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RS Techno Research Memo (11): With a dividend payout ratio target of 30% in mind, aiming for sustainable dividend growth.
- Shareholder returns policy and esg initiatives 1. RS Technologies <3445> considers shareholder returns as an important management issue and has set the basic policy of conducting shareholder returns through dividends. The dividend amount is to be flexibly implemented based on the profit level of each business year, the outlook of the medium-term management plan, the financial situation, investment plans, etc., comprehensively determined. The per share dividend for the fiscal year ending December 2024 will be 35.0 yen, a 5.0 yen increase from the previous period (dividend payout ratio 12.1%).
RS Techno Research Memo (10): The electrolyte business for VRFB aims for a revenue of 24 billion yen in the December 2026 fiscal year.
■RS Technologies <3445> potential outlook for the future 3. New entry into the market for vanadium redox flow battery electrolyte (1) What is VRFB? The company established LE System, which handles development, manufacturing, and sales of VRFB electrolytes as a 100% subsidiary in October 2023 (business succession from the former LE System in December of the same year). VRFB is a rechargeable battery that has been developed as a national project for energy saving measures since the 1970s, and is now widely used.
RS Techno Research Memo (9): Aiming to accelerate growth through new business and M&A strategy.
The company has started a three-year medium-term management plan until the end of December 2026, setting performance targets with an existing business base plan of revenue 641.0 billion yen, operating profit 168.3 billion yen, ordinary profit 182.3 billion yen, and net income attributable to parent company shareholders 88.0 billion yen.
RS Techno Research Memo (8): With the recovery of the semiconductor market, it is expected that the performance for the fiscal year ending December 2024 will achieve the initial plan.
The consolidated performance plan for the fiscal year ending December 2024 maintains the same initial plan, with revenue increasing by 5.8% to 54,900 million yen compared to the previous year, operating profit increasing by 17.7% to 14,000 million yen, ordinary profit increasing by 3.2% to 15,400 million yen, and net income attributable to the parent company's shareholders decreasing by 1.3% to 7,600 million yen.
RS Techno Research Memo (7): Strengthening the financial foundation, the net cash has piled up to 72.6 billion yen.
■RS Technologies <3445>'s performance trends 3. Financial condition and management indicators The financial condition at the end of the second quarter of the fiscal year ending December 2024 was assets totaling 155.446 billion yen, an increase of 14.781 billion yen compared to the previous period. The main factors of volatility were a decrease of 3.275 billion yen in inventory in current assets, while cash and deposits increased by 7.043 billion yen, and bills receivable and accounts receivable increased by 4.434 billion yen, respectively. In fixed assets, tangible fixed assets increased by 5.812 due to capacity enhancement investment.
RS Techno Research Memo (6): Wafer recycling business has begun shipping to new semiconductor plants in Japan and the United States, and full operation continues.
The cumulative revenue of the Wafer Recycling Business in the second quarter increased by 14.1% year-on-year to 110.35 billion yen (including internal revenue and transfer revenue, the same below), and the operating profit increased by a favorable 17.3% to 42.32 billion yen.
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