Board Change • Jul 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 5 highly experienced directors. Outside Auditor Hidekazu Tanaka was the last director to join the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Duyuru • Jun 09
Topre Corporation to Report Q1, 2027 Results on Aug 07, 2026 Topre Corporation announced that they will report Q1, 2027 results on Aug 07, 2026 Reported Earnings • May 18
Full year 2026 earnings: EPS and revenues exceed analyst expectations Full year 2026 results: EPS: JP¥374 (up from JP¥278 in FY 2025). Revenue: JP¥378.8b (up 1.4% from FY 2025). Net income: JP¥18.6b (up 31% from FY 2025). Profit margin: 4.9% (up from 3.8% in FY 2025). Revenue exceeded analyst estimates by 1.8%. Earnings per share (EPS) also surpassed analyst estimates by 44%. Revenue is forecast to grow 1.5% p.a. on average during the next 2 years, compared to a 3.5% growth forecast for the Auto Components industry in Japan. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has increased by 21% per year, which means it is tracking significantly ahead of earnings growth. Duyuru • May 10
Topre Corporation to Report Fiscal Year 2026 Results on May 14, 2026 Topre Corporation announced that they will report fiscal year 2026 results on May 14, 2026 Upcoming Dividend • Mar 23
Upcoming dividend of JP¥40.00 per share Eligible shareholders must have bought the stock before 30 March 2026. Payment date: 26 June 2026. Payout ratio is a comfortable 24% and the cash payout ratio is 92%. Trailing yield: 3.3%. Lower than top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (2.8%). Reported Earnings • Feb 14
Third quarter 2026 earnings released: EPS: JP¥108 (vs JP¥138 in 3Q 2025) Third quarter 2026 results: EPS: JP¥108 (down from JP¥138 in 3Q 2025). Revenue: JP¥95.5b (flat on 3Q 2025). Net income: JP¥5.32b (down 24% from 3Q 2025). Profit margin: 5.6% (down from 7.3% in 3Q 2025). Revenue is forecast to grow 2.4% p.a. on average during the next 3 years, compared to a 3.0% growth forecast for the Auto Components industry in Japan. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has increased by 32% per year, which means it is tracking significantly ahead of earnings growth. Duyuru • Feb 14
Topre Corporation Revises Consolidated Earnings Guidance for the Fiscal Year Ending March 31, 2026 Topre Corporation revised consolidated earnings guidance for the fiscal year ending March 31, 2026. For the year, the company revised net sales of JPY 370,000 million, operating profit of JPY 24,000 million, profit attributable to owners of parent of JPY 13,000 million and basic earnings per share of JPY 262.03 compared to previous guidance of net sales of JPY 365,000 million, operating profit of JPY 22,000 million, profit attributable to owners of parent of JPY 12,000 million and basic earnings per share of JPY 235.88.
Reasons for the revision: Company expect net sales and operating profit to exceed the previously announced forecasts, primarily due to the impact of foreign exchange fluctuations on the press-related products business. Similarly, expect ordinary profit and profit attributable to owners of parent company to exceed the previously announced forecasts. For the first nine months of the fiscal year ending March 31, 2026, recorded impairment losses on three consolidated subsidiaries, Mitsuike Corporation, TOPRE (FOSHAN) AUTOPARTS CORPORATION, and Guangzhou Mitsuike Corporation. Accordingly, profit attributable to owners of parent company includes the impact of the losses. Declared Dividend • Dec 13
First half dividend of JP¥40.00 announced Shareholders will receive a dividend of JP¥40.00. Ex-date: 30th March 2026 Payment date: 26th June 2026 Dividend yield will be 3.4%, which is higher than the industry average of 2.7%. Sustainability & Growth Dividend is covered by earnings (22% earnings payout ratio) but not adequately covered by cash flows (92% cash payout ratio). The dividend has increased by an average of 16% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 32% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Duyuru • Dec 04
Topre Corporation to Report Q3, 2026 Results on Feb 13, 2026 Topre Corporation announced that they will report Q3, 2026 results on Feb 13, 2026 Reported Earnings • Nov 18
Second quarter 2026 earnings released: EPS: JP¥105 (vs JP¥83.80 loss in 2Q 2025) Second quarter 2026 results: EPS: JP¥105 (up from JP¥83.80 loss in 2Q 2025). Revenue: JP¥89.6b (up 1.7% from 2Q 2025). Net income: JP¥5.18b (up JP¥9.45b from 2Q 2025). Profit margin: 5.8% (up from net loss in 2Q 2025). The move to profitability was primarily driven by lower expenses. Revenue is forecast to grow 2.1% p.a. on average during the next 3 years, compared to a 2.9% growth forecast for the Auto Components industry in Japan. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has increased by 21% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥40.00 per share Eligible shareholders must have bought the stock before 29 September 2025. Payment date: 15 December 2025. Payout ratio is a comfortable 41% and this is well supported by cash flows. Trailing yield: 3.5%. Lower than top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (3.0%). Duyuru • Sep 02
Topre Corporation to Report Q2, 2026 Results on Nov 14, 2025 Topre Corporation announced that they will report Q2, 2026 results on Nov 14, 2025 Reported Earnings • Aug 09
First quarter 2026 earnings released: EPS: JP¥40.78 (vs JP¥137 in 1Q 2025) First quarter 2026 results: EPS: JP¥40.78 (down from JP¥137 in 1Q 2025). Revenue: JP¥88.1b (down 2.7% from 1Q 2025). Net income: JP¥2.04b (down 71% from 1Q 2025). Profit margin: 2.3% (down from 7.7% in 1Q 2025). Revenue is forecast to grow 2.3% p.a. on average during the next 3 years, compared to a 2.7% growth forecast for the Auto Components industry in Japan. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has increased by 26% per year, which means it is well ahead of earnings. Declared Dividend • Jul 09
Final dividend of JP¥40.00 announced Shareholders will receive a dividend of JP¥40.00. Ex-date: 29th September 2025 Payment date: 15th December 2025 Dividend yield will be 4.6%, which is higher than the industry average of 2.7%. Sustainability & Growth Dividend is well covered by both earnings (12% earnings payout ratio) and cash flows (21% cash payout ratio). The dividend has increased by an average of 16% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 37% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Major Estimate Revision • Jun 24
Consensus EPS estimates fall by 14% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from JP¥381.7b to JP¥373.4b. EPS estimate also fell from JP¥351 per share to JP¥301 per share. Net income forecast to grow 8.9% next year vs 1.5% growth forecast for Auto Components industry in Japan. Consensus price target of JP¥2,300 unchanged from last update. Share price was steady at JP¥1,875 over the past week. Duyuru • Jun 12
Topre Corporation to Report Q1, 2026 Results on Aug 08, 2025 Topre Corporation announced that they will report Q1, 2026 results on Aug 08, 2025 Duyuru • May 16
Topre Corporation (TSE:5975) announces an Equity Buyback for 1,215,000 shares, for ¥2,217.38 million. Topre Corporation (TSE:5975) announces a share repurchase program. Under the program, the company will repurchase up to 1,215,000 shares, representing 2.39% of its issued share capital (excluding treasury stock), for a total purchase price of ¥2,217.38 million. The shares will be repurchased at a price of ¥1,825 per share. The purpose of the program is to improve capital efficiency and enable the flexible execution of capital policies in response to changes in the management environment. As of March 31, 2025, the company had 50,806,961 issued shares (excluding treasury stock) and 3,214,863 treasury shares. Duyuru • May 14
Topre Corporation, Annual General Meeting, Jun 25, 2025 Topre Corporation, Annual General Meeting, Jun 25, 2025. Duyuru • Apr 16
Japan Monozukuri Mirai Investment Limited Partnership managed by SPARX Group Co., Ltd. (TSE:8739) completed the acquisition of 91% stake in SNT Corporation (TSE:6319) from Topre Corporation (TSE:5975), Nippon Steel Corporation (TSE:5401), Nihon Parkerizing Co., Ltd. (TSE:4095), Nippon Steel Trading Corporation and others for ¥13.65 billion. Japan Monozukuri Mirai Investment Limited Partnership managed by SPARX Group Co., Ltd. (TSE:8739) proposed to acquire SNT Corporation (TSE:6319) from Topre Corporation (TSE:5975), Nippon Steel Corporation (TSE:5401), Nihon Parkerizing Co., Ltd. (TSE:4095), Nippon Steel Trading Corporation and others for ¥15.0 billion on February 28, 2025. The consideration will be paid at price of ¥403 per share. In this Transaction, if the Tender Offer is successful, the Squeeze-out Procedures will be implemented. The offer is expected to close on April 14, 2025. Nomura Securities Co., Ltd acted as financial advisor and Nishimura & Asahi acted as legal advisor to SNT Corporation. TMI Associates acted as legal advisor, Resona Research Institute Co., Ltd. acted as financial advisor and fairness opinion provider, YAMADA Business Consulting Co.,Ltd. acted as legal advisor, financial advisor and fairness opinion provider to SNT Corporation.
Japan Monozukuri Mirai Investment Limited Partnership managed by SPARX Group Co., Ltd. (TSE:8739) completed the acquisition of 91% stake in SNT Corporation (TSE:6319) from Topre Corporation (TSE:5975), Nippon Steel Corporation (TSE:5401), Nihon Parkerizing Co., Ltd. (TSE:4095), Nippon Steel Trading Corporation and others for ¥13.65 billion on April 14, 2025. Valuation Update With 7 Day Price Move • Apr 04
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to JP¥1,646, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 8x in the Auto Components industry in Japan. Total returns to shareholders of 66% over the past three years. Major Estimate Revision • Mar 26
Consensus EPS estimates fall by 12% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate fell from JP¥256 to JP¥225 per share. Revenue forecast steady at JP¥368.7b. Net income forecast to grow 33% next year vs 11% growth forecast for Auto Components industry in Japan. Consensus price target of JP¥2,300 unchanged from last update. Share price rose 3.8% to JP¥2,028 over the past week. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥35.00 per share Eligible shareholders must have bought the stock before 28 March 2025. Payment date: 27 June 2025. Payout ratio is a comfortable 12% and this is well supported by cash flows. Trailing yield: 3.6%. Lower than top quartile of Japanese dividend payers (3.7%). In line with average of industry peers (3.3%). Duyuru • Mar 12
Topre Corporation to Report Fiscal Year 2025 Results on May 14, 2025 Topre Corporation announced that they will report fiscal year 2025 results on May 14, 2025 Reported Earnings • Feb 16
Third quarter 2025 earnings released: EPS: JP¥138 (vs JP¥17.03 in 3Q 2024) Third quarter 2025 results: EPS: JP¥138 (up from JP¥17.03 in 3Q 2024). Revenue: JP¥95.6b (up 1.8% from 3Q 2024). Net income: JP¥7.00b (up JP¥6.11b from 3Q 2024). Profit margin: 7.3% (up from 1.0% in 3Q 2024). The increase in margin was primarily driven by lower expenses. Revenue is forecast to grow 3.1% p.a. on average during the next 3 years, compared to a 3.6% growth forecast for the Auto Components industry in Japan. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has increased by 14% per year, which means it is well ahead of earnings. Declared Dividend • Dec 14
First half dividend of JP¥35.00 announced Shareholders will receive a dividend of JP¥35.00. Ex-date: 28th March 2025 Payment date: 27th June 2025 Dividend yield will be 3.6%, which is higher than the industry average of 2.7%. Sustainability & Growth Dividend is covered by both earnings (53% earnings payout ratio) and cash flows (22% cash payout ratio). The dividend has increased by an average of 16% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 123% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Duyuru • Dec 04
Topre Corporation to Report Q3, 2025 Results on Feb 14, 2025 Topre Corporation announced that they will report Q3, 2025 results on Feb 14, 2025 New Risk • Nov 24
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 1.7% Last year net profit margin: 4.1% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (5.7% average weekly change). Profit margins are more than 30% lower than last year (1.7% net profit margin). Buy Or Sell Opportunity • Nov 21
Now 20% undervalued Over the last 90 days, the stock has risen 5.2% to JP¥1,966. The fair value is estimated to be JP¥2,458, 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 4.0%. Revenue is forecast to grow by 5.3% in 2 years. Earnings are forecast to grow by 22% in the next 2 years. Valuation Update With 7 Day Price Move • Nov 18
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to JP¥1,980, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 8x in the Auto Components industry in Japan. Total returns to shareholders of 80% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥2,456 per share. New Risk • Nov 15
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 5.8% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (5.8% average weekly change). Upcoming Dividend • Sep 20
Upcoming dividend of JP¥30.00 per share Eligible shareholders must have bought the stock before 27 September 2024. Payment date: 13 December 2024. Payout ratio is a comfortable 19% and this is well supported by cash flows. Trailing yield: 3.2%. Lower than top quartile of Japanese dividend payers (3.8%). In line with average of industry peers (3.5%). Duyuru • Aug 28
Topre Corporation to Report Q2, 2025 Results on Nov 14, 2024 Topre Corporation announced that they will report Q2, 2025 results on Nov 14, 2024 Duyuru • Aug 22
Topre Corporation (TSE:5975) announces an Equity Buyback for 680,000 shares, representing 1.32% for ¥1,251.2 million. Topre Corporation (TSE:5975) announces a share repurchase program. Under the program, the company will repurchase up to 680,000 shares, representing 1.32% of its issued share capital (excluding treasury stock), for a total purchase price of ¥1,251.2 million. The shares will be repurchased at a price of ¥1,840 per share. The purpose of the program is to improve capital efficiency and enable flexible capital policy implementation in response to changes in the business environment. As of June 30, 2024, the company had 51,373,247 issued shares (excluding treasury stock) and 2,648,577 treasury shares. Reported Earnings • Aug 13
First quarter 2025 earnings released: EPS: JP¥137 (vs JP¥173 in 1Q 2024) First quarter 2025 results: EPS: JP¥137 (down from JP¥173 in 1Q 2024). Revenue: JP¥90.6b (up 14% from 1Q 2024). Net income: JP¥7.01b (down 23% from 1Q 2024). Profit margin: 7.7% (down from 11% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 3.0% p.a. on average during the next 3 years, compared to a 3.5% growth forecast for the Auto Components industry in Japan. Over the last 3 years on average, earnings per share has increased by 4% per year whereas the company’s share price has increased by 7% per year. New Risk • Aug 05
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Japanese stocks, typically moving 6.4% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (6.4% average weekly change). Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 25% After last week's 25% share price decline to JP¥1,556, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 8x in the Auto Components industry in Japan. Total returns to shareholders of 7.0% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥2,424 per share. Buy Or Sell Opportunity • Aug 02
Now 23% undervalued after recent price drop Over the last 90 days, the stock has fallen 25% to JP¥1,861. The fair value is estimated to be JP¥2,425, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Earnings per share has grown by 4.9%. For the next 3 years, revenue is forecast to grow by 3.7% per annum. Earnings are also forecast to grow by 5.1% per annum over the same time period. Declared Dividend • Jul 11
Final dividend of JP¥30.00 announced Shareholders will receive a dividend of JP¥30.00. Ex-date: 27th September 2024 Payment date: 13th December 2024 Dividend yield will be 2.7%, which is about the same as the industry average. Sustainability & Growth Dividend is well covered by both earnings (12% earnings payout ratio) and cash flows (19% cash payout ratio). The dividend has increased by an average of 14% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 19% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Duyuru • Jun 23
Topre Corporation to Report Q1, 2025 Results on Aug 09, 2024 Topre Corporation announced that they will report Q1, 2025 results on Aug 09, 2024 Major Estimate Revision • Jun 13
Consensus EPS estimates fall by 14% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate fell from JP¥291 to JP¥249 per share. Revenue forecast steady at JP¥377.3b. Net income forecast to shrink 28% next year vs 4.4% growth forecast for Auto Components industry in Japan . Consensus price target of JP¥2,600 unchanged from last update. Share price was steady at JP¥2,157 over the past week. Reported Earnings • May 18
Full year 2024 earnings: EPS misses analyst expectations Full year 2024 results: EPS: JP¥327 (up from JP¥191 in FY 2023). Revenue: JP¥354.9b (up 22% from FY 2023). Net income: JP¥17.1b (up 71% from FY 2023). Profit margin: 4.8% (up from 3.4% in FY 2023). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 5.8%. Revenue is forecast to grow 3.9% p.a. on average during the next 2 years, compared to a 3.8% growth forecast for the Auto Components industry in Japan. Over the last 3 years on average, earnings per share has increased by 5% per year whereas the company’s share price has increased by 10% per year. Duyuru • May 16
Topre Corporation, Annual General Meeting, Jun 26, 2024 Topre Corporation, Annual General Meeting, Jun 26, 2024. Duyuru • Mar 27
Topre Corporation to Report Fiscal Year 2024 Results on May 14, 2024 Topre Corporation announced that they will report fiscal year 2024 results on May 14, 2024 Upcoming Dividend • Mar 21
Upcoming dividend of JP¥25.00 per share Eligible shareholders must have bought the stock before 28 March 2024. Payment date: 01 July 2024. Payout ratio is a comfortable 12% and this is well supported by cash flows. Trailing yield: 1.9%. Lower than top quartile of Japanese dividend payers (3.2%). Lower than average of industry peers (2.6%). Major Estimate Revision • Mar 05
Consensus EPS estimates increase by 17% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate increased from JP¥296 to JP¥347. Revenue forecast steady at JP¥351.5b. Net income forecast to shrink 15% next year vs 8.6% growth forecast for Auto Components industry in Japan . Consensus price target of JP¥2,600 unchanged from last update. Share price rose 2.4% to JP¥2,455 over the past week. Reported Earnings • Feb 16
Third quarter 2024 earnings released: EPS: JP¥17.03 (vs JP¥91.92 loss in 3Q 2023) Third quarter 2024 results: EPS: JP¥17.03 (up from JP¥91.92 loss in 3Q 2023). Revenue: JP¥93.8b (up 24% from 3Q 2023). Net income: JP¥894.0m (up JP¥5.72b from 3Q 2023). Profit margin: 1.0% (up from net loss in 3Q 2023). The move to profitability was driven by higher revenue. Revenue is forecast to grow 5.4% p.a. on average during the next 3 years, compared to a 3.9% growth forecast for the Auto Components industry in Japan. Over the last 3 years on average, earnings per share has increased by 12% per year whereas the company’s share price has increased by 14% per year. Duyuru • Feb 15
Topre Corporation (TSE:5975) announces an Equity Buyback for 1,350,000 shares, representing 2.57% for ¥3,024 million. Topre Corporation (TSE:5975) announces a share repurchase program. Under the program, the company will repurchase up to 1,350,000 shares, representing 2.57% of its issued share capital (excluding treasury stock), for a total purchase price of ¥3,024 million. The shares will be repurchased at a price of ¥2,240 per share. The purpose of the program is to improve capital efficiency and enable flexible capital policy implementation in response to changes in the business environment. As of December 31, 2023, the company had 52,620,719 issued shares (excluding treasury stock) and 1,401,105 treasury shares. Duyuru • Dec 08
Topre Corporation to Report Q3, 2024 Results on Feb 14, 2024 Topre Corporation announced that they will report Q3, 2024 results on Feb 14, 2024 Reported Earnings • Nov 18
Second quarter 2024 earnings released: EPS: JP¥83.92 (vs JP¥89.02 in 2Q 2023) Second quarter 2024 results: EPS: JP¥83.92 (down from JP¥89.02 in 2Q 2023). Revenue: JP¥86.4b (up 19% from 2Q 2023). Net income: JP¥4.41b (down 5.7% from 2Q 2023). Profit margin: 5.1% (down from 6.4% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 2.1% p.a. on average during the next 3 years, compared to a 3.9% growth forecast for the Auto Components industry in Japan. Over the last 3 years on average, earnings per share has increased by 15% per year whereas the company’s share price has increased by 16% per year. New Risk • Nov 15
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Japanese stocks, typically moving 6.2% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (6.2% average weekly change). Valuation Update With 7 Day Price Move • Nov 15
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to JP¥1,943, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 10x in the Auto Components industry in Japan. Total returns to shareholders of 68% over the past three years. Upcoming Dividend • Sep 21
Upcoming dividend of JP¥20.00 per share at 2.2% yield Eligible shareholders must have bought the stock before 28 September 2023. Payment date: 13 December 2023. Payout ratio is a comfortable 11% and this is well supported by cash flows. Trailing yield: 2.2%. Lower than top quartile of Japanese dividend payers (3.3%). Lower than average of industry peers (2.5%). Major Estimate Revision • Sep 14
Consensus EPS estimates increase by 20% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has improved. 2024 revenue forecast increased from JP¥307.2b to JP¥319.7b. EPS estimate increased from JP¥194 to JP¥233 per share. Net income forecast to shrink 9.8% next year vs 13% growth forecast for Auto Components industry in Japan . Consensus price target up from JP¥1,050 to JP¥1,770. Share price rose 4.2% to JP¥1,852 over the past week. Price Target Changed • Sep 13
Price target increased by 61% to JP¥1,770 Up from JP¥1,100, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of JP¥1,839. Stock is up 47% over the past year. The company is forecast to post earnings per share of JP¥233 for next year compared to JP¥191 last year. Duyuru • Sep 09
Topre Corporation to Report Q2, 2024 Results on Nov 14, 2023 Topre Corporation announced that they will report Q2, 2024 results on Nov 14, 2023 Reported Earnings • Aug 12
First quarter 2024 earnings released: EPS: JP¥173 (vs JP¥101 in 1Q 2023) First quarter 2024 results: EPS: JP¥173 (up from JP¥101 in 1Q 2023). Revenue: JP¥79.3b (up 40% from 1Q 2023). Net income: JP¥9.08b (up 71% from 1Q 2023). Profit margin: 11% (up from 9.3% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 2.7% p.a. on average during the next 3 years, compared to a 4.0% growth forecast for the Auto Components industry in Japan. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Duyuru • Jun 23
Topre Corporation to Report Q1, 2024 Results on Aug 10, 2023 Topre Corporation announced that they will report Q1, 2024 results on Aug 10, 2023 Reported Earnings • May 17
Full year 2023 earnings: EPS and revenues exceed analyst expectations Full year 2023 results: EPS: JP¥191 (down from JP¥210 in FY 2022). Revenue: JP¥290.4b (up 24% from FY 2022). Net income: JP¥10.0b (down 9.0% from FY 2022). Profit margin: 3.4% (down from 4.7% in FY 2022). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 7.5%. Earnings per share (EPS) also surpassed analyst estimates by 13%. Revenue is forecast to grow 2.7% p.a. on average during the next 2 years, compared to a 4.4% growth forecast for the Auto Components industry in Japan. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Duyuru • May 12
Topre Corporation, Annual General Meeting, Jun 28, 2023 Topre Corporation, Annual General Meeting, Jun 28, 2023. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥10.00 per share at 1.7% yield Eligible shareholders must have bought the stock before 30 March 2023. Payment date: 29 June 2023. Payout ratio is a comfortable 11% and this is well supported by cash flows. Trailing yield: 1.7%. Lower than top quartile of Japanese dividend payers (3.6%). Lower than average of industry peers (3.2%). Major Estimate Revision • Mar 11
Consensus EPS estimates fall by 25% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate fell from JP¥225 to JP¥169. Revenue forecast unchanged from JP¥270.2b at last update. Net income forecast to shrink 16% next year vs 25% growth forecast for Auto Components industry in Japan . Consensus price target of JP¥1,050 unchanged from last update. Share price was steady at JP¥1,244 over the past week. Reported Earnings • Feb 12
Third quarter 2023 earnings released: JP¥91.92 loss per share (vs JP¥79.02 profit in 3Q 2022) Third quarter 2023 results: JP¥91.92 loss per share (down from JP¥79.02 profit in 3Q 2022). Revenue: JP¥75.5b (up 20% from 3Q 2022). Net loss: JP¥4.83b (down 216% from profit in 3Q 2022). Revenue is forecast to grow 6.0% p.a. on average during the next 3 years, compared to a 4.8% growth forecast for the Auto Components industry in Japan. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Duyuru • Dec 08
Topre Corporation to Report Q3, 2023 Results on Feb 10, 2023 Topre Corporation announced that they will report Q3, 2023 results on Feb 10, 2023 Reported Earnings • Nov 16
Second quarter 2023 earnings released: EPS: JP¥89.02 (vs JP¥12.67 in 2Q 2022) Second quarter 2023 results: EPS: JP¥89.02 (up from JP¥12.67 in 2Q 2022). Revenue: JP¥72.8b (up 33% from 2Q 2022). Net income: JP¥4.67b (up JP¥4.01b from 2Q 2022). Profit margin: 6.4% (up from 1.2% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 6.7% p.a. on average during the next 3 years, compared to a 5.0% growth forecast for the Auto Components industry in Japan. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Major Estimate Revision • Oct 06
Consensus EPS estimates increase by 25% The consensus outlook for earnings per share (EPS) in 2023 has improved. 2023 revenue forecast increased from JP¥257.7b to JP¥270.2b. EPS estimate increased from JP¥164 to JP¥206 per share. Net income forecast to shrink 27% next year vs 25% growth forecast for Auto Components industry in Japan . Consensus price target down from JP¥1,175 to JP¥1,050. Share price was steady at JP¥1,144 over the past week. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥10.00 per share Eligible shareholders must have bought the stock before 29 September 2022. Payment date: 13 December 2022. Payout ratio is a comfortable 9.1% and this is well supported by cash flows. Trailing yield: 1.7%. Lower than top quartile of Japanese dividend payers (3.7%). Lower than average of industry peers (3.1%). Duyuru • Sep 09
Topre Corporation to Report Q2, 2023 Results on Nov 14, 2022 Topre Corporation announced that they will report Q2, 2023 results on Nov 14, 2022 Major Estimate Revision • Aug 17
Consensus forecasts updated The consensus outlook for 2023 has been updated. 2023 EPS estimate increased from JP¥140 to JP¥163. Revenue forecast unchanged at JP¥251.0b. Net income forecast to shrink 34% next year vs 26% growth forecast for Auto Components industry in Japan . Consensus price target of JP¥1,175 unchanged from last update. Share price rose 13% to JP¥1,175 over the past week. Reported Earnings • Aug 12
First quarter 2023 earnings: EPS and revenues exceed analyst expectations First quarter 2023 results: EPS: JP¥101 (up from JP¥35.86 in 1Q 2022). Revenue: JP¥56.9b (up 5.7% from 1Q 2022). Net income: JP¥5.32b (up 182% from 1Q 2022). Profit margin: 9.3% (up from 3.5% in 1Q 2022). Revenue exceeded analyst estimates by 9.8%. Earnings per share (EPS) also surpassed analyst estimates. Over the next year, revenue is forecast to grow 8.6%, compared to a 14% growth forecast for the industry in Japan. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Duyuru • Aug 11
Topre Corporation Provides Earnings Guidance for the Second Quarter Ending September 2022 and Year Ending March 2023 Topre Corporation provided earnings guidance for the second quarter end September 2022 and year end March 2023. For the second quarter, the company expects to report net sales of JPY 130,000 million, operating profit of JPY 500 million, profit attributable to owners of parent of JPY 5,000 million and basic earnings per share of JPY 95.29.For the year, the company expects to report net sales of JPY 270,000 million, operating profit of JPY 7,000 million, profit attributable to owners of parent of JPY 9,000 million and basic earnings per share of JPY 171.53.