Reported Earnings • May 20
First quarter 2026 earnings released: EPS: JP¥82.34 (vs JP¥85.09 in 1Q 2025) First quarter 2026 results: EPS: JP¥82.34 (down from JP¥85.09 in 1Q 2025). Revenue: JP¥9.37b (up 1.1% from 1Q 2025). Net income: JP¥2.14b (down 5.6% from 1Q 2025). Profit margin: 23% (down from 25% in 1Q 2025). 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 8.5% growth forecast for the Hospitality industry in Japan. Over the last 3 years on average, earnings per share has increased by 11% per year whereas the company’s share price has increased by 6% per year. Announcement • May 09
Tokyotokeiba Co.,Ltd. to Report Q1, 2026 Results on May 15, 2026 Tokyotokeiba Co.,Ltd. announced that they will report Q1, 2026 results on May 15, 2026 Declared Dividend • Apr 11
Final dividend of JP¥60.00 announced Shareholders will receive a dividend of JP¥60.00. Ex-date: 29th June 2026 Payment date: 1st September 2026 Dividend yield will be 2.3%, which is higher than the industry average of 0.6%. Sustainability & Growth Dividend is well covered by both earnings (30% earnings payout ratio) and cash flows (29% cash payout ratio). The dividend has increased by an average of 17% 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 grow by 18% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Board Change • Mar 29
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Outside Director Yoshinari Morisaki was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Feb 16
Tokyotokeiba Co.,Ltd., Annual General Meeting, Mar 26, 2026 Tokyotokeiba Co.,Ltd., Annual General Meeting, Mar 26, 2026. Reported Earnings • Feb 14
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: EPS: JP¥392 (up from JP¥360 in FY 2024). Revenue: JP¥41.8b (up 3.3% from FY 2024). Net income: JP¥10.5b (up 7.8% from FY 2024). Profit margin: 25% (up from 24% in FY 2024). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 1.4%. Revenue is forecast to grow 5.4% p.a. on average during the next 2 years, compared to a 9.0% growth forecast for the Hospitality industry in Japan. Over the last 3 years on average, earnings per share has increased by 9% per year whereas the company’s share price has increased by 14% per year. Buy Or Sell Opportunity • Jan 06
Now 20% undervalued The stock has been flat over the last 90 days, currently trading at JP¥5,570. The fair value is estimated to be JP¥7,002, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.2% over the last 3 years. Earnings per share has grown by 5.2%. Revenue is forecast to grow by 11% in 2 years. Earnings are forecast to grow by 21% in the next 2 years. Board Change • Dec 25
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Outside Director Yoshinari Morisaki was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Dec 25
Tokyotokeiba Co.,Ltd. to Report Fiscal Year 2025 Results on Feb 13, 2026 Tokyotokeiba Co.,Ltd. announced that they will report fiscal year 2025 results on Feb 13, 2026 Upcoming Dividend • Dec 22
Upcoming dividend of JP¥69.00 per share Eligible shareholders must have bought the stock before 29 December 2025. Payment date: 27 March 2026. Payout ratio is a comfortable 30% and this is well supported by cash flows. Trailing yield: 1.9%. Lower than top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (0.9%). Buy Or Sell Opportunity • Dec 09
Now 21% undervalued Over the last 90 days, the stock has risen 5.3% to JP¥5,550. The fair value is estimated to be JP¥7,012, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.2% over the last 3 years. Earnings per share has grown by 5.2%. Revenue is forecast to grow by 11% in 2 years. Earnings are forecast to grow by 21% in the next 2 years. Reported Earnings • Nov 16
Third quarter 2025 earnings released: EPS: JP¥113 (vs JP¥116 in 3Q 2024) Third quarter 2025 results: EPS: JP¥113 (down from JP¥116 in 3Q 2024). Revenue: JP¥11.9b (up 2.8% from 3Q 2024). Net income: JP¥3.03b (down 2.5% from 3Q 2024). Profit margin: 26% (down from 27% in 3Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 4.7% p.a. on average during the next 3 years, compared to a 9.3% growth forecast for the Hospitality industry in Japan. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has increased by 11% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Sep 30
Tokyotokeiba Co.,Ltd. to Report Q3, 2025 Results on Nov 13, 2025 Tokyotokeiba Co.,Ltd. announced that they will report Q3, 2025 results on Nov 13, 2025 Declared Dividend • Sep 02
First half dividend of JP¥65.00 announced Shareholders will receive a dividend of JP¥65.00. Ex-date: 29th December 2025 Payment date: 27th March 2026 Dividend yield will be 2.1%, which is higher than the industry average of 0.6%. Sustainability & Growth Dividend is well covered by both earnings (30% earnings payout ratio) and cash flows (17% cash payout ratio). The dividend has increased by an average of 14% 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 grow by 22% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Aug 02
Second quarter 2025 earnings released: EPS: JP¥95.69 (vs JP¥93.87 in 2Q 2024) Second quarter 2025 results: EPS: JP¥95.69 (up from JP¥93.87 in 2Q 2024). Revenue: JP¥10.0b (up 1.6% from 2Q 2024). Net income: JP¥2.55b (flat on 2Q 2024). Profit margin: 26% (in line with 2Q 2024). Revenue is forecast to grow 3.3% p.a. on average during the next 3 years, compared to a 6.6% growth forecast for the Hospitality industry in Japan. Over the last 3 years on average, earnings per share has increased by 3% per year whereas the company’s share price has increased by 5% per year. Announcement • Jun 20
Tokyotokeiba Co.,Ltd. to Report Q2, 2025 Results on Jul 31, 2025 Tokyotokeiba Co.,Ltd. announced that they will report Q2, 2025 results on Jul 31, 2025 Declared Dividend • Apr 11
Final dividend of JP¥45.00 announced Shareholders will receive a dividend of JP¥45.00. Ex-date: 27th June 2025 Payment date: 2nd September 2025 Dividend yield will be 2.8%, which is higher than the industry average of 0.6%. Sustainability & Growth Dividend is covered by both earnings (28% earnings payout ratio) and cash flows (52% cash payout ratio). The dividend has increased by an average of 14% 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 grow by 17% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Mar 27
Tokyotokeiba Co.,Ltd. to Report Q1, 2025 Results on May 14, 2025 Tokyotokeiba Co.,Ltd. announced that they will report Q1, 2025 results on May 14, 2025 Reported Earnings • Feb 16
Full year 2024 earnings: EPS exceeds analyst expectations Full year 2024 results: EPS: JP¥360 (up from JP¥308 in FY 2023). Revenue: JP¥40.4b (up 7.7% from FY 2023). Net income: JP¥9.71b (up 15% from FY 2023). Profit margin: 24% (up from 23% in FY 2023). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 1.4%. Revenue is forecast to grow 4.3% p.a. on average during the next 2 years, compared to a 6.6% growth forecast for the Hospitality industry in Japan. Over the last 3 years on average, earnings per share has increased by 1% per year whereas the company’s share price has increased by 3% per year. Announcement • Feb 14
Tokyotokeiba Co.,Ltd., Annual General Meeting, Mar 26, 2025 Tokyotokeiba Co.,Ltd., Annual General Meeting, Mar 26, 2025. Announcement • Jan 03
Tokyotokeiba Co.,Ltd. to Report Fiscal Year 2024 Results on Feb 14, 2025 Tokyotokeiba Co.,Ltd. announced that they will report fiscal year 2024 results on Feb 14, 2025 Upcoming Dividend • Dec 20
Upcoming dividend of JP¥60.00 per share Eligible shareholders must have bought the stock before 27 December 2024. Payment date: 31 March 2025. Payout ratio is a comfortable 28% but the company is not cash flow positive. Trailing yield: 2.2%. Lower than top quartile of Japanese dividend payers (3.8%). Higher than average of industry peers (0.8%). Reported Earnings • Nov 02
Third quarter 2024 earnings released: EPS: JP¥116 (vs JP¥103 in 3Q 2023) Third quarter 2024 results: EPS: JP¥116 (up from JP¥103 in 3Q 2023). Revenue: JP¥11.6b (up 9.4% from 3Q 2023). Net income: JP¥3.11b (up 9.7% from 3Q 2023). Profit margin: 27% (in line with 3Q 2023). Revenue is forecast to grow 7.1% p.a. on average during the next 3 years, compared to a 6.6% growth forecast for the Hospitality 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 3% per year, which means it is significantly lagging earnings. Announcement • Sep 25
Tokyotokeiba Co.,Ltd. to Report Q3, 2024 Results on Oct 31, 2024 Tokyotokeiba Co.,Ltd. announced that they will report Q3, 2024 results on Oct 31, 2024 Announcement • Aug 09
Tokyotokeiba Co.,Ltd. Announces Dividend for Six Months Ended June 30, 2024, Payable on September 2, 2024 Tokyotokeiba Co.,Ltd. announced a half year-ended dividend of JPY 40.00 per share for the year ending December 31, 2024 compared to JPY 30.00 per share paid a year ago. Scheduled date of commencing dividend payments: September 2, 2024. Reported Earnings • Aug 02
Second quarter 2024 earnings released: EPS: JP¥93.87 (vs JP¥86.14 in 2Q 2023) Second quarter 2024 results: EPS: JP¥93.87 (up from JP¥86.14 in 2Q 2023). Revenue: JP¥9.88b (up 8.0% from 2Q 2023). Net income: JP¥2.54b (up 7.7% from 2Q 2023). Profit margin: 26% (in line with 2Q 2023). Revenue is forecast to grow 7.4% p.a. on average during the next 3 years, compared to a 6.8% growth forecast for the Hospitality industry in Japan. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Declared Dividend • Aug 02
First half dividend of JP¥55.00 announced Shareholders will receive a dividend of JP¥55.00. Ex-date: 27th December 2024 Payment date: 31st March 2025 Dividend yield will be 2.4%, which is higher than the industry average of 0.6%. Sustainability & Growth Dividend is covered by earnings (26% 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 and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 25% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Jun 23
Tokyotokeiba Co.,Ltd. to Report Q2, 2024 Results on Jul 31, 2024 Tokyotokeiba Co.,Ltd. announced that they will report Q2, 2024 results on Jul 31, 2024 Upcoming Dividend • Jun 20
Upcoming dividend of JP¥40.00 per share Eligible shareholders must have bought the stock before 27 June 2024. Payment date: 02 September 2024. Payout ratio is a comfortable 27% but the company is not cash flow positive. Trailing yield: 2.4%. Lower than top quartile of Japanese dividend payers (3.4%). Higher than average of industry peers (0.7%). Reported Earnings • May 01
First quarter 2024 earnings released: EPS: JP¥71.05 (vs JP¥43.27 in 1Q 2023) First quarter 2024 results: EPS: JP¥71.05 (up from JP¥43.27 in 1Q 2023). Revenue: JP¥8.78b (up 6.4% from 1Q 2023). Net income: JP¥1.94b (up 64% from 1Q 2023). Profit margin: 22% (up from 14% in 1Q 2023). The increase in margin was primarily driven by higher revenue. Revenue is forecast to grow 6.4% p.a. on average during the next 3 years, compared to a 7.5% growth forecast for the Hospitality industry in Japan. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Declared Dividend • Apr 11
Final dividend increased to JP¥40.00 Dividend of JP¥40.00 is 33% higher than last year. Ex-date: 27th June 2024 Payment date: 2nd September 2024 Dividend yield will be 2.3%, which is higher than the industry average of 0.6%. Sustainability & Growth Dividend is covered by earnings (27% 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 and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 31% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Mar 28
Tokyotokeiba Co.,Ltd. to Report Q1, 2024 Results on Apr 30, 2024 Tokyotokeiba Co.,Ltd. announced that they will report Q1, 2024 results on Apr 30, 2024 Announcement • Mar 01
Tokyotokeiba Co.,Ltd. Provides Dividend Guidance for the Full Year Ending December 31, 2024 Tokyotokeiba Co.,Ltd. provided dividend guidance for the full year ending December 31, 2024. For the year, the company expects to pay dividend of JPY 55.00 per share compared to JPY 60.00 per share a year ago. Announcement • Dec 24
Tokyotokeiba Co.,Ltd. to Report Fiscal Year 2023 Results on Feb 14, 2024 Tokyotokeiba Co.,Ltd. announced that they will report fiscal year 2023 results on Feb 14, 2024 Upcoming Dividend • Dec 21
Upcoming dividend of JP¥60.00 per share at 2.1% yield Eligible shareholders must have bought the stock before 28 December 2023. Payment date: 01 April 2024. Payout ratio is a comfortable 27% but the company is paying out more than the cash it is generating. Trailing yield: 2.1%. Lower than top quartile of Japanese dividend payers (3.5%). Higher than average of industry peers (0.6%). Announcement • Nov 11
Tokyotokeiba Co.,Ltd. Provides Consolidated Earnings Guidance for the Full Year Ending December 31, 2023 Tokyotokeiba Co.,Ltd. provided consolidated earnings guidance for the full year ending December 31, 2023. For the full year, the company expects Net sales of JPY 37,214 million, Operating profit of JPY 12,859 million, Profit attributable to owners of parent of JPY 8,110 million, Basic earnings per share of JPY 295.85. Reported Earnings • Nov 02
Third quarter 2023 earnings released: EPS: JP¥103 (vs JP¥117 in 3Q 2022) Third quarter 2023 results: EPS: JP¥103 (down from JP¥117 in 3Q 2022). Revenue: JP¥10.6b (up 6.5% from 3Q 2022). Net income: JP¥2.83b (down 12% from 3Q 2022). Profit margin: 27% (down from 32% in 3Q 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 8.0% growth forecast for the Hospitality industry in Japan. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Announcement • Sep 28
Tokyotokeiba Co.,Ltd. to Report Q3, 2023 Results on Oct 31, 2023 Tokyotokeiba Co.,Ltd. announced that they will report Q3, 2023 results on Oct 31, 2023 Price Target Changed • Aug 17
Price target decreased by 12% to JP¥4,950 Down from JP¥5,600, the current price target is provided by 1 analyst. New target price is 30% above last closing price of JP¥3,810. Stock is down 11% over the past year. The company is forecast to post earnings per share of JP¥304 for next year compared to JP¥342 last year. New Risk • Aug 03
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. Cash payout ratio: 147% Dividend yield: 2.0% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. 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. Reported Earnings • Aug 01
Second quarter 2023 earnings released: EPS: JP¥86.14 (vs JP¥109 in 2Q 2022) Second quarter 2023 results: EPS: JP¥86.14 (down from JP¥109 in 2Q 2022). Revenue: JP¥9.15b (up 4.6% from 2Q 2022). Net income: JP¥2.36b (down 21% from 2Q 2022). Profit margin: 26% (down from 34% 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 8.6% growth forecast for the Hospitality 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 fallen by 5% per year, which means it is significantly lagging earnings. Announcement • Jun 28
Tokyotokeiba Co.,Ltd. to Report Q2, 2023 Results on Jul 31, 2023 Tokyotokeiba Co.,Ltd. announced that they will report Q2, 2023 results on Jul 31, 2023 Upcoming Dividend • Jun 22
Upcoming dividend of JP¥30.00 per share at 1.9% yield Eligible shareholders must have bought the stock before 29 June 2023. Payment date: 01 September 2023. Payout ratio is a comfortable 24% and this is well supported by cash flows. Trailing yield: 1.9%. Lower than top quartile of Japanese dividend payers (3.5%). Higher than average of industry peers (0.5%). Reported Earnings • Apr 29
First quarter 2023 earnings released: EPS: JP¥43.27 (vs JP¥75.15 in 1Q 2022) First quarter 2023 results: EPS: JP¥43.27 (down from JP¥75.15 in 1Q 2022). Revenue: JP¥8.25b (up 3.7% from 1Q 2022). Net income: JP¥1.19b (down 42% from 1Q 2022). Profit margin: 14% (down from 26% in 1Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 5.3% p.a. on average during the next 3 years, compared to a 4.7% growth forecast for the Hospitality industry in Japan. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Mar 31
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to JP¥4,045, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 31x in the Hospitality industry in Japan. Total returns to shareholders of 75% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥2,731 per share. Reported Earnings • Feb 16
Full year 2022 earnings: EPS exceeds analyst expectations Full year 2022 results: EPS: JP¥342 (up from JP¥320 in FY 2021). Revenue: JP¥35.5b (up 12% from FY 2021). Net income: JP¥9.39b (up 3.3% from FY 2021). Profit margin: 27% (down from 29% in FY 2021). 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 6.2% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Hospitality industry in Japan. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Price Target Changed • Jan 12
Price target decreased to JP¥5,650 Down from JP¥6,150, the current price target is an average from 2 analysts. New target price is 51% above last closing price of JP¥3,730. Stock is down 8.9% over the past year. The company is forecast to post earnings per share of JP¥325 for next year compared to JP¥320 last year. Announcement • Dec 24
Tokyotokeiba Co.,Ltd. to Report Fiscal Year 2022 Results on Feb 14, 2023 Tokyotokeiba Co.,Ltd. announced that they will report fiscal year 2022 results on Feb 14, 2023 Upcoming Dividend • Dec 22
Upcoming dividend of JP¥35.00 per share Eligible shareholders must have bought the stock before 29 December 2022. Payment date: 30 March 2023. Payout ratio is a comfortable 17% and this is well supported by cash flows. Trailing yield: 1.7%. Lower than top quartile of Japanese dividend payers (3.8%). Higher than average of industry peers (0.6%). Reported Earnings • Nov 16
Third quarter 2022 earnings released: EPS: JP¥117 (vs JP¥87.32 in 3Q 2021) Third quarter 2022 results: EPS: JP¥117 (up from JP¥87.32 in 3Q 2021). Revenue: JP¥9.92b (up 16% from 3Q 2021). Net income: JP¥3.22b (up 29% from 3Q 2021). Profit margin: 32% (up from 29% in 3Q 2021). 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 11% growth forecast for the Hospitality industry in Japan. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Reported Earnings • Oct 30
Third quarter 2022 earnings released: EPS: JP¥117 (vs JP¥87.32 in 3Q 2021) Third quarter 2022 results: EPS: JP¥117 (up from JP¥87.32 in 3Q 2021). Revenue: JP¥9.92b (up 16% from 3Q 2021). Net income: JP¥3.22b (up 29% from 3Q 2021). Profit margin: 32% (up from 29% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 6.0% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Hospitality industry in Japan. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Announcement • Sep 29
Tokyotokeiba Co.,Ltd. to Report Q3, 2022 Results on Oct 28, 2022 Tokyotokeiba Co.,Ltd. announced that they will report Q3, 2022 results on Oct 28, 2022 Reported Earnings • Jul 31
Second quarter 2022 earnings released: EPS: JP¥109 (vs JP¥84.31 in 2Q 2021) Second quarter 2022 results: EPS: JP¥109 (up from JP¥84.31 in 2Q 2021). Revenue: JP¥8.75b (up 11% from 2Q 2021). Net income: JP¥2.99b (up 24% from 2Q 2021). Profit margin: 34% (up from 31% in 2Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 10%, compared to a 37% growth forecast for the industry in Japan. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jun 22
Upcoming dividend of JP¥30.00 per share Eligible shareholders must have bought the stock before 29 June 2022. Payment date: 01 September 2022. Payout ratio is a comfortable 20% and this is well supported by cash flows. Trailing yield: 1.7%. Lower than top quartile of Japanese dividend payers (3.8%). Higher than average of industry peers (0.6%). Reported Earnings • Apr 30
First quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2022 results: EPS: JP¥75.15 (up from JP¥71.49 in 1Q 2021). Revenue: JP¥7.95b (up 12% from 1Q 2021). Net income: JP¥2.06b (flat on 1Q 2021). Profit margin: 26% (down from 29% in 1Q 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 3.2%. Earnings per share (EPS) missed analyst estimates by 2.1%. Over the next year, revenue is forecast to grow 11%, compared to a 62% growth forecast for the industry in Japan. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Board Change • Apr 27
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. 5 highly experienced directors. No independent directors (10 non-independent directors). MD, Head of General Affairs, Amusement Park Business & Services Business and Director Keiichi Iguchi was the last director to join the board, commencing their role in 2013. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Announcement • Apr 08
Tokyotokeiba Co.,Ltd. to Report Q1, 2022 Results on Apr 28, 2022 Tokyotokeiba Co.,Ltd. announced that they will report Q1, 2022 results on Apr 28, 2022 Reported Earnings • Feb 18
Full year 2021 earnings: EPS misses analyst expectations Full year 2021 results: EPS: JP¥320 (up from JP¥181 in FY 2020). Revenue: JP¥31.8b (up 11% from FY 2020). Net income: JP¥9.08b (up 76% from FY 2020). Profit margin: 29% (up from 18% in FY 2020). The increase in margin was primarily driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 2.1%. Over the next year, revenue is forecast to grow 12%, compared to a 69% growth forecast for the restaurants industry in Japan. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Announcement • Feb 16
Tokyotokeiba Co.,Ltd., Annual General Meeting, Mar 29, 2022 Tokyotokeiba Co.,Ltd., Annual General Meeting, Mar 29, 2022. Major Estimate Revision • Feb 16
Consensus EPS estimates fall by 11% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from JP¥35.9b to JP¥35.5b. EPS estimate also fell from JP¥353 per share to JP¥313 per share. Net income forecast to grow 32% next year vs 30% growth forecast for Hospitality industry in Japan. Consensus price target of JP¥6,050 unchanged from last update. Share price fell 5.4% to JP¥4,135 over the past week. Upcoming Dividend • Dec 22
Upcoming dividend of JP¥30.00 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 31 March 2022. Payout ratio is a comfortable 26% and this is well supported by cash flows. Trailing yield: 1.4%. Lower than top quartile of Japanese dividend payers (3.3%). Higher than average of industry peers (0.5%). Reported Earnings • Oct 29
Third quarter 2021 earnings released: EPS JP¥87.32 (vs JP¥83.91 in 3Q 2020) The company reported a solid third quarter result with improved earnings and revenues, although profit margins were weaker. Third quarter 2021 results: Revenue: JP¥8.55b (up 8.0% from 3Q 2020). Net income: JP¥2.49b (up 4.0% from 3Q 2020). Profit margin: 29% (down from 30% in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Price Target Changed • Aug 25
Price target decreased to JP¥5,950 Down from JP¥6,450, the current price target is an average from 3 analysts. New target price is 44% above last closing price of JP¥4,120. Stock is down 19% over the past year. Reported Earnings • Aug 03
Second quarter 2021 earnings released: EPS JP¥84.31 (vs JP¥77.64 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: JP¥7.88b (up 4.7% from 2Q 2020). Net income: JP¥2.41b (up 8.6% from 2Q 2020). Profit margin: 31% (up from 30% in 2Q 2020). Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Upcoming Dividend • Jun 22
Upcoming dividend of JP¥30.00 per share Eligible shareholders must have bought the stock before 29 June 2021. Payment date: 01 September 2021. Trailing yield: 1.3%. Lower than top quartile of Japanese dividend payers (3.1%). Higher than average of industry peers (0.5%). Price Target Changed • May 17
Price target increased to JP¥8,000 Up from JP¥7,350, the current price target is an average from 3 analysts. New target price is 54% above last closing price of JP¥5,190. Stock is up 44% over the past year. Reported Earnings • May 03
First quarter 2021 earnings released: EPS JP¥71.49 (vs JP¥32.50 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: JP¥7.10b (up 27% from 1Q 2020). Net income: JP¥2.04b (up 120% from 1Q 2020). Profit margin: 29% (up from 17% in 1Q 2020). Over the last 3 years on average, earnings per share has increased by 13% per year whereas the company’s share price has increased by 10% per year. Reported Earnings • Apr 03
Full year 2020 earnings released The company reported a mediocre full year result with weaker profit margins, although earnings were flat and revenues improved. Full year 2020 results: Revenue: JP¥28.8b (up 16% from FY 2019). Net income: JP¥5.18b (flat on FY 2019). Profit margin: 18% (down from 21% in FY 2019). Over the last 3 years on average, earnings per share has increased by 16% per year whereas the company’s share price has increased by 12% per year. Is New 90 Day High Low • Mar 02
New 90-day high: JP¥5,290 The company is up 1.0% from its price of JP¥5,260 on 02 December 2020. The Japanese market is up 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Hospitality 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¥5,897 per share. Reported Earnings • Feb 17
Full year 2020 earnings released: EPS JP¥181 (vs JP¥182 in FY 2019) The company reported a mediocre full year result with weaker profit margins, although earnings were flat and revenues improved. Full year 2020 results: Revenue: JP¥28.8b (up 16% from FY 2019). Net income: JP¥5.18b (flat on FY 2019). Profit margin: 18% (down from 21% in FY 2019). Over the last 3 years on average, earnings per share has increased by 13% per year whereas the company’s share price has increased by 10% per year. Analyst Estimate Surprise Post Earnings • Feb 17
Revenue beats expectations, earnings disappoint Revenue exceeded analyst estimates by 0.5%. Earnings per share (EPS) missed analyst estimates by 1.3%. Over the next year, revenue is forecast to grow 15%, compared to a 43% growth forecast for the Hospitality industry in Japan. Announcement • Feb 17
Tokyotokeiba Co.,Ltd., Annual General Meeting, Mar 30, 2021 Tokyotokeiba Co.,Ltd., Annual General Meeting, Mar 30, 2021. Major Estimate Revision • Jan 23
Analysts update estimates The 2020 consensus earning per share (EPS) estimate was lowered from JP¥207 to JP¥184. Revenue estimate was approximately flat at JP¥28.7b. Net income is expected to grow by 25% next year compared to 28% growth forecast for the Hospitality industry in Japan. The consensus price target of JP¥7,250 was unchanged from the last update. Share price is up 1.5% to JP¥4,415 over the past week. Is New 90 Day High Low • Jan 13
New 90-day low: JP¥4,350 The company is down 22% from its price of JP¥5,580 on 15 October 2020. The Japanese market is up 12% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Hospitality industry, which is up 2.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is JP¥6,410 per share. 
