Reported Earnings • May 09
First quarter 2026 earnings: EPS and revenues exceed analyst expectations First quarter 2026 results: EPS: JP¥42.36 (down from JP¥88.08 in 1Q 2025). Revenue: JP¥14.6b (down 52% from 1Q 2025). Net income: JP¥876.0m (down 52% from 1Q 2025). Profit margin: 6.0% (up from 5.9% in 1Q 2025). Revenue exceeded analyst estimates by 80%. Earnings per share (EPS) also surpassed analyst estimates significantly. Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 4.2% growth forecast for the Real Estate 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 19% per year, which means it is tracking significantly ahead of earnings growth. Announcement • May 08
JINUSHI Co.,Ltd. to Report Q2, 2026 Results on Aug 13, 2026 JINUSHI Co.,Ltd. announced that they will report Q2, 2026 results on Aug 13, 2026 Declared Dividend • Apr 11
Final dividend of JP¥65.00 announced Shareholders will receive a dividend of JP¥65.00. Ex-date: 29th June 2026 Payment date: 16th September 2026 Dividend yield will be 3.6%, which is higher than the industry average of 2.5%. Sustainability & Growth Dividend is covered by earnings (28% 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 14% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 40% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Mar 28
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: EPS: JP¥357 (up from JP¥335 in FY 2024). Revenue: JP¥76.3b (up 34% from FY 2024). Net income: JP¥7.37b (up 21% from FY 2024). Profit margin: 9.7% (down from 11% in FY 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 2.3%. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the Real Estate 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 increased by 20% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Mar 05
JINUSHI Co.,Ltd. to Report Q1, 2026 Results on May 08, 2026 JINUSHI Co.,Ltd. announced that they will report Q1, 2026 results on May 08, 2026 Price Target Changed • Feb 17
Price target increased by 9.0% to JP¥3,790 Up from JP¥3,478, the current price target is an average from 3 analysts. New target price is 18% above last closing price of JP¥3,215. Stock is up 48% over the past year. The company is forecast to post earnings per share of JP¥380 for next year compared to JP¥357 last year. New Risk • Feb 16
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 36% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). High level of non-cash earnings (36% accrual ratio). Minor Risk Paying a dividend despite having no free cash flows. Reported Earnings • Feb 14
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: EPS: JP¥357 (up from JP¥335 in FY 2024). Revenue: JP¥76.3b (up 34% from FY 2024). Net income: JP¥7.37b (up 21% from FY 2024). Profit margin: 9.7% (down from 11% in FY 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 2.3%. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 4.4% growth forecast for the Real Estate 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 increased by 22% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Feb 12
JINUSHI Co.,Ltd., Annual General Meeting, Mar 25, 2026 JINUSHI Co.,Ltd., Annual General Meeting, Mar 25, 2026. Upcoming Dividend • Dec 22
Upcoming dividend of JP¥60.00 per share Eligible shareholders must have bought the stock before 29 December 2025. Payment date: 27 March 2026. Payout ratio is a comfortable 45% but the company is not cash flow positive. Trailing yield: 3.6%. Within top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (2.3%). Reported Earnings • Nov 08
Third quarter 2025 earnings: EPS and revenues miss analyst expectations Third quarter 2025 results: JP¥0.77 loss per share (improved from JP¥19.88 loss in 3Q 2024). Revenue: JP¥3.61b (up 22% from 3Q 2024). Net loss: JP¥16.0m (loss narrowed 96% from 3Q 2024). Revenue missed analyst estimates by 17%. Earnings per share (EPS) were also behind analyst expectations. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 4.2% growth forecast for the Real Estate industry in Japan. Over the last 3 years on average, earnings per share has increased by 13% per year and the company’s share price has also increased by 13% per year. Announcement • Nov 08
JINUSHI Co.,Ltd. to Report Fiscal Year 2025 Results on Feb 12, 2026 JINUSHI Co.,Ltd. announced that they will report fiscal year 2025 results at 3:00 PM, Tokyo Standard Time on Feb 12, 2026 Declared Dividend • Sep 17
First half dividend of JP¥50.00 announced Shareholders will receive a dividend of JP¥50.00. Ex-date: 29th December 2025 Payment date: 27th March 2026 Dividend yield will be 3.3%, which is higher than the industry average of 2.5%. Sustainability & Growth Dividend is covered by earnings (49% 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 9.9% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 65% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Price Target Changed • Aug 30
Price target increased by 10% to JP¥3,285 Up from JP¥2,985, the current price target is an average from 3 analysts. New target price is 6.3% above last closing price of JP¥3,090. Stock is up 51% over the past year. The company is forecast to post earnings per share of JP¥310 for next year compared to JP¥335 last year. Valuation Update With 7 Day Price Move • Aug 21
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to JP¥2,926, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 14x in the Real Estate industry in Japan. Total returns to shareholders of 64% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥1,494 per share. Announcement • Aug 19
JINUSHI Co.,Ltd. to Report Q3, 2025 Results on Nov 06, 2025 JINUSHI Co.,Ltd. announced that they will report Q3, 2025 results on Nov 06, 2025 New Risk • Aug 16
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 7.0% Last year net profit margin: 13% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (currently running at an operating cash loss). Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (7.0% net profit margin). Reported Earnings • Aug 16
Second quarter 2025 earnings: EPS and revenues exceed analyst expectations Second quarter 2025 results: EPS: JP¥47.01 (down from JP¥151 in 2Q 2024). Revenue: JP¥9.29b (down 39% from 2Q 2024). Net income: JP¥971.0m (down 61% from 2Q 2024). Profit margin: 11% (down from 16% in 2Q 2024). The decrease in margin was driven by lower revenue. Revenue exceeded analyst estimates by 8.3%. Earnings per share (EPS) also surpassed analyst estimates by 147%. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 4.3% growth forecast for the Real Estate 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 11% per year, which means it is significantly lagging earnings growth. Price Target Changed • Jul 02
Price target decreased by 9.1% to JP¥2,803 Down from JP¥3,085, the current price target is an average from 3 analysts. New target price is 28% above last closing price of JP¥2,191. Stock is down 19% over the past year. The company is forecast to post earnings per share of JP¥307 for next year compared to JP¥335 last year. Upcoming Dividend • Jun 20
Upcoming dividend of JP¥50.00 per share Eligible shareholders must have bought the stock before 27 June 2025. Payment date: 10 September 2025. Payout ratio is a comfortable 32% but the company is not cash flow positive. Trailing yield: 4.1%. Within top quartile of Japanese dividend payers (4.0%). Higher than average of industry peers (2.6%). Announcement • Jun 08
JINUSHI Co.,Ltd. to Report Q2, 2025 Results on Aug 14, 2025 JINUSHI Co.,Ltd. announced that they will report Q2, 2025 results on Aug 14, 2025 Announcement • May 30
JINUSHI Co.,Ltd. Announces Notice Regarding the Filing of A Lawsuit by BALM Co., Ltd. in Response to the Company's Claims for Penalties, Etc JINUSHI Co. Ltd. has claimed penalties, etc. against BALM Co. Ltd. arising from breaches of contractual provisions of Notarized Deeds for Agreements on the Establishment of a Fixed-term Land Lease for Business Use. The Company hereby announces that in response to the claims above, BALM did not admit them and filed a lawsuit, and the Company was served the petition on May 30, 2025. The court and date of the lawsuit filing, Court where the lawsuit was filed Tokyo District Court. Date the lawsuit was filed: April 30, 2025 . The Company had been leasing two parcels of land to BALM upon executing Notarized Deeds for Agreements on the Establishment of a Fixed-term Land Lease for Business Use. Since BALM had committed breaches of said agreements and had filed a petition for commencement of civil rehabilitation proceedings in December 2024, the Company terminated those contracts and has made claims of JPY 6,514 million including penalties, etc. of JPY 5,589 million . In response, BALM did not admit them and filed a lawsuit against the Company for a declaratory judgment on the non-existence of obligation of the penalties, etc. Lawsuit for a declaratory judgment on the non-existence of obligation in response to the Company's claims to BALM for penalties, etc. arising from Notarized Deeds for Agreements on the Establishment of a Fixed-term Land Lease for Business Use . Reported Earnings • May 09
First quarter 2025 earnings: EPS and revenues exceed analyst expectations First quarter 2025 results: EPS: JP¥88.08 (down from JP¥168 in 1Q 2024). Revenue: JP¥30.5b (up 2.7% from 1Q 2024). Net income: JP¥1.81b (down 34% from 1Q 2024). Profit margin: 5.9% (down from 9.3% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 31%. Earnings per share (EPS) also surpassed analyst estimates by 6.4%. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 4.1% growth forecast for the Real Estate industry in Japan. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Declared Dividend • Apr 12
Final dividend increased to JP¥50.00 Dividend of JP¥50.00 is 18% higher than last year. Ex-date: 27th June 2025 Payment date: 10th September 2025 Dividend yield will be 4.7%, which is higher than the industry average of 2.5%. Sustainability & Growth Dividend is covered by earnings (34% 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 9.9% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 14% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Buy Or Sell Opportunity • Apr 08
Now 24% overvalued Over the last 90 days, the stock has fallen 9.7% to JP¥1,917. The fair value is estimated to be JP¥1,550, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 33%. For the next 3 years, revenue is forecast to grow by 13% per annum. Earnings are also forecast to grow by 8.0% per annum over the same time period. Announcement • Apr 01
JINUSHI Co.,Ltd. to Report Q1, 2025 Results on May 08, 2025 JINUSHI Co.,Ltd. announced that they will report Q1, 2025 results on May 08, 2025 Reported Earnings • Feb 15
Full year 2024 earnings: EPS and revenues exceed analyst expectations Full year 2024 results: EPS: JP¥335 (up from JP¥268 in FY 2023). Revenue: JP¥57.1b (up 81% from FY 2023). Net income: JP¥6.09b (up 29% from FY 2023). Profit margin: 11% (down from 15% in FY 2023). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.9%. Earnings per share (EPS) also surpassed analyst estimates by 15%. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 4.1% growth forecast for the Real Estate industry in Japan. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Announcement • Feb 13
JINUSHI Co.,Ltd., Annual General Meeting, Mar 26, 2025 JINUSHI Co.,Ltd., Annual General Meeting, Mar 26, 2025. Upcoming Dividend • Dec 20
Upcoming dividend of JP¥42.50 per share Eligible shareholders must have bought the stock before 27 December 2024. Payment date: 25 March 2025. Payout ratio is a comfortable 34% but the company is not cash flow positive. Trailing yield: 4.0%. Within top quartile of Japanese dividend payers (3.8%). Higher than average of industry peers (2.8%). Announcement • Dec 03
JINUSHI Co.,Ltd. to Report Fiscal Year 2024 Results on Feb 13, 2025 JINUSHI Co.,Ltd. announced that they will report fiscal year 2024 results on Feb 13, 2025 Reported Earnings • Nov 16
Third quarter 2024 earnings: EPS and revenues miss analyst expectations Third quarter 2024 results: JP¥19.88 loss per share (down from JP¥201 profit in 3Q 2023). Revenue: JP¥2.97b (down 80% from 3Q 2023). Net loss: JP¥382.0m (down 111% from profit in 3Q 2023). Revenue missed analyst estimates by 25%. Earnings per share (EPS) were also behind analyst expectations. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 4.4% growth forecast for the Real Estate industry in Japan. Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • Nov 14
Consensus EPS estimates increase by 15% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has improved. 2024 revenue forecast increased from JP¥54.8b to JP¥56.0b. EPS estimate increased from JP¥271 to JP¥313 per share. Net income forecast to shrink 32% next year vs 13% growth forecast for Real Estate industry in Japan . Consensus price target broadly unchanged at JP¥3,065. Share price was steady at JP¥2,131 over the past week. Announcement • Aug 27
JINUSHI Co.,Ltd. to Report Q3, 2024 Results on Nov 12, 2024 JINUSHI Co.,Ltd. announced that they will report Q3, 2024 results on Nov 12, 2024 Reported Earnings • Aug 14
Second quarter 2024 earnings: EPS and revenues exceed analyst expectations Second quarter 2024 results: EPS: JP¥151 (up from JP¥8.59 loss in 2Q 2023). Revenue: JP¥15.2b (up JP¥13.0b from 2Q 2023). Net income: JP¥2.48b (up JP¥2.64b from 2Q 2023). Profit margin: 16% (up from net loss in 2Q 2023). The move to profitability was driven by higher revenue. Revenue exceeded analyst estimates by 86%. Earnings per share (EPS) also surpassed analyst estimates by 194%. Revenue is forecast to grow 5.7% p.a. on average during the next 3 years, compared to a 4.2% growth forecast for the Real Estate industry in Japan. Declared Dividend • Aug 11
Dividend of JP¥42.50 announced Shareholders will receive a dividend of JP¥42.50. Ex-date: 27th December 2024 Payment date: 25th March 2025 Dividend yield will be 4.3%, which is higher than the industry average of 2.5%. Sustainability & Growth Dividend is covered by earnings (15% 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 10% per year over the past 9 years. However, payments have been volatile during that time. EPS is expected to grow by 8.3% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 27% After last week's 27% share price decline to JP¥1,642, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 11x in the Real Estate industry in Japan. Total returns to shareholders of 6.1% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥1,369 per share. New Risk • Jul 31
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 6.2% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (currently running at an operating cash loss). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (6.8% average weekly change). Shareholders have been diluted in the past year (6.2% increase in shares outstanding). New Risk • Jul 12
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 6.6% 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: Major Risk Debt is not well covered by operating cash flow (currently running at an operating cash loss). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (6.6% average weekly change). Valuation Update With 7 Day Price Move • Jul 12
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to JP¥2,310, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 12x in the Real Estate industry in Japan. Total returns to shareholders of 49% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥1,212 per share. Announcement • Jun 06
JINUSHI Co.,Ltd. to Report Q2, 2024 Results on Aug 09, 2024 JINUSHI Co.,Ltd. announced that they will report Q2, 2024 results on Aug 09, 2024 Announcement • Mar 28
JINUSHI Co.,Ltd. to Report Q1, 2024 Results on May 10, 2024 JINUSHI Co.,Ltd. announced that they will report Q1, 2024 results on May 10, 2024 Reported Earnings • Mar 28
Full year 2023 earnings: EPS in line with expectations, revenues disappoint Full year 2023 results: EPS: JP¥268 (up from JP¥199 in FY 2022). Revenue: JP¥31.6b (down 37% from FY 2022). Net income: JP¥4.71b (up 29% from FY 2022). Profit margin: 15% (up from 7.3% in FY 2022). Revenue missed analyst estimates by 2.2%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 22% p.a. on average during the next 3 years, compared to a 4.2% growth forecast for the Real Estate industry in Japan. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Announcement • Feb 21
JINUSHI Co.,Ltd. Provides Year End Dividend Guidance for the Fiscal Year Ending December 31, 2024 JINUSHI Co.,Ltd. provided year end dividend guidance for the Fiscal year ending December 31, 2024. For the period, the company expects dividend of JPY 42.50 per share against JPY 55.00 per share a year ago. New Risk • Feb 17
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 53% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). High level of non-cash earnings (53% accrual ratio). Minor Risk Paying a dividend despite having no free cash flows. Announcement • Feb 15
JINUSHI Co.,Ltd., Annual General Meeting, Mar 22, 2024 JINUSHI Co.,Ltd., Annual General Meeting, Mar 22, 2024. Reported Earnings • Feb 15
Full year 2023 earnings: EPS in line with expectations, revenues disappoint Full year 2023 results: EPS: JP¥268 (up from JP¥199 in FY 2022). Revenue: JP¥31.6b (down 37% from FY 2022). Net income: JP¥4.71b (up 29% from FY 2022). Profit margin: 15% (up from 7.3% in FY 2022). Revenue missed analyst estimates by 2.2%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 26% p.a. on average during the next 3 years, compared to a 4.2% growth forecast for the Real Estate industry in Japan. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Feb 14
Now 23% undervalued after recent price drop Over the last 90 days, the stock has fallen 3.3% to JP¥2,102. The fair value is estimated to be JP¥2,742, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 22% over the last 3 years. Earnings per share has grown by 7.3%. For the next 3 years, revenue is forecast to grow by 20% per annum. Earnings are also forecast to grow by 1.5% per annum over the same time period. Upcoming Dividend • Dec 21
Upcoming dividend of JP¥55.00 per share at 2.5% yield Eligible shareholders must have bought the stock before 28 December 2023. Payment date: 28 March 2024. Payout ratio is a comfortable 14% but the company is not cash flow positive. Trailing yield: 2.5%. Lower than top quartile of Japanese dividend payers (3.5%). In line with average of industry peers (2.6%). Announcement • Dec 05
JINUSHI Co.,Ltd. to Report Fiscal Year 2023 Results on Feb 13, 2024 JINUSHI Co.,Ltd. announced that they will report fiscal year 2023 results on Feb 13, 2024 Reported Earnings • Nov 16
Third quarter 2023 earnings: EPS and revenues exceed analyst expectations Third quarter 2023 results: EPS: JP¥201 (up from JP¥66.72 loss in 3Q 2022). Revenue: JP¥14.8b (up 449% from 3Q 2022). Net income: JP¥3.49b (up JP¥4.71b from 3Q 2022). Profit margin: 24% (up from net loss in 3Q 2022). The move to profitability was driven by higher revenue. Revenue exceeded analyst estimates by 24%. Earnings per share (EPS) also surpassed analyst estimates by 35%. Revenue is forecast to grow 20% p.a. on average during the next 3 years, compared to a 3.9% growth forecast for the Real Estate industry in Japan. Over the last 3 years on average, earnings per share has increased by 7% per year whereas the company’s share price has increased by 8% per year. Announcement • Sep 28
JINUSHI Co.,Ltd. to Report Q3, 2023 Results on Nov 13, 2023 JINUSHI Co.,Ltd. announced that they will report Q3, 2023 results on Nov 13, 2023 Major Estimate Revision • Sep 22
Consensus revenue estimates decrease by 22%, EPS upgraded The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast fell from JP¥41.0b to JP¥32.0b. EPS estimate increased from JP¥235 to JP¥241 per share. Net income forecast to grow 90% next year vs 15% growth forecast for Real Estate industry in Japan. Consensus price target of JP¥2,300 unchanged from last update. Share price was steady at JP¥1,932 over the past week. New Risk • Aug 17
New major risk - Financial position The company's debt is not well covered by operating cash flow. Currently running at an operating cash loss. This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (currently running at an operating cash loss). Minor Risk Paying a dividend despite having no free cash flows. Reported Earnings • Aug 12
Second quarter 2023 earnings released: JP¥8.59 loss per share (vs JP¥26.41 profit in 2Q 2022) Second quarter 2023 results: JP¥8.59 loss per share (down from JP¥26.41 profit in 2Q 2022). Revenue: JP¥2.24b (down 70% from 2Q 2022). Net loss: JP¥157.0m (down 133% from profit in 2Q 2022). Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 4.0% growth forecast for the Real Estate industry in Japan. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Announcement • Aug 11
JINUSHI Co.,Ltd. (TSE:3252) announces an Equity Buyback for 1,843,000 shares, representing 10.08% for ¥3,500 million. JINUSHI Co.,Ltd. (TSE:3252) announces a share repurchase program. Under the program, the company will repurchase up to 1,843,000 shares, representing 10.08% of its issued share capital (excluding treasury stock), for a total purchase price of ¥3,500 million. The shares will be repurchased at a price of ¥1,899 per share. The purpose of the program is to mitigating the impact on business and improving capital efficiency. The repurchases will be made from company's own funds. As of June 30, 2023, the company has 18,285,659 issued shares (excluding treasury stock) and 141 treasury shares. Announcement • May 28
JINUSHI Co.,Ltd. to Report Q2, 2023 Results on Aug 10, 2023 JINUSHI Co.,Ltd. announced that they will report Q2, 2023 results on Aug 10, 2023 Reported Earnings • May 17
First quarter 2023 earnings released: EPS: JP¥73.83 (vs JP¥114 in 1Q 2022) First quarter 2023 results: EPS: JP¥73.83 (down from JP¥114 in 1Q 2022). Revenue: JP¥8.13b (down 59% from 1Q 2022). Net income: JP¥1.35b (down 35% from 1Q 2022). Profit margin: 17% (up from 11% in 1Q 2022). The increase in margin was driven by lower expenses. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 3.4% growth forecast for the Real Estate industry in Japan. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Reported Earnings • Mar 31
Full year 2022 earnings: EPS and revenues miss analyst expectations Full year 2022 results: EPS: JP¥199 (up from JP¥171 in FY 2021). Revenue: JP¥49.9b (down 11% from FY 2021). Net income: JP¥3.64b (up 17% from FY 2021). Profit margin: 7.3% (up from 5.6% in FY 2021). Revenue missed analyst estimates by 2.2%. Earnings per share (EPS) also missed analyst estimates by 1.6%. Revenue is forecast to grow 2.4% p.a. on average during the next 3 years, compared to a 3.6% growth forecast for the Real Estate industry in Japan. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has increased by 20% per year, which means it is well ahead of earnings. Reported Earnings • Feb 16
Full year 2022 earnings: EPS and revenues miss analyst expectations Full year 2022 results: EPS: JP¥199 (up from JP¥171 in FY 2021). Revenue: JP¥49.9b (down 11% from FY 2021). Net income: JP¥3.64b (up 17% from FY 2021). Profit margin: 7.3% (up from 5.6% in FY 2021). Revenue missed analyst estimates by 2.2%. Earnings per share (EPS) also missed analyst estimates by 1.6%. Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 3.5% growth forecast for the Real Estate 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 2% per year. Announcement • Dec 28
JINUSHI Co.,Ltd. to Report Q4, 2022 Results on Feb 14, 2023 JINUSHI Co.,Ltd. announced that they will report Q4, 2022 results on Feb 14, 2023 Upcoming Dividend • Dec 22
Upcoming dividend of JP¥55.00 per share Eligible shareholders must have bought the stock before 29 December 2022. Payment date: 27 March 2023. Trailing yield: 2.6%. Lower than top quartile of Japanese dividend payers (3.8%). Lower than average of industry peers (2.9%). Reported Earnings • Nov 18
Third quarter 2022 earnings released: JP¥66.72 loss per share (vs JP¥29.15 profit in 3Q 2021) Third quarter 2022 results: JP¥66.72 loss per share (down from JP¥29.15 profit in 3Q 2021). Revenue: JP¥2.70b (down 84% from 3Q 2021). Net loss: JP¥1.22b (down 329% from profit in 3Q 2021). Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 3.4% growth forecast for the Real Estate industry in Japan. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has increased by 8% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Nov 16
Yamahachi Corp. agreed to acquire Tsunoda Co.,Ltd. from JINUSHI Co.,Ltd. (TSE:3252). Yamahachi Corp. agreed to acquire Tsunoda Co.,Ltd. from JINUSHI Co.,Ltd. (TSE:3252) on November 14, 2022. The execution of share transfer agreement is expected to be on November 15, 2022. For the fiscal year ended June 2022, reported net worth of ¥4.6 billion, total assets of ¥8.3 billion, Sales of ¥11.1 billion, Operating income of ¥6.71 billion, and Net income of ¥4.5 billion. Transaction is expected to close on November 25, 2022. Board Change • Nov 16
High number of new directors There are 6 new directors who have joined the board in the last 3 years. GM of Osaka Business Development Dept. & Director Shigeo Goto was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Announcement • Aug 31
JINUSHI Co.,Ltd. to Report Q3, 2022 Results on Nov 14, 2022 JINUSHI Co.,Ltd. announced that they will report Q3, 2022 results on Nov 14, 2022 Reported Earnings • Aug 12
Second quarter 2022 earnings released Second quarter 2022 results: EPS: JP¥26.41. Revenue: JP¥7.41b (flat on 2Q 2021). Net income: JP¥483.0m (up JP¥483.0m from 2Q 2021). Profit margin: 6.5% (up from null in 2Q 2021). Over the next year, revenue is forecast to stay flat compared to a 2.4% growth forecast for the industry in Japan. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Announcement • Jun 16
JINUSHI Co.,Ltd. to Report Q2, 2022 Results on Aug 10, 2022 JINUSHI Co.,Ltd. announced that they will report Q2, 2022 results on Aug 10, 2022 Board Change • Jun 16
High number of new directors There are 6 new directors who have joined the board in the last 3 years. GM of Osaka Business Development Dept. & Director Shigeo Goto was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • May 15
First quarter 2022 earnings: EPS and revenues exceed analyst expectations First quarter 2022 results: EPS: JP¥114. Revenue: JP¥19.7b (flat on 1Q 2021). Net income: JP¥2.09b (up JP¥2.09b from 1Q 2021). Profit margin: 11% (up from null in 1Q 2021). Revenue exceeded analyst estimates by 10%. Earnings per share (EPS) also surpassed analyst estimates by 5.9%. Over the next year, revenue is forecast to grow 5.7%, compared to a 4.5% growth forecast for the industry in Japan. Over the last 3 years on average, earnings per share has increased by 15% per year whereas the company’s share price has increased by 10% per year. Price Target Changed • Apr 27
Price target increased to JP¥2,000 Up from JP¥1,800, the current price target is provided by 1 analyst. New target price is 5.8% above last closing price of JP¥1,891. Stock is up 14% over the past year. The company is forecast to post earnings per share of JP¥181 for next year compared to JP¥171 last year. 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. 1 experienced director. 9 highly experienced directors. No independent directors (7 non-independent directors). External Director Yoshinari Matsuda was the last director to join the board, commencing their role in 2014. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Announcement • Apr 07
JINUSHI Co.,Ltd. to Report Q1, 2022 Results on May 12, 2022 JINUSHI Co.,Ltd. announced that they will report Q1, 2022 results on May 12, 2022 Buying Opportunity • Mar 07
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 1.3%. The fair value is estimated to be JP¥2,241, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 21% per annum over the last 3 years. Earnings per share has grown by 15% per annum over the last 3 years. Price Target Changed • Feb 28
Price target increased to JP¥2,000 Up from JP¥1,800, the current price target is an average from 2 analysts. New target price is 11% above last closing price of JP¥1,794. Stock is up 8.7% over the past year. The company is forecast to post earnings per share of JP¥171 for next year compared to JP¥171 last year. 
