Company Reports

Casio Computer is a consumer electronic company that is focused on differentiating itself by selling niche devices at affordable prices. It established its identity by launching Casio Mini, known as the first personal calculator, in 1972; it replicated this success in 1995 with QV-10, the world’s first digital camera with an LCD display, and in 2002 with EX-S1, the first digital camera to achieve business-card size. Casio is also known for producing tough and functional wristwatches under the G-Shock brand name, which arrived in 1983.

Casio reported 20% year-on-year revenue growth in the first quarter, driven by a 29% increase in the timepieces segment. The operating margin improved to 17.2%, up from 6.0% a year earlier. Even excluding the tariff refund, the margin was 14.3%, still pointing to a strong recovery.

Casio reported March-quarter revenue of JPY 68 billion and operating income of JPY 4.9 billion, up 3.5% and 63.4% year over year, respectively. Management guides 6.8% revenue growth and an operating margin of 8.8%, a 40-basis-points improvement, and outlined its midterm plan to March 2029

Casio Computer is a consumer electronic company that is focused on differentiating itself by selling niche devices at affordable prices. It established its identity by launching Casio Mini, known as the first personal calculator, in 1972; it replicated this success in 1995 with QV-10, the world’s first digital camera with an LCD display, and in 2002 with EX-S1, the first digital camera to achieve business-card size. Casio is also known for producing tough and functional wristwatches under the G-Shock brand name, which arrived in 1983.

Casio's fiscal third-quarter sales increased 28% year over year from a low base, as last year's numbers were hurt by the ransomware incident. Due to strong watch sales, Casio raised its sales and operating income guidance by 1.5% and 4.8%, respectively, to JPY 274 billion and JPY 22 billion.

Casio Computer is a consumer electronic company that is focused on differentiating itself by selling niche devices at affordable prices. It established its identity by launching Casio Mini, known as the first personal calculator, in 1972; it replicated this success in 1995 with QV-10, the world’s first digital camera with an LCD display, and in 2002 with EX-S1, the first digital camera to achieve business-card size. Casio is also known for producing tough and functional wristwatches under the G-Shock brand name, which arrived in 1983.

Casio Computer is a consumer electronic company that is focused on differentiating itself by selling niche devices at affordable prices. It established its identity by launching Casio Mini, known as the first personal calculator, in 1972; it replicated this success in 1995 with QV-10, the world’s first digital camera with an LCD display, and in 2002 with EX-S1, the first digital camera to achieve business-card size. Casio is also known for producing tough and functional wristwatches under the G-Shock brand name, which arrived in 1983.

Casio reported revenue of JPY 70.8 billion and operating income of JPY 5.7 billion in the September quarter, achieving its first-half guidance for fiscal 2025 (ending March 2026). Operating margin was flat compared with the year before. Management left its full-year guidance unchanged.

Casio Computer is a consumer electronic company that is focused on differentiating itself by selling niche devices at affordable prices. It established its identity by launching Casio Mini, known as the first personal calculator, in 1972; it replicated this success in 1995 with QV-10, the world’s first digital camera with an LCD display, and in 2002 with EX-S1, the first digital camera to achieve business-card size. Casio is also known for producing tough and functional wristwatches under the G-Shock brand name, which arrived in 1983.

Due to tariff and currency headwinds, Casio's sales and operating income declined by 4.6% and 17.6%, respectively, in the June quarter. The company lowered its operating income guidance for fiscal 2025 (ending March 2026) to JPY 21 billion from JPY 24 billion, due to a JPY 3 billion tariff impact.

Casio Computer's earnings results for fiscal 2024 (ended March 2025) were largely in line with our expectations. For fiscal 2025, the company expects operating income of JPY 24 billion, up 69% year over year but lower than the JPY 26 billion it previously indicated.

Casio Computer is a consumer electronic company that is focused on differentiating itself by selling niche devices at affordable prices. It established its identity by launching Casio Mini, known as the first personal calculator, in 1972; it replicated this success in 1995 with QV-10, the world’s first digital camera with an LCD display, and in 2002 with EX-S1, the first digital camera to achieve business-card size. Casio is also known for producing tough and functional wristwatches under the G-Shock brand name, which arrived in 1983.

Casio Computer's operating income for the December quarter was JPY 888 million, down 76% year on year due to the ransomware attack that affected Casio's internal system. The company estimates the impact to be JPY 13 billion in sales and JPY 4 billion in operating income.

Casio Computer is a consumer electronic company that is focused on differentiating itself by selling niche devices at an affordable price. Casio established its identity by launching Casio Mini, known as the first personal calculator, in 1972; it replicated this success in 1995 with QV-10, the world’s first digital camera with an LCD display, and in 2002 with EX-S1, the first digital camera to achieve business-card size. Casio is also known for producing tough and functional wristwatches under the G-Shock brand name, which arrived in 1983.

Casio's first-half operating income of JPY 10 billion was up 27% year on year, exceeding the company's guidance of JPY 8 billion. However, the company lowered its full-year operating income guidance to JPY 14 billion from JPY 16 billion, due to the negative impact of unauthorized access.

Casio Computer is a consumer electronic company that is focused on differentiating itself by selling niche devices at an affordable price. Casio established its identity by launching Casio Mini, known as the first personal calculator, in 1972; it replicated this success in 1995 with QV-10, the world’s first digital camera with an LCD display, and in 2002 with EX-S1, the first digital camera to achieve business-card size. Casio is also known for producing tough and functional wristwatches under the G-Shock brand name, which arrived in 1983.

Casio Computer’s June quarter operating income was JPY 4.5 billion, up 5% from the previous year and exceeding our expectations. This was due to a better-than-expected operating margin in the timepieces segment, driven by the weaker Japanese yen, overshadowing the operating loss in the music instruments and weaker-than-expected watch sales in China. Overall, we believe the reported numbers are not as good as they look, and there are some signs of weakness in the G-Shock brand and musical instruments. We remain more concerned about the lack of a medium-term strategy than the short-term earnings results. Nevertheless, we have a 4-star rating on Casio’s shares and believe the downside is limited, supported by the dividend yield of around 4%.

We are disappointed with Casio Computer's results for the March quarter, which indicate that its marketing activities in the watch business were not as effective as expected and that its music instruments business posted another large loss. In response to the disappointing results, the company has announced that it will embark on a major restructuring program that will include reducing its workforce and revising its marketing strategy, and as a result, Casio’s margin expansion will be delayed by about a year from what we had previously assumed. Accordingly, we lower Casio’s operating margin assumptions for fiscal 2024 (ending March 2025) and fiscal 2025 from 8.8% and 9.9% to 6.0% and 8.2%, respectively, and lower our fair value estimate for Casio from JPY 1,500 to JPY 1,450. We acknowledge that Casio’s problems, such as a slower response to unprofitable businesses and a poor track record of investing in new businesses, have not been resolved, and it will take some time for the market to regain confidence. However, despite the continued challenging fundamentals, we believe the downside in Casio’s stock price is limited, supported by its dividend yield of 3.9%.

Casio Computer is a consumer electronic company that is focused on differentiating itself by selling niche devices at an affordable price. Casio established its identity by launching Casio Mini, known as the first personal calculator, in 1972; it replicated this success in 1995 with QV-10, the world’s first digital camera with an LCD display, and in 2002 with EX-S1, the first digital camera to achieve business-card size. Casio is also known for producing tough and functional wristwatches under the G-Shock brand name, which arrived in 1983.

We have fine-tuned no-moat Casio Computer’s earnings forecasts and lowered our operating income forecast for fiscal 2023 (ending March 2024) to JPY 17 billion from JPY 18 billion, as we have lowered the sales forecast for the timepieces segment, and we expect a larger operating loss for the system equipment segment due to sluggish demand. Moreover, we added an impairment loss of JPY 2.5 billion for fiscal 2023, as we expect Casio to undertake further restructuring to turn around the system equipment business. Although we slightly lower our watch sales forecasts going forward, this will be largely offset by the cost-cutting effects of the restructuring, so we broadly maintain our earnings forecasts for fiscal 2024 and beyond.