Reported Earnings • Aug 01
First quarter 2027 earnings released: EPS: JP¥76.87 (vs JP¥51.05 in 1Q 2026) First quarter 2027 results: EPS: JP¥76.87 (up from JP¥51.05 in 1Q 2026). Revenue: JP¥37.8b (up 16% from 1Q 2026). Net income: JP¥3.81b (up 51% from 1Q 2026). Profit margin: 10% (up from 7.8% in 1Q 2026). The increase in margin was driven by higher revenue. Revenue is forecast to grow 2.7% p.a. on average during the next 3 years, compared to a 5.3% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has increased by 40% per year, which means it is tracking significantly ahead of earnings growth. Declared Dividend • Jul 25
Final dividend of JP¥50.00 announced Shareholders will receive a dividend of JP¥50.00. Ex-date: 29th September 2026 Payment date: 2nd December 2026 Dividend yield will be 3.1%, which is higher than the industry average of 2.2%. Sustainability & Growth Dividend is well covered by both earnings (44% earnings payout ratio) and cash flows (42% cash payout ratio). The dividend has increased by an average of 20% 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 22% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Annonce • Jul 04
Chugoku Marine Paints, Ltd. Revises Earnings Guidance for the Fiscal Year Ending March 31, 2027 Chugoku Marine Paints, Ltd. revised earnings guidance for the fiscal year ending March 31, 2027. For the year, the company expects Net Sales to be JPY 160,00 million. At the time of the previous announcement, due to heightened tensions in the Middle East, there was a high degree of uncertainty regarding raw material costs and procurement; consequently, company presented the earnings forecast for the current period in the form of a range for net sales only, whilst leaving all other items undetermined. In the current climate, changes in the situation in the Middle East and other factors have led to a reduction in risks relating to raw material costs and procurement, creating an environment in which it is now possible to make reasonably accurate forecasts. Consequently, as stated above, company have decided to disclose specific forecast figures for all items. With regard to net sales, company expect an increase, as demand remains firm in both the marine coatings and industrial coatings sectors, while selling prices are being adjusted in response to rising raw material procurement costs. With regard to profits, company expect them to remain broadly in line with the previous period, factoring in the impact of he aforementioned sales price adjustments as well as fluctuations in various costs. Annonce • Jun 25
Chugoku Marine Paints, Ltd. Announces Management Appointments, Effective July 1, 2026 Chugoku Marine Paints, Ltd. resolved the duties of directors at a meeting of its Board of Directors held on June 24, 2026, approved The allocation of executive officers as of July 1, 2026, Takuya Miyoshi as Executive Officer, Deputy Chief of Sales Headquarters & Chief of Sales & Marketing Div. (Domestic Industrial Coatings); and Masaya Hata as Executive Officer, General Manager of Global Marketing & Planning Div., Sales Headquarters. Annonce • May 30
Chugoku Marine Paints, Ltd. to Report Q1, 2027 Results on Jul 31, 2026 Chugoku Marine Paints, Ltd. announced that they will report Q1, 2027 results on Jul 31, 2026 Reported Earnings • May 12
Full year 2026 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2026 results: EPS: JP¥222 (down from JP¥277 in FY 2025). Revenue: JP¥139.4b (up 6.3% from FY 2025). Net income: JP¥11.0b (down 20% from FY 2025). Profit margin: 7.9% (down from 11% in FY 2025). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.8%. Earnings per share (EPS) missed analyst estimates by 7.0%. Revenue is forecast to grow 3.7% p.a. on average during the next 3 years, compared to a 4.8% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has increased by 38% per year, which means it is tracking significantly ahead of earnings growth. Annonce • May 11
Chugoku Marine Paints, Ltd., Annual General Meeting, Jun 24, 2026 Chugoku Marine Paints, Ltd., Annual General Meeting, Jun 24, 2026. Annonce • May 09
Chugoku Marine Paints, Ltd. to Report Fiscal Year 2026 Results on May 11, 2026 Chugoku Marine Paints, Ltd. announced that they will report fiscal year 2026 results at 3:00 PM, Tokyo Standard Time on May 11, 2026 Upcoming Dividend • Mar 23
Upcoming dividend of JP¥63.00 per share Eligible shareholders must have bought the stock before 30 March 2026. Payment date: 26 June 2026. Payout ratio is a comfortable 44% and this is well supported by cash flows. Trailing yield: 2.8%. Lower than top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (2.3%). Valuation Update With 7 Day Price Move • Mar 06
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to JP¥3,945, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 15x in the Chemicals industry in Japan. Total returns to shareholders of 310% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥7,037 per share. Reported Earnings • Feb 05
Third quarter 2026 earnings released: EPS: JP¥58.15 (vs JP¥47.58 in 3Q 2025) Third quarter 2026 results: EPS: JP¥58.15 (up from JP¥47.58 in 3Q 2025). Revenue: JP¥33.4b (flat on 3Q 2025). Net income: JP¥2.89b (up 22% from 3Q 2025). Profit margin: 8.6% (up from 7.1% in 3Q 2025). Revenue is forecast to grow 5.1% p.a. on average during the next 3 years, compared to a 4.4% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has increased by 54% per year, which means it is tracking significantly ahead of earnings growth. Declared Dividend • Dec 03
First half dividend of JP¥49.00 announced Shareholders will receive a dividend of JP¥49.00. Ex-date: 30th March 2026 Payment date: 26th June 2026 Dividend yield will be 2.2%, which is about the same as the industry average. Sustainability & Growth Dividend is covered by both earnings (46% earnings payout ratio) and cash flows (53% cash payout ratio). The dividend has increased by an average of 21% 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 35% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Annonce • Nov 29
Chugoku Marine Paints, Ltd. to Report Q3, 2026 Results on Feb 03, 2026 Chugoku Marine Paints, Ltd. announced that they will report Q3, 2026 results on Feb 03, 2026 Buy Or Sell Opportunity • Nov 28
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 29% to JP¥4,580. The fair value is estimated to be JP¥3,747, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 9.2% in 2 years. Earnings are forecast to grow by 24% in the next 2 years. Reported Earnings • Nov 01
Second quarter 2026 earnings released: EPS: JP¥68.19 (vs JP¥68.24 in 2Q 2025) Second quarter 2026 results: EPS: JP¥68.19 (down from JP¥68.24 in 2Q 2025). Revenue: JP¥35.9b (up 6.1% from 2Q 2025). Net income: JP¥3.38b (flat on 2Q 2025). Profit margin: 9.4% (in line with 2Q 2025). Revenue is forecast to grow 4.8% p.a. on average during the next 3 years, compared to a 4.0% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, earnings per share has increased by 48% per year but the company’s share price has increased by 60% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Oct 27
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Japanese stocks, typically moving 5.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • Oct 27
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to JP¥4,415, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 13x in the Chemicals industry in Japan. Total returns to shareholders of 444% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥3,499 per share. Buy Or Sell Opportunity • Oct 27
Now 26% overvalued after recent price rise Over the last 90 days, the stock has risen 44% to JP¥4,415. The fair value is estimated to be JP¥3,499, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 9.2% in 2 years. Earnings are forecast to grow by 20% in the next 2 years. Buy Or Sell Opportunity • Oct 06
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 38% to JP¥3,650. The fair value is estimated to be JP¥2,992, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 8.2% in 2 years. Earnings are forecast to grow by 17% in the next 2 years. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥48.00 per share Eligible shareholders must have bought the stock before 29 September 2025. Payment date: 03 December 2025. Payout ratio is a comfortable 43% and this is well supported by cash flows. Trailing yield: 2.7%. Lower than top quartile of Japanese dividend payers (3.6%). In line with average of industry peers (2.6%). Buy Or Sell Opportunity • Sep 12
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 61% to JP¥3,625. The fair value is estimated to be JP¥3,001, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 8.2% in 2 years. Earnings are forecast to grow by 17% in the next 2 years. Annonce • Sep 02
Chugoku Marine Paints, Ltd. to Report Q2, 2026 Results on Oct 31, 2025 Chugoku Marine Paints, Ltd. announced that they will report Q2, 2026 results on Oct 31, 2025 Reported Earnings • Aug 02
First quarter 2026 earnings released: EPS: JP¥51.05 (vs JP¥99.84 in 1Q 2025) First quarter 2026 results: EPS: JP¥51.05 (down from JP¥99.84 in 1Q 2025). Revenue: JP¥32.6b (up 12% from 1Q 2025). Net income: JP¥2.53b (down 49% from 1Q 2025). Profit margin: 7.8% (down from 17% in 1Q 2025). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 4.4% p.a. on average during the next 3 years, compared to a 4.0% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, earnings per share has increased by 64% per year but the company’s share price has only increased by 51% per year, which means it is significantly lagging earnings growth. Declared Dividend • Jul 09
Final dividend increased to JP¥48.00 Dividend of JP¥48.00 is 20% higher than last year. Ex-date: 29th September 2025 Payment date: 3rd December 2025 Dividend yield will be 4.0%, which is higher than the industry average of 2.2%. Sustainability & Growth Dividend is well covered by both earnings (33% earnings payout ratio) and cash flows (38% cash payout ratio). The dividend has increased by an average of 21% 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 2.1% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Jul 01
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: EPS: JP¥277 (up from JP¥200 in FY 2024). Revenue: JP¥131.2b (up 13% from FY 2024). Net income: JP¥13.7b (up 39% from FY 2024). Profit margin: 11% (up from 8.5% in FY 2024). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 1.3%. Revenue is forecast to grow 4.4% p.a. on average during the next 3 years, compared to a 3.9% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, earnings per share has increased by 78% per year but the company’s share price has only increased by 44% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jun 25
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to JP¥2,713, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 11x in the Chemicals industry in Japan. Total returns to shareholders of 251% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥3,655 per share. Annonce • May 31
Chugoku Marine Paints, Ltd. to Report Q1, 2026 Results on Jul 31, 2025 Chugoku Marine Paints, Ltd. announced that they will report Q1, 2026 results on Jul 31, 2025 Reported Earnings • May 10
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: EPS: JP¥277 (up from JP¥200 in FY 2024). Revenue: JP¥131.2b (up 13% from FY 2024). Net income: JP¥13.7b (up 39% from FY 2024). Profit margin: 11% (up from 8.5% in FY 2024). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 1.3%. Revenue is forecast to grow 4.4% p.a. on average during the next 2 years, compared to a 4.6% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, earnings per share has increased by 78% per year but the company’s share price has only increased by 33% per year, which means it is significantly lagging earnings growth. Annonce • May 09
Chugoku Marine Paints, Ltd., Annual General Meeting, Jun 25, 2025 Chugoku Marine Paints, Ltd., Annual General Meeting, Jun 25, 2025. Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to JP¥1,735, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 10x in the Chemicals industry in Japan. Total returns to shareholders of 119% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥3,323 per share. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥50.00 per share Eligible shareholders must have bought the stock before 28 March 2025. Payment date: 27 June 2025. Payout ratio is a comfortable 33% and this is well supported by cash flows. Trailing yield: 4.0%. Within top quartile of Japanese dividend payers (3.7%). Higher than average of industry peers (2.6%). Major Estimate Revision • Mar 18
Consensus EPS estimates increase by 14% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has improved. 2025 revenue forecast increased from JP¥125.3b to JP¥130.0b. EPS estimate increased from JP¥240 to JP¥273 per share. Net income forecast to shrink 1.2% next year vs 8.3% growth forecast for Chemicals industry in Japan . Consensus price target up from JP¥2,100 to JP¥2,300. Share price rose 6.2% to JP¥2,222 over the past week. Buy Or Sell Opportunity • Mar 10
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 6.5% to JP¥2,184. The fair value is estimated to be JP¥2,770, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Earnings per share has grown by 88%. Revenue is forecast to grow by 5.8% in 2 years. Earnings are forecast to decline by 8.5% in the next 2 years. Annonce • Mar 01
Chugoku Marine Paints, Ltd. to Report Fiscal Year 2025 Results on May 09, 2025 Chugoku Marine Paints, Ltd. announced that they will report fiscal year 2025 results on May 09, 2025 Major Estimate Revision • Feb 19
Consensus EPS estimates increase by 17% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate increased from JP¥206 to JP¥240. Revenue forecast unchanged at JP¥125.3b. Net income forecast to shrink 13% next year vs 7.8% growth forecast for Chemicals industry in Japan . Consensus price target of JP¥2,100 unchanged from last update. Share price was steady at JP¥2,186 over the past week. Reported Earnings • Feb 05
Third quarter 2025 earnings released: EPS: JP¥47.58 (vs JP¥65.75 in 3Q 2024) Third quarter 2025 results: EPS: JP¥47.58 (down from JP¥65.75 in 3Q 2024). Revenue: JP¥33.1b (up 7.7% from 3Q 2024). Net income: JP¥2.36b (down 28% from 3Q 2024). Profit margin: 7.1% (down from 11% in 3Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 3.2% p.a. on average during the next 3 years, compared to a 4.9% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, earnings per share has increased by 88% per year but the company’s share price has only increased by 35% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Feb 05
Now 23% undervalued after recent price drop Over the last 90 days, the stock has fallen 16% to JP¥2,206. The fair value is estimated to be JP¥2,855, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Earnings per share has grown by 92%. Revenue is forecast to grow by 6.5% in 2 years. Earnings are forecast to decline by 17% in the next 2 years. Buy Or Sell Opportunity • Dec 11
Now 21% undervalued Over the last 90 days, the stock has risen 16% to JP¥2,290. The fair value is estimated to be JP¥2,889, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Earnings per share has grown by 92%. Revenue is forecast to grow by 0.9% in 2 years. Earnings are forecast to decline by 33% in the next 2 years. Annonce • Dec 03
Chugoku Marine Paints, Ltd. to Report Q3, 2025 Results on Feb 04, 2025 Chugoku Marine Paints, Ltd. announced that they will report Q3, 2025 results on Feb 04, 2025 Reported Earnings • Nov 02
Second quarter 2025 earnings released: EPS: JP¥68.24 (vs JP¥54.21 in 2Q 2024) Second quarter 2025 results: EPS: JP¥68.24 (up from JP¥54.21 in 2Q 2024). Revenue: JP¥33.9b (up 17% from 2Q 2024). Net income: JP¥3.38b (up 26% from 2Q 2024). Profit margin: 10.0% (in line with 2Q 2024). Revenue is forecast to grow 1.2% p.a. on average during the next 3 years, compared to a 5.2% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, earnings per share has increased by 92% per year but the company’s share price has only increased by 42% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Nov 01
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to JP¥2,390, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 12x in the Chemicals industry in Japan. Total returns to shareholders of 221% over the past three years. Annonce • Sep 27
Chugoku Marine Paints, Ltd. to Report Q2, 2025 Results on Oct 31, 2024 Chugoku Marine Paints, Ltd. announced that they will report Q2, 2025 results on Oct 31, 2024 Upcoming Dividend • Sep 20
Upcoming dividend of JP¥40.00 per share Eligible shareholders must have bought the stock before 27 September 2024. Payment date: 04 December 2024. Payout ratio is a comfortable 30% 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%). Valuation Update With 7 Day Price Move • Aug 07
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to JP¥1,740, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 12x in the Chemicals industry in Japan. Total returns to shareholders of 117% over the past three years. New Risk • Aug 02
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Japanese stocks, typically moving 5.8% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 11% per year for the foreseeable future. Minor Risk Share price has been volatile over the past 3 months (5.8% average weekly change). Reported Earnings • Aug 02
First quarter 2025 earnings released: EPS: JP¥99.84 (vs JP¥34.89 in 1Q 2024) First quarter 2025 results: EPS: JP¥99.84 (up from JP¥34.89 in 1Q 2024). Revenue: JP¥29.1b (up 9.8% from 1Q 2024). Net income: JP¥4.95b (up 186% from 1Q 2024). Profit margin: 17% (up from 6.5% in 1Q 2024). The increase in margin was primarily driven by higher revenue. Revenue is forecast to grow 2.2% p.a. on average during the next 3 years, compared to a 5.7% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, earnings per share has increased by 87% per year but the company’s share price has only increased by 25% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • Jul 23
Consensus EPS estimates increase by 11% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has improved. 2025 revenue forecast increased from JP¥114.8b to JP¥121.1b. EPS estimate increased from JP¥186 to JP¥206 per share. Net income forecast to grow 3.1% next year vs 11% growth forecast for Chemicals industry in Japan. Consensus price target up from JP¥1,800 to JP¥2,100. Share price was steady at JP¥2,130 over the past week. Buy Or Sell Opportunity • Jul 01
Now 19% undervalued after recent price drop Over the last 90 days, the stock has fallen 8.4% to JP¥2,006. The fair value is estimated to be JP¥2,471, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has grown by 75%. Revenue is forecast to decline by 0.5% in 2 years. Earnings are forecast to decline by 23% in the next 2 years. Buy Or Sell Opportunity • Jun 19
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 16% to JP¥1,954. The fair value is estimated to be JP¥2,464, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has grown by 75%. Revenue is forecast to decline by 0.5% in 2 years. Earnings are forecast to decline by 23% in the next 2 years. Annonce • Jun 06
Chugoku Marine Paints, Ltd. to Report Q1, 2025 Results on Jul 31, 2024 Chugoku Marine Paints, Ltd. announced that they will report Q1, 2025 results on Jul 31, 2024 Reported Earnings • May 11
Full year 2024 earnings: EPS and revenues exceed analyst expectations Full year 2024 results: EPS: JP¥200 (up from JP¥76.68 in FY 2023). Revenue: JP¥116.2b (up 17% from FY 2023). Net income: JP¥9.89b (up 157% from FY 2023). Profit margin: 8.5% (up from 3.9% in FY 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 4.7%. Earnings per share (EPS) also surpassed analyst estimates by 26%. Revenue is forecast to stay flat during the next 2 years compared to a 5.7% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, earnings per share has increased by 75% per year but the company’s share price has only increased by 30% per year, which means it is significantly lagging earnings growth. Annonce • May 11
Chugoku Marine Paints, Ltd., Annual General Meeting, Jun 26, 2024 Chugoku Marine Paints, Ltd., Annual General Meeting, Jun 26, 2024. Buy Or Sell Opportunity • May 10
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 1.9% to JP¥1,919. The fair value is estimated to be JP¥2,421, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 68%. Revenue is forecast to decline by 0.4% in 2 years. Earnings are forecast to decline by 29% in the next 2 years. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥34.00 per share Eligible shareholders must have bought the stock before 28 March 2024. Payment date: 24 June 2024. Payout ratio is a comfortable 27% and this is well supported by cash flows. Trailing yield: 2.2%. Lower than top quartile of Japanese dividend payers (3.2%). In line with average of industry peers (2.1%). Annonce • Mar 02
Chugoku Marine Paints, Ltd. to Report Fiscal Year 2024 Results on May 09, 2024 Chugoku Marine Paints, Ltd. announced that they will report fiscal year 2024 results on May 09, 2024 Reported Earnings • Feb 02
Third quarter 2024 earnings released: EPS: JP¥65.75 (vs JP¥42.09 in 3Q 2023) Third quarter 2024 results: EPS: JP¥65.75 (up from JP¥42.09 in 3Q 2023). Revenue: JP¥30.8b (up 16% from 3Q 2023). Net income: JP¥3.26b (up 55% from 3Q 2023). Profit margin: 11% (up from 7.9% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to stay flat during the next 3 years compared to a 5.7% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, earnings per share has increased by 68% per year but the company’s share price has only increased by 30% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • Jan 27
Consensus EPS estimates increase by 32% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has improved. 2024 revenue forecast increased from JP¥106.7b to JP¥111.0b. EPS estimate increased from JP¥120 to JP¥158 per share. Net income forecast to shrink 10% next year vs 11% growth forecast for Chemicals industry in Japan . Consensus price target up from JP¥1,295 to JP¥1,620. Share price was steady at JP¥1,742 over the past week. Annonce • Nov 27
Chugoku Marine Paints, Ltd. to Report Q3, 2024 Results on Jan 31, 2024 Chugoku Marine Paints, Ltd. announced that they will report Q3, 2024 results on Jan 31, 2024 New Risk • Nov 22
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.2% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 19% per year for the foreseeable future. Minor Risk Shareholders have been diluted in the past year (2.2% increase in shares outstanding). Reported Earnings • Nov 02
Second quarter 2024 earnings released: EPS: JP¥54.21 (vs JP¥8.51 in 2Q 2023) Second quarter 2024 results: EPS: JP¥54.21 (up from JP¥8.51 in 2Q 2023). Revenue: JP¥28.9b (up 24% from 2Q 2023). Net income: JP¥2.69b (up JP¥2.26b from 2Q 2023). Profit margin: 9.3% (up from 1.9% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 1.1% p.a. on average during the next 3 years, compared to a 4.6% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, earnings per share has increased by 56% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Oct 23
Now 20% undervalued Over the last 90 days, the stock is up 9.7%. The fair value is estimated to be JP¥1,629, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.4% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 5.1% in 2 years. Earnings is forecast to decline by 20% in the next 2 years. Major Estimate Revision • Oct 06
Consensus EPS estimates increase by 20% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate increased from JP¥99.50 to JP¥120. Revenue forecast steady at JP¥106.7b. Net income forecast to shrink 7.0% next year vs 8.0% growth forecast for Chemicals industry in Japan . Consensus price target of JP¥1,295 unchanged from last update. Share price fell 3.0% to JP¥1,314 over the past week. Buying Opportunity • Oct 04
Now 22% undervalued Over the last 90 days, the stock is up 9.6%. The fair value is estimated to be JP¥1,698, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.4% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 4.1% in 2 years. Earnings is forecast to decline by 17% in the next 2 years. Upcoming Dividend • Sep 21
Upcoming dividend of JP¥34.00 per share at 2.6% yield Eligible shareholders must have bought the stock before 28 September 2023. Payment date: 04 December 2023. Payout ratio is a comfortable 29% but the company is paying out more than the cash it is generating. Trailing yield: 2.6%. Lower than top quartile of Japanese dividend payers (3.3%). In line with average of industry peers (2.5%). Annonce • Aug 30
Chugoku Marine Paints, Ltd. to Report Q2, 2024 Results on Oct 31, 2023 Chugoku Marine Paints, Ltd. announced that they will report Q2, 2024 results on Oct 31, 2023 New Risk • Aug 02
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 3.9% 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. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 3.9% per year for the foreseeable future. Minor Risk Paying a dividend despite having no free cash flows. Reported Earnings • Aug 01
First quarter 2024 earnings released: EPS: JP¥34.89 (vs JP¥9.12 loss in 1Q 2023) First quarter 2024 results: EPS: JP¥34.89 (up from JP¥9.12 loss in 1Q 2023). Revenue: JP¥26.5b (up 25% from 1Q 2023). Net income: JP¥1.73b (up JP¥2.19b from 1Q 2023). Profit margin: 6.5% (up from net loss in 1Q 2023). The move to profitability was driven by higher revenue. Revenue is forecast to grow 2.2% p.a. on average during the next 3 years, compared to a 4.1% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Reported Earnings • Jun 28
Full year 2023 earnings: EPS and revenues exceed analyst expectations Full year 2023 results: EPS: JP¥76.68 (up from JP¥4.92 in FY 2022). Revenue: JP¥99.5b (up 18% from FY 2022). Net income: JP¥3.85b (up JP¥3.59b from FY 2022). Profit margin: 3.9% (up from 0.3% in FY 2022). Revenue exceeded analyst estimates by 1.3%. Earnings per share (EPS) also surpassed analyst estimates by 11%. Revenue is forecast to grow 3.9% p.a. on average during the next 3 years, compared to a 3.9% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, earnings per share has increased by 12% per year whereas the company’s share price has increased by 15% per year. Annonce • May 31
Chugoku Marine Paints, Ltd. to Report Q1, 2024 Results on Jul 31, 2023 Chugoku Marine Paints, Ltd. announced that they will report Q1, 2024 results on Jul 31, 2023 Annonce • May 13
Chugoku Marine Paints, Ltd., Annual General Meeting, Jun 22, 2023 Chugoku Marine Paints, Ltd., Annual General Meeting, Jun 22, 2023. Reported Earnings • May 12
Full year 2023 earnings: EPS and revenues exceed analyst expectations Full year 2023 results: EPS: JP¥76.67 (up from JP¥4.92 in FY 2022). Revenue: JP¥99.5b (up 18% from FY 2022). Net income: JP¥3.85b (up JP¥3.59b from FY 2022). Profit margin: 3.9% (up from 0.3% in FY 2022). Revenue exceeded analyst estimates by 1.3%. Earnings per share (EPS) also surpassed analyst estimates by 11%. Revenue is forecast to grow 2.8% p.a. on average during the next 2 years, compared to a 3.8% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, earnings per share has increased by 12% per year whereas the company’s share price has increased by 14% per year. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥18.00 per share at 3.3% yield Eligible shareholders must have bought the stock before 30 March 2023. Payment date: 26 June 2023. Payout ratio is on the higher end at 94% but the company is not cash flow positive. Trailing yield: 3.3%. Lower than top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (2.8%). Major Estimate Revision • Feb 09
Consensus revenue estimates increase by 17% The consensus outlook for revenues in fiscal year 2023 has improved. 2023 revenue forecast increased from JP¥84.1b to JP¥98.5b. EPS estimate increased from JP¥8.00 to JP¥59.80 per share. Net income forecast to grow 100% next year vs 3.5% growth forecast for Chemicals industry in Japan. Consensus price target up from JP¥890 to JP¥1,050. Share price rose 4.3% to JP¥1,070 over the past week. Price Target Changed • Feb 08
Price target increased by 21% to JP¥1,050 Up from JP¥870, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of JP¥1,054. Stock is up 17% over the past year. The company is forecast to post earnings per share of JP¥59.80 for next year compared to JP¥4.91 last year. Reported Earnings • Feb 01
Third quarter 2023 earnings released: EPS: JP¥42.09 (vs JP¥9.39 loss in 3Q 2022) Third quarter 2023 results: EPS: JP¥42.09 (up from JP¥9.39 loss in 3Q 2022). Revenue: JP¥26.5b (up 25% from 3Q 2022). Net income: JP¥2.11b (up JP¥2.59b from 3Q 2022). Profit margin: 7.9% (up from net loss in 3Q 2022). Revenue is forecast to grow 1.0% p.a. on average during the next 3 years, compared to a 4.2% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Annonce • Nov 30
Chugoku Marine Paints, Ltd. to Report Q3, 2023 Results on Jan 31, 2023 Chugoku Marine Paints, Ltd. announced that they will report Q3, 2023 results on Jan 31, 2023 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. 4 non-independent directors. Independent Outside Director Toshifumi Inami was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 02
Second quarter 2023 earnings released: EPS: JP¥8.51 (vs JP¥2.36 in 2Q 2022) Second quarter 2023 results: EPS: JP¥8.51 (up from JP¥2.36 in 2Q 2022). Revenue: JP¥23.2b (up 8.2% from 2Q 2022). Net income: JP¥430.0m (up 247% from 2Q 2022). Profit margin: 1.9% (up from 0.6% in 2Q 2022). Revenue is forecast to grow 2.5% p.a. on average during the next 3 years, compared to a 4.6% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, earnings per share has fallen by 29% 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. Annonce • Nov 01
Chugoku Marine Paints, Ltd. (TSE:4617) announces an Equity Buyback for 1,000,000 shares, representing 1.98% for ¥1,000 million. Chugoku Marine Paints, Ltd. (TSE:4617) announces a share repurchase program. Under the program, the company will repurchase 1,000,000 shares, representing 1.98% of the outstanding shares for ¥1,000 million. The purpose of the program is to return profits to shareholders, improve capital efficiency, and implement a flexible capital policy that responds to the business environment. The program will run until March 24, 2023. As of September 30, 2022, the company had 50,497,407 issued shares (excluding treasury shares) and 11,502,593 shares in treasury. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥17.00 per share Eligible shareholders must have bought the stock before 29 September 2022. Payment date: 02 December 2022. The company is not currently making a profit and is not cash flow positive. Trailing yield: 4.0%. Within top quartile of Japanese dividend payers (3.7%). Higher than average of industry peers (2.9%). Reported Earnings • Jul 31
First quarter 2023 earnings released: JP¥8.95 loss per share (vs JP¥15.29 profit in 1Q 2022) First quarter 2023 results: JP¥8.95 loss per share (down from JP¥15.29 profit in 1Q 2022). Revenue: JP¥21.2b (up 8.9% from 1Q 2022). Net loss: JP¥461.0m (down 156% from profit in 1Q 2022). Over the next year, revenue is expected to shrink by 1.1% compared to a 9.9% growth forecast for the industry in Japan. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Major Estimate Revision • Jul 15
Consensus forecasts updated The consensus outlook for 2023 has been updated. 2023 EPS estimate fell from JP¥10.00 to JP¥8.00 per share. Revenue forecast steady at JP¥84.1b. Net income forecast to grow 56% next year vs 5.3% growth forecast for Chemicals industry in Japan. Consensus price target up from JP¥870 to JP¥890. Share price was steady at JP¥885 over the past week. 
