Announcement • May 16
GLOSEL Co., Ltd. to Delist from Prime Section of Tokyo Stock Exchange, Effective May 30, 2024 GLOSEL Co., Ltd. will be delisted from Prime Section of Tokyo Stock Exchange effective from May 30, 2024 due to Reverse stock split. Announcement • May 09
GLOSEL Co., Ltd., Annual General Meeting, Jun 26, 2024 GLOSEL Co., Ltd., Annual General Meeting, Jun 26, 2024. Reported Earnings • May 08
Full year 2024 earnings released: EPS: JP¥34.93 (vs JP¥34.18 in FY 2023) Full year 2024 results: EPS: JP¥34.93 (up from JP¥34.18 in FY 2023). Revenue: JP¥73.4b (up 7.4% from FY 2023). Net income: JP¥994.0m (up 14% from FY 2023). Profit margin: 1.4% (up from 1.3% 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 79% per year but the company’s share price has only increased by 22% per year, which means it is significantly lagging earnings growth. Announcement • Mar 15
GLOSEL Co., Ltd. to Report Fiscal Year 2024 Results on May 07, 2024 GLOSEL Co., Ltd. announced that they will report fiscal year 2024 results on May 07, 2024 Announcement • Mar 01
Macnica, Inc. completed the acquisition of an 85.56% stake in GLOSEL Co., Ltd. (TSE:9995) from SAXA, Inc. and others for ¥18.9 billion Macnica, Inc. made an offer to acquire GLOSEL Co., Ltd. (TSE:9995) from SAXA, Inc. and others for ¥19 billion on November 27, 2023. Under the terms, Macnica will pay ¥645 per share as consideration. Macnica plans to allocate the entire amount from its own funds. GLOSEL established the special committee consisting of five members Yoshifumi Karita, Atsuko Matsumura, Kyo Hamano, Toshiyuki Otaka and Kozo Hayakawa. The tender offer period is scheduled to be 20 business days. As on January 29, 2024, the offer was revised to ¥750 per share. The period of purchase shall be from January 30, 2024 to February 28, 2024. SMBC Nikko Securities Inc. as a financial advisor and fairness opinion provider and Miura & Partners as legal advisor for Macnica, Inc. GLOSEL Co., Ltd. appointed Mizuho Securities as its independent financial advisor and Nagasawa & Partners as its legal advisor.Macnica, Inc. completed the acquisition of an 85.56% stake in GLOSEL Co., Ltd. (TSE:9995) from SAXA, Inc. and others for ¥18.9 billion on February 28, 2024. Reported Earnings • Jan 30
Third quarter 2024 earnings released: JP¥8.17 loss per share (vs JP¥4.80 loss in 3Q 2023) Third quarter 2024 results: JP¥8.17 loss per share (further deteriorated from JP¥4.80 loss in 3Q 2023). Revenue: JP¥18.9b (up 9.0% from 3Q 2023). Net loss: JP¥232.0m (loss widened 95% from 3Q 2023). Over the last 3 years on average, earnings per share has increased by 82% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Announcement • Nov 30
GLOSEL Co., Ltd. to Report Q3, 2024 Results on Jan 30, 2024 GLOSEL Co., Ltd. announced that they will report Q3, 2024 results on Jan 30, 2024 Announcement • Nov 29
Macnica, Inc. made an offer to acquire GLOSEL Co., Ltd. (TSE:9995) for ¥19 billion. Macnica, Inc. made an offer to acquire GLOSEL Co., Ltd. (TSE:9995) for ¥19 billion on November 27, 2023. We plan to allocate the entire amount from our own funds. SMBC Nikko Securities Inc. as a financial advisor and Miura & Partners as an external legal advisor for Macnica, Inc. GLOSEL Co., Ltd. appointed Mizuho Securities as its independent financial advisor and third-party valuation organization in early September 2023, and Nagasawa & Partners as its legal advisor. New Risk • Nov 28
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 6.2% 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 Share price has been volatile over the past 3 months (6.2% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.0% net profit margin). Shareholders have been diluted in the past year (15% increase in shares outstanding). Valuation Update With 7 Day Price Move • Nov 28
Investor sentiment improves as stock rises 27% After last week's 27% share price gain to JP¥547, the stock trades at a trailing P/E ratio of 21x. Average trailing P/E is 14x in the Electronic industry in Japan. Total returns to shareholders of 40% over the past three years. Announcement • Nov 15
Glosel Co., Ltd. Provides Consolidated Earnings Guidance for the Full Year of Fiscal Year Ending March 31, 2024 GLOSEL Co., Ltd. provided consolidated earnings guidance for the full year of fiscal year ending March 31, 2024. For the period, the company expects net sales of JPY 70,000 million, operating profit of JPY 790 million, profit attributable to owners of parent of JPY 910 million and basic earnings per share of JPY 32.11. Reported Earnings • Nov 01
Second quarter 2024 earnings released: EPS: JP¥7.69 (vs JP¥20.98 in 2Q 2023) Second quarter 2024 results: EPS: JP¥7.69 (down from JP¥20.98 in 2Q 2023). Revenue: JP¥19.2b (up 10.0% from 2Q 2023). Net income: JP¥218.0m (down 58% from 2Q 2023). Profit margin: 1.1% (down from 3.0% in 2Q 2023). Over the last 3 years on average, earnings per share has increased by 88% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Announcement • Sep 29
GLOSEL Co., Ltd. to Report Q2, 2024 Results on Oct 30, 2023 GLOSEL Co., Ltd. announced that they will report Q2, 2024 results on Oct 30, 2023 Reported Earnings • Jul 29
First quarter 2024 earnings released: EPS: JP¥20.31 (vs JP¥16.49 in 1Q 2023) First quarter 2024 results: EPS: JP¥20.31 (up from JP¥16.49 in 1Q 2023). Revenue: JP¥16.6b (up 2.6% from 1Q 2023). Net income: JP¥575.0m (up 41% from 1Q 2023). Profit margin: 3.5% (up from 2.5% in 1Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 87% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Announcement • May 28
GLOSEL Co., Ltd. to Report Q1, 2024 Results on Jul 28, 2023 GLOSEL Co., Ltd. announced that they will report Q1, 2024 results on Jul 28, 2023 Reported Earnings • May 19
Full year 2023 earnings released: EPS: JP¥34.18 (vs JP¥14.81 loss in FY 2022) Full year 2023 results: EPS: JP¥34.18 (up from JP¥14.81 loss in FY 2022). Revenue: JP¥68.3b (up 1.5% from FY 2022). Net income: JP¥872.0m (up JP¥1.23b from FY 2022). Profit margin: 1.3% (up from net loss in FY 2022). Over the last 3 years on average, earnings per share has increased by 75% 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¥12.00 per share at 2.8% yield Eligible shareholders must have bought the stock before 30 March 2023. Payment date: 08 June 2023. Payout ratio is a comfortable 26% and this is well supported by cash flows. Trailing yield: 2.8%. Lower than top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (1.6%). Reported Earnings • Feb 01
Third quarter 2023 earnings released: JP¥4.80 loss per share (vs JP¥17.62 profit in 3Q 2022) Third quarter 2023 results: JP¥4.80 loss per share (down from JP¥17.62 profit in 3Q 2022). Revenue: JP¥17.4b (down 4.7% from 3Q 2022). Net loss: JP¥119.0m (down 128% from profit in 3Q 2022). Over the last 3 years on average, earnings per share has increased by 61% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 18
Second quarter 2023 earnings released: EPS: JP¥20.98 (vs JP¥36.66 loss in 2Q 2022) Second quarter 2023 results: EPS: JP¥20.98 (up from JP¥36.66 loss in 2Q 2022). Revenue: JP¥17.4b (up 7.3% from 2Q 2022). Net income: JP¥519.0m (up JP¥1.41b from 2Q 2022). Profit margin: 3.0% (up from net loss in 2Q 2022). The move to profitability was primarily driven by higher revenue. 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 1% per year, which means it is significantly lagging earnings. 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. 4 non-independent directors. Independent Outside Director Miyako Hamano 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 • Oct 30
Second quarter 2023 earnings released: EPS: JP¥20.98 (vs JP¥36.66 loss in 2Q 2022) Second quarter 2023 results: EPS: JP¥20.98 (up from JP¥36.66 loss in 2Q 2022). Revenue: JP¥17.4b (up 7.3% from 2Q 2022). Net income: JP¥519.0m (up JP¥1.41b from 2Q 2022). Profit margin: 3.0% (up from net loss in 2Q 2022). The move to profitability was primarily driven by higher revenue. 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 • Aug 17
Glosel Co., Ltd. Provides Consolidated Earnings Forecasts for the First Half and Fiscal Year Ending March 31, 2023 Glosel Co., Ltd. provided consolidated earnings forecasts for the first half fiscal 2023 and fiscal year ending March 31, 2023. For the first half, company expects net sales to be JPY 30,500 million, operating profit to be JPY 290 million, Profit attributable to owners of parent to be JPY 230 million and Basic earnings per share to be JPY 9.32.For the full year, company expects net sales to be JPY 65,000 million, operating profit to be JPY 755 million, Profit attributable to owners of parent to be JPY 570 million and Basic earnings per share to be JPY 23.09. Reported Earnings • Jul 30
First quarter 2023 earnings released: EPS: JP¥16.81 (vs JP¥8.87 loss in 1Q 2022) First quarter 2023 results: EPS: JP¥16.81 (up from JP¥8.87 loss in 1Q 2022). Revenue: JP¥16.1b (up 3.3% from 1Q 2022). Net income: JP¥415.0m (up JP¥631.0m from 1Q 2022). Profit margin: 2.6% (up from net loss in 1Q 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 65 percentage points per year, which is a significant difference in performance. Announcement • Jun 01
Glosel Co., Ltd. to Report Q1, 2023 Results on Jul 28, 2022 Glosel Co., Ltd. announced that they will report Q1, 2023 results on Jul 28, 2022 Announcement • May 18
Glosel Co., Ltd., Annual General Meeting, Jun 28, 2022 Glosel Co., Ltd., Annual General Meeting, Jun 28, 2022. 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. 10 experienced directors. 2 highly experienced directors. 3 independent directors (6 non-independent directors). Independent Outside Director Yoshifumi Kanda 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
Glosel Co., Ltd. to Report Fiscal Year 2022 Results on May 16, 2022 Glosel Co., Ltd. announced that they will report fiscal year 2022 results on May 16, 2022 Upcoming Dividend • Mar 23
Upcoming dividend of JP¥12.00 per share Eligible shareholders must have bought the stock before 30 March 2022. Payment date: 07 June 2022. The company is not currently making a profit and is not cash flow positive. 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 30
Third quarter 2022 earnings: Revenues and EPS in line with analyst expectations Third quarter 2022 results: EPS: JP¥17.62 (up from JP¥5.16 in 3Q 2021). Revenue: JP¥18.2b (up 16% from 3Q 2021). Net income: JP¥431.0m (up 245% from 3Q 2021). Profit margin: 2.4% (up from 0.8% in 3Q 2021). Revenue was in line with analyst estimates. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 125 percentage points per year, which is a significant difference in performance. Reported Earnings • Oct 29
Second quarter 2022 earnings released: JP¥36.66 loss per share (vs JP¥5.66 loss in 2Q 2021) The company reported a soft second quarter result with increased losses and weaker control over costs, although revenues improved. Second quarter 2022 results: Revenue: JP¥16.2b (up 17% from 2Q 2021). Net loss: JP¥895.0m (loss widened JP¥758.0m from 2Q 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 124 percentage points per year, which is a significant difference in performance. Reported Earnings • Jul 30
First quarter 2022 earnings released: JP¥8.87 loss per share (vs JP¥10.57 loss in 1Q 2021) The company reported a solid first quarter result with reduced losses, improved revenues and improved control over expenses. First quarter 2022 results: Revenue: JP¥15.6b (up 20% from 1Q 2021). Net loss: JP¥216.0m (loss narrowed 15% from 1Q 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 112 percentage points per year, which is a significant difference in performance. Reported Earnings • May 19
Full year 2021 earnings released: JP¥15.16 loss per share (vs JP¥2.71 profit in FY 2020) The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2021 results: Revenue: JP¥59.9b (down 13% from FY 2020). Net loss: JP¥367.0m (down JP¥432.0m from profit in FY 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 99 percentage points per year, which is a significant difference in performance. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥12.00 per share Eligible shareholders must have bought the stock before 30 March 2021. Payment date: 11 June 2021. Trailing yield: 2.5%. Lower than top quartile of Japanese dividend payers (2.7%). Higher than average of industry peers (1.1%). Reported Earnings • Jan 30
Third quarter 2021 earnings released: EPS JP¥5.16 (vs JP¥1.04 loss in 3Q 2020) The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2021 results: Revenue: JP¥15.7b (down 7.7% from 3Q 2020). Net income: JP¥125.0m (up JP¥150.0m from 3Q 2020). Profit margin: 0.8% (up from net loss in 3Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 87 percentage points per year, which is a significant difference in performance. Is New 90 Day High Low • Jan 21
New 90-day high: JP¥490 The company is up 21% from its price of JP¥406 on 23 October 2020. The Japanese market is up 13% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Electronic industry, which is up 22% over the same period. Is New 90 Day High Low • Dec 29
New 90-day high: JP¥458 The company is up 8.0% from its price of JP¥424 on 30 September 2020. The Japanese market is also up 8.0% over the last 90 days, indicating the company’s price trend is similar to the market over that time. However, it underperformed the Electronic industry, which is up 16% over the same period. Is New 90 Day High Low • Dec 12
New 90-day high: JP¥440 The company is up 9.0% from its price of JP¥404 on 11 September 2020. The Japanese market is up 8.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Electronic industry, which is up 17% over the same period. Announcement • Oct 17
Glosel Co., Ltd. to Report Q3, 2021 Results on Jan 28, 2021 Glosel Co., Ltd. announced that they will report Q3, 2021 results on Jan 28, 2021 Announcement • Jul 05
Glosel Co., Ltd. to Report Q1, 2021 Results on Jul 30, 2020 Glosel Co., Ltd. announced that they will report Q1, 2021 results on Jul 30, 2020