Reported Earnings • May 16
Full year 2026 earnings: EPS exceeds analyst expectations Full year 2026 results: EPS: JP¥525 (up from JP¥206 in FY 2025). Revenue: JP¥615.8b (flat on FY 2025). Net income: JP¥32.9b (up 137% from FY 2025). Profit margin: 5.3% (up from 2.3% in FY 2025). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 7.8%. Revenue is forecast to stay flat during the next 3 years compared to a 3.9% growth forecast for the Food industry in Japan. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Live News • May 16
Megmilk Snow Brand Restructures Production With Focus on Larger Facilities and Cheese Expansion Megmilk Snow Brand plans to cease operations at its yogurt and chilled-desserts factory in Kawagoe and transfer production to expanded facilities in Ebina, Noda and Matsuyama.
The company intends to invest in enlarging these three sites, with production at the new configuration expected to begin in the second half of fiscal 2027 and reach full operations by the first half of fiscal 2028.
Production at plants in Kobe and Okoppe will also be halted, while Megmilk Snow Brand invests in cheese manufacturing capabilities at its Ami and Nakash sites as part of a broader manufacturing network overhaul.
This overhaul points to a clear push to concentrate output in fewer, larger facilities and to adjust the product mix toward areas where the company sees the most value, such as cheese.
Investors may want to watch for future disclosures on total capital expenditure, transition costs and any operational disruptions during the multi-year shift, as these factors could influence profitability and cash flow timing. Major Estimate Revision • May 15
Consensus EPS estimates increase by 28% The consensus outlook for fiscal year 2027 has been updated. 2027 EPS estimate increased from JP¥357 to JP¥458. Revenue forecast unchanged at JP¥626.0b. Net income forecast to grow 18% next year vs 1.4% growth forecast for Food industry in Japan. Consensus price target of JP¥3,900 unchanged from last update. Share price rose 7.7% to JP¥3,420 over the past week. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥100.00 per share Eligible shareholders must have bought the stock before 30 March 2026. Payment date: 05 June 2026. Payout ratio is a comfortable 22% but the company is not cash flow positive. Trailing yield: 3.1%. Lower than top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (2.0%). Price Target Changed • Feb 25
Price target increased by 9.9% to JP¥3,900 Up from JP¥3,550, the current price target is an average from 2 analysts. New target price is 13% above last closing price of JP¥3,450. Stock is up 37% over the past year. The company is forecast to post earnings per share of JP¥487 for next year compared to JP¥206 last year. Declared Dividend • Feb 14
Dividend of JP¥100.00 announced Shareholders will receive a dividend of JP¥100.00. Ex-date: 30th March 2026 Payment date: 5th June 2026 Dividend yield will be 2.9%, which is higher than the industry average of 1.7%. Sustainability & Growth Dividend is covered by earnings (22% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 13% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to decline by 23% over the next 3 years. However, it would need to fall by 76% to increase the payout ratio to a potentially unsustainable range. Reported Earnings • Feb 14
Third quarter 2026 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2026 results: EPS: JP¥176 (up from JP¥35.34 in 3Q 2025). Revenue: JP¥156.5b (up 2.9% from 3Q 2025). Net income: JP¥10.9b (up 355% from 3Q 2025). Profit margin: 6.9% (up from 1.6% in 3Q 2025). Revenue missed analyst estimates by 3.3%. Earnings per share (EPS) exceeded analyst estimates by 104%. Revenue is forecast to stay flat during the next 3 years compared to a 3.4% growth forecast for the Food industry in Japan. Over the last 3 years on average, earnings per share has increased by 25% per year and the company’s share price has also increased by 25% per year. Board Change • Feb 14
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 7 non-independent directors. Independent External Director Tomohiko Manabe was the last independent director to join the board, commencing their role in 2024. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Jan 07
MEGMILK SNOW BRAND Co.,Ltd. announces Annual dividend, payable on June 05, 2026 MEGMILK SNOW BRAND Co.,Ltd. announced Annual dividend of JPY 100.0000 per share payable on June 05, 2026, ex-date on March 30, 2026 and record date on March 31, 2026. Price Target Changed • Nov 25
Price target increased by 7.3% to JP¥3,325 Up from JP¥3,100, the current price target is an average from 2 analysts. New target price is 10% above last closing price of JP¥3,010. Stock is up 10.0% over the past year. The company is forecast to post earnings per share of JP¥491 for next year compared to JP¥206 last year. Reported Earnings • Nov 18
Second quarter 2026 earnings: EPS and revenues miss analyst expectations Second quarter 2026 results: EPS: JP¥36.80 (down from JP¥57.16 in 2Q 2025). Revenue: JP¥156.8b (down 1.5% from 2Q 2025). Net income: JP¥2.31b (down 40% from 2Q 2025). Profit margin: 1.5% (down from 2.4% in 2Q 2025). Revenue missed analyst estimates by 2.5%. Earnings per share (EPS) also missed analyst estimates by 14%. Revenue is forecast to grow 3.3% p.a. on average during the next 3 years, compared to a 3.3% growth forecast for the Food industry in Japan. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Announcement • Sep 03
MEGMILK SNOW BRAND Co.,Ltd. to Report Q3, 2026 Results on Feb 13, 2026 MEGMILK SNOW BRAND Co.,Ltd. announced that they will report Q3, 2026 results on Feb 13, 2026 Reported Earnings • Aug 09
First quarter 2026 earnings released: EPS: JP¥137 (vs JP¥78.05 in 1Q 2025) First quarter 2026 results: EPS: JP¥137 (up from JP¥78.05 in 1Q 2025). Revenue: JP¥152.4b (flat on 1Q 2025). Net income: JP¥8.98b (up 70% from 1Q 2025). Profit margin: 5.9% (up from 3.5% in 1Q 2025). Revenue is forecast to grow 1.3% p.a. on average during the next 3 years, compared to a 3.3% growth forecast for the Food industry in Japan. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Announcement • Aug 08
MEGMILK SNOW BRAND Co.,Ltd. to Report Q2, 2026 Results on Nov 14, 2025 MEGMILK SNOW BRAND Co.,Ltd. announced that they will report Q2, 2026 results at 9:00 AM, Tokyo Standard Time on Nov 14, 2025 Major Estimate Revision • Jul 12
Consensus EPS estimates increase by 124% The consensus outlook for fiscal year 2026 has been updated. 2026 EPS estimate increased from JP¥219 to JP¥490. Revenue forecast steady at JP¥636.0b. Net income forecast to grow 119% next year vs 7.9% growth forecast for Food industry in Japan. Consensus price target up from JP¥2,975 to JP¥3,100. Share price was steady at JP¥2,728 over the past week. Price Target Changed • Jul 11
Price target increased by 10% to JP¥3,100 Up from JP¥2,817, the current price target is an average from 2 analysts. New target price is 14% above last closing price of JP¥2,728. Stock is up 1.3% over the past year. The company is forecast to post earnings per share of JP¥490 for next year compared to JP¥206 last year. New Risk • Jul 11
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 1.1% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 1.1% per year for the foreseeable future. Minor Risk Dividend is not well covered by cash flows (dividend per share is over 37x cash flows per share). Reported Earnings • Jun 27
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: EPS: JP¥206 (down from JP¥288 in FY 2024). Revenue: JP¥615.8b (up 1.7% from FY 2024). Net income: JP¥13.9b (down 28% from FY 2024). Profit margin: 2.3% (down from 3.2% in FY 2024). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 1.8%. Revenue is forecast to grow 1.0% p.a. on average during the next 3 years, compared to a 3.3% growth forecast for the Food industry in Japan. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Jun 11
Now 21% undervalued Over the last 90 days, the stock has risen 2.3% to JP¥2,702. The fair value is estimated to be JP¥3,405, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.7% over the last 3 years. Earnings per share has grown by 32%. For the next 3 years, revenue is forecast to grow by 1.0% per annum. Earnings are also forecast to grow by 3.8% per annum over the same time period. Buy Or Sell Opportunity • May 22
Now 20% undervalued Over the last 90 days, the stock has risen 6.4% to JP¥2,712. The fair value is estimated to be JP¥3,405, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.7% over the last 3 years. Earnings per share has grown by 32%. For the next 3 years, revenue is forecast to grow by 1.0% per annum. Earnings are also forecast to grow by 3.8% per annum over the same time period. Reported Earnings • May 19
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: EPS: JP¥206 (down from JP¥288 in FY 2024). Revenue: JP¥615.8b (up 1.7% from FY 2024). Net income: JP¥13.9b (down 28% from FY 2024). Profit margin: 2.3% (down from 3.2% in FY 2024). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 1.8%. Revenue is forecast to grow 1.0% p.a. on average during the next 3 years, compared to a 3.3% growth forecast for the Food industry in Japan. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • May 07
Now 20% undervalued The stock has been flat over the last 90 days, currently trading at JP¥2,582. The fair value is estimated to be JP¥3,228, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.5% over the last 3 years. Earnings per share has grown by 30%. For the next 3 years, revenue is forecast to grow by 1.1% per annum. Earnings are forecast to decline by 2.9% per annum over the same time period. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥100.00 per share Eligible shareholders must have bought the stock before 28 March 2025. Payment date: 06 June 2025. Payout ratio is a comfortable 26% but the company is paying out more than the cash it is generating. Trailing yield: 59%. Within top quartile of Japanese dividend payers (3.7%). Higher than average of industry peers (2.6%). Announcement • Feb 26
MEGMILK SNOW BRAND Co.,Ltd. to Report Fiscal Year 2025 Results on May 14, 2025 MEGMILK SNOW BRAND Co.,Ltd. announced that they will report fiscal year 2025 results on May 14, 2025 Reported Earnings • Feb 15
Third quarter 2025 earnings: EPS and revenues miss analyst expectations Third quarter 2025 results: EPS: JP¥49.57 (down from JP¥54.78 in 3Q 2024). Revenue: JP¥158.1b (up 2.1% from 3Q 2024). Net income: JP¥3.35b (down 9.6% from 3Q 2024). Profit margin: 2.1% (down from 2.4% in 3Q 2024). Revenue missed analyst estimates by 1.4%. Earnings per share (EPS) also missed analyst estimates by 16%. Revenue is forecast to grow 1.3% p.a. on average during the next 3 years, compared to a 4.0% growth forecast for the Food industry in Japan. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Declared Dividend • Jan 10
Dividend of JP¥100.00 announced Shareholders will receive a dividend of JP¥100.00. Ex-date: 28th March 2025 Payment date: 6th June 2025 Dividend yield will be 3.8%, which is higher than the industry average of 1.7%. Sustainability & Growth Dividend is covered by earnings (26% earnings payout ratio) but not covered by cash flows (dividend approximately 12x free cash flows). The dividend has increased by an average of 51% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to decline by 13% over the next 3 years. However, it would need to fall by 71% to increase the payout ratio to a potentially unsustainable range. Reported Earnings • Nov 16
Second quarter 2025 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2025 results: EPS: JP¥57.16 (down from JP¥60.85 in 2Q 2024). Revenue: JP¥159.2b (up 2.4% from 2Q 2024). Net income: JP¥3.86b (down 6.0% from 2Q 2024). Profit margin: 2.4% (down from 2.6% in 2Q 2024). Revenue missed analyst estimates by 1.7%. Earnings per share (EPS) exceeded analyst estimates by 11%. Revenue is forecast to grow 1.3% p.a. on average during the next 3 years, compared to a 3.7% growth forecast for the Food industry in Japan. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Announcement • Sep 12
MEGMILK SNOW BRAND Co.,Ltd. (TSE:2270) proposed to acquire Cheese and lactoferrin production business at Jervois, South Australia from Beston Global Food Company Limited (ASX:BFC). MEGMILK SNOW BRAND Co.,Ltd. (TSE:2270) proposed to acquire Cheese and lactoferrin production business at Jervois, South Australia from Beston Global Food Company Limited (ASX:BFC) on September 11, 2024. The transaction is subject to a number of conditions precedent, including bank approvals and shareholders approvals. New Risk • Aug 12
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 8.1% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 8.1% per year for the foreseeable future. Minor Risks Dividend is not well covered by cash flows (dividend per share is over 50x cash flows per share). Large one-off items impacting financial results. Announcement • Jun 08
MEGMILK SNOW BRAND Co.,Ltd. to Report Q1, 2025 Results on Aug 09, 2024 MEGMILK SNOW BRAND Co.,Ltd. announced that they will report Q1, 2025 results on Aug 09, 2024 Buy Or Sell Opportunity • May 28
Now 21% undervalued Over the last 90 days, the stock has risen 13% to JP¥2,517. The fair value is estimated to be JP¥3,187, however this is not to be taken as a buy recommendation but rather should be used as a guide only. For the next 3 years, revenue is forecast to grow by 3.0% per annum. Earnings are forecast to decline by 7.1% per annum over the same time period. New Risk • May 18
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 40% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 7.6% per year for the foreseeable future. Minor Risk Large one-off items impacting financial results. Announcement • May 16
MEGMILK SNOW BRAND Co.,Ltd., Annual General Meeting, Jun 26, 2024 MEGMILK SNOW BRAND Co.,Ltd., Annual General Meeting, Jun 26, 2024. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥80.00 per share Eligible shareholders must have bought the stock before 28 March 2024. Payment date: 10 June 2024. Payout ratio is a comfortable 28% and this is well supported by cash flows. Trailing yield: 2.3%. Lower than top quartile of Japanese dividend payers (3.2%). Higher than average of industry peers (1.7%). Major Estimate Revision • Mar 15
Consensus EPS estimates increase by 68% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate increased from JP¥185 to JP¥311. Revenue forecast steady at JP¥613.9b. Net income forecast to grow 3.1% next year vs 3.7% growth forecast for Food industry in Japan. Consensus price target up from JP¥2,430 to JP¥2,555. Share price rose 18% to JP¥2,632 over the past week. Valuation Update With 7 Day Price Move • Mar 15
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to JP¥2,632, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 19x in the Food industry in Japan. Total returns to shareholders of 22% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥2,779 per share. New Risk • Mar 14
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 1.7% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 1.7% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Announcement • Mar 13
MEGMILK SNOW BRAND Co.,Ltd. Revises Consolidated Earnings Guidance for the Fiscal Year Ending March 31, 2024 MEGMILK SNOW BRAND Co.,Ltd. revised consolidated earnings guidance for the fiscal year ending March 31, 2024. For the full year, the company now expects net sales of JPY 616,000 million, operating profit of JPY 18,200 million, profit attributable to owners of parent of JPY 19,100 million and profit per share of JPY 282.78 against net sales of JPY 616,000 million, operating profit of JPY 18,200 million, profit attributable to owners of parent of JPY 12,200 million and profit per share of JPY 180.62 as previously forecasted. Buy Or Sell Opportunity • Mar 11
Now 20% undervalued Over the last 90 days, the stock has risen 1.8% to JP¥2,220. The fair value is estimated to be JP¥2,777, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 11%. For the next 3 years, revenue is forecast to grow by 2.9% per annum. Earnings are also forecast to grow by 1.6% per annum over the same time period. Announcement • Mar 02
MEGMILK SNOW BRAND Co.,Ltd. to Report Fiscal Year 2024 Results on May 14, 2024 MEGMILK SNOW BRAND Co.,Ltd. announced that they will report fiscal year 2024 results on May 14, 2024 Buy Or Sell Opportunity • Feb 21
Now 21% undervalued The stock has been flat over the last 90 days, currently trading at JP¥2,205. The fair value is estimated to be JP¥2,777, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 11%. For the next 3 years, revenue is forecast to grow by 2.9% per annum. Earnings are also forecast to grow by 1.6% per annum over the same time period. Reported Earnings • Feb 10
Third quarter 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2024 results: EPS: JP¥54.78 (up from JP¥53.40 in 3Q 2023). Revenue: JP¥154.8b (up 2.4% from 3Q 2023). Net income: JP¥3.70b (up 2.6% from 3Q 2023). Profit margin: 2.4% (in line with 3Q 2023). Revenue missed analyst estimates by 2.8%. Earnings per share (EPS) exceeded analyst estimates by 17%. Revenue is forecast to grow 2.9% p.a. on average during the next 3 years, compared to a 3.7% growth forecast for the Food industry in Japan. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Announcement • Feb 09
MEGMILK SNOW BRAND Co.,Ltd. Provides Consolidated Earnings Guidance for the Fiscal Year Ending March 31, 2024 MEGMILK SNOW BRAND Co.,Ltd. provided consolidated earnings guidance for the fiscal year ending March 31, 2024. For the full year, the company expects net sales of JPY 616,000 million, operating profit of JPY 18,200 million, profit attributable to owners of parent of JPY 12,200 million and profit per share of JPY 180.62. Major Estimate Revision • Feb 06
Consensus EPS estimates increase by 12% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate increased from JP¥166 to JP¥186. Revenue forecast steady at JP¥617.7b. Net income forecast to shrink 12% next year vs 7.5% growth forecast for Food industry in Japan . Consensus price target up from JP¥2,280 to JP¥2,480. Share price was steady at JP¥2,299 over the past week. Price Target Changed • Feb 05
Price target increased by 14% to JP¥2,480 Up from JP¥2,180, the current price target is an average from 4 analysts. New target price is 7.6% above last closing price of JP¥2,304. Stock is up 30% over the past year. The company is forecast to post earnings per share of JP¥186 for next year compared to JP¥135 last year. Buying Opportunity • Dec 13
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 6.7%. The fair value is estimated to be JP¥2,713, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 14%. For the next 3 years, revenue is forecast to grow by 3.1% per annum. Earnings is also forecast to grow by 3.3% per annum over the same time period. Major Estimate Revision • Dec 09
Consensus EPS estimates increase by 10% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate increased from JP¥144 to JP¥159. Revenue forecast unchanged at JP¥609.2b. Net income forecast to shrink 27% next year vs 4.4% growth forecast for Food industry in Japan . Consensus price target up from JP¥2,180 to JP¥2,280. Share price was steady at JP¥2,164 over the past week. Reported Earnings • Nov 11
Second quarter 2024 earnings released: EPS: JP¥60.85 (vs JP¥14.18 in 2Q 2023) Second quarter 2024 results: EPS: JP¥60.85 (up from JP¥14.18 in 2Q 2023). Revenue: JP¥155.5b (up 5.3% from 2Q 2023). Net income: JP¥4.11b (up 329% from 2Q 2023). Profit margin: 2.6% (up from 0.6% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 2.8% p.a. on average during the next 3 years, compared to a 4.0% growth forecast for the Food industry in Japan. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Announcement • Nov 11
MEGMILK SNOW BRAND Co.,Ltd. Provides Dividend Guidance for the Fiscal Year Ending March 31, 2024 MEGMILK SNOW BRAND Co.,Ltd. provided dividend guidance for the fiscal year ending March 31, 2024. For the year, the company expects to pay dividend of JPY 60.00 per share against JPY 60.00 per share paid a year ago. Announcement • Oct 29
Megmilk Snow Brand Co.,Ltd. Revises Consolidated Earnings Guidance for the First Half and Full Year Ending March 31, 2024 MEGMILK SNOW BRAND Co.,Ltd. revised consolidated earnings guidance for the First half and Full year ending March 31, 2024. For the first half, company revised Net sales of JPY 306,000 million compared to JPY 306,000 million previously forecasted, Operating profit of JPY 11,200 million compared to JPY 7,000 million previously forecasted, Profit attributable to owners of parent of JPY 7,700 million compared to JPY 5,000 million previously forecasted and Profit per share of JPY 114.00 per share compared to JPY 74.03 per share as previously forecasted.For the year, company revised Net sales of JPY 616,000 million compared to JPY 616,000 million previously forecasted, Operating profit of JPY 18,200 million compared to JPY 14,000 million previously forecasted, Profit attributable to owners of parent of JPY 12,200 million compared to JPY 9,500 million previously forecasted and Profit per share of JPY 180.62 per share compared to JPY 140.65 per share as previously forecasted. Price Target Changed • Aug 19
Price target increased by 9.3% to JP¥2,055 Up from JP¥1,880, the current price target is an average from 4 analysts. New target price is 11% below last closing price of JP¥2,305. Stock is up 29% over the past year. The company is forecast to post earnings per share of JP¥136 for next year compared to JP¥135 last year. Reported Earnings • Aug 10
First quarter 2024 earnings released: EPS: JP¥53.12 (vs JP¥19.89 in 1Q 2023) First quarter 2024 results: EPS: JP¥53.12 (up from JP¥19.89 in 1Q 2023). Revenue: JP¥150.2b (up 6.3% from 1Q 2023). Net income: JP¥3.59b (up 167% from 1Q 2023). Profit margin: 2.4% (up from 1.0% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 2.8% p.a. on average during the next 3 years, compared to a 3.9% growth forecast for the Food industry in Japan. Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Announcement • Jun 03
MEGMILK SNOW BRAND Co.,Ltd. to Report Q1, 2024 Results on Aug 09, 2023 MEGMILK SNOW BRAND Co.,Ltd. announced that they will report Q1, 2024 results on Aug 09, 2023 Reported Earnings • May 17
Full year 2023 earnings: EPS exceeds analyst expectations Full year 2023 results: EPS: JP¥135 (down from JP¥179 in FY 2022). Revenue: JP¥584.3b (up 4.6% from FY 2022). Net income: JP¥9.13b (down 24% from FY 2022). Profit margin: 1.6% (down from 2.2% in FY 2022). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 3.4%. Revenue is forecast to stay flat during the next 3 years compared to a 3.8% growth forecast for the Food industry in Japan. Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Announcement • May 15
MEGMILK SNOW BRAND Co.,Ltd., Annual General Meeting, Jun 28, 2023 MEGMILK SNOW BRAND Co.,Ltd., Annual General Meeting, Jun 28, 2023. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥60.00 per share at 3.3% yield Eligible shareholders must have bought the stock before 30 March 2023. Payment date: 08 June 2023. Payout ratio is a comfortable 63% but the company is paying out more than the cash it is generating. Trailing yield: 3.3%. Lower than top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (1.7%). Reported Earnings • Feb 12
Third quarter 2023 earnings: EPS and revenues exceed analyst expectations Third quarter 2023 results: EPS: JP¥53.40 (up from JP¥43.33 in 3Q 2022). Revenue: JP¥151.2b (up 7.5% from 3Q 2022). Net income: JP¥3.61b (up 23% from 3Q 2022). Profit margin: 2.4% (up from 2.1% in 3Q 2022). Revenue exceeded analyst estimates by 3.3%. Earnings per share (EPS) also surpassed analyst estimates by 6.1%. Revenue is forecast to stay flat during the next 3 years compared to a 3.5% growth forecast for the Food industry in Japan. Over the last 3 years on average, earnings per share has fallen by 12% per year whereas the company’s share price has fallen by 11% per year. Announcement • Feb 10
MEGMILK SNOW BRAND Co.,Ltd. Updates Consolidated Earnings Guidance for the Fiscal Year Ending March 31, 2023 MEGMILK SNOW BRAND Co.,Ltd. updated Consolidated earnings guidance for the Fiscal Year Ending March 31, 2023. For the year, the company expects net sales to be JPY 580,000 million, Operating profit to be JPY 11,000 million, Profit attributable to owners of parent to be JPY 8,500 million, Profit per share to be JPY 125.84. Announcement • Dec 01
MEGMILK SNOW BRAND Co.,Ltd. to Report Q3, 2023 Results on Feb 10, 2023 MEGMILK SNOW BRAND Co.,Ltd. announced that they will report Q3, 2023 results on Feb 10, 2023 Board Change • Nov 16
Less than half of directors are independent There are 8 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 4 independent directors. 8 non-independent directors. Independent External Director Hiroshi Fukushi was the last independent director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Reported Earnings • Nov 12
Second quarter 2023 earnings: Revenues and EPS in line with analyst expectations Second quarter 2023 results: EPS: JP¥14.18 (down from JP¥55.90 in 2Q 2022). Revenue: JP¥147.7b (up 2.5% from 2Q 2022). Net income: JP¥958.0m (down 75% from 2Q 2022). Profit margin: 0.6% (down from 2.6% in 2Q 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to stay flat during the next 3 years compared to a 3.3% growth forecast for the Food industry in Japan. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has fallen by 14% per year, which means it is performing significantly worse than earnings. Price Target Changed • Sep 12
Price target decreased to JP¥1,720 Down from JP¥1,865, the current price target is an average from 4 analysts. New target price is approximately in line with last closing price of JP¥1,693. Stock is down 28% over the past year. The company is forecast to post earnings per share of JP¥133 for next year compared to JP¥179 last year. Reported Earnings • Aug 12
First quarter 2023 earnings: EPS and revenues miss analyst expectations First quarter 2023 results: EPS: JP¥19.89 (down from JP¥71.08 in 1Q 2022). Revenue: JP¥141.3b (down 1.0% from 1Q 2022). Net income: JP¥1.34b (down 72% from 1Q 2022). Profit margin: 1.0% (down from 3.4% in 1Q 2022). Revenue missed analyst estimates by 1.8%. Earnings per share (EPS) also missed analyst estimates by 60%. Over the next year, revenue is forecast to grow 3.4%, compared to a 6.2% growth forecast for the industry in Japan. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Price Target Changed • Jun 09
Price target decreased to JP¥1,890 Down from JP¥2,080, the current price target is an average from 4 analysts. New target price is 9.1% above last closing price of JP¥1,733. Stock is down 22% over the past year. The company is forecast to post earnings per share of JP¥162 for next year compared to JP¥179 last year. 
