Declared Dividend • Jun 09
First half dividend of JP¥85.00 announced Dividend of JP¥85.00 is the same as last year. Ex-date: 29th September 2026 Payment date: 18th December 2026 Dividend yield will be 3.6%, which is higher than the industry average of 1.4%. 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 13% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to decline by 30% over the next 3 years. However, it would need to fall by 71% to increase the payout ratio to a potentially unsustainable range. Reported Earnings • Apr 28
Second quarter 2026 earnings released: EPS: JP¥370 (vs JP¥247 in 2Q 2025) Second quarter 2026 results: EPS: JP¥370 (up from JP¥247 in 2Q 2025). Revenue: JP¥41.7b (up 10% from 2Q 2025). Net income: JP¥5.84b (up 50% from 2Q 2025). Profit margin: 14% (up from 10% in 2Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 2.3% p.a. on average during the next 3 years, compared to a 4.9% growth forecast for the IT 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 fallen by 3% per year, which means it is significantly lagging earnings. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥80.00 per share Eligible shareholders must have bought the stock before 30 March 2026. Payment date: 09 June 2026. Payout ratio is a comfortable 32% but the company is paying out more than the cash it is generating. Trailing yield: 3.6%. Within top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (1.8%). Reported Earnings • Feb 07
First quarter 2026 earnings released: EPS: JP¥167 (vs JP¥62.96 in 1Q 2025) First quarter 2026 results: EPS: JP¥167 (up from JP¥62.96 in 1Q 2025). Revenue: JP¥30.9b (up 12% from 1Q 2025). Net income: JP¥2.63b (up 166% from 1Q 2025). Profit margin: 8.5% (up from 3.6% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 2.9% p.a. on average during the next 3 years, compared to a 5.2% growth forecast for the IT industry in Japan. Over the last 3 years on average, earnings per share has fallen by 2% per year whereas the company’s share price has increased by 1% per year. Declared Dividend • Jan 08
Final dividend of JP¥80.00 announced Dividend of JP¥80.00 is the same as last year. Ex-date: 30th March 2026 Payment date: 9th June 2026 Dividend yield will be 3.3%, which is higher than the industry average of 1.4%. Sustainability & Growth Dividend is covered by earnings (41% earnings payout ratio) but not covered by cash flows (dividend approximately 103x free cash flows). The dividend has increased by an average of 13% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to decline by 4.1% over the next 3 years. However, it would need to fall by 55% to increase the payout ratio to a potentially unsustainable range. Announcement • Jan 08
Mitsubishi Research Institute, Inc. to Report Fiscal Year 2026 Results on Nov 04, 2026 Mitsubishi Research Institute, Inc. announced that they will report fiscal year 2026 results on Nov 04, 2026 New Risk • Nov 26
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 1.4% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 1.4% per year for the foreseeable future. Minor Risk Dividend is not well covered by cash flows (dividend per share is over 103x cash flows per share). New Risk • Nov 01
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. Dividend per share is over 100x cash flows per share. Dividend yield: 3.3% 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 • Oct 31
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: EPS: JP¥406 (up from JP¥316 in FY 2024). Revenue: JP¥121.5b (up 5.3% from FY 2024). Net income: JP¥6.39b (up 28% from FY 2024). Profit margin: 5.3% (up from 4.3% 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 20%. Revenue is forecast to grow 4.7% p.a. on average during the next 2 years, compared to a 5.2% growth forecast for the IT industry in Japan. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Announcement • Oct 30
Mitsubishi Research Institute, Inc., Annual General Meeting, Dec 17, 2025 Mitsubishi Research Institute, Inc., Annual General Meeting, Dec 17, 2025. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥80.00 per share Eligible shareholders must have bought the stock before 29 September 2025. Payment date: 19 December 2025. Payout ratio is a comfortable 25% and this is well supported by cash flows. Trailing yield: 3.0%. Lower than top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (1.2%). Announcement • Aug 29
Mitsubishi Research Institute, Inc. to Report Fiscal Year 2025 Results on Oct 30, 2025 Mitsubishi Research Institute, Inc. announced that they will report fiscal year 2025 results on Oct 30, 2025 Reported Earnings • Jul 31
Third quarter 2025 earnings released: EPS: JP¥6.73 (vs JP¥86.52 loss in 3Q 2024) Third quarter 2025 results: EPS: JP¥6.73 (up from JP¥86.52 loss in 3Q 2024). Revenue: JP¥26.2b (up 10% from 3Q 2024). Net income: JP¥106.0m (up JP¥1.47b from 3Q 2024). Profit margin: 0.4% (up from net loss in 3Q 2024). The move to profitability was driven by higher revenue. Revenue is forecast to grow 5.6% p.a. on average during the next 3 years, compared to a 5.4% growth forecast for the IT industry in Japan. Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Declared Dividend • Jun 10
First half dividend of JP¥80.00 announced Dividend of JP¥80.00 is the same as last year. Ex-date: 29th September 2025 Payment date: 19th December 2025 Dividend yield will be 3.5%, which is higher than the industry average of 1.4%. Sustainability & Growth Dividend is covered by both earnings (69% earnings payout ratio) and cash flows (42% cash payout ratio). The dividend has increased by an average of 15% 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 104% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Apr 26
Second quarter 2025 earnings released: EPS: JP¥247 (vs JP¥317 in 2Q 2024) Second quarter 2025 results: EPS: JP¥247 (down from JP¥317 in 2Q 2024). Revenue: JP¥37.7b (down 2.9% from 2Q 2024). Net income: JP¥3.89b (down 23% from 2Q 2024). Profit margin: 10% (down from 13% in 2Q 2024). Revenue is forecast to grow 5.5% p.a. on average during the next 3 years, compared to a 6.2% growth forecast for the IT industry in Japan. Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Apr 14
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to JP¥4,700, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 17x in the IT industry in Japan. Total returns to shareholders of 33% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥8,297 per share. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥80.00 per share Eligible shareholders must have bought the stock before 28 March 2025. Payment date: 09 June 2025. Payout ratio is a comfortable 52% and this is well supported by cash flows. Trailing yield: 3.2%. Lower than top quartile of Japanese dividend payers (3.7%). Higher than average of industry peers (1.4%). Reported Earnings • Feb 06
First quarter 2025 earnings released: EPS: JP¥62.96 (vs JP¥74.07 in 1Q 2024) First quarter 2025 results: EPS: JP¥62.96 (down from JP¥74.07 in 1Q 2024). Revenue: JP¥27.7b (flat on 1Q 2024). Net income: JP¥991.0m (down 16% from 1Q 2024). Profit margin: 3.6% (down from 4.3% in 1Q 2024). Revenue is forecast to grow 5.8% p.a. on average during the next 3 years, compared to a 5.5% growth forecast for the IT industry in Japan. Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Declared Dividend • Jan 06
Final dividend of JP¥80.00 announced Shareholders will receive a dividend of JP¥80.00. Ex-date: 28th March 2025 Payment date: 9th June 2025 Dividend yield will be 3.3%, which is higher than the industry average of 1.4%. Sustainability & Growth Dividend is covered by both earnings (51% earnings payout ratio) and cash flows (27% cash payout ratio). The dividend has increased by an average of 15% 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 48% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Major Estimate Revision • Nov 21
Consensus EPS estimates fall by 12%, revenue upgraded The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast increased from JP¥119.5b to JP¥121.5b. EPS estimate fell from JP¥391 to JP¥343 per share. Net income forecast to grow 7.9% next year vs 16% growth forecast for IT industry in Japan. Consensus price target of JP¥5,800 unchanged from last update. Share price was steady at JP¥4,345 over the past week. Reported Earnings • Nov 01
Full year 2024 earnings: EPS misses analyst expectations Full year 2024 results: EPS: JP¥316 (down from JP¥392 in FY 2023). Revenue: JP¥115.4b (down 5.5% from FY 2023). Net income: JP¥5.00b (down 20% from FY 2023). Profit margin: 4.3% (down from 5.1% in FY 2023). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 3.8%. Revenue is forecast to grow 3.8% p.a. on average during the next 2 years, compared to a 5.2% growth forecast for the IT industry in Japan. Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Announcement • Oct 30
Mitsubishi Research Institute, Inc., Annual General Meeting, Dec 18, 2024 Mitsubishi Research Institute, Inc., Annual General Meeting, Dec 18, 2024. Upcoming Dividend • Sep 20
Upcoming dividend of JP¥80.00 per share Eligible shareholders must have bought the stock before 27 September 2024. Payment date: 20 December 2024. Payout ratio is a comfortable 47% and this is well supported by cash flows. Trailing yield: 3.9%. Within top quartile of Japanese dividend payers (3.8%). Higher than average of industry peers (1.4%). Announcement • Aug 29
Mitsubishi Research Institute, Inc. to Report Fiscal Year 2024 Results on Oct 30, 2024 Mitsubishi Research Institute, Inc. announced that they will report fiscal year 2024 results on Oct 30, 2024 Major Estimate Revision • Aug 28
Consensus EPS estimates fall by 17% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from JP¥117.5b to JP¥116.0b. EPS estimate also fell from JP¥395 per share to JP¥329 per share. Net income forecast to grow 14% next year vs 17% growth forecast for IT industry in Japan. Consensus price target of JP¥5,800 unchanged from last update. Share price was steady at JP¥4,230 over the past week. Valuation Update With 7 Day Price Move • Aug 06
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to JP¥4,115, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 15x in the IT industry in Japan. Total returns to shareholders of 14% over the past three years. Reported Earnings • Aug 01
Third quarter 2024 earnings released: JP¥86.52 loss per share (vs JP¥37.67 loss in 3Q 2023) Third quarter 2024 results: JP¥86.52 loss per share (further deteriorated from JP¥37.67 loss in 3Q 2023). Revenue: JP¥23.7b (flat on 3Q 2023). Net loss: JP¥1.36b (loss widened 127% from 3Q 2023). Revenue is forecast to grow 3.2% p.a. on average during the next 3 years, compared to a 4.8% growth forecast for the IT industry in Japan. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Declared Dividend • Apr 27
Dividend of JP¥80.00 announced Shareholders will receive a dividend of JP¥80.00. Ex-date: 27th September 2024 Payment date: 20th December 2024 Dividend yield will be 3.3%, which is higher than the industry average of 1.4%. Sustainability & Growth Dividend is covered by earnings (20% earnings payout ratio) but not covered by cash flows (dividend approximately 11x free cash flows). The dividend has increased by an average of 18% 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. Reported Earnings • Apr 26
Second quarter 2024 earnings released: EPS: JP¥317 (vs JP¥328 in 2Q 2023) Second quarter 2024 results: EPS: JP¥317 (down from JP¥328 in 2Q 2023). Revenue: JP¥38.9b (down 15% from 2Q 2023). Net income: JP¥5.03b (down 4.5% from 2Q 2023). Profit margin: 13% (up from 12% in 2Q 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 2.9% p.a. on average during the next 3 years, compared to a 5.0% growth forecast for the IT 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 6% per year. Announcement • Apr 02
Mitsubishi Research Institute, Inc. to Report Q2, 2024 Results on Apr 25, 2024 Mitsubishi Research Institute, Inc. announced that they will report Q2, 2024 results on Apr 25, 2024 Upcoming Dividend • Mar 21
Upcoming dividend of JP¥80.00 per share Eligible shareholders must have bought the stock before 28 March 2024. Payment date: 07 June 2024. Payout ratio is a comfortable 39% but the company is paying out more than the cash it is generating. Trailing yield: 3.1%. Lower than top quartile of Japanese dividend payers (3.2%). Higher than average of industry peers (1.4%). Reported Earnings • Feb 08
First quarter 2024 earnings released: EPS: JP¥74.07 (vs JP¥77.60 in 1Q 2023) First quarter 2024 results: EPS: JP¥74.07 (down from JP¥77.60 in 1Q 2023). Revenue: JP¥27.7b (flat on 1Q 2023). Net income: JP¥1.18b (down 6.6% from 1Q 2023). Profit margin: 4.3% (down from 4.6% in 1Q 2023). Revenue is forecast to stay flat during the next 3 years compared to a 5.5% growth forecast for the IT 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 5% per year. Board Change • Jan 30
High number of new and inexperienced directors There are 8 new directors who have joined the board in the last 3 years. The company's board is composed of: 8 new directors. 3 experienced directors. 1 highly experienced director. Outside Audit & Supervisory Board Member Kenji Matsuo is the most experienced director on the board, commencing their role in 2015. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Announcement • Jan 10
Mitsubishi Research Institute, Inc. to Report Q1, 2024 Results on Feb 05, 2024 Mitsubishi Research Institute, Inc. announced that they will report Q1, 2024 results on Feb 05, 2024 Announcement • Dec 23
Mitsubishi Research Institute, Inc. to Report Q3, 2024 Results on Jul 30, 2024 Mitsubishi Research Institute, Inc. announced that they will report Q3, 2024 results on Jul 30, 2024 Reported Earnings • Nov 02
Full year 2023 earnings: Revenues and EPS in line with analyst expectations Full year 2023 results: EPS: JP¥392 (down from JP¥475 in FY 2022). Revenue: JP¥122.1b (up 4.7% from FY 2022). Net income: JP¥6.29b (down 18% from FY 2022). Profit margin: 5.1% (down from 6.6% 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 expected to decline by 1.3% p.a. on average during the next 2 years, while revenues in the IT industry in Japan are expected to grow by 5.8%. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Sep 21
Upcoming dividend of JP¥75.00 per share at 3.2% yield Eligible shareholders must have bought the stock before 28 September 2023. Payment date: 22 December 2023. Payout ratio is a comfortable 43% but the company is not cash flow positive. Trailing yield: 3.2%. Lower than top quartile of Japanese dividend payers (3.3%). Higher than average of industry peers (1.5%). Announcement • Sep 02
Mitsubishi Research Institute, Inc. to Report Fiscal Year 2023 Results on Oct 31, 2023 Mitsubishi Research Institute, Inc. announced that they will report fiscal year 2023 results on Oct 31, 2023 Reported Earnings • Aug 02
Third quarter 2023 earnings released: JP¥37.66 loss per share (vs JP¥1.91 profit in 3Q 2022) Third quarter 2023 results: JP¥37.66 loss per share (down from JP¥1.91 profit in 3Q 2022). Revenue: JP¥23.6b (flat on 3Q 2022). Net loss: JP¥599.0m (down JP¥630.0m from profit in 3Q 2022). Revenue is expected to decline by 1.3% p.a. on average during the next 3 years, while revenues in the IT industry in Japan are expected to grow by 6.2%. Over the last 3 years on average, earnings per share has increased by 6% per year whereas the company’s share price has increased by 7% per year. Reported Earnings • Apr 29
Second quarter 2023 earnings released: EPS: JP¥328 (vs JP¥355 in 2Q 2022) Second quarter 2023 results: EPS: JP¥328 (down from JP¥355 in 2Q 2022). Revenue: JP¥45.9b (up 6.9% from 2Q 2022). Net income: JP¥5.27b (down 8.5% from 2Q 2022). Profit margin: 12% (down from 13% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue is expected to decline by 1.8% p.a. on average during the next 3 years, while revenues in the IT industry in Japan are expected to grow by 5.9%. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has increased by 12% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥75.00 per share at 3.0% yield Eligible shareholders must have bought the stock before 30 March 2023. Payment date: 07 June 2023. Payout ratio is a comfortable 33% and this is well supported by cash flows. Trailing yield: 3.0%. Lower than top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (1.7%). Buying Opportunity • Mar 14
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 2.4%. The fair value is estimated to be JP¥6,150, 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 5.2%. Revenue is forecast to decline by 2.3% in 2 years. Earnings is forecast to decline by 3.8% in the next 2 years. Reported Earnings • Feb 09
First quarter 2023 earnings released: EPS: JP¥77.59 (vs JP¥125 in 1Q 2022) First quarter 2023 results: EPS: JP¥77.59 (down from JP¥125 in 1Q 2022). Revenue: JP¥27.5b (up 8.3% from 1Q 2022). Net income: JP¥1.26b (down 38% from 1Q 2022). Profit margin: 4.6% (down from 8.0% in 1Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to stay flat during the next 3 years compared to a 6.6% growth forecast for the IT industry in Japan. Over the last 3 years on average, earnings per share has increased by 5% per year and the company’s share price has also increased by 5% per year. Announcement • Feb 07
Mitsubishi Research Institute, Inc. (TSE:3636) announces an Equity Buyback for 380,000 shares, representing 2.31% for ¥2,200 million. Mitsubishi Research Institute, Inc. (TSE:3636) announces a share repurchase program. Under the program, the company will repurchase up to 380,000 shares, representing 2.31% of its issued share capital (excluding treasury stock), for a total purchase price of ¥2,200 million. The shares will be repurchased at a price of ¥4,960 per share. The purpose of the program is to implement flexible capital policy and improving capital efficiency in response to changes in the business environment. As of September 30, 2022, the company has 16,424,080 issued shares (excluding treasury stock) and 448 treasury shares. Reported Earnings • Dec 27
Full year 2022 earnings: EPS exceeds analyst expectations Full year 2022 results: EPS: JP¥475 (up from JP¥309 in FY 2021). Revenue: JP¥116.6b (up 13% from FY 2021). Net income: JP¥7.71b (up 54% from FY 2021). Profit margin: 6.6% (up from 4.9% in FY 2021). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 2.8%. Revenue is forecast to stay flat during the next 3 years compared to a 6.6% growth forecast for the IT industry in Japan. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. 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. 11 experienced directors. 1 highly experienced director. Audit & Supervisory Board Member Michio Atsuda was the last director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Announcement • Nov 06
Mitsubishi Research Institute, Inc., Annual General Meeting, Dec 21, 2022 Mitsubishi Research Institute, Inc., Annual General Meeting, Dec 21, 2022. Reported Earnings • Nov 06
Full year 2022 earnings: EPS exceeds analyst expectations Full year 2022 results: EPS: JP¥475 (up from JP¥309 in FY 2021). Revenue: JP¥116.6b (up 13% from FY 2021). Net income: JP¥7.71b (up 54% from FY 2021). Profit margin: 6.6% (up from 4.9% in FY 2021). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 2.8%. Revenue is forecast to stay flat during the next 2 years compared to a 6.9% growth forecast for the IT industry in Japan. Over the last 3 years on average, earnings per share has increased by 11% per year and the company’s share price has also increased by 11% per year. Announcement • Sep 28
Mitsubishi Research Institute, Inc. to Report Q4, 2022 Results on Nov 04, 2022 Mitsubishi Research Institute, Inc. announced that they will report Q4, 2022 results on Nov 04, 2022 Upcoming Dividend • Sep 22
Upcoming dividend of JP¥65.00 per share Eligible shareholders must have bought the stock before 29 September 2022. Payment date: 20 December 2022. Payout ratio is a comfortable 25% and this is well supported by cash flows. Trailing yield: 3.0%. Lower than top quartile of Japanese dividend payers (3.7%). Higher than average of industry peers (1.7%). Reported Earnings • Aug 02
Third quarter 2022 earnings released: EPS: JP¥1.91 (vs JP¥55.83 in 3Q 2021) Third quarter 2022 results: EPS: JP¥1.91 (down from JP¥55.83 in 3Q 2021). Revenue: JP¥23.4b (down 17% from 3Q 2021). Net income: JP¥31.0m (down 97% from 3Q 2021). Profit margin: 0.1% (down from 3.2% in 3Q 2021). The decrease in margin was driven by lower revenue. Over the next year, revenue is forecast to grow 1.1%, compared to a 11% growth forecast for the industry in Japan. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Announcement • Jul 30
Mitsubishi Research Institute, Inc. to Report Q3, 2022 Results on Aug 25, 2022 Mitsubishi Research Institute, Inc. announced that they will report Q3, 2022 results on Aug 25, 2022 Announcement • May 29
Mitsubishi Research Institute, Inc. to Report Q3, 2022 Results on Aug 01, 2022 Mitsubishi Research Institute, Inc. announced that they will report Q3, 2022 results on Aug 01, 2022 Reported Earnings • Apr 30
Second quarter 2022 earnings: EPS in line with expectations, revenues disappoint Second quarter 2022 results: EPS: JP¥355 (up from JP¥299 in 2Q 2021). Revenue: JP¥42.9b (up 18% from 2Q 2021). Net income: JP¥5.76b (up 19% from 2Q 2021). Profit margin: 13% (in line with 2Q 2021). Revenue missed analyst estimates by 8.0%. Earnings per share (EPS) were mostly in line with analyst estimates. Over the next year, revenue is expected to shrink by 4.2% 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 18% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 11 experienced directors. 1 highly experienced director. 3 independent directors (5 non-independent directors). Independent Outside Director Kazuo Tsukuda was the last independent director to join the board, commencing their role in 2010. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Announcement • Apr 07
Mitsubishi Research Institute, Inc. to Report Q2, 2022 Results on Apr 28, 2022 Mitsubishi Research Institute, Inc. announced that they will report Q2, 2022 results on Apr 28, 2022 Upcoming Dividend • Mar 23
Upcoming dividend of JP¥60.00 per share Eligible shareholders must have bought the stock before 30 March 2022. Payment date: 07 June 2022. Payout ratio is a comfortable 24% but the company is paying out more than the cash it is generating. Trailing yield: 3.0%. Lower than top quartile of Japanese dividend payers (3.4%). Higher than average of industry peers (1.5%). Reported Earnings • Feb 10
First quarter 2022 earnings: EPS in line with expectations, revenues disappoint First quarter 2022 results: EPS: JP¥125 (up from JP¥44.41 loss in 1Q 2021). Revenue: JP¥25.4b (up 59% from 1Q 2021). Net income: JP¥2.03b (up JP¥2.75b from 1Q 2021). Profit margin: 8.0% (up from net loss in 1Q 2021). The move to profitability was driven by higher revenue. Revenue missed analyst estimates by 2.5%. Earnings per share (EPS) were mostly in line with analyst estimates. Over the next year, revenue is forecast to grow 1.0%, 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 18% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 04
Full year 2021 earnings released: EPS JP¥309 (vs JP¥437 in FY 2020) The company reported a soft full year result with weaker earnings and profit margins, although revenues improved. Full year 2021 results: Revenue: JP¥103.0b (up 12% from FY 2020). Net income: JP¥5.01b (down 29% from FY 2020). Profit margin: 4.9% (down from 7.7% in FY 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥55.00 per share Eligible shareholders must have bought the stock before 29 September 2021. Payment date: 21 December 2021. Trailing yield: 2.5%. Lower than top quartile of Japanese dividend payers (3.0%). Higher than average of industry peers (1.2%). Reported Earnings • Aug 03
Third quarter 2021 earnings released: EPS JP¥55.82 (vs JP¥45.10 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¥28.1b (up 26% from 3Q 2020). Net income: JP¥905.0m (up 24% from 3Q 2020). Profit margin: 3.2% (down from 3.3% in 3Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Reported Earnings • May 01
Second quarter 2021 earnings released: EPS JP¥299 (vs JP¥255 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: JP¥36.4b (up 9.0% from 2Q 2020). Net income: JP¥4.86b (up 17% from 2Q 2020). Profit margin: 13% (up from 12% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥55.00 per share Eligible shareholders must have bought the stock before 30 March 2021. Payment date: 08 June 2021. Trailing yield: 2.6%. Lower than top quartile of Japanese dividend payers (2.7%). Higher than average of industry peers (1.3%). Is New 90 Day High Low • Feb 19
New 90-day low: JP¥4,110 The company is down 4.0% from its price of JP¥4,270 on 20 November 2020. The Japanese market is up 12% over the last 90 days, indicating the company underperformed over that time. It also underperformed the IT industry, which is up 8.0% over the same period. Reported Earnings • Feb 05
First quarter 2021 earnings released: JP¥44.41 loss per share (vs JP¥143 profit in 1Q 2020) The company reported a soft first quarter result with weaker earnings and weaker control over costs, although revenues improved. First quarter 2021 results: Revenue: JP¥15.9b (up 7.2% from 1Q 2020). Net loss: JP¥722.0m (down 131% from profit in 1Q 2020). Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Analyst Estimate Surprise Post Earnings • Feb 05
Revenue and earnings beat expectations Revenue exceeded analyst estimates by 2.1%. Earnings per share (EPS) also surpassed analyst estimates by 7.5%. Over the next year, revenue is forecast to grow 5.2%, compared to a 8.5% growth forecast for the IT industry in Japan. Announcement • Feb 02
Mitsubishi Research Institute, Inc. to Report Q1, 2021 Results on Feb 18, 2021 Mitsubishi Research Institute, Inc. announced that they will report Q1, 2021 results on Feb 18, 2021 Price Target Changed • Dec 15
Price target raised to JP¥5,000 Up from JP¥4,500, the current price target is provided by 1 analyst. The new target price is 20% above the current share price of JP¥4,155. As of last close, the stock is down 3.7% over the past year. Announcement • Nov 07
Mitsubishi Research Institute, Inc., Annual General Meeting, Dec 18, 2020 Mitsubishi Research Institute, Inc., Annual General Meeting, Dec 18, 2020. Announcement • Oct 19
CyCraft JP Releases AI-Driven Detection & Response Security Platform, MRI and INES Set to Distribute CyCraft Japan announced Mitsubishi Research Institute, Inc. (MRI) and MRI Group's INES (Information Network Engineering & Solutions) Inc. as authorized distributors of the CyCraft AIR Platform security solutions suite. Announcement • Oct 02
Mitsubishi Research Institute, Inc. (TSE:3636) signed an agreement to acquire additional 6.6% in INES Corporation (TSE:9742). Mitsubishi Research Institute, Inc. (TSE:3636) signed an agreement to acquire additional 6.6% in INES Corporation (TSE:9742) on September 27, 2019. As per terms, additional 1562 shares have been acquired. Mitsubishi Research Institute, Inc. now holds 17.1% in INES Corporation. The deal is expected to close on October 1, 2019. Announcement • Sep 06
Mitsubishi Research Institute, Inc. to Report Fiscal Year 2020 Results on Nov 04, 2020 Mitsubishi Research Institute, Inc. announced that they will report fiscal year 2020 results on Nov 04, 2020 
