Announcement • Jun 06
Nitto Kogyo Corporation to Report Q1, 2027 Results on Aug 06, 2026 Nitto Kogyo Corporation announced that they will report Q1, 2027 results on Aug 06, 2026 Reported Earnings • May 20
Full year 2026 earnings: EPS exceeds analyst expectations Full year 2026 results: EPS: JP¥303 (down from JP¥319 in FY 2025). Revenue: JP¥195.8b (up 6.0% from FY 2025). Net income: JP¥11.5b (down 5.0% from FY 2025). Profit margin: 5.9% (down from 6.6% in FY 2025). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 5.5%. Revenue is forecast to grow 5.6% p.a. on average during the next 2 years, compared to a 6.5% growth forecast for the Electrical industry in Japan. Over the last 3 years on average, earnings per share has increased by 19% per year whereas the company’s share price has increased by 15% per year. Announcement • May 15
Nitto Kogyo Corporation, Annual General Meeting, Jun 26, 2026 Nitto Kogyo Corporation, Annual General Meeting, Jun 26, 2026. Announcement • May 09
Nitto Kogyo Corporation to Report Fiscal Year 2026 Results on May 15, 2026 Nitto Kogyo Corporation announced that they will report fiscal year 2026 results at 3:00 PM, Tokyo Standard Time on May 15, 2026 Upcoming Dividend • Mar 23
Upcoming dividend of JP¥70.00 per share Eligible shareholders must have bought the stock before 30 March 2026. Payment date: 30 June 2026. Payout ratio is a comfortable 54% and this is well supported by cash flows. Trailing yield: 3.1%. Lower than top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (1.2%). Reported Earnings • Feb 10
Third quarter 2026 earnings released: EPS: JP¥122 (vs JP¥100 in 3Q 2025) Third quarter 2026 results: EPS: JP¥122 (up from JP¥100 in 3Q 2025). Revenue: JP¥54.1b (up 5.2% from 3Q 2025). Net income: JP¥4.62b (up 22% from 3Q 2025). Profit margin: 8.5% (up from 7.4% in 3Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 5.2% p.a. on average during the next 3 years, compared to a 5.7% growth forecast for the Electrical industry in Japan. Over the last 3 years on average, earnings per share has increased by 22% per year whereas the company’s share price has increased by 18% per year. Announcement • Dec 19
Nitto Kogyo Corporation to Report Q3, 2026 Results on Feb 09, 2026 Nitto Kogyo Corporation announced that they will report Q3, 2026 results on Feb 09, 2026 Declared Dividend • Dec 11
First half dividend of JP¥62.00 announced Shareholders will receive a dividend of JP¥62.00. Ex-date: 30th March 2026 Payment date: 30th June 2026 Dividend yield will be 3.1%, which is higher than the industry average of 2.1%. Sustainability & Growth Dividend is covered by both earnings (58% earnings payout ratio) and cash flows (46% cash payout ratio). The dividend has increased by an average of 8.3% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 24% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Nov 12
Second quarter 2026 earnings released: EPS: JP¥65.77 (vs JP¥39.75 in 2Q 2025) Second quarter 2026 results: EPS: JP¥65.77 (up from JP¥39.75 in 2Q 2025). Revenue: JP¥47.1b (up 9.0% from 2Q 2025). Net income: JP¥2.50b (up 66% from 2Q 2025). Profit margin: 5.3% (up from 3.5% in 2Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 5.2% p.a. on average during the next 3 years, compared to a 4.3% growth forecast for the Electrical industry in Japan. Over the last 3 years on average, earnings per share has increased by 25% per year whereas the company’s share price has increased by 20% per year. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥62.00 per share Eligible shareholders must have bought the stock before 29 September 2025. Payment date: 09 December 2025. Payout ratio is a comfortable 65% and this is well supported by cash flows. Trailing yield: 3.4%. Lower than top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (1.5%). Buy Or Sell Opportunity • Sep 01
Now 21% undervalued Over the last 90 days, the stock has risen 14% to JP¥3,460. The fair value is estimated to be JP¥4,382, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 28%. Revenue is forecast to grow by 7.8% in 2 years. Earnings are forecast to grow by 23% in the next 2 years. Announcement • Aug 09
Nitto Kogyo Corporation to Report Q2, 2026 Results on Nov 10, 2025 Nitto Kogyo Corporation announced that they will report Q2, 2026 results on Nov 10, 2025 Reported Earnings • Aug 05
First quarter 2026 earnings released: EPS: JP¥24.49 (vs JP¥97.65 in 1Q 2025) First quarter 2026 results: EPS: JP¥24.49 (down from JP¥97.65 in 1Q 2025). Revenue: JP¥41.8b (up 8.0% from 1Q 2025). Net income: JP¥929.0m (down 75% from 1Q 2025). Profit margin: 2.2% (down from 9.6% in 1Q 2025). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 3.9% p.a. on average during the next 3 years, compared to a 3.8% growth forecast for the Electrical 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 12% per year, which means it is significantly lagging earnings growth. Declared Dividend • Jul 09
Final dividend of JP¥62.00 announced Shareholders will receive a dividend of JP¥62.00. Ex-date: 29th September 2025 Payment date: 9th December 2025 Dividend yield will be 4.9%, which is higher than the industry average of 2.1%. Sustainability & Growth Dividend is covered by both earnings (76% earnings payout ratio) and cash flows (49% cash payout ratio). The dividend has increased by an average of 8.3% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to remain steady over the next 3 years, which should provide adequate earnings cover for the dividend. Announcement • Jun 06
Nitto Kogyo Corporation to Report Q1, 2026 Results on Aug 04, 2025 Nitto Kogyo Corporation announced that they will report Q1, 2026 results on Aug 04, 2025 Reported Earnings • May 20
Full year 2025 earnings: EPS and revenues exceed analyst expectations Full year 2025 results: EPS: JP¥319 (up from JP¥230 in FY 2024). Revenue: JP¥184.7b (up 15% from FY 2024). Net income: JP¥12.1b (up 39% from FY 2024). Profit margin: 6.6% (up from 5.4% in FY 2024). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.2%. Earnings per share (EPS) also surpassed analyst estimates by 15%. Revenue is forecast to grow 3.0% p.a. on average during the next 2 years, compared to a 3.7% growth forecast for the Electrical 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 10% per year, which means it is significantly lagging earnings growth. Announcement • May 15
Nitto Kogyo Corporation, Annual General Meeting, Jun 27, 2025 Nitto Kogyo Corporation, Annual General Meeting, Jun 27, 2025. Buy Or Sell Opportunity • Mar 24
Now 21% undervalued Over the last 90 days, the stock has risen 17% to JP¥3,305. The fair value is estimated to be JP¥4,186, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Earnings per share has grown by 24%. Revenue is forecast to grow by 9.7% in 2 years. Earnings are forecast to decline by 2.7% in the next 2 years. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥68.00 per share Eligible shareholders must have bought the stock before 28 March 2025. Payment date: 30 June 2025. Payout ratio is on the higher end at 76% but the company is not cash flow positive. Trailing yield: 3.9%. Within top quartile of Japanese dividend payers (3.7%). Higher than average of industry peers (1.9%). Announcement • Mar 06
Nitto Kogyo Corporation to Report Fiscal Year 2025 Results on May 15, 2025 Nitto Kogyo Corporation announced that they will report fiscal year 2025 results on May 15, 2025 Price Target Changed • Mar 04
Price target increased by 21% to JP¥4,000 Up from JP¥3,300, the current price target is provided by 1 analyst. New target price is 27% above last closing price of JP¥3,155. Stock is down 29% over the past year. The company is forecast to post earnings per share of JP¥270 for next year compared to JP¥230 last year. Announcement • Feb 25
Nitto Kogyo Corporation Announces Retirement of Hiroshi Minoura as Director Nitto Kogyo Corporation announced that at the Board of Directors' meeting held on February 25, 2025, the Company has decided to make the following changes to its Directors. Hiroshi Minoura (to be appointed as Adviser of the Company). He will retire from the position of Director due to the expiry of his term of office at the conclusion of the 77th Annual General Meeting of Shareholders to be held late June 2025. Reported Earnings • Feb 11
Third quarter 2025 earnings released: EPS: JP¥100 (vs JP¥80.36 in 3Q 2024) Third quarter 2025 results: EPS: JP¥100 (up from JP¥80.36 in 3Q 2024). Revenue: JP¥51.4b (up 17% from 3Q 2024). Net income: JP¥3.80b (up 25% from 3Q 2024). Profit margin: 7.4% (up from 7.0% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 4.3% p.a. on average during the next 3 years, compared to a 4.1% growth forecast for the Electrical industry in Japan. Over the last 3 years on average, earnings per share has increased by 24% per year whereas the company’s share price has increased by 22% per year. Buy Or Sell Opportunity • Jan 23
Now 20% undervalued The stock has been flat over the last 90 days, currently trading at JP¥2,885. The fair value is estimated to be JP¥3,610, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.9% over the last 3 years. Earnings per share has grown by 18%. Revenue is forecast to grow by 12% in 2 years. Earnings are forecast to decline by 1.3% in the next 2 years. Buy Or Sell Opportunity • Jan 08
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 4.0% to JP¥2,874. The fair value is estimated to be JP¥3,616, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.9% over the last 3 years. Earnings per share has grown by 18%. Revenue is forecast to grow by 12% in 2 years. Earnings are forecast to decline by 1.3% in the next 2 years. Declared Dividend • Dec 10
First half dividend of JP¥68.00 announced Shareholders will receive a dividend of JP¥68.00. Ex-date: 28th March 2025 Payment date: 30th June 2025 Dividend yield will be 4.6%, which is higher than the industry average of 2.1%. Sustainability & Growth Dividend is covered by earnings (81% 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 12% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to remain steady over the next 3 years, which should provide adequate earnings cover for the dividend. Announcement • Dec 07
Nitto Kogyo Corporation to Report Q3, 2025 Results on Feb 10, 2025 Nitto Kogyo Corporation announced that they will report Q3, 2025 results on Feb 10, 2025 Reported Earnings • Nov 08
Second quarter 2025 earnings released: EPS: JP¥39.75 (vs JP¥57.50 in 2Q 2024) Second quarter 2025 results: EPS: JP¥39.75 (down from JP¥57.50 in 2Q 2024). Revenue: JP¥43.2b (up 12% from 2Q 2024). Net income: JP¥1.51b (down 31% from 2Q 2024). Profit margin: 3.5% (down from 5.6% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 6.0% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the Electrical industry in Japan. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has increased by 23% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Sep 20
Upcoming dividend of JP¥64.00 per share Eligible shareholders must have bought the stock before 27 September 2024. Payment date: 09 December 2024. Payout ratio is on the higher end at 79% but the company is not cash flow positive. Trailing yield: 4.2%. Within top quartile of Japanese dividend payers (3.8%). Higher than average of industry peers (2.0%). Announcement • Aug 31
Nitto Kogyo Corporation to Report Q2, 2025 Results on Nov 05, 2024 Nitto Kogyo Corporation announced that they will report Q2, 2025 results on Nov 05, 2024 Reported Earnings • Aug 07
First quarter 2025 earnings released: EPS: JP¥97.65 (vs JP¥36.46 in 1Q 2024) First quarter 2025 results: EPS: JP¥97.65 (up from JP¥36.46 in 1Q 2024). Revenue: JP¥38.7b (up 13% from 1Q 2024). Net income: JP¥3.70b (up 168% from 1Q 2024). Profit margin: 9.6% (up from 4.0% in 1Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 6.4% p.a. on average during the next 3 years, compared to a 4.7% growth forecast for the Electrical industry in Japan. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has increased by 19% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Aug 05
Nitto Kogyo Corporation Revised Consolidated Earnings Guidance for the Six Months Ending September 30, 2024 Nitto Kogyo Corporation revised consolidated earnings guidance for the six months ending September 30, 2024. For the six months, the company expects net sales to be JPY 83,000 million, operating profit to be JPY 4,700 million, profit attributable to owners of parent to be JPY 5,600 million and basic earnings per share to be JPY 147.64. Buy Or Sell Opportunity • Aug 01
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 19% to JP¥3,325. The fair value is estimated to be JP¥4,264, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.3% over the last 3 years, while earnings per share has been flat. For the next 3 years, revenue is forecast to grow by 6.8% per annum. Earnings are also forecast to grow by 8.8% per annum over the same time period. Declared Dividend • Jul 11
Final dividend of JP¥64.00 announced Shareholders will receive a dividend of JP¥64.00. Ex-date: 27th September 2024 Payment date: 9th December 2024 Dividend yield will be 6.2%, which is higher than the industry average of 2.1%. Sustainability & Growth Dividend is covered by earnings (59% 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 11% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 29% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Jun 20
Nitto Kogyo Corporation to Report Q1, 2025 Results on Aug 05, 2024 Nitto Kogyo Corporation announced that they will report Q1, 2025 results on Aug 05, 2024 Announcement • May 17
Nitto Kogyo Corporation, Annual General Meeting, Jun 27, 2024 Nitto Kogyo Corporation, Annual General Meeting, Jun 27, 2024. Announcement • Apr 30
Nitto Kogyo Corporation (TSE:6651) completed the acquisition of 57.13% stake in Tempearl Industrial Co.,Ltd. from The Chugoku Electric Power Co., Inc. (TSE:9504). Nitto Kogyo Corporation (TSE:6651) agreed to acquire 57.13% stake in Tempearl Industrial Co.,Ltd. from The Chugoku Electric Power Co., Inc. (TSE:9504) on January 31, 2024. Tempearl Industrial reported net assets of ¥8,055 million, total assets of ¥12,236 million, sales of ¥10,552 million and net income of ¥231 million in fiscal year ending March 3023. The transaction is expected to close on April 30, 2024.Nitto Kogyo Corporation (TSE:6651) completed the acquisition of 57.13% stake in Tempearl Industrial Co.,Ltd. from The Chugoku Electric Power Co., Inc. (TSE:9504) on April 30, 2024. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥134 per share Eligible shareholders must have bought the stock before 28 March 2024. Payment date: 01 July 2024. Payout ratio is a comfortable 59% but the company is not cash flow positive. Trailing yield: 4.2%. Within top quartile of Japanese dividend payers (3.2%). Higher than average of industry peers (1.8%). Announcement • Mar 02
Nitto Kogyo Corporation to Report Fiscal Year 2024 Results on May 15, 2024 Nitto Kogyo Corporation announced that they will report fiscal year 2024 results on May 15, 2024 Buy Or Sell Opportunity • Feb 14
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 25% to JP¥4,245. The fair value is estimated to be JP¥3,489, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 4.7% over the last 3 years. Earnings per share has declined by 5.6%. Revenue is forecast to grow by 7.1% in 2 years. Earnings are forecast to grow by 16% in the next 2 years. Reported Earnings • Feb 08
Third quarter 2024 earnings released: EPS: JP¥80.35 (vs JP¥54.60 in 3Q 2023) Third quarter 2024 results: EPS: JP¥80.35 (up from JP¥54.60 in 3Q 2023). Revenue: JP¥43.7b (up 11% from 3Q 2023). Net income: JP¥3.05b (up 47% from 3Q 2023). Profit margin: 7.0% (up from 5.3% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 3.6% p.a. on average during the next 3 years, compared to a 4.4% growth forecast for the Electrical industry in Japan. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has increased by 25% per year, which means it is well ahead of earnings. Announcement • Feb 07
Nitto Kogyo Corporation Revises Dividend Guidance for the Fiscal Year Ending March 31, 2024 Nitto Kogyo Corporation revised dividend guidance for the fiscal year ending March 31, 2024. For the year-end, company expects dividend of JPY 134.00 per share compared to JPY 57.00 per share a year ago. Announcement • Feb 05
Nitto Kogyo Corporation Provides Consolidated Earnings Guidance for the Full Fiscal Year Ending March 31, 2024 Nitto Kogyo Corporation provided consolidated earnings guidance for the full fiscal year ending March 31, 2024. For the year, company expects Net sales of JPY 158,000 million, Operating profit of JPY 11,000 million, Profit attributable to owners of parent of JPY 7,800 million and Basic earnings per share of JPY 205.64. Buy Or Sell Opportunity • Jan 23
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 13% to JP¥3,935. The fair value is estimated to be JP¥3,236, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 3.2% over the last 3 years. Earnings per share has declined by 11%. Revenue is forecast to grow by 8.8% in 2 years. Earnings are forecast to grow by 27% in the next 2 years. Announcement • Dec 08
Nitto Kogyo Corporation to Report Q3, 2024 Results on Feb 05, 2024 Nitto Kogyo Corporation announced that they will report Q3, 2024 results on Feb 05, 2024 Reported Earnings • Nov 07
Second quarter 2024 earnings released: EPS: JP¥57.50 (vs JP¥34.59 in 2Q 2023) Second quarter 2024 results: EPS: JP¥57.50 (up from JP¥34.59 in 2Q 2023). Revenue: JP¥38.7b (up 11% from 2Q 2023). Net income: JP¥2.18b (up 66% from 2Q 2023). Profit margin: 5.6% (up from 3.7% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 4.3% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the Electrical 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 increased by 20% per year, which means it is well ahead of earnings. Upcoming Dividend • Sep 21
Upcoming dividend of JP¥72.00 per share at 4.9% yield Eligible shareholders must have bought the stock before 28 September 2023. Payment date: 07 December 2023. Payout ratio is on the higher end at 85% but the company is not cash flow positive. Trailing yield: 4.9%. Within top quartile of Japanese dividend payers (3.3%). Higher than average of industry peers (1.9%). Announcement • Aug 30
Nitto Kogyo Corporation to Report Q2, 2024 Results on Nov 06, 2023 Nitto Kogyo Corporation announced that they will report Q2, 2024 results on Nov 06, 2023 Reported Earnings • Aug 08
First quarter 2024 earnings released: EPS: JP¥36.46 (vs JP¥10.18 in 1Q 2023) First quarter 2024 results: EPS: JP¥36.46 (up from JP¥10.18 in 1Q 2023). Revenue: JP¥34.4b (up 13% from 1Q 2023). Net income: JP¥1.38b (up 258% from 1Q 2023). Profit margin: 4.0% (up from 1.3% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 4.9% p.a. on average during the next 3 years, compared to a 4.7% growth forecast for the Electrical 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 increased by 23% per year, which means it is well ahead of earnings. New Risk • Jun 14
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 100% The company is paying a dividend despite having no free cash flows. Dividend yield: 5.5% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. This is currently the only risk that has been identified for the company. Announcement • May 31
Nitto Kogyo Corporation to Report Q1, 2024 Results on Aug 07, 2023 Nitto Kogyo Corporation announced that they will report Q1, 2024 results on Aug 07, 2023 Reported Earnings • May 21
Full year 2023 earnings: Revenues and EPS in line with analyst expectations Full year 2023 results: EPS: JP¥144 (down from JP¥165 in FY 2022). Revenue: JP¥146.7b (up 11% from FY 2022). Net income: JP¥5.48b (down 17% from FY 2022). Profit margin: 3.7% (down from 5.0% in FY 2022). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 4.6% p.a. on average during the next 2 years, compared to a 4.2% growth forecast for the Electrical 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 increased by 19% per year, which means it is well ahead of earnings. Announcement • May 16
Nitto Kogyo Corporation, Annual General Meeting, Jun 29, 2023 Nitto Kogyo Corporation, Annual General Meeting, Jun 29, 2023. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥52.00 per share at 5.3% yield Eligible shareholders must have bought the stock before 30 March 2023. Payment date: 30 June 2023. Payout ratio is on the higher end at 81% but the company is not cash flow positive. Trailing yield: 5.3%. Within top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (2.0%). Reported Earnings • Feb 09
Third quarter 2023 earnings released: EPS: JP¥54.60 (vs JP¥59.52 in 3Q 2022) Third quarter 2023 results: EPS: JP¥54.60 (down from JP¥59.52 in 3Q 2022). Revenue: JP¥39.4b (up 13% from 3Q 2022). Net income: JP¥2.07b (down 14% from 3Q 2022). Profit margin: 5.3% (down from 6.9% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 4.1% p.a. on average during the next 3 years, compared to a 5.2% growth forecast for the Electrical 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 increased by 3% per year, which means it is well ahead of earnings. Major Estimate Revision • Dec 10
Consensus forecasts updated The consensus outlook for 2023 has been updated. 2023 EPS estimate fell from JP¥172 to JP¥140. Revenue forecast unchanged from JP¥141.3b at last update. Net income forecast to grow 17% next year vs 3.0% growth forecast for Electrical industry in Japan. Consensus price target down from JP¥2,700 to JP¥2,500. Share price was steady at JP¥2,283 over the past week. Announcement • Nov 30
Nitto Kogyo Corporation to Report Q3, 2023 Results on Feb 06, 2023 Nitto Kogyo Corporation announced that they will report Q3, 2023 results on Feb 06, 2023 Reported Earnings • Nov 16
Second quarter 2023 earnings released: EPS: JP¥34.59 (vs JP¥36.32 in 2Q 2022) Second quarter 2023 results: EPS: JP¥34.59 (down from JP¥36.32 in 2Q 2022). Revenue: JP¥35.0b (up 12% from 2Q 2022). Net income: JP¥1.31b (down 11% from 2Q 2022). Profit margin: 3.7% (down from 4.7% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 5.0% p.a. on average during the next 3 years, compared to a 6.3% growth forecast for the Electrical industry in Japan. Over the last 3 years on average, earnings per share has fallen by 4% per year whereas the company’s share price has fallen by 2% per year. Board Change • Nov 16
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. 4 highly experienced directors. No independent directors (11 non-independent directors). General Manager of Management Division and Director Masahiro Nakajima was the last director to join the board, commencing their role in 2014. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Nov 09
Second quarter 2023 earnings released: EPS: JP¥34.59 (vs JP¥36.32 in 2Q 2022) Second quarter 2023 results: EPS: JP¥34.59 (down from JP¥36.32 in 2Q 2022). Revenue: JP¥35.0b (up 12% from 2Q 2022). Net income: JP¥1.31b (down 11% from 2Q 2022). Profit margin: 3.7% (down from 4.7% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 5.0% p.a. on average during the next 3 years, compared to a 6.5% growth forecast for the Electrical industry in Japan. Over the last 3 years on average, earnings per share has fallen by 4% per year whereas the company’s share price has fallen by 2% per year. Buying Opportunity • Nov 08
Now 26% undervalued after recent price drop Over the last 90 days, the stock is down 10%. The fair value is estimated to be JP¥2,974, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue is forecast to grow by 13% in 2 years. Earnings is forecast to grow by 46% in the next 2 years. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥88.00 per share Eligible shareholders must have bought the stock before 29 September 2022. Payment date: 07 December 2022. Payout ratio is a comfortable 34% and the cash payout ratio is 96%. Trailing yield: 6.8%. Within top quartile of Japanese dividend payers (3.7%). Higher than average of industry peers (1.9%). Announcement • Aug 28
Nitto Kogyo Corporation to Report Q2, 2023 Results on Nov 07, 2022 Nitto Kogyo Corporation announced that they will report Q2, 2023 results on Nov 07, 2022 Reported Earnings • Aug 09
First quarter 2023 earnings released: EPS: JP¥10.18 (vs JP¥28.47 in 1Q 2022) First quarter 2023 results: EPS: JP¥10.18 (down from JP¥28.47 in 1Q 2022). Revenue: JP¥30.6b (up 2.8% from 1Q 2022). Net income: JP¥386.0m (down 67% from 1Q 2022). Profit margin: 1.3% (down from 3.9% in 1Q 2022). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 7.4%, compared to a 9.7% growth forecast for the industry in Japan. Over the last 3 years on average, earnings per share has increased by 4% per year whereas the company’s share price has increased by 3% per year. Announcement • Jun 02
Nitto Kogyo Corporation to Report Q1, 2023 Results on Aug 08, 2022 Nitto Kogyo Corporation announced that they will report Q1, 2023 results on Aug 08, 2022 Valuation Update With 7 Day Price Move • May 20
Investor sentiment improved over the past week After last week's 42% share price gain to JP¥2,249, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 11x in the Electrical industry in Japan. Total returns to shareholders of 26% over the past three years. Reported Earnings • May 16
Full year 2022 earnings: EPS and revenues exceed analyst expectations Full year 2022 results: EPS: JP¥165 (down from JP¥218 in FY 2021). Revenue: JP¥132.7b (down 3.7% from FY 2021). Net income: JP¥6.61b (down 25% from FY 2021). Profit margin: 5.0% (down from 6.4% in FY 2021). The decrease in margin was driven by lower revenue. Revenue exceeded analyst estimates by 2.1%. Earnings per share (EPS) also surpassed analyst estimates by 4.3%. Over the next year, revenue is forecast to grow 3.2%, compared to a 7.4% growth forecast for the industry in Japan. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. 
