Declared Dividend • Jul 25
Final dividend of JP¥21.50 announced Shareholders will receive a dividend of JP¥21.50. Ex-date: 29th September 2026 Payment date: 7th December 2026 Dividend yield will be 1.2%, which is lower than the industry average of 2.6%. Sustainability & Growth Dividend is well covered by both earnings (29% earnings payout ratio) and cash flows (35% cash payout ratio). The dividend has increased by an average of 23% 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 31% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Annonce • Jun 22
Internet Initiative Japan Inc. to Report Q1, 2027 Results on Aug 07, 2026 Internet Initiative Japan Inc. announced that they will report Q1, 2027 results at 12:00 PM, Tokyo Standard Time on Aug 07, 2026 Reported Earnings • May 17
Full year 2026 earnings: EPS exceeds analyst expectations Full year 2026 results: EPS: JP¥137 (up from JP¥113 in FY 2025). Revenue: JP¥345.4b (up 9.0% from FY 2025). Net income: JP¥24.2b (up 21% from FY 2025). Profit margin: 7.0% (up from 6.3% in FY 2025). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 3.2%. Revenue is forecast to grow 6.7% p.a. on average during the next 3 years, compared to a 2.8% growth forecast for the Telecom 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 only increased by 1% per year, which means it is significantly lagging earnings growth. Annonce • May 14
Internet Initiative Japan Inc., Annual General Meeting, Jun 26, 2026 Internet Initiative Japan Inc., Annual General Meeting, Jun 26, 2026. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥19.50 per share Eligible shareholders must have bought the stock before 30 March 2026. Payment date: 29 June 2026. Payout ratio is a comfortable 29% and this is well supported by cash flows. Trailing yield: 1.6%. Lower than top quartile of Japanese dividend payers (3.6%). Lower than average of industry peers (3.2%). Annonce • Mar 11
Internet Initiative Japan Inc. to Report Fiscal Year 2026 Results on May 14, 2026 Internet Initiative Japan Inc. announced that they will report fiscal year 2026 results at 12:00 PM, Tokyo Standard Time on May 14, 2026 Reported Earnings • Feb 07
Third quarter 2026 earnings: EPS and revenues miss analyst expectations Third quarter 2026 results: EPS: JP¥35.21 (down from JP¥35.71 in 3Q 2025). Revenue: JP¥87.4b (up 6.2% from 3Q 2025). Net income: JP¥6.24b (down 1.2% from 3Q 2025). Profit margin: 7.1% (down from 7.7% in 3Q 2025). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 1.1%. Earnings per share (EPS) also missed analyst estimates by 14%. Revenue is forecast to grow 7.6% p.a. on average during the next 3 years, compared to a 3.2% growth forecast for the Telecom 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 6% per year, which means it is significantly lagging earnings. Annonce • Dec 08
Internet Initiative Japan Inc. to Report Q3, 2026 Results on Feb 06, 2026 Internet Initiative Japan Inc. announced that they will report Q3, 2026 results at 12:00 PM, Tokyo Standard Time on Feb 06, 2026 Declared Dividend • Dec 06
First half dividend of JP¥19.50 announced Shareholders will receive a dividend of JP¥19.50. Ex-date: 30th March 2026 Payment date: 29th June 2026 Dividend yield will be 1.4%, which is lower than the industry average of 2.6%. Sustainability & Growth Dividend is well covered by both earnings (29% earnings payout ratio) and cash flows (36% cash payout ratio). The dividend has increased by an average of 22% 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 • Nov 08
Second quarter 2026 earnings: Revenues exceed analyst expectations Second quarter 2026 results: Revenue: JP¥85.1b (up 13% from 2Q 2025). Net income: JP¥6.25b (up 51% from 2Q 2025). Profit margin: 7.3% (up from 5.5% in 2Q 2025). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 4.6%. Revenue is forecast to grow 6.9% p.a. on average during the next 3 years, compared to a 3.3% growth forecast for the Telecom industry in Japan. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥19.50 per share Eligible shareholders must have bought the stock before 29 September 2025. Payment date: 08 December 2025. Payout ratio is a comfortable 30% and the cash payout ratio is 82%. Trailing yield: 1.4%. Lower than top quartile of Japanese dividend payers (3.6%). Lower than average of industry peers (3.2%). Annonce • Sep 10
Internet Initiative Japan Inc. to Report Q2, 2026 Results on Nov 07, 2025 Internet Initiative Japan Inc. announced that they will report Q2, 2026 results at 12:00 PM, Tokyo Standard Time on Nov 07, 2025 Reported Earnings • Aug 08
First quarter 2026 earnings: EPS and revenues miss analyst expectations First quarter 2026 results: EPS: JP¥21.35 (up from JP¥18.78 in 1Q 2025). Revenue: JP¥76.8b (up 6.7% from 1Q 2025). Net income: JP¥3.78b (up 14% from 1Q 2025). Profit margin: 4.9% (up from 4.6% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 1.2%. Earnings per share (EPS) also missed analyst estimates by 21%. Revenue is forecast to grow 7.1% p.a. on average during the next 3 years, compared to a 3.1% growth forecast for the Telecom industry in Japan. Over the last 3 years on average, earnings per share has increased by 7% per year whereas the company’s share price has increased by 6% per year. Declared Dividend • Jul 09
Final dividend of JP¥19.50 announced Shareholders will receive a dividend of JP¥19.50. Ex-date: 29th September 2025 Payment date: 8th December 2025 Dividend yield will be 1.3%, which is lower than the industry average of 2.6%. Sustainability & Growth Dividend is covered by both earnings (30% earnings payout ratio) and cash flows (82% cash payout ratio). The dividend has increased by an average of 22% 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 45% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Jul 04
Full year 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2025 results: EPS: JP¥113 (up from JP¥112 in FY 2024). Revenue: JP¥316.8b (up 15% from FY 2024). Net income: JP¥19.9b (flat on FY 2024). Profit margin: 6.3% (down from 7.2% in FY 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.2%. Earnings per share (EPS) missed analyst estimates by 4.4%. Revenue is forecast to grow 7.1% p.a. on average during the next 3 years, compared to a 2.9% growth forecast for the Telecom 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 3% per year. Annonce • Jun 12
Internet Initiative Japan Inc. to Report Q1, 2026 Results on Aug 07, 2025 Internet Initiative Japan Inc. announced that they will report Q1, 2026 results at 12:00 PM, Tokyo Standard Time on Aug 07, 2025 Reported Earnings • May 15
Full year 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2025 results: EPS: JP¥113 (up from JP¥112 in FY 2024). Revenue: JP¥316.8b (up 15% from FY 2024). Net income: JP¥19.9b (flat on FY 2024). Profit margin: 6.3% (down from 7.2% in FY 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.2%. Earnings per share (EPS) missed analyst estimates by 4.4%. Revenue is forecast to grow 6.5% p.a. on average during the next 3 years, compared to a 2.7% growth forecast for the Telecom 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 6% per year. Annonce • May 13
Internet Initiative Japan Inc., Annual General Meeting, Jun 26, 2025 Internet Initiative Japan Inc., Annual General Meeting, Jun 26, 2025. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥17.50 per share Eligible shareholders must have bought the stock before 28 March 2025. Payment date: 30 June 2025. Payout ratio is a comfortable 30% and this is well supported by cash flows. Trailing yield: 1.4%. Lower than top quartile of Japanese dividend payers (3.7%). Lower than average of industry peers (3.3%). Annonce • Mar 10
Internet Initiative Japan Inc. to Report Fiscal Year 2025 Results on May 13, 2025 Internet Initiative Japan Inc. announced that they will report fiscal year 2025 results at 12:00 PM, Tokyo Standard Time on May 13, 2025 Reported Earnings • Feb 08
Third quarter 2025 earnings: EPS and revenues exceed analyst expectations Third quarter 2025 results: EPS: JP¥35.68 (up from JP¥26.34 in 3Q 2024). Revenue: JP¥82.3b (up 13% from 3Q 2024). Net income: JP¥6.31b (up 36% from 3Q 2024). Profit margin: 7.7% (up from 6.4% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 2.8%. Earnings per share (EPS) also surpassed analyst estimates by 13%. Revenue is forecast to grow 7.7% p.a. on average during the next 3 years, compared to a 2.7% growth forecast for the Telecom 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 increased by 17% per year, which means it is tracking significantly ahead of earnings growth. Annonce • Dec 09
Internet Initiative Japan Inc. to Report Q3, 2025 Results on Feb 07, 2025 Internet Initiative Japan Inc. announced that they will report Q3, 2025 results at 12:00 PM, Tokyo Standard Time on Feb 07, 2025 Reported Earnings • Nov 09
Second quarter 2025 earnings: EPS exceeds analyst expectations Second quarter 2025 results: EPS: JP¥23.46 (down from JP¥26.80 in 2Q 2024). Revenue: JP¥75.0b (up 12% from 2Q 2024). Net income: JP¥4.15b (down 12% from 2Q 2024). Profit margin: 5.5% (down from 7.1% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 8.1%. Revenue is forecast to grow 7.8% p.a. on average during the next 3 years, compared to a 2.5% growth forecast for the Telecom 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 6% per year. Upcoming Dividend • Sep 20
Upcoming dividend of JP¥17.50 per share Eligible shareholders must have bought the stock before 27 September 2024. Payment date: 09 December 2024. Payout ratio is a comfortable 31% and this is well supported by cash flows. Trailing yield: 1.2%. Lower than top quartile of Japanese dividend payers (3.8%). Lower than average of industry peers (3.3%). Annonce • Sep 07
Internet Initiative Japan Inc. to Report Q2, 2025 Results on Nov 08, 2024 Internet Initiative Japan Inc. announced that they will report Q2, 2025 results on Nov 08, 2024 Reported Earnings • Aug 09
First quarter 2025 earnings: EPS and revenues exceed analyst expectations First quarter 2025 results: EPS: JP¥18.78 (down from JP¥20.01 in 1Q 2024). Revenue: JP¥72.0b (up 17% from 1Q 2024). Net income: JP¥3.32b (down 7.3% from 1Q 2024). Profit margin: 4.6% (down from 5.8% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 6.5%. Earnings per share (EPS) also surpassed analyst estimates by 32%. Revenue is forecast to grow 6.8% p.a. on average during the next 3 years, compared to a 2.4% growth forecast for the Telecom industry in Japan. Over the last 3 years on average, earnings per share has increased by 14% per year whereas the company’s share price has increased by 15% per year. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to JP¥2,153, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 12x in the Telecom industry in Japan. Total returns to shareholders of 31% over the past three years. Declared Dividend • Jul 11
Final dividend of JP¥17.18 announced Shareholders will receive a dividend of JP¥17.18. Ex-date: 27th September 2024 Payment date: 9th December 2024 Dividend yield will be 1.3%, which is lower than the industry average of 2.6%. Sustainability & Growth Dividend is well covered by both earnings (30% earnings payout ratio) and cash flows (27% 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 39% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Annonce • Jun 13
Internet Initiative Japan Inc. to Report Q1, 2025 Results on Aug 07, 2024 Internet Initiative Japan Inc. announced that they will report Q1, 2025 results at 12:00 PM, Tokyo Standard Time on Aug 07, 2024 Major Estimate Revision • May 31
Consensus EPS estimates fall by 11% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate fell from JP¥138 to JP¥122 per share. Revenue forecast steady at JP¥307.7b. Net income forecast to grow 8.5% next year vs 8.5% growth forecast for Telecom industry in Japan. Consensus price target broadly unchanged at JP¥3,362. Share price fell 4.2% to JP¥2,215 over the past week. Reported Earnings • May 12
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: EPS: JP¥112 (up from JP¥104 in FY 2023). Revenue: JP¥276.1b (up 9.2% from FY 2023). Net income: JP¥19.8b (up 5.3% from FY 2023). Profit margin: 7.2% (down from 7.5% in FY 2023). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 1.3%. Earnings per share (EPS) also missed analyst estimates by 3.5%. Revenue is forecast to grow 6.7% p.a. on average during the next 3 years, compared to a 2.6% growth forecast for the Telecom industry in Japan. Over the last 3 years on average, earnings per share has increased by 18% per year whereas the company’s share price has increased by 22% per year. Annonce • May 12
Internet Initiative Japan Inc., Annual General Meeting, Jun 27, 2024 Internet Initiative Japan Inc., Annual General Meeting, Jun 27, 2024. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥17.18 per share Eligible shareholders must have bought the stock before 28 March 2024. Payment date: 01 July 2024. Payout ratio is a comfortable 30% and this is well supported by cash flows. Trailing yield: 1.2%. Lower than top quartile of Japanese dividend payers (3.2%). Lower than average of industry peers (2.6%). Annonce • Mar 11
Internet Initiative Japan Inc. to Report Fiscal Year 2024 Results on May 10, 2024 Internet Initiative Japan Inc. announced that they will report fiscal year 2024 results at 12:00 PM, Tokyo Standard Time on May 10, 2024 Reported Earnings • Feb 09
Third quarter 2024 earnings released: EPS: JP¥26.34 (vs JP¥23.33 in 3Q 2023) Third quarter 2024 results: EPS: JP¥26.34 (up from JP¥23.33 in 3Q 2023). Revenue: JP¥72.9b (up 15% from 3Q 2023). Net income: JP¥4.66b (up 11% from 3Q 2023). Profit margin: 6.4% (down from 6.7% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 7.5% p.a. on average during the next 3 years, compared to a 2.6% growth forecast for the Telecom industry in Japan. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has increased by 34% per year, which means it is tracking significantly ahead of earnings growth. Annonce • Dec 08
Internet Initiative Japan Inc. to Report Q3, 2024 Results on Feb 07, 2024 Internet Initiative Japan Inc. announced that they will report Q3, 2024 results at 12:00 PM, Tokyo Standard Time on Feb 07, 2024 Reported Earnings • Nov 07
Second quarter 2024 earnings: EPS and revenues miss analyst expectations Second quarter 2024 results: EPS: JP¥26.80 (up from JP¥23.51 in 2Q 2023). Revenue: JP¥66.8b (up 4.7% from 2Q 2023). Net income: JP¥4.74b (up 12% from 2Q 2023). Profit margin: 7.1% (up from 6.7% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 5.7%. Earnings per share (EPS) also missed analyst estimates by 11%. Revenue is forecast to grow 7.6% p.a. on average during the next 3 years, compared to a 2.5% growth forecast for the Telecom industry in Japan. Over the last 3 years on average, earnings per share has increased by 31% per year whereas the company’s share price has increased by 29% per year. Upcoming Dividend • Sep 21
Upcoming dividend of JP¥17.18 per share at 1.4% yield Eligible shareholders must have bought the stock before 28 September 2023. Payment date: 04 December 2023. Payout ratio is a comfortable 29% and this is well supported by cash flows. Trailing yield: 1.4%. Lower than top quartile of Japanese dividend payers (3.3%). Lower than average of industry peers (2.7%). Annonce • Sep 06
Internet Initiative Japan Inc. to Report Q2, 2024 Results on Nov 06, 2023 Internet Initiative Japan Inc. announced that they will report Q2, 2024 results at 12:00 PM, Tokyo Standard Time on Nov 06, 2023 Reported Earnings • Aug 09
First quarter 2024 earnings: EPS and revenues miss analyst expectations First quarter 2024 results: EPS: JP¥20.01 (down from JP¥24.31 in 1Q 2023). Revenue: JP¥61.4b (up 5.6% from 1Q 2023). Net income: JP¥3.58b (down 18% from 1Q 2023). Profit margin: 5.8% (down from 7.5% in 1Q 2023). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 5.2%. Earnings per share (EPS) also missed analyst estimates by 13%. Revenue is forecast to grow 7.8% p.a. on average during the next 3 years, compared to a 2.5% growth forecast for the Telecom industry in Japan. Over the last 3 years on average, earnings per share has increased by 38% per year whereas the company’s share price has increased by 39% per year. Price Target Changed • Aug 05
Price target increased by 8.3% to JP¥3,377 Up from JP¥3,118, the current price target is an average from 6 analysts. New target price is 35% above last closing price of JP¥2,501. Stock is down 1.5% over the past year. The company is forecast to post earnings per share of JP¥120 for next year compared to JP¥104 last year. Annonce • Jun 18
Internet Initiative Japan Inc. to Report Q1, 2024 Results on Aug 08, 2023 Internet Initiative Japan Inc. announced that they will report Q1, 2024 results at 12:00 PM, Tokyo Standard Time on Aug 08, 2023 Annonce • May 20
Internet Initiative Japan Inc. (TSE:3774) announces an Equity Buyback for 4,320,000 shares, representing 2.39% for ¥12,536.64 million. Internet Initiative Japan Inc. (TSE:3774) announces a share repurchase program. Under the program, the company will repurchase up to 4,320,000 shares, representing 2.39% of its issued share capital (excluding treasury stock), for a total purchase price of ¥12,536.64 million. The shares will be repurchased at a price of ¥2,902 per share. The purpose of the program is to improve the capital efficiency and enhance shareholder returns. As of May 18, 2023, the company has 180,697,868 issued shares (excluding treasury stock) and has 6,371,732 treasury shares. Reported Earnings • May 17
Full year 2023 earnings: Revenues and EPS in line with analyst expectations Full year 2023 results: EPS: JP¥104 (up from JP¥86.78 in FY 2022). Revenue: JP¥252.7b (up 12% from FY 2022). Net income: JP¥18.8b (up 20% from FY 2022). Profit margin: 7.5% (up from 6.9% in FY 2022). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 6.9% p.a. on average during the next 3 years, compared to a 2.5% growth forecast for the Telecom industry in Japan. Over the last 3 years on average, earnings per share has increased by 45% per year and the company’s share price has also increased by 45% per year. Annonce • May 12
Internet Initiative Japan Inc., Annual General Meeting, Jun 28, 2023 Internet Initiative Japan Inc., Annual General Meeting, Jun 28, 2023. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥14.63 per share at 1.1% yield Eligible shareholders must have bought the stock before 30 March 2023. Payment date: 29 June 2023. Payout ratio is a comfortable 13% and this is well supported by cash flows. Trailing yield: 1.1%. Lower than top quartile of Japanese dividend payers (3.6%). Lower than average of industry peers (2.9%). Reported Earnings • Feb 09
Third quarter 2023 earnings released: EPS: JP¥23.33 (vs JP¥25.63 in 3Q 2022) Third quarter 2023 results: EPS: JP¥23.33 (down from JP¥25.63 in 3Q 2022). Revenue: JP¥63.4b (up 12% from 3Q 2022). Net income: JP¥4.22b (down 8.9% from 3Q 2022). Profit margin: 6.7% (down from 8.2% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 6.8% p.a. on average during the next 3 years, compared to a 2.8% growth forecast for the Telecom industry in Japan. Over the last 3 years on average, earnings per share has increased by 47% per year and the company’s share price has also increased by 47% per year. Annonce • Dec 21
Internet Initiative Japan Inc. to Report Q3, 2023 Results on Feb 08, 2023 Internet Initiative Japan Inc. announced that they will report Q3, 2023 results at 12:00 PM, Tokyo Standard Time on Feb 08, 2023 Reported Earnings • Nov 16
Second quarter 2023 earnings: EPS and revenues exceed analyst expectations Second quarter 2023 results: EPS: JP¥143,021 (up from JP¥18.74 in 2Q 2022). Revenue: JP¥63.8b (up 14% from 2Q 2022). Net income: JP¥4.25b (up 26% from 2Q 2022). Profit margin: 6.7% (up from 6.0% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 2.0%. Earnings per share (EPS) also surpassed analyst estimates by 25%. Revenue is forecast to grow 6.6% p.a. on average during the next 3 years, compared to a 2.8% growth forecast for the Telecom industry in Japan. Over the last 3 years on average, earnings per share has increased by 59% per year whereas the company’s share price has increased by 55% per year. Reported Earnings • Nov 09
Second quarter 2023 earnings: EPS and revenues exceed analyst expectations Second quarter 2023 results: EPS: JP¥142,987 (up from JP¥18.74 in 2Q 2022). Revenue: JP¥63.8b (up 14% from 2Q 2022). Net income: JP¥4.25b (up 26% from 2Q 2022). Profit margin: 6.7% (up from 6.0% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 2.0%. Earnings per share (EPS) also surpassed analyst estimates by 25%. Revenue is forecast to grow 6.9% p.a. on average during the next 3 years, compared to a 2.9% growth forecast for the Telecom industry in Japan. Over the last 3 years on average, earnings per share has increased by 59% per year whereas the company’s share price has increased by 56% per year. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥29.25 per share Eligible shareholders must have bought the stock before 29 September 2022. Payment date: 05 December 2022. Payout ratio is a comfortable 26% and this is well supported by cash flows. Trailing yield: 1.2%. Lower than top quartile of Japanese dividend payers (3.7%). Lower than average of industry peers (3.0%). Reported Earnings • Aug 07
First quarter 2023 earnings released: EPS: JP¥48.62 (vs JP¥38.85 in 1Q 2022) First quarter 2023 results: EPS: JP¥48.62 (up from JP¥38.85 in 1Q 2022). Revenue: JP¥58.2b (up 9.8% from 1Q 2022). Net income: JP¥4.39b (up 25% from 1Q 2022). Profit margin: 7.5% (up from 6.6% in 1Q 2022). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 9.9%, compared to a 3.5% growth forecast for the 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 increased by 63% per year, which means it is tracking significantly ahead of earnings growth. Board Change • May 29
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. 6 experienced directors. 6 highly experienced directors. No independent directors (11 non-independent directors). Company Auditor Masako Tanaka 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. Reported Earnings • May 16
Full year 2022 earnings: EPS exceeds analyst expectations Full year 2022 results: EPS: JP¥174 (up from JP¥108 in FY 2021). Revenue: JP¥226.3b (up 6.3% from FY 2021). Net income: JP¥15.7b (up 61% from FY 2021). Profit margin: 6.9% (up from 4.6% in FY 2021). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 3.4%. Over the next year, revenue is forecast to grow 7.0%, compared to a 2.1% growth forecast for the industry in Japan. Over the last 3 years on average, earnings per share has increased by 57% per year whereas the company’s share price has increased by 61% per year. 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. 6 experienced directors. 6 highly experienced directors. No independent directors (11 non-independent directors). Company Auditor Masako Tanaka 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. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥23.00 per share Eligible shareholders must have bought the stock before 30 March 2022. Payment date: 30 June 2022. Payout ratio is a comfortable 11% 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 (3.3%). Reported Earnings • Feb 09
Third quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2022 results: EPS: JP¥51.27 (up from JP¥34.43 in 3Q 2021). Revenue: JP¥56.5b (up 3.9% from 3Q 2021). Net income: JP¥4.63b (up 49% from 3Q 2021). Profit margin: 8.2% (up from 5.7% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 2.9%. Earnings per share (EPS) exceeded analyst estimates by 4.6%. Over the next year, revenue is forecast to grow 8.2%, compared to a 1.4% growth forecast for the industry in Japan. Over the last 3 years on average, earnings per share has increased by 55% per year but the company’s share price has only increased by 43% per year, which means it is significantly lagging earnings growth. Price Target Changed • Dec 10
Price target increased to JP¥5,274 Up from JP¥4,909, the current price target is an average from 9 analysts. New target price is 10% above last closing price of JP¥4,775. Stock is up 127% over the past year. The company is forecast to post earnings per share of JP¥169 for next year compared to JP¥108 last year. 
