Announcement • May 16
JAFCO Group Co., Ltd. to Report Q1, 2027 Final Results on Jul 24, 2026 JAFCO Group Co., Ltd. announced that they will report Q1, 2027 final results on Jul 24, 2026 Price Target Changed • Apr 28
Price target decreased by 8.9% to JP¥2,350 Down from JP¥2,580, the current price target is provided by 1 analyst. New target price is 8.5% above last closing price of JP¥2,165. Stock is down 11% over the past year. The company is forecast to post earnings per share of JP¥205 for next year compared to JP¥176 last year. Announcement • Apr 24
JAFCO Group Co., Ltd., Annual General Meeting, Jun 16, 2026 JAFCO Group Co., Ltd., Annual General Meeting, Jun 16, 2026. New Risk • Apr 24
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 7.6% 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 7.6% per year for the foreseeable future. Minor Risk Dividend is not well covered by earnings (102% payout ratio). Upcoming Dividend • Mar 23
Upcoming dividend of JP¥66.50 per share Eligible shareholders must have bought the stock before 30 March 2026. Payment date: 27 May 2026. The company is paying out more than 100% of its profits and is paying out 86% of its cash flow. Trailing yield: 5.7%. Within top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (3.5%). Buy Or Sell Opportunity • Feb 20
Now 20% undervalued The stock has been flat over the last 90 days, currently trading at JP¥2,435. The fair value is estimated to be JP¥3,061, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 23% over the last 3 years. Earnings per share has declined by 61%. Revenue is forecast to grow by 38% in a year. Earnings are forecast to grow by 78% in the next year. Declared Dividend • Nov 27
First half dividend of JP¥66.50 announced Shareholders will receive a dividend of JP¥66.50. Ex-date: 30th March 2026 Payment date: 27th May 2026 Dividend yield will be 5.5%, which is higher than the industry average of 2.8%. Sustainability & Growth Dividend is covered by both earnings (45% earnings payout ratio) and cash flows (86% cash payout ratio). The dividend has increased by an average of 15% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 84% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Nov 10
JAFCO Group Co., Ltd. to Report Nine Months, 2026 Results on Jan 28, 2026 JAFCO Group Co., Ltd. announced that they will report nine months, 2026 results on Jan 28, 2026 Reported Earnings • Oct 25
Second quarter 2026 earnings released: JP¥3.31 loss per share (vs JP¥65.23 profit in 2Q 2025) Second quarter 2026 results: JP¥3.31 loss per share (down from JP¥65.23 profit in 2Q 2025). Revenue: JP¥4.76b (down 56% from 2Q 2025). Net loss: JP¥176.0m (down 105% from profit in 2Q 2025). Revenue is forecast to grow 9.9% p.a. on average during the next 3 years, compared to a 2.7% growth forecast for the Capital Markets industry in Japan. Over the last 3 years on average, earnings per share has fallen by 43% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Announcement • Oct 25
TSI Holdings Co.,Ltd. (TSE:3608) agreed to acquire Waterfront Co., Ltd. from JAFCO Group Co., Ltd. (TSE:8595). TSI Holdings Co.,Ltd. (TSE:3608) agreed to acquire Waterfront Co., Ltd. from JAFCO Group Co., Ltd. (TSE:8595) on October 24, 2025. For the period ending December 31, 2024, Waterfront Co., Ltd. reported total revenue of ¥3.01 billion, EBIT of ¥241 million and net income of ¥310 million. As of December 31, 2024, Waterfront Co., Ltd. reported total assets of ¥2.68 billion and total common equity of ¥1.56 billion. The expected completion of the transaction is December 1, 2025. Buy Or Sell Opportunity • Sep 29
Now 21% undervalued Over the last 90 days, the stock has risen 4.4% to JP¥2,590. The fair value is estimated to be JP¥3,269, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 33% over the last 3 years. Earnings per share has declined by 25%. Revenue is forecast to decline by 0.8% in 2 years. Earnings are forecast to grow by 6.1% in the next 2 years. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥66.50 per share Eligible shareholders must have bought the stock before 29 September 2025. Payment date: 26 November 2025. Payout ratio is a comfortable 45% and this is well supported by cash flows. Trailing yield: 5.0%. Within top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (3.7%). Announcement • Sep 10
JAFCO Group Co., Ltd. to Report First Half, 2026 Results on Oct 24, 2025 JAFCO Group Co., Ltd. announced that they will report first half, 2026 results on Oct 24, 2025 New Risk • Jul 11
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Japanese stocks, typically moving 5.4% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (5.4% average weekly change). Declared Dividend • Jul 09
Final dividend of JP¥66.50 announced Shareholders will receive a dividend of JP¥66.50. Ex-date: 29th September 2025 Payment date: 26th November 2025 Dividend yield will be 5.0%, which is higher than the industry average of 2.8%. Sustainability & Growth Dividend is covered by both earnings (46% earnings payout ratio) and cash flows (69% cash payout ratio). The dividend has increased by an average of 15% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 48% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Jun 18
JAFCO Group Co., Ltd. to Report Q1, 2026 Results on Jul 25, 2025 JAFCO Group Co., Ltd. announced that they will report Q1, 2026 results on Jul 25, 2025 Price Target Changed • May 09
Price target increased by 19% to JP¥2,470 Up from JP¥2,070, the current price target is an average from 2 analysts. New target price is approximately in line with last closing price of JP¥2,432. Stock is up 35% over the past year. The company is forecast to post earnings per share of JP¥197 for next year compared to JP¥176 last year. Reported Earnings • Apr 24
Full year 2025 earnings: EPS and revenues exceed analyst expectations Full year 2025 results: EPS: JP¥176 (up from JP¥138 in FY 2024). Revenue: JP¥29.7b (up 21% from FY 2024). Net income: JP¥9.58b (up 28% from FY 2024). Profit margin: 32% (up from 31% in FY 2024). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.3%. Earnings per share (EPS) also surpassed analyst estimates by 7.7%. Revenue is forecast to grow 6.3% p.a. on average during the next 2 years, compared to a 1.9% growth forecast for the Capital Markets industry in Japan. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has increased by 16% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Apr 23
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to JP¥2,418, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 12x in the Capital Markets industry in Japan. Total returns to shareholders of 79% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥4,106 per share. Announcement • Apr 23
JAFCO Group Co., Ltd. (TSE:8595) announces an Equity Buyback for 3,500,000 shares, representing 6.41% for ¥5,000 million. JAFCO Group Co., Ltd. (TSE:8595) announces a share repurchase program. Under the program, the company will repurchase up to 3,500,000 shares, representing 6.41% for ¥5,000 million. The shares will be purchased at ¥1,428 per share. The program will be funded via available cash. The purpose of the program is to Increase Corporate Value and Strengthening Shareholder Returns. The program is valid till October 23, 2025. As of March 31, 2025, the company had 54,567,751 shares issued and 1,492,249 shares in treasury. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥48.20 per share Eligible shareholders must have bought the stock before 28 March 2025. Payment date: 26 May 2025. Payout ratio is a comfortable 46% and this is well supported by cash flows. Trailing yield: 3.0%. Lower than top quartile of Japanese dividend payers (3.7%). Lower than average of industry peers (3.4%). Announcement • Mar 19
JAFCO Group Co., Ltd. to Report Fiscal Year 2025 Results on Apr 23, 2025 JAFCO Group Co., Ltd. announced that they will report fiscal year 2025 results on Apr 23, 2025 Announcement • Jan 07
JAFCO V7 Investment Limited Partnership, JAFCO SV7-S Investment Limited Partnership managed by JAFCO Group Co., Ltd. (TSE:8595), Mirai Creation Fund II managed by SPARX Group Co., Ltd. (TSE:8739), DBJ Capital Fund managed by DBJ Capital Co., Ltd. and IDATEN Ventures No.2 Fund managed by IDATEN Ventures LLC. acquired an unknown minority stake in Spectronix Corporation from INCJ, Ltd. JAFCO V7 Investment Limited Partnership, JAFCO SV7-S Investment Limited Partnership managed by JAFCO Group Co., Ltd. (TSE:8595), Mirai Creation Fund II managed by SPARX Group Co., Ltd. (TSE:8739), DBJ Capital Fund managed by DBJ Capital Co., Ltd. and IDATEN Ventures No.2 Fund managed by IDATEN Ventures LLC. acquired an unknown minority stake in Spectronix Corporation from INCJ, Ltd. on December 27, 2024.
JAFCO V7 Investment Limited Partnership, JAFCO SV7-S Investment Limited Partnership managed by JAFCO Group Co., Ltd. (TSE:8595), Mirai Creation Fund II managed by SPARX Group Co., Ltd. (TSE:8739), DBJ Capital Fund managed by DBJ Capital Co., Ltd. and IDATEN Ventures No.2 Fund managed by IDATEN Ventures LLC. completed the acquisition of an unknown minority stake in Spectronix Corporation from INCJ, Ltd. on December 27, 2024. Announcement • Dec 16
JAFCO Group Co., Ltd. to Report Nine Months, 2025 Results on Jan 29, 2025 JAFCO Group Co., Ltd. announced that they will report nine months, 2025 results on Jan 29, 2025 Declared Dividend • Nov 27
First half dividend of JP¥48.20 announced Shareholders will receive a dividend of JP¥48.20. Ex-date: 28th March 2025 Payment date: 26th May 2025 Dividend yield will be 3.8%, which is higher than the industry average of 2.8%. Sustainability & Growth Dividend is well covered by both earnings (38% earnings payout ratio) and cash flows (22% cash payout ratio). The dividend has increased by an average of 23% 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. Reported Earnings • Oct 26
Second quarter 2025 earnings released: EPS: JP¥65.23 (vs JP¥26.74 in 2Q 2024) Second quarter 2025 results: EPS: JP¥65.23 (up from JP¥26.74 in 2Q 2024). Revenue: JP¥10.9b (up 180% from 2Q 2024). Net income: JP¥3.56b (up 144% from 2Q 2024). Profit margin: 33% (down from 37% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue is expected to decline by 2.0% p.a. on average during the next 3 years, while revenues in the Capital Markets industry in Japan are expected to grow by 4.3%. Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. New Risk • Oct 26
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 9.7% 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 9.7% per year for the foreseeable future. Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (31% net profit margin). Announcement • Sep 14
JAFCO Group Co., Ltd. to Report Q2, 2025 Results on Oct 25, 2024 JAFCO Group Co., Ltd. announced that they will report Q2, 2025 results on Oct 25, 2024 Major Estimate Revision • Jul 25
Consensus EPS estimates increase by 15% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate increased from JP¥142 to JP¥163. Revenue forecast unchanged at JP¥28.0b. Net income forecast to grow 19% next year vs 14% growth forecast for Capital Markets industry in Japan. Consensus price target of JP¥1,835 unchanged from last update. Share price fell 5.3% to JP¥1,859 over the past week. Announcement • Jun 19
JAFCO Group Co., Ltd. to Report Q1, 2025 Results on Jul 24, 2024 JAFCO Group Co., Ltd. announced that they will report Q1, 2025 results on Jul 24, 2024 Announcement • May 11
JAFCO Group Co., Ltd. Resolves to Distribute Dividend for the Year Ended March 31, 2024, Effective May 24, 2024 JAFCO Group Co., Ltd. announced that it has resolved to distribute dividends of surplus with a record date of March 31, 2024 at the Board of Directors meeting held on May 10, 2024. The company announced dividend per share ¥69.00 per share for the year ended March 31, 2024 against ¥150.00 per share paid a year ago. Effective date is May 24, 2024. Major Estimate Revision • May 09
Consensus EPS estimates fall by 13% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from JP¥28.0b to JP¥27.2b. EPS estimate also fell from JP¥163 per share to JP¥142 per share. Net income forecast to grow 3.4% next year vs 8.5% growth forecast for Capital Markets industry in Japan. Consensus price target up from JP¥1,785 to JP¥1,835. Share price was steady at JP¥1,783 over the past week. Announcement • Apr 27
JAFCO Group Co., Ltd., Annual General Meeting, Jun 18, 2024 JAFCO Group Co., Ltd., Annual General Meeting, Jun 18, 2024. Major Estimate Revision • Apr 25
Consensus revenue estimates increase by 22% The consensus outlook for revenues in fiscal year 2025 has improved. 2025 revenue forecast increased from JP¥22.9b to JP¥28.0b. EPS estimate increased from JP¥130 to JP¥163 per share. Net income forecast to grow 19% next year vs 12% growth forecast for Capital Markets industry in Japan. Consensus price target of JP¥1,785 unchanged from last update. Share price was steady at JP¥1,742 over the past week. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥66.00 per share Eligible shareholders must have bought the stock before 28 March 2024. Payment date: 27 May 2024. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 8.1%. Within top quartile of Japanese dividend payers (3.2%). Higher than average of industry peers (2.4%). Announcement • Mar 13
JAFCO Group Co., Ltd. Announces Executive Changes JAFCO Group Co., Ltd. announced the appointment of Ko Minamikurosawa as Senior Corporate Officer, General Manager of Structured Investment Division, Managing Director from General Manager of Structured Investment Division, Managing Director, effective from April 1, 2024. Director scheduled to resign: Koji Tanami as Independent director serving as a Board-Audit Committee member, effective from June 18, 2024. Announcement • Mar 09
JAFCO Group Co., Ltd. to Report Fiscal Year 2024 Results on Apr 24, 2024 JAFCO Group Co., Ltd. announced that they will report fiscal year 2024 results on Apr 24, 2024 Declared Dividend • Jan 28
Dividend of JP¥66.00 announced Shareholders will receive a dividend of JP¥66.00. Ex-date: 28th March 2024 Payment date: 27th May 2024 Dividend yield will be 3.9%, which is higher than the industry average of 2.9%. Sustainability & Growth Dividend is not covered by earnings (dividend approximately 29x earnings) and 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 34% 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. The company's earnings per share (EPS) would need to grow by 3,142% to bring the payout ratio under control. EPS is expected to grow by 118% over the next 2 years, which means the dividend may need to be reduced to reach a sustainable payout ratio. New Risk • Jan 27
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 1.5% Last year net profit margin: 337% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Dividend per share is over 29x earnings per share. Paying a dividend despite having no free cash flows. Minor Risk Profit margins are more than 30% lower than last year (1.5% net profit margin). Announcement • Dec 15
Tadano Ltd. (TSE:6395) entered into a share purchase agreement to acquire Nagano Industry Co., Ltd. from JAFCO Group Co., Ltd. (TSE:8595) and others. Tadano Ltd. (TSE:6395) entered into a share purchase agreement to acquire Nagano Industry Co., Ltd. from JAFCO Group Co., Ltd. (TSE:8595) and others on December 14, 2023. Nagano Industry had sales of ¥5.6 billion in 2022. Announcement • Dec 10
JAFCO Group Co., Ltd. to Report Q3, 2024 Results on Jan 26, 2024 JAFCO Group Co., Ltd. announced that they will report Q3, 2024 results on Jan 26, 2024 New Risk • Nov 11
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 53% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 82% per year for the foreseeable future. High level of non-cash earnings (53% accrual ratio). Minor Risk Paying a dividend despite having no free cash flows. New Risk • Oct 28
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 53% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 93% per year for the foreseeable future. High level of non-cash earnings (53% accrual ratio). Minor Risk Paying a dividend despite having no free cash flows. Announcement • Sep 15
JAFCO Group Co., Ltd. to Report First Half, 2024 Results on Oct 25, 2023 JAFCO Group Co., Ltd. announced that they will report first half, 2024 results on Oct 25, 2023 New Risk • Jun 25
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 46% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 79% per year for the foreseeable future. High level of non-cash earnings (46% accrual ratio). Minor Risk Paying a dividend despite having no free cash flows. Announcement • Jun 15
JAFCO Group Co., Ltd. to Report Q1, 2024 Results on Jul 26, 2023 JAFCO Group Co., Ltd. announced that they will report Q1, 2024 results on Jul 26, 2023 Announcement • May 12
JAFCO Group Co., Ltd. Decides to Pay Dividend for the Fiscal Year Ended March 31, 2023 JAFCO Group Co., Ltd. decided to pay a dividend of ¥150 per share for the fiscal year ended March 31,2023 with the aim of providing as much returns as possible to its shareholders who continued to own itsshares in the course of the share buyback and the issuer tender offer based on the resolution of the Boardof Directors' meeting held on December 21, 2022. The Record date of March 31, 2023 and Effective date of May 26, 2023. Price Target Changed • Apr 29
Price target decreased by 14% to JP¥2,065 Down from JP¥2,390, the current price target is an average from 2 analysts. New target price is 19% above last closing price of JP¥1,730. Stock is up 10.0% over the past year. The company is forecast to post earnings per share of JP¥74.80 for next year compared to JP¥587 last year. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥150 per share at 7.4% yield Eligible shareholders must have bought the stock before 30 March 2023. Payment date: 26 May 2023. Payout ratio is a comfortable 7.9% but the company is not cash flow positive. Trailing yield: 7.4%. Within top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (3.8%). Announcement • Dec 16
JAFCO Group Co., Ltd. to Report Nine Months, 2023 Results on Jan 25, 2023 JAFCO Group Co., Ltd. announced that they will report nine months, 2023 results on Jan 25, 2023 Buying Opportunity • Dec 16
Now 20% undervalued Over the last 90 days, the stock is up 6.6%. The fair value is estimated to be JP¥2,941, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 7.0% over the last 3 years. Earnings per share has grown by 24%. Revenue is forecast to grow by 84% in 2 years. Earnings is forecast to grow by 90% in the next 2 years. Board Change • Nov 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. 2 highly experienced directors. Independent Director Yoshie Kajihara was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Major Estimate Revision • Oct 28
Consensus forecasts updated The consensus outlook for 2023 has been updated. 2023 revenue forecast fell from JP¥23.3b to JP¥18.7b. EPS estimate increased from JP¥128 to JP¥142 per share. Net income forecast to grow 55% next year vs 19% growth forecast for Capital Markets industry in Japan. Consensus price target broadly unchanged at JP¥1,933. Share price fell 3.5% to JP¥2,204 over the past week. Board Change • Aug 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. 2 highly experienced directors. Independent Director Yoshie Kajihara was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Board Change • Jul 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. 2 highly experienced directors. Independent Director Yoshie Kajihara was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Price Target Changed • Apr 27
Price target decreased to JP¥2,030 Down from JP¥2,283, the current price target is an average from 3 analysts. New target price is 29% above last closing price of JP¥1,571. Stock is down 39% over the past year. The company is forecast to post earnings per share of JP¥128 for next year compared to JP¥192 last year. Reported Earnings • Apr 27
Full year 2022 earnings: EPS and revenues miss analyst expectations Full year 2022 results: EPS: JP¥192 (down from JP¥416 in FY 2021). Revenue: JP¥27.7b (up 29% from FY 2021). Net income: JP¥15.1b (down 61% from FY 2021). Profit margin: 55% (down from 179% in FY 2021). The decrease in margin was primarily driven by lower expenses. Revenue missed analyst estimates by 16%. Earnings per share (EPS) also missed analyst estimates by 16%. Over the next year, revenue is expected to shrink by 14% compared to a 7.5% growth forecast for the funds industry in Japan. Over the last 3 years on average, earnings per share has increased by 59% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥40.00 per share Eligible shareholders must have bought the stock before 30 March 2022. Payment date: 26 May 2022. Payout ratio is a comfortable 7.9% but the company is not cash flow positive. Trailing yield: 2.3%. Lower than top quartile of Japanese dividend payers (3.4%). Lower than average of industry peers (3.9%). Price Target Changed • Feb 03
Price target decreased to JP¥2,283 Down from JP¥2,883, the current price target is an average from 3 analysts. New target price is 32% above last closing price of JP¥1,733. Stock is down 12% over the past year. The company is forecast to post earnings per share of JP¥229 for next year compared to JP¥416 last year. Price Target Changed • Nov 25
Price target increased to JP¥8,650 Up from JP¥7,733, the current price target is an average from 3 analysts. New target price is 14% above last closing price of JP¥7,570. Stock is up 63% over the past year. The company is forecast to post earnings per share of JP¥707 for next year compared to JP¥1,249 last year. Valuation Update With 7 Day Price Move • Sep 10
Investor sentiment improved over the past week After last week's 16% share price gain to JP¥7,340, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 12x in the Capital Markets industry in Japan. Total returns to shareholders of 101% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥10,336 per share. Major Estimate Revision • Apr 28
Consensus revenue estimates increase to JP¥32.8b The consensus outlook for revenues in 2022 has improved. 2022 revenue forecast increased from JP¥28.2b to JP¥32.8b. EPS estimate increased from JP¥398 to JP¥590 per share. Net income forecast to shrink 57% next year vs 4.3% growth forecast for Capital Markets industry in Japan . Consensus price target up from JP¥7,700 to JP¥8,400. Share price rose 4.3% to JP¥7,710 over the past week. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥120 per share Eligible shareholders must have bought the stock before 30 March 2021. Payment date: 27 May 2021. Trailing yield: 1.8%. Lower than top quartile of Japanese dividend payers (2.7%). Lower than average of industry peers (2.8%). Major Estimate Revision • Feb 04
Analysts increase EPS estimates to JP¥677 The 2021 consensus revenue estimate increased from JP¥19.8b to JP¥21.2b. The earnings per share estimate also received an upgrade from JP¥238 to JP¥677 for the same period. Net income is expected to grow by 366% next year compared to 5.5% growth forecast for the Capital Markets industry in Japan. The consensus price target of JP¥5,000 was unchanged from the last update. Share price is up 5.0% to JP¥5,900 over the past week. Is New 90 Day High Low • Feb 01
New 90-day high: JP¥5,830 The company is up 26% from its price of JP¥4,635 on 02 November 2020. The Japanese market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Capital Markets industry, which is up 7.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is JP¥7,897 per share. Is New 90 Day High Low • Dec 30
New 90-day high: JP¥5,150 The company is up 17% from its price of JP¥4,415 on 30 September 2020. The Japanese market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Capital Markets industry, which is up 1.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is JP¥8,076 per share. Price Target Changed • Dec 01
Price target raised to JP¥4,450 Up from JP¥3,800, the current price target is an average from 3 analysts. The new target price is close to the current share price of JP¥4,630. As of last close, the stock is up 12% over the past year. 
