New Risk • Apr 29
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. Cash payout ratio: 122% Dividend yield: 4.8% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. This is currently the only risk that has been identified for the company. Reported Earnings • Apr 28
Full year 2026 earnings: EPS and revenues miss analyst expectations Full year 2026 results: EPS: JP¥51.29 (up from JP¥48.82 in FY 2025). Revenue: JP¥64.3b (flat on FY 2025). Net income: JP¥2.74b (up 5.1% from FY 2025). Profit margin: 4.3% (up from 4.0% in FY 2025). Revenue missed analyst estimates by 1.0%. Earnings per share (EPS) also missed analyst estimates by 3.6%. Revenue is forecast to grow 3.2% p.a. on average during the next 2 years, compared to a 4.3% growth forecast for the Media industry in Japan. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Annonce • Apr 27
Zenrin Co., Ltd., Annual General Meeting, Jun 19, 2026 Zenrin Co., Ltd., Annual General Meeting, Jun 19, 2026. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥21.00 per share Eligible shareholders must have bought the stock before 30 March 2026. Payment date: 23 June 2026. Payout ratio is on the higher end at 85%, however this is supported by cash flows. Trailing yield: 4.3%. Within top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (2.0%). Annonce • Mar 12
Zenrin Co., Ltd. to Report Fiscal Year 2026 Results on Apr 27, 2026 Zenrin Co., Ltd. announced that they will report fiscal year 2026 results on Apr 27, 2026 Reported Earnings • Jan 31
Third quarter 2026 earnings released: EPS: JP¥4.66 (vs JP¥12.31 in 3Q 2025) Third quarter 2026 results: EPS: JP¥4.66 (down from JP¥12.31 in 3Q 2025). Revenue: JP¥15.6b (flat on 3Q 2025). Net income: JP¥249.0m (down 62% from 3Q 2025). Profit margin: 1.6% (down from 4.2% in 3Q 2025). Revenue is forecast to grow 2.8% p.a. on average during the next 3 years, compared to a 4.6% growth forecast for the Media industry in Japan. Over the last 3 years on average, earnings per share has increased by 11% per year whereas the company’s share price has increased by 7% per year. Buy Or Sell Opportunity • Dec 22
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 6.4% to JP¥1,036. The fair value is estimated to be JP¥1,297, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.7% over the last 3 years. Earnings per share has grown by 8.5%. Revenue is forecast to grow by 4.7% in 2 years. Earnings are forecast to grow by 15% in the next 2 years. Annonce • Dec 12
Zenrin Co., Ltd. to Report Nine Months, 2026 Results on Jan 30, 2026 Zenrin Co., Ltd. announced that they will report nine months, 2026 results on Jan 30, 2026 Declared Dividend • Dec 03
First half dividend of JP¥21.00 announced Shareholders will receive a dividend of JP¥21.00. Ex-date: 30th March 2026 Payment date: 23rd June 2026 Dividend yield will be 4.1%, which is higher than the industry average of 2.3%. Sustainability & Growth Dividend is covered by both earnings (73% earnings payout ratio) and cash flows (56% cash payout ratio). The dividend has increased by an average of 7.7% 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 33% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Buy Or Sell Opportunity • Dec 02
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 4.9% to JP¥1,021. The fair value is estimated to be JP¥1,297, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.7% over the last 3 years. Earnings per share has grown by 8.5%. Revenue is forecast to grow by 5.1% in 2 years. Earnings are forecast to grow by 18% in the next 2 years. Reported Earnings • Oct 30
Second quarter 2026 earnings released: EPS: JP¥7.06 (vs JP¥2.11 loss in 2Q 2025) Second quarter 2026 results: EPS: JP¥7.06 (up from JP¥2.11 loss in 2Q 2025). Revenue: JP¥15.3b (up 5.1% from 2Q 2025). Net income: JP¥377.0m (up JP¥502.0m from 2Q 2025). Profit margin: 2.5% (up from net loss in 2Q 2025). The move to profitability was driven by higher revenue. Revenue is forecast to grow 2.8% p.a. on average during the next 3 years, compared to a 5.7% growth forecast for the Media industry in Japan. Over the last 3 years on average, earnings per share has increased by 8% per year whereas the company’s share price has increased by 5% per year. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥21.00 per share Eligible shareholders must have bought the stock before 29 September 2025. Payment date: 03 December 2025. Payout ratio is on the higher end at 75%, however this is supported by cash flows. Trailing yield: 3.8%. Within top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (1.6%). Annonce • Sep 10
Zenrin Co., Ltd. to Report Q2, 2026 Results on Oct 29, 2025 Zenrin Co., Ltd. announced that they will report Q2, 2026 results on Oct 29, 2025 Reported Earnings • Jul 30
First quarter 2026 earnings released: JP¥2.19 loss per share (vs JP¥0.19 profit in 1Q 2025) First quarter 2026 results: JP¥2.19 loss per share (down from JP¥0.19 profit in 1Q 2025). Revenue: JP¥14.2b (flat on 1Q 2025). Net loss: JP¥117.0m (down JP¥126.0m from profit in 1Q 2025). Revenue is forecast to grow 3.2% p.a. on average during the next 3 years, compared to a 6.4% growth forecast for the Media industry in Japan. Over the last 3 years on average, earnings per share has increased by 2% per year whereas the company’s share price has increased by 6% per year. Declared Dividend • Jul 09
Final dividend of JP¥21.00 announced Shareholders will receive a dividend of JP¥21.00. Ex-date: 29th September 2025 Payment date: 3rd December 2025 Dividend yield will be 4.0%, which is higher than the industry average of 2.3%. Sustainability & Growth Dividend is covered by both earnings (72% earnings payout ratio) and cash flows (47% cash payout ratio). The dividend has increased by an average of 7.7% 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 44% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Jun 27
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: EPS: JP¥48.82 (up from JP¥38.93 in FY 2024). Revenue: JP¥64.4b (up 4.9% from FY 2024). Net income: JP¥2.61b (up 25% from FY 2024). Profit margin: 4.0% (up from 3.4% 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 1.2%. Revenue is forecast to grow 3.0% p.a. on average during the next 3 years, compared to a 6.7% growth forecast for the Media industry in Japan. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Annonce • Jun 10
Zenrin Co., Ltd. to Report Q1, 2026 Results on Jul 29, 2025 Zenrin Co., Ltd. announced that they will report Q1, 2026 results on Jul 29, 2025 Price Target Changed • Jun 03
Price target increased by 7.1% to JP¥1,050 Up from JP¥980, the current price target is an average from 3 analysts. New target price is 8.8% below last closing price of JP¥1,151. Stock is up 31% over the past year. The company is forecast to post earnings per share of JP¥55.90 for next year compared to JP¥48.82 last year. Reported Earnings • Apr 26
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: EPS: JP¥48.82 (up from JP¥38.93 in FY 2024). Revenue: JP¥64.4b (up 4.9% from FY 2024). Net income: JP¥2.61b (up 25% from FY 2024). Profit margin: 4.0% (up from 3.4% 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 1.2%. Revenue is forecast to grow 4.5% p.a. on average during the next 2 years, compared to a 9.9% growth forecast for the Media industry in Japan. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Annonce • Apr 25
Zenrin Co., Ltd., Annual General Meeting, Jun 20, 2025 Zenrin Co., Ltd., Annual General Meeting, Jun 20, 2025. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥20.00 per share Eligible shareholders must have bought the stock before 28 March 2025. Payment date: 24 June 2025. Payout ratio is a comfortable 46% and the cash payout ratio is 83%. Trailing yield: 4.0%. Within top quartile of Japanese dividend payers (3.7%). Higher than average of industry peers (2.3%). Annonce • Mar 12
Zenrin Co., Ltd. to Report Fiscal Year 2025 Results on Apr 25, 2025 Zenrin Co., Ltd. announced that they will report fiscal year 2025 results on Apr 25, 2025 Annonce • Feb 01
Zenrin Co., Ltd. Announces board and Executive Changes Zenrin Co., Ltd. announced at a meeting of the Board of Directors held on January 31, 2025, to change the Company's representative directors as described. Names and job titles of newly appointed and retiring representative directors: Zenshi Takayama as Chairman, Representative Director; current title: President, Representative Director; Michio Takegawa as President, Representative Director and Head of Corporate Strategy; Director, Senior Executive Officer and Head of Corporate Strategy; Junya Amita as Director, current title: Executive Vice President, Representative Director. Junya Amita will become a director without representative rights and is scheduled to retire from his position as a director at the expiration of his term of office at the 65th Ordinary General Meeting of Shareholders scheduled to be held in June 2025, and will assume the position of an Advisor to the Company. Career summary of newly appointed representative director: Michio Takegawa April 1996- Joined the Company, April 2012 General Manager, ITS Sales Department 2, Business Group-2; April 2014- General Manager, Business Promotion Division, Business Group-2; April 2016- General Manager, ADAS Strategy Planning Office; April- 2018 Vice President and Head of IoT Business; April 2022- Vice President and Head of Corporate Strategy; June 2024- Director, Senior Executive Officer and Head of Corporate Strategy. Annonce • Jan 31
Zenrin Co., Ltd. Announces CEO Changes, Effective April 1, 2025 Zenrin Co., Ltd. announced at a meeting of the Board of Directors held on January 31, 2025, to change the Company's representative directors as described below. Names and job titles of newly appointed and retiring representative directors: Zenshi Takayama as Chairman, Representative Director; current title: President and CEO, Representative Director; Michio Takegawa as President and CEO, Representative Director and Head of Corporate Strategy; from current title of Director, Senior Executive Officer and Head of Corporate Strategy. Scheduled date of assuming office: April 1, 2025. Career summary of newly appointed representative director: April 1996: Joined the Company. April 2012: General Manager, ITS Sales Department 2, Business Group-2. April 2014: General Manager, Business Promotion Division, Business Group-2. April 2016: General Manager, ADAS Strategy Planning Office. April 2018: Vice President and Head of IoT Business. April 2022: Vice President and Head of Corporate Strategy. June 2024: Director, Senior Executive Officer and Head of Corporate Strategy. Annonce • Dec 11
Zenrin Co., Ltd. to Report Q3, 2025 Results on Jan 31, 2025 Zenrin Co., Ltd. announced that they will report Q3, 2025 results on Jan 31, 2025 Declared Dividend • Dec 04
First half dividend of JP¥15.00 announced Dividend of JP¥15.00 is the same as last year. Ex-date: 28th March 2025 Payment date: 24th June 2025 Dividend yield will be 3.7%, which is higher than the industry average of 2.3%. Sustainability & Growth Dividend is covered by both earnings (73% earnings payout ratio) and cash flows (63% cash payout ratio). The dividend has increased by an average of 4.1% 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 6.2% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Oct 31
Second quarter 2025 earnings released: JP¥2.11 loss per share (vs JP¥4.35 loss in 2Q 2024) Second quarter 2025 results: JP¥2.11 loss per share (improved from JP¥4.35 loss in 2Q 2024). Revenue: JP¥14.6b (up 1.5% from 2Q 2024). Net loss: JP¥125.0m (loss narrowed 46% from 2Q 2024). Revenue is forecast to grow 4.2% p.a. on average during the next 3 years, compared to a 4.0% growth forecast for the Media industry in Japan. Over the last 3 years on average, earnings per share has fallen by 6% per year whereas the company’s share price has fallen by 8% per year. Upcoming Dividend • Sep 20
Upcoming dividend of JP¥15.00 per share Eligible shareholders must have bought the stock before 27 September 2024. Payment date: 04 December 2024. Payout ratio is a comfortable 48% and the cash payout ratio is 94%. Trailing yield: 3.5%. Lower than top quartile of Japanese dividend payers (3.8%). Higher than average of industry peers (2.3%). Annonce • Sep 10
Zenrin Co., Ltd. to Report Q2, 2025 Results on Oct 29, 2024 Zenrin Co., Ltd. announced that they will report Q2, 2025 results on Oct 29, 2024 Reported Earnings • Jul 31
First quarter 2025 earnings released: EPS: JP¥0.17 (vs JP¥18.53 loss in 1Q 2024) First quarter 2025 results: EPS: JP¥0.17 (up from JP¥18.53 loss in 1Q 2024). Revenue: JP¥14.1b (up 11% from 1Q 2024). Net income: JP¥9.00m (up JP¥998.0m from 1Q 2024). Profit margin: 0.1% (up from net loss in 1Q 2024). Revenue is forecast to grow 3.2% p.a. on average during the next 3 years, compared to a 4.1% growth forecast for the Media industry in Japan. Over the last 3 years on average, earnings per share has fallen by 4% per year and the company’s share price has also fallen by 4% per year. Declared Dividend • Jul 11
Final dividend of JP¥15.00 announced Shareholders will receive a dividend of JP¥15.00. Ex-date: 27th September 2024 Payment date: 4th December 2024 Dividend yield will be 3.2%, which is higher than the industry average of 2.3%. Sustainability & Growth Dividend is covered by earnings (84% earnings payout ratio) but not covered by cash flows (104% cash payout ratio). The dividend has increased by an average of 4.1% 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 48% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Jun 28
Full year 2024 earnings: EPS exceeds analyst expectations Full year 2024 results: EPS: JP¥38.93 (down from JP¥51.41 in FY 2023). Revenue: JP¥61.3b (up 4.1% from FY 2023). Net income: JP¥2.08b (down 25% from FY 2023). Profit margin: 3.4% (down from 4.7% in FY 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 19%. Revenue is forecast to grow 3.5% p.a. on average during the next 3 years, compared to a 4.2% growth forecast for the Media industry in Japan. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Reported Earnings • May 01
Full year 2024 earnings: EPS exceeds analyst expectations Full year 2024 results: EPS: JP¥38.93 (down from JP¥51.41 in FY 2023). Revenue: JP¥61.3b (up 4.1% from FY 2023). Net income: JP¥2.08b (down 25% from FY 2023). Profit margin: 3.4% (down from 4.7% in FY 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 5.2%. Revenue is forecast to grow 4.4% p.a. on average during the next 2 years, compared to a 4.0% growth forecast for the Media industry in Japan. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Annonce • Apr 29
Zenrin Co., Ltd., Annual General Meeting, Jun 21, 2024 Zenrin Co., Ltd., Annual General Meeting, Jun 21, 2024. Annonce • Apr 27
Zenrin Co., Ltd. (TSE:9474) acquired a 90.43% stake in Locus Blue Zenrin Co., Ltd. (TSE:9474) acquired a 90.43% stake in Locus Blue on April 1, 2024.
Zenrin Co., Ltd. (TSE:9474) completed the acquisition of a 90.43% stake in Locus Blue on April 1, 2024. Price Target Changed • Apr 20
Price target decreased by 11% to JP¥967 Down from JP¥1,083, the current price target is an average from 3 analysts. New target price is 20% above last closing price of JP¥807. Stock is down 4.4% over the past year. The company is forecast to post earnings per share of JP¥37.01 for next year compared to JP¥51.41 last year. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥13.50 per share Eligible shareholders must have bought the stock before 28 March 2024. Payment date: 19 June 2024. Payout ratio is on the higher end at 84%, however this is supported by cash flows. Trailing yield: 3.1%. Lower than top quartile of Japanese dividend payers (3.2%). Higher than average of industry peers (2.2%). Annonce • Mar 12
Zenrin Co., Ltd. to Report Fiscal Year 2024 Results on Apr 26, 2024 Zenrin Co., Ltd. announced that they will report fiscal year 2024 results on Apr 26, 2024 Reported Earnings • Feb 02
Third quarter 2024 earnings released: EPS: JP¥6.56 (vs JP¥16.43 in 3Q 2023) Third quarter 2024 results: EPS: JP¥6.56 (down from JP¥16.43 in 3Q 2023). Revenue: JP¥14.9b (up 4.1% from 3Q 2023). Net income: JP¥350.0m (down 60% from 3Q 2023). Profit margin: 2.4% (down from 6.2% in 3Q 2023). Revenue is forecast to grow 4.5% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the Media 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 fallen by 14% per year, which means it is significantly lagging earnings. Annonce • Dec 13
Zenrin Co., Ltd. to Report Nine Months, 2024 Results on Jan 31, 2024 Zenrin Co., Ltd. announced that they will report nine months, 2024 results on Jan 31, 2024 Reported Earnings • Oct 29
Second quarter 2024 earnings released: JP¥4.35 loss per share (vs JP¥3.09 loss in 2Q 2023) Second quarter 2024 results: JP¥4.35 loss per share (further deteriorated from JP¥3.09 loss in 2Q 2023). Revenue: JP¥14.4b (up 5.0% from 2Q 2023). Net loss: JP¥232.0m (loss widened 39% from 2Q 2023). Revenue is forecast to grow 4.4% p.a. on average during the next 3 years, compared to a 4.6% growth forecast for the Media 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 fallen by 7% per year, which means it is significantly lagging earnings. Upcoming Dividend • Sep 21
Upcoming dividend of JP¥13.50 per share at 3.0% yield Eligible shareholders must have bought the stock before 28 September 2023. Payment date: 04 December 2023. Payout ratio is a comfortable 63% but the company is paying out more than the cash it is generating. Trailing yield: 3.0%. Lower than top quartile of Japanese dividend payers (3.3%). Higher than average of industry peers (2.5%). Annonce • Sep 11
Zenrin Co., Ltd. to Report Q2, 2024 Results on Oct 27, 2023 Zenrin Co., Ltd. announced that they will report Q2, 2024 results on Oct 27, 2023 Buying Opportunity • Aug 02
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 2.7%. The fair value is estimated to be JP¥1,117, 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 grown by 11%. Revenue is forecast to grow by 8.7% in 2 years. Earnings is forecast to grow by 3.5% in the next 2 years. New Risk • Jul 30
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 3.9% Last year net profit margin: 5.8% 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 Dividend is not well covered by cash flows (112% cash payout ratio). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (3.9% net profit margin). Reported Earnings • Jul 29
First quarter 2024 earnings released: JP¥18.53 loss per share (vs JP¥9.89 loss in 1Q 2023) First quarter 2024 results: JP¥18.53 loss per share (further deteriorated from JP¥9.89 loss in 1Q 2023). Revenue: JP¥12.8b (up 4.4% from 1Q 2023). Net loss: JP¥989.0m (loss widened 85% from 1Q 2023). Revenue is forecast to grow 3.9% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the Media industry in Japan. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Reported Earnings • Jun 21
Full year 2023 earnings: EPS exceeds analyst expectations Full year 2023 results: EPS: JP¥51.41 (down from JP¥66.93 in FY 2022). Revenue: JP¥58.9b (flat on FY 2022). Net income: JP¥2.77b (down 24% from FY 2022). Profit margin: 4.7% (down from 6.2% in FY 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 23%. Revenue is forecast to grow 3.9% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the Media industry in Japan. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Annonce • Jun 13
Zenrin Co., Ltd. to Report Q1, 2024 Results on Jul 28, 2023 Zenrin Co., Ltd. announced that they will report Q1, 2024 results on Jul 28, 2023 Reported Earnings • Apr 29
Full year 2023 earnings: EPS exceeds analyst expectations Full year 2023 results: EPS: JP¥51.41 (down from JP¥66.93 in FY 2022). Revenue: JP¥58.9b (flat on FY 2022). Net income: JP¥2.77b (down 24% from FY 2022). Profit margin: 4.7% (down from 6.2% in FY 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 23%. Revenue is forecast to grow 3.9% p.a. on average during the next 2 years, compared to a 4.2% growth forecast for the Media industry in Japan. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Major Estimate Revision • Apr 15
Consensus EPS estimates increase by 10% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate increased from JP¥37.85 to JP¥41.79. Revenue forecast steady at JP¥58.8b. Net income forecast to grow 36% next year vs 11% growth forecast for Media industry in Japan. Consensus price target broadly unchanged at JP¥1,050. Share price rose 3.1% to JP¥840 over the past week. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥13.50 per share at 3.3% yield Eligible shareholders must have bought the stock before 30 March 2023. Payment date: 20 June 2023. Payout ratio is on the higher end at 82% 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 (2.6%). Annonce • Feb 08
Zenrin Co., Ltd. Provides Consolidated Earnings Guidance for the Fiscal Year Ending March 31, 2023 Zenrin Co., Ltd. provided consolidated earnings guidance for the fiscal year ending March 31, 2023. For the period, the company expected net sales of JPY 60,500 million, operating profit of JPY 3,000 million, profit attributable to owners of parent of JPY 2,600 million and basic earnings per share of JPY 48.16. Annonce • Feb 07
Zenrin Co., Ltd. Provides Year End Dividend Guidance for the Fiscal Year Ending March 31, 2023 Zenrin Co., Ltd. provided year end dividend guidance for the fiscal year ending March 31, 2023. For the period, the company expected year end dividend of JPY 13.50 per share compared to JPY 13.50 per share paid a year ago. Annonce • Feb 01
Zenrin Co., Ltd. (TSE:9474) announces an Equity Buyback for 700,000 shares, representing 1.29% for ¥700 million. Zenrin Co., Ltd. (TSE:9474) announces a share repurchase program. Under the program, the company will repurchase 700,000 shares, representing 1.29% of the outstanding shares for ¥700 million. The purpose of the program is to implement agile capital policies in response to changes in the business environment, improve capital efficiency, and strengthen shareholder returns. The program will run until February 28, 2023. As of September 30, 2023, the company had 54,062,703 shares outstanding and 3,238,662 shares in treasury. Reported Earnings • Feb 01
Third quarter 2023 earnings released: EPS: JP¥16.43 (vs JP¥39.27 in 3Q 2022) Third quarter 2023 results: EPS: JP¥16.43 (down from JP¥39.27 in 3Q 2022). Revenue: JP¥14.3b (up 1.2% from 3Q 2022). Net income: JP¥883.0m (down 59% from 3Q 2022). Profit margin: 6.2% (down from 15% in 3Q 2022). Revenue is forecast to grow 3.1% p.a. on average during the next 3 years, compared to a 4.7% growth forecast for the Media industry in Japan. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has fallen by 19% per year, which means it is significantly lagging earnings. Annonce • Dec 13
Zenrin Co., Ltd. to Report Q3, 2023 Results on Jan 31, 2023 Zenrin Co., Ltd. announced that they will report Q3, 2023 results on Jan 31, 2023 Price Target Changed • Nov 22
Price target decreased to JP¥1,033 Down from JP¥1,133, the current price target is an average from 3 analysts. New target price is 17% above last closing price of JP¥885. Stock is down 11% over the past year. The company is forecast to post earnings per share of JP¥40.13 for next year compared to JP¥66.93 last year. Board Change • Nov 16
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was an independent director. The company's board is composed of: 1 new director. 6 experienced directors. 4 highly experienced directors. 4 independent directors (7 non-independent directors). Independent Outside Director Miki Ryu was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Buying Opportunity • Nov 01
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 7.2%. The fair value is estimated to be JP¥1,093, 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 grown by 13%. Revenue is forecast to grow by 7.8% in 2 years. Earnings is forecast to grow by 0.5% in the next 2 years. Reported Earnings • Oct 30
Second quarter 2023 earnings released: JP¥3.09 loss per share (vs JP¥3.99 profit in 2Q 2022) Second quarter 2023 results: JP¥3.09 loss per share (down from JP¥3.99 profit in 2Q 2022). Revenue: JP¥13.7b (flat on 2Q 2022). Net loss: JP¥167.0m (down 177% from profit in 2Q 2022). Revenue is forecast to grow 3.5% p.a. on average during the next 3 years, compared to a 4.9% growth forecast for the Media industry in Japan. 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 23% per year, which means it is significantly lagging earnings. Annonce • Oct 25
Zenrin Co., Ltd. Revises Earnings Guidance for the First Two Quarters Ended September 30, 2022 Zenrin Co., Ltd. revised earnings guidance for the first two quarters ended September 30, 2022. For the quarters, the company revised Net sales to be JPY 25,900 million from JPY 26,200 million; Operating loss to be JPY 980 million from JPY 400 million; Loss attributable to owners of parent to be JPY 700 and Loss per share to be JPY 12.94 per share. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥13.50 per share Eligible shareholders must have bought the stock before 29 September 2022. Payment date: 02 December 2022. Payout ratio is a comfortable 41% and this is well supported by cash flows. Trailing yield: 2.9%. Lower than top quartile of Japanese dividend payers (3.7%). Higher than average of industry peers (2.5%). Annonce • Sep 12
Zenrin Co., Ltd. to Report First Half, 2023 Results on Oct 28, 2022 Zenrin Co., Ltd. announced that they will report first half, 2023 results on Oct 28, 2022 Reported Earnings • Jul 30
First quarter 2023 earnings released: JP¥9.89 loss per share (vs JP¥5.44 loss in 1Q 2022) First quarter 2023 results: JP¥9.89 loss per share (down from JP¥5.44 loss in 1Q 2022). Revenue: JP¥12.3b (flat on 1Q 2022). Net loss: JP¥536.0m (loss widened 80% from 1Q 2022). Over the next year, revenue is forecast to grow 3.8%, compared to a 5.3% growth forecast for the industry in Japan. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has fallen by 22% per year, which means it is significantly lagging earnings. Annonce • Jul 29
Zenrin Co., Ltd. (TSE:9474) announces an Equity Buyback for 500,000 shares, representing 0.92% for ¥500 million. Zenrin Co., Ltd. (TSE:9474) announces a share repurchase program. Under the program, the company will repurchase 1,000,000 shares, representing 1.81% of the outstanding shares for ¥1,500 million. The purpose of the program is to implement agile capital policies in response to changes in the business environment, improve capital efficiency, and strengthen shareholder returns. The program will run until August 31, 2022. As of March 31, 2021, the company had 54,524,285 shares outstanding and 2,777,080 shares in treasury. Reported Earnings • Jun 23
Full year 2022 earnings: EPS exceeds analyst expectations Full year 2022 results: EPS: JP¥66.93 (up from JP¥22.52 in FY 2021). Revenue: JP¥59.1b (up 3.2% from FY 2021). Net income: JP¥3.66b (up 193% from FY 2021). Profit margin: 6.2% (up from 2.2% in FY 2021). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 29%. Over the next year, revenue is forecast to grow 3.0%, compared to a 6.4% growth forecast for the industry in Japan. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has fallen by 22% per year, which means it is significantly lagging earnings. Annonce • Jun 10
Zenrin Co., Ltd. to Report Q1, 2023 Results on Jul 28, 2022 Zenrin Co., Ltd. announced that they will report Q1, 2023 results on Jul 28, 2022 Major Estimate Revision • May 14
Consensus forecasts updated The consensus outlook for 2023 has been updated. 2023 EPS estimate increased from JP¥42.58 to JP¥48.00. Revenue forecast unchanged at JP¥60.8b. Net income forecast to shrink 29% next year vs 8.0% growth forecast for Media industry in Japan . Consensus price target of JP¥1,100 unchanged from last update. Share price was steady at JP¥921 over the past week. Annonce • May 02
Zenrin Co., Ltd., Annual General Meeting, Jun 17, 2022 Zenrin Co., Ltd., Annual General Meeting, Jun 17, 2022. Reported Earnings • Apr 30
Full year 2022 earnings: EPS exceeds analyst expectations Full year 2022 results: EPS: JP¥66.93 (up from JP¥22.52 in FY 2021). Revenue: JP¥59.1b (up 3.2% from FY 2021). Net income: JP¥3.66b (up 193% from FY 2021). Profit margin: 6.2% (up from 2.2% in FY 2021). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 29%. Over the next year, revenue is forecast to grow 3.7%, compared to a 3.2% growth forecast for the industry in Japan. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has fallen by 27% per year, which means it is significantly lagging earnings. Major Estimate Revision • Apr 27
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate increased from JP¥43.86 to JP¥51.87. Revenue forecast steady at JP¥58.8b. Net income forecast to shrink 39% next year vs 1.6% growth forecast for Media industry in Japan . Consensus price target down from JP¥1,133 to JP¥1,100. Share price fell 3.1% to JP¥934 over the past week. 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. 4 experienced directors. 5 highly experienced directors. No independent directors (9 non-independent directors). Managing Executive Officer, GM of Headquarters & Director Masami Matsuo was the last director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment.