Reported Earnings • May 20
Full year 2026 earnings released: JP¥50.39 loss per share (vs JP¥31.03 loss in FY 2025) Full year 2026 results: JP¥50.39 loss per share (further deteriorated from JP¥31.03 loss in FY 2025). Revenue: JP¥3.61b (down 32% from FY 2025). Net loss: JP¥255.0m (loss widened 62% from FY 2025). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 90 percentage points per year, which is a significant difference in performance. Ankündigung • May 15
Nippon Ichi Software, Inc., Annual General Meeting, Jun 25, 2026 Nippon Ichi Software, Inc., Annual General Meeting, Jun 25, 2026. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥5.00 per share Eligible shareholders must have bought the stock before 30 March 2026. Payment date: 29 June 2026. The company is not currently making a profit but it is cash flow positive. Trailing yield: 0.6%. Lower than top quartile of Japanese dividend payers (3.6%). Lower than average of industry peers (1.7%). Reported Earnings • Feb 16
Third quarter 2026 earnings released: EPS: JP¥11.86 (vs JP¥28.46 in 3Q 2025) Third quarter 2026 results: EPS: JP¥11.86 (down from JP¥28.46 in 3Q 2025). Revenue: JP¥977.0m (down 22% from 3Q 2025). Net income: JP¥60.0m (down 58% from 3Q 2025). Profit margin: 6.1% (down from 12% in 3Q 2025). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 81 percentage points per year, which is a significant difference in performance. Reported Earnings • Nov 19
Second quarter 2026 earnings released: JP¥10.87 loss per share (vs JP¥15.41 loss in 2Q 2025) Second quarter 2026 results: JP¥10.87 loss per share (improved from JP¥15.41 loss in 2Q 2025). Revenue: JP¥764.0m (down 47% from 2Q 2025). Net loss: JP¥55.0m (loss narrowed 30% from 2Q 2025). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 69 percentage points per year, which is a significant difference in performance. Ankündigung • Oct 01
Nippon Ichi Software, Inc. to Report Q2, 2026 Results on Nov 14, 2025 Nippon Ichi Software, Inc. announced that they will report Q2, 2026 results on Nov 14, 2025 Reported Earnings • Aug 10
First quarter 2026 earnings released: JP¥33.40 loss per share (vs JP¥18.40 loss in 1Q 2025) First quarter 2026 results: JP¥33.40 loss per share (further deteriorated from JP¥18.40 loss in 1Q 2025). Revenue: JP¥480.0m (down 53% from 1Q 2025). Net loss: JP¥169.0m (loss widened 82% from 1Q 2025). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 60 percentage points per year, which is a significant difference in performance. Ankündigung • Jun 03
Nippon Ichi Software, Inc. to Report Q1, 2026 Results on Aug 08, 2025 Nippon Ichi Software, Inc. announced that they will report Q1, 2026 results on Aug 08, 2025 Reported Earnings • May 11
Full year 2025 earnings released: JP¥31.03 loss per share (vs JP¥118 profit in FY 2024) Full year 2025 results: JP¥31.03 loss per share (down from JP¥118 profit in FY 2024). Revenue: JP¥5.30b (flat on FY 2024). Net loss: JP¥157.0m (down 126% from profit in FY 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 49 percentage points per year, which is a significant difference in performance. Ankündigung • May 09
Nippon Ichi Software, Inc., Annual General Meeting, Jun 26, 2025 Nippon Ichi Software, Inc., Annual General Meeting, Jun 26, 2025. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥5.00 per share Eligible shareholders must have bought the stock before 28 March 2025. Payment date: 30 June 2025. Payout ratio is a comfortable 26% but the company is not cash flow positive. Trailing yield: 0.6%. Lower than top quartile of Japanese dividend payers (3.7%). Lower than average of industry peers (1.2%). Ankündigung • Mar 04
Nippon Ichi Software, Inc. to Report Fiscal Year 2025 Results on May 09, 2025 Nippon Ichi Software, Inc. announced that they will report fiscal year 2025 results on May 09, 2025 Reported Earnings • Feb 16
Third quarter 2025 earnings released: EPS: JP¥28.46 (vs JP¥35.71 in 3Q 2024) Third quarter 2025 results: EPS: JP¥28.46 (down from JP¥35.71 in 3Q 2024). Revenue: JP¥1.25b (down 7.2% from 3Q 2024). Net income: JP¥144.0m (down 20% from 3Q 2024). Profit margin: 12% (down from 13% in 3Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 55% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. Ankündigung • Dec 04
Nippon Ichi Software, Inc. to Report Q3, 2025 Results on Feb 14, 2025 Nippon Ichi Software, Inc. announced that they will report Q3, 2025 results on Feb 14, 2025 Reported Earnings • Nov 11
Second quarter 2025 earnings released: JP¥15.41 loss per share (vs JP¥47.42 profit in 2Q 2024) Second quarter 2025 results: JP¥15.41 loss per share (down from JP¥47.42 profit in 2Q 2024). Revenue: JP¥1.44b (down 18% from 2Q 2024). Net loss: JP¥78.0m (down 133% from profit in 2Q 2024). Over the last 3 years on average, earnings per share has fallen by 50% per year but the company’s share price has only fallen by 18% per year, which means it has not declined as severely as earnings. Ankündigung • Aug 29
Nippon Ichi Software, Inc. to Report Q2, 2025 Results on Nov 08, 2024 Nippon Ichi Software, Inc. announced that they will report Q2, 2025 results on Nov 08, 2024 Reported Earnings • Aug 11
First quarter 2025 earnings released: JP¥18.40 loss per share (vs JP¥10.12 profit in 1Q 2024) First quarter 2025 results: JP¥18.40 loss per share (down from JP¥10.12 profit in 1Q 2024). Revenue: JP¥1.01b (down 23% from 1Q 2024). Net loss: JP¥93.0m (down 282% from profit in 1Q 2024). Over the last 3 years on average, earnings per share has fallen by 41% per year but the company’s share price has only fallen by 14% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to JP¥855, the stock trades at a trailing P/E ratio of 7.3x. Average trailing P/E is 24x in the Entertainment industry in Japan. Total loss to shareholders of 26% over the past three years. Ankündigung • Jun 02
Nippon Ichi Software, Inc. to Report Q1, 2025 Results on Aug 09, 2024 Nippon Ichi Software, Inc. announced that they will report Q1, 2025 results on Aug 09, 2024 Reported Earnings • May 13
Full year 2024 earnings released: EPS: JP¥118 (vs JP¥133 in FY 2023) Full year 2024 results: EPS: JP¥118 (down from JP¥133 in FY 2023). Revenue: JP¥5.34b (up 11% from FY 2023). Net income: JP¥593.0m (down 12% from FY 2023). Profit margin: 11% (down from 14% in FY 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 33% 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. Ankündigung • May 12
Nippon Ichi Software, Inc., Annual General Meeting, Jun 27, 2024 Nippon Ichi Software, Inc., Annual General Meeting, Jun 27, 2024. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥5.00 per share Eligible shareholders must have bought the stock before 28 March 2024. Payment date: 24 June 2024. Payout ratio is a comfortable 3.1% and this is well supported by cash flows. Trailing yield: 0.5%. Lower than top quartile of Japanese dividend payers (3.2%). Lower than average of industry peers (1.8%). Ankündigung • Mar 02
Nippon Ichi Software, Inc. to Report Q4, 2024 Results on May 10, 2024 Nippon Ichi Software, Inc. announced that they will report Q4, 2024 results on May 10, 2024 Reported Earnings • Feb 11
Third quarter 2024 earnings released: EPS: JP¥35.71 (vs JP¥11.71 in 3Q 2023) Third quarter 2024 results: EPS: JP¥35.71 (up from JP¥11.71 in 3Q 2023). Revenue: JP¥1.35b (up 37% from 3Q 2023). Net income: JP¥180.0m (up 205% from 3Q 2023). Profit margin: 13% (up from 6.0% in 3Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Ankündigung • Nov 26
Nippon Ichi Software, Inc. to Report Q3, 2024 Results on Feb 09, 2024 Nippon Ichi Software, Inc. announced that they will report Q3, 2024 results on Feb 09, 2024 Reported Earnings • Nov 12
Second quarter 2024 earnings released: EPS: JP¥47.42 (vs JP¥26.21 in 2Q 2023) Second quarter 2024 results: EPS: JP¥47.42 (up from JP¥26.21 in 2Q 2023). Revenue: JP¥1.75b (up 57% from 2Q 2023). Net income: JP¥239.0m (up 81% from 2Q 2023). Profit margin: 14% (up from 12% in 2Q 2023). The increase in margin was driven by higher revenue. 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 2% per year, which means it is well ahead of earnings. Ankündigung • Aug 30
Nippon Ichi Software, Inc. to Report Q2, 2024 Results on Nov 10, 2023 Nippon Ichi Software, Inc. announced that they will report Q2, 2024 results on Nov 10, 2023 Reported Earnings • Aug 14
First quarter 2024 earnings released: EPS: JP¥10.12 (vs JP¥58.41 in 1Q 2023) First quarter 2024 results: EPS: JP¥10.12 (down from JP¥58.41 in 1Q 2023). Revenue: JP¥1.31b (up 4.5% from 1Q 2023). Net income: JP¥51.0m (down 83% from 1Q 2023). Profit margin: 3.9% (down from 24% in 1Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 3% per year whereas the company’s share price has increased by 6% per year. Ankündigung • Jun 02
Nippon Ichi Software, Inc. to Report Q1, 2024 Results on Aug 10, 2023 Nippon Ichi Software, Inc. announced that they will report Q1, 2024 results on Aug 10, 2023 Reported Earnings • May 15
Full year 2023 earnings released: EPS: JP¥133 (vs JP¥253 in FY 2022) Full year 2023 results: EPS: JP¥133 (down from JP¥253 in FY 2022). Revenue: JP¥4.83b (down 15% from FY 2022). Net income: JP¥672.0m (down 47% from FY 2022). Profit margin: 14% (down from 22% in FY 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Ankündigung • May 14
Nippon Ichi Software, Inc., Annual General Meeting, Jun 22, 2023 Nippon Ichi Software, Inc., Annual General Meeting, Jun 22, 2023. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥4.00 per share at 0.3% yield Eligible shareholders must have bought the stock before 30 March 2023. Payment date: 26 June 2023. Payout ratio is a comfortable 2.8% but the company is not cash flow positive. Trailing yield: 0.3%. Lower than top quartile of Japanese dividend payers (3.6%). Lower than average of industry peers (2.1%). Reported Earnings • Feb 12
Third quarter 2023 earnings released: EPS: JP¥11.71 (vs JP¥32.04 in 3Q 2022) Third quarter 2023 results: EPS: JP¥11.71 (down from JP¥32.04 in 3Q 2022). Revenue: JP¥982.0m (up 7.1% from 3Q 2022). Net income: JP¥59.0m (down 63% from 3Q 2022). Profit margin: 6.0% (down from 18% in 3Q 2022). The decrease in margin was driven by higher expenses. 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 4% per year, which means it is significantly lagging earnings. Ankündigung • Nov 27
Nippon Ichi Software, Inc. to Report Q3, 2023 Results on Feb 10, 2023 Nippon Ichi Software, Inc. announced that they will report Q3, 2023 results on Feb 10, 2023 Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 4 non-independent directors. Independent External Director Akito Goto was the last independent director to join the board, commencing their role in 2010. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Ankündigung • Aug 31
Nippon Ichi Software, Inc. to Report Q2, 2023 Results on Nov 11, 2022 Nippon Ichi Software, Inc. announced that they will report Q2, 2023 results on Nov 11, 2022 Reported Earnings • Aug 12
First quarter 2023 earnings released: EPS: JP¥58.41 (vs JP¥97.67 in 1Q 2022) First quarter 2023 results: EPS: JP¥58.41 (down from JP¥97.67 in 1Q 2022). Revenue: JP¥1.25b (down 39% from 1Q 2022). Net income: JP¥294.0m (down 40% from 1Q 2022). Profit margin: 24% (in line with 1Q 2022). Over the last 3 years on average, earnings per share has increased by 70% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Jul 20
Investor sentiment improved over the past week After last week's 17% share price gain to JP¥1,436, the stock trades at a trailing P/E ratio of 5.7x. Average trailing P/E is 20x in the Entertainment industry in Japan. Total returns to shareholders of 23% over the past three years. Buying Opportunity • Jul 13
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 15%. The fair value is estimated to be JP¥1,544, 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% over the last 3 years. Earnings per share has grown by 77%. Buying Opportunity • Jun 13
Now 21% undervalued Over the last 90 days, the stock is up 4.3%. The fair value is estimated to be JP¥1,557, 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% over the last 3 years. Earnings per share has grown by 77%. Ankündigung • Jun 01
Nippon Ichi Software, Inc. to Report Q1, 2023 Results on Aug 10, 2022 Nippon Ichi Software, Inc. announced that they will report Q1, 2023 results on Aug 10, 2022 Buying Opportunity • May 24
Now 21% undervalued Over the last 90 days, the stock is up 5.2%. The fair value is estimated to be JP¥1,535, 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% over the last 3 years. Earnings per share has grown by 77%. Reported Earnings • May 17
Full year 2022 earnings released: EPS: JP¥253 (vs JP¥179 in FY 2021) Full year 2022 results: EPS: JP¥253 (up from JP¥179 in FY 2021). Revenue: JP¥5.72b (up 7.8% from FY 2021). Net income: JP¥1.27b (up 41% from FY 2021). Profit margin: 22% (up from 17% 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 77% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Ankündigung • May 15
Nippon Ichi Software, Inc., Annual General Meeting, Jun 23, 2022 Nippon Ichi Software, Inc., Annual General Meeting, Jun 23, 2022. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 4 non-independent directors. Independent External Director Akito Goto was the last independent director to join the board, commencing their role in 2010. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Ankündigung • Apr 08
Nippon Ichi Software, Inc. to Report Fiscal Year 2022 Results on May 13, 2022 Nippon Ichi Software, Inc. announced that they will report fiscal year 2022 results on May 13, 2022 Upcoming Dividend • Mar 23
Upcoming dividend of JP¥4.00 per share Eligible shareholders must have bought the stock before 30 March 2022. Payment date: 25 June 2022. Payout ratio is a comfortable 1.4% and this is well supported by cash flows. Trailing yield: 0.3%. Lower than top quartile of Japanese dividend payers (3.4%). Lower than average of industry peers (1.9%). Valuation Update With 7 Day Price Move • Feb 17
Investor sentiment deteriorated over the past week After last week's 18% share price decline to JP¥1,215, the stock trades at a trailing P/E ratio of 4.2x. Average trailing P/E is 15x in the Entertainment industry in Japan. Total loss to shareholders of 27% over the past three years. Reported Earnings • Feb 12
Third quarter 2022 earnings: Revenues and EPS in line with analyst expectations Third quarter 2022 results: EPS: JP¥32.04 (down from JP¥48.89 in 3Q 2021). Revenue: JP¥917.0m (down 33% from 3Q 2021). Net income: JP¥161.0m (down 35% from 3Q 2021). Profit margin: 18% (in line with 3Q 2021). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 72% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Nov 19
Investor sentiment improved over the past week After last week's 25% share price gain to JP¥1,798, the stock trades at a trailing P/E ratio of 5.9x. Average trailing P/E is 19x in the Entertainment industry in Japan. Total returns to shareholders of 34% over the past three years. Reported Earnings • Nov 15
Second quarter 2022 earnings released: EPS JP¥75.20 (vs JP¥34.64 in 2Q 2021) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2022 results: Revenue: JP¥1.54b (up 50% from 2Q 2021). Net income: JP¥378.0m (up 116% from 2Q 2021). Profit margin: 25% (up from 17% in 2Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 63% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Aug 13
Investor sentiment improved over the past week After last week's 18% share price gain to JP¥1,394, the stock trades at a trailing P/E ratio of 5.3x. Average trailing P/E is 21x in the Entertainment industry in Japan. Total returns to shareholders of 32% over the past three years. Reported Earnings • Aug 09
First quarter 2022 earnings released: EPS JP¥97.67 (vs JP¥15.04 in 1Q 2021) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2022 results: Revenue: JP¥2.06b (up 93% from 1Q 2021). Net income: JP¥493.0m (up JP¥417.0m from 1Q 2021). Profit margin: 24% (up from 7.1% in 1Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 43% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Ankündigung • May 22
Nippon Ichi Software, Inc. (JASDAQ:3851) announces an Equity Buyback for 50,000 shares, representing 0.99% for ¥100 million. Nippon Ichi Software, Inc. (JASDAQ:3851) announces a share repurchase program. Under the program, the company will repurchase up to 50,000 shares, representing 0.99% of its issued share capital (excluding treasury stock), for a total purchase price of ¥100 million. The purpose of the program is to carry out agile capital policy in response to changes in the business environment under a stable management policy. The program will be valid till August 23, 2021. As of May 21, 2021, the company had 5,052,264 issued shares (excluding treasury stock) and 58,236 treasury shares. Reported Earnings • May 19
Full year 2021 earnings released: EPS JP¥179 (vs JP¥53.24 in FY 2020) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2021 results: Revenue: JP¥5.30b (up 59% from FY 2020). Net income: JP¥905.0m (up 236% from FY 2020). Profit margin: 17% (up from 8.1% in FY 2020). 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 but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥4.00 per share Eligible shareholders must have bought the stock before 30 March 2021. Payment date: 26 June 2021. Trailing yield: 0.3%. Lower than top quartile of Japanese dividend payers (2.7%). Lower than average of industry peers (1.7%). Ankündigung • Mar 04
Nippon Ichi Software, Inc. to Report Fiscal Year 2021 Results on May 14, 2021 Nippon Ichi Software, Inc. announced that they will report fiscal year 2021 results on May 14, 2021 Is New 90 Day High Low • Mar 04
New 90-day low: JP¥1,146 The company is down 16% from its price of JP¥1,364 on 04 December 2020. The Japanese market is up 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Entertainment industry, which is up 12% over the same period. Reported Earnings • Feb 14
Third quarter 2021 earnings released: EPS JP¥48.89 (vs JP¥36.42 in 3Q 2020) The company reported a solid third quarter result with improved earnings and revenues, although profit margins were weaker. Third quarter 2021 results: Revenue: JP¥1.36b (up 52% from 3Q 2020). Net income: JP¥247.0m (up 34% from 3Q 2020). Profit margin: 18% (down from 21% in 3Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 11% per year whereas the company’s share price has fallen by 7% per year. Valuation Update With 7 Day Price Move • Dec 02
Market bids up stock over the past week After last week's 15% share price gain to JP¥1,396, the stock is trading at a trailing P/E ratio of 13x, up from the previous P/E ratio of 11.3x. This compares to an average P/E of 29x in the Entertainment industry in Japan. Total return to shareholders over the past three years is a loss of 18%. Valuation Update With 7 Day Price Move • Nov 20
Market bids up stock over the past week After last week's 22% share price gain to JP¥1,239, the stock is trading at a trailing P/E ratio of 11.5x, up from the previous P/E ratio of 9.5x. This compares to an average P/E of 29x in the Entertainment industry in Japan. Total return to shareholders over the past three years is a loss of 37%. Is New 90 Day High Low • Nov 16
New 90-day high: JP¥1,172 The company is up 20% from its price of JP¥980 on 18 August 2020. The Japanese market is up 6.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Entertainment industry, which is up 4.0% over the same period. Reported Earnings • Nov 16
Second quarter 2021 earnings released: EPS JP¥34.64 The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: JP¥1.03b (up 60% from 2Q 2020). Net income: JP¥175.0m (up JP¥279.0m from 2Q 2020). Profit margin: 17% (up from net loss in 2Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has only fallen by 15% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Nov 01
New 90-day low: JP¥945 The company is down 1.0% from its price of JP¥952 on 03 August 2020. The Japanese market is up 6.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Entertainment industry, which is up 19% over the same period. Is New 90 Day High Low • Sep 18
New 90-day high: JP¥1,057 The company is up 2.0% from its price of JP¥1,041 on 19 June 2020. The Japanese market is up 4.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Entertainment industry, which is up 17% over the same period. Ankündigung • Sep 04
Nippon Ichi Software, Inc. to Report Q2, 2021 Results on Nov 13, 2020 Nippon Ichi Software, Inc. announced that they will report Q2, 2021 results on Nov 13, 2020 
