profit margin: 0.1% (down from 4.3% in 2Q 2023). Revenue exceeded analyst estimates by 4.8%. Earnings per share (EPS) missed analyst estimates by 57%. Revenue is forecast to grow 3.8% p.a. on average during the next 3 years, compared to a 7.1% growth forecast for the Electronic industry in Japan. Over the last 3 years on average, earnings per share has increased by 69% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Price Target Changed • Oct 13
Price target decreased by 22% to JP¥640 Down from JP¥825, the current price target is provided by 1 analyst. New target price is 23% above last closing price of JP¥520. Stock is down 25% over the past year. The company is forecast to post earnings per share of JP¥19.50 for next year compared to JP¥25.01 last year. Major Estimate Revision • Sep 27
Consensus EPS estimates increase by 23%, revenue downgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast fell from JP¥107.0b to JP¥105.8b. EPS estimate rose from JP¥15.90 to JP¥19.50. Net income forecast to grow 12% next year vs 5.9% growth forecast for Electronic industry in Japan. Consensus price target down from JP¥825 to JP¥795. Share price was steady at JP¥572 over the past week. Upcoming Dividend • Sep 21
Upcoming dividend of JP¥5.00 per share at 1.8% yield Eligible shareholders must have bought the stock before 28 September 2023. Payment date: 01 December 2023. Payout ratio is a comfortable 43% but the company is not cash flow positive. Trailing yield: 1.8%. Lower than top quartile of Japanese dividend payers (3.3%). Higher than average of industry peers (1.4%). Announcement • Aug 31
Tamura Corporation to Report Q2, 2024 Results on Nov 07, 2023 Tamura Corporation announced that they will report Q2, 2024 results on Nov 07, 2023 Reported Earnings • Aug 09
First quarter 2024 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2024 results: EPS: JP¥0.32 (down from JP¥1.92 in 1Q 2023). Revenue: JP¥24.5b (up 2.2% from 1Q 2023). Net income: JP¥26.0m (down 84% from 1Q 2023). Profit margin: 0.1% (down from 0.7% in 1Q 2023). Revenue exceeded analyst estimates by 2.9%. Earnings per share (EPS) missed analyst estimates by 47%. Revenue is forecast to grow 3.5% p.a. on average during the next 3 years, compared to a 6.7% growth forecast for the Electronic industry in Japan. Over the last 3 years on average, earnings per share has increased by 71% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 09
First quarter 2024 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2024 results: EPS: JP¥0.32 (down from JP¥1.92 in 1Q 2023). Revenue: JP¥24.5b (up 2.2% from 1Q 2023). Net income: JP¥26.0m (down 84% from 1Q 2023). Profit margin: 0.1% (down from 0.7% in 1Q 2023). Revenue exceeded analyst estimates by 2.9%. Earnings per share (EPS) missed analyst estimates by 47%. Revenue is forecast to grow 3.5% p.a. on average during the next 3 years, compared to a 6.7% growth forecast for the Electronic industry in Japan. Over the last 3 years on average, earnings per share has increased by 71% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. New Risk • Jul 28
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: 1.6% 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. Large one-off items impacting financial results. Major Estimate Revision • Jun 28
Consensus EPS estimates fall by 62% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate fell from JP¥41.55 to JP¥15.90. Revenue forecast unchanged from JP¥107.0b at last update. Net income forecast to shrink 36% next year vs 3.5% growth forecast for Electronic industry in Japan . Consensus price target down from JP¥900 to JP¥825. Share price fell 2.2% to JP¥673 over the past week. Price Target Changed • Jun 27
Price target decreased by 9.3% to JP¥825 Down from JP¥910, the current price target is an average from 2 analysts. New target price is 24% above last closing price of JP¥665. Stock is up 14% over the past year. The company is forecast to post earnings per share of JP¥45.30 for next year compared to JP¥25.01 last year. Announcement • May 31
Tamura Corporation to Report Q1, 2024 Results on Aug 04, 2023 Tamura Corporation announced that they will report Q1, 2024 results on Aug 04, 2023 Reported Earnings • May 13
Full year 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2023 results: EPS: JP¥25.01 (up from JP¥1.02 loss in FY 2022). Revenue: JP¥108.0b (up 22% from FY 2022). Net income: JP¥2.05b (up JP¥2.13b from FY 2022). Profit margin: 1.9% (up from net loss in FY 2022). Revenue exceeded analyst estimates by 1.4%. Earnings per share (EPS) missed analyst estimates by 24%. Revenue is forecast to grow 3.0% p.a. on average during the next 2 years, compared to a 6.7% growth forecast for the Electronic industry in Japan. Over the last 3 years on average, earnings per share has increased by 52% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Announcement • May 13
Tamura Corporation, Annual General Meeting, Jun 28, 2023 Tamura Corporation, Annual General Meeting, Jun 28, 2023. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥5.00 per share at 1.2% yield Eligible shareholders must have bought the stock before 30 March 2023. Payment date: 29 June 2023. Payout ratio is a comfortable 17% but the company is not cash flow positive. Trailing yield: 1.2%. Lower than top quartile of Japanese dividend payers (3.6%). Lower than average of industry peers (1.6%). Reported Earnings • Feb 04
Third quarter 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2023 results: EPS: JP¥8.95 (up from JP¥5.16 loss in 3Q 2022). Revenue: JP¥28.9b (up 35% from 3Q 2022). Net income: JP¥731.0m (up JP¥1.16b from 3Q 2022). Profit margin: 2.5% (up from net loss in 3Q 2022). The move to profitability was driven by higher revenue. Revenue exceeded analyst estimates by 9.3%. Earnings per share (EPS) missed analyst estimates by 14%. Revenue is forecast to grow 5.8% p.a. on average during the next 3 years, compared to a 6.7% growth forecast for the Electronic industry in Japan. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Price Target Changed • Dec 09
Price target increased to JP¥870 Up from JP¥730, the current price target is provided by 1 analyst. New target price is 6.4% above last closing price of JP¥818. Stock is up 29% over the past year. The company is forecast to post earnings per share of JP¥31.70 next year compared to a net loss per share of JP¥1.02 last year.