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Toho Co Ltd 9602

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Stock XTKS Rating as of
¥1,670.00 −27.00 (1.59%)
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Company Report

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Godzilla Minus Zero to Test Toho's Global Distribution Push

Pujance Chan

We are confident Toho will maintain its leadership and dominant share of Japan’s maturing film industry. With limited growth in domestic screening, Toho aims to expand beyond film distribution by investing in entertainment intellectual property, or IP, and monetizing it across physical, digital, and overseas channels. We view this strategy as sound, as IP ownership can build recurring revenue and support growth beyond Japan. Medium- to long-term growth will increasingly depend on IP and anime, making the segment a key performance indicator.

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Price vs Fair Value

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9602 is trading at a LOCK|m^^&@Q premium.
Price
¥1,670.00
Fair Value
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Uncertainty
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1-Star Price
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5-Star Price
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Economic Moat
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Capital Allocation
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Bulls Say, Bears Say

Bulls

Toho can rapidly ramp up its in-house animation production capabilities, doubling its number of animation seasons by 2032.

Bears

Animation production cost hikes outpace the expansion in recurring revenue for the IP and anime segment, pressuring margins.

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Trading Information

Previous Close Price
¥1,697.00
Day Range
¥1,669.00–1,698.00
52-Week Range
¥1,191.00–9,405.00
Bid/Ask
¥1,669.50 / ¥1,673.50
Shares Outstanding
831.92M
Market Cap
¥1.39T
Volume/Avg
4M / 4M

Key Statistics

Price/Earnings (Normalized)
33.08
Price/Sales
3.97
Dividend Yield (Trailing)
1.47%
Dividend Yield (Forward)
1.47%
Dividend Payment Schedule
May, Nov
Total Yield
3.40%

Company Profile

Founded in 1932, Toho traces its roots to Kobayashi Ichizo’s Takarazuka Revue enterprise and built the Tokyo Takarazuka Theater as its flagship stage for musical theater. Today, Toho is Japan’s largest film distribution and exhibition company, operating the Toho Cinemas chain and best known for its Godzilla franchise. In 2012, Toho launched an in-house anime unit. Toho also runs a real estate segment, earning stable income mainly from office, retail, and hotel properties in prime central Tokyo locations such as Hibiya and Yurakucho.
Sector
Communication Services
Industry
Entertainment
Stock Style Box
Mid Growth
Total Number of Employees
7,647
Website
https://www.toho.co.jp

Competitors

Valuation

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Metric
9602
SKYD
4816
Price/Earnings (Normalized)
 33.086.8623.89
Price/Book Value
 2.650.743.63
Price/Sales
 3.970.186.36
Price/Cash Flow
 24.300.3527.39
Price/Earnings
9602
SKYD
4816

Financial Strength

Metric
9602
SKYD
4816
Quick Ratio
 1.750.744.37
Current Ratio
 2.341.045.04
Interest Coverage
 462.011.44—
Quick Ratio
9602
SKYD
4816

Profitability

Metric
9602
SKYD
4816
Return on Assets (Normalized)
 8.65%—13.33%
Return on Equity (Normalized)
 11.88%—15.96%
Return on Invested Capital (Normalized)
 10.94%—15.33%
Return on Assets
9602
SKYD
4816

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