Today I will talk about T & K TOKA, which mainly manufactures and sells printing inks, and occupies more than 50% of the market share of UV curable inks.
※The above images are from T & K TOKA’s website
In recent years, along with the widespread use of electronic terminals, printed materials on paper media such as newspapers and publications have decreased.
However, there is stable demand for package printing such as food and daily necessities in both
developed and emerging countries.
The ink industry is also demanding small-lot and, multi-product production, which seems to be exactly what T & K TOKA is good at.
￥971 （10/11 last closing price) The latest stock price← click here Trading unit: 100
The final month of the settlement: March Dividend yield 3.50% PER 14.82 PBR 0.52
Equity ratio 66.6%
The price of main raw materials for ink, such as pigments and resins has continued to rise sharply due to reduced production due to stricter environmental regulations in China.
However, since printing ink accounts for a small percentage of manufacturing costs for printing companies, I believe it is relatively easily acceptable.
In addition to dividends, T & K TOKA has set up a shareholder special benefit and once a year you can receive a 1,000 yen Quo card.
T & K TOKA special benefits ←Click here for details
Transition of business results
|
|
Net sales |
Operating profit |
Net profit |
Net profit per share |
dividend |
Dividend payout ratio |
|
2017.3 |
48,030 |
2,427 |
3,203 |
132.6 |
22 |
17% |
|
2018.3 |
47,942 |
1,911 |
2,047 |
87.2 |
34 |
39% |
|
2019.3 |
49,638 |
368 |
627 |
26.7 |
34 |
127% |
|
2020.3 |
52,700 |
1,250 |
1,540 |
65.5 |
34 |
55% |
※Unit of sales, operating profit, net income is one-million yen
※The figure for March 2020 is the predicted value
|
Cash flow statement |
2019.3 |
2018.3 |
|
CF operating activities |
3,010 |
3,530 |
|
CF investing activities |
▲1,458 |
▲4,842 |
|
CF financing activities |
▲1,114 |
1,501 |
※One unit is one million yen
Note: You should be responsible for your own investment. Please make your own final judgment.