Valuation Update With 7 Day Price Move • May 20
Investor sentiment deteriorates as stock falls 23% After last week's 23% share price decline to JP¥153, the stock trades at a trailing P/E ratio of 18.7x. Average trailing P/E is 14x in the Specialty Retail industry in Japan. Total loss to shareholders of 20% over the past three years. Reported Earnings • May 18
Full year 2026 earnings released: EPS: JP¥8.20 (vs JP¥9.02 loss in FY 2025) Full year 2026 results: EPS: JP¥8.20 (up from JP¥9.02 loss in FY 2025). Revenue: JP¥19.8b (flat on FY 2025). Net income: JP¥170.0m (up JP¥357.0m from FY 2025). Profit margin: 0.9% (up from net loss in FY 2025). Over the last 3 years on average, earnings per share has increased by 48% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Tillkännagivande • May 14
Ledax Co.,Ltd., Annual General Meeting, Jun 24, 2026 Ledax Co.,Ltd., Annual General Meeting, Jun 24, 2026. New Risk • May 14
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 104% The company is paying a dividend despite having no free cash flows. Dividend yield: 1.8% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 104% Paying a dividend despite having no free cash flows. Earnings have declined by 22% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (7.7% average weekly change). Market cap is less than US$100m (JP¥4.10b market cap, or US$26.0m). Tillkännagivande • May 10
Ledax Co.,Ltd. to Report Fiscal Year 2026 Results on May 13, 2026 Ledax Co.,Ltd. announced that they will report fiscal year 2026 results on May 13, 2026 Reported Earnings • Feb 11
Third quarter 2026 earnings released: JP¥4.15 loss per share (vs JP¥2.07 loss in 3Q 2025) Third quarter 2026 results: JP¥4.15 loss per share (further deteriorated from JP¥2.07 loss in 3Q 2025). Revenue: JP¥4.72b (down 1.6% from 3Q 2025). Net loss: JP¥86.0m (loss widened 100% from 3Q 2025). Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. New Risk • Dec 22
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 11% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (11% average weekly change). Earnings have declined by 24% per year over the past 5 years. Minor Risk Market cap is less than US$100m (JP¥3.73b market cap, or US$23.7m). Tillkännagivande • Nov 29
Ledax Co.,Ltd. to Report Q3, 2026 Results on Feb 10, 2026 Ledax Co.,Ltd. announced that they will report Q3, 2026 results on Feb 10, 2026 Reported Earnings • Nov 15
Second quarter 2026 earnings released: EPS: JP¥4.05 (vs JP¥0.39 in 2Q 2025) Second quarter 2026 results: EPS: JP¥4.05 (up from JP¥0.39 in 2Q 2025). Revenue: JP¥5.08b (flat on 2Q 2025). Net income: JP¥84.0m (up JP¥76.0m from 2Q 2025). Profit margin: 1.7% (up from 0.2% in 2Q 2025). Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Board Change • Oct 17
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. 2 experienced directors. 3 highly experienced directors. 2 independent directors (3 non-independent directors). Independent Outside Director Kasai Manabu was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Tillkännagivande • Sep 01
Ledax Co.,Ltd. to Report Q2, 2026 Results on Nov 12, 2025 Ledax Co.,Ltd. announced that they will report Q2, 2026 results on Nov 12, 2025 Reported Earnings • Aug 15
First quarter 2026 earnings released: JP¥8.15 loss per share (vs JP¥2.65 loss in 1Q 2025) First quarter 2026 results: JP¥8.15 loss per share (further deteriorated from JP¥2.65 loss in 1Q 2025). Revenue: JP¥4.20b (down 9.5% from 1Q 2025). Net loss: JP¥169.0m (loss widened 207% from 1Q 2025). Over the last 3 years on average, earnings per share has increased by 49% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings. Tillkännagivande • Jun 03
Ledax Co.,Ltd. to Report Q1, 2026 Results on Aug 13, 2025 Ledax Co.,Ltd. announced that they will report Q1, 2026 results on Aug 13, 2025 New Risk • Jun 01
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 104% The company is paying a dividend despite having no free cash flows. Dividend yield: 2.3% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 104% Paying a dividend despite having no free cash flows. Earnings have declined by 30% per year over the past 5 years. Minor Risk Market cap is less than US$100m (JP¥2.69b market cap, or US$18.7m). Reported Earnings • May 18
Full year 2025 earnings released: JP¥9.02 loss per share (vs JP¥3.52 profit in FY 2024) Full year 2025 results: JP¥9.02 loss per share (down from JP¥3.52 profit in FY 2024). Revenue: JP¥20.0b (up 5.0% from FY 2024). Net loss: JP¥187.0m (down 356% from profit in FY 2024). Over the last 3 years on average, earnings per share has increased by 56% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. Tillkännagivande • May 14
Ledax Co.,Ltd., Annual General Meeting, Jun 26, 2025 Ledax Co.,Ltd., Annual General Meeting, Jun 26, 2025. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥2.00 per share Eligible shareholders must have bought the stock before 28 March 2025. Payment date: 27 June 2025. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 1.4%. Lower than top quartile of Japanese dividend payers (3.7%). In line with average of industry peers (1.5%). Tillkännagivande • Mar 11
Ledax Co.,Ltd. to Report Fiscal Year 2025 Results on May 14, 2025 Ledax Co.,Ltd. announced that they will report fiscal year 2025 results on May 14, 2025 Reported Earnings • Feb 14
Third quarter 2025 earnings released: JP¥2.07 loss per share (vs JP¥3.57 loss in 3Q 2024) Third quarter 2025 results: JP¥2.07 loss per share (improved from JP¥3.57 loss in 3Q 2024). Revenue: JP¥4.80b (up 11% from 3Q 2024). Net loss: JP¥43.0m (loss narrowed 42% from 3Q 2024). Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. New Risk • Jan 12
New major risk - Financial data availability The company has not reported any financial data. This is considered a major risk. With no or incomplete audited reported financial data, it is virtually impossible to assess the company's investment potential. Currently, the following risks have been identified for the company: Major Risk No financial data reported. Minor Risk Market cap is less than US$100m (JP¥2.88b market cap, or US$18.3m). Tillkännagivande • Dec 04
Ledax Co.,Ltd. to Report Q3, 2025 Results on Feb 12, 2025 Ledax Co.,Ltd. announced that they will report Q3, 2025 results on Feb 12, 2025 Reported Earnings • Nov 16
Second quarter 2025 earnings released: EPS: JP¥0.39 (vs JP¥4.39 in 2Q 2024) Second quarter 2025 results: EPS: JP¥0.39 (down from JP¥4.39 in 2Q 2024). Revenue: JP¥5.12b (up 14% from 2Q 2024). Net income: JP¥8.00m (down 91% from 2Q 2024). Profit margin: 0.2% (down from 2.0% in 2Q 2024). Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. New Risk • Nov 16
New major risk - Revenue and earnings growth Earnings have declined by 31% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 31% per year over the past 5 years. Minor Risk Market cap is less than US$100m (JP¥3.15b market cap, or US$20.4m). Tillkännagivande • Aug 29
Carchs Holdings Co., Ltd. to Report Q2, 2025 Results on Nov 13, 2024 Carchs Holdings Co., Ltd. announced that they will report Q2, 2025 results on Nov 13, 2024 Reported Earnings • Aug 11
First quarter 2025 earnings released: JP¥2.65 loss per share (vs JP¥2.61 loss in 1Q 2024) First quarter 2025 results: JP¥2.65 loss per share (further deteriorated from JP¥2.61 loss in 1Q 2024). Revenue: JP¥4.64b (up 8.0% from 1Q 2024). Net loss: JP¥55.0m (loss widened 1.9% from 1Q 2024). Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has only fallen by 16% per year, which means it has not declined as severely as earnings. Tillkännagivande • Jun 02
Carchs Holdings Co., Ltd. to Report Q1, 2025 Results on Aug 07, 2024 Carchs Holdings Co., Ltd. announced that they will report Q1, 2025 results on Aug 07, 2024 Reported Earnings • May 21
Full year 2024 earnings released: EPS: JP¥3.52 (vs JP¥24.83 loss in FY 2023) Full year 2024 results: EPS: JP¥3.52 (up from JP¥24.83 loss in FY 2023). Revenue: JP¥19.1b (flat on FY 2023). Net income: JP¥73.0m (up JP¥587.0m from FY 2023). Profit margin: 0.4% (up from net loss in FY 2023). Over the last 3 years on average, earnings per share has fallen by 56% per year but the company’s share price has only fallen by 11% per year, which means it has not declined as severely as earnings. Tillkännagivande • May 17
Carchs Holdings Co., Ltd., Annual General Meeting, Jun 26, 2024 Carchs Holdings Co., Ltd., Annual General Meeting, Jun 26, 2024. Tillkännagivande • Mar 02
Carchs Holdings Co., Ltd. to Report Fiscal Year 2024 Results on May 08, 2024 Carchs Holdings Co., Ltd. announced that they will report fiscal year 2024 results on May 08, 2024 Reported Earnings • Feb 17
Third quarter 2024 earnings released: JP¥3.57 loss per share (vs JP¥8.84 loss in 3Q 2023) Third quarter 2024 results: JP¥3.57 loss per share (improved from JP¥8.84 loss in 3Q 2023). Revenue: JP¥4.34b (up 11% from 3Q 2023). Net loss: JP¥74.0m (loss narrowed 60% from 3Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 73 percentage points per year, which is a significant difference in performance. Tillkännagivande • Nov 29
Carchs Holdings Co., Ltd. to Report Q3, 2024 Results on Feb 14, 2024 Carchs Holdings Co., Ltd. announced that they will report Q3, 2024 results on Feb 14, 2024 Reported Earnings • Nov 10
Second quarter 2024 earnings released: EPS: JP¥4.39 (vs JP¥3.29 in 2Q 2023) Second quarter 2024 results: EPS: JP¥4.39 (up from JP¥3.29 in 2Q 2023). Revenue: JP¥4.51b (down 16% from 2Q 2023). Net income: JP¥91.0m (up 34% from 2Q 2023). Profit margin: 2.0% (up from 1.3% in 2Q 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 84 percentage points per year, which is a significant difference in performance. Tillkännagivande • Aug 27
Carchs Holdings Co., Ltd. to Report Q2, 2024 Results on Nov 08, 2023 Carchs Holdings Co., Ltd. announced that they will report Q2, 2024 results on Nov 08, 2023 Reported Earnings • Aug 14
First quarter 2024 earnings released: JP¥2.61 loss per share (vs JP¥7.26 loss in 1Q 2023) First quarter 2024 results: JP¥2.61 loss per share (improved from JP¥7.26 loss in 1Q 2023). Revenue: JP¥4.30b (up 4.0% from 1Q 2023). Net loss: JP¥54.0m (loss narrowed 64% from 1Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 96 percentage points per year, which is a significant difference in performance. Tillkännagivande • May 28
Carchs Holdings Co., Ltd. to Report Q1, 2024 Results on Aug 09, 2023 Carchs Holdings Co., Ltd. announced that they will report Q1, 2024 results on Aug 09, 2023 Tillkännagivande • May 13
Carchs Holdings Co., Ltd., Annual General Meeting, Jun 22, 2023 Carchs Holdings Co., Ltd., Annual General Meeting, Jun 22, 2023. Reported Earnings • May 12
Full year 2023 earnings released: JP¥25.41 loss per share (vs JP¥14.18 loss in FY 2022) Full year 2023 results: JP¥25.41 loss per share (further deteriorated from JP¥14.18 loss in FY 2022). Revenue: JP¥19.1b (up 3.7% from FY 2022). Net loss: JP¥526.0m (loss widened 80% from FY 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 88 percentage points per year, which is a significant difference in performance. Reported Earnings • Feb 09
Third quarter 2023 earnings released: JP¥8.84 loss per share (vs JP¥3.68 loss in 3Q 2022) Third quarter 2023 results: JP¥8.84 loss per share (further deteriorated from JP¥3.68 loss in 3Q 2022). Revenue: JP¥3.91b (down 4.2% from 3Q 2022). Net loss: JP¥183.0m (loss widened 141% from 3Q 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 64 percentage points per year, which is a significant difference in performance. Board Change • Nov 29
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 Kasai Manabu 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. Tillkännagivande • Nov 27
Carchs Holdings Co., Ltd. to Report Q3, 2023 Results on Feb 08, 2023 Carchs Holdings Co., Ltd. announced that they will report Q3, 2023 results on Feb 08, 2023 Reported Earnings • Nov 19
Second quarter 2023 earnings released: EPS: JP¥3.29 (vs JP¥1.40 in 2Q 2022) Second quarter 2023 results: EPS: JP¥3.29 (up from JP¥1.40 in 2Q 2022). Revenue: JP¥5.35b (up 26% from 2Q 2022). Net income: JP¥68.0m (up 135% from 2Q 2022). Profit margin: 1.3% (up from 0.7% in 2Q 2022). Over the last 3 years on average, earnings per share has fallen by 57% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Reported Earnings • Nov 11
Second quarter 2023 earnings released: EPS: JP¥3.29 (vs JP¥1.40 in 2Q 2022) Second quarter 2023 results: EPS: JP¥3.29 (up from JP¥1.40 in 2Q 2022). Revenue: JP¥5.35b (up 26% from 2Q 2022). Net income: JP¥68.0m (up 135% from 2Q 2022). Profit margin: 1.3% (up from 0.7% in 2Q 2022). Over the last 3 years on average, earnings per share has fallen by 57% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Tillkännagivande • Aug 31
Carchs Holdings Co., Ltd. to Report Q2, 2023 Results on Nov 09, 2022 Carchs Holdings Co., Ltd. announced that they will report Q2, 2023 results on Nov 09, 2022 Reported Earnings • Aug 12
First quarter 2023 earnings released: JP¥7.26 loss per share (vs JP¥4.11 loss in 1Q 2022) First quarter 2023 results: JP¥7.26 loss per share (down from JP¥4.11 loss in 1Q 2022). Revenue: JP¥4.13b (up 8.6% from 1Q 2022). Net loss: JP¥150.0m (loss widened 77% from 1Q 2022). Over the last 3 years on average, earnings per share has fallen by 13% 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. Tillkännagivande • May 29
Carchs Holdings Co., Ltd. to Report Q1, 2023 Results on Aug 03, 2022 Carchs Holdings Co., Ltd. announced that they will report Q1, 2023 results on Aug 03, 2022 Reported Earnings • May 16
Full year 2022 earnings released: JP¥14.18 loss per share (vs JP¥7.60 profit in FY 2021) Full year 2022 results: JP¥14.18 loss per share (down from JP¥7.60 profit in FY 2021). Revenue: JP¥18.4b (up 15% from FY 2021). Net loss: JP¥293.0m (down 287% from profit in FY 2021). Over the last 3 years on average, earnings per share has increased by 54% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Tillkännagivande • May 14
Carchs Holdings Co., Ltd., Annual General Meeting, Jun 23, 2022 Carchs Holdings Co., Ltd., Annual General Meeting, Jun 23, 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 Manabu Kasai 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. Tillkännagivande • Apr 08
Carchs Holdings Co., Ltd. to Report Fiscal Year 2022 Results on May 11, 2022 Carchs Holdings Co., Ltd. announced that they will report fiscal year 2022 results on May 11, 2022 Reported Earnings • Feb 10
Third quarter 2022 earnings: Revenues and EPS in line with analyst expectations Third quarter 2022 results: JP¥3.68 loss per share (down from JP¥0.77 profit in 3Q 2021). Revenue: JP¥4.08b (up 6.9% from 3Q 2021). Net loss: JP¥76.0m (down JP¥92.0m from profit in 3Q 2021). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 103% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 12
Second quarter 2022 earnings released: EPS JP¥1.40 (vs JP¥5.47 in 2Q 2021) The company reported a soft second quarter result with weaker earnings and profit margins, although revenues improved. Second quarter 2022 results: Revenue: JP¥4.25b (up 1.1% from 2Q 2021). Net income: JP¥29.0m (down 74% from 2Q 2021). Profit margin: 0.7% (down from 2.7% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 109% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Aug 11
Investor sentiment deteriorated over the past week After last week's 25% share price decline to JP¥257, the stock trades at a trailing P/E ratio of 23x. Average trailing P/E is 11x in the Specialty Retail industry in Japan. Negligible returns to shareholders over past three years. Reported Earnings • Aug 05
First quarter 2022 earnings released: JP¥4.11 loss per share (vs JP¥7.69 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¥3.80b (up 47% from 1Q 2021). Net loss: JP¥85.0m (loss narrowed 47% from 1Q 2021). Over the last 3 years on average, earnings per share has increased by 102% 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 • Jul 19
Investor sentiment improved over the past week After last week's 17% share price gain to JP¥323, the stock trades at a trailing P/E ratio of 42.5x. Average trailing P/E is 12x in the Specialty Retail industry in Japan. Total returns to shareholders of 29% over the past three years. Reported Earnings • May 14
Full year 2021 earnings released: EPS JP¥7.60 (vs JP¥7.59 in FY 2020) The company reported a mediocre full year result with flat earnings, revenues and profit margins. Full year 2021 results: Revenue: JP¥16.0b (flat on FY 2020). Net income: JP¥157.0m (flat on FY 2020). Profit margin: 1.0% (in line with FY 2020). Over the last 3 years on average, earnings per share has increased by 88% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Tillkännagivande • Mar 04
Carchs Holdings Co., Ltd. to Report Fiscal Year 2021 Results on May 12, 2021 Carchs Holdings Co., Ltd. announced that they will report fiscal year 2021 results on May 12, 2021 Reported Earnings • Feb 12
Third quarter 2021 earnings released: EPS JP¥0.77 (vs JP¥7.64 loss in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: JP¥3.81b (up 32% from 3Q 2020). Net income: JP¥16.0m (up JP¥174.0m from 3Q 2020). Profit margin: 0.4% (up from net loss in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 80% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Is New 90 Day High Low • Feb 03
New 90-day high: JP¥268 The company is up 4.0% from its price of JP¥257 on 05 November 2020. The Japanese market is up 14% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Specialty Retail industry, which is up 10.0% over the same period. Is New 90 Day High Low • Dec 18
New 90-day low: JP¥233 The company is down 19% from its price of JP¥288 on 18 September 2020. The Japanese market is up 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Specialty Retail industry, which is up 13% over the same period. Tillkännagivande • Nov 29
Carchs Holdings Co., Ltd. to Report Q3, 2021 Results on Feb 10, 2021 Carchs Holdings Co., Ltd. announced that they will report Q3, 2021 results on Feb 10, 2021 Tillkännagivande • Aug 30
Carchs Holdings Co., Ltd. to Report Q2, 2021 Results on Nov 11, 2020 Carchs Holdings Co., Ltd. announced that they will report Q2, 2021 results on Nov 11, 2020