Board Change • May 20
High number of new directors There are 7 new directors who have joined the board in the last 3 years. Director Eiji Kawamura was the last director to join the board, commencing their role in 2025. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Duyuru • May 16
Kaga Electronics Co.,Ltd. (TSE:8154) proposed to acquire Shinko Shoji Co., Ltd. (TSE:8141) from Akio Kitai, Aya Nomura, Kitai & Company Ltd., City Index First Co., Ltd., City Index Eleventh Co., Ltd., Restar Corporation and others for ¥46 billion. Kaga Electronics Co.,Ltd. (TSE:8154) proposed to acquire Shinko Shoji Co., Ltd. (TSE:8141) from Akio Kitai, Aya Nomura, Kitai & Company Ltd., City Index First Co., Ltd., City Index Eleventh Co., Ltd., Restar Corporation and others for ¥46 billion on May 15, 2026. A cash consideration valued at ¥1580 per share will be paid by Kaga Electronics Co.,Ltd.
The transaction was approved by the Board of Shinko Shoji Co., Ltd. The expected completion of the transaction is June 26, 2026. Duyuru • May 15
Kaga Electronics Co.,Ltd., Annual General Meeting, Jun 25, 2026 Kaga Electronics Co.,Ltd., Annual General Meeting, Jun 25, 2026. Duyuru • Apr 03
Kaga Electronics Co.,Ltd. to Report Q4, 2026 Results on May 14, 2026 Kaga Electronics Co.,Ltd. announced that they will report Q4, 2026 results on May 14, 2026 Duyuru • Mar 10
Kaga Electronics Co.,Ltd. (TSE:8154) agreed to acquire 7.25% stake in Sun-Wa Technos Corporation (TSE:8137). Kaga Electronics Co.,Ltd. (TSE:8154) agreed to acquire 7.25% stake in Sun-Wa Technos Corporation (TSE:8137) on March 10, 2026.
The expected completion of the transaction is March 11, 2026. Duyuru • Aug 08
Kaga Electronics Co.,Ltd. (TSE:8154) announces an Equity Buyback for 4,920,000 shares, representing 9.36% for ¥15,000 million. Kaga Electronics Co.,Ltd. (TSE:8154) announces a share repurchase program. Under the program, the company will repurchase up to 4,920,000 shares, representing 9.36% of its share capital for ¥15,000 million. The shares will be repurchased at a price of ¥2,938 per share. The purpose of the program is to enhance shareholder returns and improve capital efficiency as part of the company's capital policy. It aims to respond to shareholder requests for reducing policy shareholdings while maintaining financial soundness. Additionally, the program seeks to balance growth investments with shareholder returns to maximize corporate value. The program will be valid until August 8, 2025. As of March 31, 2025, the company had 52,560,806 shares outstanding excluding treasury shares, and 4,843,430 shares in treasury. Duyuru • May 30
Kaga Electronics Co.,Ltd. (TSE:8154) proposed to acquire an 73.20% majority stake in Kyoei Sangyo Co.,Ltd. (TSE:6973) from a group of shareholders for ¥8.7 billion. Kaga Electronics Co.,Ltd. (TSE:8154) proposed to acquire an 73.20% majority stake in Kyoei Sangyo Co.,Ltd. (TSE:6973) from a group of shareholders for ¥8.7 billion on May 30, 2025. A cash consideration ¥3,950 per share will be paid by Kaga Electronics Co.,Ltd. As part of consideration, an ¥8.7 billion value is paid towards 2.20251 million common equity of Kyoei Sangyo Co.,Ltd.
The transaction is subject to minimum tender. The expected completion of the transaction is July 11, 2025.
KPMG FAS Co., Ltd. acted as financial advisor for Kaga Electronics Co.,Ltd. TMI Associates acted as legal advisor for Kaga Electronics Co.,Ltd. YAMADA Consulting Group Co.,Ltd. acted as financial advisor for Kyoei Sangyo Co.,Ltd. Mori Hamada & Matsumoto LPC acted as legal advisor for Kyoei Sangyo Co.,Ltd. Duyuru • May 14
Kaga Electronics Co.,Ltd., Annual General Meeting, Jun 26, 2025 Kaga Electronics Co.,Ltd., Annual General Meeting, Jun 26, 2025. Duyuru • Mar 27
Kaga Electronics Co.,Ltd. Proposes Amendments to the Articles of Incorporation Kaga Electronics Co.,Ltd. proposals for requisite amendments to the Articles of Incorporation and other relevant matters at the 57th Ordinary General Meeting of Shareholders to be held in June 2025. Duyuru • Mar 01
Kaga Electronics Co.,Ltd. to Report Fiscal Year 2025 Results on May 14, 2025 Kaga Electronics Co.,Ltd. announced that they will report fiscal year 2025 results on May 14, 2025 Duyuru • Dec 27
Kaga Electronics Co.,Ltd. Announces Management Changes, Effective January 1, 2025 Kaga Electronics Co.,Ltd. announced that the following resolution regarding movement of delegated executive officer effective January 1, 2025, was passed at the board of directors meeting held on December 26, 2024. Motonori Toshinari's new role is Division Director of EMS Business Division. Former role is Managing Executive Officer. Reported Earnings • Nov 09
Second quarter 2025 earnings released: EPS: JP¥422,752 (vs JP¥107 in 2Q 2024) Second quarter 2025 results: EPS: JP¥422,752. Revenue: JP¥130.4b (down 5.0% from 2Q 2024). Net income: JP¥3.90b (down 31% from 2Q 2024). Profit margin: 3.0% (down from 4.1% in 2Q 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 7.1% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Electronic industry in Germany. Upcoming Dividend • Sep 20
Upcoming dividend of JP¥110 per share Eligible shareholders must have bought the stock before 27 September 2024. Payment date: 02 December 2024. Payout ratio is a comfortable 31% and this is well supported by cash flows. Trailing yield: 4.0%. Lower than top quartile of German dividend payers (4.8%). Higher than average of industry peers (1.8%). Reported Earnings • Aug 12
First quarter 2025 earnings released: EPS: JP¥154 (vs JP¥220 in 1Q 2024) First quarter 2025 results: EPS: JP¥154 (down from JP¥220 in 1Q 2024). Revenue: JP¥128.6b (down 6.6% from 1Q 2024). Net income: JP¥4.04b (down 30% from 1Q 2024). Profit margin: 3.1% (down from 4.2% in 1Q 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 6.2% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Electronic industry in Germany. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to €26.80, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 15x in the Electronic industry in Germany. Total returns to shareholders of 35% over the past three years. Declared Dividend • Jul 11
Final dividend of JP¥110 announced Shareholders will receive a dividend of JP¥110. Ex-date: 27th September 2024 Payment date: 2nd December 2024 Dividend yield will be 350%, which is higher than the industry average of 1.4%. Sustainability & Growth Dividend is well covered by both earnings (18% earnings payout ratio) and cash flows (24% cash payout ratio). The dividend has increased by an average of 22% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 12% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Board Change • Jun 24
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Outside Auditor Kyoko Oyanagi was the last independent director to join the board, commencing their role in 2023. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Duyuru • May 23
Kaga Electronics Co.,Ltd. Provides Dividend Guidance for the First Half and Year End for the Fiscal Year Ending March 31, 2025 Kaga Electronics Co.,Ltd. provided dividend guidance for the first half and year end for the fiscal year ending March 31, 2025. For the first half, the company expected dividend of JPY 110.00 per share as compared to dividend of JPY 110.00 per share a year ago.For the year end, the company expected dividend of JPY 55.00 per share as compared to dividend of JPY 110.00 per share a year ago. The stock split is effective on October 1, 2024. Duyuru • May 22
Kaga Electronics Co.,Ltd. (TSE:8154) agreed to acquire an unknown stake in Meeq Co., Ltd. Kaga Electronics Co.,Ltd. (TSE:8154) agreed to acquire an unknown stake in Meeq Co., Ltd. on May 21, 2024. Reported Earnings • May 10
Full year 2024 earnings released: EPS: JP¥775 (vs JP¥879 in FY 2023) Full year 2024 results: EPS: JP¥775 (down from JP¥879 in FY 2023). Revenue: JP¥542.7b (down 11% from FY 2023). Net income: JP¥20.3b (down 12% from FY 2023). Profit margin: 3.7% (down from 3.8% in FY 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 5.8% p.a. on average during the next 2 years, compared to a 10% growth forecast for the Electronic industry in Germany. 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 22% per year, which means it is significantly lagging earnings growth. Duyuru • May 10
Kaga Electronics Co.,Ltd. Provides Consolidated Earnings Guidance for the Full Year Ending March 31, 2025 Kaga Electronics Co.,Ltd. provided consolidated earnings guidance for the full year ending March 31, 2025. For the full year ending March 31, 2025, the company expects net sales of JPY 550,000 million, operating income of JPY 26,000 million and profit attributable to owners of parent of JPY 18,000 million or JPY 685.26 per share. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥110 per share Eligible shareholders must have bought the stock before 28 March 2024. Payment date: 28 June 2024. Payout ratio is a comfortable 18% and this is well supported by cash flows. Trailing yield: 3.5%. Lower than top quartile of German dividend payers (4.9%). Higher than average of industry peers (1.5%). Duyuru • Mar 03
Kaga Electronics Co.,Ltd. to Report Fiscal Year 2024 Results on May 09, 2024 Kaga Electronics Co.,Ltd. announced that they will report fiscal year 2024 results on May 09, 2024 Reported Earnings • Feb 09
Third quarter 2024 earnings released: EPS: JP¥175 (vs JP¥215 in 3Q 2023) Third quarter 2024 results: EPS: JP¥175 (down from JP¥215 in 3Q 2023). Revenue: JP¥131.4b (down 14% from 3Q 2023). Net income: JP¥4.59b (down 19% from 3Q 2023). Profit margin: 3.5% (down from 3.7% in 3Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 6.3% p.a. on average during the next 3 years, compared to a 10.0% growth forecast for the Electronic industry in Germany. Reported Earnings • Nov 09
Second quarter 2024 earnings released: EPS: JP¥215 (vs JP¥245 in 2Q 2023) Second quarter 2024 results: EPS: JP¥215 (down from JP¥245 in 2Q 2023). Revenue: JP¥137.4b (down 8.1% from 2Q 2023). Net income: JP¥5.64b (down 12% from 2Q 2023). Profit margin: 4.1% (down from 4.3% in 2Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 4.9% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Electronic industry in Germany. Upcoming Dividend • Sep 21
Upcoming dividend of JP¥110 per share at 3.4% yield Eligible shareholders must have bought the stock before 28 September 2023. Payment date: 04 December 2023. Payout ratio is a comfortable 17% and this is well supported by cash flows. Trailing yield: 3.4%. Lower than top quartile of German dividend payers (4.8%). Higher than average of industry peers (1.5%). Reported Earnings • Aug 04
First quarter 2024 earnings released: EPS: JP¥220 (vs JP¥266 in 1Q 2023) First quarter 2024 results: EPS: JP¥220 (down from JP¥266 in 1Q 2023). Revenue: JP¥137.7b (down 7.8% from 1Q 2023). Net income: JP¥5.77b (down 17% from 1Q 2023). Profit margin: 4.2% (down from 4.7% in 1Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 3.9% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Electronic industry in Germany. Reported Earnings • May 14
Full year 2023 earnings released: EPS: JP¥879 (vs JP¥576 in FY 2022) Full year 2023 results: EPS: JP¥879 (up from JP¥576 in FY 2022). Revenue: JP¥608.1b (up 23% from FY 2022). Net income: JP¥23.1b (up 50% from FY 2022). Profit margin: 3.8% (up from 3.1% in FY 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 2.6% p.a. on average during the next 2 years, compared to a 14% growth forecast for the Electronic industry in Germany. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥120 per share at 4.4% yield Eligible shareholders must have bought the stock before 30 March 2023. Payment date: 30 June 2023. Payout ratio is a comfortable 4.4% and this is well supported by cash flows. Trailing yield: 4.4%. Lower than top quartile of German dividend payers (4.7%). Higher than average of industry peers (1.0%). Reported Earnings • Feb 08
Third quarter 2023 earnings released: EPS: JP¥215 (vs JP¥182 in 3Q 2022) Third quarter 2023 results: EPS: JP¥215 (up from JP¥182 in 3Q 2022). Revenue: JP¥153.5b (up 18% from 3Q 2022). Net income: JP¥5.64b (up 18% from 3Q 2022). Profit margin: 3.7% (in line with 3Q 2022). Revenue is forecast to grow 3.1% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Electronic industry in Germany. Reported Earnings • Nov 18
Second quarter 2023 earnings released: EPS: JP¥245 (vs JP¥103 in 2Q 2022) Second quarter 2023 results: EPS: JP¥245 (up from JP¥103 in 2Q 2022). Revenue: JP¥149.5b (up 28% from 2Q 2022). Net income: JP¥6.43b (up 134% from 2Q 2022). Profit margin: 4.3% (up from 2.4% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 4.1% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Electronic industry in Germany. Board Change • Nov 16
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was an independent director. The company's board is composed of: 1 new director. 6 experienced directors. 5 highly experienced directors. 4 independent directors (7 non-independent directors). Independent Outside Director Hirokazu Nishiyama was the last independent director to join the board, commencing their role in 2021. 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 10
Second quarter 2023 earnings released: EPS: JP¥255 (vs JP¥103 in 2Q 2022) Second quarter 2023 results: EPS: JP¥255 (up from JP¥103 in 2Q 2022). Revenue: JP¥149.4b (up 28% from 2Q 2022). Net income: JP¥6.71b (up 144% from 2Q 2022). Profit margin: 4.5% (up from 2.4% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 4.1% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Electronic industry in Germany. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥70.00 per share Eligible shareholders must have bought the stock before 29 September 2022. Payment date: 05 December 2022. Payout ratio is a comfortable 11% but the company is not cash flow positive. Trailing yield: 3.4%. Lower than top quartile of German dividend payers (5.1%). Higher than average of industry peers (1.2%). Valuation Update With 7 Day Price Move • Aug 11
Investor sentiment improved over the past week After last week's 18% share price gain to €28.00, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 18x in the Electronic industry in Germany. Total returns to shareholders of 34% over the past year. Reported Earnings • Aug 05
First quarter 2023 earnings released: EPS: JP¥266 (vs JP¥105 in 1Q 2022) First quarter 2023 results: EPS: JP¥266 (up from JP¥105 in 1Q 2022). Revenue: JP¥149.3b (up 41% from 1Q 2022). Net income: JP¥6.98b (up 143% from 1Q 2022). Profit margin: 4.7% (up from 2.7% in 1Q 2022). The increase in margin was driven by higher revenue. Over the next year, revenue is expected to shrink by 2.6% compared to a 21% growth forecast for the industry in Germany. Reported Earnings • May 15
Full year 2022 earnings released: EPS: JP¥576 (vs JP¥415 in FY 2021) Full year 2022 results: EPS: JP¥576 (up from JP¥415 in FY 2021). Revenue: JP¥495.8b (up 17% from FY 2021). Net income: JP¥15.4b (up 35% from FY 2021). Profit margin: 3.1% (up from 2.7% in FY 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to stay flat compared to a 21% growth forecast for the industry in Germany. Board Change • Apr 29
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was an independent director. The company's board is composed of: 1 new director. 6 experienced directors. 5 highly experienced directors. 4 independent directors (7 non-independent directors). Independent Outside Director Hirokazu Nishiyama was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥65.00 per share Eligible shareholders must have bought the stock before 30 March 2022. Payment date: 30 June 2022. Payout ratio is a comfortable 21% and this is well supported by cash flows. Trailing yield: 3.5%. Lower than top quartile of German dividend payers (3.6%). Higher than average of industry peers (0.7%). Duyuru • Feb 10
Kaga Electronics Co.,Ltd. Announces Personnel Changes Kaga Electronics Co. Ltd. announced that, at a Board of Directors meeting held on February 10, 2022, a resolution was passed on the introduction of a delegation-based executive officer structure and officer personnel changes, as follows. The appointment and dismissal of delegated executive officers shall be determined by the Board of Directors upon having received a report from the Nomination and Compensation Committee. Scheduled introduction date of the delegation-based executive officer structure April 1, 2022. Name: Shinsuke Takahashi, New position: Director, Senior Managing Executive Officer. Former position: Senior Managing Director. Name: Shinsuke Takahashi, New position: Director, Senior Managing Executive Officer. Former position: Senior Managing Director. Name: Shinsuke Takahashi, New position: Director, Senior Managing Executive Officer. Former position: Senior Managing Director. Name: Shintaro Kakei, New position: Director, Senior Managing Executive Officer. Former position: Senior Managing Director. Name: Eiji Kawamura, New position: Director, Managing Executive Officer Head of Administration Headquarters. Former position: Managing Director, Head of Administration Headquarters. Name: Motonori Toshinari, New position: Director, Executive Officer, Division Manager of EMS Business Division. Former position: Director, Division Manager of EMS Business Division. Name: Mitsuhiro Nohara, New position: Director, Executive Officer. Former position: Director, Executive Officer. Reported Earnings • Feb 04
Third quarter 2022 earnings: EPS in line with analyst expectations despite revenue beat Third quarter 2022 results: EPS: JP¥182 (up from JP¥71.20 in 3Q 2021). Revenue: JP¥129.7b (up 23% from 3Q 2021). Net income: JP¥4.79b (up 145% from 3Q 2021). Profit margin: 3.7% (up from 1.9% in 3Q 2021). Revenue exceeded analyst estimates by 13%. Over the next year, revenue is forecast to grow 1.7%, compared to a 23% growth forecast for the industry in Germany. Reported Earnings • Nov 05
Second quarter 2022 earnings released: EPS JP¥103 (vs JP¥77.54 in 2Q 2021) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2022 results: Revenue: JP¥117.1b (up 12% from 2Q 2021). Net income: JP¥2.75b (up 29% from 2Q 2021). Profit margin: 2.4% (up from 2.0% in 2Q 2021). Upcoming Dividend • Sep 22
Upcoming dividend of JP¥40.00 per share Eligible shareholders must have bought the stock before 29 September 2021. Payment date: 04 December 2021. Trailing yield: 2.5%. Lower than top quartile of German dividend payers (3.2%). Higher than average of industry peers (0.7%). Valuation Update With 7 Day Price Move • Sep 14
Investor sentiment improved over the past week After last week's 21% share price gain to €25.72, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 21x in the Electronic industry in Germany. Reported Earnings • Aug 09
First quarter 2022 earnings released: EPS JP¥106 (vs JP¥315 in 1Q 2021) The company reported a soft first quarter result with weaker earnings and profit margins, although revenues improved. First quarter 2022 results: Revenue: JP¥105.9b (up 26% from 1Q 2021). Net income: JP¥2.91b (down 66% from 1Q 2021). Profit margin: 2.7% (down from 10% in 1Q 2021). Duyuru • Aug 06
Kaga Electronics Co.,Ltd. (TSE:8154) announces an Equity Buyback for 1,300,000 shares, representing 4.73% for ¥3,877.9 million. Kaga Electronics Co.,Ltd. (TSE:8154) announces a share repurchase program. Under the program, the company will repurchase up to 1,300,000 shares, representing 4.73% of its share capital for ¥3,877.9 million. The company will repurchase its shares in order to enable the implementation of a flexible capital policy by aiming for the improvement of capital efficiency. The program will be valid until August 6, 2021. As of March 31, 2021, the company had 27,474,407 shares outstanding excluding treasury shares, and 1,227,711 shares in treasury. Board Change • Jul 27
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 7 non-independent directors. Independent Outside Director Hirokazu Nishiyama was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • May 15
Full year 2021 earnings released: EPS JP¥415 (vs JP¥213 in FY 2020) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2021 results: Revenue: JP¥422.4b (down 4.8% from FY 2020). Net income: JP¥11.4b (up 95% from FY 2020). Profit margin: 2.7% (up from 1.3% in FY 2020). 
