Valuation Update With 7 Day Price Move • May 21
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to JP¥779, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 12x in the Consumer Finance industry in Japan. Total returns to shareholders of 102% over the past three years. Reported Earnings • May 18
First quarter 2026 earnings released: EPS: JP¥28.08 (vs JP¥3.68 in 1Q 2025) First quarter 2026 results: EPS: JP¥28.08 (up from JP¥3.68 in 1Q 2025). Revenue: JP¥31.0b (up 1.3% from 1Q 2025). Net income: JP¥3.72b (up JP¥3.23b from 1Q 2025). Profit margin: 12% (up from 1.6% in 1Q 2025). The increase in margin was primarily driven by lower expenses. Revenue is forecast to grow 4.3% p.a. on average during the next 3 years, compared to a 5.3% growth forecast for the Consumer Finance industry in Japan. Over the last 3 years on average, earnings per share has fallen by 39% per year but the company’s share price has increased by 20% per year, which means it is well ahead of earnings. Board Change • Apr 25
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 6 non-independent directors. Independent Outside Director Toshiya Natori was the last independent director to join the board, commencing their role in 2023. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Mar 29
Full year 2025 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2025 results: EPS: JP¥72.26 (up from JP¥44.63 in FY 2024). Revenue: JP¥124.3b (down 3.0% from FY 2024). Net income: JP¥9.61b (up 59% from FY 2024). Profit margin: 7.7% (up from 4.7% in FY 2024). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 5.2%. Earnings per share (EPS) exceeded analyst estimates by 37%. Revenue is forecast to grow 4.1% p.a. on average during the next 3 years, compared to a 5.6% growth forecast for the Consumer Finance industry in Japan. Over the last 3 years on average, earnings per share has fallen by 48% per year but the company’s share price has increased by 12% per year, which means it is well ahead of earnings. Announcement • Mar 28
J Trust Co., Ltd. to Report Q1, 2026 Results on May 14, 2026 J Trust Co., Ltd. announced that they will report Q1, 2026 results on May 14, 2026 Buy Or Sell Opportunity • Mar 12
Now 20% undervalued Over the last 90 days, the stock has risen 30% to JP¥564. The fair value is estimated to be JP¥707, 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 declined by 48%. For the next 3 years, revenue is forecast to grow by 4.1% per annum. Earnings are forecast to decline by 0.7% per annum over the same time period. New Risk • Feb 16
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 9.9% 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 9.9% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Feb 16
Full year 2025 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2025 results: EPS: JP¥72.26 (up from JP¥44.63 in FY 2024). Revenue: JP¥124.3b (down 3.0% from FY 2024). Net income: JP¥9.61b (up 59% from FY 2024). Profit margin: 7.7% (up from 4.7% in FY 2024). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 5.2%. Earnings per share (EPS) exceeded analyst estimates by 37%. Revenue is forecast to grow 5.9% p.a. on average during the next 2 years, compared to a 5.2% growth forecast for the Consumer Finance industry in Japan. Over the last 3 years on average, earnings per share has fallen by 48% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Announcement • Feb 16
J Trust Co., Ltd., Annual General Meeting, Mar 25, 2026 J Trust Co., Ltd., Annual General Meeting, Mar 25, 2026. Upcoming Dividend • Dec 22
Upcoming dividend of JP¥17.00 per share Eligible shareholders must have bought the stock before 29 December 2025. Payment date: 26 March 2026. Payout ratio is a comfortable 36% and this is well supported by cash flows. Trailing yield: 3.5%. Lower than top quartile of Japanese dividend payers (3.6%). In line with average of industry peers (3.5%). Announcement • Dec 03
J Trust Co., Ltd. to Report Fiscal Year 2025 Results on Feb 13, 2026 J Trust Co., Ltd. announced that they will report fiscal year 2025 results on Feb 13, 2026 Reported Earnings • Nov 17
Third quarter 2025 earnings released: EPS: JP¥9.28 (vs JP¥9.57 in 3Q 2024) Third quarter 2025 results: EPS: JP¥9.28 (down from JP¥9.57 in 3Q 2024). Revenue: JP¥31.3b (flat on 3Q 2024). Net income: JP¥1.24b (down 4.2% from 3Q 2024). Profit margin: 3.9% (down from 4.1% in 3Q 2024). Revenue is forecast to grow 6.1% p.a. on average during the next 3 years, compared to a 5.4% growth forecast for the Consumer Finance industry in Japan. Over the last 3 years on average, earnings per share has fallen by 49% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Declared Dividend • Aug 10
Dividend of JP¥17.00 announced Shareholders will receive a dividend of JP¥17.00. Ex-date: 29th December 2025 Payment date: 26th March 2026 Dividend yield will be 3.7%, which is higher than the industry average of 3.2%. Sustainability & Growth Dividend is covered by earnings (36% 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 4.8% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 111% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Aug 09
Second quarter 2025 earnings released: EPS: JP¥10.68 (vs JP¥19.95 in 2Q 2024) Second quarter 2025 results: EPS: JP¥10.68 (down from JP¥19.95 in 2Q 2024). Revenue: JP¥30.1b (down 11% from 2Q 2024). Net income: JP¥1.42b (down 48% from 2Q 2024). Profit margin: 4.7% (down from 8.0% in 2Q 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 5.8% p.a. on average during the next 3 years, compared to a 5.6% growth forecast for the Consumer Finance industry in Japan. Over the last 3 years on average, earnings per share has fallen by 42% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Board Change • Jul 10
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 6 non-independent directors. Independent Outside Director Toshiya Natori was the last independent director to join the board, commencing their role in 2023. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • May 18
First quarter 2025 earnings released: EPS: JP¥3.68 (vs JP¥0.28 in 1Q 2024) First quarter 2025 results: EPS: JP¥3.68 (up from JP¥0.28 in 1Q 2024). Revenue: JP¥30.7b (down 2.8% from 1Q 2024). Net income: JP¥489.0m (up JP¥451.0m from 1Q 2024). Profit margin: 1.6% (up from 0.1% in 1Q 2024). The increase in margin was driven by lower expenses. Revenue is forecast to grow 4.6% p.a. on average during the next 3 years, compared to a 4.7% growth forecast for the Consumer Finance industry in Japan. Over the last 3 years on average, earnings per share has fallen by 27% 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 • May 16
J Trust Co., Ltd. (TSE:8508) announces an Equity Buyback for 4,000,000 shares, representing 3% for ¥1,500 million. J Trust Co., Ltd. (TSE:8508) announces a share repurchase program. Under the program, the company will repurchase up to 4,000,000 shares, representing 3% of the outstanding shares, for ¥1,500 million. The purpose of the program is to return profits to shareholders and enhance capital efficiency. The program is valid till December 30, 2025. As of May 8, 2025, the company had 133,504,165 shares outstanding (excluding treasury stock) and 4,154,150 shares in treasury. Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment deteriorates as stock falls 24% After last week's 24% share price decline to JP¥333, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 10x in the Consumer Finance industry in Japan. Total returns to shareholders of 7.0% over the past three years. New Risk • Feb 16
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 5.1% 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 (5.1% average weekly change). Profit margins are more than 30% lower than last year (4.7% net profit margin). Reported Earnings • Feb 15
Full year 2024 earnings: EPS misses analyst expectations Full year 2024 results: EPS: JP¥44.63 (down from JP¥122 in FY 2023). Revenue: JP¥128.2b (up 12% from FY 2023). Net income: JP¥6.04b (down 63% from FY 2023). Profit margin: 4.7% (down from 14% in FY 2023). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 20%. Revenue is forecast to grow 4.1% p.a. on average during the next 3 years, compared to a 5.9% growth forecast for the Consumer Finance industry in Japan. Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Announcement • Feb 13
J Trust Co., Ltd., Annual General Meeting, Mar 25, 2025 J Trust Co., Ltd., Annual General Meeting, Mar 25, 2025. Upcoming Dividend • Dec 20
Upcoming dividend of JP¥14.00 per share Eligible shareholders must have bought the stock before 27 December 2024. Payment date: 27 March 2025. Payout ratio is on the higher end at 76% but the company is not cash flow positive. Trailing yield: 3.3%. Lower than top quartile of Japanese dividend payers (3.8%). In line with average of industry peers (3.4%). New Risk • Nov 29
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 27% 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 Risk High level of non-cash earnings (27% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (1.8% net profit margin). Announcement • Nov 26
J Trust Co., Ltd. to Report Fiscal Year 2024 Results on Feb 13, 2025 J Trust Co., Ltd. announced that they will report fiscal year 2024 results on Feb 13, 2025 Reported Earnings • Aug 14
Second quarter 2024 earnings released: EPS: JP¥19.95 (vs JP¥49.13 in 2Q 2023) Second quarter 2024 results: EPS: JP¥19.95 (down from JP¥49.13 in 2Q 2023). Revenue: JP¥33.9b (up 23% from 2Q 2023). Net income: JP¥2.72b (down 60% from 2Q 2023). Profit margin: 8.0% (down from 25% in 2Q 2023). Revenue is forecast to grow 8.0% p.a. on average during the next 3 years, compared to a 5.9% growth forecast for the Consumer Finance industry in Japan. Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Declared Dividend • Aug 11
Dividend of JP¥14.00 announced Shareholders will receive a dividend of JP¥14.00. Ex-date: 27th December 2024 Payment date: 27th March 2025 Dividend yield will be 4.0%, which is higher than the industry average of 3.2%. Sustainability & Growth Dividend is well covered by both earnings (26% earnings payout ratio) and cash flows (8% cash payout ratio). The dividend has increased by an average of 3.4% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 42% over the next 3 years, which should provide support to the dividend and adequate earnings cover. New Risk • Aug 06
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 7.6% 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 (7.6% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (6.1% net profit margin). Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 29% After last week's 29% share price decline to JP¥293, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 12x in the Consumer Finance industry in Japan. Total loss to shareholders of 15% over the past three years. Reported Earnings • May 18
First quarter 2024 earnings released: EPS: JP¥0.28 (vs JP¥70.70 in 1Q 2023) First quarter 2024 results: EPS: JP¥0.28 (down from JP¥70.70 in 1Q 2023). Revenue: JP¥31.6b (up 21% from 1Q 2023). Net income: JP¥38.0m (down 100% from 1Q 2023). Profit margin: 0.1% (down from 35% in 1Q 2023). Over the last 3 years on average, earnings per share has increased by 71% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Board Change • Apr 18
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 5 non-independent directors. Independent Outside Director Toshiya Natori was the last independent director to join the board, commencing their role in 2023. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Mar 29
Full year 2023 earnings released: EPS: JP¥122 (vs JP¥111 in FY 2022) Full year 2023 results: EPS: JP¥122 (up from JP¥111 in FY 2022). Revenue: JP¥114.3b (up 39% from FY 2022). Net income: JP¥16.5b (up 31% from FY 2022). Profit margin: 14% (in line with FY 2022). Over the last 3 years on average, earnings per share has increased by 93% per year but the company’s share price has only increased by 24% per year, which means it is significantly lagging earnings growth. Announcement • Feb 15
J Trust Co., Ltd., Annual General Meeting, Mar 26, 2024 J Trust Co., Ltd., Annual General Meeting, Mar 26, 2024. Reported Earnings • Feb 14
Full year 2023 earnings released: EPS: JP¥122 (vs JP¥111 in FY 2022) Full year 2023 results: EPS: JP¥122 (up from JP¥111 in FY 2022). Revenue: JP¥114.3b (up 39% from FY 2022). Net income: JP¥16.5b (up 31% from FY 2022). Profit margin: 14% (in line with FY 2022). Over the last 3 years on average, earnings per share has increased by 93% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Dec 21
Upcoming dividend of JP¥13.00 per share at 3.1% yield Eligible shareholders must have bought the stock before 28 December 2023. Payment date: 29 March 2024. Payout ratio is a comfortable 7.6% and this is well supported by cash flows. Trailing yield: 3.1%. Lower than top quartile of Japanese dividend payers (3.5%). In line with average of industry peers (3.4%). Announcement • Dec 05
J Trust Co., Ltd. to Report Fiscal Year 2023 Results on Feb 13, 2024 J Trust Co., Ltd. announced that they will report fiscal year 2023 results on Feb 13, 2024 Reported Earnings • Nov 15
Third quarter 2023 earnings released: EPS: JP¥16.80 (vs JP¥9.91 in 3Q 2022) Third quarter 2023 results: EPS: JP¥16.80 (up from JP¥9.91 in 3Q 2022). Revenue: JP¥30.9b (up 34% from 3Q 2022). Net income: JP¥2.31b (up 99% from 3Q 2022). Profit margin: 7.5% (up from 5.0% in 3Q 2022). Over the last 3 years on average, earnings per share has increased by 108% per year but the company’s share price has only increased by 29% per year, which means it is significantly lagging earnings growth. New Risk • Oct 31
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 5.6% 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 (5.6% average weekly change). Large one-off items impacting financial results. Shareholders have been diluted in the past year (17% increase in shares outstanding). Reported Earnings • May 18
First quarter 2023 earnings released: EPS: JP¥70.15 (vs JP¥34.27 in 1Q 2022) First quarter 2023 results: EPS: JP¥70.15 (up from JP¥34.27 in 1Q 2022). Revenue: JP¥26.1b (up 112% from 1Q 2022). Net income: JP¥9.12b (up 152% from 1Q 2022). Profit margin: 35% (up from 29% in 1Q 2022). Reported Earnings • Apr 01
Full year 2022 earnings released: EPS: JP¥111 (vs JP¥35.60 in FY 2021) Full year 2022 results: EPS: JP¥111 (up from JP¥35.60 in FY 2021). Revenue: JP¥82.4b (up 95% from FY 2021). Net income: JP¥12.7b (up 236% from FY 2021). Profit margin: 15% (up from 8.9% in FY 2021). Over the last 3 years on average, earnings per share has increased by 112% per year but the company’s share price has only increased by 24% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Mar 14
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to JP¥392, the stock trades at a trailing P/E ratio of 4.3x. Average trailing P/E is 13x in the Consumer Finance industry in Japan. Total returns to shareholders of 74% over the past three years. Reported Earnings • Feb 19
Full year 2022 earnings released: EPS: JP¥111 (vs JP¥35.60 in FY 2021) Full year 2022 results: EPS: JP¥111 (up from JP¥35.60 in FY 2021). Revenue: JP¥82.4b (up 95% from FY 2021). Net income: JP¥12.7b (up 236% from FY 2021). Profit margin: 15% (up from 8.9% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 112% 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 • Feb 15
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to JP¥482, the stock trades at a trailing P/E ratio of 6.2x. Average trailing P/E is 13x in the Consumer Finance industry in Japan. Total returns to shareholders of 26% over the past three years. Upcoming Dividend • Dec 22
Upcoming dividend of JP¥10.00 per share Eligible shareholders must have bought the stock before 29 December 2022. Payment date: 31 March 2023. Payout ratio is a comfortable 1.0% but the company is not cash flow positive. Trailing yield: 0.2%. Lower than top quartile of Japanese dividend payers (3.8%). Lower than average of industry peers (2.8%). Announcement • Dec 06
J Trust Co., Ltd. to Report Fiscal Year 2022 Results on Feb 14, 2023 J Trust Co., Ltd. announced that they will report fiscal year 2022 results on Feb 14, 2023 Reported Earnings • Nov 16
Third quarter 2022 earnings released: EPS: JP¥9.92 (vs JP¥11.63 in 3Q 2021) Third quarter 2022 results: EPS: JP¥9.92 (down from JP¥11.63 in 3Q 2021). Revenue: JP¥23.0b (up 126% from 3Q 2021). Net income: JP¥1.16b (down 5.9% from 3Q 2021). Profit margin: 5.0% (down from 12% in 3Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 122% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Board Change • Nov 16
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 8 experienced directors. 3 highly experienced directors. 4 independent directors (7 non-independent directors). Independent Outside Director Norio Igarashi was the last independent director to join the board, commencing their role in 2014. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Aug 19
Investor sentiment improved over the past week After last week's 25% share price gain to JP¥697, the stock trades at a trailing P/E ratio of 7.5x. Average trailing P/E is 11x in the Consumer Finance industry in Japan. Total returns to shareholders of 81% over the past three years. Reported Earnings • Aug 14
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: (flat on 2Q 2021). Net income: (flat on 2Q 2021). Profit margin: (in line with 2Q 2021). Over the last 3 years on average, earnings per share has increased by 109% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jun 23
Investor sentiment deteriorated over the past week After last week's 16% share price decline to JP¥447, the stock trades at a trailing P/E ratio of 11.4x. Average trailing P/E is 11x in the Consumer Finance industry in Japan. Total loss to shareholders of 8.4% over the past three years. Valuation Update With 7 Day Price Move • May 20
Investor sentiment improved over the past week After last week's 43% share price gain to JP¥414, the stock trades at a trailing P/E ratio of 10.6x. Average trailing P/E is 11x in the Consumer Finance industry in Japan. Total loss to shareholders of 17% over the past three years. Reported Earnings • May 16
First quarter 2022 earnings released: EPS: JP¥34.27 (vs JP¥26.72 in 1Q 2021) First quarter 2022 results: EPS: JP¥34.27 (up from JP¥26.72 in 1Q 2021). Revenue: JP¥12.4b (up 14% from 1Q 2021). Net income: JP¥3.63b (up 28% from 1Q 2021). Profit margin: 29% (up from 26% in 1Q 2021). Over the last 3 years on average, earnings per share has increased by 91% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Board Change • Apr 27
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 11 experienced directors. No highly experienced directors. 5 independent directors (6 non-independent directors). Independent Outside Director Masanori Kaneko was the last independent director to join the board, commencing their role in 2015. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Mar 09
Investor sentiment deteriorated over the past week After last week's 16% share price decline to JP¥353, the stock trades at a trailing P/E ratio of 9.9x. Average trailing P/E is 8x in the Consumer Finance industry in Japan. Total loss to shareholders of 13% over the past three years. Reported Earnings • Feb 17
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: JP¥35.60 (up from JP¥89.26 loss in FY 2020). Revenue: JP¥42.3b (up 30% from FY 2020). Net income: JP¥3.77b (up JP¥13.2b from FY 2020). Profit margin: 8.9% (up from net loss in FY 2020). The move to profitability was primarily driven by higher revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 74% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Reported Earnings • Apr 04
Full year 2020 earnings released: JP¥89.26 loss per share (vs JP¥62.50 loss in FY 2019) The company reported a poor full year result with increased losses, weaker revenues and weaker control over costs. Full year 2020 results: Revenue: JP¥32.7b (down 58% from FY 2019). Net loss: JP¥9.45b (loss widened 44% from FY 2019). Over the last 3 years on average, earnings per share has fallen by 25% per year whereas the company’s share price has fallen by 30% per year. Reported Earnings • Feb 17
Full year 2020 earnings released: JP¥89.26 loss per share (vs JP¥62.50 loss in FY 2019) The company reported a poor full year result with increased losses, weaker revenues and weaker control over costs. Full year 2020 results: Revenue: JP¥32.7b (down 58% from FY 2019). Net loss: JP¥9.45b (loss widened 44% from FY 2019). Over the last 3 years on average, earnings per share has fallen by 25% per year and the company’s share price has also fallen by 25% per year. Is New 90 Day High Low • Jan 29
New 90-day high: JP¥255 The company is up 15% from its price of JP¥221 on 30 October 2020. The Japanese market is up 16% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Consumer Finance industry, which is up 6.0% over the same period. Upcoming Dividend • Dec 22
Upcoming Dividend of JP¥1.00 Per Share Will be paid on the 27th of March to those who are registered shareholders by the 29th of December. The trailing yield of 0.5% is below the top quartile of Japanese dividend payers (3.0%), and is lower than industry peers (2.2%). Is New 90 Day High Low • Dec 08
New 90-day low: JP¥199 The company is down 23% from its price of JP¥257 on 09 September 2020. The Japanese market is up 8.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Consumer Finance industry, which is up 9.0% over the same period. 
