Duyuru • May 14
Innotech Corporation, Annual General Meeting, Jun 25, 2026 Innotech Corporation, Annual General Meeting, Jun 25, 2026. Valuation Update With 7 Day Price Move • May 11
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to JP¥3,365, the stock trades at a trailing P/E ratio of 24.9x. Average trailing P/E is 16x in the Electronic industry in Japan. Total returns to shareholders of 166% over the past three years. Duyuru • Apr 24
Innotech Corporation (TSE:9880) entered into agreement to acquire Net Vision Co. Ltd. Innotech Corporation (TSE:9880) entered into agreement to acquire Net Vision Co. Ltd. on April 23, 2026. Buy Or Sell Opportunity • Apr 14
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 19% to JP¥2,703. The fair value is estimated to be JP¥2,213, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 4.8% over the last 3 years. Earnings per share has declined by 6.1%. New Risk • Mar 23
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 9.2% 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 Share price has been highly volatile over the past 3 months (9.2% average weekly change). Earnings have declined by 9.6% per year over the past 5 years. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥40.00 per share Eligible shareholders must have bought the stock before 30 March 2026. Payment date: 26 June 2026. Payout ratio is a comfortable 56% and this is well supported by cash flows. Trailing yield: 3.4%. Lower than top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (1.6%). Buy Or Sell Opportunity • Mar 05
Now 24% overvalued after recent price rise Over the last 90 days, the stock has risen 31% to JP¥2,756. The fair value is estimated to be JP¥2,225, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 4.8% over the last 3 years. Earnings per share has declined by 6.1%. Buy Or Sell Opportunity • Feb 10
Now 26% overvalued after recent price rise Over the last 90 days, the stock has risen 41% to JP¥2,779. The fair value is estimated to be JP¥2,209, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 4.8% over the last 3 years. Earnings per share has declined by 6.1%. Valuation Update With 7 Day Price Move • Feb 10
Investor sentiment improves as stock rises 29% After last week's 29% share price gain to JP¥2,786, the stock trades at a trailing P/E ratio of 25.8x. Average trailing P/E is 16x in the Electronic industry in Japan. Total returns to shareholders of 148% over the past three years. Declared Dividend • Dec 11
First half dividend of JP¥35.00 announced Dividend of JP¥35.00 is the same as last year. Ex-date: 30th March 2026 Payment date: 26th June 2026 Dividend yield will be 3.4%, which is higher than the industry average of 1.4%. Sustainability & Growth Dividend is covered by both earnings (70% earnings payout ratio) and cash flows (60% cash payout ratio). The dividend has increased by an average of 17% 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 5.5% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. New Risk • Dec 09
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: Major Risk Earnings have declined by 7.8% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (5.5% average weekly change). Large one-off items impacting financial results. Reported Earnings • Nov 12
Second quarter 2026 earnings released: EPS: JP¥29.60 (vs JP¥1.86 in 2Q 2025) Second quarter 2026 results: EPS: JP¥29.60 (up from JP¥1.86 in 2Q 2025). Revenue: JP¥12.1b (up 15% from 2Q 2025). Net income: JP¥388.3m (up JP¥363.3m from 2Q 2025). Profit margin: 3.2% (up from 0.2% in 2Q 2025). Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has increased by 15% per year, which means it is well ahead of earnings. Duyuru • Nov 10
Innotech Corporation (TSE:9880) announces an Equity Buyback for 1,400,000 shares, representing 10.67% for ¥2,000 million. Innotech Corporation (TSE:9880) announces a share repurchase program. Under the program, the company will repurchase up to 1,400,000 shares, representing 10.67% of its issued share capital, for ¥ 2,000 million. The purpose of the program is to improve capital efficiency and return profits to shareholders. The program is valid till April 30, 2026. As of September 30, 2025, the company had 13,124,086 outstanding shares (excluding treasury stock) and 575,914 treasury shares. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥35.00 per share Eligible shareholders must have bought the stock before 29 September 2025. Payment date: 09 December 2025. Payout ratio is on the higher end at 98%, and the cash payout ratio is above 100%. Trailing yield: 4.1%. Within top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (1.7%). Reported Earnings • Aug 09
First quarter 2026 earnings released: EPS: JP¥14.10 (vs JP¥17.06 in 1Q 2025) First quarter 2026 results: EPS: JP¥14.10 (down from JP¥17.06 in 1Q 2025). Revenue: JP¥9.46b (down 9.1% from 1Q 2025). Net income: JP¥185.0m (down 19% from 1Q 2025). Profit margin: 2.0% (down from 2.2% in 1Q 2025). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Declared Dividend • Jul 09
Final dividend of JP¥35.00 announced Dividend of JP¥35.00 is the same as last year. Ex-date: 29th September 2025 Payment date: 9th December 2025 Dividend yield will be 4.9%, which is higher than the industry average of 1.4%. Sustainability & Growth Dividend is covered by earnings (64% earnings payout ratio) but not covered by cash flows (178% cash payout ratio). The dividend has increased by an average of 17% 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 2.5% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • May 15
Full year 2025 earnings released: EPS: JP¥89.52 (vs JP¥111 in FY 2024) Full year 2025 results: EPS: JP¥89.52 (down from JP¥111 in FY 2024). Revenue: JP¥42.0b (up 1.5% from FY 2024). Net income: JP¥1.20b (down 19% from FY 2024). Profit margin: 2.9% (down from 3.6% in FY 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Duyuru • May 13
Innotech Corporation, Annual General Meeting, Jun 25, 2025 Innotech Corporation, Annual General Meeting, Jun 25, 2025. Buy Or Sell Opportunity • Apr 10
Now 27% overvalued Over the last 90 days, the stock has fallen 15% to JP¥1,158. The fair value is estimated to be JP¥910, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 5.1% over the last 3 years. Earnings per share has declined by 18%. New Risk • Apr 08
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: JP¥14.7b (US$99.4m) This is considered a minor 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: Minor Risks Dividend is not well covered by cash flows (98% cash payout ratio). Market cap is less than US$100m (JP¥14.7b market cap, or US$99.4m). Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to JP¥1,105, the stock trades at a trailing P/E ratio of 9.9x. Average trailing P/E is 11x in the Electronic industry in Japan. Total loss to shareholders of 2.6% over the past three years. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥35.00 per share Eligible shareholders must have bought the stock before 28 March 2025. Payment date: 26 June 2025. Payout ratio is a comfortable 64% and the cash payout ratio is 98%. Trailing yield: 5.0%. Within top quartile of Japanese dividend payers (3.7%). Higher than average of industry peers (1.7%). Duyuru • Mar 01
Innotech Corporation to Report Fiscal Year 2025 Results on May 13, 2025 Innotech Corporation announced that they will report fiscal year 2025 results on May 13, 2025 Reported Earnings • Feb 12
Third quarter 2025 earnings released: EPS: JP¥39.94 (vs JP¥11.97 in 3Q 2024) Third quarter 2025 results: EPS: JP¥39.94 (up from JP¥11.97 in 3Q 2024). Revenue: JP¥9.11b (down 16% from 3Q 2024). Net income: JP¥536.6m (up 233% from 3Q 2024). Profit margin: 5.9% (up from 1.5% in 3Q 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Declared Dividend • Dec 10
First half dividend of JP¥35.00 announced Dividend of JP¥35.00 is the same as last year. Ex-date: 28th March 2025 Payment date: 26th June 2025 Dividend yield will be 5.0%, which is higher than the industry average of 1.4%. Sustainability & Growth Dividend is covered by earnings (43% earnings payout ratio) but not adequately covered by cash flows (100% cash payout ratio). The dividend has increased by an average of 17% 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 remained steady over the last 5 years. Unless this trend deteriorates, it should provide adequate earnings cover for the dividend. New Risk • Nov 10
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: 2.6% Last year net profit margin: 4.1% 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 Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (2.6% net profit margin). Reported Earnings • Nov 10
Second quarter 2025 earnings released: EPS: JP¥1.86 (vs JP¥48.00 in 2Q 2024) Second quarter 2025 results: EPS: JP¥1.86 (down from JP¥48.00 in 2Q 2024). Revenue: JP¥10.6b (down 1.8% from 2Q 2024). Net income: JP¥25.0m (down 96% from 2Q 2024). Profit margin: 0.2% (down from 6.0% in 2Q 2024). Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Duyuru • Nov 08
Innotech Corporation (TSE:9880) announces an Equity Buyback for 400,000 shares, representing 2.97% for ¥500 million. Innotech Corporation (TSE:9880) announces a share repurchase program. Under the program, the company will repurchase up to 400,000 shares, representing 2.97% of its issued share capital, for ¥ 500 million. The purpose of the program is to improve capital efficiency and return profits to shareholders. The program is valid till May 31, 2025. As of September 30, 2024, the company had 13,459,686 outstanding shares (excluding treasury stock) and 240,314 treasury shares. Upcoming Dividend • Sep 20
Upcoming dividend of JP¥35.00 per share Eligible shareholders must have bought the stock before 27 September 2024. Payment date: 11 December 2024. Payout ratio is a comfortable 55% and this is well supported by cash flows. Trailing yield: 4.8%. Within top quartile of Japanese dividend payers (3.8%). Higher than average of industry peers (1.5%). Reported Earnings • Aug 14
First quarter 2025 earnings released: EPS: JP¥32.25 (vs JP¥14.38 in 1Q 2024) First quarter 2025 results: EPS: JP¥32.25 (up from JP¥14.38 in 1Q 2024). Revenue: JP¥10.2b (up 18% from 1Q 2024). Net income: JP¥434.0m (up 130% from 1Q 2024). Profit margin: 4.2% (up from 2.2% in 1Q 2024). 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 but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 22% After last week's 22% share price decline to JP¥1,282, the stock trades at a trailing P/E ratio of 11.7x. Average trailing P/E is 12x in the Electronic industry in Japan. Total returns to shareholders of 6.4% over the past three years. Declared Dividend • Jul 11
Final dividend of JP¥35.00 announced Dividend of JP¥35.00 is the same as last year. Ex-date: 27th September 2024 Payment date: 11th December 2024 Dividend yield will be 4.0%, which is higher than the industry average of 1.4%. Sustainability & Growth Dividend is covered by both earnings (56% earnings payout ratio) and cash flows (66% cash payout ratio). The dividend has increased by an average of 17% 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 3.3% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Board Change • Jul 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 3 highly experienced directors. Independent Outside Director Shino Hirose was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • May 12
Full year 2024 earnings released: EPS: JP¥111 (vs JP¥127 in FY 2023) Full year 2024 results: EPS: JP¥111 (down from JP¥127 in FY 2023). Revenue: JP¥41.4b (up 7.1% from FY 2023). Net income: JP¥1.48b (down 11% from FY 2023). Profit margin: 3.6% (down from 4.3% in FY 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥35.00 per share Eligible shareholders must have bought the stock before 28 March 2024. Payment date: 26 June 2024. Payout ratio is a comfortable 56% and this is well supported by cash flows. Trailing yield: 3.5%. Within top quartile of Japanese dividend payers (3.2%). Higher than average of industry peers (1.4%). Reported Earnings • Feb 10
Third quarter 2024 earnings released: EPS: JP¥11.97 (vs JP¥5.10 in 3Q 2023) Third quarter 2024 results: EPS: JP¥11.97 (up from JP¥5.10 in 3Q 2023). Revenue: JP¥10.9b (up 30% from 3Q 2023). Net income: JP¥161.0m (up 140% from 3Q 2023). Profit margin: 1.5% (up from 0.8% in 3Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. New Risk • Nov 11
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.2% 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. This is currently the only risk that has been identified for the company. Reported Earnings • Nov 10
Second quarter 2024 earnings released: EPS: JP¥48.00 (vs JP¥50.15 in 2Q 2023) Second quarter 2024 results: EPS: JP¥48.00 (down from JP¥50.15 in 2Q 2023). Revenue: JP¥10.8b (flat on 2Q 2023). Net income: JP¥644.0m (down 2.1% from 2Q 2023). Profit margin: 6.0% (down from 6.1% in 2Q 2023). Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 23% per year, which means it is well ahead of earnings. Duyuru • Oct 10
Innotech Corporation to Report Q3, 2024 Results on Feb 08, 2024 Innotech Corporation announced that they will report Q3, 2024 results on Feb 08, 2024 Upcoming Dividend • Sep 21
Upcoming dividend of JP¥35.00 per share at 4.3% yield Eligible shareholders must have bought the stock before 28 September 2023. Payment date: 12 December 2023. Payout ratio is a comfortable 58% but the company is paying out more than the cash it is generating. Trailing yield: 4.3%. Within top quartile of Japanese dividend payers (3.3%). Higher than average of industry peers (1.4%). Duyuru • Aug 27
Innotech Corporation to Report Q2, 2024 Results on Nov 09, 2023 Innotech Corporation announced that they will report Q2, 2024 results on Nov 09, 2023 Reported Earnings • Aug 10
First quarter 2024 earnings released: EPS: JP¥14.38 (vs JP¥20.22 in 1Q 2023) First quarter 2024 results: EPS: JP¥14.38 (down from JP¥20.22 in 1Q 2023). Revenue: JP¥8.69b (down 3.8% from 1Q 2023). Net income: JP¥189.0m (down 29% from 1Q 2023). Profit margin: 2.2% (down from 2.9% in 1Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has increased by 14% per year, which means it is tracking significantly ahead of earnings growth. Duyuru • Jun 28
Innotech Corporation to Report Q1, 2024 Results on Aug 09, 2023 Innotech Corporation announced that they will report Q1, 2024 results on Aug 09, 2023 Reported Earnings • May 16
Full year 2023 earnings released: EPS: JP¥127 (vs JP¥169 in FY 2022) Full year 2023 results: EPS: JP¥127 (down from JP¥169 in FY 2022). Revenue: JP¥38.6b (up 3.7% from FY 2022). Net income: JP¥1.67b (down 24% from FY 2022). Profit margin: 4.3% (down from 5.9% 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 13% per year whereas the company’s share price has increased by 17% per year. Duyuru • May 14
Innotech Corporation, Annual General Meeting, Jun 23, 2023 Innotech Corporation, Annual General Meeting, Jun 23, 2023. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥35.00 per share at 5.0% yield Eligible shareholders must have bought the stock before 30 March 2023. Payment date: 27 June 2023. Payout ratio is a comfortable 37% but the company is not cash flow positive. Trailing yield: 5.0%. Within top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (1.6%). Reported Earnings • Feb 12
Third quarter 2023 earnings released: EPS: JP¥5.13 (vs JP¥41.42 in 3Q 2022) Third quarter 2023 results: EPS: JP¥5.13 (down from JP¥41.42 in 3Q 2022). Revenue: JP¥8.36b (down 8.1% from 3Q 2022). Net income: JP¥67.4m (down 88% from 3Q 2022). Profit margin: 0.8% (down from 6.0% in 3Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has only increased by 6% 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 are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 6 non-independent directors. Independent Outside Director Shino Hirose 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. Reported Earnings • Nov 12
Second quarter 2023 earnings released: EPS: JP¥50.15 (vs JP¥58.50 in 2Q 2022) Second quarter 2023 results: EPS: JP¥50.15 (down from JP¥58.50 in 2Q 2022). Revenue: JP¥10.7b (up 11% from 2Q 2022). Net income: JP¥658.0m (down 14% from 2Q 2022). Profit margin: 6.1% (down from 8.0% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 3.3% 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 30% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥35.00 per share Eligible shareholders must have bought the stock before 29 September 2022. Payment date: 09 December 2022. Payout ratio is a comfortable 47% and this is well supported by cash flows. Trailing yield: 5.2%. Within top quartile of Japanese dividend payers (3.7%). Higher than average of industry peers (1.6%). Reported Earnings • Aug 11
First quarter 2023 earnings released: EPS: JP¥20.22 (vs JP¥50.24 in 1Q 2022) First quarter 2023 results: EPS: JP¥20.22 (down from JP¥50.24 in 1Q 2022). Revenue: JP¥9.04b (down 2.1% from 1Q 2022). Net income: JP¥265.0m (down 59% from 1Q 2022). Profit margin: 2.9% (down from 6.9% in 1Q 2022). The decrease in margin was primarily driven by higher expenses. Over the next year, revenue is forecast to grow 7.5%, compared to a 9.6% growth forecast for the industry in Japan. 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 15% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 16
Full year 2022 earnings: EPS exceeds analyst expectations Full year 2022 results: EPS: JP¥169 (up from JP¥121 in FY 2021). Revenue: JP¥37.2b (up 14% from FY 2021). Net income: JP¥2.19b (up 43% from FY 2021). Profit margin: 5.9% (up from 4.7% in FY 2021). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 1.3%. Over the next year, revenue is forecast to grow 6.2%, compared to a 8.2% growth forecast for the industry in Japan. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Buying Opportunity • May 11
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 6.3%. The fair value is estimated to be JP¥1,678, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.5% over the last 3 years. Earnings per share has grown by 33%. Revenue is forecast to grow by 6.8% in 2 years. Earnings is forecast to decline by 19% in the next 2 years. Price Target Changed • Apr 27
Price target increased to JP¥1,639 Up from JP¥1,506, the current price target is provided by 1 analyst. New target price is 23% above last closing price of JP¥1,335. Stock is up 2.5% over the past year. The company is forecast to post earnings per share of JP¥167 for next year compared to JP¥121 last year. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 6 non-independent directors. Independent Outside Director Shino Hirose 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. 
