Buy Or Sell Opportunity • Jun 11
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 12% to JP¥710. The fair value is estimated to be JP¥906, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.8% over the last 3 years. Earnings per share has grown by 19%. Valuation Update With 7 Day Price Move • May 26
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to JP¥848, the stock trades at a trailing P/E ratio of 12.6x. Average trailing P/E is 16x in the Electronic industry in Japan. Total returns to shareholders of 144% over the past three years. Reported Earnings • May 20
Full year 2026 earnings released: EPS: JP¥64.93 (vs JP¥45.93 in FY 2025) Full year 2026 results: EPS: JP¥64.93 (up from JP¥45.93 in FY 2025). Revenue: JP¥15.6b (up 3.6% from FY 2025). Net income: JP¥1.40b (up 36% from FY 2025). Profit margin: 9.0% (up from 6.8% in FY 2025). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 19% per year whereas the company’s share price has increased by 24% per year. Announcement • May 15
OVAL Corporation, Annual General Meeting, Jun 26, 2026 OVAL Corporation, Annual General Meeting, Jun 26, 2026. Announcement • May 10
OVAL Corporation to Report Fiscal Year 2026 Results on May 15, 2026 OVAL Corporation announced that they will report fiscal year 2026 results on May 15, 2026 New Risk • Mar 23
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: JP¥15.7b (US$98.7m) 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 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 (7.4% average weekly change). Market cap is less than US$100m (JP¥15.7b market cap, or US$98.7m). Upcoming Dividend • Mar 23
Upcoming dividend of JP¥10.00 per share Eligible shareholders must have bought the stock before 30 March 2026. Payment date: 30 June 2026. Payout ratio is a comfortable 47% and this is well supported by cash flows. Trailing yield: 2.7%. Lower than top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (1.6%). Reported Earnings • Feb 16
Third quarter 2026 earnings released: EPS: JP¥16.60 (vs JP¥15.09 in 3Q 2025) Third quarter 2026 results: EPS: JP¥16.60 (up from JP¥15.09 in 3Q 2025). Revenue: JP¥3.76b (up 5.3% from 3Q 2025). Net income: JP¥352.0m (up 4.1% from 3Q 2025). Profit margin: 9.4% (in line with 3Q 2025). Over the last 3 years on average, earnings per share has increased by 20% per year whereas the company’s share price has increased by 18% per year. New Risk • Jan 23
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 Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (5.4% average weekly change). Valuation Update With 7 Day Price Move • Jan 22
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to JP¥769, the stock trades at a trailing P/E ratio of 13.8x. Average trailing P/E is 15x in the Electronic industry in Japan. Total returns to shareholders of 93% over the past three years. Declared Dividend • Dec 03
First half dividend of JP¥10.00 announced Shareholders will receive a dividend of JP¥10.00. Ex-date: 30th March 2026 Payment date: 30th June 2026 Dividend yield will be 3.4%, which is higher than the industry average of 1.4%. Sustainability & Growth Dividend is well covered by both earnings (17% earnings payout ratio) and cash flows (27% cash payout ratio). The dividend has increased by an average of 15% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 90% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Nov 18
Second quarter 2026 earnings released: EPS: JP¥11.19 (vs JP¥12.59 in 2Q 2025) Second quarter 2026 results: EPS: JP¥11.19 (down from JP¥12.59 in 2Q 2025). Revenue: JP¥3.70b (down 3.3% from 2Q 2025). Net income: JP¥248.0m (down 12% from 2Q 2025). Profit margin: 6.7% (down from 7.4% in 2Q 2025). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥10.00 per share Eligible shareholders must have bought the stock before 29 September 2025. Payment date: 03 December 2025. Payout ratio is a comfortable 29% and this is well supported by cash flows. Trailing yield: 3.2%. Lower than top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (1.7%). Valuation Update With 7 Day Price Move • Aug 18
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to JP¥567, the stock trades at a trailing P/E ratio of 10.2x. Average trailing P/E is 14x in the Electronic industry in Japan. Total returns to shareholders of 23% over the past three years. Reported Earnings • Aug 09
First quarter 2026 earnings released: EPS: JP¥15.71 (vs JP¥6.25 in 1Q 2025) First quarter 2026 results: EPS: JP¥15.71 (up from JP¥6.25 in 1Q 2025). Revenue: JP¥3.67b (up 11% from 1Q 2025). Net income: JP¥352.0m (up 151% from 1Q 2025). Profit margin: 9.6% (up from 4.2% in 1Q 2025). The increase in margin was driven by higher revenue. 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 3% per year, which means it is significantly lagging earnings. Announcement • Aug 08
OVAL Corporation (TSE:7727) announces an Equity Buyback for 2,200,000 shares, representing 9.82% for ¥800 million. OVAL Corporation (TSE:7727) announces a share repurchase program. Under the program, the company will repurchase up to 2,200,000 shares, representing 9.82% of its issued share capital, for ¥800 million. The purpose of the program is to improve capital efficiency and increase per-share value through a share count reduction. The program will run until August 17, 2026. As of July 31, 2025, the company had 22,403,879 shares in issue (excluding treasury stock) and 3,776,121 shares in treasury. Declared Dividend • Jul 09
Final dividend of JP¥10.00 announced Shareholders will receive a dividend of JP¥10.00. Ex-date: 29th September 2025 Payment date: 3rd December 2025 Dividend yield will be 4.2%, which is higher than the industry average of 1.4%. Sustainability & Growth Dividend is well covered by both earnings (15% earnings payout ratio) and cash flows (36% cash payout ratio). The dividend has increased by an average of 15% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 30% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • May 21
Full year 2025 earnings released: EPS: JP¥45.93 (vs JP¥49.19 in FY 2024) Full year 2025 results: EPS: JP¥45.93 (down from JP¥49.19 in FY 2024). Revenue: JP¥15.0b (up 4.9% from FY 2024). Net income: JP¥1.03b (down 6.6% from FY 2024). Profit margin: 6.8% (down from 7.7% in FY 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to JP¥335, the stock trades at a trailing P/E ratio of 7.4x. Average trailing P/E is 11x in the Electronic industry in Japan. Total returns to shareholders of 25% over the past three years. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥9.00 per share Eligible shareholders must have bought the stock before 28 March 2025. Payment date: 30 June 2025. Payout ratio is a comfortable 15% and this is well supported by cash flows. Trailing yield: 3.1%. Lower than top quartile of Japanese dividend payers (3.7%). Higher than average of industry peers (1.7%). Valuation Update With 7 Day Price Move • Feb 21
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to JP¥431, the stock trades at a trailing P/E ratio of 9.5x. Average trailing P/E is 13x in the Electronic industry in Japan. Total returns to shareholders of 70% over the past three years. New Risk • Feb 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: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (5.2% average weekly change). Market cap is less than US$100m (JP¥9.66b market cap, or US$63.7m). Reported Earnings • Feb 16
Third quarter 2025 earnings released: EPS: JP¥15.09 (vs JP¥13.08 in 3Q 2024) Third quarter 2025 results: EPS: JP¥15.09 (up from JP¥13.08 in 3Q 2024). Revenue: JP¥3.57b (flat on 3Q 2024). Net income: JP¥338.0m (up 15% from 3Q 2024). Profit margin: 9.5% (up from 8.2% in 3Q 2024). Over the last 3 years on average, earnings per share has increased by 42% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Declared Dividend • Dec 04
First half dividend of JP¥9.00 announced Shareholders will receive a dividend of JP¥9.00. Ex-date: 28th March 2025 Payment date: 30th June 2025 Dividend yield will be 4.4%, which is higher than the industry average of 1.4%. Sustainability & Growth Dividend is covered by both earnings (16% earnings payout ratio) and cash flows (52% cash payout ratio). The dividend has increased by an average of 11% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 13% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Upcoming Dividend • Sep 20
Upcoming dividend of JP¥7.00 per share Eligible shareholders must have bought the stock before 27 September 2024. Payment date: 04 December 2024. Payout ratio is a comfortable 27% and this is well supported by cash flows. Trailing yield: 3.9%. Within top quartile of Japanese dividend payers (3.8%). Higher than average of industry peers (1.5%). Reported Earnings • Aug 14
First quarter 2025 earnings released: EPS: JP¥6.25 (vs JP¥3.26 in 1Q 2024) First quarter 2025 results: EPS: JP¥6.25 (up from JP¥3.26 in 1Q 2024). Revenue: JP¥3.30b (up 15% from 1Q 2024). Net income: JP¥140.0m (up 92% from 1Q 2024). Profit margin: 4.2% (up from 2.6% in 1Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 56% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. 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 7.4% 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 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 (7.4% average weekly change). Market cap is less than US$100m (JP¥6.92b market cap, or US$48.6m). Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 31% After last week's 31% share price decline to JP¥309, the stock trades at a trailing P/E ratio of 6.3x. Average trailing P/E is 12x in the Electronic industry in Japan. Total returns to shareholders of 19% over the past three years. Declared Dividend • Jul 11
Final dividend of JP¥7.00 announced Shareholders will receive a dividend of JP¥7.00. Ex-date: 27th September 2024 Payment date: 4th December 2024 Dividend yield will be 3.0%, which is higher than the industry average of 1.4%. Sustainability & Growth Dividend is well covered by both earnings (28% earnings payout ratio) and cash flows (49% cash payout ratio). The dividend has increased by an average of 12% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 18% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • May 19
Full year 2024 earnings released: EPS: JP¥49.19 (vs JP¥28.97 in FY 2023) Full year 2024 results: EPS: JP¥49.19 (up from JP¥28.97 in FY 2023). Revenue: JP¥14.3b (up 7.8% from FY 2023). Net income: JP¥1.10b (up 70% from FY 2023). Profit margin: 7.7% (up from 4.9% in FY 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 63% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Announcement • May 17
OVAL Corporation, Annual General Meeting, Jun 27, 2024 OVAL Corporation, Annual General Meeting, Jun 27, 2024. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥7.00 per share Eligible shareholders must have bought the stock before 28 March 2024. Payment date: 01 July 2024. Payout ratio is a comfortable 28% and this is well supported by cash flows. Trailing yield: 2.6%. Lower than top quartile of Japanese dividend payers (3.2%). Higher than average of industry peers (1.4%). Announcement • Mar 02
OVAL Corporation to Report Fiscal Year 2024 Results on May 15, 2024 OVAL Corporation announced that they will report fiscal year 2024 results on May 15, 2024 Valuation Update With 7 Day Price Move • Feb 27
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to JP¥603, the stock trades at a trailing P/E ratio of 14x. Average trailing P/E is 14x in the Electronic industry in Japan. Total returns to shareholders of 127% over the past three years. Reported Earnings • Feb 10
Third quarter 2024 earnings released: EPS: JP¥13.08 (vs JP¥10.45 in 3Q 2023) Third quarter 2024 results: EPS: JP¥13.08 (up from JP¥10.45 in 3Q 2023). Revenue: JP¥3.58b (up 7.5% from 3Q 2023). Net income: JP¥293.0m (up 25% from 3Q 2023). Profit margin: 8.2% (up from 7.0% in 3Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 72% per year but the company’s share price has only increased by 23% per year, which means it is significantly lagging earnings growth. New Risk • Jan 23
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 5.7% 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: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (5.7% average weekly change). Market cap is less than US$100m (JP¥12.5b market cap, or US$84.3m). Valuation Update With 7 Day Price Move • Nov 17
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to JP¥500, the stock trades at a trailing P/E ratio of 12.4x. Average trailing P/E is 13x in the Electronic industry in Japan. Total returns to shareholders of 131% over the past three years. Reported Earnings • Nov 11
Second quarter 2024 earnings released: EPS: JP¥21.29 (vs JP¥13.66 in 2Q 2023) Second quarter 2024 results: EPS: JP¥21.29 (up from JP¥13.66 in 2Q 2023). Revenue: JP¥4.12b (up 16% from 2Q 2023). Net income: JP¥477.0m (up 56% from 2Q 2023). Profit margin: 12% (up from 8.6% in 2Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 77% per year but the company’s share price has only increased by 23% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Sep 21
Upcoming dividend of JP¥7.00 per share at 2.2% yield Eligible shareholders must have bought the stock before 28 September 2023. Payment date: 04 December 2023. Payout ratio is a comfortable 27% and this is well supported by cash flows. Trailing yield: 2.2%. Lower than top quartile of Japanese dividend payers (3.3%). Higher than average of industry peers (1.4%). Reported Earnings • Aug 12
First quarter 2024 earnings released: EPS: JP¥3.26 (vs JP¥0.54 loss in 1Q 2023) First quarter 2024 results: EPS: JP¥3.26 (up from JP¥0.54 loss in 1Q 2023). Revenue: JP¥2.86b (up 11% from 1Q 2023). Net income: JP¥73.0m (up JP¥85.0m from 1Q 2023). Profit margin: 2.6% (up from net loss in 1Q 2023). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 72% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 21
Full year 2023 earnings released: EPS: JP¥28.97 (vs JP¥12.77 in FY 2022) Full year 2023 results: EPS: JP¥28.97 (up from JP¥12.77 in FY 2022). Revenue: JP¥13.3b (up 20% from FY 2022). Net income: JP¥649.0m (up 127% from FY 2022). Profit margin: 4.9% (up from 2.6% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 59% per year but the company’s share price has only increased by 21% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥4.00 per share at 1.7% yield Eligible shareholders must have bought the stock before 30 March 2023. Payment date: 29 June 2023. Payout ratio is a comfortable 26% but the company is not cash flow positive. Trailing yield: 1.7%. Lower than top quartile of Japanese dividend payers (3.6%). In line with average of industry peers (1.6%). Reported Earnings • Feb 12
Third quarter 2023 earnings released: EPS: JP¥10.45 (vs JP¥2.23 in 3Q 2022) Third quarter 2023 results: EPS: JP¥10.45 (up from JP¥2.23 in 3Q 2022). Revenue: JP¥3.33b (up 26% from 3Q 2022). Net income: JP¥234.0m (up 368% from 3Q 2022). Profit margin: 7.0% (up from 1.9% in 3Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has only increased by 24% per year, which means it is significantly lagging earnings growth. Announcement • Dec 17
OVAL Corporation (TSE:7727) agreed to acquire Keihin Keisoku Co., Ltd. from Yasuyuki Shibayama and others. OVAL Corporation (TSE:7727) agreed to acquire Keihin Keisoku Co., Ltd. from Yasuyuki Shibayama and others on December 15, 2022. As per terms of transaction, OVAL Corporation will acquire 20,000 shares of Keihin Keisoku Co., Ltd. For the year ended December 31, 2021, Keihin Keisoku reported total assets of ¥91.8 million, net assets of ¥42.42 million, sales of ¥224.9 million, operating income of ¥8.59 million and net income ¥5.911 million. The transaction is expected to complete on January 20, 2023. Valuation Update With 7 Day Price Move • Nov 21
Investor sentiment improved over the past week After last week's 16% share price gain to JP¥538, the stock trades at a trailing P/E ratio of 28.9x. Average trailing P/E is 11x in the Electronic industry in Japan. Total returns to shareholders of 128% over the past three years. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 5 non-independent directors. Independent Outside Director Tadashi Matsumoto was the last independent director to join the board, commencing their role in 2022. 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: EPS: JP¥13.66 (vs JP¥7.45 in 2Q 2022) Second quarter 2023 results: EPS: JP¥13.66 (up from JP¥7.45 in 2Q 2022). Revenue: JP¥3.56b (up 17% from 2Q 2022). Net income: JP¥306.0m (up 83% from 2Q 2022). Profit margin: 8.6% (up from 5.5% in 2Q 2022). The increase in margin was driven by higher revenue. 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 21% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Oct 06
Investor sentiment improved over the past week After last week's 16% share price gain to JP¥510, the stock trades at a trailing P/E ratio of 41.1x. Average trailing P/E is 11x in the Electronic industry in Japan. Total returns to shareholders of 129% over the past three years. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥3.00 per share Eligible shareholders must have bought the stock before 29 September 2022. Payment date: 02 December 2022. Payout ratio is a comfortable 48% and this is well supported by cash flows. Trailing yield: 1.6%. Lower than top quartile of Japanese dividend payers (3.7%). In line with average of industry peers (1.6%). Buying Opportunity • Sep 21
Now 20% undervalued Over the last 90 days, the stock is up 51%. The fair value is estimated to be JP¥549, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 3.2% over the last 3 years. Earnings per share has declined by 24%. Reported Earnings • Aug 12
First quarter 2023 earnings released: JP¥0.54 loss per share (vs JP¥0.18 loss in 1Q 2022) First quarter 2023 results: JP¥0.54 loss per share (down from JP¥0.18 loss in 1Q 2022). Revenue: JP¥2.58b (up 7.7% from 1Q 2022). Net loss: JP¥12.0m (loss widened 200% from 1Q 2022). Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has increased by 34% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Jul 22
Investor sentiment improved over the past week After last week's 26% share price gain to JP¥502, the stock trades at a trailing P/E ratio of 39.3x. Average trailing P/E is 11x in the Electronic industry in Japan. Total returns to shareholders of 116% over the past three years. Valuation Update With 7 Day Price Move • Jul 07
Investor sentiment improved over the past week After last week's 18% share price gain to JP¥342, the stock trades at a trailing P/E ratio of 26.8x. Average trailing P/E is 11x in the Electronic industry in Japan. Total returns to shareholders of 41% over the past three years. Reported Earnings • May 16
Full year 2022 earnings released: EPS: JP¥12.77 (vs JP¥1.25 in FY 2021) Full year 2022 results: EPS: JP¥12.77 (up from JP¥1.25 in FY 2021). Revenue: JP¥11.1b (up 7.8% from FY 2021). Net income: JP¥286.0m (up JP¥258.0m from FY 2021). Profit margin: 2.6% (up from 0.3% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 34% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Announcement • May 14
OVAL Corporation, Annual General Meeting, Jun 28, 2022 OVAL Corporation, Annual General Meeting, Jun 28, 2022. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Outside Director Yukisada Ikegami was the last independent director to join the board, commencing their role in 2018. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Apr 08
OVAL Corporation to Report Fiscal Year 2022 Results on May 13, 2022 OVAL Corporation announced that they will report fiscal year 2022 results on May 13, 2022 Upcoming Dividend • Mar 23
Upcoming dividend of JP¥3.00 per share Eligible shareholders must have bought the stock before 30 March 2022. Payment date: 28 June 2022. Payout ratio is a comfortable 36% and this is well supported by cash flows. Trailing yield: 2.0%. Lower than top quartile of Japanese dividend payers (3.4%). Higher than average of industry peers (1.3%). Reported Earnings • Feb 12
Third quarter 2022 earnings: Revenues and EPS in line with analyst expectations Third quarter 2022 results: EPS: JP¥2.23 (up from JP¥0.58 loss in 3Q 2021). Revenue: JP¥2.64b (up 1.1% from 3Q 2021). Net income: JP¥50.0m (up JP¥63.0m from 3Q 2021). Profit margin: 1.9% (up from net loss in 3Q 2021). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has fallen by 37% 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: EPS JP¥7.45 (vs JP¥0.54 in 2Q 2021) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2022 results: Revenue: JP¥3.04b (up 13% from 2Q 2021). Net income: JP¥167.0m (up JP¥155.0m from 2Q 2021). Profit margin: 5.5% (up from 0.4% in 2Q 2021). Over the last 3 years on average, earnings per share has fallen by 42% 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.