Upcoming Dividend • Jun 22
Upcoming dividend of JP¥22.00 per share Eligible shareholders must have bought the stock before 29 June 2026. Payment date: 01 September 2026. Payout ratio is a comfortable 30% and this is well supported by cash flows. Trailing yield: 3.5%. Lower than top quartile of Japanese dividend payers (3.9%). Higher than average of industry peers (2.3%). Reported Earnings • May 12
First quarter 2026 earnings released: EPS: JP¥48.03 (vs JP¥39.88 in 1Q 2025) First quarter 2026 results: EPS: JP¥48.03 (up from JP¥39.88 in 1Q 2025). Revenue: JP¥53.8b (down 4.1% from 1Q 2025). Net income: JP¥3.62b (up 21% from 1Q 2025). Profit margin: 6.7% (up from 5.4% in 1Q 2025). The increase in margin was driven by lower expenses. Revenue is forecast to grow 2.0% p.a. on average during the next 3 years, while revenues in the Gas Utilities industry in Japan are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Declared Dividend • Apr 11
Final dividend of JP¥22.00 announced Shareholders will receive a dividend of JP¥22.00. Ex-date: 29th June 2026 Payment date: 1st September 2026 Dividend yield will be 3.0%, which is higher than the industry average of 2.1%. Sustainability & Growth Dividend is covered by both earnings (36% earnings payout ratio) and cash flows (71% cash payout ratio). The dividend has increased by an average of 14% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 1.9% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 11
Full year 2025 earnings released: EPS: JP¥133 (vs JP¥117 in FY 2024) Full year 2025 results: EPS: JP¥133 (up from JP¥117 in FY 2024). Revenue: JP¥201.2b (flat on FY 2024). Net income: JP¥10.0b (up 14% from FY 2024). Profit margin: 5.0% (up from 4.3% in FY 2024). Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Announcement • Feb 10
Shizuoka Gas Co., Ltd., Annual General Meeting, Mar 26, 2026 Shizuoka Gas Co., Ltd., Annual General Meeting, Mar 26, 2026. Announcement • Dec 27
Shizuoka Gas Co., Ltd. to Report Fiscal Year 2025 Results on Feb 10, 2026 Shizuoka Gas Co., Ltd. announced that they will report fiscal year 2025 results on Feb 10, 2026 Upcoming Dividend • Dec 22
Upcoming dividend of JP¥21.50 per share Eligible shareholders must have bought the stock before 29 December 2025. Payment date: 27 March 2026. Payout ratio is a comfortable 36% but the company is not cash flow positive. Trailing yield: 3.5%. Lower than top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (2.0%). Reported Earnings • Nov 07
Third quarter 2025 earnings released: EPS: JP¥33.12 (vs JP¥6.42 loss in 3Q 2024) Third quarter 2025 results: EPS: JP¥33.12 (up from JP¥6.42 loss in 3Q 2024). Revenue: JP¥47.6b (flat on 3Q 2024). Net income: JP¥2.50b (up JP¥2.98b from 3Q 2024). Profit margin: 5.2% (up from net loss in 3Q 2024). 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 6% per year, which means it is well ahead of earnings. Declared Dividend • Sep 02
First half dividend of JP¥21.50 announced Shareholders will receive a dividend of JP¥21.50. Ex-date: 29th December 2025 Payment date: 27th March 2026 Dividend yield will be 3.7%, which is higher than the industry average of 2.1%. Sustainability & Growth Dividend is covered by earnings (51% 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 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. Earnings per share has grown by 37% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Aug 08
Second quarter 2025 earnings released: EPS: JP¥49.56 (vs JP¥79.04 in 2Q 2024) Second quarter 2025 results: EPS: JP¥49.56 (down from JP¥79.04 in 2Q 2024). Revenue: JP¥47.5b (down 6.8% from 2Q 2024). Net income: JP¥3.73b (down 37% from 2Q 2024). Profit margin: 7.9% (down from 12% in 2Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has remained flat whereas the company’s share price has increased by 4% per year. Upcoming Dividend • Jun 20
Upcoming dividend of JP¥20.50 per share Eligible shareholders must have bought the stock before 27 June 2025. Payment date: 02 September 2025. Payout ratio is a comfortable 33% and the cash payout ratio is 85%. Trailing yield: 3.8%. Lower than top quartile of Japanese dividend payers (4.0%). Higher than average of industry peers (2.4%). Reported Earnings • May 09
First quarter 2025 earnings released: EPS: JP¥39.88 (vs JP¥34.66 in 1Q 2024) First quarter 2025 results: EPS: JP¥39.88 (up from JP¥34.66 in 1Q 2024). Revenue: JP¥56.1b (up 3.1% from 1Q 2024). Net income: JP¥3.00b (up 17% from 1Q 2024). Profit margin: 5.4% (up from 4.7% in 1Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 13% per year whereas the company’s share price has increased by 8% per year. Board Change • Apr 22
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Outside Director Koichi Maruno was the last independent director to join the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Declared Dividend • Apr 11
Final dividend of JP¥20.50 announced Shareholders will receive a dividend of JP¥20.50. Ex-date: 27th June 2025 Payment date: 2nd September 2025 Dividend yield will be 4.1%, which is higher than the industry average of 2.1%. Sustainability & Growth Dividend is covered by both earnings (29% earnings payout ratio) and cash flows (85% 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. Earnings per share has grown by 9.3% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Buy Or Sell Opportunity • Apr 10
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 15% to JP¥1,168. The fair value is estimated to be JP¥972, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 9.2% over the last 3 years. Earnings per share has grown by 21%. Reported Earnings • Feb 14
Full year 2024 earnings released: EPS: JP¥117 (vs JP¥190 in FY 2023) Full year 2024 results: EPS: JP¥117 (down from JP¥190 in FY 2023). Revenue: JP¥202.2b (down 5.5% from FY 2023). Net income: JP¥8.78b (down 38% from FY 2023). Profit margin: 4.3% (down from 6.6% in FY 2023). The decrease in margin was driven by lower revenue. 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 7% per year, which means it is significantly lagging earnings growth. Announcement • Feb 12
Shizuoka Gas Co., Ltd., Annual General Meeting, Mar 26, 2025 Shizuoka Gas Co., Ltd., Annual General Meeting, Mar 26, 2025. Upcoming Dividend • Dec 20
Upcoming dividend of JP¥27.00 per share Eligible shareholders must have bought the stock before 27 December 2024. Payment date: 28 March 2025. Payout ratio is a comfortable 29% and this is well supported by cash flows. Trailing yield: 4.0%. Within top quartile of Japanese dividend payers (3.8%). Higher than average of industry peers (2.4%). Announcement • Dec 03
Shizuoka Gas Co., Ltd. to Report Fiscal Year 2024 Results on Feb 12, 2025 Shizuoka Gas Co., Ltd. announced that they will report fiscal year 2024 results on Feb 12, 2025 New Risk • Nov 08
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: 3.7% Last year net profit margin: 7.1% 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. This is currently the only risk that has been identified for the company. Reported Earnings • Nov 08
Third quarter 2024 earnings released: JP¥6.42 loss per share (vs JP¥14.38 profit in 3Q 2023) Third quarter 2024 results: JP¥6.42 loss per share (down from JP¥14.38 profit in 3Q 2023). Revenue: JP¥47.5b (up 13% from 3Q 2023). Net loss: JP¥483.0m (down 145% from profit in 3Q 2023). Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. New Risk • Aug 21
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 17% 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. This is currently the only risk that has been identified for the company. Declared Dividend • Aug 09
Dividend of JP¥27.00 announced Shareholders will receive a dividend of JP¥27.00. Ex-date: 27th December 2024 Payment date: 28th March 2025 Dividend yield will be 4.2%, which is higher than the industry average of 2.1%. Sustainability & Growth Dividend is well covered by both earnings (30% earnings payout ratio) and cash flows (8% cash payout ratio). The dividend has increased by an average of 10% 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 2.4% over the next year, which should provide support to the dividend and adequate earnings cover. Announcement • Aug 07
Shizuoka Gas Co., Ltd. Revises Consolidated Earnings Guidance for the Fiscal Year Ending December 31, 2024 Shizuoka Gas Co., Ltd. revised consolidated earnings guidance for the fiscal year ending December 31, 2024. For the period, Company now expects net sales of JPY 206,760 million against previous guidance of JPY 206,710 million, operating profit of JPY 7,330 million against previous guidance of JPY 8,070 million, profit attributable to owners of parent of JPY 6,320 million against previous guidance of JPY 5,460 million or JPY 84.23 per share against previous guidance of JPY 73.60 per share. Reasons for Revision: As a result of reflecting the impact of crude oil prices and exchange rates, the cost of raw materials is expected to exceed the previous estimate, leading to operating profit falling below the previous forecast. However, profit attributable to owners of parent is expected to exceed the previous forecast due to the impact of exchange rate valuation. Upcoming Dividend • Jun 20
Upcoming dividend of JP¥13.00 per share Eligible shareholders must have bought the stock before 27 June 2024. Payment date: 02 September 2024. Payout ratio is a comfortable 30% and this is well supported by cash flows. Trailing yield: 2.8%. Lower than top quartile of Japanese dividend payers (3.4%). Higher than average of industry peers (2.5%). New Risk • May 11
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: 3.2% Last year net profit margin: 6.1% 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. This is currently the only risk that has been identified for the company. Reported Earnings • May 11
First quarter 2024 earnings released: EPS: JP¥34.66 (vs JP¥140 in 1Q 2023) First quarter 2024 results: EPS: JP¥34.66 (down from JP¥140 in 1Q 2023). Revenue: JP¥54.4b (down 26% from 1Q 2023). Net income: JP¥2.58b (down 75% from 1Q 2023). Profit margin: 4.7% (down from 14% in 1Q 2023). The decrease in margin was driven by lower revenue. Revenue is expected to decline by 3.6% p.a. on average during the next 2 years, while revenues in the Gas Utilities industry in Japan are expected to grow by 1.5%. Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Declared Dividend • Apr 11
Final dividend of JP¥13.00 announced Shareholders will receive a dividend of JP¥13.00. Ex-date: 27th June 2024 Payment date: 2nd September 2024 Dividend yield will be 2.9%, which is higher than the industry average of 2.1%. Sustainability & Growth Dividend is well covered by both earnings (9% earnings payout ratio) and cash flows (6% cash payout ratio). The dividend has increased by an average of 7.2% 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 67% over the next 2 years. However, it would need to fall by 90% to increase the payout ratio to a potentially unsustainable range. Announcement • Mar 28
Shizuoka Gas Co., Ltd. has completed a Follow-on Equity Offering in the amount of ¥3.358478 billion. Shizuoka Gas Co., Ltd. has completed a Follow-on Equity Offering in the amount of ¥3.358478 billion.
Security Name: Common Stock
Security Type: Common Stock
Securities Offered: 3,727,500
Price\Range: ¥901
Discount Per Security: ¥41.81 Announcement • Feb 21
Shizuoka Gas Co., Ltd. has filed a Follow-on Equity Offering. Shizuoka Gas Co., Ltd. has filed a Follow-on Equity Offering.
Security Name: Common Stock
Security Type: Common Stock
Securities Offered: 3,727,500 Reported Earnings • Feb 09
Full year 2023 earnings released: EPS: JP¥190 (vs JP¥80.59 in FY 2022) Full year 2023 results: EPS: JP¥190 (up from JP¥80.59 in FY 2022). Revenue: JP¥214.0b (up 3.2% from FY 2022). Net income: JP¥14.1b (up 136% from FY 2022). Profit margin: 6.6% (up from 2.9% in FY 2022). Revenue is forecast to decline by 8.4% p.a. on average during the next 2 years, while revenues in the Gas Utilities industry in Japan are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 51% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. New Risk • Feb 08
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 47% 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. This is currently the only risk that has been identified for the company. Announcement • Feb 07
Shizuoka Gas Co., Ltd., Annual General Meeting, Mar 27, 2024 Shizuoka Gas Co., Ltd., Annual General Meeting, Mar 27, 2024. Announcement • Dec 28
Shizuoka Gas Co., Ltd. to Report Fiscal Year 2023 Results on Feb 07, 2024 Shizuoka Gas Co., Ltd. announced that they will report fiscal year 2023 results on Feb 07, 2024 Upcoming Dividend • Dec 21
Upcoming dividend of JP¥10.00 per share at 2.1% yield Eligible shareholders must have bought the stock before 28 December 2023. Payment date: 25 March 2024. Payout ratio is a comfortable 8.8% and this is well supported by cash flows. Trailing yield: 2.1%. Lower than top quartile of Japanese dividend payers (3.5%). In line with average of industry peers (2.2%). Reported Earnings • Nov 09
Third quarter 2023 earnings released: EPS: JP¥14.38 (vs JP¥19.53 loss in 3Q 2022) Third quarter 2023 results: EPS: JP¥14.38 (up from JP¥19.53 loss in 3Q 2022). Revenue: JP¥42.2b (down 14% from 3Q 2022). Net income: JP¥1.07b (up JP¥2.52b from 3Q 2022). Profit margin: 2.5% (up from net loss in 3Q 2022). The move to profitability was driven by lower expenses. Revenue is expected to fall by 12% p.a. on average during the next 3 years compared to a 2.5% decline forecast for the Gas Utilities industry in Japan. Over the last 3 years on average, earnings per share has increased by 51% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 09
Second quarter 2023 earnings released: EPS: JP¥46.38 (vs JP¥52.32 in 2Q 2022) Second quarter 2023 results: EPS: JP¥46.38 (down from JP¥52.32 in 2Q 2022). Revenue: JP¥52.5b (up 13% from 2Q 2022). Net income: JP¥3.44b (down 11% from 2Q 2022). Profit margin: 6.6% (down from 8.4% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue is expected to fall by 12% p.a. on average during the next 3 years compared to a 4.3% decline forecast for the Gas Utilities industry in Japan. Over the last 3 years on average, earnings per share has increased by 49% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jun 22
Upcoming dividend of JP¥10.00 per share at 1.7% yield Eligible shareholders must have bought the stock before 29 June 2023. Payment date: 01 September 2023. Payout ratio is a comfortable 9.9% but the company is not cash flow positive. Trailing yield: 1.7%. Lower than top quartile of Japanese dividend payers (3.5%). Lower than average of industry peers (2.5%). Reported Earnings • May 12
First quarter 2023 earnings released: EPS: JP¥140 (vs JP¥28.09 in 1Q 2022) First quarter 2023 results: EPS: JP¥140 (up from JP¥28.09 in 1Q 2022). Revenue: JP¥73.7b (up 52% from 1Q 2022). Net income: JP¥10.4b (up 399% from 1Q 2022). Profit margin: 14% (up from 4.3% in 1Q 2022). The increase in margin was driven by higher revenue. Revenue is expected to fall by 11% p.a. on average during the next 3 years compared to a 2.6% decline forecast for the Gas Utilities industry in Japan. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 29
Full year 2022 earnings: EPS and revenues exceed analyst expectations Full year 2022 results: EPS: JP¥80.59 (up from JP¥55.54 in FY 2021). Revenue: JP¥207.3b (up 56% from FY 2021). Net income: JP¥5.98b (up 45% from FY 2021). Profit margin: 2.9% (down from 3.1% in FY 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 22%. Earnings per share (EPS) also surpassed analyst estimates by 8.6%. Revenue is expected to fall by 6.3% p.a. on average during the next 3 years compared to a 2.6% decline forecast for the Gas Utilities industry in Japan. Over the last 3 years on average, earnings per share has increased by 8% per year whereas the company’s share price has increased by 11% per year. Major Estimate Revision • Feb 16
Consensus revenue estimates increase by 46% The consensus outlook for revenues in fiscal year 2023 has improved. 2023 revenue forecast increased from JP¥155.0b to JP¥227.0b. EPS estimate increased from JP¥74.20 to JP¥162 per share. Net income forecast to grow 101% next year vs 2.6% decline forecast for Gas Utilities industry in Japan. Consensus price target of JP¥860 unchanged from last update. Share price rose 2.9% to JP¥1,147 over the past week. Reported Earnings • Feb 12
Full year 2022 earnings: EPS and revenues exceed analyst expectations Full year 2022 results: EPS: JP¥80.59 (up from JP¥55.54 in FY 2021). Revenue: JP¥207.3b (up 56% from FY 2021). Net income: JP¥5.98b (up 45% from FY 2021). Profit margin: 2.9% (down from 3.1% in FY 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 22%. Earnings per share (EPS) also surpassed analyst estimates by 8.6%. Revenue is forecast to decline by 6.3% p.a. on average during the next 3 years, while revenues in the Gas Utilities industry in Japan are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 8% per year whereas the company’s share price has increased by 6% per year. Announcement • Feb 11
Shizuoka Gas Co., Ltd., Annual General Meeting, Mar 23, 2023 Shizuoka Gas Co., Ltd., Annual General Meeting, Mar 23, 2023. Announcement • Dec 28
Shizuoka Gas Co., Ltd. to Report Fiscal Year 2022 Results on Feb 09, 2023 Shizuoka Gas Co., Ltd. announced that they will report fiscal year 2022 results on Feb 09, 2023 Upcoming Dividend • Dec 22
Upcoming dividend of JP¥9.50 per share Eligible shareholders must have bought the stock before 29 December 2022. Payment date: 24 March 2023. Payout ratio is a comfortable 32% but the company is not cash flow positive. Trailing yield: 1.8%. Lower than top quartile of Japanese dividend payers (3.8%). Lower than average of industry peers (2.7%). Reported Earnings • Nov 16
Third quarter 2022 earnings released: JP¥19.53 loss per share (vs JP¥0.31 profit in 3Q 2021) Third quarter 2022 results: JP¥19.53 loss per share (down from JP¥0.31 profit in 3Q 2021). Revenue: JP¥49.2b (up 51% from 3Q 2021). Net loss: JP¥1.45b (down JP¥1.47b from profit in 3Q 2021). Revenue is forecast to decline by 8.6% p.a. on average during the next 3 years, while revenues in the Gas Utilities industry in Japan are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 2% per year and the company’s share price has also increased by 2% per year. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 6 non-independent directors. Independent Outside Director Yuriko Kato was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 11
Third quarter 2022 earnings released: JP¥19.53 loss per share (vs JP¥0.31 profit in 3Q 2021) Third quarter 2022 results: JP¥19.53 loss per share (down from JP¥0.31 profit in 3Q 2021). Revenue: JP¥49.2b (up 51% from 3Q 2021). Net loss: JP¥1.45b (down JP¥1.47b from profit in 3Q 2021). Revenue is forecast to decline by 8.6% p.a. on average during the next 3 years, while revenues in the Gas Utilities industry in Japan are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 2% per year whereas the company’s share price has increased by 3% per year. Valuation Update With 7 Day Price Move • Aug 10
Investor sentiment improved over the past week After last week's 15% share price gain to JP¥1,048, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 14x in the Gas Utilities industry in Japan. Total returns to shareholders of 33% over the past three years. Reported Earnings • Aug 04
Second quarter 2022 earnings released: EPS: JP¥52.32 (vs JP¥19.65 in 2Q 2021) Second quarter 2022 results: EPS: JP¥52.32 (up from JP¥19.65 in 2Q 2021). Revenue: JP¥46.4b (up 50% from 2Q 2021). Net income: JP¥3.88b (up 166% from 2Q 2021). Profit margin: 8.4% (up from 4.7% in 2Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is expected to shrink by 1.7% compared to a 12% growth forecast for the industry in Japan. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 8% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Jun 22
Upcoming dividend of JP¥9.50 per share Eligible shareholders must have bought the stock before 29 June 2022. Payment date: 01 September 2022. Payout ratio is a comfortable 40% but the company is not cash flow positive. Trailing yield: 2.3%. Lower than top quartile of Japanese dividend payers (3.8%). Lower than average of industry peers (2.6%). Reported Earnings • May 13
First quarter 2022 earnings: EPS and revenues miss analyst expectations First quarter 2022 results: EPS: JP¥28.09 (down from JP¥38.81 in 1Q 2021). Revenue: JP¥48.4b (up 54% from 1Q 2021). Net income: JP¥2.08b (down 28% from 1Q 2021). Profit margin: 4.3% (down from 9.1% in 1Q 2021). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 5.8%. Earnings per share (EPS) also missed analyst estimates by 14%. Over the next year, revenue is forecast to grow 11%, compared to a 15% growth forecast for the 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 remained flat. Board Change • Apr 27
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 2 independent directors. 6 non-independent directors. Independent Outside Director Yuriko Kato was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Major Estimate Revision • Feb 15
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast increased from JP¥144.0b to JP¥170.0b. EPS estimate fell from JP¥94.46 to JP¥74.22. Net income forecast to grow 34% next year vs 15% growth forecast for Gas Utilities industry in Japan. Consensus price target of JP¥860 unchanged from last update. Share price fell 11% to JP¥889 over the past week. Reported Earnings • Feb 09
Full year 2021 earnings: EPS and revenues miss analyst expectations Full year 2021 results: EPS: JP¥55.54 (up from JP¥50.10 in FY 2020). Revenue: JP¥133.0b (up 9.6% from FY 2020). Net income: JP¥4.12b (up 11% from FY 2020). Profit margin: 3.1% (in line with FY 2020). Revenue missed analyst estimates by 5.8%. Earnings per share (EPS) also missed analyst estimates by 14%. Over the next year, revenue is forecast to grow 28%, compared to a 6.3% growth forecast for the 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 only increased by 1% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Dec 22
Upcoming dividend of JP¥9.00 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 29 March 2022. Payout ratio is a comfortable 29% and the cash payout ratio is 89%. Trailing yield: 1.8%. Lower than top quartile of Japanese dividend payers (3.3%). Lower than average of industry peers (2.9%). Reported Earnings • Nov 11
Third quarter 2021 earnings released: EPS JP¥0.31 (vs JP¥37.15 in 3Q 2020) The company reported a soft third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: JP¥32.7b (up 16% from 3Q 2020). Net income: JP¥23.0m (down 99% from 3Q 2020). Profit margin: 0.1% (down from 9.8% 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 8% per year whereas the company’s share price has increased by 3% per year. Executive Departure • Oct 12
Senior Operating Officer Toshihiro Nakai has left the company On the 1st of October, Toshihiro Nakai's tenure as Senior Operating Officer ended. We don't have any record of a personal shareholding under Toshihiro's name. Toshihiro is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 3.75 years. Reported Earnings • Aug 06
Second quarter 2021 earnings released: EPS JP¥19.65 (vs JP¥13.36 loss in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: JP¥31.0b (up 2.2% from 2Q 2020). Net income: JP¥1.46b (up JP¥2.45b from 2Q 2020). Profit margin: 4.7% (up from net loss in 2Q 2020). The move to profitability was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 4% per year whereas the company’s share price has increased by 8% per year. Upcoming Dividend • Jun 22
Upcoming dividend of JP¥9.00 per share Eligible shareholders must have bought the stock before 29 June 2021. Payment date: 01 September 2021. Trailing yield: 1.9%. Lower than top quartile of Japanese dividend payers (3.0%). Lower than average of industry peers (2.3%). Reported Earnings • May 14
First quarter 2021 earnings released: EPS JP¥38.81 (vs JP¥24.55 in 1Q 2020) The company reported a decent first quarter result with improved earnings and profit margins, although revenues were weaker. First quarter 2021 results: Revenue: JP¥31.5b (down 13% from 1Q 2020). Net income: JP¥2.87b (up 58% from 1Q 2020). Profit margin: 9.1% (up from 5.0% in 1Q 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Reported Earnings • Apr 03
Full year 2020 earnings released: EPS JP¥50.10 (vs JP¥74.62 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: JP¥121.3b (down 14% from FY 2019). Net income: JP¥3.71b (down 33% from FY 2019). Profit margin: 3.1% (down from 3.9% in FY 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Reported Earnings • Feb 14
Full year 2020 earnings released: EPS JP¥50.10 (vs JP¥74.62 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: JP¥121.3b (down 14% from FY 2019). Net income: JP¥3.71b (down 33% from FY 2019). Profit margin: 3.1% (down from 3.9% in FY 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Analyst Estimate Surprise Post Earnings • Feb 14
Revenue and earnings miss expectations Revenue missed analyst estimates by 9.4%. Earnings per share (EPS) also missed analyst estimates by 36%. Over the next year, revenue is forecast to grow 7.3%, compared to a 1.1% growth forecast for the Gas Utilities industry in Japan. Announcement • Jan 23
Shizuoka Gas Co., Ltd. to Report Fiscal Year 2020 Results on Feb 10, 2021 Shizuoka Gas Co., Ltd. announced that they will report fiscal year 2020 results on Feb 10, 2021 Is New 90 Day High Low • Dec 28
New 90-day high: JP¥1,060 The company is up 10.0% from its price of JP¥960 on 29 September 2020. The Japanese market is up 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Gas Utilities industry, which is down 1.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is JP¥788 per share. Upcoming Dividend • Dec 22
Upcoming Dividend of JP¥8.50 Per Share Will be paid on the 26th of March to those who are registered shareholders by the 29th of December. The trailing yield of 1.7% is below the top quartile of Japanese dividend payers (3.0%), and is lower than industry peers (2.1%). 
