Buy Or Sell Opportunity • May 27
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 13% to JP¥269. The fair value is estimated to be JP¥340, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Meanwhile, the company has become profitable. Reported Earnings • May 20
Full year 2026 earnings released: EPS: JP¥5.61 (vs JP¥10.83 in FY 2025) Full year 2026 results: EPS: JP¥5.61 (down from JP¥10.83 in FY 2025). Revenue: JP¥5.44b (up 19% from FY 2025). Net income: JP¥91.0m (down 48% from FY 2025). Profit margin: 1.7% (down from 3.8% in FY 2025). Over the last 3 years on average, earnings per share has increased by 72% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Duyuru • May 15
Lancers, Inc., Annual General Meeting, Jun 23, 2026 Lancers, Inc., Annual General Meeting, Jun 23, 2026. Duyuru • Apr 28
Lancers, Inc. to Report Fiscal Year 2026 Results on May 15, 2026 Lancers, Inc. announced that they will report fiscal year 2026 results on May 15, 2026 Reported Earnings • Feb 14
Third quarter 2026 earnings released: EPS: JP¥2.52 (vs JP¥1.11 in 3Q 2025) Third quarter 2026 results: EPS: JP¥2.52 (up from JP¥1.11 in 3Q 2025). Revenue: JP¥1.44b (up 25% from 3Q 2025). Net income: JP¥41.0m (up 128% from 3Q 2025). Profit margin: 2.8% (up from 1.6% 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 107% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Duyuru • Feb 12
Lancers, Inc. (TSE:4484) announces an Equity Buyback for 357,000 shares, representing 2.2% for ¥100 million. Lancers, Inc. (TSE:4484) announces a share repurchase program. Under the program, the company will repurchase up to 357,000 shares, representing 2.2% of its issued share capital (excluding treasury stock), for ¥100 million. The purpose of the program is to enhance shareholder returns and improve capital efficiency in order to increase shareholder value. Repurchased shares will be used as consideration for flexible M&A and for future growth investments, such as providing incentives to highly skilled personnel. The program will run until May 31, 2026. As of December 31, 2025, the company had 16,245,191 shares in issue (excluding treasury stock) and 37 shares in treasury. Duyuru • Jan 14
Lancers, Inc. to Report Q3, 2026 Results on Feb 12, 2026 Lancers, Inc. announced that they will report Q3, 2026 results on Feb 12, 2026 Reported Earnings • Nov 17
Second quarter 2026 earnings released: EPS: JP¥2.34 (vs JP¥1.35 in 2Q 2025) Second quarter 2026 results: EPS: JP¥2.34 (up from JP¥1.35 in 2Q 2025). Revenue: JP¥1.30b (up 14% from 2Q 2025). Net income: JP¥38.0m (up 73% from 2Q 2025). Profit margin: 2.9% (up from 1.9% in 2Q 2025). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 120% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Duyuru • Aug 20
Lancers, Inc. to Report Q2, 2026 Results on Nov 13, 2025 Lancers, Inc. announced that they will report Q2, 2026 results on Nov 13, 2025 Reported Earnings • Aug 15
First quarter 2026 earnings released: EPS: JP¥0.31 (vs JP¥1.54 in 1Q 2025) First quarter 2026 results: EPS: JP¥0.31 (down from JP¥1.54 in 1Q 2025). Revenue: JP¥1.18b (up 6.2% from 1Q 2025). Net income: JP¥5.00m (down 80% from 1Q 2025). Profit margin: 0.4% (down from 2.2% in 1Q 2025). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 121% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Duyuru • Jul 26
Lancers, Inc. (TSE:4484) signed a share transfer agreement to acquire One’s Power Co., Ltd. from Yuichi Kobayashi for approximately ¥110 million on July 25, 2025. Lancers, Inc. (TSE:4484) signed a share transfer agreement to acquire One’s Power Co., Ltd. from Yuichi Kobayashi for approximately ¥110 million on July 25, 2025. As part of the acquisition, Lancers, Inc will acquire 100% stake or 1,250 shares in One’s Power Co., Ltd. As part of consideration, Lancers, Inc will pay ¥114 million towards the common equity of One’s Power Co., Ltd and an advisory fees of ¥5 million. Upon completion, One’s Power Co., Ltd will become consolidated subsidiary of Lancers, Inc. For the period ending September 30, 2024, One’s Power Co., Ltd. reported total revenue of approximately ¥350 million, operating profit of ¥14 million and net income of ¥10 million. As of September 30, 2024, One’s Power Co., Ltd. reported total assets of ¥97 million and net assets of ¥58 million. The transaction is expected to close on August 1, 2025. Reported Earnings • Jul 05
Full year 2025 earnings released: EPS: JP¥10.83 (vs JP¥6.99 in FY 2024) Full year 2025 results: EPS: JP¥10.83 (up from JP¥6.99 in FY 2024). Revenue: JP¥4.59b (flat on FY 2024). Net income: JP¥176.0m (up 59% from FY 2024). Profit margin: 3.8% (up from 2.4% in FY 2024). Over the last 3 years on average, earnings per share has increased by 116% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Reported Earnings • May 20
Full year 2025 earnings released: EPS: JP¥10.83 (vs JP¥6.99 in FY 2024) Full year 2025 results: EPS: JP¥10.83 (up from JP¥6.99 in FY 2024). Revenue: JP¥4.59b (flat on FY 2024). Net income: JP¥176.0m (up 59% from FY 2024). Profit margin: 3.8% (up from 2.4% in FY 2024). Over the last 3 years on average, earnings per share has increased by 116% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Duyuru • May 14
Lancers, Inc., Annual General Meeting, Jun 27, 2025 Lancers, Inc., Annual General Meeting, Jun 27, 2025. New Risk • May 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 7.4% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (7.4% average weekly change). Market cap is less than US$100m (JP¥3.61b market cap, or US$24.7m). Valuation Update With 7 Day Price Move • May 02
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to JP¥210, the stock trades at a trailing P/E ratio of 20.2x. Average trailing P/E is 23x in the Interactive Media and Services industry in Japan. Total loss to shareholders of 24% over the past three years. New Risk • Apr 07
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 Share price has been volatile over the past 3 months (5.5% average weekly change). Market cap is less than US$100m (JP¥2.58b market cap, or US$17.7m). Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment deteriorates as stock falls 26% After last week's 26% share price decline to JP¥156, the stock trades at a trailing P/E ratio of 15x. Average trailing P/E is 20x in the Interactive Media and Services industry in Japan. Total loss to shareholders of 54% over the past three years. Duyuru • Mar 28
Lancers, Inc. to Report Fiscal Year 2025 Results on May 14, 2025 Lancers, Inc. announced that they will report fiscal year 2025 results on May 14, 2025 Reported Earnings • Feb 15
Third quarter 2025 earnings released: EPS: JP¥1.11 (vs JP¥1.14 in 3Q 2024) Third quarter 2025 results: EPS: JP¥1.11 (down from JP¥1.14 in 3Q 2024). Revenue: JP¥1.15b (flat on 3Q 2024). Net income: JP¥18.0m (flat on 3Q 2024). Profit margin: 1.6% (in line with 3Q 2024). Over the last 3 years on average, earnings per share has increased by 100% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Duyuru • Jan 03
Lancers, Inc. to Report Q3, 2025 Results on Feb 13, 2025 Lancers, Inc. announced that they will report Q3, 2025 results on Feb 13, 2025 Duyuru • Oct 02
Lancers, Inc. to Report Q2, 2025 Results on Nov 14, 2024 Lancers, Inc. announced that they will report Q2, 2025 results on Nov 14, 2024 Reported Earnings • Aug 19
First quarter 2025 earnings released: EPS: JP¥1.54 (vs JP¥3.48 loss in 1Q 2024) First quarter 2025 results: EPS: JP¥1.54 (up from JP¥3.48 loss in 1Q 2024). Revenue: JP¥1.11b (flat on 1Q 2024). Net income: JP¥25.0m (up JP¥80.0m from 1Q 2024). Profit margin: 2.2% (up from net loss in 1Q 2024). Over the last 3 years on average, earnings per share has increased by 55% per year but the company’s share price has fallen by 28% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 38% After last week's 38% share price decline to JP¥167, the stock trades at a trailing P/E ratio of 24.4x. Average trailing P/E is 21x in the Interactive Media and Services industry in Japan. Total loss to shareholders of 67% over the past three years. New Risk • Aug 02
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 5.6% 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 Share price has been volatile over the past 3 months (5.6% average weekly change). Large one-off items impacting financial results. Shareholders have been diluted in the past year (2.4% increase in shares outstanding). Market cap is less than US$100m (JP¥3.82b market cap, or US$25.7m). Board Change • Jul 18
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Outside Director Shin Murakami was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Duyuru • Jun 30
Lancers, Inc. to Report Q1, 2025 Results on Aug 14, 2024 Lancers, Inc. announced that they will report Q1, 2025 results on Aug 14, 2024 Reported Earnings • May 19
Full year 2024 earnings released: EPS: JP¥6.99 (vs JP¥15.10 loss in FY 2023) Full year 2024 results: EPS: JP¥6.99 (up from JP¥15.10 loss in FY 2023). Revenue: JP¥4.57b (down 4.9% from FY 2023). Net income: JP¥111.0m (up JP¥349.0m from FY 2023). Profit margin: 2.4% (up from net loss in FY 2023). Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has fallen by 27% per year, which means it is significantly lagging earnings. Duyuru • May 16
Lancers, Inc., Annual General Meeting, Jun 28, 2024 Lancers, Inc., Annual General Meeting, Jun 28, 2024. Duyuru • Mar 28
Lancers, Inc. to Report Fiscal Year 2024 Results on May 14, 2024 Lancers, Inc. announced that they will report fiscal year 2024 results on May 14, 2024 New Risk • Mar 03
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 3.0% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks Large one-off items impacting financial results. Shareholders have been diluted in the past year (3.0% increase in shares outstanding). Market cap is less than US$100m (JP¥4.87b market cap, or US$32.5m). Duyuru • Feb 29
Lancers, Inc. announced that it has received ¥100.03639 million in funding from Marui Group Co., Ltd. On February 29, 2024, Lancers, Inc. cancelled the transaction. Duyuru • Feb 15
Lancers, Inc. announced that it expects to receive ¥100.03639 million in funding from Marui Group Co., Ltd. announced a private placement of 3,649 11th stock acquisition rights at ¥10 per stock acquisition right for gross proceeds of ¥36,490; and 386,100 common shares at a price of ¥259 per share for gross proceeds of ¥99,999,900; for aggregate gross proceeds of ¥100,036,390 on February 13, 2024. The transaction included participation from new investors Marui Group Co., Ltd. for common shares and GP Listed Company Fund L.P for stock acquisition rights. The company is raising funding through third-party allocation. The company will add proceeds from common shares of ¥49,999,950 as capital increase, and ¥49,999,950 as capital reserves. The potential shares from the issuance of stock acquisition rights will be 364,900 shares. The initial exercise price of stock acquisition rights ¥274 for a period from March 1, 2024 to February 28, 2029. The transaction has been approved at board of directors’ meeting of the company. The company is raising funding through third-party allocation. The transaction is expected to close on February 29, 2024. Duyuru • Dec 28
Lancers, Inc. to Report Q3, 2024 Results on Feb 13, 2024 Lancers, Inc. announced that they will report Q3, 2024 results on Feb 13, 2024 Reported Earnings • Nov 15
Second quarter 2024 earnings released: EPS: JP¥2.78 (vs JP¥7.11 loss in 2Q 2023) Second quarter 2024 results: EPS: JP¥2.78 (up from JP¥7.11 loss in 2Q 2023). Revenue: JP¥1.10b (down 8.1% from 2Q 2023). Net income: JP¥44.0m (up JP¥156.0m from 2Q 2023). Profit margin: 4.0% (up from net loss in 2Q 2023). Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has fallen by 37% per year, which means it is performing significantly worse than earnings. Duyuru • Oct 06
Lancers, Inc. to Report Q2, 2024 Results on Nov 13, 2023 Lancers, Inc. announced that they will report Q2, 2024 results on Nov 13, 2023 Reported Earnings • Aug 12
First quarter 2024 earnings released: JP¥3.48 loss per share (vs JP¥8.64 loss in 1Q 2023) First quarter 2024 results: JP¥3.48 loss per share (improved from JP¥8.64 loss in 1Q 2023). Revenue: JP¥1.11b (up 6.3% from 1Q 2023). Net loss: JP¥55.0m (loss narrowed 60% from 1Q 2023). 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 35% per year, which means it has not declined as severely as earnings. Duyuru • Jul 12
Lancers, Inc. to Report Q1, 2024 Results on Aug 10, 2023 Lancers, Inc. announced that they will report Q1, 2024 results on Aug 10, 2023 Reported Earnings • May 15
Full year 2023 earnings released: JP¥15.10 loss per share (vs JP¥42.84 loss in FY 2022) Full year 2023 results: JP¥15.10 loss per share (improved from JP¥42.84 loss in FY 2022). Revenue: JP¥4.81b (up 18% from FY 2022). Net loss: JP¥238.0m (loss narrowed 65% from FY 2022). 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 25% per year, which means it has not declined as severely as earnings. Duyuru • May 14
Lancers, Inc., Annual General Meeting, Jun 26, 2023 Lancers, Inc., Annual General Meeting, Jun 26, 2023. Reported Earnings • Feb 14
Third quarter 2023 earnings released: JP¥3.68 loss per share (vs JP¥7.65 loss in 3Q 2022) Third quarter 2023 results: JP¥3.68 loss per share (improved from JP¥7.65 loss in 3Q 2022). Revenue: JP¥1.23b (up 23% from 3Q 2022). Net loss: JP¥58.0m (loss narrowed 52% from 3Q 2022). Over the last 3 years on average, earnings per share has fallen by 56% per year but the company’s share price has only fallen by 37% per year, which means it has not declined as severely as earnings. Duyuru • Feb 13
Lancers, Inc. Provides Earnings Guidance for the Fiscal Year Ending March 31, 2023 Lancers, Inc. provided earnings guidance for the fiscal year ending March 31, 2023. For the year, the company expected net sales of JPY 4,723 million, Operating loss of JPY 289 million, Loss attributable to owners of parent of JPY 286 million and Loss per share of JPY 18.19. Duyuru • Dec 29
Lancers, Inc. to Report Q3, 2023 Results on Feb 13, 2023 Lancers, Inc. announced that they will report Q3, 2023 results on Feb 13, 2023 Reported Earnings • Nov 16
Second quarter 2023 earnings released: JP¥7.11 loss per share (vs JP¥4.40 loss in 2Q 2022) Second quarter 2023 results: JP¥7.11 loss per share (further deteriorated from JP¥4.40 loss in 2Q 2022). Revenue: JP¥1.20b (up 16% from 2Q 2022). Net loss: JP¥112.0m (loss widened 62% from 2Q 2022). Reported Earnings • Nov 13
Second quarter 2023 earnings released: JP¥7.11 loss per share (vs JP¥4.40 loss in 2Q 2022) Second quarter 2023 results: JP¥7.11 loss per share (further deteriorated from JP¥4.40 loss in 2Q 2022). Revenue: JP¥1.20b (up 16% from 2Q 2022). Net loss: JP¥112.0m (loss widened 62% from 2Q 2022). Duyuru • Nov 12
Lancers, Inc. Provides Earnings Forecast of Results for Fiscal Year 2023 Lancers, Inc. provided earnings forecast of results for fiscal year 2023. For the year, company expects Net sales to be JPY 5,401 million, Operating loss to be JPY 289 million, loss attributable to owners of parent to be 286 million and loss per share to be 18.21. Duyuru • Oct 09
Lancers, Inc. to Report Q2, 2023 Results on Nov 11, 2022 Lancers, Inc. announced that they will report Q2, 2023 results on Nov 11, 2022 Reported Earnings • Aug 16
First quarter 2023 earnings released: JP¥8.64 loss per share (vs JP¥6.77 loss in 1Q 2022) First quarter 2023 results: JP¥8.64 loss per share (down from JP¥6.77 loss in 1Q 2022). Revenue: JP¥1.05b (up 7.8% from 1Q 2022). Net loss: JP¥136.0m (loss widened 28% from 1Q 2022). Duyuru • Aug 12
Lancers, Inc. Provides Earnings Guidance for Fiscal Ending March 31, 2023 Lancers, Inc. provided earnings guidance for fiscal ending March 31, 2023. The company expects net sales of JPY 5,401 million, operating loss of JPY 289 million, loss attributable to owners of the parent of JPY 286 million and loss per share of JPY 18.21 per share. Duyuru • Jul 07
Lancers, Inc. to Report Q1, 2023 Results on Aug 12, 2022 Lancers, Inc. announced that they will report Q1, 2023 results on Aug 12, 2022 Duyuru • May 18
Lancers, Inc., Annual General Meeting, Jun 27, 2022 Lancers, Inc., Annual General Meeting, Jun 27, 2022. Duyuru • Apr 13
Lancers, Inc. to Report Fiscal Year 2022 Results on May 13, 2022 Lancers, Inc. announced that they will report fiscal year 2022 results on May 13, 2022 Reported Earnings • Feb 17
Third quarter 2022 earnings: Revenues and EPS in line with analyst expectations Third quarter 2022 results: JP¥7.65 loss per share (down from JP¥0.39 loss in 3Q 2021). Revenue: JP¥1.00b (up 1.3% from 3Q 2021). Net loss: JP¥120.0m (loss widened JP¥114.0m from 3Q 2021). Revenue was in line with analyst estimates. Reported Earnings • Feb 17
Third quarter 2022 earnings: Revenues and EPS in line with analyst expectations Third quarter 2022 results: JP¥7.65 loss per share (down from JP¥0.39 loss in 3Q 2021). Revenue: JP¥1.00b (up 1.3% from 3Q 2021). Net loss: JP¥120.0m (loss widened JP¥114.0m from 3Q 2021). Revenue was in line with analyst estimates. Duyuru • Feb 15
Lancers, Inc. Provides Earnings Guidance for the Year Ending March 31, 2022 Lancers, Inc. provided earnings guidance for the year ending March 31, 2022. For the period, the company expects net sales of ¥3,902 million, Operating loss of ¥370 million, and Loss attributable to owners of parent of ¥452 million or ¥28.87 loss per share. Reported Earnings • Aug 13
First quarter 2022 earnings released: JP¥6.77 loss per share (vs JP¥0.064 profit in 1Q 2021) The company reported a soft first quarter result with weaker earnings and weaker control over costs, although revenues improved. First quarter 2022 results: Revenue: JP¥971.0m (up 12% from 1Q 2021). Net loss: JP¥106.0m (down JP¥107.0m from profit in 1Q 2021). Duyuru • Aug 13
Lancers, Inc. Provides Earnings Guidance for the Full Year Ending March 31, 2022 Lancers, Inc. provides earnings guidance for the full year ending March 31, 2022. For the year, The company expects net sales to be JPY 3,902 million, Operating loss to be JPY 370 million, loss attributable to owners of parent to be JPY 452 million or JPY 28.87 per share. Is New 90 Day High Low • Mar 01
New 90-day low: JP¥702 The company is down 16% from its price of JP¥833 on 01 December 2020. The Japanese market is up 6.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Interactive Media and Services industry, which is flat over the same period. Reported Earnings • Feb 12
Third quarter 2021 earnings released: JP¥0.39 loss per share (vs JP¥9.62 loss in 3Q 2020) The company reported a decent third quarter result with reduced losses and improved control over expenses, although revenues were weaker. Third quarter 2021 results: Revenue: JP¥989.0m (down 4.1% from 3Q 2020). Net loss: JP¥6.00m (loss narrowed 96% from 3Q 2020). Is New 90 Day High Low • Dec 22
New 90-day low: JP¥751 The company is down 43% from its price of JP¥1,309 on 23 September 2020. The Japanese market is up 8.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Interactive Media and Services industry, which is down 5.0% over the same period. Is New 90 Day High Low • Dec 04
New 90-day low: JP¥821 The company is down 42% from its price of JP¥1,415 on 04 September 2020. The Japanese market is up 10.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Interactive Media and Services industry, which is down 1.0% over the same period.