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Translation Center Research Memo (10): We expect dividends of 75.0 yen and a dividend payout ratio of 34.8% for the March 2025 period.
Translation Center <2483> intends to continue its policy of continuous returns in response to corporate profit growth. Since its listing in 2006, it has continued to increase or maintain dividends for 12 consecutive periods, but due to the impact of the COVID-19 pandemic, there was a decrease in the 2021 fiscal year and subsequent increases. In the 2024 fiscal year, the dividend was 65.0 yen (an increase of 20.0 yen compared to the previous period), and the dividend payout ratio was 30.5%. The company plans to change its dividend policy in 2024 and aims for a dividend payout ratio of 35%.
Translation Center Research Memo (9): There is great potential for growth in translation business from various perspectives such as region, industry, business model, etc.
Translation Center, which focuses on long-term growth strategy, <2483>, has actively utilized M&A from the past to expand its business area and scale. As an example, in 2012, it subsidiary the interpretation giant I.S.S., established Language One in 2015 (multilingual contact center), grouped Media Comprehensive Research Institute in 2017, which developed translation and system solutions, and participated in the capital of mirai translation, a machine translation company, in the same year. In the March 2024 period, there will be two M&As.
Translation Center Research Memo (7): Revenue growth is expected for the March 2024 period due to the recovery of dispatch and interpretation businesses.
Performance Trend: For the consolidated financial results of FUTAB Translation Center Co.,Ltd.(2483) for March 2024, revenue increased by 3.2% YoY to JPY 11,303 million, operating profit decreased by 2.8% YoY to JPY 902 million, ordinary profit decreased by 2.2% YoY to JPY 938 million and net income attributable to shareholders of the parent company increased by 3.5% YoY to JPY 711 million, securing each profit level as healthy as in the previous term, accompanied by firm revenue growth. Regarding revenue, the core business, the translation service, remained almost flat.
Translation Center Research Memo (6): Dispatch business is showing a steady trend in job offers from IT service-related companies, pharmaceutical-related companies, and so on.
Overview of Translation Center <2483> Business 3. Dispatch Business The dispatch business is conducted by the consolidated subsidiary I.S.S. and dispatches highly skilled personnel with language skills to client companies. Recently, there has been a resilient demand for job openings from financial-related companies, IT services-related companies, and pharmaceutical-related companies. In the March 2024 fiscal year, the number of regular employees exceeded the previous period due to the strong demand for highly skilled personnel with language skills. Revenue was 1,174 million yen (an increase of 4.9% from the previous period), and operating profit was 44 million yen (an increase of 1.0% from the previous period).
Translation Center Research Memo (4): Focusing on high-specialization industry translation. The fusion of machinery translation and manual translation is progressing.
Business summary: 1. Business environment The market size of translation in Japan is estimated to be about 308 billion yen, with industrial translation accounting for most of the market share. The global expansion of domestic companies in industries such as pharmaceuticals, finance, automobiles, electrical machinery, energy, IT communications, and retail trade, as well as the entry of foreign companies into Japan, has become the driver of demand. In such an environment, translation center <2483> has steadily grown. Our specialty is in highly specialized documents where mistakes are not allowed, such as drug approval applications...
Translation Center Research Memo (3): Strengthening Specialization and Customer Base. Possibility of Expansion in the Language Area in the Future.
Company Overview 1. TranslatedCenter <2483> is the largest translation company (share No. 1) in the domestic translation industry. Founded as a specialized translation company in the pharmaceutical field, it has expanded its domain in specialist industrial translation fields such as patents, industrial localization, finance, and legal. Its management vision is to be the "language concierge that connects all companies to the world," and it now offers not only translation services, but also interpretation, personnel dispatch, international conference operation (convention), multilingual call centers, interpreters and translators.
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