New Risk • May 11
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 28% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (17% average weekly change). Minor Risk Shareholders have been diluted in the past year (28% increase in shares outstanding). Valuation Update With 7 Day Price Move • May 08
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to JP¥1,930, the stock trades at a trailing P/E ratio of 14.2x. Average trailing P/E is 13x in the Communications industry in Japan. Total returns to shareholders of 198% over the past three years. Valuation Update With 7 Day Price Move • Apr 17
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to JP¥1,497, the stock trades at a trailing P/E ratio of 11x. Average trailing P/E is 12x in the Communications industry in Japan. Total returns to shareholders of 120% over the past three years. Reported Earnings • Mar 17
First quarter 2026 earnings released First quarter 2026 results: EPS: JP¥111. Net income: JP¥741.0m (up JP¥741.0m from 1Q 2025). Over the last 3 years on average, earnings per share has increased by 101% per year but the company’s share price has only increased by 27% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Mar 16
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to JP¥1,076, the stock trades at a trailing P/E ratio of 27.4x. Average trailing P/E is 15x in the Communications industry in Japan. Total returns to shareholders of 63% over the past three years. New Risk • Feb 24
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 8.4% 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. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Share price has been highly volatile over the past 3 months (8.4% average weekly change). Earnings have declined by 32% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (JP¥6.71b market cap, or US$43.1m). Valuation Update With 7 Day Price Move • Feb 19
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to JP¥958, the stock trades at a trailing P/E ratio of 24.4x. Average trailing P/E is 16x in the Communications industry in Japan. Total returns to shareholders of 42% over the past three years. Reported Earnings • Dec 16
Full year 2025 earnings released: EPS: JP¥41.14 (vs JP¥26.13 loss in FY 2024) Full year 2025 results: EPS: JP¥41.14 (up from JP¥26.13 loss in FY 2024). Revenue: JP¥5.59b (up 18% from FY 2024). Net income: JP¥268.0m (up JP¥436.0m from FY 2024). Profit margin: 4.8% (up from net loss in FY 2024). Over the last 3 years on average, earnings per share has increased by 69% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Announcement • Dec 15
Tamagawa Holdings Co., Ltd., Annual General Meeting, Jan 29, 2026 Tamagawa Holdings Co., Ltd., Annual General Meeting, Jan 29, 2026. Announcement • Dec 05
Tamagawa Holdings Co., Ltd. announced that it expects to receive ¥6.081287 million in funding from Cantor Fitzgerald Europe Tamagawa Holdings Co., Ltd. announced a private placement of 8,144 15th Stock Acquisition Rights for gross proceeds of ¥3,102,864; 6,515 16th Stock Acquisition Rights for gross proceeds of ¥2,430,095; and 1,608 17th Stock Acquisition Rights for gross proceeds of ¥548,328 on December 4, 2025. The transaction included participation from new investor Cantor Fitzgerald Europe. New Risk • Nov 04
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: Major Risk Debt is not well covered by operating cash flow (12% operating cash flow to total debt). Minor Risks Latest financial reports are more than 6 months old (reported October 2024 fiscal period end). Share price has been volatile over the past 3 months (5.4% average weekly change). Market cap is less than US$100m (JP¥5.17b market cap, or US$33.6m). Announcement • Oct 28
Tamagawa Holdings Co., Ltd. to Report Fiscal Year 2025 Results on Dec 15, 2025 Tamagawa Holdings Co., Ltd. announced that they will report fiscal year 2025 results at 9:00 AM, Tokyo Standard Time on Dec 15, 2025 New Risk • Sep 17
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: Major Risks Debt is not well covered by operating cash flow (12% operating cash flow to total debt). Earnings have declined by 66% per year over the past 5 years. Minor Risks Latest financial reports are more than 6 months old (reported October 2024 fiscal period end). Share price has been volatile over the past 3 months (5.2% average weekly change). Market cap is less than US$100m (JP¥4.96b market cap, or US$33.9m). New Risk • Aug 18
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended October 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (12% operating cash flow to total debt). Earnings have declined by 66% per year over the past 5 years. Minor Risks Latest financial reports are more than 6 months old (reported October 2024 fiscal period end). Market cap is less than US$100m (JP¥5.03b market cap, or US$34.1m). Announcement • Jul 25
Tamagawa Holdings Co., Ltd. to Report Q3, 2025 Results on Sep 16, 2025 Tamagawa Holdings Co., Ltd. announced that they will report Q3, 2025 results on Sep 16, 2025 Declared Dividend • Jun 15
Dividend of JP¥3.00 announced Dividend of JP¥3.00 is the same as last year. Ex-date: 30th October 2025 Payment date: 1st January 1970 Dividend yield will be 0.4%, which is lower than the industry average of 2.9%. Announcement • Apr 01
Tamagawa Holdings Co., Ltd. to Report Q2, 2025 Results on Jun 13, 2025 Tamagawa Holdings Co., Ltd. announced that they will report Q2, 2025 results on Jun 13, 2025 Announcement • Feb 26
Tamagawa Holdings Co., Ltd. to Report Q1, 2025 Results on Mar 14, 2025 Tamagawa Holdings Co., Ltd. announced that they will report Q1, 2025 results on Mar 14, 2025 Announcement • Dec 13
Tamagawa Holdings Co., Ltd., Annual General Meeting, Jan 30, 2025 Tamagawa Holdings Co., Ltd., Annual General Meeting, Jan 30, 2025. Announcement • Oct 24
Tamagawa Holdings Co., Ltd. to Report First Half, 2025 Results on Dec 13, 2024 Tamagawa Holdings Co., Ltd. announced that they will report first half, 2025 results on Dec 13, 2024 Reported Earnings • Aug 19
First quarter 2025 earnings released: JP¥2.93 loss per share (vs JP¥36.81 loss in 1Q 2024) First quarter 2025 results: JP¥2.93 loss per share (improved from JP¥36.81 loss in 1Q 2024). Revenue: JP¥972.0m (up 59% from 1Q 2024). Net loss: JP¥19.0m (loss narrowed 91% from 1Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 58 percentage points per year, which is a significant difference in performance. New Risk • Aug 05
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Japanese stocks, typically moving 6.7% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Earnings have declined by 63% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (6.7% average weekly change). Shareholders have been diluted in the past year (5.5% increase in shares outstanding). Market cap is less than US$100m (JP¥3.80b market cap, or US$26.7m). Announcement • Jun 27
Tamagawa Holdings Co., Ltd. to Report Q1, 2025 Results on Aug 14, 2024 Tamagawa Holdings Co., Ltd. announced that they will report Q1, 2025 results at 9:00 AM, Tokyo Standard Time on Aug 14, 2024 Reported Earnings • May 21
Full year 2024 earnings released: JP¥70.96 loss per share (vs JP¥80.69 loss in FY 2023) Full year 2024 results: JP¥70.96 loss per share (improved from JP¥80.69 loss in FY 2023). Revenue: JP¥4.15b (up 26% from FY 2023). Net loss: JP¥443.0m (loss narrowed 8.1% from FY 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 66 percentage points per year, which is a significant difference in performance. Announcement • May 18
Tamagawa Holdings Co., Ltd., Annual General Meeting, Jun 27, 2024 Tamagawa Holdings Co., Ltd., Annual General Meeting, Jun 27, 2024. New Risk • Apr 19
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 8.2% 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. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Share price has been highly volatile over the past 3 months (8.2% average weekly change). Earnings have declined by 58% per year over the past 5 years. Minor Risks Shareholders have been diluted in the past year (5.8% increase in shares outstanding). Market cap is less than US$100m (JP¥5.34b market cap, or US$34.6m). Announcement • Apr 10
Tamagawa Holdings Co., Ltd. to Report Fiscal Year 2024 Results on May 15, 2024 Tamagawa Holdings Co., Ltd. announced that they will report fiscal year 2024 results on May 15, 2024 Reported Earnings • Feb 17
Third quarter 2024 earnings released: JP¥1.43 loss per share (vs JP¥20.79 loss in 3Q 2023) Third quarter 2024 results: JP¥1.43 loss per share (improved from JP¥20.79 loss in 3Q 2023). Revenue: JP¥962.0m (up 16% from 3Q 2023). Net loss: JP¥9.00m (loss narrowed 93% from 3Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 72 percentage points per year, which is a significant difference in performance. Announcement • Dec 28
Tamagawa Holdings Co., Ltd. to Report Q3, 2024 Results on Feb 09, 2024 Tamagawa Holdings Co., Ltd. announced that they will report Q3, 2024 results on Feb 09, 2024 New Risk • Nov 12
New major risk - Financial position The company's debt is not well covered by operating cash flow. Currently running at an operating cash loss. This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Earnings have declined by 50% per year over the past 5 years. Minor Risks Shareholders have been diluted in the past year (4.7% increase in shares outstanding). Market cap is less than US$100m (JP¥4.46b market cap, or US$29.4m). Reported Earnings • Nov 12
Second quarter 2024 earnings released: JP¥25.98 loss per share (vs JP¥28.48 loss in 2Q 2023) Second quarter 2024 results: JP¥25.98 loss per share (improved from JP¥28.48 loss in 2Q 2023). Revenue: JP¥839.0m (up 36% from 2Q 2023). Net loss: JP¥163.0m (loss narrowed 4.7% from 2Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 78 percentage points per year, which is a significant difference in performance. Announcement • Sep 28
Tamagawa Holdings Co., Ltd. to Report Q2, 2024 Results on Nov 10, 2023 Tamagawa Holdings Co., Ltd. announced that they will report Q2, 2024 results on Nov 10, 2023 Reported Earnings • Aug 12
First quarter 2024 earnings released: JP¥36.81 loss per share (vs JP¥27.96 loss in 1Q 2023) First quarter 2024 results: JP¥36.81 loss per share (further deteriorated from JP¥27.96 loss in 1Q 2023). Revenue: JP¥612.0m (up 33% from 1Q 2023). Net loss: JP¥222.0m (loss widened 35% from 1Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 86 percentage points per year, which is a significant difference in performance. Announcement • Jul 12
Tamagawa Holdings Co., Ltd. to Report Q1, 2024 Results on Aug 10, 2023 Tamagawa Holdings Co., Ltd. announced that they will report Q1, 2024 results on Aug 10, 2023 New Risk • Jul 06
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 8.0% 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. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (8.0% average weekly change). Earnings have declined by 22% per year over the past 5 years. Minor Risks Shareholders have been diluted in the past year (2.5% increase in shares outstanding). Market cap is less than US$100m (JP¥5.57b market cap, or US$38.7m). Upcoming Dividend • Mar 23
Upcoming dividend of JP¥5.00 per share at 0.7% yield Eligible shareholders must have bought the stock before 30 March 2023. Payment date: 27 June 2023. The company is not currently making a profit and is not cash flow positive. Trailing yield: 0.7%. Lower than top quartile of Japanese dividend payers (3.6%). Lower than average of industry peers (3.1%). Reported Earnings • Feb 16
Third quarter 2023 earnings released: JP¥20.79 loss per share (vs JP¥3.26 profit in 3Q 2022) Third quarter 2023 results: JP¥20.79 loss per share (down from JP¥3.26 profit in 3Q 2022). Revenue: JP¥833.0m (down 33% from 3Q 2022). Net loss: JP¥125.0m (down JP¥144.0m from profit in 3Q 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 66 percentage points per year, which is a significant difference in performance. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 7 non-independent directors. Independent External Director Naruhito Kusaka was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 13
Second quarter 2023 earnings released: JP¥28.48 loss per share (vs JP¥2.09 loss in 2Q 2022) Second quarter 2023 results: JP¥28.48 loss per share (further deteriorated from JP¥2.09 loss in 2Q 2022). Revenue: JP¥615.0m (down 36% from 2Q 2022). Net loss: JP¥171.0m (loss widened JP¥159.0m from 2Q 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 55 percentage points per year, which is a significant difference in performance. Announcement • Oct 07
Tamagawa Holdings Co., Ltd. to Report Q2, 2023 Results on Nov 11, 2022 Tamagawa Holdings Co., Ltd. announced that they will report Q2, 2023 results on Nov 11, 2022 Reported Earnings • Aug 15
First quarter 2023 earnings released: JP¥27.96 loss per share (vs JP¥23.04 profit in 1Q 2022) First quarter 2023 results: JP¥27.96 loss per share (down from JP¥23.04 profit in 1Q 2022). Revenue: JP¥460.0m (down 76% from 1Q 2022). Net loss: JP¥164.0m (down 224% from profit in 1Q 2022). Over the last 3 years on average, earnings per share has fallen by 51% per year but the company’s share price has only fallen by 21% per year, which means it has not declined as severely as earnings. Announcement • Jul 10
Tamagawa Holdings Co., Ltd. to Report Q1, 2023 Results on Aug 12, 2022 Tamagawa Holdings Co., Ltd. announced that they will report Q1, 2023 results on Aug 12, 2022 Announcement • May 18
Tamagawa Holdings Co., Ltd., Annual General Meeting, Jun 24, 2022 Tamagawa Holdings Co., Ltd., Annual General Meeting, Jun 24, 2022. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 7 non-independent directors. Independent External Director Naruhito Kusaka was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Apr 08
Tamagawa Holdings Co., Ltd. to Report Fiscal Year 2022 Results on May 16, 2022 Tamagawa Holdings Co., Ltd. announced that they will report fiscal year 2022 results on May 16, 2022 Valuation Update With 7 Day Price Move • Apr 05
Investor sentiment improved over the past week After last week's 16% share price gain to JP¥982, the stock trades at a trailing P/E ratio of 34.6x. Average trailing P/E is 15x in the Communications industry in Japan. Total loss to shareholders of 9.6% over the past three years. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥5.00 per share Eligible shareholders must have bought the stock before 30 March 2022. Payment date: 28 June 2022. Payout ratio is a comfortable 25% and this is well supported by cash flows. Trailing yield: 0.6%. Lower than top quartile of Japanese dividend payers (3.4%). Lower than average of industry peers (2.9%). Reported Earnings • Feb 18
Third quarter 2022 earnings: Revenues and EPS in line with analyst expectations Third quarter 2022 results: EPS: JP¥3.26 (down from JP¥6.71 in 3Q 2021). Revenue: JP¥1.24b (up 18% from 3Q 2021). Net income: JP¥19.0m (down 49% from 3Q 2021). Profit margin: 1.5% (down from 3.5% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. 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 4% per year, which means it is well ahead of earnings. Reported Earnings • Nov 15
Second quarter 2022 earnings released: JP¥2.09 loss per share (vs JP¥5.20 loss in 2Q 2021) The company reported a decent second quarter result with reduced losses and improved control over expenses, although revenues were weaker. Second quarter 2022 results: Revenue: JP¥967.0m (down 11% from 2Q 2021). Net loss: JP¥12.0m (loss narrowed 57% from 2Q 2021). Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Sep 13
Investor sentiment improved over the past week After last week's 15% share price gain to JP¥1,475, the stock trades at a trailing P/E ratio of 50.7x. Average trailing P/E is 14x in the Communications industry in Japan. Total returns to shareholders of 74% over the past three years. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥5.00 per share Eligible shareholders must have bought the stock before 30 March 2021. Payment date: 29 June 2021. Trailing yield: 0.3%. Lower than top quartile of Japanese dividend payers (2.7%). Lower than average of industry peers (1.8%). Announcement • Mar 04
Tamagawa Holdings Co., Ltd. to Report Fiscal Year 2021 Results on May 20, 2021 Tamagawa Holdings Co., Ltd. announced that they will report fiscal year 2021 results on May 20, 2021 Is New 90 Day High Low • Feb 15
New 90-day low: JP¥1,950 The company is down 7.0% from its price of JP¥2,099 on 17 November 2020. The Japanese market is up 11% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Communications industry, which is up 1.0% over the same period. Reported Earnings • Feb 14
Third quarter 2021 earnings released: EPS JP¥6.71 (vs JP¥23.83 in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: JP¥1.06b (down 9.1% from 3Q 2020). Net income: JP¥37.0m (down 58% from 3Q 2020). Profit margin: 3.5% (down from 7.6% in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 92% per year but the company’s share price has only increased by 28% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jan 13
Investor sentiment improved over the past week After last week's 16% share price gain to JP¥2,359, the stock is trading at a trailing P/E ratio of 34x, up from the previous P/E ratio of 29.4x. This compares to an average P/E of 29x in the Communications industry in Japan. Total returns to shareholders over the past three years are 108%. Is New 90 Day High Low • Dec 22
New 90-day low: JP¥1,994 The company is down 10.0% from its price of JP¥2,227 on 23 September 2020. The Japanese market is up 8.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Communications industry, which is up 3.0% over the same period. Reported Earnings • Nov 16
Second quarter 2021 earnings released: JP¥5.20 loss per share The company reported a poor second quarter result with weaker earnings, revenues and control over expenses. Second quarter 2021 results: Revenue: JP¥1.09b (down 38% from 2Q 2020). Net loss: JP¥28.0m (down 112% from profit in 2Q 2020). Over the last 3 years on average, earnings per share has increased by 105% per year but the company’s share price has only increased by 24% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Oct 13
New 90-day high: JP¥2,466 The company is up 9.0% from its price of JP¥2,259 on 15 July 2020. The Japanese market is up 6.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Communications industry, which is up 5.0% over the same period. Announcement • Aug 30
Tamagawa Holdings Co., Ltd. to Report Q2, 2021 Results on Nov 13, 2020 Tamagawa Holdings Co., Ltd. announced that they will report Q2, 2021 results on Nov 13, 2020 Announcement • Jul 05
Tamagawa Holdings Co., Ltd. to Report Q1, 2021 Results on Aug 14, 2020 Tamagawa Holdings Co., Ltd. announced that they will report Q1, 2021 results on Aug 14, 2020 
