Declared Dividend • Jul 17
First half dividend of JP¥1,290 announced Shareholders will receive a dividend of JP¥1,290. Ex-date: 29th October 2026 Payment date: 18th January 2027 Dividend yield will be 590%, which is higher than the industry average of 5.4%. New Risk • Jun 25
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. The company is paying a dividend despite being loss-making. The company is paying a dividend despite having no free cash flows. Dividend yield: 6.1% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. 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). Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Board Change • May 20
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 3 non-independent directors. Alternative Supervisory Director Takashi Kimura was the last director to join the board, commencing their role in 2023. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Annonce • Apr 01
MIRAI Corporation to Report Q2, 2026 Results on Jun 17, 2026 MIRAI Corporation announced that they will report Q2, 2026 results on Jun 17, 2026 Annonce • Feb 25
MIRAI Corporation announces Semi-Annual dividend, payable on July 08, 2026 MIRAI Corporation announced Semi-Annual dividend of JPY 1300.0000 per share payable on July 08, 2026, ex-date on April 28, 2026 and record date on April 30, 2026. Annonce • Apr 09
MIRAI Corporation to Report Fiscal Year 2025 Results on Jun 16, 2025 MIRAI Corporation announced that they will report fiscal year 2025 results on Jun 16, 2025 Annonce • Mar 15
MIRAI Corporation announces Semi-Annual dividend, payable on July 14, 2025 MIRAI Corporation announced Semi-Annual dividend of JPY 1300.0000 per share payable on July 14, 2025, ex-date on April 28, 2025 and record date on April 30, 2025. Annonce • Feb 12
An undisclosed buyer agreed to acquire Shibuya World East Building and Mi-Nara from MIRAI Corporation (TSE:3476) for ¥8.6 billion. An undisclosed buyer agreed to acquire Shibuya World East Building and Mi-Nara from MIRAI Corporation (TSE:3476) for ¥8.6 billion on February 10, 2025. A cash consideration of ¥8.55 billion will be paid by the buyer. As part of consideration, ¥8.55 billion is paid towards assets of Shibuya World East Building and Mi-Nara. The expected completion of the transaction is February 17, 2025. Upcoming Dividend • Oct 23
Upcoming dividend of JP¥1,185 per share Eligible shareholders must have bought the stock before 30 October 2024. Payment date: 13 January 2025. Trailing yield: 5.8%. Within top quartile of German dividend payers (4.8%). In line with average of industry peers (5.3%). New Risk • Jun 25
New major risk - Revenue and earnings growth Earnings have declined by 1.2% per year over the past 5 years. 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 declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (6.1% operating cash flow to total debt). Earnings have declined by 1.2% per year over the past 5 years. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Shareholders have been diluted in the past year (7.7% increase in shares outstanding). Declared Dividend • Jun 19
First half dividend of JP¥1,185 announced Shareholders will receive a dividend of JP¥1,185. Ex-date: 30th October 2024 Payment date: 13th January 2025 Dividend yield will be 458%, which is higher than the industry average of 5.8%. Reported Earnings • Jun 19
First half 2024 earnings released: EPS: JP¥1,190 (vs JP¥1,382 in 1H 2023) First half 2024 results: EPS: JP¥1,190 (down from JP¥1,382 in 1H 2023). Revenue: JP¥5.89b (up 3.6% from 1H 2023). Net income: JP¥2.24b (down 8.3% from 1H 2023). Profit margin: 38% (down from 43% in 1H 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 8.3% p.a. on average during the next 3 years, while revenues in the Office REITs industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Reported Earnings • Jun 19
First half 2024 earnings released: EPS: JP¥1,190 (vs JP¥1,382 in 1H 2023) First half 2024 results: EPS: JP¥1,190 (down from JP¥1,382 in 1H 2023). Revenue: JP¥5.89b (up 3.6% from 1H 2023). Net income: JP¥2.24b (down 8.3% from 1H 2023). Profit margin: 38% (down from 43% in 1H 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 8.3% p.a. on average during the next 3 years, while revenues in the Office REITs industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Reported Earnings • Jun 18
First half 2024 earnings released: EPS: JP¥1,190 (vs JP¥1,382 in 1H 2023) First half 2024 results: EPS: JP¥1,190 (down from JP¥1,382 in 1H 2023). Revenue: JP¥5.89b (up 3.6% from 1H 2023). Net income: JP¥2.24b (down 8.3% from 1H 2023). Profit margin: 38% (down from 43% in 1H 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 8.3% p.a. on average during the next 3 years, while revenues in the Office REITs industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Upcoming Dividend • Apr 19
Upcoming dividend of JP¥1,150 per share Eligible shareholders must have bought the stock before 26 April 2024. Payment date: 08 July 2024. Trailing yield: 5.1%. Within top quartile of German dividend payers (4.8%). Lower than average of industry peers (5.8%). Declared Dividend • Feb 19
Final dividend of JP¥1,150 announced Shareholders will receive a dividend of JP¥1,150. Ex-date: 26th April 2024 Payment date: 8th July 2024 Dividend yield will be 435%, which is higher than the industry average of 5.8%. Reported Earnings • Dec 16
Full year 2023 earnings released Full year 2023 results: Revenue: JP¥12.1b (up 6.4% from FY 2022). Net income: JP¥4.60b (down 1.0% from FY 2022). Profit margin: 38% (down from 41% in FY 2022). The decrease in margin was driven by higher expenses. New Risk • Nov 30
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 7.3% 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: Minor Risks High level of debt (102% net debt to equity). Paying a dividend despite having no free cash flows. Shareholders have been diluted in the past year (7.3% increase in shares outstanding). Upcoming Dividend • Oct 23
Upcoming dividend of JP¥1,150 per share at 5.2% yield Eligible shareholders must have bought the stock before 30 October 2023. Payment date: 15 January 2024. Trailing yield: 5.2%. Within top quartile of German dividend payers (5.0%). Lower than average of industry peers (6.4%). Reported Earnings • Aug 03
Full year 2023 earnings released: EPS: JP¥2,763 (vs JP¥2,581 in FY 2022) Full year 2023 results: EPS: JP¥2,763 (up from JP¥2,581 in FY 2022). Revenue: JP¥12.6b (up 20% from FY 2022). Net income: JP¥4.89b (up 9.0% from FY 2022). Profit margin: 39% (down from 43% in FY 2022). The decrease in margin was driven by higher expenses. New Risk • Jul 31
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended October 2022. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (12% operating cash flow to total debt). Minor Risks Latest financial reports are more than 6 months old (reported October 2022 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Annonce • Jun 15
MIRAI Corporation, Annual General Meeting, Jul 27, 2023 MIRAI Corporation, Annual General Meeting, Jul 27, 2023. Agenda: To consider Partial Amendments of the Articles of Incorporation. Upcoming Dividend • Apr 20
Upcoming dividend of JP¥1,285 per share at 5.6% yield Eligible shareholders must have bought the stock before 27 April 2023. Payment date: 14 July 2023. Trailing yield: 5.6%. Within top quartile of German dividend payers (4.7%). In line with average of industry peers (5.3%). Buying Opportunity • Jan 24
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 3.8%. The fair value is estimated to be €380, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 8.2%. Buying Opportunity • Jan 07
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 8.4%. The fair value is estimated to be €384, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 8.2%. Board Change • Nov 17
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. 3 experienced directors. No highly experienced directors. No independent directors (3 non-independent directors). Executive Director Michio Suganuma was the last director to join the board, commencing their role in 2016. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Annonce • Oct 29
MIRAI Corporation (TSE:3476) agree to acquire MI Terrace Sendai Hirose-dori for ¥2,022 million. MIRAI Corporation (TSE:3476) agree to acquire MI Terrace Sendai Hirose-dori for ¥2,022 million on October 28, 2022. The transaction is expected to close of November 1, 2022. Upcoming Dividend • Oct 21
Upcoming dividend of JP¥1,285 per share Eligible shareholders must have bought the stock before 28 October 2022. Payment date: 16 January 2023. Trailing yield: 5.4%. Within top quartile of German dividend payers (5.2%). In line with average of industry peers (5.9%). Reported Earnings • Aug 04
Full year 2022 earnings released: EPS: JP¥2,581 (vs JP¥2,493 in FY 2021) Full year 2022 results: EPS: JP¥2,581 (up from JP¥2,493 in FY 2021). Revenue: JP¥10.6b (up 6.1% from FY 2021). Net income: JP¥4.49b (up 8.3% from FY 2021). Profit margin: 43% (in line with FY 2021). Reported Earnings • Jun 15
First half 2022 earnings released: EPS: JP¥1,291 (vs JP¥1,247 in 1H 2021) First half 2022 results: EPS: JP¥1,291 (up from JP¥1,247 in 1H 2021). Revenue: JP¥5.28b (up 14% from 1H 2021). Net income: JP¥2.24b (up 8.3% from 1H 2021). Profit margin: 43% (down from 45% in 1H 2021). The decrease in margin was driven by higher expenses. Annonce • May 26
Ichigo Hotel REIT Investment Corporation (TSE:3463) enter into agreement to acquire Comfort Hotel Nagano from MIRAI Corporation (TSE:3476) for JPY 670 Million. Ichigo Hotel REIT Investment Corporation (TSE:3463) enter into agreement to acquire Comfort Hotel Nagano from MIRAI Corporation (TSE:3476) for JPY 670 Million on May 25, 2022. Deal is expected to close on May 31, 2022. 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. 3 experienced directors. No highly experienced directors. No independent directors (3 non-independent directors). Executive Director Michio Suganuma was the last director to join the board, commencing their role in 2016. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Upcoming Dividend • Apr 20
Upcoming dividend of JP¥1,260 per share Eligible shareholders must have bought the stock before 27 April 2022. Payment date: 08 July 2022. Trailing yield: 4.9%. Within top quartile of German dividend payers (3.9%). Higher than average of industry peers (4.0%). Annonce • Dec 25
MIRAI Corporation Revises Earnings Guidance for the Six Months Ending April 30, 2022 MIRAI Corporation revised earnings guidance for the six months ending April 30, 2022. for the six months, the company expects Operating revenue of JPY 5,178 million as compared to JPY 5,026 million expected previously. operating revenue is expected to be JPY 2,539 million as compared to JPY 2,375 million expected previously. Net Profit is expected to be JPY 2,232 million as compared to JPY 2,093 million expected previously. Annonce • Dec 24
MIRAI Corporation Provides Earnings Guidance for the Period Ending April 30, 2022 and October 31, 2022 MIRAI Corporation provided earnings guidance for the period ending April 30, 2022 and October 31, 2022. For the period ending April 30, 2022, the company expected operating revenue of JOY 5,178 million, Operating profit of JPY 2,539 million, net profit was JPY 2,232 million and distribution per unit to be JPY 1,260.For the period ending October 31, 2022, the company expected operating revenue of JOY 5,366 million, Operating profit of JPY 2,564 million, net profit was JPY 2,275 million and distribution per unit to be JPY 1,285. Annonce • Dec 14
MIRAI Corporation announced that it expects to receive ¥272.8284 million in funding from Nomura Securities Co. Ltd., Investment Arm MIRAI Corporation announced a private placement of 5,200 units at a price of ¥52,467 per unit for gross proceeds of ¥272,828,400 on December 13, 2021. The transaction will include participation from returning investor Nomura Securities Co. Ltd., Investment Arm. The subscription date of the units is on January 24, 2022 and the payment date is on January 25, 2022. Upcoming Dividend • Oct 21
Upcoming dividend of JP¥1,260 per share Eligible shareholders must have bought the stock before 28 October 2021. Payment date: 15 January 2022. Trailing yield: 4.6%. Within top quartile of German dividend payers (3.2%). Higher than average of industry peers (3.3%). Reported Earnings • Jun 18
First half 2021 earnings released: EPS JP¥1,247 (vs JP¥1,584 in 1H 2020) The company reported a poor first half result with weaker earnings and profit margins, although revenues were flat. First half 2021 results: Revenue: JP¥4.97b (flat on 1H 2020). Net income: JP¥2.07b (down 20% from 1H 2020). Profit margin: 42% (down from 52% in 1H 2020). Annonce • Jan 26
MIRAI Corporation (TSE:3476) signed a contract to acquire TCA office building in Japan for ¥2.1 billion. MIRAI Corporation (TSE:3476) signed a contract to acquire TCA office building in Japan for ¥2.1 billion on January 25, 2021. The full payment of acquisition price will be made on acquisition date. MIRAI Corporation will fund the acquisition with loans and own funds. The acquisition is planned to be completed on January 28, 2021. Daiwa Real Estate Appraisal Co., Ltd. acted as the appraisal institution. 
