Reported Earnings • Jul 29
First quarter 2027 earnings released: EPS: JP¥24.34 (vs JP¥103 loss in 1Q 2026) First quarter 2027 results: EPS: JP¥24.34 (up from JP¥103 loss in 1Q 2026). Revenue: JP¥11.5b (up 4.0% from 1Q 2026). Net income: JP¥154.0m (up JP¥805.0m from 1Q 2026). Profit margin: 1.3% (up from net loss in 1Q 2026). The move to profitability was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Declared Dividend • Jul 25
Final dividend of JP¥50.00 announced Shareholders will receive a dividend of JP¥50.00. Ex-date: 29th September 2026 Payment date: 19th November 2026 Dividend yield will be 3.3%, which is higher than the industry average of 1.4%. Sustainability & Growth Dividend is not covered by earnings (dividend approximately 11x earnings) and the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to grow by 1,156% to bring the payout ratio under control. However, EPS has declined by 51% over the last 5 years so the company would need to reverse this trend. Announcement • Jun 26
SMK Corporation to Report Q1, 2027 Results on Jul 28, 2026 SMK Corporation announced that they will report Q1, 2027 results on Jul 28, 2026 Reported Earnings • May 13
Full year 2026 earnings released: EPS: JP¥8.84 (vs JP¥297 loss in FY 2025) Full year 2026 results: EPS: JP¥8.84 (up from JP¥297 loss in FY 2025). Revenue: JP¥48.2b (flat on FY 2025). Net income: JP¥56.0m (up JP¥1.94b from FY 2025). Profit margin: 0.1% (up from net loss in FY 2025). Over the last 3 years on average, earnings per share has fallen by 57% per year but the company’s share price has increased by 14% per year, which means it is well ahead of earnings. Announcement • May 12
SMK Corporation, Annual General Meeting, Jun 23, 2026 SMK Corporation, Annual General Meeting, Jun 23, 2026. Announcement • May 10
SMK Corporation to Report Fiscal Year 2026 Results on May 12, 2026 SMK Corporation announced that they will report fiscal year 2026 results on May 12, 2026 Upcoming Dividend • Mar 23
Upcoming dividend of JP¥50.00 per share Eligible shareholders must have bought the stock before 30 March 2026. Payment date: 25 June 2026. The company is not currently making a profit and is not cash flow positive. Trailing yield: 3.4%. Lower than top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (1.6%). Reported Earnings • Jan 28
Third quarter 2026 earnings released: EPS: JP¥147 (vs JP¥153 in 3Q 2025) Third quarter 2026 results: EPS: JP¥147 (down from JP¥153 in 3Q 2025). Revenue: JP¥12.0b (up 9.3% from 3Q 2025). Net income: JP¥931.0m (down 3.7% from 3Q 2025). Profit margin: 7.7% (down from 8.8% in 3Q 2025). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 102 percentage points per year, which is a significant difference in performance. Announcement • Dec 23
SMK Corporation to Report Q3, 2026 Results on Jan 27, 2026 SMK Corporation announced that they will report Q3, 2026 results on Jan 27, 2026 Declared Dividend • Nov 20
First half dividend of JP¥50.00 announced Shareholders will receive a dividend of JP¥50.00. Ex-date: 30th March 2026 Payment date: 25th June 2026 Dividend yield will be 3.9%, which is higher than the industry average of 1.4%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months and having no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has remained flat since 10 years ago. However, payments have been volatile during that time. Reported Earnings • Oct 30
Second quarter 2026 earnings released: EPS: JP¥72.33 (vs JP¥172 loss in 2Q 2025) Second quarter 2026 results: EPS: JP¥72.33 (up from JP¥172 loss in 2Q 2025). Revenue: JP¥12.1b (up 2.0% from 2Q 2025). Net income: JP¥458.0m (up JP¥1.55b from 2Q 2025). Profit margin: 3.8% (up from net loss in 2Q 2025). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 109 percentage points per year, which is a significant difference in performance. 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: 20 November 2025. The company is not currently making a profit and there are not enough cash flows to support it either. Trailing yield: 4.3%. Within top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (1.7%). Announcement • Sep 10
SMK Corporation to Report Q2, 2026 Results on Oct 28, 2025 SMK Corporation announced that they will report Q2, 2026 results on Oct 28, 2025 Reported Earnings • Jul 30
First quarter 2026 earnings released: JP¥103 loss per share (vs JP¥126 profit in 1Q 2025) First quarter 2026 results: JP¥103 loss per share (down from JP¥126 profit in 1Q 2025). Revenue: JP¥11.0b (down 5.9% from 1Q 2025). Net loss: JP¥651.0m (down 181% from profit in 1Q 2025). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 119 percentage points per year, which is a significant difference in performance. Declared Dividend • Jul 09
Final dividend of JP¥50.00 announced Shareholders will receive a dividend of JP¥50.00. Ex-date: 29th September 2025 Payment date: 20th November 2025 Dividend yield will be 6.3%, which is higher than the industry average of 1.4%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months. The dividend is also not covered by cash flows (272% cash payout ratio). The dividend has remained flat since 10 years ago. However, payments have been volatile during that time. Reported Earnings • Jun 27
Full year 2025 earnings released: JP¥297 loss per share (vs JP¥74.94 loss in FY 2024) Full year 2025 results: JP¥297 loss per share (further deteriorated from JP¥74.94 loss in FY 2024). Revenue: JP¥48.1b (up 3.3% from FY 2024). Net loss: JP¥1.88b (loss widened 285% from FY 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 110 percentage points per year, which is a significant difference in performance. Announcement • Jun 26
SMK Corporation to Report Q1, 2026 Results on Jul 29, 2025 SMK Corporation announced that they will report Q1, 2026 results on Jul 29, 2025 New Risk • May 10
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 126% Cash payout ratio: 272% Dividend yield: 4.4% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 126% Cash payout ratio: 272% Earnings have declined by 4.0% per year over the past 5 years. Minor Risk Market cap is less than US$100m (JP¥14.3b market cap, or US$98.5m). Reported Earnings • May 09
Full year 2025 earnings released: JP¥292 loss per share (vs JP¥74.94 loss in FY 2024) Full year 2025 results: JP¥292 loss per share (further deteriorated from JP¥74.94 loss in FY 2024). Revenue: JP¥48.1b (up 3.3% from FY 2024). Net loss: JP¥1.85b (loss widened 278% from FY 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 109 percentage points per year, which is a significant difference in performance. Announcement • May 08
SMK Corporation, Annual General Meeting, Jun 24, 2025 SMK Corporation, Annual General Meeting, Jun 24, 2025. Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to JP¥1,994, the stock trades at a trailing P/E ratio of 24.9x. Average trailing P/E is 11x in the Electronic industry in Japan. Total returns to shareholders of 6.5% over the past three years. Buy Or Sell Opportunity • Apr 04
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 16% to JP¥2,152. The fair value is estimated to be JP¥2,737, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 2.7% over the last 3 years. Meanwhile, the company has become profitable. New Risk • Apr 03
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: JP¥14.7b (US$99.9m) 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: Minor Risks Dividend is not well covered by earnings (126% payout ratio). Share price has been volatile over the past 3 months (5.9% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (JP¥14.7b market cap, or US$99.9m). Upcoming Dividend • Mar 21
Upcoming dividend of JP¥90.00 per share Eligible shareholders must have bought the stock before 28 March 2025. Payment date: 26 June 2025. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 3.8%. Within top quartile of Japanese dividend payers (3.7%). Higher than average of industry peers (1.7%). Announcement • Mar 06
SMK Corporation to Report Fiscal Year 2025 Results on May 08, 2025 SMK Corporation announced that they will report fiscal year 2025 results on May 08, 2025 Reported Earnings • Jan 29
Third quarter 2025 earnings released: EPS: JP¥153 (vs JP¥203 loss in 3Q 2024) Third quarter 2025 results: EPS: JP¥153 (up from JP¥203 loss in 3Q 2024). Revenue: JP¥11.0b (down 1.4% from 3Q 2024). Net income: JP¥967.0m (up JP¥2.29b from 3Q 2024). Profit margin: 8.8% (up from net loss in 3Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 105 percentage points per year, which is a significant difference in performance. Announcement • Jan 17
SMK Corporation to Report Q3, 2025 Results on Jan 28, 2025 SMK Corporation announced that they will report Q3, 2025 results on Jan 28, 2025 New Risk • Jan 14
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 5.4% 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 being loss-making. Share price has been volatile over the past 3 months (5.4% average weekly change). Declared Dividend • Nov 21
First half dividend of JP¥90.00 announced Shareholders will receive a dividend of JP¥90.00. Ex-date: 28th March 2025 Payment date: 26th June 2025 Dividend yield will be 5.8%, which is higher than the industry average of 1.4%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months. However, the dividend is covered by cash flows (69% cash payout ratio). The dividend has remained flat since 10 years ago. However, payments have been volatile during that time. Reported Earnings • Oct 31
Second quarter 2025 earnings released: JP¥172 loss per share (vs JP¥74.90 profit in 2Q 2024) Second quarter 2025 results: JP¥172 loss per share (down from JP¥74.90 profit in 2Q 2024). Revenue: JP¥11.9b (down 1.2% from 2Q 2024). Net loss: JP¥1.09b (down 322% from profit in 2Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 89 percentage points per year, which is a significant difference in performance. Announcement • Sep 27
SMK Corporation to Report Q2, 2025 Results on Oct 29, 2024 SMK Corporation announced that they will report Q2, 2025 results on Oct 29, 2024 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: 28 November 2024. The company is not currently making a profit and its cash payout ratio is 77%. Trailing yield: 4.3%. Within top quartile of Japanese dividend payers (3.8%). Higher than average of industry peers (1.5%). Reported Earnings • Aug 02
First quarter 2025 earnings released: EPS: JP¥126 (vs JP¥79.49 in 1Q 2024) First quarter 2025 results: EPS: JP¥126 (up from JP¥79.49 in 1Q 2024). Revenue: JP¥11.7b (up 6.2% from 1Q 2024). Net income: JP¥801.0m (up 54% from 1Q 2024). Profit margin: 6.8% (up from 4.7% in 1Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 68 percentage points per year, which is a significant difference in performance. Declared Dividend • Jul 11
Final dividend of JP¥50.00 announced Shareholders will receive a dividend of JP¥50.00. Ex-date: 27th September 2024 Payment date: 28th November 2024 Dividend yield will be 4.0%, which is higher than the industry average of 1.4%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months. However, the dividend is well covered by cash flows (49% cash payout ratio). The dividend has increased by an average of 7.2% per year over the past 10 years. However, payments have been volatile during that time. Announcement • Jun 28
SMK Corporation to Report Q1, 2025 Results on Jul 31, 2024 SMK Corporation announced that they will report Q1, 2025 results on Jul 31, 2024 Reported Earnings • May 11
Full year 2024 earnings released: JP¥74.94 loss per share (vs JP¥209 profit in FY 2023) Full year 2024 results: JP¥74.94 loss per share (down from JP¥209 profit in FY 2023). Revenue: JP¥46.5b (down 15% from FY 2023). Net loss: JP¥489.0m (down 137% from profit in FY 2023). Over the last 3 years on average, earnings per share has fallen by 54% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Announcement • May 11
SMK Corporation, Annual General Meeting, Jun 25, 2024 SMK Corporation, Annual General Meeting, Jun 25, 2024. New Risk • Apr 18
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: JP¥15.4b (US$99.7m) 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: Minor Risks Paying a dividend despite being loss-making. Market cap is less than US$100m (JP¥15.4b market cap, or US$99.7m). Announcement • Mar 28
SMK Corporation to Report Fiscal Year 2024 Results on May 09, 2024 SMK Corporation announced that they will report fiscal year 2024 results on May 09, 2024 Upcoming Dividend • Mar 21
Upcoming dividend of JP¥50.00 per share Eligible shareholders must have bought the stock before 28 March 2024. Payment date: 28 June 2024. The company is not currently making a profit but it is cash flow positive. Trailing yield: 3.7%. Within top quartile of Japanese dividend payers (3.2%). Higher than average of industry peers (1.4%). Reported Earnings • Feb 02
Third quarter 2024 earnings released: JP¥203 loss per share (vs JP¥82.79 loss in 3Q 2023) Third quarter 2024 results: JP¥203 loss per share (further deteriorated from JP¥82.79 loss in 3Q 2023). Revenue: JP¥11.2b (down 23% from 3Q 2023). Net loss: JP¥1.33b (loss widened 149% from 3Q 2023). Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Announcement • Nov 27
SMK Corporation to Report Q3, 2024 Results on Jan 30, 2024 SMK Corporation announced that they will report Q3, 2024 results on Jan 30, 2024 Reported Earnings • Oct 27
Second quarter 2024 earnings released: EPS: JP¥74.89 (vs JP¥228 in 2Q 2023) Second quarter 2024 results: EPS: JP¥74.89 (down from JP¥228 in 2Q 2023). Revenue: JP¥12.0b (down 20% from 2Q 2023). Net income: JP¥490.0m (down 66% from 2Q 2023). Profit margin: 4.1% (down from 9.7% in 2Q 2023). Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Announcement • Oct 26
SMK Corporation (TSE:6798) announces an Equity Buyback for 200,000 shares, representing 3.03% for ¥500 million. SMK Corporation (TSE:6798) announces a share repurchase program. Under the program, the company will repurchase 200,000 shares, representing 3.03% of its issued share capital, for ¥500 million. The purpose of the program is enhance shareholder returns and improve capital efficiency. The program will run until March 29, 2024. As of September 30, 2023, the company had 6,595,512 issued shares (excluding treasury stock) and 604,488 shares in treasury. Announcement • Aug 30
SMK Corporation to Report Q2, 2024 Results on Oct 25, 2023 SMK Corporation announced that they will report Q2, 2024 results on Oct 25, 2023 Reported Earnings • Jul 27
First quarter 2024 earnings released: EPS: JP¥79.48 (vs JP¥245 in 1Q 2023) First quarter 2024 results: EPS: JP¥79.48 (down from JP¥245 in 1Q 2023). Revenue: JP¥11.0b (down 13% from 1Q 2023). Net income: JP¥520.0m (down 66% from 1Q 2023). Profit margin: 4.7% (down from 12% in 1Q 2023). Over the last 3 years on average, earnings per share has increased by 57% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Announcement • Jun 11
SMK Corporation to Report Q1, 2024 Results on Jul 26, 2023 SMK Corporation announced that they will report Q1, 2024 results on Jul 26, 2023 Reported Earnings • Apr 29
Full year 2023 earnings released: EPS: JP¥209 (vs JP¥472 in FY 2022) Full year 2023 results: EPS: JP¥209 (down from JP¥472 in FY 2022). Revenue: JP¥54.8b (up 14% from FY 2022). Net income: JP¥1.33b (down 55% from FY 2022). Profit margin: 2.4% (down from 6.2% in FY 2022). Over the last 3 years on average, earnings per share has increased by 82% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥100.00 per share at 4.1% yield Eligible shareholders must have bought the stock before 30 March 2023. Payment date: 23 June 2023. Payout ratio is a comfortable 13% and this is well supported by cash flows. Trailing yield: 4.1%. Within top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (1.6%). Reported Earnings • Jan 28
Third quarter 2023 earnings released: JP¥82.78 loss per share (vs JP¥150 profit in 3Q 2022) Third quarter 2023 results: JP¥82.78 loss per share (down from JP¥150 profit in 3Q 2022). Revenue: JP¥14.5b (up 19% from 3Q 2022). Net loss: JP¥533.0m (down 157% from profit in 3Q 2022). Over the last 3 years on average, earnings per share has increased by 95% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Announcement • Dec 09
SMK Corporation to Report Q3, 2023 Results on Jan 27, 2023 SMK Corporation announced that they will report Q3, 2023 results on Jan 27, 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. 4 non-independent directors. Independent Outside Director Kaoru Ishikawa was the last independent director to join the board, commencing their role in 2017. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Oct 27
Second quarter 2023 earnings released: EPS: JP¥228 (vs JP¥133 in 2Q 2022) Second quarter 2023 results: EPS: JP¥228 (up from JP¥133 in 2Q 2022). Revenue: JP¥15.0b (up 25% from 2Q 2022). Net income: JP¥1.46b (up 71% from 2Q 2022). Profit margin: 9.7% (up from 7.1% in 2Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 102% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Announcement • Sep 11
SMK Corporation to Report Q2, 2023 Results on Oct 25, 2022 SMK Corporation announced that they will report Q2, 2023 results on Oct 25, 2022 Reported Earnings • Jul 27
First quarter 2023 earnings released: EPS: JP¥245 (vs JP¥19.58 in 1Q 2022) First quarter 2023 results: EPS: JP¥245 (up from JP¥19.58 in 1Q 2022). Revenue: JP¥12.6b (up 11% from 1Q 2022). Net income: JP¥1.53b (up JP¥1.40b from 1Q 2022). Profit margin: 12% (up from 1.1% in 1Q 2022). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 99% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Announcement • Jun 29
SMK Corporation to Report Q1, 2023 Results on Jul 26, 2022 SMK Corporation announced that they will report Q1, 2023 results on Jul 26, 2022 Reported Earnings • Jun 26
Full year 2022 earnings released Full year 2022 results: Revenue: JP¥48.2b (flat on FY 2021). Net income: JP¥2.99b (up 56% from FY 2021). Profit margin: 6.2% (up from 3.9% in FY 2021). Announcement • May 02
SMK Corporation, Annual General Meeting, Jun 22, 2022 SMK Corporation, Annual General Meeting, Jun 22, 2022. Reported Earnings • Apr 30
Full year 2022 earnings released: EPS: JP¥472 (vs JP¥298 in FY 2021) Full year 2022 results: EPS: JP¥472 (up from JP¥298 in FY 2021). Revenue: JP¥48.2b (flat on FY 2021). Net income: JP¥2.99b (up 56% from FY 2021). Profit margin: 6.2% (up from 3.9% in FY 2021). Over the last 3 years on average, earnings per share has increased by 89% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. 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. 9 experienced directors. No highly experienced directors. 2 independent directors (4 non-independent directors). Independent Outside Director Kaoru Ishikawa was the last independent director to join the board, commencing their role in 2017. 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
SMK Corporation to Report Fiscal Year 2022 Results on Apr 28, 2022 SMK Corporation announced that they will report fiscal year 2022 results on Apr 28, 2022 Upcoming Dividend • Mar 23
Upcoming dividend of JP¥60.00 per share Eligible shareholders must have bought the stock before 30 March 2022. Payment date: 24 June 2022. Payout ratio is a comfortable 12% and this is well supported by cash flows. Trailing yield: 2.7%. Lower than top quartile of Japanese dividend payers (3.4%). Higher than average of industry peers (1.3%). Reported Earnings • Jan 26
Third quarter 2022 earnings: Revenues and EPS in line with analyst expectations Third quarter 2022 results: EPS: JP¥150 (up from JP¥74.58 in 3Q 2021). Revenue: JP¥12.1b (down 6.4% from 3Q 2021). Net income: JP¥937.0m (up 95% from 3Q 2021). Profit margin: 7.7% (up from 3.7% in 3Q 2021). The increase in margin was driven by lower expenses. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 84% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Reported Earnings • Oct 27
Second quarter 2022 earnings released: EPS JP¥133 (vs JP¥129 in 2Q 2021) The company reported a decent second quarter result with improved earnings and profit margins, although revenues were weaker. Second quarter 2022 results: Revenue: JP¥12.1b (down 3.5% from 2Q 2021). Net income: JP¥853.0m (up 2.9% from 2Q 2021). Profit margin: 7.1% (up from 6.6% in 2Q 2021). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 66% 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 • Sep 10
Investor sentiment improved over the past week After last week's 17% share price gain to JP¥2,500, the stock trades at a trailing P/E ratio of 7x. Average trailing P/E is 14x in the Electronic industry in Japan. Total loss to shareholders of 15% over the past three years. Announcement • Sep 01
SMK Corporation (TSE:6798) announces an Equity Buyback for 200,000 shares, representing 3.08% for ¥500 million. SMK Corporation (TSE:6798) announces a share repurchase program. Under the program, the company will repurchase 200,000 shares, representing 3.08% of the outstanding shares for ¥500 million. The purpose of the program is enhance shareholder returns and improve capital efficiency. The program will run until November 30, 2021. As of July 31, 2021, the company had 6,491,199 shares outstanding and 1,008,801 shares in treasury. Reported Earnings • Jul 28
First quarter 2022 earnings released: EPS JP¥19.58 (vs JP¥38.22 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¥11.4b (up 9.6% from 1Q 2021). Net income: JP¥126.0m (up JP¥372.0m from 1Q 2021). Profit margin: 1.1% (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 40% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Reported Earnings • Jun 27
Full year 2021 earnings released: EPS JP¥298 (vs JP¥411 loss 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¥48.6b (down 10% from FY 2020). Net income: JP¥1.92b (up JP¥4.57b from FY 2020). Profit margin: 3.9% (up from net loss in FY 2020). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Reported Earnings • Apr 29
Full year 2021 earnings released: EPS JP¥298 (vs JP¥411 loss 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¥48.6b (down 10% from FY 2020). Net income: JP¥1.92b (up JP¥4.57b from FY 2020). Profit margin: 3.9% (up from net loss in FY 2020). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥40.00 per share Eligible shareholders must have bought the stock before 30 March 2021. Payment date: 24 June 2021. Trailing yield: 1.4%. Lower than top quartile of Japanese dividend payers (2.7%). Higher than average of industry peers (1.1%). Announcement • Mar 21
SMK Corporation to Report Fiscal Year 2021 Results on Apr 27, 2021 SMK Corporation announced that they will report fiscal year 2021 results on Apr 27, 2021 Is New 90 Day High Low • Feb 24
New 90-day low: JP¥2,932 The company is down 2.0% from its price of JP¥2,997 on 26 November 2020. The Japanese market is up 10.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electronic industry, which is up 12% over the same period. Reported Earnings • Jan 28
Third quarter 2021 earnings released: EPS JP¥74.56 (vs JP¥123 in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: JP¥13.0b (down 7.9% from 3Q 2020). Net income: JP¥480.0m (down 40% from 3Q 2020). Profit margin: 3.7% (down from 5.6% in 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 56% per year but the company’s share price has only fallen by 14% per year, which means it has not declined as severely as earnings. Announcement • Jan 07
SMK Corporation to Report Q3, 2021 Results on Jan 26, 2021 SMK Corporation announced that they will report Q3, 2021 results on Jan 26, 2021 Is New 90 Day High Low • Dec 01
New 90-day high: JP¥3,170 The company is up 25% from its price of JP¥2,540 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 Electronic industry, which is up 20% over the same period. Announcement • Sep 04
SMK Corporation to Report Q2, 2021 Results on Oct 27, 2020 SMK Corporation announced that they will report Q2, 2021 results on Oct 27, 2020 Announcement • Jul 18
SMK Corporation to Report Q1, 2021 Results on Jul 28, 2020 SMK Corporation announced that they will report Q1, 2021 results on Jul 28, 2020