Buy Or Sell Opportunity • Jun 19
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 7.2% to JP¥506. The fair value is estimated to be JP¥420, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 8.5% over the last 3 years. Meanwhile, the company has become profitable. Upcoming Dividend • May 21
Upcoming dividend of JP¥9.00 per share Eligible shareholders must have bought the stock before 28 May 2026. Payment date: 10 August 2026. Payout ratio is a comfortable 32% but the company is paying out more than the cash it is generating. Trailing yield: 3.7%. Lower than top quartile of Japanese dividend payers (3.8%). Higher than average of industry peers (2.7%). Reported Earnings • Apr 14
First quarter 2026 earnings released: EPS: JP¥14.52 (vs JP¥12.55 in 1Q 2025) First quarter 2026 results: EPS: JP¥14.52 (up from JP¥12.55 in 1Q 2025). Revenue: JP¥16.6b (up 16% from 1Q 2025). Net income: JP¥586.0m (up 16% from 1Q 2025). Profit margin: 3.5% (in line with 1Q 2025). Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Buy Or Sell Opportunity • Apr 08
Now 21% overvalued The stock has been flat over the last 90 days, currently trading at JP¥495. The fair value is estimated to be JP¥410, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 7.9% over the last 3 years. Meanwhile, the company has become profitable. Announcement • Apr 03
Astena Holdings Co., Ltd. to Report Q1, 2026 Results on Apr 13, 2026 Astena Holdings Co., Ltd. announced that they will report Q1, 2026 results on Apr 13, 2026 Declared Dividend • Mar 21
Final dividend of JP¥9.00 announced Dividend of JP¥9.00 is the same as last year. Ex-date: 28th May 2026 Payment date: 10th August 2026 Dividend yield will be 3.8%, which is higher than the industry average of 2.3%. Sustainability & Growth Dividend is covered by earnings (33% earnings payout ratio) but not covered by cash flows (333% cash payout ratio). The dividend has increased by an average of 12% 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. The company's earnings per share (EPS) would need to decline by 63% to shift the payout ratio to a potentially unsustainable range, which is more than the 2.1% EPS decline seen over the last 5 years. Reported Earnings • Mar 03
Full year 2025 earnings released: EPS: JP¥54.23 (vs JP¥63.17 loss in FY 2024) Full year 2025 results: EPS: JP¥54.23 (up from JP¥63.17 loss in FY 2024). Revenue: JP¥62.7b (up 8.2% from FY 2024). Net income: JP¥2.19b (up JP¥4.71b from FY 2024). Profit margin: 3.5% (up from net loss in FY 2024). Over the last 3 years on average, earnings per share has fallen by 29% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Buy Or Sell Opportunity • Feb 18
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 7.9% to JP¥504. The fair value is estimated to be JP¥410, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 7.9% over the last 3 years. Meanwhile, the company has become profitable. Reported Earnings • Jan 14
Full year 2025 earnings released: EPS: JP¥54.23 (vs JP¥63.17 loss in FY 2024) Full year 2025 results: EPS: JP¥54.23 (up from JP¥63.17 loss in FY 2024). Revenue: JP¥62.7b (up 8.2% from FY 2024). Net income: JP¥2.19b (up JP¥4.71b from FY 2024). Profit margin: 3.5% (up from net loss in FY 2024). Over the last 3 years on average, earnings per share has fallen by 29% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Announcement • Jan 13
Astena Holdings Co., Ltd., Annual General Meeting, Feb 26, 2026 Astena Holdings Co., Ltd., Annual General Meeting, Feb 26, 2026. Upcoming Dividend • Nov 20
Upcoming dividend of JP¥9.00 per share Eligible shareholders must have bought the stock before 27 November 2025. Payment date: 02 March 2026. The company is not currently making a profit and there are not enough cash flows to support it either. Trailing yield: 3.9%. Within top quartile of Japanese dividend payers (3.7%). Higher than average of industry peers (2.5%). Announcement • Nov 07
Astena Holdings Co., Ltd. to Report Fiscal Year 2025 Results on Jan 13, 2026 Astena Holdings Co., Ltd. announced that they will report fiscal year 2025 results on Jan 13, 2026 Reported Earnings • Oct 11
Third quarter 2025 earnings released: EPS: JP¥8.60 (vs JP¥10.77 in 3Q 2024) Third quarter 2025 results: EPS: JP¥8.60 (down from JP¥10.77 in 3Q 2024). Revenue: JP¥15.4b (up 9.9% from 3Q 2024). Net income: JP¥347.0m (down 20% from 3Q 2024). Profit margin: 2.3% (down from 3.1% in 3Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 71 percentage points per year, which is a significant difference in performance. New Risk • Oct 11
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 16% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. 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). Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Cash payout ratio: 183% Earnings have declined by 47% per year over the past 5 years. Buy Or Sell Opportunity • Oct 03
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 9.3% to JP¥517. The fair value is estimated to be JP¥429, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Meanwhile, the company became loss making. Buy Or Sell Opportunity • Sep 12
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 11% to JP¥517. The fair value is estimated to be JP¥429, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Meanwhile, the company became loss making. Buy Or Sell Opportunity • Aug 25
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 11% to JP¥516. The fair value is estimated to be JP¥429, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Meanwhile, the company became loss making. Declared Dividend • Aug 09
First half dividend of JP¥9.00 announced Dividend of JP¥9.00 is the same as last year. Ex-date: 27th November 2025 Payment date: 2nd March 2026 Dividend yield will be 3.5%, which is higher than the industry average of 2.3%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months. The dividend is also not covered by cash flows (183% cash payout ratio). The dividend has increased by an average of 12% 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. Buy Or Sell Opportunity • Aug 08
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 6.6% to JP¥516. The fair value is estimated to be JP¥429, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Meanwhile, the company became loss making. Announcement • Jul 29
Astena Holdings Co., Ltd. to Report Q3, 2025 Results on Oct 10, 2025 Astena Holdings Co., Ltd. announced that they will report Q3, 2025 results on Oct 10, 2025 New Risk • Jul 15
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. The company is paying a dividend despite being loss-making. Cash payout ratio: 183% Dividend yield: 3.8% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. 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 Risks Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Cash payout ratio: 183% Earnings have declined by 40% per year over the past 5 years. Reported Earnings • Jul 14
Second quarter 2025 earnings released: EPS: JP¥19.40 (vs JP¥11.39 in 2Q 2024) Second quarter 2025 results: EPS: JP¥19.40 (up from JP¥11.39 in 2Q 2024). Revenue: JP¥15.8b (up 7.5% from 2Q 2024). Net income: JP¥783.0m (up 72% from 2Q 2024). Profit margin: 5.0% (up from 3.1% in 2Q 2024). Over the last 3 years on average, earnings per share has fallen by 60% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Announcement • May 30
Astena Holdings Co., Ltd. Revises Consolidated Earnings Guidance for the Six Months Ending May 31, 2025 and Full Year Ending November 30, 2025 Astena Holdings Co., Ltd. revised consolidated earnings guidance for the six months ending May 31, 2025 and full year ending November 30, 2025. For the six months, the company now expects net sales of JPY 30,000 million, operating profit of JPY 1,600 million, profit attributable to owners of parent of JPY 900 million and basic earnings per share of JPY 22.33 against previous guidance of net sales of JPY 30,000 million, operating profit of JPY 700 million, profit attributable to owners of parent of JPY 430 million and basic earnings per share of JPY 10.68.
Reason for revision (to H1 forecasts): While net sales for H1 FY11/2025 are expected to be largely in line with the previous forecast, profits are expected to grow significantly. This is attributable to the following three reasons: (1) the Fine Chemicals segment performed strongly, driven by contract manufacturing of high value-added products, proprietary product manufacturing, and trading operations; (2) the Health & Beauty Care, Food segment saw strong sales of imported cosmetics and benefited from lower-than-planned advertising and other SG&A expenses; and (3) the Medical segment experienced a deferral of R&D expenses, a component of SG&A expenses, to H2 FY11/2025.
For the full year, the company now expects net sales of JPY 63,000 million, operating profit of JPY 2,600 million, profit attributable to owners of parent of JPY 1,500 million and basic earnings per share of JPY 37.19 against previous guidance of net sales of JPY 63,000 million, operating profit of JPY 2,000 million, profit attributable to owners of parent of JPY 1,100 million and basic earnings per share of JPY 27.33.
Reason for revision (to full year forecasts): Net sales for FY11/2025 are expected to be largely in line with the previous forecast. On the profit side, the strong performance during the first half is expected to carry over into the second half, and profits are now projected to exceed the previous forecast. Upcoming Dividend • May 22
Upcoming dividend of JP¥9.00 per share Eligible shareholders must have bought the stock before 29 May 2025. Payment date: 12 August 2025. The company is not currently making a profit but it is cash flow positive. Trailing yield: 3.9%. Lower than top quartile of Japanese dividend payers (4.0%). Higher than average of industry peers (2.7%). Announcement • May 21
Astena Holdings Co., Ltd. to Report Q2, 2025 Results on Jul 11, 2025 Astena Holdings Co., Ltd. announced that they will report Q2, 2025 results on Jul 11, 2025 Reported Earnings • Apr 12
First quarter 2025 earnings released: EPS: JP¥12.55 (vs JP¥6.31 in 1Q 2024) First quarter 2025 results: EPS: JP¥12.55 (up from JP¥6.31 in 1Q 2024). Revenue: JP¥14.3b (up 6.8% from 1Q 2024). Net income: JP¥505.0m (up 103% from 1Q 2024). Profit margin: 3.5% (up from 1.9% in 1Q 2024). Over the last 3 years on average, earnings per share has fallen by 51% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Declared Dividend • Mar 08
Final dividend of JP¥9.00 announced Dividend of JP¥9.00 is the same as last year. Ex-date: 29th May 2025 Payment date: 12th August 2025 Dividend yield will be 4.1%, which is higher than the industry average of 2.3%. Sustainability & Growth Dividend is covered by both earnings (51% earnings payout ratio) and cash flows (44% cash payout ratio). The dividend has increased by an average of 12% 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. The company's earnings per share (EPS) would need to decline by 43% to shift the payout ratio to a potentially unsustainable range, which is more than the 26% EPS decline seen over the last 5 years. Reported Earnings • Mar 04
Full year 2024 earnings released: JP¥63.17 loss per share (vs JP¥29.45 profit in FY 2023) Full year 2024 results: JP¥63.17 loss per share (down from JP¥29.45 profit in FY 2023). Revenue: JP¥58.0b (up 12% from FY 2023). Net loss: JP¥2.53b (down 317% from profit in FY 2023). Over the last 3 years on average, earnings per share has fallen by 34% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Announcement • Feb 03
Astena Holdings Co., Ltd. to Report Q1, 2025 Results on Apr 11, 2025 Astena Holdings Co., Ltd. announced that they will report Q1, 2025 results on Apr 11, 2025 Reported Earnings • Jan 15
Full year 2024 earnings released: JP¥63.17 loss per share (vs JP¥29.45 profit in FY 2023) Full year 2024 results: JP¥63.17 loss per share (down from JP¥29.45 profit in FY 2023). Revenue: JP¥58.0b (up 12% from FY 2023). Net loss: JP¥2.53b (down 317% from profit in FY 2023). Over the last 3 years on average, earnings per share has fallen by 34% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Announcement • Jan 15
Astena Holdings Co., Ltd., Annual General Meeting, Feb 27, 2025 Astena Holdings Co., Ltd., Annual General Meeting, Feb 27, 2025. Upcoming Dividend • Nov 21
Upcoming dividend of JP¥9.00 per share Eligible shareholders must have bought the stock before 28 November 2024. Payment date: 28 February 2025. Payout ratio is a comfortable 51% but the company is paying out more than the cash it is generating. Trailing yield: 3.6%. Lower than top quartile of Japanese dividend payers (3.8%). Higher than average of industry peers (2.4%). Reported Earnings • Oct 16
Third quarter 2024 earnings released: EPS: JP¥10.80 (vs JP¥11.04 in 3Q 2023) Third quarter 2024 results: EPS: JP¥10.80 (down from JP¥11.04 in 3Q 2023). Revenue: JP¥14.0b (up 1.2% from 3Q 2023). Net income: JP¥434.0m (flat on 3Q 2023). Profit margin: 3.1% (down from 3.2% in 3Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 4% per year whereas the company’s share price has fallen by 2% per year. New Risk • Aug 05
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 6.0% 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 13% per year over the past 5 years. Minor Risks Dividend is not well covered by cash flows (184% cash payout ratio). Share price has been volatile over the past 3 months (6.0% average weekly change). Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 26% After last week's 26% share price decline to JP¥417, the stock trades at a trailing P/E ratio of 8x. Average trailing P/E is 17x in the Pharmaceuticals industry in Japan. Total loss to shareholders of 15% over the past three years. Announcement • Jul 27
Astena Holdings Co., Ltd. to Report Q3, 2024 Results on Oct 11, 2024 Astena Holdings Co., Ltd. announced that they will report Q3, 2024 results on Oct 11, 2024 Reported Earnings • Jul 16
Second quarter 2024 earnings released: EPS: JP¥11.39 (vs JP¥0.53 loss in 2Q 2023) Second quarter 2024 results: EPS: JP¥11.39 (up from JP¥0.53 loss in 2Q 2023). Revenue: JP¥14.7b (up 4.2% from 2Q 2023). Net income: JP¥455.0m (up JP¥476.0m from 2Q 2023). Profit margin: 3.1% (up from net loss in 2Q 2023). Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Declared Dividend • Jul 15
Dividend of JP¥9.00 announced Dividend of JP¥9.00 is the same as last year. Ex-date: 28th November 2024 Payment date: 28th February 2025 Dividend yield will be 3.3%, which is higher than the industry average of 2.3%. Sustainability & Growth Dividend is covered by earnings (44% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 12% 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. The company's earnings per share (EPS) would need to decline by 51% to shift the payout ratio to a potentially unsustainable range, which is more than the 5.1% EPS decline seen over the last 5 years. Buy Or Sell Opportunity • May 31
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 2.1% to JP¥483. The fair value is estimated to be JP¥400, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 13% over the last 3 years. Meanwhile, the company has become profitable. Upcoming Dividend • May 23
Upcoming dividend of JP¥9.00 per share Eligible shareholders must have bought the stock before 30 May 2024. Payment date: 13 August 2024. Payout ratio is a comfortable 44% but the company is not cash flow positive. Trailing yield: 3.7%. Within top quartile of Japanese dividend payers (3.4%). Higher than average of industry peers (2.5%). Announcement • Apr 29
Astena Holdings Co., Ltd. to Report Q2, 2024 Results on Jul 12, 2024 Astena Holdings Co., Ltd. announced that they will report Q2, 2024 results on Jul 12, 2024 Buy Or Sell Opportunity • Apr 22
Now 22% overvalued The stock has been flat over the last 90 days, currently trading at JP¥486. The fair value is estimated to be JP¥400, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 13% over the last 3 years. Meanwhile, the company has become profitable. Reported Earnings • Apr 14
First quarter 2024 earnings released: EPS: JP¥6.31 (vs JP¥5.23 loss in 1Q 2023) First quarter 2024 results: EPS: JP¥6.31 (up from JP¥5.23 loss in 1Q 2023). Revenue: JP¥13.4b (up 5.0% from 1Q 2023). Net income: JP¥249.0m (up JP¥455.0m from 1Q 2023). Profit margin: 1.9% (up from net loss in 1Q 2023). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 52% per year but the company’s share price has only fallen by 12% per year, which means it has not declined as severely as earnings. Board Change • Mar 28
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Outside Director Katsura Sato was the last director to join the board, commencing their role in 2024. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Buy Or Sell Opportunity • Mar 19
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 1.9% to JP¥481. The fair value is estimated to be JP¥400, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 13% over the last 3 years. Earnings per share has declined by 64%. Declared Dividend • Mar 04
Final dividend of JP¥9.00 announced Dividend of JP¥9.00 is the same as last year. Ex-date: 30th May 2024 Payment date: 13th August 2024 Dividend yield will be 3.8%, which is higher than the industry average of 2.3%. Sustainability & Growth Dividend is covered by earnings (61% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 12% 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. The company's earnings per share (EPS) would need to decline by 32% to shift the payout ratio to a potentially unsustainable range, which is more than the 7.6% EPS decline seen over the last 5 years. Buy Or Sell Opportunity • Feb 27
Now 21% overvalued The stock has been flat over the last 90 days, currently trading at JP¥482. The fair value is estimated to be JP¥400, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 13% over the last 3 years. Earnings per share has declined by 64%. Announcement • Jan 31
Astena Holdings Co., Ltd. to Report Q1, 2024 Results on Apr 12, 2024 Astena Holdings Co., Ltd. announced that they will report Q1, 2024 results on Apr 12, 2024 Reported Earnings • Jan 14
Full year 2023 earnings released: EPS: JP¥29.45 (vs JP¥14.54 in FY 2022) Full year 2023 results: EPS: JP¥29.45 (up from JP¥14.54 in FY 2022). Revenue: JP¥52.0b (up 4.7% from FY 2022). Net income: JP¥1.16b (up 101% from FY 2022). Profit margin: 2.2% (up from 1.2% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 54 percentage points per year, which is a significant difference in performance. Announcement • Jan 14
Astena Holdings Co., Ltd., Annual General Meeting, Feb 28, 2024 Astena Holdings Co., Ltd., Annual General Meeting, Feb 28, 2024. Upcoming Dividend • Nov 22
Upcoming dividend of JP¥9.00 per share at 3.5% yield Eligible shareholders must have bought the stock before 29 November 2023. Payment date: 24 February 2024. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 3.5%. Within top quartile of Japanese dividend payers (3.4%). Higher than average of industry peers (2.4%). Announcement • Nov 01
Astena Holdings Co., Ltd. to Report Fiscal Year 2023 Results on Jan 12, 2024 Astena Holdings Co., Ltd. announced that they will report fiscal year 2023 results on Jan 12, 2024 New Risk • Oct 15
New major risk - Financial position The company's debt is not well covered by operating cash flow. Currently running at an operating cash loss. This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Dividend is not well covered by earnings and cash flows. Payout ratio: 195% Paying a dividend despite having no free cash flows. Earnings have declined by 19% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.3% net profit margin). Shareholders have been diluted in the past year (2.2% increase in shares outstanding). New Risk • Sep 21
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. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Earnings have declined by 12% per year over the past 5 years. Minor Risk Shareholders have been diluted in the past year (2.2% increase in shares outstanding). Announcement • Jul 30
Astena Holdings Co., Ltd. to Report Q3, 2023 Results on Oct 13, 2023 Astena Holdings Co., Ltd. announced that they will report Q3, 2023 results on Oct 13, 2023 Reported Earnings • Jul 16
Second quarter 2023 earnings released: JP¥0.53 loss per share (vs JP¥12.06 profit in 2Q 2022) Second quarter 2023 results: JP¥0.53 loss per share (down from JP¥12.06 profit in 2Q 2022). Revenue: JP¥14.1b (up 11% from 2Q 2022). Net loss: JP¥21.0m (down 104% from profit in 2Q 2022). Over the last 3 years on average, earnings per share has fallen by 52% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Upcoming Dividend • May 23
Upcoming dividend of JP¥9.00 per share at 4.0% yield Eligible shareholders must have bought the stock before 30 May 2023. Payment date: 07 August 2023. The company is not currently making a profit and is not cash flow positive. Trailing yield: 4.0%. Within top quartile of Japanese dividend payers (3.5%). Higher than average of industry peers (2.3%). Reported Earnings • Apr 15
First quarter 2023 earnings released: JP¥5.23 loss per share (vs JP¥11.25 profit in 1Q 2022) First quarter 2023 results: JP¥5.23 loss per share (down from JP¥11.25 profit in 1Q 2022). Revenue: JP¥12.8b (up 4.1% from 1Q 2022). Net loss: JP¥206.0m (down 146% from profit in 1Q 2022). Over the last 3 years on average, earnings per share has fallen by 31% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Announcement • Feb 02
Astena Holdings Co., Ltd. to Report Q1, 2023 Results on Apr 13, 2023 Astena Holdings Co., Ltd. announced that they will report Q1, 2023 results on Apr 13, 2023 Announcement • Jan 18
Astena Holdings Co., Ltd., Annual General Meeting, Feb 22, 2023 Astena Holdings Co., Ltd., Annual General Meeting, Feb 22, 2023. Reported Earnings • Jan 14
Full year 2022 earnings released: EPS: JP¥14.54 (vs JP¥46.84 in FY 2021) Full year 2022 results: EPS: JP¥14.54 (down from JP¥46.84 in FY 2021). Revenue: JP¥49.6b (down 31% from FY 2021). Net income: JP¥579.0m (down 67% from FY 2021). Profit margin: 1.2% (down from 2.4% in FY 2021). Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Nov 22
Upcoming dividend of JP¥9.00 per share Eligible shareholders must have bought the stock before 29 November 2022. Payment date: 28 February 2023. Payout ratio is a comfortable 59% but the company is not cash flow positive. Trailing yield: 4.2%. Within top quartile of Japanese dividend payers (3.7%). Higher than average of industry peers (2.2%). 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. 2 experienced directors. 3 highly experienced directors. No independent directors (3 non-independent directors). CFO & Director Masaaki Atami was the last director to join the board, commencing their role in 2012. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Announcement • Nov 02
Astena Holdings Co., Ltd. to Report Fiscal Year 2022 Results on Jan 13, 2023 Astena Holdings Co., Ltd. announced that they will report fiscal year 2022 results on Jan 13, 2023 Reported Earnings • Oct 13
Third quarter 2022 earnings released: JP¥8.18 loss per share (vs JP¥3.97 profit in 3Q 2021) Third quarter 2022 results: JP¥8.18 loss per share (down from JP¥3.97 profit in 3Q 2021). Revenue: JP¥12.0b (down 31% from 3Q 2021). Net loss: JP¥326.0m (down 310% from profit in 3Q 2021). Over the last 3 years on average, earnings per share has fallen by 5% per year whereas the company’s share price has fallen by 4% per year. Announcement • Aug 03
Astena Holdings Co., Ltd. to Report Q3, 2022 Results on Oct 12, 2022 Astena Holdings Co., Ltd. announced that they will report Q3, 2022 results on Oct 12, 2022 Reported Earnings • Jul 15
Second quarter 2022 earnings released: EPS: JP¥12.06 (vs JP¥15.98 in 2Q 2021) Second quarter 2022 results: EPS: JP¥12.06 (down from JP¥15.98 in 2Q 2021). Revenue: JP¥12.6b (down 34% from 2Q 2021). Net income: JP¥483.0m (down 16% from 2Q 2021). Profit margin: 3.8% (up from 3.0% in 2Q 2021). Over the last 3 years on average, earnings per share has increased by 1% per year whereas the company’s share price has fallen by 4% per year. Announcement • Jul 14
Astena Holdings Co., Ltd. (TSE:8095) announces an Equity Buyback for 900,000 shares, representing 2.25% for ¥300 million. Astena Holdings Co., Ltd. (TSE:8095) announces a share repurchase program. Under the program, the company will repurchase up to 900,000 shares, representing 2.25% of its share capital, for ¥300 million. The purpose of the program is to implement agile capital policies that respond to changes in the business environment, as well as enhanced shareholder returns and capital efficiency. The program will expire on September 30, 2022. As of May 31, 2022, the company had 40,084,970 shares in issue (excluding treasury stock) and 687,396 shares in treasury. Upcoming Dividend • May 23
Upcoming dividend of JP¥9.00 per share Eligible shareholders must have bought the stock before 30 May 2022. Payment date: 08 August 2022. Payout ratio is a comfortable 39% but the company is not cash flow positive. Trailing yield: 4.3%. Within top quartile of Japanese dividend payers (3.7%). Higher than average of industry peers (2.5%). Announcement • May 02
Astena Holdings Co., Ltd. to Report Q2, 2022 Results on Jul 13, 2022 Astena Holdings Co., Ltd. announced that they will report Q2, 2022 results on Jul 13, 2022 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. 3 experienced directors. 3 highly experienced directors. No independent directors (4 non-independent directors). CFO & Director Masaaki Atami was the last director to join the board, commencing their role in 2012. 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¥11.25 (vs JP¥11.90 in 1Q 2021) First quarter 2022 results: EPS: JP¥11.25. Revenue: JP¥12.3b (down 28% from 1Q 2021). Net income: JP¥449.0m (up 13% from 1Q 2021). Profit margin: 3.7% (up from 2.3% in 1Q 2021). Reported Earnings • Mar 03
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: JP¥46.84 (down from JP¥60.31 in FY 2020). Revenue: JP¥72.3b (up 11% from FY 2020). Net income: JP¥1.74b (down 13% from FY 2020). Profit margin: 2.4% (down from 3.0% in FY 2020). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 6% per year whereas the company’s share price has increased by 3% per year. Announcement • Feb 02
Astena Holdings Co., Ltd. to Report Q1, 2022 Results on Apr 13, 2022 Astena Holdings Co., Ltd. announced that they will report Q1, 2022 results on Apr 13, 2022 Reported Earnings • Jan 14
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: JP¥47.78 (down from JP¥60.31 in FY 2020). Revenue: JP¥72.3b (up 11% from FY 2020). Net income: JP¥1.77b (down 11% from FY 2020). Profit margin: 2.4% (down from 3.0% in FY 2020). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Upcoming Dividend • Nov 22
Upcoming dividend of JP¥9.00 per share Eligible shareholders must have bought the stock before 29 November 2021. Payment date: 25 February 2022. Trailing yield: 3.2%. Within top quartile of Japanese dividend payers (3.2%). Higher than average of industry peers (2.3%). Reported Earnings • Oct 14
Third quarter 2021 earnings released: EPS JP¥3.97 (vs JP¥29.70 in 3Q 2020) The company reported a soft third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: JP¥17.5b (up 4.5% from 3Q 2020). Net income: JP¥155.0m (down 84% from 3Q 2020). Profit margin: 0.9% (down from 5.8% in 3Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Reported Earnings • Jul 11
Second quarter 2021 earnings released: EPS JP¥15.98 (vs JP¥12.04 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: JP¥19.3b (up 19% from 2Q 2020). Net income: JP¥577.0m (up 46% from 2Q 2020). Profit margin: 3.0% (up from 2.4% in 2Q 2020). Over the last 3 years on average, earnings per share has increased by 17% per year whereas the company’s share price has increased by 14% per year. Upcoming Dividend • May 21
Upcoming dividend of JP¥9.00 per share Eligible shareholders must have bought the stock before 28 May 2021. Payment date: 07 August 2021. Trailing yield: 2.6%. Lower than top quartile of Japanese dividend payers (3.0%). Higher than average of industry peers (2.0%). Reported Earnings • Apr 12
First quarter 2021 earnings released: EPS JP¥11.90 (vs JP¥5.99 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: JP¥17.0b (up 17% from 1Q 2020). Net income: JP¥398.0m (up 103% from 1Q 2020). Profit margin: 2.3% (up from 1.3% in 1Q 2020). Over the last 3 years on average, earnings per share has increased by 20% per year whereas the company’s share price has increased by 19% per year. Announcement • Jan 31
Iwaki & Co., Ltd. to Report Q1, 2021 Results on Apr 09, 2021 Iwaki & Co., Ltd. announced that they will report Q1, 2021 results on Apr 09, 2021 Valuation Update With 7 Day Price Move • Jan 20
Investor sentiment improved over the past week After last week's 21% share price gain to JP¥666, the stock is trading at a trailing P/E ratio of 11x, up from the previous P/E ratio of 9.1x. This compares to an average P/E of 20x in the Healthcare industry in Japan. Total returns to shareholders over the past three years are 41%. Announcement • Jan 15
Iwaki & Co., Ltd., Annual General Meeting, Feb 24, 2021 Iwaki & Co., Ltd., Annual General Meeting, Feb 24, 2021. Reported Earnings • Jan 15
Full year 2020 earnings released: EPS JP¥60.31 The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: JP¥65.3b (up 6.0% from FY 2019). Net income: JP¥1.98b (up 29% from FY 2019). Profit margin: 3.0% (up from 2.5% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. 
