Reported Earnings • May 13
Full year 2026 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2026 results: EPS: JP¥127 (up from JP¥22.72 in FY 2025). Revenue: JP¥421.6b (flat on FY 2025). Net income: JP¥11.2b (up 458% from FY 2025). Profit margin: 2.7% (up from 0.5% in FY 2025). Revenue missed analyst estimates by 1.5%. Earnings per share (EPS) exceeded analyst estimates by 26%. Revenue is forecast to grow 4.4% p.a. on average during the next 3 years, compared to a 4.7% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, earnings per share has increased by 108% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Duyuru • May 12
Toyobo Co., Ltd., Annual General Meeting, Jun 24, 2026 Toyobo Co., Ltd., Annual General Meeting, Jun 24, 2026. Duyuru • May 09
Toyobo Co., Ltd. to Report Fiscal Year 2026 Results on May 12, 2026 Toyobo Co., Ltd. announced that they will report fiscal year 2026 results on May 12, 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 39% but the company is paying out more than the cash it is generating. Trailing yield: 3.0%. Lower than top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (2.3%). New Risk • Mar 04
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 5.9% 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: Major Risk Debt is not well covered by operating cash flow (16% operating cash flow to total debt). Minor Risks Dividend is not well covered by cash flows (133% cash payout ratio). Share price has been volatile over the past 3 months (5.9% average weekly change). Large one-off items impacting financial results. Valuation Update With 7 Day Price Move • Feb 27
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to JP¥1,841, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 15x in the Chemicals industry in Japan. Total returns to shareholders of 92% over the past three years. Price Target Changed • Feb 26
Price target increased by 25% to JP¥1,883 Up from JP¥1,510, the current price target is an average from 3 analysts. New target price is 10% above last closing price of JP¥1,710. Stock is up 75% over the past year. The company is forecast to post earnings per share of JP¥87.78 for next year compared to JP¥22.72 last year. Reported Earnings • Feb 10
Third quarter 2026 earnings released: EPS: JP¥23.74 (vs JP¥6.89 in 3Q 2025) Third quarter 2026 results: EPS: JP¥23.74 (up from JP¥6.89 in 3Q 2025). Revenue: JP¥103.5b (down 1.5% from 3Q 2025). Net income: JP¥2.10b (up 245% from 3Q 2025). Profit margin: 2.0% (up from 0.6% in 3Q 2025). Revenue is forecast to grow 4.6% p.a. on average during the next 3 years, compared to a 4.4% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, earnings per share has increased by 56% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Duyuru • Dec 20
Toyobo Co., Ltd. to Report Q3, 2026 Results on Feb 09, 2026 Toyobo Co., Ltd. announced that they will report Q3, 2026 results on Feb 09, 2026 Duyuru • Nov 28
Teijin Frontier Co., Ltd. signed a letter of intent to acquire Toyobo Automotive Textiles Changshu Company from Toyobo Co., Ltd. (TSE:3101). Teijin Frontier Co., Ltd. signed a letter of intent to acquire Toyobo Automotive Textiles Changshu Company from Toyobo Co., Ltd. (TSE:3101) on November 25, 2025. Agreement was signed on November 26, 2025.
The expected completion of the transaction is February 2, 2026. Reported Earnings • Nov 12
Second quarter 2026 earnings released: EPS: JP¥47.14 (vs JP¥7.60 loss in 2Q 2025) Second quarter 2026 results: EPS: JP¥47.14 (up from JP¥7.60 loss in 2Q 2025). Revenue: JP¥101.1b (down 2.8% from 2Q 2025). Net income: JP¥4.16b (up JP¥4.83b from 2Q 2025). Profit margin: 4.1% (up from net loss in 2Q 2025). Revenue is forecast to grow 4.1% p.a. on average during the next 3 years, compared to a 4.2% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Duyuru • Sep 10
Toyobo Co., Ltd. to Report First Half, 2026 Results on Nov 10, 2025 Toyobo Co., Ltd. announced that they will report first half, 2026 results on Nov 10, 2025 Price Target Changed • Aug 31
Price target increased by 8.6% to JP¥1,353 Up from JP¥1,247, the current price target is an average from 3 analysts. New target price is 24% above last closing price of JP¥1,088. Stock is up 9.0% over the past year. The company is forecast to post earnings per share of JP¥57.76 for next year compared to JP¥22.72 last year. Reported Earnings • Aug 08
First quarter 2026 earnings released: EPS: JP¥17.84 (vs JP¥8.90 in 1Q 2025) First quarter 2026 results: EPS: JP¥17.84 (up from JP¥8.90 in 1Q 2025). Revenue: JP¥102.9b (down 2.2% from 1Q 2025). Net income: JP¥1.57b (up 101% from 1Q 2025). Profit margin: 1.5% (up from 0.7% in 1Q 2025). Revenue is forecast to grow 4.2% p.a. on average during the next 3 years, compared to a 4.1% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, earnings per share has fallen by 44% 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. Major Estimate Revision • Jul 24
Consensus EPS estimates increase by 12% The consensus outlook for fiscal year 2026 has been updated. 2026 EPS estimate increased from JP¥52.05 to JP¥58.43. Revenue forecast steady at JP¥438.1b. Net income forecast to grow 157% next year vs 7.0% growth forecast for Chemicals industry in Japan. Consensus price target broadly unchanged at JP¥1,247. Share price rose 4.4% to JP¥974 over the past week. Buy Or Sell Opportunity • Jul 23
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 8.7% to JP¥958. The fair value is estimated to be JP¥794, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 3.8% over the last 3 years. Earnings per share has declined by 62%. For the next 3 years, revenue is forecast to grow by 3.9% per annum. Earnings are also forecast to grow by 24% per annum over the same time period. Board Change • Jul 11
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Outside Director Yuki Kanzaki 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. Reported Earnings • Jun 29
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: EPS: JP¥22.72 (down from JP¥27.87 in FY 2024). Revenue: JP¥422.0b (up 1.9% from FY 2024). Net income: JP¥2.00b (down 18% from FY 2024). Profit margin: 0.5% (down from 0.6% in FY 2024). Revenue missed analyst estimates by 2.5%. Earnings per share (EPS) also missed analyst estimates by 33%. Revenue is forecast to grow 3.9% p.a. on average during the next 3 years, compared to a 3.9% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, earnings per share has fallen by 62% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Major Estimate Revision • Jun 21
Consensus EPS estimates fall by 31% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from JP¥444.0b to JP¥436.5b. EPS estimate also fell from JP¥75.80 per share to JP¥52.05 per share. Net income forecast to grow 129% next year vs 7.6% growth forecast for Chemicals industry in Japan. Consensus price target up from JP¥1,230 to JP¥1,263. Share price was steady at JP¥898 over the past week. Duyuru • Jun 11
Toyobo Co., Ltd. to Report Q1, 2026 Results on Aug 07, 2025 Toyobo Co., Ltd. announced that they will report Q1, 2026 results on Aug 07, 2025 Reported Earnings • May 13
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: EPS: JP¥22.72 (down from JP¥27.87 in FY 2024). Revenue: JP¥422.0b (up 1.9% from FY 2024). Net income: JP¥2.00b (down 18% from FY 2024). Profit margin: 0.5% (down from 0.6% in FY 2024). Revenue missed analyst estimates by 2.5%. Earnings per share (EPS) also missed analyst estimates by 33%. Revenue is forecast to grow 1.6% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, earnings per share has fallen by 62% 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. Price Target Changed • Apr 03
Price target decreased by 8.5% to JP¥1,263 Down from JP¥1,380, the current price target is an average from 3 analysts. New target price is 37% above last closing price of JP¥924. Stock is down 16% over the past year. The company is forecast to post earnings per share of JP¥33.88 for next year compared to JP¥27.87 last year. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥40.00 per share Eligible shareholders must have bought the stock before 28 March 2025. Payment date: 26 June 2025. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 4.0%. Within top quartile of Japanese dividend payers (3.7%). Higher than average of industry peers (2.6%). Duyuru • Mar 12
Toyobo Co., Ltd. to Report Fiscal Year 2025 Results on May 12, 2025 Toyobo Co., Ltd. announced that they will report fiscal year 2025 results on May 12, 2025 Major Estimate Revision • Feb 21
Consensus EPS estimates increase by 14% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate increased from JP¥31.88 to JP¥36.47. Revenue forecast steady at JP¥435.2b. Net income forecast to grow 293% next year vs 8.0% growth forecast for Chemicals industry in Japan. Consensus price target up from JP¥1,380 to JP¥1,413. Share price was steady at JP¥962 over the past week. Reported Earnings • Feb 13
Third quarter 2025 earnings released: EPS: JP¥6.89 (vs JP¥4.97 loss in 3Q 2024) Third quarter 2025 results: EPS: JP¥6.89 (up from JP¥4.97 loss in 3Q 2024). Revenue: JP¥105.1b (down 2.6% from 3Q 2024). Net income: JP¥607.0m (up JP¥1.05b from 3Q 2024). Profit margin: 0.6% (up from net loss in 3Q 2024). Revenue is forecast to grow 4.5% p.a. on average during the next 3 years, compared to a 5.0% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 67 percentage points per year, which is a significant difference in performance. Buy Or Sell Opportunity • Feb 05
Now 20% overvalued Over the last 90 days, the stock has fallen 1.7% to JP¥959. The fair value is estimated to be JP¥798, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 4.8% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 4.2% per annum. Earnings are also forecast to grow by 37% per annum over the same time period. Buy Or Sell Opportunity • Jan 16
Now 20% overvalued Over the last 90 days, the stock has fallen 3.1% to JP¥955. The fair value is estimated to be JP¥795, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 4.8% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 4.2% per annum. Earnings are also forecast to grow by 37% per annum over the same time period. Buy Or Sell Opportunity • Dec 30
Now 20% overvalued Over the last 90 days, the stock has fallen 2.6% to JP¥968. The fair value is estimated to be JP¥805, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 4.8% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 4.2% per annum. Earnings are also forecast to grow by 37% per annum over the same time period. Duyuru • Dec 11
Toyobo Co., Ltd. to Report Q3, 2025 Results on Feb 12, 2025 Toyobo Co., Ltd. announced that they will report Q3, 2025 results on Feb 12, 2025 Major Estimate Revision • Nov 26
Consensus EPS estimates fall by 12% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate fell from JP¥36.41 to JP¥31.88 per share. Revenue forecast steady at JP¥436.9b. Net income forecast to grow 838% next year vs 13% growth forecast for Chemicals industry in Japan. Consensus price target of JP¥1,380 unchanged from last update. Share price was steady at JP¥940 over the past week. Declared Dividend • Nov 09
Dividend of JP¥40.00 announced Dividend of JP¥40.00 is the same as last year. Ex-date: 28th March 2025 Payment date: 26th June 2025 Dividend yield will be 4.2%, which is higher than the industry average of 2.2%. Sustainability & Growth Dividend is not covered by earnings (dividend approximately 6x earnings) and 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 1.3% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. The company's earnings per share (EPS) would need to grow by 602% to bring the payout ratio under control. EPS is expected to grow by 179% over the next 3 years, which means the dividend may need to be reduced to reach a sustainable payout ratio. Buy Or Sell Opportunity • Oct 18
Now 21% overvalued Over the last 90 days, the stock has fallen 4.5% to JP¥986. The fair value is estimated to be JP¥818, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 5.1% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 5.0% per annum. Earnings are also forecast to grow by 30% per annum over the same time period. Buy Or Sell Opportunity • Sep 20
Now 21% overvalued Over the last 90 days, the stock has fallen 5.1% to JP¥991. The fair value is estimated to be JP¥818, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 5.1% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 5.0% per annum. Earnings are also forecast to grow by 30% per annum over the same time period. Duyuru • Sep 13
Toyobo Co., Ltd. to Report First Half, 2025 Results on Nov 07, 2024 Toyobo Co., Ltd. announced that they will report first half, 2025 results on Nov 07, 2024 Major Estimate Revision • Aug 28
Consensus EPS estimates increase by 12% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate increased from JP¥38.00 to JP¥42.73. Revenue forecast steady at JP¥437.4b. Net income forecast to grow 26% next year vs 11% growth forecast for Chemicals industry in Japan. Consensus price target up from JP¥1,337 to JP¥1,380. Share price rose 2.9% to JP¥1,007 over the past week. Buy Or Sell Opportunity • Aug 20
Now 20% overvalued Over the last 90 days, the stock has fallen 7.1% to JP¥986. The fair value is estimated to be JP¥822, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 5.1% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 5.1% per annum. Earnings are also forecast to grow by 29% per annum over the same time period. Major Estimate Revision • Aug 15
Consensus EPS estimates increase by 14% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate increased from JP¥33.45 to JP¥38.00. Revenue forecast steady at JP¥436.9b. Net income forecast to grow 19% next year vs 9.4% growth forecast for Chemicals industry in Japan. Consensus price target down from JP¥1,370 to JP¥1,337. Share price was steady at JP¥960 over the past week. Reported Earnings • Aug 11
First quarter 2025 earnings released: EPS: JP¥8.90 (vs JP¥5.77 loss in 1Q 2024) First quarter 2025 results: EPS: JP¥8.90 (up from JP¥5.77 loss in 1Q 2024). Revenue: JP¥105.2b (up 8.4% from 1Q 2024). Net income: JP¥784.0m (up JP¥1.29b from 1Q 2024). Profit margin: 0.7% (up from net loss in 1Q 2024). The move to profitability was driven by higher revenue. Revenue is forecast to grow 5.1% p.a. on average during the next 3 years, compared to a 5.6% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 59 percentage points per year, which is a significant difference in performance. Board Change • Jul 02
High number of new directors There are 6 new directors who have joined the board in the last 3 years. Managing Executive Officer, Representative Director & Head of Life Science Division Takahito Sagara was the last director to join the board, commencing their role in 2024. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Major Estimate Revision • Jun 25
Consensus EPS estimates fall by 52% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate fell from JP¥82.60 to JP¥39.70. Revenue forecast unchanged from JP¥440.0b at last update. Net income forecast to grow 43% next year vs 11% growth forecast for Chemicals industry in Japan. Consensus price target up from JP¥1,307 to JP¥1,373. Share price rose 2.8% to JP¥1,064 over the past week. Duyuru • Jun 13
Toyobo Co., Ltd. to Report Q1, 2025 Results on Aug 08, 2024 Toyobo Co., Ltd. announced that they will report Q1, 2025 results on Aug 08, 2024 Reported Earnings • May 16
Full year 2024 earnings: EPS exceeds analyst expectations Full year 2024 results: EPS: JP¥27.87 (up from JP¥7.37 loss in FY 2023). Revenue: JP¥414.3b (up 3.6% from FY 2023). Net income: JP¥2.46b (up JP¥3.11b from FY 2023). Profit margin: 0.6% (up from net loss in FY 2023). The move to profitability was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 14%. Revenue is forecast to grow 6.0% p.a. on average during the next 3 years, compared to a 5.7% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 58 percentage points per year, which is a significant difference in performance. Duyuru • May 15
Toyobo Co., Ltd., Annual General Meeting, Jun 25, 2024 Toyobo Co., Ltd., Annual General Meeting, Jun 25, 2024. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥40.00 per share Eligible shareholders must have bought the stock before 28 March 2024. Payment date: 01 July 2024. The company is not currently making a profit and is not cash flow positive. Trailing yield: 3.5%. Within top quartile of Japanese dividend payers (3.2%). Higher than average of industry peers (2.1%). Duyuru • Mar 11
Toyobo Co., Ltd. to Report Fiscal Year 2024 Results on May 13, 2024 Toyobo Co., Ltd. announced that they will report fiscal year 2024 results on May 13, 2024 Reported Earnings • Feb 10
Third quarter 2024 earnings released: JP¥4.97 loss per share (vs JP¥13.61 loss in 3Q 2023) Third quarter 2024 results: JP¥4.97 loss per share (improved from JP¥13.61 loss in 3Q 2023). Revenue: JP¥107.9b (up 11% from 3Q 2023). Net loss: JP¥438.0m (loss narrowed 64% from 3Q 2023). Revenue is forecast to grow 6.3% p.a. on average during the next 3 years, compared to a 5.7% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 56 percentage points per year, which is a significant difference in performance. Duyuru • Jan 25
Toyobo Co., Ltd. Announces Resignation of Hiroshi Otsuki as CFO, Effective April 1, 2024 Toyobo Co., Ltd. announced that it has resolved to change the representative directors at the meeting of the board of directors held on January 25, 2024: Hiroshi Otsuki, Representative Director and Senior Managing Executive Officer (CFO) as director. Effective date is April 1, 2024. Duyuru • Dec 14
Toyobo Co., Ltd. to Report Q3, 2024 Results on Feb 08, 2024 Toyobo Co., Ltd. announced that they will report Q3, 2024 results on Feb 08, 2024 Duyuru • Nov 11
Toyobo Co., Ltd. Revises Earnings Guidance for the Fiscal Year Ending March 31, 2024 Toyobo Co., Ltd. revised earnings guidance for the fiscal year ending March 31, 2024. For the period, the company expects net sales of JPY 410,000 million compared to previous guidance of JPY 430,000 million, operating profit of JPY 10,000 million compared to previous guidance of JPY 15,000 million, profit attributable to owners of parent of JPY 1,000 million compared to previous guidance of JPY 4,000 million and net profit per share of JPY 11.24 compared to previous guidance of JPY 45.00. Reported Earnings • Nov 10
Second quarter 2024 earnings released: EPS: JP¥28.59 (vs JP¥35.67 in 2Q 2023) Second quarter 2024 results: EPS: JP¥28.59 (down from JP¥35.67 in 2Q 2023). Revenue: JP¥102.4b (up 2.3% from 2Q 2023). Net income: JP¥2.52b (down 21% from 2Q 2023). Profit margin: 2.5% (down from 3.2% in 2Q 2023). Revenue is forecast to grow 6.5% p.a. on average during the next 3 years, compared to a 4.9% growth forecast for the Chemicals industry in Japan. 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 9% per year, which means it has not declined as severely as earnings. Duyuru • Sep 15
Toyobo Co., Ltd. to Report First Half, 2024 Results on Nov 09, 2023 Toyobo Co., Ltd. announced that they will report first half, 2024 results on Nov 09, 2023 Reported Earnings • Aug 08
First quarter 2024 earnings released: JP¥5.77 loss per share (vs JP¥87.71 profit in 1Q 2023) First quarter 2024 results: JP¥5.77 loss per share (down from JP¥87.71 profit in 1Q 2023). Revenue: JP¥97.1b (down 3.9% from 1Q 2023). Net loss: JP¥508.0m (down 107% from profit in 1Q 2023). Revenue is forecast to grow 5.9% p.a. on average during the next 3 years, compared to a 4.2% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, earnings per share has fallen by 32% per year but the company’s share price has only fallen by 13% per year, which means it has not declined as severely as earnings. Price Target Changed • Jul 29
Price target increased by 12% to JP¥1,253 Up from JP¥1,118, the current price target is an average from 4 analysts. New target price is 16% above last closing price of JP¥1,081. Stock is up 4.8% over the past year. The company is forecast to post earnings per share of JP¥47.20 next year compared to a net loss per share of JP¥7.37 last year. Board Change • Jul 21
High number of new directors There are 6 new directors who have joined the board in the last 3 years. Corporate Auditor Yasuo Ohta was the last director to join the board, commencing their role in 2023. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Duyuru • Jun 14
Toyobo Co., Ltd. to Report Q1, 2024 Results on Aug 07, 2023 Toyobo Co., Ltd. announced that they will report Q1, 2024 results on Aug 07, 2023 Duyuru • Jun 13
Toyobo Co., Ltd., Annual General Meeting, Jun 28, 2023 Toyobo Co., Ltd., Annual General Meeting, Jun 28, 2023, at 10:00 Tokyo Standard Time. Location: Umeda south Hall,11th Floor, Osaka Umeda Twin Towers South 1-13-1 Umeda Osaka Japan Agenda: To consider business report, consolidated financial statements for the 165th term and audit results of the consolidated financial statements by the financial auditor and the board of corporate auditors; to consider non-consolidated financial statements for the 165th term; to consider appropriation of surplus; to consider election of ten directors; to consider election of two corporate auditors; to consider election of one substitute corporate auditor; and to consider other issues. Reported Earnings • May 14
Full year 2023 earnings: EPS misses analyst expectations Full year 2023 results: JP¥7.37 loss per share (down from JP¥145 profit in FY 2022). Revenue: JP¥399.9b (up 6.4% from FY 2022). Net loss: JP¥655.0m (down 105% from profit in FY 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates. Revenue is forecast to grow 3.4% p.a. on average during the next 3 years, compared to a 3.7% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, earnings per share has fallen by 12% per year and the company’s share price has also fallen by 12% per year. Duyuru • May 13
Toyobo Co., Ltd. Revises Earnings Guidance for the Fiscal Year Ended March 31, 2023 Toyobo Co., Ltd. revised earnings guidance for the fiscal year ended March 31, 2023 For the period, the company expects net sales of JPY 399,921 million as compared to previous guidance of JPY 400,000 million. Operating profit of JPY 10,063 million as compared to previous guidance JPY 11,000 million. Profit attributable to owners of parent of JPY 655 million as compared to previous guidance JPY 6,500 million. Net loss per share of JPY 7.37 as compared to previous guidance net profit per share of JPY 73.08. Price Target Changed • Apr 01
Price target decreased by 13% to JP¥1,118 Down from JP¥1,288, the current price target is an average from 5 analysts. New target price is 7.6% above last closing price of JP¥1,039. Stock is down 4.8% over the past year. The company posted earnings per share of JP¥145 last year. Major Estimate Revision • Mar 30
Consensus EPS estimates fall by 10% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from JP¥403.4b to JP¥395.4b. EPS estimate also fell from JP¥133 per share to JP¥120 per share. Net income forecast to grow 17% next year vs 1.4% growth forecast for Chemicals industry in Japan. Consensus price target down from JP¥1,288 to JP¥1,248. Share price was steady at JP¥1,017 over the past week. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥40.00 per share at 3.9% yield Eligible shareholders must have bought the stock before 30 March 2023. Payment date: 27 June 2023. Payout ratio is a comfortable 34% but the company is not cash flow positive. Trailing yield: 3.9%. Within top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (2.8%). Reported Earnings • Feb 09
Third quarter 2023 earnings released: JP¥13.61 loss per share (vs JP¥27.22 profit in 3Q 2022) Third quarter 2023 results: JP¥13.61 loss per share (down from JP¥27.22 profit in 3Q 2022). Revenue: JP¥97.6b (up 7.7% from 3Q 2022). Net loss: JP¥1.21b (down 150% from profit in 3Q 2022). Revenue is forecast to grow 5.0% p.a. on average during the next 3 years, compared to a 4.2% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Duyuru • Feb 09
Toyobo Co., Ltd. (TSE:3101) announces an Equity Buyback for 1,300,000 shares, representing 1.46% for ¥1,000 million. Toyobo Co., Ltd. (TSE:3101) announces a share repurchase program. Under the program, the company will repurchase up to 1,300,000 shares, representing 1.46% of its share capital, for ¥1,000 million. The purpose of the program is to allocate shares over several fiscal years to the plan of compensation for granting restricted shares introduced as an incentive plan for officers. The program will expire on April 30, 2023. As of December 31, 2022, the company had 88,980,243 shares in issue (excluding treasury stock) and 68,549 shares in treasury. Duyuru • Dec 07
Toyobo Co., Ltd. to Report Q3, 2023 Results on Feb 08, 2023 Toyobo Co., Ltd. announced that they will report Q3, 2023 results on Feb 08, 2023 Major Estimate Revision • Nov 26
Consensus forecasts updated The consensus outlook for 2023 has been updated. 2023 EPS estimate increased from JP¥131 to JP¥146. Revenue forecast steady at JP¥402.6b. Net income forecast to shrink 7.0% next year vs 1.6% growth forecast for Chemicals industry in Japan . Consensus price target broadly unchanged at JP¥1,338. Share price rose 4.0% to JP¥1,065 over the past week. Price Target Changed • Nov 25
Price target decreased to JP¥1,338 Down from JP¥1,462, the current price target is an average from 6 analysts. New target price is 26% above last closing price of JP¥1,065. Stock is down 16% over the past year. The company is forecast to post earnings per share of JP¥146 for next year compared to JP¥145 last year. Reported Earnings • Nov 16
Second quarter 2023 earnings released: EPS: JP¥35.67 (vs JP¥39.78 in 2Q 2022) Second quarter 2023 results: EPS: JP¥35.67 (down from JP¥39.78 in 2Q 2022). Revenue: JP¥100.1b (up 12% from 2Q 2022). Net income: JP¥3.17b (down 10% from 2Q 2022). Profit margin: 3.2% (down from 4.0% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 4.6% p.a. on average during the next 3 years, compared to a 4.2% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Board Change • Nov 16
High number of new directors There are 7 new directors who have joined the board in the last 3 years. Independent Outside Director Hiroshi Fukushi was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 12
Second quarter 2023 earnings released: EPS: JP¥35.67 (vs JP¥39.78 in 2Q 2022) Second quarter 2023 results: EPS: JP¥35.67 (down from JP¥39.78 in 2Q 2022). Revenue: JP¥100.1b (up 12% from 2Q 2022). Net income: JP¥3.17b (down 10% from 2Q 2022). Profit margin: 3.2% (down from 4.0% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 4.6% p.a. on average during the next 3 years, compared to a 4.3% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings. Buying Opportunity • Sep 12
Now 21% undervalued Over the last 90 days, the stock is up 8.1%. The fair value is estimated to be JP¥1,407, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.5% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 4.8% per annum. Earnings is also forecast to grow by 6.5% per annum over the same time period. Reported Earnings • Aug 09
First quarter 2023 earnings released: EPS: JP¥87.71 (vs JP¥69.45 in 1Q 2022) First quarter 2023 results: EPS: JP¥87.71 (up from JP¥69.45 in 1Q 2022). Revenue: JP¥101.0b (up 6.8% from 1Q 2022). Net income: JP¥7.80b (up 26% from 1Q 2022). Profit margin: 7.7% (up from 6.5% in 1Q 2022). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 5.8%, compared to a 9.3% growth forecast for the industry in Japan. Over the last 3 years on average, earnings per share has increased by 42% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Buying Opportunity • Jul 28
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 3.4%. The fair value is estimated to be JP¥1,293, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.6% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 4.5% per annum. Earnings is also forecast to grow by 6.0% per annum over the same time period.