Financials Kokusai Electric Corporation

Equities

6525

JP3293330001

Semiconductor Equipment & Testing

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-05-10 am EDT			5-day change	1st Jan Change
4,275 ^JPY	+0.94%		+4.14%	+39.48%

Apr. 21	Certain Shares of Kokusai Electric Corporation are subject to a Lock-Up Agreement Ending on 21-APR-2024.	CI
Mar. 19	Kokusai Electric Finalises Payment of 200.16 Million Yen for Restricted Stock Units	MT

Valuation

Fiscal Period: März	2024	2025	2026
Capitalization ¹	995,768	-	-
Enterprise Value (EV) ¹	974,391	982,748	962,028
P/E ratio	43.3 x	31.3 x	21.7 x
Yield	0.27%	0.83%	1.32%
Capitalization / Revenue	5.39 x	4.54 x	3.7 x
EV / Revenue	5.39 x	4.48 x	3.57 x
EV / EBITDA	23.4 x	17.8 x	13.1 x
EV / FCF	-507 x	79.3 x	21.8 x
FCF Yield	-0.2%	1.26%	4.59%
Price to Book	5.21 x	4.73 x	4.14 x
Nbr of stocks (in thousands)	232,928	-	-
Reference price ²	4,275	4,275	4,275
Announcement Date	5/10/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: März	2023	2024	2025	2026
Net sales ¹	245,721	180,838	219,429	269,227
EBITDA ¹	-	41,690	55,102	73,561
EBIT ¹	-	30,745	45,699	64,727
Operating Margin	-	17%	20.83%	24.04%
Earnings before Tax (EBT) ¹	-	29,757	43,800	62,551
Net income ¹	40,305	22,374	31,918	46,064
Net margin	16.4%	12.37%	14.55%	17.11%
EPS ²	-	96.82	136.6	197.1
Free Cash Flow ¹	-	-1,965	12,387	44,122
FCF margin	-	-1.07%	5.65%	16.39%
FCF Conversion (EBITDA)	-	-	22.48%	59.98%
FCF Conversion (Net income)	-	-	38.81%	95.79%
Dividend per Share ²	-	11.47	35.67	56.33
Announcement Date	9/21/23	5/10/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2024 Q2	2024 S1	2024 Q3	2024 Q4	2024 S2	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales ¹	44,995	77,705	53,956	49,177	103,133	51,100	52,600	54,567	58,767
EBITDA	-	-	-	-	-	-	-	-	-
EBIT ¹	9,368	13,373	10,689	6,683	17,372	10,300	10,500	11,200	13,200
Operating Margin	20.82%	17.21%	19.81%	13.59%	16.84%	20.16%	19.96%	20.53%	22.46%
Earnings before Tax (EBT) ¹	9,145	12,872	10,742	6,143	16,885	-	-	-	-
Net income ¹	6,158	8,813	7,914	5,647	13,561	7,167	7,900	8,500	9,600
Net margin	13.69%	11.34%	14.67%	11.48%	13.15%	14.02%	15.02%	15.58%	16.34%
EPS ²	26.73	38.25	34.29	24.28	58.57	28.00	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-
Announcement Date	11/9/23	11/9/23	2/9/24	5/10/24	5/10/24	-	-	-	-

¹JPY in Million²JPY

Estimates

Balance Sheet Analysis

Fiscal Period: March	2023	2024	2025	2026
Net Debt ¹	-	431	-	-
Net Cash position ¹	-	-	13,020	33,740
Leverage (Debt/EBITDA)	-	0.0103 x	-	-
Free Cash Flow ¹	-	-1,965	12,387	44,122
ROE (net income / shareholders' equity)	-	12.8%	18.7%	21.4%
ROA (Net income/ Total Assets)	-	7.74%	9.92%	12.9%
Assets ¹	-	299,393	321,693	356,523
Book Value Per Share ²	-	804.0	904.0	1,033
Cash Flow per Share ²	-	144.0	1.600	2.340
Capex ¹	-	18,725	19,625	7,675
Capex / Sales	-	10.23%	8.94%	2.85%
Announcement Date	9/21/23	5/10/24	-	-

¹JPY in Million²JPY

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Kokusai Electric Corporation

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

4,275 JPY

Average target price

5,028 JPY

Spread / Average Target

+17.61%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Semiconductor Machinery Manufacturing

	1st Jan change	Capi.
KOKUSAI ELECTRIC CORPORATION	+39.48%	6.39B
APPLIED MATERIALS, INC.	+29.41%	174B
DISCO CORPORATION	+45.45%	35.37B
ASM INTERNATIONAL N.V.	+32.31%	32.96B
GLOBALFOUNDRIES, INC.	-15.69%	28.28B
NAURA TECHNOLOGY GROUP CO., LTD.	+21.26%	21.89B
ADVANCED MICRO-FABRICATION EQUIPMENT INC. CHINA	-13.39%	11.42B
BE SEMICONDUCTOR INDUSTRIES N.V.	-2.27%	11.06B
HANMI SEMICONDUCTOR CO., LTD.	+125.45%	9.8B
ACM RESEARCH (SHANGHAI), INC.	-25.44%	4.69B

Semiconductor Machinery Manufacturing