New Risk • May 14
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. The company is paying a dividend despite having no free cash flows. Dividend yield: 1.7% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (19% operating cash flow to total debt). Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (3.2% net profit margin). Market cap is less than US$100m (JP¥1.76b market cap, or US$11.1m). Reported Earnings • Mar 14
Full year 2026 earnings released: EPS: JP¥103 (vs JP¥118 in FY 2025) Full year 2026 results: EPS: JP¥103 (down from JP¥118 in FY 2025). Revenue: JP¥4.76b (up 32% from FY 2025). Net income: JP¥151.0m (down 8.5% from FY 2025). Profit margin: 3.2% (down from 4.6% in FY 2025). The decrease in margin was driven by higher expenses. Duyuru • Mar 13
Itamiarts.Inc, Annual General Meeting, Apr 24, 2026 Itamiarts.Inc, Annual General Meeting, Apr 24, 2026. Upcoming Dividend • Jan 22
Upcoming dividend of JP¥20.00 per share Eligible shareholders must have bought the stock before 29 January 2026. Payment date: 28 April 2026. Payout ratio is a comfortable 6.6% but the company is not cash flow positive. Trailing yield: 1.2%. Lower than top quartile of Japanese dividend payers (3.5%). Lower than average of industry peers (1.6%). Valuation Update With 7 Day Price Move • Jan 13
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to JP¥1,754, the stock trades at a trailing P/E ratio of 5.8x. Average trailing P/E is 17x in the Media industry in Japan. Total returns to shareholders of 92% over the past year. New Risk • Jan 11
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 28% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (16% operating cash flow to total debt). Share price has been highly volatile over the past 3 months (10% average weekly change). High level of non-cash earnings (28% accrual ratio). Minor Risk Market cap is less than US$100m (JP¥2.18b market cap, or US$13.8m). Valuation Update With 7 Day Price Move • Dec 16
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to JP¥1,549, the stock trades at a trailing P/E ratio of 7.1x. Average trailing P/E is 16x in the Media industry in Japan. Total returns to shareholders of 68% over the past year. Valuation Update With 7 Day Price Move • Oct 16
Investor sentiment improves as stock rises 26% After last week's 26% share price gain to JP¥1,517, the stock trades at a trailing P/E ratio of 13.5x. Average trailing P/E is 17x in the Media industry in Japan. Total returns to shareholders of 57% over the past year. Valuation Update With 7 Day Price Move • Sep 04
Investor sentiment deteriorates as stock falls 23% After last week's 23% share price decline to JP¥1,160, the stock trades at a trailing P/E ratio of 10.3x. Average trailing P/E is 18x in the Media industry in Japan. Total returns to shareholders of 15% over the past year. Valuation Update With 7 Day Price Move • Aug 18
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to JP¥1,179, the stock trades at a trailing P/E ratio of 10.5x. Average trailing P/E is 18x in the Media industry in Japan. Total returns to shareholders of 19% over the past year. New Risk • Jul 16
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: JP¥1.48b (US$9.98m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (14% operating cash flow to total debt). High level of non-cash earnings (43% accrual ratio). Market cap is less than US$10m (JP¥1.48b market cap, or US$9.98m). Minor Risks Less than 3 years of financial data is available. Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (5.6% average weekly change). Duyuru • May 16
Itamiarts.Inc (TSE:168A) agreed to acquire Tokyo Neo Print Co., Ltd. from Shinsei Business Succession Co., Ltd. for ¥350 million. Itamiarts.Inc (TSE:168A) agreed to acquire Tokyo Neo Print Co., Ltd. from Shinsei Business Succession Co., Ltd. for ¥350 million on May 15, 2025. A cash consideration of ¥350 million will be paid by Itamiarts.Inc. As part of consideration, ¥350 million is paid towards common equity of Tokyo Neo Print Co., Ltd.
For the period ending June 30, 2024, Tokyo Neo Print Co., Ltd. reported total revenue of ¥1.57 billion, operating loss of ¥81 million and net loss of ¥185 million. As of June 30, 2024, Tokyo Neo Print Co., Ltd. reported total assets of ¥1.51 billion and total common equity of ¥648 million.
The expected completion of the transaction is June 30, 2025. Duyuru • Mar 14
Itamiarts.Inc, Annual General Meeting, Apr 25, 2025 Itamiarts.Inc, Annual General Meeting, Apr 25, 2025. New Risk • Feb 10
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Japanese stocks, typically moving 9.3% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risks No financial data reported. Share price has been highly volatile over the past 3 months (9.3% average weekly change). Minor Risk Market cap is less than US$100m (JP¥1.92b market cap, or US$12.6m). New Risk • Sep 17
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: JP¥1.39b (US$9.88m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks No financial data reported. Share price has been highly volatile over the past 3 months (12% average weekly change). Market cap is less than US$10m (JP¥1.39b market cap, or US$9.88m). New Risk • Aug 05
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: JP¥1.21b (US$8.47m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks No financial data reported. Share price has been highly volatile over the past 3 months (11% average weekly change). Market cap is less than US$10m (JP¥1.21b market cap, or US$8.47m). Duyuru • Apr 08
Itamiarts.Inc has completed an IPO in the amount of ¥912 million. Itamiarts.Inc has completed an IPO in the amount of ¥912 million.
Security Name: Common Stock
Security Type: Common Stock
Securities Offered: 420,000
Price\Range: ¥1600
Discount Per Security: ¥128
Security Name: Common Stock
Security Type: Common Stock
Securities Offered: 150,000
Price\Range: ¥1600
Discount Per Security: ¥128
Transaction Features: Sponsor Backed Offering Board Change • Apr 08
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. 3 non-independent directors. Independent Outside Director Yuichi Inaba was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. 
