Buy Or Sell Opportunity • Jun 08
Now 22% overvalued Over the last 90 days, the stock has fallen 25% to JP¥759. The fair value is estimated to be JP¥620, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Earnings per share has grown by 35%. New Risk • May 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 7.1% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Buy Or Sell Opportunity • May 21
Now 23% overvalued Over the last 90 days, the stock has fallen 30% to JP¥763. The fair value is estimated to be JP¥620, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Earnings per share has grown by 35%. Revenue is forecast to grow by 31% in 2 years. Earnings are forecast to grow by 36% in the next 2 years. Declared Dividend • May 19
First half dividend of JP¥7.00 announced Shareholders will receive a dividend of JP¥7.00. Ex-date: 28th August 2026 Payment date: 13th November 2026 Dividend yield will be 1.8%, which is lower than the industry average of 2.6%. Sustainability & Growth Dividend is well covered by both earnings (15% earnings payout ratio) and cash flows (17% cash payout ratio). The dividend has increased by an average of 32% per year over the past 6 years and payments have been stable during that time. EPS is expected to grow by 44% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Valuation Update With 7 Day Price Move • May 01
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to JP¥714, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 12x in the Telecom industry in Japan. Total returns to shareholders of 41% over the past three years. Reported Earnings • Apr 16
Second quarter 2026 earnings released: EPS: JP¥21.63 (vs JP¥22.87 in 2Q 2025) Second quarter 2026 results: EPS: JP¥21.63 (down from JP¥22.87 in 2Q 2025). Revenue: JP¥7.74b (up 2.0% from 2Q 2025). Net income: JP¥636.0m (down 6.9% from 2Q 2025). Profit margin: 8.2% (down from 9.0% in 2Q 2025). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 3.3% growth forecast for the Telecom industry in Japan. Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Apr 15
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to JP¥806, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 11x in the Telecom industry in Japan. Total returns to shareholders of 75% over the past three years. Upcoming Dividend • Feb 19
Upcoming dividend of JP¥6.00 per share Eligible shareholders must have bought the stock before 26 February 2026. Payment date: 19 May 2026. Payout ratio is a comfortable 12% and this is well supported by cash flows. Trailing yield: 1.2%. Lower than top quartile of Japanese dividend payers (3.4%). Lower than average of industry peers (3.3%). Reported Earnings • Jan 15
First quarter 2026 earnings released: EPS: JP¥16.81 (vs JP¥20.86 in 1Q 2025) First quarter 2026 results: EPS: JP¥16.81 (down from JP¥20.86 in 1Q 2025). Revenue: JP¥7.20b (flat on 1Q 2025). Net income: JP¥497.0m (down 20% from 1Q 2025). Profit margin: 6.9% (down from 8.6% in 1Q 2025). Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 3.3% growth forecast for the Telecom industry in Japan. Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has only increased by 29% per year, which means it is significantly lagging earnings growth. New Risk • Oct 19
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 5.3% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Reported Earnings • Oct 16
Full year 2025 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2025 results: EPS: JP¥163 (up from JP¥52.12 in FY 2024). Revenue: JP¥29.1b (up 22% from FY 2024). Net income: JP¥2.43b (up 57% from FY 2024). Profit margin: 8.4% (up from 6.5% in FY 2024). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 1.5%. Earnings per share (EPS) exceeded analyst estimates by 19%. Revenue is forecast to grow 9.9% p.a. on average during the next 2 years, compared to a 3.3% growth forecast for the Telecom industry in Japan. 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 37% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Oct 16
Now 23% undervalued Over the last 90 days, the stock has risen 6.4% to JP¥952. The fair value is estimated to be JP¥1,230, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Earnings per share has grown by 63%. Revenue is forecast to grow by 22% in 2 years. Earnings are forecast to grow by 13% in the next 2 years. Announcement • Oct 15
Toumei Co.,Ltd., Annual General Meeting, Nov 27, 2025 Toumei Co.,Ltd., Annual General Meeting, Nov 27, 2025. New Risk • Aug 27
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: JP¥14.4b (US$96.9m) 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. This is currently the only risk that has been identified for the company. Upcoming Dividend • Aug 21
Upcoming dividend of JP¥12.00 per share Eligible shareholders must have bought the stock before 28 August 2025. Payment date: 28 November 2025. Payout ratio is a comfortable 13% and this is well supported by cash flows. Trailing yield: 0.8%. Lower than top quartile of Japanese dividend payers (3.7%). Lower than average of industry peers (3.1%). Announcement • Aug 01
Toumei Co.,Ltd. to Report Fiscal Year 2025 Results on Oct 15, 2025 Toumei Co.,Ltd. announced that they will report fiscal year 2025 results on Oct 15, 2025 Reported Earnings • Jul 15
Third quarter 2025 earnings released: EPS: JP¥26.29 (vs JP¥14.17 in 3Q 2024) Third quarter 2025 results: EPS: JP¥26.29 (up from JP¥14.17 in 3Q 2024). Revenue: JP¥6.64b (up 15% from 3Q 2024). Net income: JP¥394.0m (up 87% from 3Q 2024). Profit margin: 5.9% (up from 3.7% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 3.0% growth forecast for the Telecom industry in Japan. Over the last 3 years on average, earnings per share has increased by 57% per year but the company’s share price has only increased by 50% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Jul 15
Now 25% undervalued after recent price drop Over the last 90 days, the stock has fallen 5.6% to JP¥1,806. The fair value is estimated to be JP¥2,417, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Earnings per share has grown by 57%. Revenue is forecast to grow by 28% in 2 years. Earnings are forecast to grow by 27% in the next 2 years. Declared Dividend • May 20
First half dividend of JP¥8.00 announced Shareholders will receive a dividend of JP¥8.00. Ex-date: 28th August 2025 Payment date: 28th November 2025 Dividend yield will be 0.8%, which is lower than the industry average of 2.6%. Payout Ratios Payout ratio: 14%. Cash payout ratio: 14%. Announcement • Apr 16
Toumei Co.,Ltd. Announces Dividend for the Second Quarter of Fiscal Year Ending August 31, 2025, Payable May 19, 2025 Toumei Co.,Ltd. announced a dividend of JPY 7.00 per share for the second quarter of the fiscal year ending August 31, 2025 against JPY 0.00 per share paid a year ago. Reported Earnings • Apr 15
Second quarter 2025 earnings released: EPS: JP¥45.74 (vs JP¥23.25 in 2Q 2024) Second quarter 2025 results: EPS: JP¥45.74 (up from JP¥23.25 in 2Q 2024). Revenue: JP¥7.59b (up 34% from 2Q 2024). Net income: JP¥683.0m (up 97% from 2Q 2024). Profit margin: 9.0% (up from 6.1% in 2Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 2.8% growth forecast for the Telecom industry in Japan. Over the last 3 years on average, earnings per share has increased by 65% per year but the company’s share price has increased by 74% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Apr 11
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to JP¥2,310, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 13x in the Telecom industry in Japan. Total returns to shareholders of 495% over the past three years. Valuation Update With 7 Day Price Move • Feb 04
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to JP¥2,351, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 14x in the Telecom industry in Japan. Total returns to shareholders of 409% over the past three years. Reported Earnings • Jan 15
First quarter 2025 earnings released: EPS: JP¥37.65 (vs JP¥17.01 in 1Q 2024) First quarter 2025 results: EPS: JP¥37.65 (up from JP¥17.01 in 1Q 2024). Revenue: JP¥6.94b (up 29% from 1Q 2024). Net income: JP¥561.0m (up 122% from 1Q 2024). Profit margin: 8.1% (up from 4.7% in 1Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 2.6% growth forecast for the Telecom industry in Japan. Over the last 3 years on average, earnings per share has increased by 69% per year whereas the company’s share price has increased by 65% per year. Buy Or Sell Opportunity • Dec 16
Now 22% undervalued Over the last 90 days, the stock has risen 64% to JP¥2,390. The fair value is estimated to be JP¥3,048, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 18% over the last 3 years. Earnings per share has grown by 70%. For the next 3 years, revenue is forecast to grow by 14% per annum. Earnings are also forecast to grow by 18% per annum over the same time period. Buy Or Sell Opportunity • Nov 28
Now 21% undervalued Over the last 90 days, the stock has risen 76% to JP¥2,421. The fair value is estimated to be JP¥3,048, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 18% over the last 3 years. Earnings per share has grown by 70%. For the next 3 years, revenue is forecast to grow by 14% per annum. Earnings are also forecast to grow by 18% per annum over the same time period. New Risk • Nov 02
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 8.3% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • Oct 24
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to JP¥2,031, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 13x in the Telecom industry in Japan. Total returns to shareholders of 229% over the past three years. Reported Earnings • Oct 18
Full year 2024 earnings: EPS and revenues exceed analyst expectations Full year 2024 results: EPS: JP¥208 (up from JP¥77.94 in FY 2023). Revenue: JP¥23.9b (up 17% from FY 2023). Net income: JP¥1.55b (up 35% from FY 2023). Profit margin: 6.5% (up from 5.6% in FY 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 4.0%. Earnings per share (EPS) also surpassed analyst estimates by 11%. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 2.5% growth forecast for the Telecom industry in Japan. Over the last 3 years on average, earnings per share has increased by 84% per year but the company’s share price has only increased by 42% per year, which means it is significantly lagging earnings growth. Announcement • Oct 15
Toumei Co.,Ltd., Annual General Meeting, Nov 27, 2024 Toumei Co.,Ltd., Annual General Meeting, Nov 27, 2024. Valuation Update With 7 Day Price Move • Sep 20
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to JP¥1,659, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 14x in the Telecom industry in Japan. Total returns to shareholders of 172% over the past three years. Upcoming Dividend • Aug 22
Upcoming dividend of JP¥14.00 per share Eligible shareholders must have bought the stock before 29 August 2024. Payment date: 29 November 2024. Payout ratio is a comfortable 8.2% and this is well supported by cash flows. Trailing yield: 0.5%. Lower than top quartile of Japanese dividend payers (3.7%). Lower than average of industry peers (3.3%). Announcement • Aug 02
Toumei Co.,Ltd. to Report Fiscal Year 2024 Results on Oct 15, 2024 Toumei Co.,Ltd. announced that they will report fiscal year 2024 results on Oct 15, 2024 Valuation Update With 7 Day Price Move • Jul 23
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to JP¥2,790, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 13x in the Telecom industry in Japan. Total returns to shareholders of 148% over the past three years. Reported Earnings • Jul 16
Third quarter 2024 earnings released: EPS: JP¥28.33 (vs JP¥38.31 in 3Q 2023) Third quarter 2024 results: EPS: JP¥28.33 (down from JP¥38.31 in 3Q 2023). Revenue: JP¥5.77b (up 21% from 3Q 2023). Net income: JP¥211.0m (down 25% from 3Q 2023). Profit margin: 3.7% (down from 5.9% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 2.5% growth forecast for the Telecom industry in Japan. Over the last 3 years on average, earnings per share has increased by 69% per year but the company’s share price has only increased by 28% per year, which means it is significantly lagging earnings growth. New Risk • Apr 18
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: JP¥15.1b (US$97.6m) 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 Share price has been volatile over the past 3 months (6.0% average weekly change). Market cap is less than US$100m (JP¥15.1b market cap, or US$97.6m). Reported Earnings • Apr 14
Second quarter 2024 earnings released: EPS: JP¥46.50 (vs JP¥26.22 in 2Q 2023) Second quarter 2024 results: EPS: JP¥46.50 (up from JP¥26.22 in 2Q 2023). Revenue: JP¥5.67b (up 6.7% from 2Q 2023). Net income: JP¥346.0m (up 79% from 2Q 2023). Profit margin: 6.1% (up from 3.6% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 2.6% growth forecast for the Telecom industry in Japan. Over the last 3 years on average, earnings per share has increased by 66% per year but the company’s share price has only increased by 27% per year, which means it is significantly lagging earnings growth. Declared Dividend • Apr 14
Dividend increased to JP¥14.00 Dividend of JP¥14.00 is 7.7% higher than last year. Ex-date: 29th August 2024 Payment date: 29th November 2024 Dividend yield will be 0.6%, which is lower than the industry average of 2.6%. Payout Ratios Payout ratio: 8%. Cash payout ratio: 4%. Announcement • Apr 03
Toumei Co.,Ltd. (TSE:4439) acquired Kinki Denko Co., Ltd. and Ecological Electrical Service Co.,Ltd. Toumei Co.,Ltd. (TSE:4439) acquired Kinki Denko Co., Ltd. and Ecological Electrical Service Co.,Ltd. on March 29, 2024.Toumei Co.,Ltd. (TSE:4439) completed the acquisition of Kinki Denko Co., Ltd. and Ecological Electrical Service Co.,Ltd. on March 29, 2024. Valuation Update With 7 Day Price Move • Jan 19
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to JP¥2,200, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 12x in the Telecom industry in Japan. Total returns to shareholders of 96% over the past three years. Announcement • Jan 16
Toumei Co.,Ltd. Provides Dividend Guidance for the Year Ending August 31, 2024 Toumei Co.,Ltd. provided dividend guidance for the year ending August 31, 2024. For the year, the company expected dividend of JPY 14.00 per share as compared to paid dividend of JPY 13.00 per share a year ago. Reported Earnings • Jan 14
First quarter 2024 earnings released: EPS: JP¥34.01 (vs JP¥41.51 in 1Q 2023) First quarter 2024 results: EPS: JP¥34.01 (down from JP¥41.51 in 1Q 2023). Revenue: JP¥5.39b (up 6.2% from 1Q 2023). Net income: JP¥253.0m (down 17% from 1Q 2023). Profit margin: 4.7% (down from 6.0% in 1Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 2.6% growth forecast for the Telecom industry in Japan. Over the last 3 years on average, earnings per share has increased by 51% 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 • Oct 20
Investor sentiment deteriorates as stock falls 24% After last week's 24% share price decline to JP¥1,884, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 13x in the Telecom industry in Japan. Total returns to shareholders of 64% over the past three years. New Risk • Oct 18
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 8.1% 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 Risk Share price has been highly volatile over the past 3 months (8.1% average weekly change). Minor Risk Market cap is less than US$100m (JP¥14.6b market cap, or US$97.8m). Reported Earnings • Oct 15
Full year 2023 earnings: EPS exceeds analyst expectations Full year 2023 results: EPS: JP¥156 (up from JP¥36.64 in FY 2022). Revenue: JP¥20.5b (up 16% from FY 2022). Net income: JP¥1.15b (up 328% from FY 2022). Profit margin: 5.6% (up from 1.5% in FY 2022). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 15%. Revenue is forecast to grow 8.8% p.a. on average during the next 2 years, compared to a 2.5% growth forecast for the Telecom industry in Japan. Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has only increased by 24% per year, which means it is significantly lagging earnings growth. Announcement • Oct 15
Toumei Co.,Ltd., Annual General Meeting, Nov 28, 2023 Toumei Co.,Ltd., Annual General Meeting, Nov 28, 2023. Upcoming Dividend • Aug 23
Upcoming dividend of JP¥13.00 per share at 0.6% yield Eligible shareholders must have bought the stock before 30 August 2023. Payment date: 28 November 2023. Payout ratio is a comfortable 8.2% but the company is not cash flow positive. Trailing yield: 0.6%. Lower than top quartile of Japanese dividend payers (3.5%). Lower than average of industry peers (3.0%). Announcement • Aug 03
Toumei Co.,Ltd. to Report Fiscal Year 2023 Results on Oct 13, 2023 Toumei Co.,Ltd. announced that they will report fiscal year 2023 results on Oct 13, 2023 Reported Earnings • Jul 15
Third quarter 2023 earnings released: EPS: JP¥38.31 (vs JP¥11.44 in 3Q 2022) Third quarter 2023 results: EPS: JP¥38.31 (up from JP¥11.44 in 3Q 2022). Revenue: JP¥4.76b (up 8.6% from 3Q 2022). Net income: JP¥283.0m (up 237% from 3Q 2022). Profit margin: 5.9% (up from 1.9% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 9.0% p.a. on average during the next 3 years, compared to a 2.5% growth forecast for the Telecom industry in Japan. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has increased by 29% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Jun 16
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to JP¥2,794, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 17x in the Telecom industry in Japan. Total returns to shareholders of 100% over the past three years. Reported Earnings • Apr 15
Second quarter 2023 earnings released: EPS: JP¥26.22 (vs JP¥13.35 loss in 2Q 2022) Second quarter 2023 results: EPS: JP¥26.22 (up from JP¥13.35 loss in 2Q 2022). Revenue: JP¥5.31b (up 21% from 2Q 2022). Net income: JP¥193.0m (up JP¥291.0m from 2Q 2022). Profit margin: 3.6% (up from net loss in 2Q 2022). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has increased by 15% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Apr 14
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to JP¥1,936, the stock trades at a trailing P/E ratio of 24.5x. Average trailing P/E is 18x in the Telecom industry in Japan. Total returns to shareholders of 57% over the past three years. Valuation Update With 7 Day Price Move • Feb 20
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to JP¥2,450, the stock trades at a trailing P/E ratio of 30.9x. Average trailing P/E is 17x in the Telecom industry in Japan. Total returns to shareholders of 114% over the past three years. Valuation Update With 7 Day Price Move • Jan 20
Investor sentiment improved over the past week After last week's 24% share price gain to JP¥2,070, the stock trades at a trailing P/E ratio of 26.1x. Average trailing P/E is 15x in the Telecom industry in Japan. Total returns to shareholders of 66% over the past three years. Reported Earnings • Jan 14
First quarter 2023 earnings released: EPS: JP¥41.51 (vs JP¥1.23 loss in 1Q 2022) First quarter 2023 results: EPS: JP¥41.51 (up from JP¥1.23 loss in 1Q 2022). Revenue: JP¥5.07b (up 40% from 1Q 2022). Net income: JP¥305.0m (up JP¥314.0m from 1Q 2022). Profit margin: 6.0% (up from net loss in 1Q 2022). The move to profitability was driven by higher revenue. 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 8% per year, which means it is well ahead of earnings. Reported Earnings • Dec 04
Full year 2022 earnings released: EPS: JP¥36.64 (vs JP¥37.76 in FY 2021) Full year 2022 results: EPS: JP¥36.64 (down from JP¥37.76 in FY 2021). Revenue: JP¥17.7b (up 36% from FY 2021). Net income: JP¥269.0m (down 2.9% from FY 2021). Profit margin: 1.5% (down from 2.1% in FY 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 51% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Board Change • Nov 16
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. 8 experienced directors. 2 highly experienced directors. 2 independent directors (4 non-independent directors). Independent Outside Director Masamichi Yoshida was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Announcement • Oct 15
Toumei Co.,Ltd., Annual General Meeting, Nov 25, 2022 Toumei Co.,Ltd., Annual General Meeting, Nov 25, 2022. Reported Earnings • Oct 15
Full year 2022 earnings released: EPS: JP¥36.64 (vs JP¥37.76 in FY 2021) Full year 2022 results: EPS: JP¥36.64 (down from JP¥37.76 in FY 2021). Revenue: JP¥17.7b (up 36% from FY 2021). Net income: JP¥269.0m (down 2.9% from FY 2021). Profit margin: 1.5% (down from 2.1% in FY 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 51% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Upcoming Dividend • Aug 23
Upcoming dividend of JP¥12.00 per share Eligible shareholders must have bought the stock before 30 August 2022. Payment date: 28 November 2022. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 1.1%. Lower than top quartile of Japanese dividend payers (3.6%). Lower than average of industry peers (3.1%). Announcement • Aug 03
Toumei Co.,Ltd. to Report Fiscal Year 2022 Results on Oct 13, 2022 Toumei Co.,Ltd. announced that they will report fiscal year 2022 results on Oct 13, 2022 Announcement • Jul 20
Toumei Co.,Ltd. Provides Year End Dividend Guidance for the Fiscal Year Ending August 31, 2022 Toumei Co.,Ltd. provided year end dividend guidance for the fiscal year ending August 31, 2022. For the period, the company expects to pay dividend of JPY 12.00 per share as compared to JPY 11.00 per share paid a year ago. Reported Earnings • Jul 15
Third quarter 2022 earnings released: EPS: JP¥11.44 (vs JP¥11.99 in 3Q 2021) Third quarter 2022 results: EPS: JP¥11.44 (down from JP¥11.99 in 3Q 2021). Revenue: JP¥4.38b (up 33% from 3Q 2021). Net income: JP¥84.0m (down 4.5% from 3Q 2021). Profit margin: 1.9% (down from 2.7% in 3Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 58% per year but the company’s share price has increased by 2% per year, which means it is well ahead of 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. 10 experienced directors. No highly experienced directors. 2 independent directors (4 non-independent directors). Independent Outside Director Masamichi Yoshida was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Apr 14
Second quarter 2022 earnings released: JP¥13.35 loss per share (vs JP¥2.86 profit in 2Q 2021) Second quarter 2022 results: JP¥13.35 loss per share (down from JP¥2.86 profit in 2Q 2021). Revenue: JP¥4.41b (up 48% from 2Q 2021). Net loss: JP¥98.0m (down JP¥119.0m from profit in 2Q 2021). Valuation Update With 7 Day Price Move • Mar 09
Investor sentiment deteriorated over the past week After last week's 16% share price decline to JP¥770, the stock trades at a trailing P/E ratio of 43.2x. Average trailing P/E is 14x in the Telecom industry in Japan. Total loss to shareholders of 32% over the past year. Announcement • Jan 19
Toumei Co.,Ltd. Provides Consolidated Earnings Guidance for the Six Months Ending February 28, 2022 and Full Year Ending August 31, 2022 Toumei Co.,Ltd. provided consolidated earnings guidance for the six months ending February 28, 2022 and full year ending August 31, 2022. For the six months, the company expects net sales of JPY 7,578 million, operating profit of JPY 139 million, profit attributable to owners of parent of JPY 79 million and earnings per share of JPY 10.80. For the full year ending August 31, 2022, the company expects net sales of JPY 15,719 million, operating profit of JPY 626 million, profit attributable to owners of parent of JPY 443 million and earnings per share of JPY 60.41. Reported Earnings • Jan 14
First quarter 2022 earnings: Revenues and EPS in line with analyst expectations First quarter 2022 results: JP¥1.23 loss per share (down from JP¥18.68 profit in 1Q 2021). Revenue: JP¥3.63b (up 21% from 1Q 2021). Net loss: JP¥9.00m (down 107% from profit in 1Q 2021). Revenue was in line with analyst estimates.