Duyuru • Aug 27
Kyoden Company, Limited to Report Q2, 2024 Results on Nov 08, 2023 Kyoden Company, Limited announced that they will report Q2, 2024 results on Nov 08, 2023 New Risk • Aug 11
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 6.3% 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 (3.7% operating cash flow to total debt). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (6.3% average weekly change). Profit margins are more than 30% lower than last year (4.1% net profit margin). Reported Earnings • Aug 10
First quarter 2024 earnings released: EPS: JP¥14.27 (vs JP¥17.61 in 1Q 2023) First quarter 2024 results: EPS: JP¥14.27 (down from JP¥17.61 in 1Q 2023). Revenue: JP¥16.1b (up 3.1% from 1Q 2023). Net income: JP¥709.0m (down 19% from 1Q 2023). Profit margin: 4.4% (down from 5.6% in 1Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 6.3% p.a. on average during the next 2 years, compared to a 6.7% growth forecast for the Electronic industry in Japan. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has increased by 19% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Aug 10
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to JP¥533, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 13x in the Electronic industry in Japan. Total returns to shareholders of 87% over the past three years. Duyuru • May 28
Kyoden Company, Limited to Report Q1, 2024 Results on Aug 09, 2023 Kyoden Company, Limited announced that they will report Q1, 2024 results on Aug 09, 2023 Reported Earnings • May 19
Full year 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2023 results: EPS: JP¥58.37 (down from JP¥75.35 in FY 2022). Revenue: JP¥66.7b (up 16% from FY 2022). Net income: JP¥2.90b (down 23% from FY 2022). Profit margin: 4.3% (down from 6.5% in FY 2022). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 3.4%. Earnings per share (EPS) missed analyst estimates by 18%. Revenue is forecast to grow 4.2% p.a. on average during the next 2 years, compared to a 6.4% growth forecast for the Electronic industry in Japan. Over the last 3 years on average, earnings per share has increased by 22% per year whereas the company’s share price has increased by 18% per year. Duyuru • May 16
Kyoden Company, Limited, Annual General Meeting, Jun 29, 2023 Kyoden Company, Limited, Annual General Meeting, Jun 29, 2023. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥20.00 per share at 4.0% yield Eligible shareholders must have bought the stock before 30 March 2023. Payment date: 09 June 2023. Payout ratio is a comfortable 25% but the company is not cash flow positive. Trailing yield: 4.0%. Within top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (1.6%). Reported Earnings • Feb 10
Third quarter 2023 earnings released: EPS: JP¥17.93 (vs JP¥21.56 in 3Q 2022) Third quarter 2023 results: EPS: JP¥17.93 (down from JP¥21.56 in 3Q 2022). Revenue: JP¥17.5b (up 20% from 3Q 2022). Net income: JP¥891.0m (down 17% from 3Q 2022). Profit margin: 5.1% (down from 7.3% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 7.1% p.a. on average during the next 3 years, compared to a 6.8% growth forecast for the Electronic 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 only increased by 12% per year, which means it is significantly lagging earnings growth. Duyuru • Nov 27
Kyoden Company, Limited to Report Q3, 2023 Results on Feb 08, 2023 Kyoden Company, Limited announced that they will report Q3, 2023 results on Feb 08, 2023 Reported Earnings • Nov 16
Second quarter 2023 earnings released: EPS: JP¥14.45 (vs JP¥16.85 in 2Q 2022) Second quarter 2023 results: EPS: JP¥14.45 (down from JP¥16.85 in 2Q 2022). Revenue: JP¥16.7b (up 20% from 2Q 2022). Net income: JP¥718.0m (down 14% from 2Q 2022). Profit margin: 4.3% (down from 6.0% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 6.5% growth forecast for the Electronic industry in Japan. 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 20% per year, which means it is significantly lagging earnings growth. 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. 4 non-independent directors. Independent External Director Yoji Hasegawa was the last independent director to join the board, commencing their role in 2015. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. 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. 4 non-independent directors. Independent External Director Yoji Hasegawa was the last independent director to join the board, commencing their role in 2015. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 11
Second quarter 2023 earnings released: EPS: JP¥14.45 (vs JP¥16.85 in 2Q 2022) Second quarter 2023 results: EPS: JP¥14.45 (down from JP¥16.85 in 2Q 2022). Revenue: JP¥16.7b (up 20% from 2Q 2022). Net income: JP¥718.0m (down 14% from 2Q 2022). Profit margin: 4.3% (down from 6.0% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 6.5% growth forecast for the Electronic industry in Japan. 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 18% per year, which means it is significantly lagging earnings growth. Duyuru • Aug 28
Kyoden Company, Limited to Report Q2, 2023 Results on Nov 09, 2022 Kyoden Company, Limited announced that they will report Q2, 2023 results on Nov 09, 2022 Valuation Update With 7 Day Price Move • Aug 18
Investor sentiment improved over the past week After last week's 16% share price gain to JP¥628, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 11x in the Electronic industry in Japan. Total returns to shareholders of 130% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥341 per share. Reported Earnings • Aug 12
First quarter 2023 earnings released: EPS: JP¥17.61 (vs JP¥19.30 in 1Q 2022) First quarter 2023 results: EPS: JP¥17.61 (down from JP¥19.30 in 1Q 2022). Revenue: JP¥15.6b (up 16% from 1Q 2022). Net income: JP¥875.0m (down 8.8% from 1Q 2022). Profit margin: 5.6% (down from 7.1% in 1Q 2022). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 13%, compared to a 9.7% growth forecast for the industry in Japan. Over the last 3 years on average, earnings per share has increased by 30% per year whereas the company’s share price has increased by 25% per year. Duyuru • Jun 03
Kyoden Company, Limited to Report Q1, 2023 Results on Aug 09, 2022 Kyoden Company, Limited announced that they will report Q1, 2023 results on Aug 09, 2022 Valuation Update With 7 Day Price Move • May 19
Investor sentiment improved over the past week After last week's 17% share price gain to JP¥564, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 11x in the Electronic industry in Japan. Total returns to shareholders of 68% over the past three years. Reported Earnings • May 17
Full year 2022 earnings: EPS and revenues exceed analyst expectations Full year 2022 results: EPS: JP¥75.35 (up from JP¥52.95 in FY 2021). Revenue: JP¥57.4b (up 22% from FY 2021). Net income: JP¥3.74b (up 42% from FY 2021). Profit margin: 6.5% (up from 5.6% in FY 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.3%. Earnings per share (EPS) also surpassed analyst estimates by 10%. Over the next year, revenue is forecast to grow 4.6%, compared to a 8.0% growth forecast for the industry in Japan. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Duyuru • May 12
Kyoden Company, Limited, Annual General Meeting, Jun 23, 2022 Kyoden Company, Limited, Annual General Meeting, Jun 23, 2022. Board Change • Apr 27
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 5 non-independent directors. Director Hiroyuki Suganuma was the last director to join the board, commencing their role in 2021. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Duyuru • Apr 08
Kyoden Company, Limited to Report Fiscal Year 2022 Results on May 12, 2022 Kyoden Company, Limited announced that they will report fiscal year 2022 results on May 12, 2022 Upcoming Dividend • Mar 23
Upcoming dividend of JP¥17.00 per share Eligible shareholders must have bought the stock before 30 March 2022. Payment date: 09 June 2022. Payout ratio is a comfortable 11% but the company is paying out more than the cash it is generating. Trailing yield: 2.8%. Lower than top quartile of Japanese dividend payers (3.4%). Higher than average of industry peers (1.3%). Reported Earnings • Feb 12
Third quarter 2022 earnings: Revenues and EPS in line with analyst expectations Third quarter 2022 results: EPS: JP¥21.56 (up from JP¥9.14 in 3Q 2021). Revenue: JP¥14.6b (up 37% from 3Q 2021). Net income: JP¥1.07b (up 136% from 3Q 2021). Profit margin: 7.3% (up from 4.3% in 3Q 2021). Revenue was in line with analyst estimates. Over the next year, revenue is forecast to grow 6.0%, compared to a 7.6% growth forecast for the industry in Japan. Over the last 3 years on average, earnings per share has increased by 16% per year whereas the company’s share price has increased by 18% per year. Valuation Update With 7 Day Price Move • Jan 21
Investor sentiment deteriorated over the past week After last week's 16% share price decline to JP¥629, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 12x in the Electronic industry in Japan. Total returns to shareholders of 63% over the past three years. Valuation Update With 7 Day Price Move • Dec 27
Investor sentiment improved over the past week After last week's 21% share price gain to JP¥717, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 13x in the Electronic industry in Japan. Total returns to shareholders of 107% over the past three years. Valuation Update With 7 Day Price Move • Oct 18
Investor sentiment improved over the past week After last week's 16% share price gain to JP¥482, the stock trades at a trailing P/E ratio of 8.2x. Average trailing P/E is 14x in the Electronic industry in Japan. Total loss to shareholders of 13% over the past three years. Valuation Update With 7 Day Price Move • Sep 28
Investor sentiment improved over the past week After last week's 15% share price gain to JP¥458, the stock trades at a trailing P/E ratio of 7.8x. Average trailing P/E is 15x in the Electronic industry in Japan. Total loss to shareholders of 21% over the past three years. Valuation Update With 7 Day Price Move • Sep 13
Investor sentiment improved over the past week After last week's 21% share price gain to JP¥418, the stock trades at a trailing P/E ratio of 7.1x. Average trailing P/E is 14x in the Electronic industry in Japan. Total loss to shareholders of 27% over the past three years. Reported Earnings • Aug 13
First quarter 2022 earnings released: EPS JP¥19.30 (vs JP¥13.63 in 1Q 2021) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2022 results: Revenue: JP¥13.5b (up 9.1% from 1Q 2021). Net income: JP¥959.0m (up 42% from 1Q 2021). Profit margin: 7.1% (up from 5.5% in 1Q 2021). Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has fallen by 19% per year, which means it is performing significantly worse than earnings. Reported Earnings • May 19
Full year 2021 earnings released: EPS JP¥52.95 (vs JP¥32.63 in FY 2020) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2021 results: Revenue: JP¥47.0b (down 12% from FY 2020). Net income: JP¥2.63b (up 62% from FY 2020). Profit margin: 5.6% (up from 3.0% in FY 2020). Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has fallen by 16% per year, which means it is performing significantly worse than earnings. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥5.00 per share Eligible shareholders must have bought the stock before 30 March 2021. Payment date: 10 June 2021. Trailing yield: 1.6%. Lower than top quartile of Japanese dividend payers (2.7%). Higher than average of industry peers (1.1%). Duyuru • Mar 04
Kyoden Company, Limited to Report Fiscal Year 2021 Results on May 14, 2021 Kyoden Company, Limited announced that they will report fiscal year 2021 results on May 14, 2021 Is New 90 Day High Low • Mar 04
New 90-day low: JP¥303 The company is down 11% from its price of JP¥339 on 04 December 2020. The Japanese market is up 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electronic industry, which is up 3.0% over the same period. Analyst Estimate Surprise Post Earnings • Feb 12
Revenue and earnings miss expectations Revenue missed analyst estimates by 15%. Earnings per share (EPS) also missed analyst estimates by 44%. Over the next year, revenue is forecast to grow 9.7%, compared to a 9.2% growth forecast for the Electronic industry in Japan. Reported Earnings • Feb 12
Third quarter 2021 earnings released: EPS JP¥9.14 (vs JP¥7.71 in 3Q 2020) The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2021 results: Revenue: JP¥10.7b (down 22% from 3Q 2020). Net income: JP¥454.0m (up 19% from 3Q 2020). Profit margin: 4.3% (up from 2.8% in 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 12% per year whereas the company’s share price has fallen by 13% per year. Duyuru • Dec 05
Kyoden Company, Limited to Report Q3, 2021 Results on Feb 10, 2021 Kyoden Company, Limited announced that they will report Q3, 2021 results on Feb 10, 2021 Duyuru • Sep 03
Kyoden Company, Limited to Report Q2, 2021 Results on Nov 12, 2020 Kyoden Company, Limited announced that they will report Q2, 2021 results on Nov 12, 2020