New Risk • May 26
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 8.2% 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 Earnings have declined by 17% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (8.2% average weekly change). Market cap is less than US$100m (JP¥3.49b market cap, or US$21.9m). Duyuru • May 20
Kenka Synergy Investment Limited Partnership proposed to acquire an unknown minority stake in Tiemco Ltd. (TSE:7501). Kenka Synergy Investment Limited Partnership proposed to acquire an unknown minority stake in Tiemco Ltd. (TSE:7501) on April 7, 2026. A cash consideration valued at ¥1900 per share will be paid by Kenka Synergy Investment Limited Partnership. The deal is opposed by the board of directors of Tiemco Ltd. Reported Earnings • Apr 11
First quarter 2026 earnings released: JP¥10.90 loss per share (vs JP¥15.75 loss in 1Q 2025) First quarter 2026 results: JP¥10.90 loss per share (improved from JP¥15.75 loss in 1Q 2025). Revenue: JP¥860.0m (up 12% from 1Q 2025). Net loss: JP¥27.0m (loss narrowed 31% from 1Q 2025). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 141 percentage points per year, which is a significant difference in performance. Reported Earnings • Mar 03
Full year 2025 earnings released: JP¥51.70 loss per share (vs JP¥44.02 loss in FY 2024) Full year 2025 results: JP¥51.70 loss per share (further deteriorated from JP¥44.02 loss in FY 2024). Revenue: JP¥3.22b (flat on FY 2024). Net loss: JP¥128.0m (loss widened 17% from FY 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 142 percentage points per year, which is a significant difference in performance. Reported Earnings • Jan 17
Full year 2025 earnings released: JP¥51.69 loss per share (vs JP¥44.02 loss in FY 2024) Full year 2025 results: JP¥51.69 loss per share (further deteriorated from JP¥44.02 loss in FY 2024). Revenue: JP¥3.22b (flat on FY 2024). Net loss: JP¥128.0m (loss widened 17% from FY 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 131 percentage points per year, which is a significant difference in performance. Duyuru • Jan 16
Tiemco Ltd., Annual General Meeting, Feb 26, 2026 Tiemco Ltd., Annual General Meeting, Feb 26, 2026. New Risk • Oct 23
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). Market cap is less than US$100m (JP¥3.07b market cap, or US$20.1m). Reported Earnings • Oct 11
Third quarter 2025 earnings released: JP¥23.01 loss per share (vs JP¥25.83 loss in 3Q 2024) Third quarter 2025 results: JP¥23.01 loss per share (improved from JP¥25.83 loss in 3Q 2024). Revenue: JP¥704.0m (down 1.3% from 3Q 2024). Net loss: JP¥57.0m (loss narrowed 11% from 3Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 117 percentage points per year, which is a significant difference in performance. Reported Earnings • Jul 14
Second quarter 2025 earnings released: JP¥2.42 loss per share (vs JP¥18.17 profit in 2Q 2024) Second quarter 2025 results: JP¥2.42 loss per share (down from JP¥18.17 profit in 2Q 2024). Revenue: JP¥857.0m (down 11% from 2Q 2024). Net loss: JP¥6.00m (down 113% from profit in 2Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 102 percentage points per year, which is a significant difference in performance. Reported Earnings • Apr 12
First quarter 2025 earnings released: JP¥15.75 loss per share (vs JP¥17.37 loss in 1Q 2024) First quarter 2025 results: JP¥15.75 loss per share (improved from JP¥17.37 loss in 1Q 2024). Revenue: JP¥768.0m (up 3.9% from 1Q 2024). Net loss: JP¥39.0m (loss narrowed 9.3% from 1Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 72 percentage points per year, which is a significant difference in performance. Reported Earnings • Mar 04
Full year 2024 earnings released: JP¥44.02 loss per share (vs JP¥43.62 profit in FY 2023) Full year 2024 results: JP¥44.02 loss per share (down from JP¥43.62 profit in FY 2023). Revenue: JP¥3.21b (down 5.6% from FY 2023). Net loss: JP¥109.0m (down 201% from profit in FY 2023). Over the last 3 years on average, earnings per share has fallen by 40% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Reported Earnings • Jan 18
Full year 2024 earnings released: JP¥44.01 loss per share (vs JP¥43.62 profit in FY 2023) Full year 2024 results: JP¥44.01 loss per share (down from JP¥43.62 profit in FY 2023). Revenue: JP¥3.21b (down 5.6% from FY 2023). Net loss: JP¥109.0m (down 201% from profit in FY 2023). Over the last 3 years on average, earnings per share has fallen by 40% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Duyuru • Jan 17
Tiemco Ltd., Annual General Meeting, Feb 27, 2025 Tiemco Ltd., Annual General Meeting, Feb 27, 2025. Upcoming Dividend • Nov 21
Upcoming dividend of JP¥17.50 per share Eligible shareholders must have bought the stock before 28 November 2024. Payment date: 28 February 2025. Trailing yield: 1.6%. Lower than top quartile of Japanese dividend payers (3.8%). Higher than average of industry peers (1.4%). Reported Earnings • Jul 12
Second quarter 2024 earnings released: EPS: JP¥18.17 (vs JP¥37.56 in 2Q 2023) Second quarter 2024 results: EPS: JP¥18.17 (down from JP¥37.56 in 2Q 2023). Revenue: JP¥962.0m (down 5.7% from 2Q 2023). Net income: JP¥45.0m (down 52% from 2Q 2023). Profit margin: 4.7% (down from 9.1% in 2Q 2023). Over the last 3 years on average, earnings per share has increased by 58% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Reported Earnings • Apr 11
First quarter 2024 earnings released: JP¥17.36 loss per share (vs JP¥2.02 profit in 1Q 2023) First quarter 2024 results: JP¥17.36 loss per share (down from JP¥2.02 profit in 1Q 2023). Revenue: JP¥739.0m (down 6.9% from 1Q 2023). Net loss: JP¥43.0m (down JP¥48.0m from profit in 1Q 2023). Over the last 3 years on average, earnings per share has increased by 90% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Reported Earnings • Jan 23
Full year 2023 earnings released: EPS: JP¥43.61 (vs JP¥50.89 in FY 2022) Full year 2023 results: EPS: JP¥43.61 (down from JP¥50.89 in FY 2022). Revenue: JP¥3.40b (up 3.4% from FY 2022). Net income: JP¥108.0m (down 14% from FY 2022). Profit margin: 3.2% (down from 3.8% in FY 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 107% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Duyuru • Jan 21
Tiemco Ltd., Annual General Meeting, Feb 28, 2024 Tiemco Ltd., Annual General Meeting, Feb 28, 2024. Upcoming Dividend • Nov 22
Upcoming dividend of JP¥12.00 per share at 1.6% yield Eligible shareholders must have bought the stock before 29 November 2023. Payment date: 28 February 2024. Trailing yield: 1.6%. Lower than top quartile of Japanese dividend payers (3.4%). In line with average of industry peers (1.5%). Duyuru • Nov 01
Tiemco Ltd. to Report Q3, 2024 Results on Oct 10, 2024 Tiemco Ltd. announced that they will report Q3, 2024 results on Oct 10, 2024 Reported Earnings • Oct 12
Third quarter 2023 earnings released: EPS: JP¥3.23 (vs JP¥3.64 in 3Q 2022) Third quarter 2023 results: EPS: JP¥3.23 (down from JP¥3.64 in 3Q 2022). Revenue: JP¥770.0m (flat on 3Q 2022). Net income: JP¥8.00m (down 11% from 3Q 2022). Profit margin: 1.0% (down from 1.2% in 3Q 2022). Over the last 3 years on average, earnings per share has increased by 111% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Reported Earnings • Jul 16
Second quarter 2023 earnings released: EPS: JP¥37.55 (vs JP¥26.66 in 2Q 2022) Second quarter 2023 results: EPS: JP¥37.55 (up from JP¥26.66 in 2Q 2022). Revenue: JP¥1.02b (up 9.0% from 2Q 2022). Net income: JP¥93.0m (up 41% from 2Q 2022). Profit margin: 9.1% (up from 7.1% in 2Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 110% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Reported Earnings • Apr 13
First quarter 2023 earnings released: EPS: JP¥2.02 (vs JP¥0.40 in 1Q 2022) First quarter 2023 results: EPS: JP¥2.02 (up from JP¥0.40 in 1Q 2022). Revenue: JP¥794.0m (up 5.4% from 1Q 2022). Net income: JP¥5.00m (up 400% from 1Q 2022). Profit margin: 0.6% (up from 0.1% in 1Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 97% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Duyuru • Jan 21
Tiemco Ltd., Annual General Meeting, Feb 27, 2023 Tiemco Ltd., Annual General Meeting, Feb 27, 2023. Reported Earnings • Jan 20
Full year 2022 earnings released: EPS: JP¥50.88 (vs JP¥3.64 loss in FY 2021) Full year 2022 results: EPS: JP¥50.88 (up from JP¥3.64 loss in FY 2021). Revenue: JP¥3.29b (up 12% from FY 2021). Net income: JP¥126.0m (up JP¥135.0m from FY 2021). Profit margin: 3.8% (up from net loss in FY 2021). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 77% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jan 19
Investor sentiment improved over the past week After last week's 21% share price gain to JP¥903, the stock trades at a trailing P/E ratio of 19x. Average trailing P/E is 11x in the Specialty Retail industry in Japan. Total returns to shareholders of 59% over the past three years. Valuation Update With 7 Day Price Move • Nov 28
Investor sentiment improved over the past week After last week's 18% share price gain to JP¥919, the stock trades at a trailing P/E ratio of 19.3x. Average trailing P/E is 10x in the Specialty Retail industry in Japan. Total returns to shareholders of 64% over the past three years. Upcoming Dividend • Nov 22
Upcoming dividend of JP¥5.40 per share Eligible shareholders must have bought the stock before 29 November 2022. Payment date: 28 February 2023. The company last paid an ordinary dividend in January 2012. The average dividend yield among industry peers is 1.5%. Board Change • Nov 16
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. 4 highly experienced directors. No independent directors (9 non-independent directors). President and Representative Director Seiichi Sakai was the last director to join the board, commencing their role in 2011. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Oct 13
Third quarter 2022 earnings released: EPS: JP¥3.63 (vs JP¥6.46 loss in 3Q 2021) Third quarter 2022 results: EPS: JP¥3.63 (up from JP¥6.46 loss in 3Q 2021). Revenue: JP¥767.0m (up 14% from 3Q 2021). Net income: JP¥9.00m (up JP¥25.0m from 3Q 2021). Profit margin: 1.2% (up from net loss in 3Q 2021). Over the last 3 years on average, earnings per share has increased by 51% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Reported Earnings • Jul 15
Second quarter 2022 earnings released: EPS: JP¥26.65 (vs JP¥7.67 in 2Q 2021) Second quarter 2022 results: EPS: JP¥26.65 (up from JP¥7.67 in 2Q 2021). Revenue: JP¥936.0m (up 18% from 2Q 2021). Net income: JP¥66.0m (up 247% from 2Q 2021). Profit margin: 7.1% (up from 2.4% in 2Q 2021). Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Board Change • Apr 27
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. 4 highly experienced directors. No independent directors (9 non-independent directors). President and Representative Director Seiichi Sakai was the last director to join the board, commencing their role in 2011. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Apr 14
First quarter 2022 earnings released: EPS: JP¥0.40 (vs JP¥21.81 loss in 1Q 2021) First quarter 2022 results: EPS: JP¥0.40 (up from JP¥21.81 loss in 1Q 2021). Revenue: JP¥753.0m (up 6.5% from 1Q 2021). Net income: JP¥1.00m (up JP¥55.0m from 1Q 2021). Profit margin: 0.1% (up from net loss in 1Q 2021). Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. Reported Earnings • Mar 03
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: JP¥3.63 loss per share (up from JP¥92.08 loss in FY 2020). Revenue: JP¥2.95b (up 11% from FY 2020). Net loss: JP¥9.00m (loss narrowed 96% from FY 2020). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has fallen by 62% per year but the company’s share price has increased by 14% per year, which means it is well ahead of earnings. Reported Earnings • Jan 20
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: JP¥3.63 loss per share (up from JP¥92.08 loss in FY 2020). Revenue: JP¥2.95b (up 11% from FY 2020). Net loss: JP¥9.00m (loss narrowed 96% from FY 2020). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has fallen by 62% per year but the company’s share price has increased by 13% per year, which means it is well ahead of earnings. Upcoming Dividend • Nov 22
Inaugural dividend of JP¥5.40 per share Eligible shareholders must have bought the stock before 29 November 2021. Payment date: 26 February 2022. The company last paid an ordinary dividend in April 2012. The average dividend yield among industry peers is 1.4%. Reported Earnings • Oct 14
Third quarter 2021 earnings released: JP¥6.46 loss per share (vs JP¥2.83 loss in 3Q 2020) The company reported a poor third quarter result with increased losses, weaker revenues and weaker control over costs. Third quarter 2021 results: Revenue: JP¥673.0m (down 11% from 3Q 2020). Net loss: JP¥16.0m (loss widened 129% from 3Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 99 percentage points per year, which is a significant difference in performance. Reported Earnings • Jul 15
Second quarter 2021 earnings released: EPS JP¥7.67 (vs JP¥41.20 loss in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: JP¥796.0m (up 76% from 2Q 2020). Net income: JP¥19.0m (up JP¥121.0m from 2Q 2020). Profit margin: 2.4% (up from net loss in 2Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 110 percentage points per year, which is a significant difference in performance. Reported Earnings • Apr 14
First quarter 2021 earnings released: JP¥21.81 loss per share (vs JP¥22.21 loss in 1Q 2020) The company reported a solid first quarter result with reduced losses, improved revenues and improved control over expenses. First quarter 2021 results: Revenue: JP¥707.0m (up 14% from 1Q 2020). Net loss: JP¥54.0m (loss narrowed 1.8% from 1Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 128 percentage points per year, which is a significant difference in performance. Reported Earnings • Mar 03
Full year 2020 earnings released: JP¥92.08 loss per share (vs JP¥5.25 loss in FY 2019) The company reported a poor full year result with increased losses, weaker revenues and weaker control over costs. Full year 2020 results: Revenue: JP¥2.67b (down 8.8% from FY 2019). Net loss: JP¥228.0m (loss widened JP¥215.0m from FY 2019). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 125 percentage points per year, which is a significant difference in performance. Duyuru • Jan 21
Tiemco Ltd., Annual General Meeting, Feb 25, 2021 Tiemco Ltd., Annual General Meeting, Feb 25, 2021. Reported Earnings • Jan 21
Full year 2020 earnings released: JP¥92.06 loss per share The company reported a poor full year result with increased losses and weaker revenues and control over expenses. Full year 2020 results: Revenue: JP¥2.67b (down 8.8% from FY 2019). Net loss: JP¥228.0m (loss widened JP¥215.0m from FY 2019). Over the last 3 years on average, earnings per share has fallen by 116% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Jan 15
New 90-day high: JP¥806 The company is up 11% from its price of JP¥723 on 16 October 2020. The Japanese market is up 15% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Specialty Retail industry, which is up 12% over the same period. Is New 90 Day High Low • Oct 26
New 90-day high: JP¥764 The company is up 12% from its price of JP¥681 on 28 July 2020. The Japanese market is up 4.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Specialty Retail industry, which is up 11% over the same period. Reported Earnings • Oct 14
Third quarter earnings released Over the last 12 months the company has reported total losses of JP¥161.0m, with losses widening by JP¥150.0m from the prior year. Total revenue was JP¥2.60b over the last 12 months, down 11% from the prior year. Is New 90 Day High Low • Sep 24
New 90-day high: JP¥755 The company is up 7.0% from its price of JP¥708 on 25 June 2020. The Japanese market is up 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Specialty Retail industry, which is up 4.0% over the same period.