New Risk • Jun 08
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: NT$3.14b (US$99.3m) 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 Large one-off items impacting financial results. Market cap is less than US$100m (NT$3.14b market cap, or US$99.3m). Reported Earnings • May 16
First quarter 2026 earnings released: EPS: NT$1.00 (vs NT$0.34 loss in 1Q 2025) First quarter 2026 results: EPS: NT$1.00 (up from NT$0.34 loss in 1Q 2025). Revenue: NT$1.48b (up 11% from 1Q 2025). Net income: NT$66.7m (up NT$82.7m from 1Q 2025). Profit margin: 4.5% (up from net loss in 1Q 2025). Over the last 3 years on average, earnings per share has fallen by 43% per year but the company’s share price has only fallen by 25% per year, which means it has not declined as severely as earnings. New Risk • Apr 23
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: NT$3.16b (US$100.0m) 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 Large one-off items impacting financial results. Market cap is less than US$100m (NT$3.16b market cap, or US$100.0m). Buy Or Sell Opportunity • Apr 22
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 15% to NT$68.20. The fair value is estimated to be NT$85.54, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has declined by 50%. New Risk • Apr 05
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 34% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. This is currently the only risk that has been identified for the company. Buy Or Sell Opportunity • Apr 03
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 18% to NT$69.50. The fair value is estimated to be NT$87.00, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has declined by 50%. Buy Or Sell Opportunity • Mar 18
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 16% to NT$71.20. The fair value is estimated to be NT$89.91, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has declined by 50%. Reported Earnings • Mar 14
Full year 2025 earnings released: EPS: NT$2.35 (vs NT$2.31 in FY 2024) Full year 2025 results: EPS: NT$2.35 (up from NT$2.31 in FY 2024). Revenue: NT$5.71b (up 6.0% from FY 2024). Net income: NT$110.2m (up 1.9% from FY 2024). Profit margin: 1.9% (down from 2.0% in FY 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 50% 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 • Mar 11
Kura Sushi Asia Co., Ltd., Annual General Meeting, Jun 24, 2026 Kura Sushi Asia Co., Ltd., Annual General Meeting, Jun 24, 2026. Location: 8 floor no,350, sung chiang rd., jhongshan district, taipei city Taiwan Buy Or Sell Opportunity • Jan 26
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 12% to NT$79.00. The fair value is estimated to be NT$98.99, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has declined by 50%. Board Change • Jan 08
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 Director Jun Ishikawa was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 14
Third quarter 2025 earnings released: EPS: NT$1.29 (vs NT$0.25 in 3Q 2024) Third quarter 2025 results: EPS: NT$1.29 (up from NT$0.25 in 3Q 2024). Revenue: NT$1.56b (up 4.3% from 3Q 2024). Net income: NT$60.3m (up 410% from 3Q 2024). Profit margin: 3.9% (up from 0.8% in 3Q 2024). Over the last 3 years on average, earnings per share has fallen by 50% per year but the company’s share price has only fallen by 15% per year, which means it has not declined as severely as earnings. Reported Earnings • Aug 15
Second quarter 2025 earnings released: EPS: NT$0.90 (vs NT$0.26 loss in 2Q 2024) Second quarter 2025 results: EPS: NT$0.90 (up from NT$0.26 loss in 2Q 2024). Revenue: NT$1.44b (up 21% from 2Q 2024). Net income: NT$42.1m (up NT$54.4m from 2Q 2024). Profit margin: 2.9% (up from net loss in 2Q 2024). Over the last 3 years on average, earnings per share has fallen by 38% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Aug 07
Upcoming dividend of NT$0.80 per share Eligible shareholders must have bought the stock before 14 August 2025. Payment date: 10 September 2025. The company is not currently making a profit but it is cash flow positive. Trailing yield: 0.9%. Lower than top quartile of Taiwanese dividend payers (5.3%). Lower than average of industry peers (4.8%). Declared Dividend • Jul 20
Dividend reduced to NT$0.80 Dividend of NT$0.80 is 47% lower than last year. Ex-date: 14th August 2025 Payment date: 10th September 2025 Dividend yield will be 0.9%, which is lower than the industry average of 2.5%. Reported Earnings • May 17
First quarter 2025 earnings released: NT$0.34 loss per share (vs NT$2.02 profit in 1Q 2024) First quarter 2025 results: NT$0.34 loss per share (down from NT$2.02 profit in 1Q 2024). Revenue: NT$1.33b (down 6.9% from 1Q 2024). Net loss: NT$16.0m (down 117% from profit in 1Q 2024). Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Announcement • May 01
Kura Sushi Asia Co., Ltd. to Report Q1, 2025 Results on May 09, 2025 Kura Sushi Asia Co., Ltd. announced that they will report Q1, 2025 results on May 09, 2025 New Risk • Apr 08
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: NT$3.14b (US$95.0m) 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 Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (2.0% net profit margin). Market cap is less than US$100m (NT$3.14b market cap, or US$95.0m). Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to NT$67.90, the stock trades at a trailing P/E ratio of 29.4x. Average trailing P/E is 18x in the Hospitality industry in Taiwan. Total loss to shareholders of 6.3% over the past three years. New Risk • Apr 01
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 33% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (2.0% net profit margin). Reported Earnings • Mar 20
Full year 2024 earnings released: EPS: NT$2.31 (vs NT$4.54 in FY 2023) Full year 2024 results: EPS: NT$2.31 (down from NT$4.54 in FY 2023). Revenue: NT$5.39b (up 7.1% from FY 2023). Net income: NT$108.1m (down 49% from FY 2023). Profit margin: 2.0% (down from 4.2% in FY 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Announcement • Mar 12
Kura Sushi Asia Co., Ltd., Annual General Meeting, Jun 26, 2025 Kura Sushi Asia Co., Ltd., Annual General Meeting, Jun 26, 2025. Location: 8 floor no,350, sung chiang rd., jhongshan district, taipei city Taiwan Announcement • Mar 04
Kura Sushi Asia Co., Ltd. to Report Fiscal Year 2024 Results on Mar 11, 2025 Kura Sushi Asia Co., Ltd. announced that they will report fiscal year 2024 results on Mar 11, 2025 New Risk • Nov 27
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 35% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.9% net profit margin). Reported Earnings • Nov 15
Third quarter 2024 earnings released: EPS: NT$0.25 (vs NT$1.31 in 3Q 2023) Third quarter 2024 results: EPS: NT$0.25 (down from NT$1.31 in 3Q 2023). Revenue: NT$1.49b (up 6.6% from 3Q 2023). Net income: NT$11.8m (down 81% from 3Q 2023). Profit margin: 0.8% (down from 4.4% in 3Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Announcement • Nov 05
Kura Sushi Asia Co., Ltd. to Report Q3, 2024 Results on Nov 12, 2024 Kura Sushi Asia Co., Ltd. announced that they will report Q3, 2024 results on Nov 12, 2024 Reported Earnings • Aug 17
Second quarter 2024 earnings released: NT$0.26 loss per share (vs NT$1.22 profit in 2Q 2023) Second quarter 2024 results: NT$0.26 loss per share (down from NT$1.22 profit in 2Q 2023). Revenue: NT$1.18b (down 2.4% from 2Q 2023). Net loss: NT$12.2m (down 121% from profit in 2Q 2023). Revenue is forecast to grow 21% p.a. on average during the next 2 years, compared to a 6.9% growth forecast for the Hospitality industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 49% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Aug 07
Upcoming dividend of NT$1.50 per share Eligible shareholders must have bought the stock before 14 August 2024. Payment date: 10 September 2024. Payout ratio is a comfortable 32% and this is well supported by cash flows. Trailing yield: 1.5%. Lower than top quartile of Taiwanese dividend payers (4.7%). Lower than average of industry peers (4.6%). Announcement • Aug 02
Kura Sushi Asia Co., Ltd. to Report Q2, 2024 Results on Aug 09, 2024 Kura Sushi Asia Co., Ltd. announced that they will report Q2, 2024 results on Aug 09, 2024 Declared Dividend • Jul 19
Dividend of NT$1.50 announced Shareholders will receive a dividend of NT$1.50. Ex-date: 14th August 2024 Payment date: 10th September 2024 Dividend yield will be 1.4%, which is lower than the industry average of 2.5%. Sustainability & Growth Dividend is well covered by both earnings (32% earnings payout ratio) and cash flows (43% cash payout ratio). The dividend has increased by an average of 32% per year over the past 4 years and payments have been stable during that time. EPS is expected to grow by 23% over the next year, which should provide support to the dividend and adequate earnings cover. Announcement • Jul 18
Kura Sushi Asia Co., Ltd. Announces Cash Dividend Distribution, Payable on September 10, 2024 Kura Sushi Asia Co., Ltd. has announced a cash dividend distribution of TWD 70,291,500, with an allotment of TWD 1.5 per share. The ex-dividend date is set for August 14, 2024, and the ex-dividend record date is August 20, 2024. The payment date for the cash dividend distribution is scheduled for September 10, 2024. Reported Earnings • May 18
First quarter 2024 earnings released: EPS: NT$2.02 (vs NT$1.86 in 1Q 2023) First quarter 2024 results: EPS: NT$2.02 (up from NT$1.86 in 1Q 2023). Revenue: NT$1.43b (up 21% from 1Q 2023). Net income: NT$94.2m (up 8.5% from 1Q 2023). Profit margin: 6.6% (down from 7.3% in 1Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 18% p.a. on average during the next 2 years, compared to a 7.6% growth forecast for the Hospitality industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 55% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Announcement • May 03
Kura Sushi Asia Co., Ltd. to Report Q1, 2024 Results on May 09, 2024 Kura Sushi Asia Co., Ltd. announced that they will report Q1, 2024 results on May 09, 2024 Reported Earnings • Mar 15
Full year 2023 earnings released: EPS: NT$4.54 (vs NT$5.21 in FY 2022) Full year 2023 results: EPS: NT$4.54 (down from NT$5.21 in FY 2022). Revenue: NT$5.03b (up 31% from FY 2022). Net income: NT$212.2m (down 12% from FY 2022). Profit margin: 4.2% (down from 6.3% in FY 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 18% p.a. on average during the next 2 years, compared to a 8.8% growth forecast for the Hospitality industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 64% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Announcement • Mar 12
Kura Sushi Asia Co., Ltd., Annual General Meeting, Jun 27, 2024 Kura Sushi Asia Co., Ltd., Annual General Meeting, Jun 27, 2024. Location: The Importers and Exporters Association of Taipei, Classroom 1, 9th Floor, No. 350 Songjiang Road, Zhongshan District, Taipei City Taipei City Taiwan Agenda: To consider 2023 business report; to consider audit committee's audit report on the 2023 final reports and statements; to consider report on the 2023 distribution of remuneration for employees and directors; to consider 2023 business report and financial report; to consider 2023 distribution of profits; to consider amendments to the articles of incorporation; and to consider other issues. Reported Earnings • Nov 15
Third quarter 2023 earnings released: EPS: NT$1.31 (vs NT$2.23 in 3Q 2022) Third quarter 2023 results: EPS: NT$1.31 (down from NT$2.23 in 3Q 2022). Revenue: NT$1.40b (up 25% from 3Q 2022). Net income: NT$61.1m (down 41% from 3Q 2022). Profit margin: 4.4% (down from 9.2% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 19% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Hospitality industry in Taiwan. 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 15% per year, which means it is significantly lagging earnings growth. New Risk • Nov 01
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 Taiwanese 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. This is currently the only risk that has been identified for the company. New Risk • Aug 20
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 Taiwanese stocks, typically moving 6.3% 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 • Aug 11
Second quarter 2023 earnings released: EPS: NT$1.22 (vs NT$0.47 in 2Q 2022) Second quarter 2023 results: EPS: NT$1.22 (up from NT$0.47 in 2Q 2022). Revenue: NT$1.21b (up 52% from 2Q 2022). Net income: NT$57.1m (up 160% from 2Q 2022). Profit margin: 4.7% (up from 2.8% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 22% p.a. on average during the next 3 years, compared to a 19% growth forecast for the Hospitality industry in Taiwan. 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 17% per year, which means it is significantly lagging earnings growth. Price Target Changed • Aug 11
Price target decreased by 9.6% to NT$217 Down from NT$240, the current price target is provided by 1 analyst. New target price is 37% above last closing price of NT$159. Stock is up 81% over the past year. The company is forecast to post earnings per share of NT$7.65 for next year compared to NT$5.21 last year. Upcoming Dividend • Aug 10
Upcoming dividend of NT$1.50 per share at 0.9% yield Eligible shareholders must have bought the stock before 17 August 2023. Payment date: 13 September 2023. Payout ratio is a comfortable 26% and this is well supported by cash flows. Trailing yield: 0.9%. Lower than top quartile of Taiwanese dividend payers (5.5%). Lower than average of industry peers (2.2%). Announcement • Jul 06
Kura Sushi Asia Co., Ltd. Announces Cash Dividend, Payable on September 13, 2023 Kura Sushi Asia Co., Ltd. announced the cash dividend of TWD 70,075,500 for shareholders and TWD 1.5 per share was allotted. Ex-rights (Ex-dividend) date is August 17, 2023. Ex-rights (Ex-dividend) record date is August 23, 2023. Payment date of cash dividend distribution is September 13, 2023. Announcement • Jun 29
Kura Sushi Asia Co., Ltd. Announces Executive Changes Kura Sushi Asia Co., Ltd. announced executive changes. Name, title, and resume of the previous position holder: Kazuya Tamura/Chief Financial Officer/Spokesperson and Financial Officer of the Company. Name, title, and resume of the new position holder: Nojima Shigeru/Chief Financial Officer/Chief of IR Department of Kura Sushi Inc. Effective date is June 27, 2023. Announcement • Jun 28
Kura Sushi Asia Co., Ltd. Announces Board Changes Kura Sushi Asia Co., Ltd. announced board changes. Name of the previous position holder: Kazuya Tamura. Resume of the previous position holder: Chief Financial Officer of Kura Sushi Asia Co., Ltd. Name of the new position holder: Nojima Shigeru. Resume of the new position holder: Chief of IR Department of Kura Sushi Inc. Effective date of the new appointment is June 27, 2023. Buying Opportunity • May 30
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 17%. The fair value is estimated to be NT$216, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 24% over the last 3 years. Earnings per share has grown by 80%. Reported Earnings • May 17
First quarter 2023 earnings released: EPS: NT$1.86 (vs NT$1.35 in 1Q 2022) First quarter 2023 results: EPS: NT$1.86 (up from NT$1.35 in 1Q 2022). Revenue: NT$1.19b (up 30% from 1Q 2022). Net income: NT$86.8m (up 39% from 1Q 2022). Profit margin: 7.3% (up from 6.8% in 1Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 22% p.a. on average during the next 3 years, compared to a 26% growth forecast for the Hospitality industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 80% per year but the company’s share price has only increased by 30% per year, which means it is significantly lagging earnings growth. Price Target Changed • May 13
Price target increased by 14% to NT$225 Up from NT$197, the current price target is provided by 1 analyst. New target price is 36% above last closing price of NT$166. Stock is up 137% over the past year. The company is forecast to post earnings per share of NT$8.77 for next year compared to NT$5.21 last year. Valuation Update With 7 Day Price Move • Apr 19
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to NT$185, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 24x in the Hospitality industry in Taiwan. Total returns to shareholders of 141% over the past three years. Reported Earnings • Mar 19
Full year 2022 earnings released: EPS: NT$5.21 (vs NT$0.49 in FY 2021) Full year 2022 results: EPS: NT$5.21 (up from NT$0.49 in FY 2021). Revenue: NT$3.85b (up 52% from FY 2021). Net income: NT$241.1m (up NT$218.7m from FY 2021). Profit margin: 6.3% (up from 0.9% in FY 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 22% p.a. on average during the next 2 years, compared to a 33% growth forecast for the Hospitality industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 54% per year but the company’s share price has only increased by 44% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Mar 13
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to NT$166, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 28x in the Hospitality industry in Taiwan. Total returns to shareholders of 147% over the past three years. Buying Opportunity • Feb 24
Now 21% undervalued Over the last 90 days, the stock is up 54%. The fair value is estimated to be NT$261, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 19% over the last 3 years. Meanwhile, the company has become profitable. Price Target Changed • Feb 14
Price target increased by 32% to NT$205 Up from NT$155, the current price target is provided by 1 analyst. New target price is 19% above last closing price of NT$172. Stock is up 128% over the past year. The company is forecast to post earnings per share of NT$5.79 for next year compared to NT$0.49 last year. Valuation Update With 7 Day Price Move • Feb 14
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to NT$172, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 23x in the Hospitality industry in Taiwan. Total returns to shareholders of 84% over the past three years. Valuation Update With 7 Day Price Move • Nov 21
Investor sentiment improved over the past week After last week's 21% share price gain to NT$142, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 20x in the Hospitality industry in Taiwan. Total returns to shareholders of 35% over the past three years. Reported Earnings • Nov 16
Third quarter 2022 earnings released: EPS: NT$2.23 (vs NT$1.15 loss in 3Q 2021) Third quarter 2022 results: EPS: NT$2.23 (up from NT$1.15 loss in 3Q 2021). Revenue: NT$1.12b (up 132% from 3Q 2021). Net income: NT$103.1m (up NT$155.9m from 3Q 2021). Profit margin: 9.2% (up from net loss in 3Q 2021). The move to profitability was driven by higher revenue. Revenue is forecast to grow 22% p.a. on average during the next 3 years, compared to a 22% growth forecast for the Hospitality industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. 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. 7 experienced directors. No highly experienced directors. 3 independent directors (4 non-independent directors). Independent Director Jun Ishikawa 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 • Nov 13
Third quarter 2022 earnings released: EPS: NT$2.23 (vs NT$1.15 loss in 3Q 2021) Third quarter 2022 results: EPS: NT$2.23 (up from NT$1.15 loss in 3Q 2021). Revenue: NT$1.12b (up 132% from 3Q 2021). Net income: NT$103.1m (up NT$155.9m from 3Q 2021). Profit margin: 9.2% (up from net loss in 3Q 2021). The move to profitability was driven by higher revenue. Revenue is forecast to grow 22% p.a. on average during the next 3 years, compared to a 29% growth forecast for the Hospitality industry in Taiwan. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Sep 29
Investor sentiment improved over the past week After last week's 20% share price gain to NT$109, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 26x in the Hospitality industry in Asia. Total loss to shareholders of 10% over the past three years. Reported Earnings • Aug 15
Second quarter 2022 earnings released: EPS: NT$0.48 (vs NT$1.17 loss in 2Q 2021) Second quarter 2022 results: EPS: NT$0.48 (up from NT$1.17 loss in 2Q 2021). Revenue: NT$795.8m (up 110% from 2Q 2021). Net income: NT$22.0m (up NT$75.8m from 2Q 2021). Profit margin: 2.8% (up from net loss in 2Q 2021). The move to profitability was driven by higher revenue. 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 15% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Aug 11
Upcoming dividend of NT$0.45 per share Eligible shareholders must have bought the stock before 18 August 2022. Payment date: 16 September 2022. Payout ratio is on the higher end at 80% but the company is not cash flow positive. Trailing yield: 0.6%. Lower than top quartile of Taiwanese dividend payers (6.6%). Lower than average of industry peers (3.5%). Reported Earnings • May 16
First quarter 2022 earnings released: EPS: NT$1.35 (vs NT$1.29 in 1Q 2021) First quarter 2022 results: EPS: NT$1.35 (up from NT$1.29 in 1Q 2021). Revenue: NT$914.8m (up 16% from 1Q 2021). Net income: NT$62.3m (up 5.9% from 1Q 2021). Profit margin: 6.8% (down from 7.4% in 1Q 2021). 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 Director Jun Ishikawa was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Mar 13
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: EPS: NT$0.49 (down from NT$0.79 in FY 2020). Revenue: NT$2.53b (up 4.7% from FY 2020). Net income: NT$22.3m (down 29% from FY 2020). Profit margin: 0.9% (down from 1.3% in FY 2020). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 7.9%. Reported Earnings • Nov 15
Third quarter 2021 earnings released: NT$1.15 loss per share (vs NT$0.60 profit in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and control over costs. Third quarter 2021 results: Revenue: NT$482.1m (down 30% from 3Q 2020). Net loss: NT$52.9m (down 325% from profit in 3Q 2020). Upcoming Dividend • Aug 26
Upcoming dividend of NT$0.50 per share Eligible shareholders must have bought the stock before 02 September 2021. Payment date: 07 October 2021. Trailing yield: 0.7%. Lower than top quartile of Taiwanese dividend payers (5.2%). Lower than average of industry peers (3.1%). Reported Earnings • Aug 17
Second quarter 2021 earnings released: NT$1.17 loss per share (vs NT$0.17 loss in 2Q 2020) The company reported a poor second quarter result with increased losses, weaker revenues and weaker control over costs. Second quarter 2021 results: Revenue: NT$379.4m (down 24% from 2Q 2020). Net loss: NT$53.8m (loss widened NT$47.5m from 2Q 2020). Announcement • May 18
Kura Sushi Asia Co., Ltd. Suspends Some Stores' Business Due to Pandemic KURA SUSHI ASIA CO., LTD. announced that As the pandemic situation in Taiwan continues to escalate, the Company has decided to suspend some stores' business to ensure employees' and customers' safety. The suspension
period is scheduled from May 19, 2021 to May 28, 2021, but appropriate adjustment will be made depending on the pandemic situation. Reported Earnings • May 15
First quarter 2021 earnings released: EPS NT$1.29 (vs NT$0.24 loss in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$792.0m (up 55% from 1Q 2020). Net income: NT$58.8m (up NT$67.8m from 1Q 2020). Profit margin: 7.4% (up from net loss in 1Q 2020). The move to profitability was driven by higher revenue. Reported Earnings • Mar 31
Full year 2020 earnings released: EPS NT$0.79 (vs NT$2.47 in FY 2019) The company reported a soft full year result with weaker earnings and profit margins, although revenues improved. Full year 2020 results: Revenue: NT$2.41b (up 25% from FY 2019). Net income: NT$31.6m (down 64% from FY 2019). Profit margin: 1.3% (down from 4.6% in FY 2019). The decrease in margin was driven by higher expenses. Is New 90 Day High Low • Mar 16
New 90-day high: NT$78.40 The company is up 2.0% from a price of NT$76.80 on 16 December 2020. Underperformed the Taiwanese market, which is up 15% over the last 90 days. Lagged the Hospitality industry, which is up 7.0% over the same period. Is New 90 Day High Low • Jan 15
New 90-day low: NT$73.70 The company is down 3.0% from its price of NT$76.20 on 16 October 2020. The Taiwanese market is up 22% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Hospitality industry, which is up 8.0% over the same period. Reported Earnings • Nov 17
Third quarter 2020 earnings released: EPS NT$0.60 The company reported a soft third quarter result with weaker earnings and profit margins, although revenues were improved. Third quarter 2020 results: Revenue: NT$689.2m (up 30% from 3Q 2019). Net income: NT$23.5m (down 25% from 3Q 2019). Profit margin: 3.4% (down from 5.9% in 3Q 2019). The decrease in margin was driven by higher expenses. Is New 90 Day High Low • Nov 02
New 90-day low: NT$73.90 The company is down 21% from its price of NT$93.90 on 04 August 2020. The Taiwanese market is flat over the last 90 days, indicating the company underperformed over that time. It also underperformed the Hospitality industry, which is flat over the same period.