New Risk • May 15
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: 1.8% Last year net profit margin: 13% 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 Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.8% net profit margin). Reported Earnings • May 15
Full year 2026 earnings released: EPS: JP¥59.14 (vs JP¥331 in FY 2025) Full year 2026 results: EPS: JP¥59.14 (down from JP¥331 in FY 2025). Revenue: JP¥93.8b (up 29% from FY 2025). Net income: JP¥1.69b (down 82% from FY 2025). Profit margin: 1.8% (down from 13% in FY 2025). Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Duyuru • May 13
Dai Nippon Toryo Company, Limited, Annual General Meeting, Jun 24, 2026 Dai Nippon Toryo Company, Limited, Annual General Meeting, Jun 24, 2026. Duyuru • May 09
Dai Nippon Toryo Company, Limited to Report Fiscal Year 2026 Results on May 13, 2026 Dai Nippon Toryo Company, Limited announced that they will report fiscal year 2026 results on May 13, 2026 Upcoming Dividend • Mar 23
Upcoming dividend of JP¥58.00 per share Eligible shareholders must have bought the stock before 30 March 2026. Payment date: 25 June 2026. Payout ratio is a comfortable 18% but the company is not cash flow positive. Trailing yield: 4.7%. Within top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (2.3%). Duyuru • Feb 27
Chugoku Marine Paints (Hong Kong), Ltd. signed an agreement to acquire DNT (Zhejiang) Co., Ltd. from Dai Nippon Toryo Company, Limited (TSE:4611). Chugoku Marine Paints (Hong Kong), Ltd. signed an agreement to acquire DNT (Zhejiang) Co., Ltd. from Dai Nippon Toryo Company, Limited (TSE:4611) on February 26, 2026.
The execution of this equity transfer is subject to approval by the relevant authorities.
The transfer of rights and obligations is scheduled to take place on June 30, 2026. The expected completion of the transaction is at the end of July 2026. Reported Earnings • Feb 11
Third quarter 2026 earnings released: EPS: JP¥21.57 (vs JP¥35.01 in 3Q 2025) Third quarter 2026 results: EPS: JP¥21.57 (down from JP¥35.01 in 3Q 2025). Revenue: JP¥24.3b (up 28% from 3Q 2025). Net income: JP¥615.0m (down 38% from 3Q 2025). Profit margin: 2.5% (down from 5.3% in 3Q 2025). Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Dec 29
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 4.7% to JP¥1,348. The fair value is estimated to be JP¥1,114, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 3.0% over the last 3 years. Earnings per share has grown by 41%. Buy Or Sell Opportunity • Nov 28
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 5.7% to JP¥1,361. The fair value is estimated to be JP¥1,113, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 3.0% over the last 3 years. Earnings per share has grown by 41%. Declared Dividend • Nov 09
Dividend of JP¥58.00 announced Shareholders will receive a dividend of JP¥58.00. Ex-date: 30th March 2026 Payment date: 25th June 2026 Dividend yield will be 4.7%, which is higher than the industry average of 2.2%. Sustainability & Growth Dividend is covered by earnings (17% 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 14% 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. Earnings per share has grown by 29% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Buy Or Sell Opportunity • Oct 23
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 3.4% to JP¥1,291. The fair value is estimated to be JP¥1,072, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 45%. Buy Or Sell Opportunity • Oct 06
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 10% to JP¥1,302. The fair value is estimated to be JP¥1,074, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 45%. Duyuru • Sep 19
Dai Nippon Toryo Company, Limited to Report Q2, 2026 Results on Nov 07, 2025 Dai Nippon Toryo Company, Limited announced that they will report Q2, 2026 results on Nov 07, 2025 Buy Or Sell Opportunity • Sep 05
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 12% to JP¥1,313. The fair value is estimated to be JP¥1,082, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 45%. Duyuru • Aug 29
Dai Nippon Toryo Company, Limited (TSE:4611) entered into a share transfer agreement to acquire remaining 90% stake in Agc Coat-Tech Co., Ltd. from AGC Inc. (TSE:5201). Dai Nippon Toryo Company, Limited (TSE:4611) entered into a share transfer agreement to acquire remaining 90% stake in Agc Coat-Tech Co., Ltd. from AGC Inc. (TSE:5201) on August 29, 2025. As part of consideration, an undisclosed value is paid towards common equity of Agc Coat-Tech Co., Ltd. Upon completion, Dai Nippon Toryo Company, Limited will own 100% stake in Agc Coat-Tech Co., Ltd.
The transaction is expected to be completed in late December 2025. Reported Earnings • Aug 10
First quarter 2026 earnings released: EPS: JP¥13.37 (vs JP¥40.82 in 1Q 2025) First quarter 2026 results: EPS: JP¥13.37 (down from JP¥40.82 in 1Q 2025). Revenue: JP¥22.3b (up 28% from 1Q 2025). Net income: JP¥381.0m (down 67% from 1Q 2025). Profit margin: 1.7% (down from 6.6% in 1Q 2025). Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Reported Earnings • Jun 29
Full year 2025 earnings released: EPS: JP¥331 (vs JP¥162 in FY 2024) Full year 2025 results: EPS: JP¥331 (up from JP¥162 in FY 2024). Revenue: JP¥72.5b (flat on FY 2024). Net income: JP¥9.44b (up 105% from FY 2024). Profit margin: 13% (up from 6.4% in FY 2024). Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Duyuru • Jun 14
Dai Nippon Toryo Company, Limited to Report Q1, 2026 Results on Aug 08, 2025 Dai Nippon Toryo Company, Limited announced that they will report Q1, 2026 results on Aug 08, 2025 Reported Earnings • May 20
Full year 2025 earnings released: EPS: JP¥331 (vs JP¥162 in FY 2024) Full year 2025 results: EPS: JP¥331 (up from JP¥162 in FY 2024). Revenue: JP¥72.5b (flat on FY 2024). Net income: JP¥9.44b (up 105% from FY 2024). Profit margin: 13% (up from 6.4% in FY 2024). Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Duyuru • May 15
Dai Nippon Toryo Company, Limited, Annual General Meeting, Jun 24, 2025 Dai Nippon Toryo Company, Limited, Annual General Meeting, Jun 24, 2025. Buy Or Sell Opportunity • Apr 23
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 6.0% to JP¥1,266. The fair value is estimated to be JP¥1,031, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 2.8% over the last 3 years. Earnings per share has grown by 34%. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥49.00 per share Eligible shareholders must have bought the stock before 28 March 2025. Payment date: 30 June 2025. Payout ratio is a comfortable 18% but the company is paying out more than the cash it is generating. Trailing yield: 3.9%. Within top quartile of Japanese dividend payers (3.7%). Higher than average of industry peers (2.6%). Duyuru • Mar 12
Dai Nippon Toryo Company, Limited (TSE:4611) completed the acquisition of 45.17% stake in Shinto Paint Company, Limited (TSE:4615) from Sumitomo Chemical Company, Limited (TSE:4005) and others for ¥1.2 billion. Dai Nippon Toryo Company, Limited (TSE:4611) proposed to acquire 50.10% stake in Shinto Paint Company, Limited (TSE:4615) from Sumitomo Chemical Company, Limited (TSE:4005) and others for ¥1.4 billion on February 6, 2025. Sumitomo Chemical have agreed to tender all of the 13.98 million shares it holds in Shinto Paint, which account for 45.16% stake. As part of the deal, Dai Nippon Toryo Company, Limited will pay ¥90 for each share of Shinto Paint Company, Limited. The deal is subject to minimum tender. The expected completion of the transaction is March 10, 2025.
Dai Nippon Toryo Company, Limited (TSE:4611) completed the acquisition of 45.17% stake in Shinto Paint Company, Limited (TSE:4615) from Sumitomo Chemical Company, Limited (TSE:4005) and others for ¥1.2 billion on March 10, 2025. Duyuru • Mar 05
Dai Nippon Toryo Company, Limited to Report Fiscal Year 2025 Results on May 12, 2025 Dai Nippon Toryo Company, Limited announced that they will report fiscal year 2025 results on May 12, 2025 Buy Or Sell Opportunity • Feb 27
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 10% to JP¥1,218. The fair value is estimated to be JP¥1,002, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 2.8% over the last 3 years. Earnings per share has grown by 34%. Reported Earnings • Feb 08
Third quarter 2025 earnings released: EPS: JP¥35.01 (vs JP¥27.13 in 3Q 2024) Third quarter 2025 results: EPS: JP¥35.01 (up from JP¥27.13 in 3Q 2024). Revenue: JP¥19.0b (up 3.0% from 3Q 2024). Net income: JP¥997.0m (up 29% from 3Q 2024). Profit margin: 5.3% (up from 4.2% in 3Q 2024). Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Duyuru • Feb 06
Dai Nippon Toryo Company, Limited (TSE:4611) proposed to acquire an unknown stake in Shinto Paint Company, Limited (TSE:4615) from Sumitomo Chemical Company, Limited (TSE:4005) and others. Dai Nippon Toryo Company, Limited (TSE:4611) proposed to acquire an unknown stake in Shinto Paint Company, Limited (TSE:4615) from Sumitomo Chemical Company, Limited (TSE:4005) and others on February 6, 2025. Sumitomo Chemical have agreed to tender all of the 13,989,000 shares it holds in Shinto Paint, which account for 45.16% stake.
The expected completion of the transaction is March 10, 2025. Duyuru • Nov 30
Dai Nippon Toryo Company, Limited to Report Q3, 2025 Results on Feb 07, 2025 Dai Nippon Toryo Company, Limited announced that they will report Q3, 2025 results on Feb 07, 2025 Declared Dividend • Nov 11
Dividend of JP¥49.00 announced Shareholders will receive a dividend of JP¥49.00. Ex-date: 28th March 2025 Payment date: 30th June 2025 Dividend yield will be 4.3%, which is higher than the industry average of 2.2%. Sustainability & Growth Dividend is covered by earnings (19% 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 12% 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. Earnings per share has grown by 8.4% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Nov 10
Second quarter 2025 earnings released: EPS: JP¥54.58 (vs JP¥36.77 in 2Q 2024) Second quarter 2025 results: EPS: JP¥54.58 (up from JP¥36.77 in 2Q 2024). Revenue: JP¥18.7b (flat on 2Q 2024). Net income: JP¥1.55b (up 49% from 2Q 2024). Profit margin: 8.3% (up from 5.6% in 2Q 2024). Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Duyuru • Aug 27
Dai Nippon Toryo Company, Limited to Report Q2, 2025 Results on Nov 08, 2024 Dai Nippon Toryo Company, Limited announced that they will report Q2, 2025 results on Nov 08, 2024 Reported Earnings • Aug 12
First quarter 2025 earnings released: EPS: JP¥40.82 (vs JP¥32.00 in 1Q 2024) First quarter 2025 results: EPS: JP¥40.82 (up from JP¥32.00 in 1Q 2024). Revenue: JP¥17.5b (down 1.9% from 1Q 2024). Net income: JP¥1.16b (up 28% from 1Q 2024). Profit margin: 6.6% (up from 5.1% in 1Q 2024). Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 21% After last week's 21% share price decline to JP¥960, the stock trades at a trailing P/E ratio of 5.9x. Average trailing P/E is 12x in the Chemicals industry in Japan. Total returns to shareholders of 25% over the past three years. New Risk • Jun 14
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 5.5% 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 Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (5.5% average weekly change). Large one-off items impacting financial results. Duyuru • Jun 06
Dai Nippon Toryo Company, Limited to Report Q1, 2025 Results on Aug 08, 2024 Dai Nippon Toryo Company, Limited announced that they will report Q1, 2025 results on Aug 08, 2024 Reported Earnings • May 13
Full year 2024 earnings released: EPS: JP¥162 (vs JP¥122 in FY 2023) Full year 2024 results: EPS: JP¥162 (up from JP¥122 in FY 2023). Revenue: JP¥71.9b (down 1.2% from FY 2023). Net income: JP¥4.60b (up 33% from FY 2023). Profit margin: 6.4% (up from 4.7% in FY 2023). Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Duyuru • May 12
Dai Nippon Toryo Company, Limited, Annual General Meeting, Jun 27, 2024 Dai Nippon Toryo Company, Limited, Annual General Meeting, Jun 27, 2024. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥30.00 per share Eligible shareholders must have bought the stock before 28 March 2024. Payment date: 01 July 2024. Payout ratio is a comfortable 18% but the company is paying out more than the cash it is generating. Trailing yield: 2.5%. Lower than top quartile of Japanese dividend payers (3.2%). Higher than average of industry peers (2.1%). Duyuru • Mar 03
Dai Nippon Toryo Company, Limited to Report Fiscal Year 2024 Results on May 10, 2024 Dai Nippon Toryo Company, Limited announced that they will report fiscal year 2024 results on May 10, 2024 Reported Earnings • Feb 10
Third quarter 2024 earnings released: EPS: JP¥27.13 (vs JP¥30.32 in 3Q 2023) Third quarter 2024 results: EPS: JP¥27.13 (down from JP¥30.32 in 3Q 2023). Revenue: JP¥18.4b (down 4.4% from 3Q 2023). Net income: JP¥772.0m (down 10% from 3Q 2023). Profit margin: 4.2% (down from 4.5% in 3Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Duyuru • Nov 29
Dai Nippon Toryo Company, Limited to Report Q3, 2024 Results on Feb 08, 2024 Dai Nippon Toryo Company, Limited announced that they will report Q3, 2024 results on Feb 08, 2024 Reported Earnings • Nov 10
Second quarter 2024 earnings released: EPS: JP¥36.76 (vs JP¥25.69 in 2Q 2023) Second quarter 2024 results: EPS: JP¥36.76 (up from JP¥25.69 in 2Q 2023). Revenue: JP¥18.6b (up 4.5% from 2Q 2023). Net income: JP¥1.05b (up 44% from 2Q 2023). Profit margin: 5.6% (up from 4.1% in 2Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Duyuru • Aug 30
Dai Nippon Toryo Company, Limited to Report Q2, 2024 Results on Nov 09, 2023 Dai Nippon Toryo Company, Limited announced that they will report Q2, 2024 results on Nov 09, 2023 New Risk • Aug 10
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 20% 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 Risk Earnings have declined by 9.2% 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. Reported Earnings • Aug 10
First quarter 2024 earnings released: EPS: JP¥32.00 (vs JP¥20.97 in 1Q 2023) First quarter 2024 results: EPS: JP¥32.00 (up from JP¥20.97 in 1Q 2023). Revenue: JP¥17.8b (up 4.2% from 1Q 2023). Net income: JP¥910.0m (up 53% from 1Q 2023). Profit margin: 5.1% (up from 3.5% in 1Q 2023). Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Duyuru • Jun 09
Dai Nippon Toryo Company,Limited to Report Q1, 2024 Results on Aug 08, 2023 Dai Nippon Toryo Company,Limited announced that they will report Q1, 2024 results on Aug 08, 2023 Reported Earnings • May 14
Full year 2023 earnings released: EPS: JP¥122 (vs JP¥71.71 in FY 2022) Full year 2023 results: EPS: JP¥122 (up from JP¥71.71 in FY 2022). Revenue: JP¥72.8b (up 8.8% from FY 2022). Net income: JP¥3.46b (up 70% from FY 2022). Profit margin: 4.7% (up from 3.0% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 3% per year whereas the company’s share price has remained flat. Duyuru • May 11
Dai Nippon Toryo Company,Limited, Annual General Meeting, Jun 29, 2023 Dai Nippon Toryo Company,Limited, Annual General Meeting, Jun 29, 2023. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥25.00 per share at 3.0% yield Eligible shareholders must have bought the stock before 30 March 2023. Payment date: 30 June 2023. Payout ratio is a comfortable 28% but the company is not cash flow positive. Trailing yield: 3.0%. Lower than top quartile of Japanese dividend payers (3.6%). In line with average of industry peers (2.8%). Reported Earnings • Feb 12
Third quarter 2023 earnings released: EPS: JP¥30.32 (vs JP¥26.47 in 3Q 2022) Third quarter 2023 results: EPS: JP¥30.32 (up from JP¥26.47 in 3Q 2022). Revenue: JP¥19.3b (up 11% from 3Q 2022). Net income: JP¥862.0m (up 15% from 3Q 2022). Profit margin: 4.5% (up from 4.3% in 3Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 13% per year whereas the company’s share price has fallen by 10% per year. Duyuru • Feb 10
Dai Nippon Toryo Co., Ltd. Provides Dividend Guidance for the Fiscal Year Ending March 31, 2023 Dai Nippon Toryo Co. Ltd. provided dividend guidance for the fiscal year ending March 31, 2023. For the year, The company expects to pay dividend of JPY 25.00 per share against JPY 25.00 per share paid a year ago. Duyuru • Feb 09
Dai Nippon Toryo Co., Ltd. Provides Consolidated Earnings Guidance for the Fiscal Year Ending March 31, 2023 Dai Nippon Toryo Co. Ltd. provided consolidated earnings guidance for the fiscal year ending March 31, 2023. For the year, the company expects net sales to be JPY 72,000 million, operating profit to be JPY 3,800 million, profit attributable to owners of parent to be JPY 3,300 million or basic earnings per share to be JPY 116.22. Duyuru • Nov 30
Dai Nippon Toryo Company,Limited to Report Q3, 2023 Results on Feb 09, 2023 Dai Nippon Toryo Company,Limited announced that they will report Q3, 2023 results on Feb 09, 2023 Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 5 non-independent directors. Independent Outside Director Kimiyo Hayashi was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Duyuru • Nov 12
Dai Nippon Toryo Co. Ltd. Provides Earnings Guidance for Fiscal Year Ending March 31, 2023 Dai Nippon Toryo Co. Ltd. provided earnings guidance for fiscal year ending March 31, 2023. For the full year ending March 31, 2023, the company expected net sales of JPY 72,000 million, operating profit of JPY 3,800 million and profit attributable to owners of parent of JPY 3,300 million or Basic EPS of JPY 116.22. Reported Earnings • Nov 12
Second quarter 2023 earnings released: EPS: JP¥25.69 (vs JP¥11.72 in 2Q 2022) Second quarter 2023 results: EPS: JP¥25.69 (up from JP¥11.72 in 2Q 2022). Revenue: JP¥17.8b (up 10.0% from 2Q 2022). Net income: JP¥729.0m (up 120% from 2Q 2022). Profit margin: 4.1% (up from 2.1% in 2Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 18% per year whereas the company’s share price has fallen by 13% per year. Duyuru • Aug 31
Dai Nippon Toryo Company,Limited to Report Q2, 2023 Results on Nov 10, 2022 Dai Nippon Toryo Company,Limited announced that they will report Q2, 2023 results on Nov 10, 2022 Reported Earnings • Aug 07
First quarter 2023 earnings released: EPS: JP¥20.97 (vs JP¥20.77 in 1Q 2022) First quarter 2023 results: EPS: JP¥20.97 (up from JP¥20.77 in 1Q 2022). Revenue: JP¥17.1b (up 2.6% from 1Q 2022). Net income: JP¥594.0m (up 1.0% from 1Q 2022). Profit margin: 3.5% (in line with 1Q 2022). Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Duyuru • Jun 29
Dai Nippon Toryo Company, Limited to Report Q1, 2023 Results on Aug 05, 2022 Dai Nippon Toryo Company, Limited announced that they will report Q1, 2023 results on Aug 05, 2022 Duyuru • May 19
Dai Nippon Toryo Company, Limited Provides Dividend Guidance for the Year Ending March 31, 2023; Announces Dividend for the Year Ended March 31, 2022, Payable on June 30, 2022 Dai Nippon Toryo Company, Limited provided dividend guidance for the year ending March 31, 2023. For the year, the company expects to pay dividend of JPY 25.00 against JPY 25.00 a year ago. For the year ended March 31, 2022, the company announced dividend of JPY 25.00 against JPY 25.00 a year ago. Scheduled date to commence dividend payments is June 30, 2022. Duyuru • May 18
Dai Nippon Toryo Company, Limited Provides Consolidated Earnings Guidance for the Six Months Ending September 30, 2022; Provides Earnings Guidance for the Year Ending March 31, 2023 Dai Nippon Toryo Company, Limited provided consolidated earnings guidance for the six months ending September 30, 2022. For the period, the company expects net sales of JPY 34,100 million, operating profit of JPY 1,250 million, Profit attributable to owners of parent of JPY 750 million or JPY 26.47 per share basic. For the year ending March 31, 2023, the company expects net sales of JPY 70,800 million, operating profit of JPY 3,300 million, Profit attributable to owners of parent of JPY 2,000 million or JPY 70.59 per share basic. Reported Earnings • May 13
Full year 2022 earnings released: EPS: JP¥71.71 (vs JP¥69.54 in FY 2021) Full year 2022 results: EPS: JP¥71.71 (up from JP¥69.54 in FY 2021). Revenue: JP¥66.9b (up 7.2% from FY 2021). Net income: JP¥2.03b (up 3.2% from FY 2021). Profit margin: 3.0% (down from 3.2% in FY 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Duyuru • May 13
Dai Nippon Toryo Company, Limited, Annual General Meeting, Jun 29, 2022 Dai Nippon Toryo Company, Limited, Annual General Meeting, Jun 29, 2022. Board Change • Apr 27
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 8 experienced directors. 3 highly experienced directors. 1 independent director (8 non-independent directors). Independent Outside Director Kimiyo Hayashi was the last independent director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Duyuru • Apr 08
Dai Nippon Toryo Company, Limited to Report Fiscal Year 2022 Results on May 11, 2022 Dai Nippon Toryo Company, Limited announced that they will report fiscal year 2022 results on May 11, 2022 Upcoming Dividend • Mar 23
Upcoming dividend of JP¥25.00 per share Eligible shareholders must have bought the stock before 30 March 2022. Payment date: 30 June 2022. Payout ratio is a comfortable 29% and this is well supported by cash flows. Trailing yield: 3.0%. Lower than top quartile of Japanese dividend payers (3.4%). Higher than average of industry peers (2.6%). Reported Earnings • Feb 09
Third quarter 2022 earnings: Revenues and EPS in line with analyst expectations Third quarter 2022 results: EPS: JP¥26.47 (down from JP¥27.31 in 3Q 2021). Revenue: JP¥17.4b (up 7.6% from 3Q 2021). Net income: JP¥750.0m (down 3.0% from 3Q 2021). Profit margin: 4.3% (down from 4.8% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Reported Earnings • Nov 10
Second quarter 2022 earnings released: EPS JP¥11.72 (vs JP¥5.80 in 2Q 2021) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2022 results: Revenue: JP¥16.2b (up 9.2% from 2Q 2021). Net income: JP¥332.0m (up 102% from 2Q 2021). Profit margin: 2.1% (up from 1.1% in 2Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 22% 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. Reported Earnings • Aug 09
First quarter 2022 earnings released: EPS JP¥20.77 (vs JP¥8.80 in 1Q 2021) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2022 results: Revenue: JP¥16.7b (up 9.3% from 1Q 2021). Net income: JP¥588.0m (up 136% from 1Q 2021). Profit margin: 3.5% (up from 1.6% in 1Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has only fallen by 11% per year, which means it has not declined as severely as earnings. Reported Earnings • May 14
Full year 2021 earnings released: EPS JP¥69.53 (vs JP¥129 in FY 2020) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2021 results: Revenue: JP¥62.5b (down 14% from FY 2020). Net income: JP¥1.97b (down 46% from FY 2020). Profit margin: 3.2% (down from 5.0% in FY 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 22% per year whereas the company’s share price has fallen by 20% per year. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥25.00 per share Eligible shareholders must have bought the stock before 30 March 2021. Payment date: 29 June 2021. Trailing yield: 2.6%. Lower than top quartile of Japanese dividend payers (2.7%). Higher than average of industry peers (1.8%). Is New 90 Day High Low • Feb 24
New 90-day low: JP¥914 The company is down 6.0% from its price of JP¥975 on 26 November 2020. The Japanese market is up 10.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Chemicals industry, which is up 3.0% over the same period. Reported Earnings • Feb 10
Third quarter 2021 earnings released: EPS JP¥27.31 (vs JP¥37.21 in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: JP¥16.2b (down 12% from 3Q 2020). Net income: JP¥773.0m (down 27% from 3Q 2020). Profit margin: 4.8% (down from 5.7% in 3Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has only fallen by 15% per year, which means it has not declined as severely as earnings. Duyuru • Nov 29
Dai Nippon Toryo Company, Limited to Report Q3, 2021 Results on Feb 08, 2021 Dai Nippon Toryo Company, Limited announced that they will report Q3, 2021 results on Feb 08, 2021 
