New Risk • Jun 15
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 39% 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: Major Risks Debt is not well covered by operating cash flow (4.0% operating cash flow to total debt). Earnings have declined by 8.1% per year over the past 5 years. Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Duyuru • May 15
ALCONIX Corporation, Annual General Meeting, Jun 24, 2026 ALCONIX Corporation, Annual General Meeting, Jun 24, 2026. Duyuru • May 09
ALCONIX Corporation to Report Fiscal Year 2026 Results on May 15, 2026 ALCONIX Corporation announced that they will report fiscal year 2026 results on May 15, 2026 Reported Earnings • Feb 10
Third quarter 2026 earnings released: EPS: JP¥78.97 (vs JP¥30.20 in 3Q 2025) Third quarter 2026 results: EPS: JP¥78.97 (up from JP¥30.20 in 3Q 2025). Revenue: JP¥55.8b (up 9.0% from 3Q 2025). Net income: JP¥2.37b (up 160% from 3Q 2025). Profit margin: 4.3% (up from 1.8% in 3Q 2025). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has increased by 31% per year, which means it is tracking significantly ahead of earnings growth. Duyuru • Jan 05
ALCONIX Corporation to Report Q3, 2026 Results on Feb 09, 2026 ALCONIX Corporation announced that they will report Q3, 2026 results on Feb 09, 2026 Declared Dividend • Nov 26
First half dividend of JP¥42.00 announced Shareholders will receive a dividend of JP¥42.00. Ex-date: 30th March 2026 Payment date: 19th June 2026 Dividend yield will be 3.6%, which is higher than the industry average of 2.6%. Sustainability & Growth Dividend is covered by both earnings (27% earnings payout ratio) and cash flows (53% cash payout ratio). The dividend has increased by an average of 17% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 6.4% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Nov 08
Second quarter 2026 earnings released: EPS: JP¥43.53 (vs JP¥45.42 in 2Q 2025) Second quarter 2026 results: EPS: JP¥43.53 (down from JP¥45.42 in 2Q 2025). Revenue: JP¥49.5b (flat on 2Q 2025). Net income: JP¥1.31b (down 4.8% from 2Q 2025). Profit margin: 2.6% (down from 2.8% in 2Q 2025). Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has increased by 17% per year, which means it is well ahead of earnings. Duyuru • Oct 04
ALCONIX Corporation to Report Q2, 2026 Results on Nov 06, 2025 ALCONIX Corporation announced that they will report Q2, 2026 results on Nov 06, 2025 Reported Earnings • Aug 06
First quarter 2026 earnings released: EPS: JP¥42.33 (vs JP¥42.77 in 1Q 2025) First quarter 2026 results: EPS: JP¥42.33 (down from JP¥42.77 in 1Q 2025). Revenue: JP¥52.5b (up 14% from 1Q 2025). Net income: JP¥1.27b (down 1.7% from 1Q 2025). Profit margin: 2.4% (down from 2.8% in 1Q 2025). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 33% per year but the company’s share price has increased by 16% per year, which means it is well ahead of earnings. Board Change • Jul 18
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 Hideki Matsuo was the last independent director to join the board, commencing their role in 2024. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Declared Dividend • Jul 09
Final dividend of JP¥42.00 announced Shareholders will receive a dividend of JP¥42.00. Ex-date: 29th September 2025 Payment date: 26th November 2025 Dividend yield will be 4.3%, which is higher than the industry average of 2.6%. Sustainability & Growth Dividend is covered by earnings (76% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 17% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 2.3% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Jun 20
Full year 2025 earnings released: EPS: JP¥159 (vs JP¥53.04 in FY 2024) Full year 2025 results: EPS: JP¥159 (up from JP¥53.04 in FY 2024). Revenue: JP¥197.0b (up 13% from FY 2024). Net income: JP¥4.81b (up 201% from FY 2024). Profit margin: 2.4% (up from 0.9% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 45% per year but the company’s share price has increased by 12% per year, which means it is well ahead of earnings. Duyuru • Jun 19
ALCONIX Corporation to Report Q1, 2026 Results on Aug 05, 2025 ALCONIX Corporation announced that they will report Q1, 2026 results on Aug 05, 2025 Reported Earnings • May 20
Full year 2025 earnings released: EPS: JP¥159 (vs JP¥53.04 in FY 2024) Full year 2025 results: EPS: JP¥159 (up from JP¥53.04 in FY 2024). Revenue: JP¥197.0b (up 13% from FY 2024). Net income: JP¥4.81b (up 201% from FY 2024). Profit margin: 2.4% (up from 0.9% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 45% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Duyuru • May 15
ALCONIX Corporation, Annual General Meeting, Jun 18, 2025 ALCONIX Corporation, Annual General Meeting, Jun 18, 2025. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥32.00 per share Eligible shareholders must have bought the stock before 28 March 2025. Payment date: 20 June 2025. Payout ratio is on the higher end at 76%, however this is supported by cash flows. Trailing yield: 4.1%. Within top quartile of Japanese dividend payers (3.7%). Higher than average of industry peers (3.3%). Duyuru • Mar 05
ALCONIX Corporation to Report Fiscal Year 2025 Results on May 15, 2025 ALCONIX Corporation announced that they will report fiscal year 2025 results on May 15, 2025 Reported Earnings • Feb 11
Third quarter 2025 earnings released: EPS: JP¥30.20 (vs JP¥29.36 in 3Q 2024) Third quarter 2025 results: EPS: JP¥30.20 (up from JP¥29.36 in 3Q 2024). Revenue: JP¥51.2b (up 8.7% from 3Q 2024). Net income: JP¥913.0m (up 3.2% from 3Q 2024). Profit margin: 1.8% (down from 1.9% in 3Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 55% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Duyuru • Feb 11
ALCONIX Corporation (TSE:3036) announces an Equity Buyback for 350,000 shares, for ¥525 million. ALCONIX Corporation (TSE:3036) announces a share repurchase program. Under the program, the company will repurchase up to 350,000 shares for ¥525 million. The repurchase price will be ¥1,500 per share. Duyuru • Jan 17
ALCONIX Corporation to Report Q3, 2025 Results on Feb 10, 2025 ALCONIX Corporation announced that they will report Q3, 2025 results on Feb 10, 2025 Declared Dividend • Nov 27
First half dividend of JP¥32.00 announced Shareholders will receive a dividend of JP¥32.00. Ex-date: 28th March 2025 Payment date: 20th June 2025 Dividend yield will be 4.5%, which is higher than the industry average of 2.6%. Sustainability & Growth Dividend is covered by both earnings (77% earnings payout ratio) and cash flows (72% 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. The company's earnings per share (EPS) would need to decline by 14% to shift the payout ratio to a potentially unsustainable range, which is more than the 8.9% EPS decline seen over the last 5 years. New Risk • Nov 14
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 12% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (12% operating cash flow to total debt). Earnings have declined by 1.6% per year over the past 5 years. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.3% net profit margin). Reported Earnings • Nov 08
Second quarter 2025 earnings released: EPS: JP¥45.42 (vs JP¥35.12 in 2Q 2024) Second quarter 2025 results: EPS: JP¥45.42 (up from JP¥35.12 in 2Q 2024). Revenue: JP¥49.8b (up 20% from 2Q 2024). Net income: JP¥1.37b (up 30% from 2Q 2024). Profit margin: 2.8% (up from 2.6% in 2Q 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 4% per year, which means it has not declined as severely as earnings. Duyuru • Oct 06
ALCONIX Corporation to Report Q2, 2025 Results on Nov 06, 2024 ALCONIX Corporation announced that they will report Q2, 2025 results on Nov 06, 2024 Upcoming Dividend • Sep 20
Upcoming dividend of JP¥29.00 per share Eligible shareholders must have bought the stock before 27 September 2024. Payment date: 28 November 2024. Payout ratio is on the higher end at 82%, however this is supported by cash flows. Trailing yield: 4.2%. Within top quartile of Japanese dividend payers (3.8%). Higher than average of industry peers (3.3%). Reported Earnings • Aug 06
First quarter 2025 earnings released: EPS: JP¥42.77 (vs JP¥28.50 in 1Q 2024) First quarter 2025 results: EPS: JP¥42.77 (up from JP¥28.50 in 1Q 2024). Revenue: JP¥45.9b (up 8.2% from 1Q 2024). Net income: JP¥1.29b (up 50% from 1Q 2024). Profit margin: 2.8% (up from 2.0% in 1Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 41% 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. 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 JP¥1,241, the stock trades at a trailing P/E ratio of 23.4x. Average trailing P/E is 9x in the Trade Distributors industry in Japan. Total loss to shareholders of 11% over the past three years. Declared Dividend • Jul 11
Final dividend of JP¥29.00 announced Shareholders will receive a dividend of JP¥29.00. Ex-date: 27th September 2024 Payment date: 28th November 2024 Dividend yield will be 3.7%, which is higher than the industry average of 2.6%. Sustainability & Growth Dividend is covered by both earnings (52% earnings payout ratio) and cash flows (15% 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. The company's earnings per share (EPS) would need to decline by 42% to shift the payout ratio to a potentially unsustainable range, which is more than the 19% EPS decline seen over the last 5 years. Duyuru • Jun 30
ALCONIX Corporation to Report Q1, 2025 Results on Aug 05, 2024 ALCONIX Corporation announced that they will report Q1, 2025 results on Aug 05, 2024 Reported Earnings • Jun 25
Full year 2024 earnings released: EPS: JP¥53.04 (vs JP¥182 in FY 2023) Full year 2024 results: EPS: JP¥53.04 (down from JP¥182 in FY 2023). Revenue: JP¥174.9b (down 1.9% from FY 2023). Net income: JP¥1.60b (down 71% from FY 2023). Profit margin: 0.9% (down from 3.1% in FY 2023). Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Reported Earnings • May 20
Full year 2024 earnings released: EPS: JP¥53.04 (vs JP¥182 in FY 2023) Full year 2024 results: EPS: JP¥53.04 (down from JP¥182 in FY 2023). Revenue: JP¥174.9b (down 1.9% from FY 2023). Net income: JP¥1.60b (down 71% from FY 2023). Profit margin: 0.9% (down from 3.1% in FY 2023). Over the last 3 years on average, earnings per share has fallen by 25% 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. Duyuru • May 17
ALCONIX Corporation, Annual General Meeting, Jun 19, 2024 ALCONIX Corporation, Annual General Meeting, Jun 19, 2024. Duyuru • Mar 24
ALCONIX Corporation to Report Fiscal Year 2024 Results on May 15, 2024 ALCONIX Corporation announced that they will report fiscal year 2024 results on May 15, 2024 Upcoming Dividend • Mar 21
Upcoming dividend of JP¥27.00 per share Eligible shareholders must have bought the stock before 28 March 2024. Payment date: 24 June 2024. Payout ratio is a comfortable 52% and this is well supported by cash flows. Trailing yield: 3.7%. Within top quartile of Japanese dividend payers (3.2%). Higher than average of industry peers (2.4%). Duyuru • Feb 29
ALCONIX Corporation (TSE:3036) agreed to acquire Sakamoto Electric Mfg.Co.,Ltd. from Tsunetoshi Sakamoto and its founding family ALCONIX Corporation (TSE:3036) agreed to acquire Sakamoto Electric Mfg.Co.,Ltd. from Tsunetoshi Sakamoto and its founding family on February 27, 2024. Reported Earnings • Feb 10
Third quarter 2024 earnings released: EPS: JP¥29.36 (vs JP¥31.59 in 3Q 2023) Third quarter 2024 results: EPS: JP¥29.36 (down from JP¥31.59 in 3Q 2023). Revenue: JP¥47.1b (up 8.3% from 3Q 2023). Net income: JP¥885.0m (down 6.9% from 3Q 2023). Profit margin: 1.9% (down from 2.2% in 3Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 7% per year whereas the company’s share price has fallen by 6% per year. Duyuru • Dec 28
ALCONIX Corporation to Report Q3, 2024 Results on Feb 08, 2024 ALCONIX Corporation announced that they will report Q3, 2024 results on Feb 08, 2024 Reported Earnings • Nov 08
Second quarter 2024 earnings released: EPS: JP¥35.12 (vs JP¥47.29 in 2Q 2023) Second quarter 2024 results: EPS: JP¥35.12 (down from JP¥47.29 in 2Q 2023). Revenue: JP¥41.4b (down 8.8% from 2Q 2023). Net income: JP¥1.06b (down 26% from 2Q 2023). Profit margin: 2.6% (down from 3.1% in 2Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Upcoming Dividend • Sep 21
Upcoming dividend of JP¥27.00 per share at 3.9% yield Eligible shareholders must have bought the stock before 28 September 2023. Payment date: 29 November 2023. Payout ratio is a comfortable 45% but the company is not cash flow positive. Trailing yield: 3.9%. Within top quartile of Japanese dividend payers (3.3%). Higher than average of industry peers (2.8%). Reported Earnings • Aug 08
First quarter 2024 earnings released: EPS: JP¥28.50 (vs JP¥90.39 in 1Q 2023) First quarter 2024 results: EPS: JP¥28.50 (down from JP¥90.39 in 1Q 2023). Revenue: JP¥42.4b (down 9.5% from 1Q 2023). Net income: JP¥858.0m (down 68% from 1Q 2023). Profit margin: 2.0% (down from 5.8% in 1Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Duyuru • Jul 06
ALCONIX Corporation to Report Q1, 2024 Results on Aug 07, 2023 ALCONIX Corporation announced that they will report Q1, 2024 results on Aug 07, 2023 Reported Earnings • Jun 28
Full year 2023 earnings released: EPS: JP¥182 (vs JP¥283 in FY 2022) Full year 2023 results: EPS: JP¥182 (down from JP¥283 in FY 2022). Revenue: JP¥178.3b (up 14% from FY 2022). Net income: JP¥5.49b (down 27% from FY 2022). Profit margin: 3.1% (down from 4.8% in FY 2022). The decrease in margin was driven by higher expenses. 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 6% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 17
Full year 2023 earnings released: EPS: JP¥182 (vs JP¥283 in FY 2022) Full year 2023 results: EPS: JP¥182 (down from JP¥283 in FY 2022). Revenue: JP¥178.3b (up 14% from FY 2022). Net income: JP¥5.49b (down 27% from FY 2022). Profit margin: 3.1% (down from 4.8% in FY 2022). The decrease in margin was driven by higher expenses. 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
ALCONIX Corporation, Annual General Meeting, Jun 21, 2023 ALCONIX Corporation, Annual General Meeting, Jun 21, 2023. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥26.00 per share at 4.0% yield Eligible shareholders must have bought the stock before 30 March 2023. Payment date: 23 June 2023. Payout ratio is a comfortable 27% but the company is not cash flow positive. Trailing yield: 4.0%. Within top quartile of Japanese dividend payers (3.6%). In line with average of industry peers (3.8%). Reported Earnings • Feb 09
Third quarter 2023 earnings released: EPS: JP¥31.59 (vs JP¥76.81 in 3Q 2022) Third quarter 2023 results: EPS: JP¥31.59 (down from JP¥76.81 in 3Q 2022). Revenue: JP¥43.5b (up 9.8% from 3Q 2022). Net income: JP¥951.0m (down 53% from 3Q 2022). Profit margin: 2.2% (down from 5.1% in 3Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Duyuru • Jan 06
ALCONIX Corporation to Report Q3, 2023 Results on Feb 08, 2023 ALCONIX Corporation announced that they will report Q3, 2023 results on Feb 08, 2023 Duyuru • Dec 02
ALCONIX Corporation (TSE:3036) Completed the acquisition of Soode Nagano Co., Ltd. from Takayuki Hayade. ALCONIX Corporation (TSE:3036) signed a share transfer agreement to acquire Soode Nagano Co., Ltd. from Takayuki Hayade for ¥8.8 billion on April 26, 2022. ALCONIX Corporation will acquire 1,440 shares of Soode Nagano Co., Ltd. in the deal. Post-completion, Soode Nagano Co., Ltd. will become a consolidated subsidiary of ALCONIX Corporation. ALCONIX Corporation plans to dispatch part-time Directors and part-time Corporate Auditors. The Board of Directors of ALCONIX Corporation has resolved the deal on April 26, 2022. The deal is expected to close on November 30, 2022.
ALCONIX Corporation (TSE:3036) Completed the acquisition of Soode Nagano Co., Ltd. from Takayuki Hayade on November 30, 2022. Reported Earnings • Nov 17
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: JP¥45.4b (up 21% from 2Q 2022). Net income: JP¥1.42b (down 32% from 2Q 2022). Profit margin: 3.1% (down from 5.6% in 2Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Board Change • Nov 16
Less than half of directors are independent There are 7 new directors who have joined the board in the last 3 years. Of these new board members, 3 were independent directors. The company's board is composed of: 7 new directors. 3 experienced directors. 2 highly experienced directors. 3 independent directors (6 non-independent directors). CEO & Chairman Masato Takei is the most experienced director on the board, commencing their role in 2009. Independent Director Yukiko Imazu was the last independent director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Reported Earnings • Nov 10
Second quarter 2023 earnings released: EPS: JP¥47.29 (vs JP¥83.42 in 2Q 2022) Second quarter 2023 results: EPS: JP¥47.29 (down from JP¥83.42 in 2Q 2022). Revenue: JP¥45.4b (up 21% from 2Q 2022). Net income: JP¥1.42b (down 32% from 2Q 2022). Profit margin: 3.1% (down from 5.6% in 2Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Duyuru • Oct 05
ALCONIX Corporation to Report Q2, 2023 Results on Nov 08, 2022 ALCONIX Corporation announced that they will report Q2, 2023 results on Nov 08, 2022 Upcoming Dividend • Sep 22
Upcoming dividend of JP¥26.00 per share Eligible shareholders must have bought the stock before 29 September 2022. Payment date: 29 November 2022. Payout ratio is a comfortable 19% but the company is not cash flow positive. Trailing yield: 3.8%. Within top quartile of Japanese dividend payers (3.7%). In line with average of industry peers (3.6%). Reported Earnings • Aug 07
First quarter 2023 earnings released: EPS: JP¥90.39 (vs JP¥97.26 in 1Q 2022) First quarter 2023 results: EPS: JP¥90.39. Revenue: JP¥46.8b (up 27% from 1Q 2022). Net income: JP¥2.72b (up 12% from 1Q 2022). Profit margin: 5.8% (down from 6.6% in 1Q 2022). The decrease in margin was driven by higher expenses. Duyuru • Jul 07
ALCONIX Corporation to Report Q1, 2023 Results on Aug 05, 2022 ALCONIX Corporation announced that they will report Q1, 2023 results on Aug 05, 2022 Reported Earnings • May 16
Full year 2022 earnings released: EPS: JP¥283 (vs JP¥114 in FY 2021) Full year 2022 results: EPS: JP¥283 (up from JP¥114 in FY 2021). Revenue: JP¥156.3b (down 27% from FY 2021). Net income: JP¥7.51b (up 163% from FY 2021). Profit margin: 4.8% (up from 1.3% in FY 2021). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Duyuru • Apr 27
ALCONIX Corporation (TSE:3036) signed a share transfer agreement to acquire Soode Nagano Co., Ltd. from Takayuki Hayade for ¥8.8 billion. ALCONIX Corporation (TSE:3036) signed a share transfer agreement to acquire Soode Nagano Co., Ltd. from Takayuki Hayade for ¥8.8 billion on April 26, 2022. ALCONIX Corporation will acquire 1,440 shares of Soode Nagano Co., Ltd. in the deal. Post-completion, Soode Nagano Co., Ltd. will become a consolidated subsidiary of ALCONIX Corporation. ALCONIX Corporation plans to dispatch part-time Directors and part-time Corporate Auditors. The Board of Directors of ALCONIX Corporation has resolved the deal on April 26, 2022. The deal is expected to close on November 30, 2022. Board Change • Apr 27
No independent directors There are 9 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 9 new directors. 2 experienced directors. 1 highly experienced director. No independent directors (8 non-independent directors). CEO, President, MD & Director Masato Takei is the most experienced director on the board, commencing their role in 2009. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of board continuity. Lack of experienced directors. Duyuru • Apr 07
ALCONIX Corporation to Report Fiscal Year 2022 Results on May 13, 2022 ALCONIX Corporation announced that they will report fiscal year 2022 results on May 13, 2022 Upcoming Dividend • Mar 23
Upcoming dividend of JP¥28.00 per share Eligible shareholders must have bought the stock before 30 March 2022. Payment date: 24 June 2022. Payout ratio is a comfortable 15% but the company is not cash flow positive. Trailing yield: 2.8%. Lower than top quartile of Japanese dividend payers (3.4%). Lower than average of industry peers (3.4%). Reported Earnings • Feb 10
Third quarter 2022 earnings: Revenues and EPS in line with analyst expectations Third quarter 2022 results: EPS: JP¥76.81 (up from JP¥22.72 in 3Q 2021). Revenue: JP¥39.6b (down 30% from 3Q 2021). Net income: JP¥2.01b (up 254% from 3Q 2021). Profit margin: 5.1% (up from 1.0% in 3Q 2021). The increase in margin was driven by lower expenses. Revenue was in line with analyst estimates. 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 9% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Nov 25
Investor sentiment deteriorated over the past week After last week's 19% share price decline to JP¥1,305, the stock trades at a trailing P/E ratio of 5.3x. Average trailing P/E is 9x in the Trade Distributors industry in Japan. Total returns to shareholders of 11% over the past three years. Reported Earnings • Nov 07
Second quarter 2022 earnings released: EPS JP¥83.42 (vs JP¥26.08 in 2Q 2021) The company reported a decent second quarter result with improved earnings and profit margins, although revenues were weaker. Second quarter 2022 results: Revenue: JP¥37.6b (down 22% from 2Q 2021). Net income: JP¥2.09b (up 218% from 2Q 2021). Profit margin: 5.6% (up from 1.4% in 2Q 2021). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. 
