New Risk • Jul 27
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 1,102% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 37% per year over the past 5 years. Minor Risk Large one-off items impacting financial results. Reported Earnings • Jul 01
Full year 2026 earnings released: EPS: JP¥1.85 (vs JP¥0.44 loss in FY 2025) Full year 2026 results: EPS: JP¥1.85 (up from JP¥0.44 loss in FY 2025). Revenue: JP¥22.3b (up 2.7% from FY 2025). Net income: JP¥1.12b (up JP¥1.38b from FY 2025). Profit margin: 5.0% (up from net loss in FY 2025). The move to profitability was primarily driven by lower expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 80 percentage points per year, which is a significant difference in performance. Annonce • Jun 30
Honma Golf Limited, Annual General Meeting, Sep 18, 2026 Honma Golf Limited, Annual General Meeting, Sep 18, 2026. Board Change • May 14
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 6 non-independent directors. Independent Non-Executive Director Qing Tian was the last independent director to join the board, commencing their role in 2024. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Apr 24
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 6 non-independent directors. Independent Non-Executive Director Qing Tian was the last independent director to join the board, commencing their role in 2024. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. New Risk • Nov 30
New major risk - Revenue and earnings growth Earnings have declined by 17% 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. This is currently the only risk that has been identified for the company. Annonce • Nov 14
Honma Golf Limited to Report First Half, 2026 Results on Nov 28, 2025 Honma Golf Limited announced that they will report first half, 2026 results on Nov 28, 2025 Reported Earnings • Jul 27
Full year 2025 earnings released: JP¥0.44 loss per share (vs JP¥7.97 profit in FY 2024) Full year 2025 results: JP¥0.44 loss per share (down from JP¥7.97 profit in FY 2024). Revenue: JP¥21.7b (down 17% from FY 2024). Net loss: JP¥264.2m (down 106% from profit in FY 2024). Over the last 3 years on average, earnings per share has fallen by 61% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Reported Earnings • Jun 28
Full year 2025 earnings released: JP¥0.44 loss per share (vs JP¥7.97 profit in FY 2024) Full year 2025 results: JP¥0.44 loss per share (down from JP¥7.97 profit in FY 2024). Revenue: JP¥21.7b (down 17% from FY 2024). Net loss: JP¥264.2m (down 106% from profit in FY 2024). Over the last 3 years on average, earnings per share has fallen by 61% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Annonce • Jun 16
Honma Golf Limited to Report Fiscal Year 2025 Results on Jun 26, 2025 Honma Golf Limited announced that they will report fiscal year 2025 results on Jun 26, 2025 Reported Earnings • Jan 03
First half 2025 earnings released: JP¥1.40 loss per share (vs JP¥5.50 profit in 1H 2024) First half 2025 results: JP¥1.40 loss per share (down from JP¥5.50 profit in 1H 2024). Revenue: JP¥9.81b (down 26% from 1H 2024). Net loss: JP¥845.6m (down 125% from profit in 1H 2024). Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Annonce • Jan 01
Honma Golf Limited Did Not Declare Interim Dividend for the Six Months Ended September 30, 2024 Honma Golf Limited did not declare any interim dividend for the six months ended 30 September 2024. On 24 November 2023, the board of directors declared the payment of an interim dividend of JPY1.50 per ordinary share totaling approximately JPY908,464,000 for the six months ended 30 September 2023. Annonce • Dec 21
Honma Golf Limited Appoints Tian Qing as Independent Non-Executive Director Honma Golf appointed Limited Tian Qing has been appointed as an independent non-executive director of the Company with effect from 20 December 2024. Ms. Tian Qing, aged 40, has served at Commerce & Finance Law Offices since April 2007, where she currently takes the role as consultant. Ms. Tian has also worked at Konpeidou Co. Ltd. since September 2021, where she is currently the chief operating officer. She obtained a bachelor s degree in civil, commercial and economic law from China University of Political Science and Law, the PRC, in July 2007. Reported Earnings • Dec 01
First half 2025 earnings released: JP¥1.40 loss per share (vs JP¥5.50 profit in 1H 2024) First half 2025 results: JP¥1.40 loss per share (down from JP¥5.50 profit in 1H 2024). Revenue: JP¥9.81b (down 26% from 1H 2024). Net loss: JP¥845.6m (down 125% from profit in 1H 2024). Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Annonce • Nov 29
Honma Golf Limited Appoints Soopakij Chearavanont as Non-Executive Director Honma Golf Limited announced that Mr. Soopakij Chearavanont has been appointed as a non-executive director of the Company with effect from 29 November 2024. Mr. Soopakij Chearavanont, aged 60, is responsible for providing strategic advice on the business development of the Group. Mr. Chearavanont is the chairman of Charoen Pokphand Group Company Limited. He is a director and the chairman of CP ALL Public Company Limited and Charoen Pokphand Foods Public Company Limited; the chairman and a non-executive director of Chia Tai Enterprises International Limited; a non-executive director of Ping An Insurance (Group) Company of China, Ltd; and an executive director and the chairman of C.P. Pokphand Co. Ltd. Mr. Chearavanont was previously a director of True Corporation Public Company Limited; and an executive director and the chairman of C.P. Lotus Corporation until its withdrawal from listing in October 2019) from April 2000 to November 2024. He obtained a Bachelor of Science degree from the College of Business and Public Administration of New York University, United States, in October 1987, and has extensive multinational investment and management experience in various industries. Annonce • Nov 15
Honma Golf Limited to Report First Half, 2025 Results on Nov 29, 2024 Honma Golf Limited announced that they will report first half, 2025 results on Nov 29, 2024 Annonce • Sep 20
Honma Golf Limited Approves Final Dividend for the Year Ended 31 March 2024 Honma Golf Limited at its AGM held on September 20, 2024 approved to declare a final dividend of JPY 1.5 per share for the year ended 31 March 2024. Annonce • Sep 19
Honma Golf Limited Announces Demise of Ho Ping-Hsien Robert, Non-Executive Director Honma Golf Limited announced that Mr. Ho Ping-hsien Robert, a non-executive director of the Company, passed away on 18 September 2024. The late Mr. Ho had been a non-executive director of the Company since 2018. Upcoming Dividend • Sep 18
Upcoming dividend of JP¥1.50 per share Eligible shareholders must have bought the stock before 25 September 2024. Payment date: 10 October 2024. Payout ratio is a comfortable 38% and this is well supported by cash flows. Trailing yield: 5.0%. Lower than top quartile of Hong Kong dividend payers (8.6%). Lower than average of industry peers (6.6%). Reported Earnings • Jul 01
Full year 2024 earnings released: EPS: JP¥7.97 (vs JP¥5.38 in FY 2023) Full year 2024 results: EPS: JP¥7.97 (up from JP¥5.38 in FY 2023). Revenue: JP¥26.2b (down 11% from FY 2023). Net income: JP¥4.83b (up 48% from FY 2023). Profit margin: 18% (up from 11% in FY 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. Annonce • Jun 29
Honma Golf Limited, Annual General Meeting, Sep 20, 2024 Honma Golf Limited, Annual General Meeting, Sep 20, 2024. Annonce • Jun 28
Honma Golf Limited Proposes Final Dividend for the Year Ended 31 March, 2024, Payable on 10 October 2024 Honma Golf Limited proposed final dividend of JPY 1.5 per share for the year ended 31 March, 2024. Date of shareholders' approval is 20 September 2024. Ex-dividend date is 25 September 2024. Record date is 27 September 2024. Payment date is 10 October 2024. Annonce • Jun 18
Honma Golf Limited to Report Fiscal Year 2024 Results on Jun 28, 2024 Honma Golf Limited announced that they will report fiscal year 2024 results on Jun 28, 2024 Buy Or Sell Opportunity • May 12
Now 20% overvalued The stock has been flat over the last 90 days, currently trading at HK$3.37. The fair value is estimated to be HK$2.81, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Meanwhile, the company has become profitable. Annonce • Jan 18
Honma Golf Redefines Luxury with Beres 09 Collection Honma Golf announced the latest addition to its luxury BERES line of game-enhancing woods, irons, and hybrids.Japan's original golf manufacturer's new BERES 09 carries forward six decades of Japanese tradition, innovation, meticulous craftsmanship, and beautiful artistry. BERES 09's gold and silver design represents Honma's harmonious balance between tradition and innovation—a club that not only looks and feels exceptional but performs at the highest level as well. The line also adheres to traditional BERES 2- to 5-Star grading, with more advanced shaft technology as the grades progress. PRICING Drivers start at $900, Fairways/Hybrids at $400, and Irons start at $3,150 for a set of 5-11, AW, PW. Driver: Honma's Distance Technology features a new CG design and clubhead construction, which retains the signature BERES feel plus optimization for maximum yardage. High-strength lightweight carbon material on the toe side of the sole empowers the typical golfer with a draw bias, providing a significant advantage. The surplus weight resulting from the incorporation of carbon is expertly positioned on the heel side for superior performance. Fairway Wood and Hybrid: Honma's engineers constructed a tungsten nickel weight positioned near the back heel, enhancing impact efficiency and achieving a CG angle of +5.0 degrees. A new unique face and crown design featuring uneven thicknesses improves repulsion performance by thinning the face and crown. Furthermore, the repulsion area has been expanded. These new BERES 09 features create an extraordinary synergy, delivering unparalleled ball speed and launching the ball high with a controlled draw. Irons: The face design of the BERES 09 irons features a combination of uneven semicircles and a L cup face that delivers remarkable distance performance and forgiveness while effectively dampening impact shock for a soft feel and satisfying sound. The revolutionary groove pattern structure delivers exceptional repulsion performance, resisting hitting point variation in both vertical and horizontal directions. Upcoming Dividend • Dec 05
Upcoming dividend of JP¥1.50 per share at 4.9% yield Eligible shareholders must have bought the stock before 12 December 2023. Payment date: 28 December 2023. Payout ratio is a comfortable 52% and this is well supported by cash flows. Trailing yield: 4.9%. Lower than top quartile of Hong Kong dividend payers (8.5%). In line with average of industry peers (5.1%). Reported Earnings • Nov 26
First half 2024 earnings released: EPS: JP¥5.50 (vs JP¥5.10 in 1H 2023) First half 2024 results: EPS: JP¥5.50 (up from JP¥5.10 in 1H 2023). Revenue: JP¥13.2b (down 12% from 1H 2023). Net income: JP¥3.33b (up 7.8% from 1H 2023). Profit margin: 25% (up from 21% in 1H 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Annonce • Nov 25
Honma Golf Limited Announces Interim Dividend for the Six Months Ended September 30, 2023, Payable on December 28, 2023 Honma Golf Limited announced interim dividend of JPY 1.5 per share for the six months ended September 30, 2023. Ex-dividend date is December 12, 2023. Record date is December 14, 2023. Payment date is December 28, 2023. Annonce • Nov 07
Honma Golf Limited to Report First Half, 2024 Results on Nov 24, 2023 Honma Golf Limited announced that they will report first half, 2024 results on Nov 24, 2023 Annonce • Sep 17
Honma Golf Limited Announces Board Changes Honma Golf Limited at its AGM held on 15 September 2023 announced that Mr. MURAI Yuji has retired from office as an executive director of the Company with effect from the conclusion of the AGM; and Mr. LIU Hongli has been appointed as an executive director of the Company with effect from the conclusion of the AGM. Mr. LIU Hongli (), aged 29, has been appointed as an executive director of the Company with effect from 15 September 2023. He is mainly responsible for overseeing the sales strategies and operations of the Group in China. Mr. Liu has been the General Manager for apparel of World Power International Trading (Shanghai) Company Limited since May 2019. He has over four years of experience in business management and operations. Prior to joining the Group, Mr. Liu worked as an intern at advisory department of Ernst & Young (China) Advisory Limited from October 2016 to July 2017. Mr. Liu graduated from Fisher College, the United States, with an associate degree in science in May 2016. He also obtained a bachelor's degree in sports science from Nippon Sport Science University, Japan, in March 2018. Annonce • Sep 16
Honma Golf Limited Approves Final Dividend for the Year Ended 31 March 2023 Honma Golf Limited approves final dividend of JPY 1.5 per share for the year ended 31 March 2023, at its Annual General Meeting held on 15 September 2023. Upcoming Dividend • Sep 13
Upcoming dividend of JP¥1.50 per share at 4.8% yield Eligible shareholders must have bought the stock before 20 September 2023. Payment date: 10 October 2023. Payout ratio is a comfortable 56% and this is well supported by cash flows. Trailing yield: 4.8%. Lower than top quartile of Hong Kong dividend payers (7.9%). In line with average of industry peers (4.7%). Reported Earnings • Jul 27
Full year 2023 earnings released: EPS: JP¥5.38 (vs JP¥10.22 in FY 2022) Full year 2023 results: EPS: JP¥5.38 (down from JP¥10.22 in FY 2022). Revenue: JP¥29.5b (up 1.8% from FY 2022). Net income: JP¥3.26b (down 47% from FY 2022). Profit margin: 11% (down from 21% in FY 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 76% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Annonce • Jul 26
Honma Golf Limited, Annual General Meeting, Sep 15, 2023 Honma Golf Limited, Annual General Meeting, Sep 15, 2023, at 11:00 China Standard Time. Location: 31F, SWFC, 100 Century Avenue Pudong New Area Shanghai Province China Agenda: To consider and receive the audited consolidated financial statements of the Company and the reports of the directors of the Company and auditors of the Company for the year ended 31 March 2023; to consider and approve declaration of final dividend; to consider the re-election of the retiring Directors Mr. Ito Yasuki and Mr. Wang Jianguo; to consider the election of Mr. Liu Hongli as Director; to consider and approve the board of Directors to fix the Directors' remuneration; to consider re-appointment of Ernst & Young as Auditors and to authorize the Board to fix their remuneration; and to transact any other matters. New Risk • Jun 23
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: 11% Last year net profit margin: 21% 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: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (11% net profit margin). Reported Earnings • Jun 22
Full year 2023 earnings released: EPS: JP¥5.38 (vs JP¥10.22 in FY 2022) Full year 2023 results: EPS: JP¥5.38 (down from JP¥10.22 in FY 2022). Revenue: JP¥29.5b (up 1.8% from FY 2022). Net income: JP¥3.26b (down 47% from FY 2022). Profit margin: 11% (down from 21% in FY 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 76% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Annonce • Jun 22
Honma Golf Limited Recommends Final Dividend for the Year Ended 31 March 2023, Payable on 10 October 2023 Honma Golf Limited recommended final dividend of JPY 1.5 per share for the Year Ended 31 March 2023. Record date is 22 September 2023, Payment date is 10 October 2023, Ex-dividend date is 20 September 2023. Annonce • Jun 09
Honma Golf Limited to Report Fiscal Year 2023 Results on Jun 21, 2023 Honma Golf Limited announced that they will report fiscal year 2023 results on Jun 21, 2023 Valuation Update With 7 Day Price Move • Jan 31
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to HK$3.86, the stock trades at a trailing P/E ratio of 4.9x. Average trailing P/E is 19x in the Leisure industry in Hong Kong. Total loss to shareholders of 5.0% over the past three years. Reported Earnings • Dec 30
First half 2023 earnings released: EPS: JP¥5.10 (vs JP¥2.23 in 1H 2022) First half 2023 results: EPS: JP¥5.10 (up from JP¥2.23 in 1H 2022). Revenue: JP¥14.9b (up 26% from 1H 2022). Net income: JP¥3.09b (up 129% from 1H 2022). Profit margin: 21% (up from 11% in 1H 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 88% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings. Upcoming Dividend • Dec 05
Upcoming dividend of JP¥1.50 per share Eligible shareholders must have bought the stock before 12 December 2022. Payment date: 28 December 2022. Payout ratio is a comfortable 27% and this is well supported by cash flows. Trailing yield: 6.6%. Lower than top quartile of Hong Kong dividend payers (8.7%). Higher than average of industry peers (3.7%). Reported Earnings • Nov 30
First half 2023 earnings released: EPS: JP¥5.10 (vs JP¥2.23 in 1H 2022) First half 2023 results: EPS: JP¥5.10 (up from JP¥2.23 in 1H 2022). Revenue: JP¥14.9b (up 26% from 1H 2022). Net income: JP¥3.09b (up 129% from 1H 2022). Profit margin: 21% (up from 11% in 1H 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 88% per year but the company’s share price has fallen by 18% per year, which means it is significantly lagging earnings. Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 9 experienced directors. No highly experienced directors. 3 independent directors (6 non-independent directors). Independent Non-Executive Director Jianguo Wang was the last independent 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: Minority of independent directors. Insufficient board refreshment. Upcoming Dividend • Sep 13
Upcoming dividend of JP¥2.00 per share Eligible shareholders must have bought the stock before 20 September 2022. Payment date: 10 October 2022. Payout ratio is a comfortable 34% and this is well supported by cash flows. Trailing yield: 6.0%. Lower than top quartile of Hong Kong dividend payers (8.2%). Higher than average of industry peers (3.6%). Reported Earnings • Jul 28
Full year 2022 earnings released: EPS: JP¥10.22 (vs JP¥3.07 in FY 2021) Full year 2022 results: EPS: JP¥10.22 (up from JP¥3.07 in FY 2021). Revenue: JP¥29.0b (up 27% from FY 2021). Net income: JP¥6.19b (up 233% from FY 2021). Profit margin: 21% (up from 8.2% 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 37% per year but the company’s share price has fallen by 21% per year, which means it is significantly lagging earnings. Reported Earnings • Jun 29
Full year 2022 earnings released: EPS: JP¥10.22 (vs JP¥3.07 in FY 2021) Full year 2022 results: EPS: JP¥10.22 (up from JP¥3.07 in FY 2021). Revenue: JP¥29.0b (up 27% from FY 2021). Net income: JP¥6.19b (up 233% from FY 2021). Profit margin: 21% (up from 8.2% 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 37% per year but the company’s share price has fallen by 21% per year, which means it is significantly lagging earnings. Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 9 experienced directors. No highly experienced directors. 3 independent directors (6 non-independent directors). Independent Non-Executive Director Jianguo Wang was the last independent 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: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Dec 29
First half 2022 earnings: EPS and revenues miss analyst expectations First half 2022 results: EPS: JP¥2.23 (up from JP¥1.33 loss in 1H 2021). Revenue: JP¥11.9b (up 31% from 1H 2021). Net income: JP¥1.35b (up JP¥2.15b from 1H 2021). Profit margin: 11% (up from net loss in 1H 2021). The move to profitability was driven by higher revenue. Revenue missed analyst estimates by 14%. Earnings per share (EPS) also missed analyst estimates by 28%. Earnings per share (EPS) missed analyst estimates by 28%. Over the last 3 years on average, earnings per share has fallen by 36% per year but the company’s share price has only fallen by 29% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Dec 02
Upcoming dividend of JP¥1.50 per share Eligible shareholders must have bought the stock before 09 December 2021. Payment date: 28 December 2021. Trailing yield: 6.7%. Lower than top quartile of Hong Kong dividend payers (7.2%). Higher than average of industry peers (5.4%). Reported Earnings • Nov 29
First half 2022 earnings: EPS and revenues miss analyst expectations First half 2022 results: EPS: JP¥2.23 (up from JP¥1.33 loss in 1H 2021). Revenue: JP¥11.9b (up 31% from 1H 2021). Net income: JP¥1.35b (up JP¥2.15b from 1H 2021). Profit margin: 11% (up from net loss in 1H 2021). The move to profitability was driven by higher revenue. Revenue missed analyst estimates by 14%. Earnings per share (EPS) also missed analyst estimates by 28%. Earnings per share (EPS) missed analyst estimates by 28%. Over the last 3 years on average, earnings per share has fallen by 36% per year but the company’s share price has only fallen by 23% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Sep 14
Upcoming dividend of JP¥1.70 per share Eligible shareholders must have bought the stock before 21 September 2021. Payment date: 11 October 2021. Trailing yield: 6.2%. Lower than top quartile of Hong Kong dividend payers (6.5%). Higher than average of industry peers (4.2%). Valuation Update With 7 Day Price Move • Jul 19
Investor sentiment deteriorated over the past week After last week's 15% share price decline to JP¥4.20, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 17x in the Leisure industry in Asia. Total loss to shareholders of 36% over the past three years. Valuation Update With 7 Day Price Move • Jul 05
Investor sentiment improved over the past week After last week's 26% share price gain to JP¥5.51, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 18x in the Leisure industry in Asia. Total loss to shareholders of 15% over the past three years. Reported Earnings • Jun 30
Full year 2021 earnings released: EPS JP¥3.07 (vs JP¥1.20 loss in FY 2020) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2021 results: Revenue: JP¥22.7b (down 4.4% from FY 2020). Net income: JP¥1.86b (up JP¥2.59b from FY 2020). Profit margin: 8.2% (up from net loss in FY 2020). The move to profitability was driven by lower expenses. 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. Is New 90 Day High Low • Jan 25
New 90-day high: HK$5.47 The company is up 57% from its price of HK$3.48 on 27 October 2020. The Hong Kong market is up 18% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Leisure industry, which is up 6.0% over the same period. Is New 90 Day High Low • Jan 08
New 90-day high: HK$5.20 The company is up 47% from its price of HK$3.53 on 09 October 2020. The Hong Kong market is up 13% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Leisure industry, which is up 2.0% over the same period. Reported Earnings • Dec 30
First half 2021 earnings released: JP¥1.33 loss per share The company reported a poor first half result with increased losses and weaker revenues and control over expenses. First half 2021 results: Revenue: JP¥9.05b (down 14% from 1H 2020). Net loss: JP¥803.5m (loss widened JP¥752.3m from 1H 2020). Over the last 3 years on average, earnings per share has fallen by 74% 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 • Dec 17
New 90-day high: HK$4.75 The company is up 36% from its price of HK$3.50 on 18 September 2020. The Hong Kong market is up 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Leisure industry, which is down 1.0% over the same period. Upcoming Dividend • Dec 03
Upcoming Dividend of JP¥1.50 Per Share Will be paid on the 28th of December to those who are registered shareholders by the 10th of December. The trailing yield of 4.8% is below the top quartile of Hong Kong dividend payers (6.6%), but is in line with industry peers (4.6%). Reported Earnings • Nov 29
First half 2021 earnings released: JP¥1.33 loss per share The company reported a poor first half result with increased losses and weaker revenues and control over expenses. First half 2021 results: Revenue: JP¥9.05b (down 14% from 1H 2020). Net loss: JP¥803.5m (loss widened JP¥752.3m from 1H 2020). Over the last 3 years on average, earnings per share has fallen by 74% per year but the company’s share price has only fallen by 19% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Nov 17
New 90-day high: HK$3.70 The company is up 4.0% from its price of HK$3.57 on 19 August 2020. The Hong Kong market is also up 4.0% over the last 90 days, indicating the company’s price trend is similar to the market over that time. However, it outperformed the Leisure industry, which is down 7.0% over the same period. 
