Annonce • Jul 01
Relo Group, Inc. to Report Q1, 2027 Results on Aug 06, 2026 Relo Group, Inc. announced that they will report Q1, 2027 results on Aug 06, 2026 New Risk • May 17
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: 14% Last year net profit margin: 30% 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 (14% net profit margin). Actualités en direct • May 17
Relo Group Ups Dividend Target and Plans Bond Buyback While Forecasting Profit Recovery Relo Group has raised its year-end dividend to ¥69 per share and increased its dividend payout ratio target from about 35% to 50%, while setting a total shareholder return target of around 60% that includes potential share buybacks.
The company adjusted the conversion price of its 2027 Euro-yen convertible bonds from ¥3,361.1 to ¥3,287.1 per share under anti-dilution provisions, slightly increasing potential equity dilution.
Relo Group plans to repurchase and cancel its zero-coupon convertible bonds due 2027, with a clean-up clause that allows full redemption at par if the remaining balance falls below 10%, and has also reported a sharp profit and EPS decline for the year to March 31, 2026, alongside a higher dividend and stronger equity base.
The mix of higher cash returns, active bond liability management and a stated aim to reinforce the equity base points to a clear focus on capital structure, while the company targets a recovery in revenue, operating profit and net profit in fiscal 2027.
Investors may want to watch how the profit recovery plan, dividend commitments and potential dilution from convertible bonds interact over the next few years, particularly if cash flow or market conditions differ from management’s expectations. Annonce • May 15
Relo Group, Inc., Annual General Meeting, Jun 24, 2026 Relo Group, Inc., Annual General Meeting, Jun 24, 2026. Annonce • May 09
Relo Group, Inc. to Report Fiscal Year 2026 Results on May 14, 2026 Relo Group, Inc. announced that they will report fiscal year 2026 results on May 14, 2026 Price Target Changed • Mar 28
Price target decreased by 7.5% to JP¥2,117 Down from JP¥2,288, the current price target is an average from 3 analysts. New target price is 7.6% above last closing price of JP¥1,968. Stock is up 3.3% over the past year. The company is forecast to post earnings per share of JP¥140 for next year compared to JP¥287 last year. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥49.00 per share Eligible shareholders must have bought the stock before 30 March 2026. Payment date: 26 June 2026. Payout ratio is a comfortable 28% and this is well supported by cash flows. Trailing yield: 2.6%. Lower than top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (2.2%). Reported Earnings • Feb 14
Third quarter 2026 earnings released: EPS: JP¥29.47 (vs JP¥28.75 in 3Q 2025) Third quarter 2026 results: EPS: JP¥29.47 (up from JP¥28.75 in 3Q 2025). Revenue: JP¥36.0b (up 3.7% from 3Q 2025). Net income: JP¥4.45b (up 3.4% from 3Q 2025). Profit margin: 12% (in line with 3Q 2025). Revenue is forecast to grow 5.5% p.a. on average during the next 3 years, compared to a 4.4% growth forecast for the Real Estate industry in Japan. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Annonce • Jan 07
Relo Group, Inc. to Report Q3, 2026 Results on Feb 12, 2026 Relo Group, Inc. announced that they will report Q3, 2026 results on Feb 12, 2026 Reported Earnings • Nov 15
Second quarter 2026 earnings released: EPS: JP¥38.14 (vs JP¥58.85 in 2Q 2025) Second quarter 2026 results: EPS: JP¥38.14 (down from JP¥58.85 in 2Q 2025). Revenue: JP¥37.2b (up 4.9% from 2Q 2025). Net income: JP¥5.75b (down 36% from 2Q 2025). Profit margin: 16% (down from 25% in 2Q 2025). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 5.6% p.a. on average during the next 3 years, compared to a 4.1% growth forecast for the Real Estate industry in Japan. 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 8% per year, which means it is significantly lagging earnings. Annonce • Oct 01
Relo Group, Inc. to Report Q2, 2026 Results on Nov 13, 2025 Relo Group, Inc. announced that they will report Q2, 2026 results on Nov 13, 2025 Reported Earnings • Aug 08
First quarter 2026 earnings released: EPS: JP¥29.49 (vs JP¥157 in 1Q 2025) First quarter 2026 results: EPS: JP¥29.49 (down from JP¥157 in 1Q 2025). Revenue: JP¥35.7b (up 3.2% from 1Q 2025). Net income: JP¥4.41b (down 82% from 1Q 2025). Profit margin: 12% (down from 69% in 1Q 2025). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 5.9% p.a. on average during the next 3 years, compared to a 4.1% growth forecast for the Real Estate industry in Japan. Over the last 3 years on average, earnings per share has fallen by 8% per year whereas the company’s share price has fallen by 6% per year. Annonce • May 31
Relo Group, Inc. to Report Q1, 2026 Results on Aug 07, 2025 Relo Group, Inc. announced that they will report Q1, 2026 results on Aug 07, 2025 Reported Earnings • May 09
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: EPS: JP¥287 (up from JP¥182 loss in FY 2024). Revenue: JP¥142.9b (up 7.8% from FY 2024). Net income: JP¥43.3b (up JP¥71.1b from FY 2024). Profit margin: 30% (up from net loss in FY 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 24%. Revenue is forecast to grow 5.5% p.a. on average during the next 3 years, compared to a 4.1% growth forecast for the Real Estate industry in Japan. Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Annonce • May 08
Relo Group, Inc., Annual General Meeting, Jun 25, 2025 Relo Group, Inc., Annual General Meeting, Jun 25, 2025. Annonce • Mar 27
Relo Group, Inc. to Report Fiscal Year 2025 Results on May 08, 2025 Relo Group, Inc. announced that they will report fiscal year 2025 results on May 08, 2025 Upcoming Dividend • Mar 21
Upcoming dividend of JP¥42.00 per share Eligible shareholders must have bought the stock before 28 March 2025. Payment date: 27 June 2025. The company is not currently making a profit but it is cash flow positive. Trailing yield: 2.0%. Lower than top quartile of Japanese dividend payers (3.7%). Lower than average of industry peers (2.6%). Annonce • Mar 11
Relo Group, Inc. (TSE:8876) agreed to acquire 20% stake in Answer Holdings Co.,Ltd from Shunsuke Mitani. Relo Group, Inc. (TSE:8876) agreed to acquire 20.43% stake in Answer Holdings Co.,Ltd from Shunsuke Mitani on March 10, 2025.
The expected completion of the transaction is March 12, 2025. Buy Or Sell Opportunity • Mar 07
Now 21% undervalued Over the last 90 days, the stock has risen 7.5% to JP¥2,004. The fair value is estimated to be JP¥2,531, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 7.8% over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • Feb 15
Third quarter 2025 earnings released: EPS: JP¥28.75 (vs JP¥24.95 in 3Q 2024) Third quarter 2025 results: EPS: JP¥28.75 (up from JP¥24.95 in 3Q 2024). Revenue: JP¥34.7b (up 11% from 3Q 2024). Net income: JP¥4.31b (up 13% from 3Q 2024). Profit margin: 12% (in line with 3Q 2024). Revenue is forecast to grow 5.5% p.a. on average during the next 3 years, compared to a 4.1% growth forecast for the Real Estate industry in Japan. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 68 percentage points per year, which is a significant difference in performance. Annonce • Jan 03
Relo Group, Inc. to Report Q3, 2025 Results on Feb 13, 2025 Relo Group, Inc. announced that they will report Q3, 2025 results on Feb 13, 2025 Reported Earnings • Nov 09
Second quarter 2025 earnings released: EPS: JP¥58.85 (vs JP¥31.60 in 2Q 2024) Second quarter 2025 results: EPS: JP¥58.85 (up from JP¥31.60 in 2Q 2024). Revenue: JP¥35.4b (up 9.0% from 2Q 2024). Net income: JP¥8.93b (up 85% from 2Q 2024). Profit margin: 25% (up from 15% in 2Q 2024). Revenue is forecast to grow 6.1% p.a. on average during the next 3 years, compared to a 4.2% growth forecast for the Real Estate industry in Japan. Over the last 3 years on average, earnings per share has fallen by 54% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. Declared Dividend • Nov 09
Dividend of JP¥42.00 announced Shareholders will receive a dividend of JP¥42.00. Ex-date: 28th March 2025 Payment date: 27th June 2025 Dividend yield will be 2.4%, which is about the same as the industry average. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months. However, the dividend is well covered by cash flows (32% cash payout ratio). The dividend has increased by an average of 15% per year over the past 10 years. However, payments have been volatile during that time. Annonce • Sep 27
Relo Group, Inc. to Report Q2, 2025 Results on Nov 07, 2024 Relo Group, Inc. announced that they will report Q2, 2025 results on Nov 07, 2024 Reported Earnings • Aug 12
First quarter 2025 earnings released: EPS: JP¥157 (vs JP¥26.15 in 1Q 2024) First quarter 2025 results: EPS: JP¥157 (up from JP¥26.15 in 1Q 2024). Revenue: JP¥34.6b (up 13% from 1Q 2024). Net income: JP¥24.0b (up JP¥20.0b from 1Q 2024). Profit margin: 69% (up from 13% in 1Q 2024). Revenue is forecast to grow 6.0% p.a. on average during the next 3 years, compared to a 4.2% growth forecast for the Real Estate industry in Japan. Over the last 3 years on average, earnings per share has fallen by 41% per year but the company’s share price has only fallen by 12% per year, which means it has not declined as severely as earnings. Annonce • Aug 09
Relo Group, Inc. (TSE:8876) announces an Equity Buyback for 4,000,000 shares, representing 2.62% for ¥5,500 million. Relo Group, Inc. (TSE:8876) announces a share repurchase program. Under the program, the company will repurchase 4,000,000 shares, representing 2.62% of the outstanding shares for ¥5,500 million. The purpose of the program is to use the shares to deliver shares associated with the exercise of stock options, to execute flexible capital policies to adapt to changes in the management environment, and improving capital efficiency. The program will run until October 31, 2024. As of June 30, 2024, the company had 152,829,130 shares outstanding and 187,070 shares in treasury. Annonce • Jun 28
Relo Group, Inc. to Report Q1, 2025 Results on Aug 08, 2024 Relo Group, Inc. announced that they will report Q1, 2025 results on Aug 08, 2024 Price Target Changed • Jun 28
Price target increased by 7.7% to JP¥2,235 Up from JP¥2,075, the current price target is an average from 4 analysts. New target price is 29% above last closing price of JP¥1,727. Stock is down 12% over the past year. The company is forecast to post earnings per share of JP¥211 next year compared to a net loss per share of JP¥182 last year. Reported Earnings • May 11
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: JP¥182 loss per share (down from JP¥105 profit in FY 2023). Revenue: JP¥132.6b (up 7.2% from FY 2023). Net loss: JP¥27.8b (down 273% from profit in FY 2023). Revenue missed analyst estimates by 1.3%. Earnings per share (EPS) were also behind analyst expectations. Revenue is forecast to grow 6.6% p.a. on average during the next 3 years, compared to a 4.3% growth forecast for the Real Estate industry in Japan. Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Annonce • May 11
Marcian Holdings GK entered into an agreement to acquire 33.44% stake in Nihon Housing Co.,Ltd. (TSE:4781) from Relo Group, Inc. (TSE:8876) for ¥33.2 billion. Marcian Holdings GK entered into an agreement to acquire 33.44% stake in Nihon Housing Co.,Ltd. (TSE:4781) from Relo Group, Inc. (TSE:8876) for ¥33.2 billion on May 9, 2024. After the consummation of the Tender Offer, Nihon Housing will cease to be an equity-method subsidiary of Relo Group. In the course of the consideration of the Tender Offer up to the present time, the procedures and responses are expected to take a certain period of time to get permits and approvals under the competition law of Vietnam and Ukraine. As of today, the Tender Offeror aims to commence the Tender Offer by around late May 2024. Annonce • May 10
Relo Group, Inc. Provides Special Dividend Guidance for the Fiscal Year Ended March 31, 2024 Relo Group, Inc. provides Special dividend guidance for the fiscal year ended March 31, 2024. For the period, the company expects an ordinary dividend of ¥38 as described in the outlook, plus a special dividend of ¥4 as a return corresponding to one-time earnings. Major Estimate Revision • May 10
Consensus EPS estimates increase by 36%, revenue downgraded The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast fell from JP¥142.6b to JP¥140.9b. EPS estimate rose from JP¥125 to JP¥170. Net income forecast to grow 83% next year vs 10% growth forecast for Real Estate industry in Japan. Consensus price target of JP¥2,050 unchanged from last update. Share price rose 22% to JP¥1,684 over the past week. Valuation Update With 7 Day Price Move • May 10
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to JP¥1,684, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 13x in the Real Estate industry in Japan. Total loss to shareholders of 18% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥2,280 per share. Annonce • Mar 28
Relo Group, Inc. to Report Fiscal Year 2024 Results on May 09, 2024 Relo Group, Inc. announced that they will report fiscal year 2024 results on May 09, 2024 Upcoming Dividend • Mar 21
Upcoming dividend of JP¥37.00 per share Eligible shareholders must have bought the stock before 28 March 2024. Payment date: 28 June 2024. Payout ratio is a comfortable 32% and this is well supported by cash flows. Trailing yield: 3.0%. Lower than top quartile of Japanese dividend payers (3.2%). Higher than average of industry peers (2.2%). New Risk • Feb 13
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 19% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (19% operating cash flow to total debt). Share price has been highly volatile over the past 3 months (7.7% average weekly change). Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Feb 10
Third quarter 2024 earnings released: EPS: JP¥24.95 (vs JP¥29.36 in 3Q 2023) Third quarter 2024 results: EPS: JP¥24.95 (down from JP¥29.36 in 3Q 2023). Revenue: JP¥31.2b (up 4.1% from 3Q 2023). Net income: JP¥3.81b (down 15% from 3Q 2023). Profit margin: 12% (down from 15% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 6.9% p.a. on average during the next 3 years, compared to a 4.2% growth forecast for the Real Estate industry in Japan. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has fallen by 21% per year, which means it is significantly lagging earnings. New Risk • Feb 09
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 5.5% 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 Debt is not well covered by operating cash flow (19% operating cash flow to total debt). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (5.5% average weekly change). Annonce • Dec 28
Relo Group, Inc. to Report Q3, 2024 Results on Feb 08, 2024 Relo Group, Inc. announced that they will report Q3, 2024 results on Feb 08, 2024 Price Target Changed • Dec 22
Price target decreased by 8.3% to JP¥2,470 Down from JP¥2,695, the current price target is an average from 4 analysts. New target price is 54% above last closing price of JP¥1,602. Stock is down 23% over the past year. The company is forecast to post earnings per share of JP¥120 for next year compared to JP¥105 last year. Price Target Changed • Nov 14
Price target decreased by 9.6% to JP¥2,695 Down from JP¥2,980, the current price target is an average from 4 analysts. New target price is 77% above last closing price of JP¥1,520. Stock is down 32% over the past year. The company is forecast to post earnings per share of JP¥120 for next year compared to JP¥105 last year. Reported Earnings • Nov 10
Second quarter 2024 earnings released: EPS: JP¥31.60 (vs JP¥27.72 in 2Q 2023) Second quarter 2024 results: EPS: JP¥31.60 (up from JP¥27.72 in 2Q 2023). Revenue: JP¥32.5b (up 5.8% from 2Q 2023). Net income: JP¥4.83b (up 14% from 2Q 2023). Profit margin: 15% (up from 14% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 6.1% p.a. on average during the next 3 years, compared to a 4.0% growth forecast for the Real Estate industry in Japan. Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has fallen by 17% per year, which means it is significantly lagging earnings. Annonce • Sep 29
Relo Group, Inc. to Report Q2, 2024 Results on Nov 09, 2023 Relo Group, Inc. announced that they will report Q2, 2024 results on Nov 09, 2023 Buying Opportunity • Aug 14
Now 24% undervalued after recent price drop Over the last 90 days, the stock is down 15%. The fair value is estimated to be JP¥2,309, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 40% over the last 3 years. Earnings per share has grown by 51%. For the next 3 years, revenue is forecast to grow by 6.2% per annum. Earnings is also forecast to grow by 12% per annum over the same time period. Reported Earnings • Aug 12
First quarter 2024 earnings released: EPS: JP¥26.15 (vs JP¥26.17 in 1Q 2023) First quarter 2024 results: EPS: JP¥26.15 (down from JP¥26.17 in 1Q 2023). Revenue: JP¥30.7b (up 8.2% from 1Q 2023). Net income: JP¥4.00b (flat on 1Q 2023). Profit margin: 13% (down from 14% in 1Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 6.2% p.a. on average during the next 3 years, compared to a 4.0% growth forecast for the Real Estate industry in Japan. Over the last 3 years on average, earnings per share has increased by 51% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Annonce • Jun 28
Relo Group, Inc. to Report Q1, 2024 Results on Aug 10, 2023 Relo Group, Inc. announced that they will report Q1, 2024 results on Aug 10, 2023 Reported Earnings • May 16
Full year 2023 earnings: EPS misses analyst expectations Full year 2023 results: EPS: JP¥105 (up from JP¥103 in FY 2022). Revenue: JP¥123.7b (down 21% from FY 2022). Net income: JP¥16.0b (up 2.5% from FY 2022). Profit margin: 13% (up from 10.0% in FY 2022). The increase in margin was driven by lower expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 2.1%. Revenue is forecast to grow 5.9% p.a. on average during the next 3 years, compared to a 3.5% growth forecast for the Real Estate industry in Japan. Over the last 3 years on average, earnings per share has increased by 58% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥31.00 per share at 1.5% yield Eligible shareholders must have bought the stock before 30 March 2023. Payment date: 27 June 2023. Payout ratio is a comfortable 23% and the cash payout ratio is 96%. Trailing yield: 1.5%. Lower than top quartile of Japanese dividend payers (3.6%). Lower than average of industry peers (3.1%). Reported Earnings • Feb 12
Third quarter 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2023 results: EPS: JP¥29.36 (up from JP¥16.86 in 3Q 2022). Revenue: JP¥30.0b (down 25% from 3Q 2022). Net income: JP¥4.49b (up 74% from 3Q 2022). Profit margin: 15% (up from 6.5% in 3Q 2022). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 5.7%. Earnings per share (EPS) exceeded analyst estimates by 23%. Revenue is forecast to grow 4.5% p.a. on average during the next 3 years, compared to a 3.6% growth forecast for the Real Estate industry in Japan. Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Annonce • Jan 12
Relo Group, Inc. to Report Q3, 2023 Results on Feb 09, 2023 Relo Group, Inc. announced that they will report Q3, 2023 results on Feb 09, 2023 Major Estimate Revision • Nov 21
Consensus forecasts updated The consensus outlook for 2023 has been updated. 2023 EPS estimate increased from JP¥104 to JP¥116. Revenue forecast steady at JP¥124.9b. Net income forecast to grow 5.2% next year vs 6.2% growth forecast for Real Estate industry in Japan. Consensus price target of JP¥2,897 unchanged from last update. Share price rose 2.2% to JP¥2,277 over the past week. 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. 5 non-independent directors. External Independent Director Kazuya Udagawa was the last independent director to join the board, commencing their role in 2017. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 12
Second quarter 2023 earnings released: EPS: JP¥27.73 (vs JP¥24.52 in 2Q 2022) Second quarter 2023 results: EPS: JP¥27.73 (up from JP¥24.52 in 2Q 2022). Revenue: JP¥30.7b (down 19% from 2Q 2022). Net income: JP¥4.24b (up 14% from 2Q 2022). Profit margin: 14% (up from 9.8% in 2Q 2022). The increase in margin was driven by lower expenses. Revenue is forecast to grow 4.8% p.a. on average during the next 3 years, compared to a 3.4% growth forecast for the Real Estate industry in Japan. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Major Estimate Revision • Nov 11
Consensus forecasts updated The consensus outlook for 2023 has been updated. 2023 EPS estimate increased from JP¥104 to JP¥118. Revenue forecast unchanged at JP¥124.7b. Net income forecast to grow 2.5% next year vs 4.5% growth forecast for Real Estate industry in Japan. Consensus price target broadly unchanged at JP¥2,890. Share price was steady at JP¥2,068 over the past week. Buying Opportunity • Nov 09
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 7.5%. The fair value is estimated to be JP¥2,578, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 15% over the last 3 years. Earnings per share has grown by 17%. For the next 3 years, revenue is forecast to grow by 4.2% per annum. Earnings is also forecast to grow by 11% per annum over the same time period. Reported Earnings • Aug 15
First quarter 2023 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2023 results: EPS: JP¥26.17 (up from JP¥18.54 in 1Q 2022). Revenue: JP¥28.4b (down 26% from 1Q 2022). Net income: JP¥4.00b (up 43% from 1Q 2022). Profit margin: 14% (up from 7.3% in 1Q 2022). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 2.1%. Earnings per share (EPS) exceeded analyst estimates by 5.0%. Over the next year, revenue is expected to shrink by 13% compared to a 2.4% growth forecast for the Real Estate industry in Japan. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Major Estimate Revision • May 20
Consensus forecasts updated The consensus outlook for 2023 has been updated. 2023 revenue forecast fell from JP¥175.0b to JP¥146.6b. EPS estimate increased from JP¥94.23 to JP¥99.17 per share. Net income forecast to shrink 1.2% next year vs 7.7% growth forecast for Real Estate industry in Japan . Consensus price target broadly unchanged at JP¥2,821. Share price rose 9.0% to JP¥2,147 over the past week. Reported Earnings • May 16
Full year 2022 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2022 results: EPS: JP¥103 (up from JP¥61.88 in FY 2021). Revenue: JP¥156.6b (down 53% from FY 2021). Net income: JP¥15.6b (up 67% from FY 2021). Profit margin: 10.0% (up from 2.8% in FY 2021). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 3.4%. Earnings per share (EPS) exceeded analyst estimates by 37%. Over the next year, revenue is forecast to grow 1.1%, compared to a 4.5% 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 11% per year, which means it is significantly lagging earnings. Board Change • Apr 27
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. 6 non-independent directors. External Independent Director Kazuya Udagawa was the last independent director to join the board, commencing their role in 2017. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥22.00 per share Eligible shareholders must have bought the stock before 30 March 2022. Payment date: 25 June 2022. Payout ratio is a comfortable 25% and this is well supported by cash flows. Trailing yield: 1.2%. Lower than top quartile of Japanese dividend payers (3.4%). Lower than average of industry peers (2.6%). Price Target Changed • Mar 10
Price target decreased to JP¥2,900 Down from JP¥3,133, the current price target is an average from 6 analysts. New target price is 76% above last closing price of JP¥1,644. Stock is down 23% over the past year. The company is forecast to post earnings per share of JP¥75.29 for next year compared to JP¥61.88 last year. 
