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Nagano instrument, J-front, Adastria, etc.
<6013> Takuma 1667 +14 buy advance. At Nomura Securities, the investment judgment is newly set to "buy", and the target stock price is set at 2600 yen. It is expected that the acquisition of EPC projects for waste treatment facilities will be expected from the newly arrived update needs in about 20 years, and it is expected that the high-profit long-term operation and maintenance contracts will accumulate and expand, leading to stable cash flow creation over the medium to long term. Due to the negative view of this term's performance guidance, the stock price has dropped significantly compared to the enterprise value.
Tacma - recommended to buy by domestic securities as the operation and maintenance income accumulates due to the need for buy-ahead and updates.
Takuma <6013> is a buy priority. Nomura Securities has a new investment judgment of "buy" and a target stock price of 2600 yen. Due to the recently arrived update demand for the first time in about 20 years, it is expected that EPC projects for waste treatment facilities will be obtained, leading to an outlook of expanding long-term operation and maintenance contracts with high profitability. It seems to be expected to lead to stable cash flow generation over the medium to long term. The stock price has fallen significantly due to negative performance guidance for this fiscal year, but it is expected to be cheaper compared to the company value.
Takuma Research Memo (9): Strengthening shareholder returns with approximately 12 billion yen in share buybacks over three years and approximately 14 billion yen in dividends to shareholders.
Takuma Co. (6013) aims to improve capital efficiency through stable dividend payouts and share buybacks as part of its shareholder return policy. Specifically, the company sets a target for either a dividend payout ratio of 50% or a self-owned equity dividend payout rate of 4.0%, whichever is higher, in order to strengthen shareholder benefits. In addition, with the aim of improving capital efficiency, the company plans to implement a total of about 12 billion yen in share buybacks over three years, along with a shareholder dividend of about 14 billion yen, for a total shareholder return of 26 billion yen.
Takuma Research Memo (7): Aiming for a record high order amount of 230 billion yen (1).
■Future outlook 1. Performance outlook for fiscal year ending March 2025 Takuma Co., Ltd. (6013) expects a revenue decrease of 4.1% YoY to 143.0 billion yen, an operating profit increase of 9.5% YoY to 11.2 billion yen, an ordinary profit increase of 7.5% YoY to 12.0 billion yen, and a net income attributable to parent company shareholders increase of 0.5% YoY to 8.8 billion yen for the fiscal year ending March 2025. The company aims to exceed its record-high order intake of 192.2 billion yen in FY2022 and achieve 230.0 billion yen.
Takuma Research Memo (5): While revenue increased in all segments, there was a decrease in profit due to changes in the composition of EPC projects and an increase in depreciation burden (1).
Performance Trends: 1. The performance overview for Takuma Co., Ltd. (6013) in the fiscal year ending March 2024 shows a revenue increase of 4.6% year-on-year to ¥149,166 million, an operating profit decrease of 25.9% to ¥10,229 million, a recurring profit decrease of 24.0% to ¥11,166 million, and a net income attributable to parent company shareholders decrease of 9.0% to ¥8,754 million. Orders received included two domestic environmental and energy-related waste disposal plant design-and-build-operate (DBO) project contracts, etc.
Takuma Research Memo (3): Domestic delivery record of general waste treatment plants, which is our main business, is ranked 1st in Japan (2).
Company overview of Takuma (6013) The company is engaged in the production, sales, maintenance, design, and construction of heat source equipment and systems related to the manufacture and sale of boilers for general use, which are used in various industries including production factories, hotels, hospitals, and commercial facilities primarily through its subsidiary, Japan Thermo Energy. With a diverse product lineup, we aim to maintain and expand the order size in the domestic market by proposing optimal systems tailored to each customer.
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