View Future GrowthHokuetsu 過去の業績過去 基準チェック /16Hokuetsuの収益は年間平均-17.2%の割合で減少していますが、 Forestry業界の収益は年間 減少しています。収益は年間5.7% 4.5%割合で 増加しています。 Hokuetsuの自己資本利益率は2.9%であり、純利益率は2.5%です。主要情報-17.24%収益成長率-17.27%EPS成長率Forestry 業界の成長13.14%収益成長率4.54%株主資本利益率2.95%ネット・マージン2.54%前回の決算情報31 Mar 2026最近の業績更新お知らせ • May 09Hokuetsu Corporation to Report Fiscal Year 2026 Results on May 15, 2026Hokuetsu Corporation announced that they will report fiscal year 2026 results on May 15, 2026お知らせ • Dec 24Hokuetsu Corporation to Report Q3, 2026 Results on Feb 13, 2026Hokuetsu Corporation announced that they will report Q3, 2026 results on Feb 13, 2026分析記事 • Nov 25Hokuetsu's (TSE:3865) Profits Appear To Have Quality IssuesHokuetsu Corporation's ( TSE:3865 ) healthy profit numbers didn't contain any surprises for investors. However the...Reported Earnings • Nov 18Second quarter 2026 earnings released: EPS: JP¥1.12 (vs JP¥23.30 in 2Q 2025)Second quarter 2026 results: EPS: JP¥1.12 (down from JP¥23.30 in 2Q 2025). Revenue: JP¥67.4b (down 10% from 2Q 2025). Net income: JP¥189.0m (down 95% from 2Q 2025). Profit margin: 0.3% (down from 5.2% in 2Q 2025). Revenue is forecast to stay flat during the next 3 years compared to a 14% growth forecast for the Forestry industry in Asia. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth.お知らせ • Sep 18Hokuetsu Corporation to Report Q2, 2026 Results on Nov 14, 2025Hokuetsu Corporation announced that they will report Q2, 2026 results on Nov 14, 2025Reported Earnings • Aug 09First quarter 2026 earnings released: EPS: JP¥13.00 (vs JP¥14.05 in 1Q 2025)First quarter 2026 results: EPS: JP¥13.00 (down from JP¥14.05 in 1Q 2025). Revenue: JP¥72.4b (down 2.5% from 1Q 2025). Net income: JP¥2.19b (down 7.5% from 1Q 2025). Profit margin: 3.0% (down from 3.2% in 1Q 2025). The decrease in margin was driven by lower revenue. Revenue is forecast to stay flat during the next 3 years compared to a 11% growth forecast for the Forestry industry in Asia. Over the last 3 years on average, earnings per share has increased by 9% per year whereas the company’s share price has increased by 12% per year.すべての更新を表示Recent updatesMajor Estimate Revision • May 26Consensus EPS estimates fall by 42%, revenue upgradedThe consensus outlook for fiscal year 2027 has been updated. 2027 revenue forecast increased from JP¥301.5b to JP¥313.0b. EPS estimate fell from JP¥78.50 to JP¥45.30 per share. Net income forecast to shrink 1.4% next year vs 30% growth forecast for Forestry industry in Japan . Consensus price target down from JP¥900 to JP¥820. Share price rose 4.3% to JP¥872 over the past week.Buy Or Sell Opportunity • May 20Now 22% overvaluedOver the last 90 days, the stock has fallen 7.3% to JP¥859. The fair value is estimated to be JP¥704, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue is forecast to grow by 4.6% in 2 years. Earnings are forecast to grow by 89% in the next 2 years.お知らせ • May 15Hokuetsu Corporation, Annual General Meeting, Jun 26, 2026Hokuetsu Corporation, Annual General Meeting, Jun 26, 2026.お知らせ • May 09Hokuetsu Corporation to Report Fiscal Year 2026 Results on May 15, 2026Hokuetsu Corporation announced that they will report fiscal year 2026 results on May 15, 2026Price Target Changed • Apr 27Price target decreased by 11% to JP¥900Down from JP¥1,010, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of JP¥881. Stock is down 22% over the past year. The company is forecast to post earnings per share of JP¥39.80 for next year compared to JP¥92.34 last year.Board Change • Apr 27Less than half of directors are independentFollowing the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 6 non-independent directors. Independent Outside Director Hiroko Nihei 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.お知らせ • Mar 27Daio Paper Corporation (TSE:3880) completed the acquisition of 16.24% stake in Hokuetsu Corporation (TSE:3865) from Daio Kaiun Co.,Ltd. and Misuga Kaiun Co., Ltd.Daio Paper Corporation (TSE:3880) agreed to acquire an additional 16.23% stake in Hokuetsu Corporation (TSE:3865) from Daio Kaiun Co.,Ltd. and Misuga Kaiun Co., Ltd. for ¥26.3 billion on March 18, 2026. A cash consideration of ¥26.34 billion will be paid by Daio Paper Corporation. As part of consideration, ¥26.34 billion is paid towards common equity of Hokuetsu Corporation. Before completion, Daio Paper Corporation owns 1.35% stake in Hokuetsu Corporation. Upon completion, Daio Paper Corporation will own 17.58% stake in Hokuetsu Corporation. The expected completion of the transaction is March 27, 2026. Daio Paper Corporation (TSE:3880) completed the acquisition of 16.24% stake in Hokuetsu Corporation (TSE:3865) from Daio Kaiun Co.,Ltd. and Misuga Kaiun Co., Ltd. on March 27, 2026.お知らせ • Mar 19Hokuetsu Corporation (TSE:3865) announces an Equity Buyback for 10,000,000 shares, representing 5.92% for ¥10,700 million.Hokuetsu Corporation (TSE:3865) announces a share repurchase program. Under the program, the company will repurchase 10,000,000 shares, representing 5.92% of its share capital, for ¥10,700 million. The company will repurchase its shares in order to improve capital efficiency, strengthen shareholder returns, and mitigate the temporary impact on supply and demand of its shares following to the sale of its common shares. The program will run until March 26, 2026. As of September 30, 2025, the company had 168,814,269 shares outstanding (excluding treasury shares) and 19,238,845 shares in treasury.お知らせ • Jan 28+ 3 more updatesHokuetsu Corporation Announces Organizational ChangesHokuetsu Corporation announced that at the Board of Directors meeting held on January 27, 2026, the Company resolved Organizational Changes. In response to significant changes in the business environment surrounding the paper and pulp industry, they will newly establish the International Paper Export Sales Division and restructure organization to simultaneously strengthen the competitiveness of both domestic and overseas businesses. The Paper Sales Division will be reorganized into the Domestic Paper Sales Division, and the structure of the Domestic Paper Sales Division and International Paper Export Sales Division will be as follows: Domestic Paper Sales Division: Domestic Paper Sales Department, Product Logistics Department . International Paper Export Sales Division: International Paper Export Department, Ho Chi Minh City Office . As a result, will operate with a four-division sales structure: Domestic Paper Sales Division, International Paper Export Sales Division, White Paperboard Sales Division, and Performance Materials Sales Division.分析記事 • Dec 24Hokuetsu (TSE:3865) Will Pay A Dividend Of ¥13.00Hokuetsu Corporation ( TSE:3865 ) will pay a dividend of ¥13.00 on the 30th of June. This will take the annual payment...お知らせ • Dec 24Hokuetsu Corporation to Report Q3, 2026 Results on Feb 13, 2026Hokuetsu Corporation announced that they will report Q3, 2026 results on Feb 13, 2026New Risk • Dec 18New minor risk - Share price stabilityThe 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: Minor Risks Dividend is not well covered by cash flows (114% cash payout ratio). Share price has been volatile over the past 3 months (5.5% average weekly change). Large one-off items impacting financial results.分析記事 • Dec 03Hokuetsu (TSE:3865) Is Due To Pay A Dividend Of ¥13.00Hokuetsu Corporation's ( TSE:3865 ) investors are due to receive a payment of ¥13.00 per share on 30th of June. This...Declared Dividend • Dec 03First half dividend of JP¥13.00 announcedShareholders will receive a dividend of JP¥13.00. Ex-date: 30th March 2026 Payment date: 30th June 2026 Dividend yield will be 3.0%, which is higher than the industry average of 2.3%. Sustainability & Growth Dividend is covered by earnings (35% earnings payout ratio) but not covered by cash flows (114% cash payout ratio). The dividend has increased by an average of 8.0% 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 56% over the next 3 years, which should provide support to the dividend and adequate earnings cover.分析記事 • Nov 25Hokuetsu's (TSE:3865) Profits Appear To Have Quality IssuesHokuetsu Corporation's ( TSE:3865 ) healthy profit numbers didn't contain any surprises for investors. However the...Major Estimate Revision • Nov 21Consensus EPS estimates fall by 58%The consensus outlook for earnings per share (EPS) in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from JP¥300.5b to JP¥292.0b. EPS estimate also fell from JP¥95.70 per share to JP¥39.80 per share. Net income forecast to shrink 17% next year vs 43% growth forecast for Forestry industry in Japan . Consensus price target down from JP¥1,010 to JP¥900. Share price was steady at JP¥858 over the past week.Price Target Changed • Nov 20Price target decreased by 14% to JP¥900Down from JP¥1,050, the current price target is provided by 1 analyst. New target price is 9.0% above last closing price of JP¥826. Stock is down 47% over the past year. The company is forecast to post earnings per share of JP¥39.80 for next year compared to JP¥92.34 last year.Reported Earnings • Nov 18Second quarter 2026 earnings released: EPS: JP¥1.12 (vs JP¥23.30 in 2Q 2025)Second quarter 2026 results: EPS: JP¥1.12 (down from JP¥23.30 in 2Q 2025). Revenue: JP¥67.4b (down 10% from 2Q 2025). Net income: JP¥189.0m (down 95% from 2Q 2025). Profit margin: 0.3% (down from 5.2% in 2Q 2025). Revenue is forecast to stay flat during the next 3 years compared to a 14% growth forecast for the Forestry industry in Asia. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth.Buy Or Sell Opportunity • Oct 29Now 27% undervalued after recent price dropOver the last 90 days, the stock has fallen 18% to JP¥836. The fair value is estimated to be JP¥1,147, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.1% over the last 3 years. Earnings per share has grown by 8.5%. Revenue is forecast to decline by 2.0% in 2 years. Earnings are forecast to grow by 9.1% in the next 2 years.Upcoming Dividend • Sep 22Upcoming dividend of JP¥13.00 per shareEligible shareholders must have bought the stock before 29 September 2025. Payment date: 03 December 2025. Payout ratio is a comfortable 24% and this is well supported by cash flows. Trailing yield: 2.5%. Lower than top quartile of Japanese dividend payers (3.6%). Lower than average of industry peers (3.3%).分析記事 • Sep 18Hokuetsu's (TSE:3865) Shareholders Will Receive A Bigger Dividend Than Last YearHokuetsu Corporation ( TSE:3865 ) has announced that it will be increasing its dividend from last year's comparable...お知らせ • Sep 18Hokuetsu Corporation to Report Q2, 2026 Results on Nov 14, 2025Hokuetsu Corporation announced that they will report Q2, 2026 results on Nov 14, 2025分析記事 • Sep 09Hokuetsu (TSE:3865) Has A Pretty Healthy Balance SheetWarren Buffett famously said, 'Volatility is far from synonymous with risk.' So it seems the smart money knows that...Reported Earnings • Aug 09First quarter 2026 earnings released: EPS: JP¥13.00 (vs JP¥14.05 in 1Q 2025)First quarter 2026 results: EPS: JP¥13.00 (down from JP¥14.05 in 1Q 2025). Revenue: JP¥72.4b (down 2.5% from 1Q 2025). Net income: JP¥2.19b (down 7.5% from 1Q 2025). Profit margin: 3.0% (down from 3.2% in 1Q 2025). The decrease in margin was driven by lower revenue. Revenue is forecast to stay flat during the next 3 years compared to a 11% growth forecast for the Forestry industry in Asia. Over the last 3 years on average, earnings per share has increased by 9% per year whereas the company’s share price has increased by 12% per year.分析記事 • Jul 23Hokuetsu (TSE:3865) Has Announced That It Will Be Increasing Its Dividend To ¥13.00The board of Hokuetsu Corporation ( TSE:3865 ) has announced that it will be paying its dividend of ¥13.00 on the 3rd...分析記事 • Jul 09Hokuetsu (TSE:3865) Is Increasing Its Dividend To ¥13.00Hokuetsu Corporation ( TSE:3865 ) will increase its dividend from last year's comparable payment on the 3rd of December...Declared Dividend • Jul 09Final dividend increased to JP¥13.00Dividend of JP¥13.00 is 18% higher than last year. Ex-date: 29th September 2025 Payment date: 3rd December 2025 Dividend yield will be 2.3%, which is about the same as the industry average. Sustainability & Growth Dividend is well covered by both earnings (27% earnings payout ratio) and cash flows (19% cash payout ratio). The dividend has increased by an average of 8.0% 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 8.9% over the next 3 years, which should provide support to the dividend and adequate earnings cover.お知らせ • Jun 21Hokuetsu Corporation to Report Q1, 2026 Results on Aug 08, 2025Hokuetsu Corporation announced that they will report Q1, 2026 results on Aug 08, 2025分析記事 • Jun 20A Look At The Intrinsic Value Of Hokuetsu Corporation (TSE:3865)Key Insights The projected fair value for Hokuetsu is JP¥1,048 based on 2 Stage Free Cash Flow to Equity Current share...分析記事 • May 26Hokuetsu's (TSE:3865) Earnings Are Of Questionable QualityDespite posting some strong earnings, the market for Hokuetsu Corporation's ( TSE:3865 ) stock hasn't moved much. Our...Buy Or Sell Opportunity • May 20Now 22% undervalued after recent price dropOver the last 90 days, the stock has fallen 30% to JP¥1,037. The fair value is estimated to be JP¥1,321, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.3% over the last 3 years. Earnings per share has declined by 12%. Revenue is forecast to decline by 2.2% in 2 years. Earnings are forecast to grow by 11% in the next 2 years.お知らせ • May 15Hokuetsu Corporation, Annual General Meeting, Jun 27, 2025Hokuetsu Corporation, Annual General Meeting, Jun 27, 2025.分析記事 • Apr 15Here's Why Hokuetsu (TSE:3865) Can Manage Its Debt ResponsiblyLegendary fund manager Li Lu (who Charlie Munger backed) once said, 'The biggest investment risk is not the volatility...Buy Or Sell Opportunity • Apr 04Now 20% undervalued after recent price dropOver the last 90 days, the stock has fallen 29% to JP¥1,084. The fair value is estimated to be JP¥1,361, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.5% over the last 3 years. Earnings per share has declined by 37%. Revenue is forecast to decline by 0.6% in 2 years. Earnings are forecast to grow by 36% in the next 2 years.Upcoming Dividend • Mar 21Upcoming dividend of JP¥11.00 per shareEligible shareholders must have bought the stock before 28 March 2025. Payment date: 30 June 2025. Payout ratio is a comfortable 12% and this is well supported by cash flows. Trailing yield: 1.7%. Lower than top quartile of Japanese dividend payers (3.7%). Lower than average of industry peers (2.7%).分析記事 • Mar 20Hokuetsu (TSE:3865) Is Due To Pay A Dividend Of ¥11.00Hokuetsu Corporation ( TSE:3865 ) will pay a dividend of ¥11.00 on the 30th of June. Although the dividend is now...お知らせ • Mar 20Hokuetsu Corporation to Report Fiscal Year 2025 Results on May 15, 2025Hokuetsu Corporation announced that they will report fiscal year 2025 results at 3:00 PM, Tokyo Standard Time on May 15, 2025Reported Earnings • Feb 16Third quarter 2025 earnings released: EPS: JP¥30.91 (vs JP¥12.59 loss in 3Q 2024)Third quarter 2025 results: EPS: JP¥30.91 (up from JP¥12.59 loss in 3Q 2024). Revenue: JP¥80.2b (up 6.7% from 3Q 2024). Net income: JP¥5.20b (up JP¥7.32b from 3Q 2024). Profit margin: 6.5% (up from net loss in 3Q 2024). Revenue is forecast to stay flat during the next 3 years compared to a 11% growth forecast for the Forestry industry in Asia. Over the last 3 years on average, earnings per share has fallen by 37% per year but the company’s share price has increased by 24% per year, which means it is well ahead of earnings.分析記事 • Feb 14Why We're Not Concerned About Hokuetsu Corporation's (TSE:3865) Share PriceHokuetsu Corporation's ( TSE:3865 ) price-to-earnings (or "P/E") ratio of 45.3x might make it look like a strong sell...分析記事 • Jan 27Here's What's Concerning About Hokuetsu's (TSE:3865) Returns On CapitalIf you're looking at a mature business that's past the growth phase, what are some of the underlying trends that pop...分析記事 • Dec 20Hokuetsu's (TSE:3865) Dividend Will Be ¥11.00The board of Hokuetsu Corporation ( TSE:3865 ) has announced that it will pay a dividend of ¥11.00 per share on the...お知らせ • Dec 20Hokuetsu Corporation to Report Q3, 2025 Results on Feb 14, 2025Hokuetsu Corporation announced that they will report Q3, 2025 results on Feb 14, 2025分析記事 • Dec 04Hokuetsu's (TSE:3865) Dividend Will Be ¥11.00Hokuetsu Corporation's ( TSE:3865 ) investors are due to receive a payment of ¥11.00 per share on 30th of June. Despite...Declared Dividend • Dec 04First half dividend of JP¥11.00 announcedShareholders will receive a dividend of JP¥11.00. Ex-date: 28th March 2025 Payment date: 30th June 2025 Dividend yield will be 1.4%, which is lower than the industry average of 2.3%. Sustainability & Growth Dividend is well covered by both earnings (29% earnings payout ratio) and cash flows (21% cash payout ratio). The dividend has increased by an average of 6.2% 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 101% over the next 3 years, which should provide support to the dividend and adequate earnings cover.分析記事 • Nov 25Hokuetsu's (TSE:3865) Soft Earnings Don't Show The Whole PictureHokuetsu Corporation's ( TSE:3865 ) recent soft profit numbers didn't appear to worry shareholders, as the stock price...分析記事 • Nov 15Does Hokuetsu (TSE:3865) Have A Healthy Balance Sheet?Legendary fund manager Li Lu (who Charlie Munger backed) once said, 'The biggest investment risk is not the volatility...分析記事 • Oct 11Calculating The Intrinsic Value Of Hokuetsu Corporation (TSE:3865)Key Insights The projected fair value for Hokuetsu is JP¥1,497 based on 2 Stage Free Cash Flow to Equity With JP¥1,600...分析記事 • Sep 25Hokuetsu (TSE:3865) Is Increasing Its Dividend To ¥11.00Hokuetsu Corporation ( TSE:3865 ) has announced that it will be increasing its dividend from last year's comparable...お知らせ • Sep 25Hokuetsu Corporation to Report Q2, 2025 Results on Nov 14, 2024Hokuetsu Corporation announced that they will report Q2, 2025 results on Nov 14, 2024Valuation Update With 7 Day Price Move • Sep 25Investor sentiment improves as stock rises 16%After last week's 16% share price gain to JP¥1,698, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 10x in the Forestry industry in Asia. Total returns to shareholders of 162% over the past three years.Upcoming Dividend • Sep 20Upcoming dividend of JP¥11.00 per shareEligible shareholders must have bought the stock before 27 September 2024. Payment date: 04 December 2024. Payout ratio is a comfortable 68% and this is well supported by cash flows. Trailing yield: 1.5%. Lower than top quartile of Japanese dividend payers (3.8%). Lower than average of industry peers (2.9%).Valuation Update With 7 Day Price Move • Sep 03Investor sentiment deteriorates as stock falls 29%After last week's 29% share price decline to JP¥1,479, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 10x in the Forestry industry in Asia. Total returns to shareholders of 147% over the past three years.分析記事 • Aug 31Hokuetsu (TSE:3865) May Have Issues Allocating Its CapitalWhen we're researching a company, it's sometimes hard to find the warning signs, but there are some financial metrics...Buy Or Sell Opportunity • Aug 27Now 33% overvalued after recent price riseOver the last 90 days, the stock has risen 87% to JP¥2,090. The fair value is estimated to be JP¥1,567, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 8.9% over the last 3 years. Earnings per share has declined by 44%. Revenue is forecast to grow by 1.6% in 2 years. Earnings are forecast to grow by 281% in the next 2 years.分析記事 • Aug 16Hokuetsu Corporation (TSE:3865) Stocks Shoot Up 29% But Its P/E Still Looks ReasonableHokuetsu Corporation ( TSE:3865 ) shareholders would be excited to see that the share price has had a great month...Valuation Update With 7 Day Price Move • Aug 16Investor sentiment improves as stock rises 20%After last week's 20% share price gain to JP¥1,435, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 9x in the Forestry industry in Asia. Total returns to shareholders of 174% over the past three years.Reported Earnings • Aug 13First quarter 2025 earnings released: EPS: JP¥14.05 (vs JP¥37.62 in 1Q 2024)First quarter 2025 results: EPS: JP¥14.05 (down from JP¥37.62 in 1Q 2024). Revenue: JP¥74.2b (down 1.4% from 1Q 2024). Net income: JP¥2.36b (down 63% from 1Q 2024). Profit margin: 3.2% (down from 8.4% in 1Q 2024). Revenue is forecast to stay flat during the next 3 years compared to a 10% growth forecast for the Forestry industry in Asia. Over the last 3 years on average, earnings per share has fallen by 44% per year but the company’s share price has increased by 28% per year, which means it is well ahead of earnings.分析記事 • Aug 13Does Hokuetsu (TSE:3865) Have A Healthy Balance Sheet?David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the...分析記事 • Jul 26Hokuetsu's (TSE:3865) Upcoming Dividend Will Be Larger Than Last Year'sHokuetsu Corporation ( TSE:3865 ) will increase its dividend from last year's comparable payment on the 4th of December...分析記事 • Jul 11Hokuetsu (TSE:3865) Is Increasing Its Dividend To ¥11.00Hokuetsu Corporation's ( TSE:3865 ) dividend will be increasing from last year's payment of the same period to ¥11.00...Declared Dividend • Jul 11Final dividend increased to JP¥11.00Dividend of JP¥11.00 is 22% higher than last year. Ex-date: 27th September 2024 Payment date: 4th December 2024 Dividend yield will be 1.9%, which is lower than the industry average of 2.3%. Sustainability & Growth Dividend is well covered by both earnings (26% earnings payout ratio) and cash flows (42% cash payout ratio). The dividend has increased by an average of 6.2% 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 64% over the next 3 years, which should provide support to the dividend and adequate earnings cover.分析記事 • Jun 29Estimating The Fair Value Of Hokuetsu Corporation (TSE:3865)Key Insights Hokuetsu's estimated fair value is JP¥1,203 based on 2 Stage Free Cash Flow to Equity Current share price...お知らせ • Jun 23Hokuetsu Corporation to Report Q1, 2025 Results on Aug 09, 2024Hokuetsu Corporation announced that they will report Q1, 2025 results on Aug 09, 2024Buy Or Sell Opportunity • May 27Now 23% overvaluedOver the last 90 days, the stock has fallen 17% to JP¥1,159. The fair value is estimated to be JP¥943, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has declined by 32%. Revenue is forecast to grow by 2.5% in 2 years. Earnings are forecast to grow by 91% in the next 2 years.分析記事 • May 23Some May Be Optimistic About Hokuetsu's (TSE:3865) EarningsHokuetsu Corporation's ( TSE:3865 ) earnings announcement last week didn't impress shareholders. However, our analysis...お知らせ • May 20Oasis Response to Hokuetsu’s Announcement on Reducing Daio Paper StakeOn May 19, 2024, Oasis Management Company Ltd. announced that Hokuetsu Corporation recent May 15 announcement is a transparent attempt by President Kishimoto to yet again overpromise and underdeliver. Hokuetsu claims it will achieve JPY 3 billion in synergies in FY27/3 with Daio Paper, while simultaneously reducing its Daio Paper stake. Further, Oasis Management stated that it never seen a case where a company announces a strategic alliance while simultaneously divesting its cross-shareholdings of that strategic partner. Moreover, there were no numerical details provided on where the synergies are to be gained from or by when, nor did they disclose to whom and at what price they plan to sell their Daio shares.Reported Earnings • May 19Full year 2024 earnings: EPS and revenues miss analyst expectationsFull year 2024 results: EPS: JP¥49.94 (up from JP¥49.54 in FY 2023). Revenue: JP¥297.1b (down 1.4% from FY 2023). Net income: JP¥8.40b (flat on FY 2023). Profit margin: 2.8% (in line with FY 2023). Revenue missed analyst estimates by 1.7%. Earnings per share (EPS) also missed analyst estimates by 41%. Revenue is forecast to grow 1.2% p.a. on average during the next 2 years, compared to a 10% growth forecast for the Forestry industry in Asia. Over the last 3 years on average, earnings per share has fallen by 32% per year but the company’s share price has increased by 24% per year, which means it is well ahead of earnings.お知らせ • May 17Hokuetsu Corporation, Annual General Meeting, Jun 27, 2024Hokuetsu Corporation, Annual General Meeting, Jun 27, 2024.お知らせ • May 09Oasis Provides Information to the Shareholders of Hokuetsu CorporationOn May 7, 2024, Oasis Management Company Ltd. announced that it has adopted the Japan FSA’s Principles of Responsible Institutional Investors (a/k/a the Japan Stewardship Code), and in line with those principles, Oasis monitors and engages with its investee companies. Oasis has been engaging with Hokuetsu Corporation since 2019 to help improve the Company’s corporate governance and corporate value. Additionally, Oasis urging all shareholders to improve the Company’s governance and corporate value to vote for Oasis’s proposal to dismiss CEO & President Sekio Kishimoto, dismiss all 4 incumbent independent directors, and elect the 5 independent directors, and diverse director candidates nominated by Oasis as independent directors at Company’s AGM.Valuation Update With 7 Day Price Move • Apr 17Investor sentiment deteriorates as stock falls 19%After last week's 19% share price decline to JP¥1,307, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 10x in the Forestry industry in Asia. Total returns to shareholders of 154% over the past three years.分析記事 • Apr 05Is Hokuetsu (TSE:3865) Using Too Much Debt?Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of...お知らせ • Mar 27Hokuetsu Corporation to Report Fiscal Year 2024 Results on May 15, 2024Hokuetsu Corporation announced that they will report fiscal year 2024 results on May 15, 2024Valuation Update With 7 Day Price Move • Mar 27Investor sentiment improves as stock rises 20%After last week's 20% share price gain to JP¥2,361, the stock trades at a forward P/E ratio of 26x. Average forward P/E is 11x in the Forestry industry in Asia. Total returns to shareholders of 386% over the past three years.Upcoming Dividend • Mar 21Upcoming dividend of JP¥9.00 per shareEligible shareholders must have bought the stock before 28 March 2024. Payment date: 01 July 2024. Payout ratio is a comfortable 26% but the company is paying out more than the cash it is generating. Trailing yield: 0.8%. Lower than top quartile of Japanese dividend payers (3.2%). Lower than average of industry peers (1.9%).分析記事 • Mar 18Shareholders Should Be Pleased With Hokuetsu Corporation's (TSE:3865) PriceWhen close to half the companies in Japan have price-to-earnings ratios (or "P/E's") below 14x, you may consider...Valuation Update With 7 Day Price Move • Mar 12Investor sentiment improves as stock rises 23%After last week's 23% share price gain to JP¥1,811, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 11x in the Forestry industry in Asia. Total returns to shareholders of 260% over the past three years.分析記事 • Feb 29Investors Will Want Hokuetsu's (TSE:3865) Growth In ROCE To PersistIf you're looking for a multi-bagger, there's a few things to keep an eye out for. One common approach is to try and...Reported Earnings • Feb 14Third quarter 2024 earnings released: JP¥12.59 loss per share (vs JP¥11.69 profit in 3Q 2023)Third quarter 2024 results: JP¥12.59 loss per share (down from JP¥11.69 profit in 3Q 2023). Revenue: JP¥75.2b (down 5.5% from 3Q 2023). Net loss: JP¥2.12b (down 208% from profit in 3Q 2023). Revenue is forecast to stay flat during the next 3 years compared to a 9.8% growth forecast for the Forestry industry in Asia. Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has increased by 36% per year, which means it is well ahead of earnings.Valuation Update With 7 Day Price Move • Dec 29Investor sentiment deteriorates as stock falls 16%After last week's 16% share price decline to JP¥1,417, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 10x in the Forestry industry in Asia. Total returns to shareholders of 273% over the past three years.お知らせ • Dec 23Hokuetsu Corporation to Report Q3, 2024 Results on Feb 13, 2024Hokuetsu Corporation announced that they will report Q3, 2024 results on Feb 13, 2024Reported Earnings • Nov 11Second quarter 2024 earnings released: EPS: JP¥18.32 (vs JP¥10.30 loss in 2Q 2023)Second quarter 2024 results: EPS: JP¥18.32 (up from JP¥10.30 loss in 2Q 2023). Revenue: JP¥74.9b (up 6.5% from 2Q 2023). Net income: JP¥3.08b (up JP¥4.81b from 2Q 2023). Profit margin: 4.1% (up from net loss in 2Q 2023). Revenue is forecast to stay flat during the next 3 years compared to a 1.6% growth forecast for the Forestry industry in Japan. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has increased by 48% per year, which means it is well ahead of earnings.お知らせ • Sep 23Hokuetsu Corporation to Report Q2, 2024 Results on Nov 10, 2023Hokuetsu Corporation announced that they will report Q2, 2024 results on Nov 10, 2023Upcoming Dividend • Sep 21Upcoming dividend of JP¥9.00 per share at 1.7% yieldEligible shareholders must have bought the stock before 28 September 2023. Payment date: 05 December 2023. Payout ratio is a comfortable 28% but the company is not cash flow positive. Trailing yield: 1.7%. Lower than top quartile of Japanese dividend payers (3.3%). Lower than average of industry peers (2.2%).Reported Earnings • Aug 12First quarter 2024 earnings released: EPS: JP¥37.62 (vs JP¥21.96 in 1Q 2023)First quarter 2024 results: EPS: JP¥37.62 (up from JP¥21.96 in 1Q 2023). Revenue: JP¥75.3b (up 14% from 1Q 2023). Net income: JP¥6.32b (up 71% from 1Q 2023). Profit margin: 8.4% (up from 5.6% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to stay flat during the next 3 years compared to a 1.6% growth forecast for the Forestry 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 35% per year, which means it is well ahead of earnings.Price Target Changed • Aug 11Price target increased by 14% to JP¥810Up from JP¥710, the current price target is provided by 1 analyst. New target price is 9.3% below last closing price of JP¥893. Stock is up 20% over the past year. The company is forecast to post earnings per share of JP¥85.10 for next year compared to JP¥49.53 last year.お知らせ • Jun 26Hokuetsu Corporation to Report Q1, 2024 Results on Aug 10, 2023Hokuetsu Corporation announced that they will report Q1, 2024 results on Aug 10, 2023お知らせ • Jun 14Oasis Management Issues Statement in Response to the Hokuetsu Board of DirectorsOn June 12, 2023, Oasis Management Company Ltd announced that it has issued a statement in response to the Hokuetsu Corporation Board’s Opinion on Oasis’s presentation on June 2, 2023, where the Company acknowledges that it does not hold the Daio shares for pure investment purposes and admits that it needs to improve its relationship with Daio. In addition, Oasis Management stated that after the launch of its campaign against the Company it has received several e-mails from stakeholders expressing a sincere desire to improve Company’s governance and among them it has received a message from a former Company employee expresses concerns about the president’s personal interests and salary cuts for employees, and says he cannot see a future for the Company and Oasis Management stated that it believes now is the time to put an end to the old system and give Company employees hope for the future. Further, Oasis Management urged the shareholders to vote against the re-election of Mr. Kishimoto, at the 2023 annual meeting of shareholders.お知らせ • May 22Oasis Management Urges Hokuetsu Shareholders to Vote Against CEO Re-ElectionOn May 22, 2023, Oasis Management announced that it urged the shareholders of Hokuetsu Corp to vote against the re-election of CEO Sekio Kishimoto after Hokuetsu Corporation refused a call to sell its stake in a Daio Paper Corp. Further, Oasis Management stated that the departure of Kishimoto would enhance Hokuetsu's corporate value over the long term.Reported Earnings • May 16Full year 2023 earnings: EPS and revenues exceed analyst expectationsFull year 2023 results: EPS: JP¥49.53 (down from JP¥126 in FY 2022). Revenue: JP¥301.2b (up 15% from FY 2022). Net income: JP¥8.33b (down 61% from FY 2022). Profit margin: 2.8% (down from 8.1% in FY 2022). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 2.3%. Earnings per share (EPS) also surpassed analyst estimates by 41%. Revenue is forecast to stay flat during the next 3 years compared to a 2.3% growth forecast for the Forestry industry in Japan. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has increased by 32% per year, which means it is tracking significantly ahead of earnings growth.お知らせ • May 14Hokuetsu Corporation, Annual General Meeting, Jun 29, 2023Hokuetsu Corporation, Annual General Meeting, Jun 29, 2023.Upcoming Dividend • Mar 23Upcoming dividend of JP¥9.00 per share at 2.1% yieldEligible shareholders must have bought the stock before 30 March 2023. Payment date: 30 June 2023. Payout ratio is a comfortable 46% but the company is not cash flow positive. Trailing yield: 2.1%. Lower than top quartile of Japanese dividend payers (3.6%). Lower than average of industry peers (2.7%).Major Estimate Revision • Feb 22Consensus EPS estimates fall by 56%The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate fell from JP¥80.40 to JP¥35.10 per share. Revenue forecast steady at JP¥294.3b. Net income forecast to grow 373% next year vs 11% growth forecast for Forestry industry in Japan. Consensus price target up from JP¥680 to JP¥710. Share price rose 6.4% to JP¥798 over the past week.収支内訳Hokuetsu の稼ぎ方とお金の使い方。LTMベースの直近の報告された収益に基づく。収益と収入の歴史TSE:3865 収益、費用、利益 ( )JPY Millions日付収益収益G+A経費研究開発費31 Mar 26287,7367,29948,919031 Dec 25288,91310,49947,930030 Sep 25296,14711,62348,339030 Jun 25303,83015,35249,425031 Mar 25305,71815,52949,070031 Dec 24301,24512,58947,976030 Sep 24296,2405,27447,144030 Jun 24296,0254,43646,491031 Mar 24297,0568,39644,880031 Dec 23310,82611,68946,670030 Sep 23315,19115,76947,137030 Jun 23310,63410,95846,862031 Mar 23301,2048,32546,729031 Dec 22283,3342,54944,604030 Sep 22271,4137,04642,288030 Jun 22265,17317,39741,321031 Mar 22261,61621,20640,910031 Dec 21254,84229,37139,545030 Sep 21245,54028,43239,089030 Jun 21233,30219,18137,642031 Mar 21222,45414,17236,773031 Dec 20224,39612,76837,205030 Sep 20231,2083,38737,847030 Jun 20244,4965,67138,737031 Mar 20264,6188,07240,266031 Dec 19271,5048,18640,620030 Sep 19277,70213,03240,951030 Jun 19279,00010,31941,323031 Mar 19275,8079,15541,008031 Dec 18274,5537,00640,814030 Sep 18271,4737,63240,627030 Jun 18270,27010,22740,611031 Mar 18269,09910,32740,839031 Dec 17266,72310,39840,562030 Sep 17262,52412,46540,086030 Jun 17263,44612,01440,209031 Mar 17262,39810,38039,869031 Dec 16266,77011,90140,636030 Sep 16261,8318,49138,922030 Jun 16255,6237,85436,616031 Mar 16246,8497,47634,576031 Dec 15236,7036,32932,000030 Sep 15234,7097,87631,846030 Jun 15230,9229,38031,6590質の高い収益: 3865は 高品質の収益 を持っています。利益率の向上: 3865の現在の純利益率 (2.5%)は、昨年(5.1%)よりも低くなっています。フリー・キャッシュフローと収益の比較過去の収益成長分析収益動向: 3865の収益は過去 5 年間で年間17.2%減少しました。成長の加速: 3865は過去 1 年間の収益成長がマイナスであったため、5 年間の平均と比較することはできません。収益対業界: 3865は過去 1 年間で収益成長率がマイナス ( -53% ) となったため、 Forestry業界平均 ( 20.7% ) と比較することが困難です。株主資本利益率高いROE: 3865の 自己資本利益率 ( 2.9% ) は 低い とみなされます。総資産利益率使用総資本利益率過去の好業績企業の発掘7D1Y7D1Y7D1YMaterials 、過去の業績が好調な企業。View Financial Health企業分析と財務データの現状データ最終更新日（UTC時間）企業分析2026/05/30 18:50終値2026/05/29 00:00収益2026/03/31年間収益2026/03/31データソース企業分析に使用したデータはS&P Global Market Intelligence LLC のものです。本レポートを作成するための分析モデルでは、以下のデータを使用しています。データは正規化されているため、ソースが利用可能になるまでに時間がかかる場合があります。パッケージデータタイムフレーム米国ソース例会社財務10年損益計算書キャッシュ・フロー計算書貸借対照表SECフォーム10-KSECフォーム10-Qアナリストのコンセンサス予想+プラス3年予想財務アナリストの目標株価アナリストリサーチレポートBlue Matrix市場価格30年株価配当、分割、措置ICEマーケットデータSECフォームS-1所有権10年トップ株主インサイダー取引SECフォーム4SECフォーム13Dマネジメント10年リーダーシップ・チーム取締役会SECフォーム10-KSECフォームDEF 14A主な進展10年会社からのお知らせSECフォーム8-K* 米国証券を対象とした例であり、非米国証券については、同等の規制書式および情報源を使用。特に断りのない限り、すべての財務データは1年ごとの期間に基づいていますが、四半期ごとに更新されます。これは、TTM（Trailing Twelve Month）またはLTM（Last Twelve Month）データとして知られています。詳細はこちら。分析モデルとスノーフレーク本レポートを生成するために使用した分析モデルの詳細は当社のGithubページでご覧いただけます。また、レポートの使用方法に関するガイドやYoutubeのチュートリアルも掲載しています。シンプリー・ウォールストリート分析モデルを設計・構築した世界トップクラスのチームについてご紹介します。業界およびセクターの指標私たちの業界とセクションの指標は、Simply Wall Stによって6時間ごとに計算されます。アナリスト筋Hokuetsu Corporation 1 これらのアナリストのうち、弊社レポートのインプットとして使用した売上高または利益の予想を提出したのは、 。アナリストの投稿は一日中更新されます。9 アナリスト機関Akiko KuwaharaBofA Global ResearchMasahiro ShibanoCitigroup IncJeremie CapronCLSA6 その他のアナリストを表示
お知らせ • May 09Hokuetsu Corporation to Report Fiscal Year 2026 Results on May 15, 2026Hokuetsu Corporation announced that they will report fiscal year 2026 results on May 15, 2026
お知らせ • Dec 24Hokuetsu Corporation to Report Q3, 2026 Results on Feb 13, 2026Hokuetsu Corporation announced that they will report Q3, 2026 results on Feb 13, 2026
分析記事 • Nov 25Hokuetsu's (TSE:3865) Profits Appear To Have Quality IssuesHokuetsu Corporation's ( TSE:3865 ) healthy profit numbers didn't contain any surprises for investors. However the...
Reported Earnings • Nov 18Second quarter 2026 earnings released: EPS: JP¥1.12 (vs JP¥23.30 in 2Q 2025)Second quarter 2026 results: EPS: JP¥1.12 (down from JP¥23.30 in 2Q 2025). Revenue: JP¥67.4b (down 10% from 2Q 2025). Net income: JP¥189.0m (down 95% from 2Q 2025). Profit margin: 0.3% (down from 5.2% in 2Q 2025). Revenue is forecast to stay flat during the next 3 years compared to a 14% growth forecast for the Forestry industry in Asia. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth.
お知らせ • Sep 18Hokuetsu Corporation to Report Q2, 2026 Results on Nov 14, 2025Hokuetsu Corporation announced that they will report Q2, 2026 results on Nov 14, 2025
Reported Earnings • Aug 09First quarter 2026 earnings released: EPS: JP¥13.00 (vs JP¥14.05 in 1Q 2025)First quarter 2026 results: EPS: JP¥13.00 (down from JP¥14.05 in 1Q 2025). Revenue: JP¥72.4b (down 2.5% from 1Q 2025). Net income: JP¥2.19b (down 7.5% from 1Q 2025). Profit margin: 3.0% (down from 3.2% in 1Q 2025). The decrease in margin was driven by lower revenue. Revenue is forecast to stay flat during the next 3 years compared to a 11% growth forecast for the Forestry industry in Asia. Over the last 3 years on average, earnings per share has increased by 9% per year whereas the company’s share price has increased by 12% per year.
Major Estimate Revision • May 26Consensus EPS estimates fall by 42%, revenue upgradedThe consensus outlook for fiscal year 2027 has been updated. 2027 revenue forecast increased from JP¥301.5b to JP¥313.0b. EPS estimate fell from JP¥78.50 to JP¥45.30 per share. Net income forecast to shrink 1.4% next year vs 30% growth forecast for Forestry industry in Japan . Consensus price target down from JP¥900 to JP¥820. Share price rose 4.3% to JP¥872 over the past week.
Buy Or Sell Opportunity • May 20Now 22% overvaluedOver the last 90 days, the stock has fallen 7.3% to JP¥859. The fair value is estimated to be JP¥704, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue is forecast to grow by 4.6% in 2 years. Earnings are forecast to grow by 89% in the next 2 years.
お知らせ • May 15Hokuetsu Corporation, Annual General Meeting, Jun 26, 2026Hokuetsu Corporation, Annual General Meeting, Jun 26, 2026.
お知らせ • May 09Hokuetsu Corporation to Report Fiscal Year 2026 Results on May 15, 2026Hokuetsu Corporation announced that they will report fiscal year 2026 results on May 15, 2026
Price Target Changed • Apr 27Price target decreased by 11% to JP¥900Down from JP¥1,010, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of JP¥881. Stock is down 22% over the past year. The company is forecast to post earnings per share of JP¥39.80 for next year compared to JP¥92.34 last year.
Board Change • Apr 27Less than half of directors are independentFollowing the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 6 non-independent directors. Independent Outside Director Hiroko Nihei 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.
お知らせ • Mar 27Daio Paper Corporation (TSE:3880) completed the acquisition of 16.24% stake in Hokuetsu Corporation (TSE:3865) from Daio Kaiun Co.,Ltd. and Misuga Kaiun Co., Ltd.Daio Paper Corporation (TSE:3880) agreed to acquire an additional 16.23% stake in Hokuetsu Corporation (TSE:3865) from Daio Kaiun Co.,Ltd. and Misuga Kaiun Co., Ltd. for ¥26.3 billion on March 18, 2026. A cash consideration of ¥26.34 billion will be paid by Daio Paper Corporation. As part of consideration, ¥26.34 billion is paid towards common equity of Hokuetsu Corporation. Before completion, Daio Paper Corporation owns 1.35% stake in Hokuetsu Corporation. Upon completion, Daio Paper Corporation will own 17.58% stake in Hokuetsu Corporation. The expected completion of the transaction is March 27, 2026. Daio Paper Corporation (TSE:3880) completed the acquisition of 16.24% stake in Hokuetsu Corporation (TSE:3865) from Daio Kaiun Co.,Ltd. and Misuga Kaiun Co., Ltd. on March 27, 2026.
お知らせ • Mar 19Hokuetsu Corporation (TSE:3865) announces an Equity Buyback for 10,000,000 shares, representing 5.92% for ¥10,700 million.Hokuetsu Corporation (TSE:3865) announces a share repurchase program. Under the program, the company will repurchase 10,000,000 shares, representing 5.92% of its share capital, for ¥10,700 million. The company will repurchase its shares in order to improve capital efficiency, strengthen shareholder returns, and mitigate the temporary impact on supply and demand of its shares following to the sale of its common shares. The program will run until March 26, 2026. As of September 30, 2025, the company had 168,814,269 shares outstanding (excluding treasury shares) and 19,238,845 shares in treasury.
お知らせ • Jan 28+ 3 more updatesHokuetsu Corporation Announces Organizational ChangesHokuetsu Corporation announced that at the Board of Directors meeting held on January 27, 2026, the Company resolved Organizational Changes. In response to significant changes in the business environment surrounding the paper and pulp industry, they will newly establish the International Paper Export Sales Division and restructure organization to simultaneously strengthen the competitiveness of both domestic and overseas businesses. The Paper Sales Division will be reorganized into the Domestic Paper Sales Division, and the structure of the Domestic Paper Sales Division and International Paper Export Sales Division will be as follows: Domestic Paper Sales Division: Domestic Paper Sales Department, Product Logistics Department . International Paper Export Sales Division: International Paper Export Department, Ho Chi Minh City Office . As a result, will operate with a four-division sales structure: Domestic Paper Sales Division, International Paper Export Sales Division, White Paperboard Sales Division, and Performance Materials Sales Division.
分析記事 • Dec 24Hokuetsu (TSE:3865) Will Pay A Dividend Of ¥13.00Hokuetsu Corporation ( TSE:3865 ) will pay a dividend of ¥13.00 on the 30th of June. This will take the annual payment...
お知らせ • Dec 24Hokuetsu Corporation to Report Q3, 2026 Results on Feb 13, 2026Hokuetsu Corporation announced that they will report Q3, 2026 results on Feb 13, 2026
New Risk • Dec 18New minor risk - Share price stabilityThe 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: Minor Risks Dividend is not well covered by cash flows (114% cash payout ratio). Share price has been volatile over the past 3 months (5.5% average weekly change). Large one-off items impacting financial results.
分析記事 • Dec 03Hokuetsu (TSE:3865) Is Due To Pay A Dividend Of ¥13.00Hokuetsu Corporation's ( TSE:3865 ) investors are due to receive a payment of ¥13.00 per share on 30th of June. This...
Declared Dividend • Dec 03First half dividend of JP¥13.00 announcedShareholders will receive a dividend of JP¥13.00. Ex-date: 30th March 2026 Payment date: 30th June 2026 Dividend yield will be 3.0%, which is higher than the industry average of 2.3%. Sustainability & Growth Dividend is covered by earnings (35% earnings payout ratio) but not covered by cash flows (114% cash payout ratio). The dividend has increased by an average of 8.0% 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 56% over the next 3 years, which should provide support to the dividend and adequate earnings cover.
分析記事 • Nov 25Hokuetsu's (TSE:3865) Profits Appear To Have Quality IssuesHokuetsu Corporation's ( TSE:3865 ) healthy profit numbers didn't contain any surprises for investors. However the...
Major Estimate Revision • Nov 21Consensus EPS estimates fall by 58%The consensus outlook for earnings per share (EPS) in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from JP¥300.5b to JP¥292.0b. EPS estimate also fell from JP¥95.70 per share to JP¥39.80 per share. Net income forecast to shrink 17% next year vs 43% growth forecast for Forestry industry in Japan . Consensus price target down from JP¥1,010 to JP¥900. Share price was steady at JP¥858 over the past week.
Price Target Changed • Nov 20Price target decreased by 14% to JP¥900Down from JP¥1,050, the current price target is provided by 1 analyst. New target price is 9.0% above last closing price of JP¥826. Stock is down 47% over the past year. The company is forecast to post earnings per share of JP¥39.80 for next year compared to JP¥92.34 last year.
Reported Earnings • Nov 18Second quarter 2026 earnings released: EPS: JP¥1.12 (vs JP¥23.30 in 2Q 2025)Second quarter 2026 results: EPS: JP¥1.12 (down from JP¥23.30 in 2Q 2025). Revenue: JP¥67.4b (down 10% from 2Q 2025). Net income: JP¥189.0m (down 95% from 2Q 2025). Profit margin: 0.3% (down from 5.2% in 2Q 2025). Revenue is forecast to stay flat during the next 3 years compared to a 14% growth forecast for the Forestry industry in Asia. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth.
Buy Or Sell Opportunity • Oct 29Now 27% undervalued after recent price dropOver the last 90 days, the stock has fallen 18% to JP¥836. The fair value is estimated to be JP¥1,147, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.1% over the last 3 years. Earnings per share has grown by 8.5%. Revenue is forecast to decline by 2.0% in 2 years. Earnings are forecast to grow by 9.1% in the next 2 years.
Upcoming Dividend • Sep 22Upcoming dividend of JP¥13.00 per shareEligible shareholders must have bought the stock before 29 September 2025. Payment date: 03 December 2025. Payout ratio is a comfortable 24% and this is well supported by cash flows. Trailing yield: 2.5%. Lower than top quartile of Japanese dividend payers (3.6%). Lower than average of industry peers (3.3%).
分析記事 • Sep 18Hokuetsu's (TSE:3865) Shareholders Will Receive A Bigger Dividend Than Last YearHokuetsu Corporation ( TSE:3865 ) has announced that it will be increasing its dividend from last year's comparable...
お知らせ • Sep 18Hokuetsu Corporation to Report Q2, 2026 Results on Nov 14, 2025Hokuetsu Corporation announced that they will report Q2, 2026 results on Nov 14, 2025
分析記事 • Sep 09Hokuetsu (TSE:3865) Has A Pretty Healthy Balance SheetWarren Buffett famously said, 'Volatility is far from synonymous with risk.' So it seems the smart money knows that...
Reported Earnings • Aug 09First quarter 2026 earnings released: EPS: JP¥13.00 (vs JP¥14.05 in 1Q 2025)First quarter 2026 results: EPS: JP¥13.00 (down from JP¥14.05 in 1Q 2025). Revenue: JP¥72.4b (down 2.5% from 1Q 2025). Net income: JP¥2.19b (down 7.5% from 1Q 2025). Profit margin: 3.0% (down from 3.2% in 1Q 2025). The decrease in margin was driven by lower revenue. Revenue is forecast to stay flat during the next 3 years compared to a 11% growth forecast for the Forestry industry in Asia. Over the last 3 years on average, earnings per share has increased by 9% per year whereas the company’s share price has increased by 12% per year.
分析記事 • Jul 23Hokuetsu (TSE:3865) Has Announced That It Will Be Increasing Its Dividend To ¥13.00The board of Hokuetsu Corporation ( TSE:3865 ) has announced that it will be paying its dividend of ¥13.00 on the 3rd...
分析記事 • Jul 09Hokuetsu (TSE:3865) Is Increasing Its Dividend To ¥13.00Hokuetsu Corporation ( TSE:3865 ) will increase its dividend from last year's comparable payment on the 3rd of December...
Declared Dividend • Jul 09Final dividend increased to JP¥13.00Dividend of JP¥13.00 is 18% higher than last year. Ex-date: 29th September 2025 Payment date: 3rd December 2025 Dividend yield will be 2.3%, which is about the same as the industry average. Sustainability & Growth Dividend is well covered by both earnings (27% earnings payout ratio) and cash flows (19% cash payout ratio). The dividend has increased by an average of 8.0% 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 8.9% over the next 3 years, which should provide support to the dividend and adequate earnings cover.
お知らせ • Jun 21Hokuetsu Corporation to Report Q1, 2026 Results on Aug 08, 2025Hokuetsu Corporation announced that they will report Q1, 2026 results on Aug 08, 2025
分析記事 • Jun 20A Look At The Intrinsic Value Of Hokuetsu Corporation (TSE:3865)Key Insights The projected fair value for Hokuetsu is JP¥1,048 based on 2 Stage Free Cash Flow to Equity Current share...
分析記事 • May 26Hokuetsu's (TSE:3865) Earnings Are Of Questionable QualityDespite posting some strong earnings, the market for Hokuetsu Corporation's ( TSE:3865 ) stock hasn't moved much. Our...
Buy Or Sell Opportunity • May 20Now 22% undervalued after recent price dropOver the last 90 days, the stock has fallen 30% to JP¥1,037. The fair value is estimated to be JP¥1,321, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.3% over the last 3 years. Earnings per share has declined by 12%. Revenue is forecast to decline by 2.2% in 2 years. Earnings are forecast to grow by 11% in the next 2 years.
お知らせ • May 15Hokuetsu Corporation, Annual General Meeting, Jun 27, 2025Hokuetsu Corporation, Annual General Meeting, Jun 27, 2025.
分析記事 • Apr 15Here's Why Hokuetsu (TSE:3865) Can Manage Its Debt ResponsiblyLegendary fund manager Li Lu (who Charlie Munger backed) once said, 'The biggest investment risk is not the volatility...
Buy Or Sell Opportunity • Apr 04Now 20% undervalued after recent price dropOver the last 90 days, the stock has fallen 29% to JP¥1,084. The fair value is estimated to be JP¥1,361, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.5% over the last 3 years. Earnings per share has declined by 37%. Revenue is forecast to decline by 0.6% in 2 years. Earnings are forecast to grow by 36% in the next 2 years.
Upcoming Dividend • Mar 21Upcoming dividend of JP¥11.00 per shareEligible shareholders must have bought the stock before 28 March 2025. Payment date: 30 June 2025. Payout ratio is a comfortable 12% and this is well supported by cash flows. Trailing yield: 1.7%. Lower than top quartile of Japanese dividend payers (3.7%). Lower than average of industry peers (2.7%).
分析記事 • Mar 20Hokuetsu (TSE:3865) Is Due To Pay A Dividend Of ¥11.00Hokuetsu Corporation ( TSE:3865 ) will pay a dividend of ¥11.00 on the 30th of June. Although the dividend is now...
お知らせ • Mar 20Hokuetsu Corporation to Report Fiscal Year 2025 Results on May 15, 2025Hokuetsu Corporation announced that they will report fiscal year 2025 results at 3:00 PM, Tokyo Standard Time on May 15, 2025
Reported Earnings • Feb 16Third quarter 2025 earnings released: EPS: JP¥30.91 (vs JP¥12.59 loss in 3Q 2024)Third quarter 2025 results: EPS: JP¥30.91 (up from JP¥12.59 loss in 3Q 2024). Revenue: JP¥80.2b (up 6.7% from 3Q 2024). Net income: JP¥5.20b (up JP¥7.32b from 3Q 2024). Profit margin: 6.5% (up from net loss in 3Q 2024). Revenue is forecast to stay flat during the next 3 years compared to a 11% growth forecast for the Forestry industry in Asia. Over the last 3 years on average, earnings per share has fallen by 37% per year but the company’s share price has increased by 24% per year, which means it is well ahead of earnings.
分析記事 • Feb 14Why We're Not Concerned About Hokuetsu Corporation's (TSE:3865) Share PriceHokuetsu Corporation's ( TSE:3865 ) price-to-earnings (or "P/E") ratio of 45.3x might make it look like a strong sell...
分析記事 • Jan 27Here's What's Concerning About Hokuetsu's (TSE:3865) Returns On CapitalIf you're looking at a mature business that's past the growth phase, what are some of the underlying trends that pop...
分析記事 • Dec 20Hokuetsu's (TSE:3865) Dividend Will Be ¥11.00The board of Hokuetsu Corporation ( TSE:3865 ) has announced that it will pay a dividend of ¥11.00 per share on the...
お知らせ • Dec 20Hokuetsu Corporation to Report Q3, 2025 Results on Feb 14, 2025Hokuetsu Corporation announced that they will report Q3, 2025 results on Feb 14, 2025
分析記事 • Dec 04Hokuetsu's (TSE:3865) Dividend Will Be ¥11.00Hokuetsu Corporation's ( TSE:3865 ) investors are due to receive a payment of ¥11.00 per share on 30th of June. Despite...
Declared Dividend • Dec 04First half dividend of JP¥11.00 announcedShareholders will receive a dividend of JP¥11.00. Ex-date: 28th March 2025 Payment date: 30th June 2025 Dividend yield will be 1.4%, which is lower than the industry average of 2.3%. Sustainability & Growth Dividend is well covered by both earnings (29% earnings payout ratio) and cash flows (21% cash payout ratio). The dividend has increased by an average of 6.2% 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 101% over the next 3 years, which should provide support to the dividend and adequate earnings cover.
分析記事 • Nov 25Hokuetsu's (TSE:3865) Soft Earnings Don't Show The Whole PictureHokuetsu Corporation's ( TSE:3865 ) recent soft profit numbers didn't appear to worry shareholders, as the stock price...
分析記事 • Nov 15Does Hokuetsu (TSE:3865) Have A Healthy Balance Sheet?Legendary fund manager Li Lu (who Charlie Munger backed) once said, 'The biggest investment risk is not the volatility...
分析記事 • Oct 11Calculating The Intrinsic Value Of Hokuetsu Corporation (TSE:3865)Key Insights The projected fair value for Hokuetsu is JP¥1,497 based on 2 Stage Free Cash Flow to Equity With JP¥1,600...
分析記事 • Sep 25Hokuetsu (TSE:3865) Is Increasing Its Dividend To ¥11.00Hokuetsu Corporation ( TSE:3865 ) has announced that it will be increasing its dividend from last year's comparable...
お知らせ • Sep 25Hokuetsu Corporation to Report Q2, 2025 Results on Nov 14, 2024Hokuetsu Corporation announced that they will report Q2, 2025 results on Nov 14, 2024
Valuation Update With 7 Day Price Move • Sep 25Investor sentiment improves as stock rises 16%After last week's 16% share price gain to JP¥1,698, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 10x in the Forestry industry in Asia. Total returns to shareholders of 162% over the past three years.
Upcoming Dividend • Sep 20Upcoming dividend of JP¥11.00 per shareEligible shareholders must have bought the stock before 27 September 2024. Payment date: 04 December 2024. Payout ratio is a comfortable 68% and this is well supported by cash flows. Trailing yield: 1.5%. Lower than top quartile of Japanese dividend payers (3.8%). Lower than average of industry peers (2.9%).
Valuation Update With 7 Day Price Move • Sep 03Investor sentiment deteriorates as stock falls 29%After last week's 29% share price decline to JP¥1,479, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 10x in the Forestry industry in Asia. Total returns to shareholders of 147% over the past three years.
分析記事 • Aug 31Hokuetsu (TSE:3865) May Have Issues Allocating Its CapitalWhen we're researching a company, it's sometimes hard to find the warning signs, but there are some financial metrics...
Buy Or Sell Opportunity • Aug 27Now 33% overvalued after recent price riseOver the last 90 days, the stock has risen 87% to JP¥2,090. The fair value is estimated to be JP¥1,567, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 8.9% over the last 3 years. Earnings per share has declined by 44%. Revenue is forecast to grow by 1.6% in 2 years. Earnings are forecast to grow by 281% in the next 2 years.
分析記事 • Aug 16Hokuetsu Corporation (TSE:3865) Stocks Shoot Up 29% But Its P/E Still Looks ReasonableHokuetsu Corporation ( TSE:3865 ) shareholders would be excited to see that the share price has had a great month...
Valuation Update With 7 Day Price Move • Aug 16Investor sentiment improves as stock rises 20%After last week's 20% share price gain to JP¥1,435, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 9x in the Forestry industry in Asia. Total returns to shareholders of 174% over the past three years.
Reported Earnings • Aug 13First quarter 2025 earnings released: EPS: JP¥14.05 (vs JP¥37.62 in 1Q 2024)First quarter 2025 results: EPS: JP¥14.05 (down from JP¥37.62 in 1Q 2024). Revenue: JP¥74.2b (down 1.4% from 1Q 2024). Net income: JP¥2.36b (down 63% from 1Q 2024). Profit margin: 3.2% (down from 8.4% in 1Q 2024). Revenue is forecast to stay flat during the next 3 years compared to a 10% growth forecast for the Forestry industry in Asia. Over the last 3 years on average, earnings per share has fallen by 44% per year but the company’s share price has increased by 28% per year, which means it is well ahead of earnings.
分析記事 • Aug 13Does Hokuetsu (TSE:3865) Have A Healthy Balance Sheet?David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the...
分析記事 • Jul 26Hokuetsu's (TSE:3865) Upcoming Dividend Will Be Larger Than Last Year'sHokuetsu Corporation ( TSE:3865 ) will increase its dividend from last year's comparable payment on the 4th of December...
分析記事 • Jul 11Hokuetsu (TSE:3865) Is Increasing Its Dividend To ¥11.00Hokuetsu Corporation's ( TSE:3865 ) dividend will be increasing from last year's payment of the same period to ¥11.00...
Declared Dividend • Jul 11Final dividend increased to JP¥11.00Dividend of JP¥11.00 is 22% higher than last year. Ex-date: 27th September 2024 Payment date: 4th December 2024 Dividend yield will be 1.9%, which is lower than the industry average of 2.3%. Sustainability & Growth Dividend is well covered by both earnings (26% earnings payout ratio) and cash flows (42% cash payout ratio). The dividend has increased by an average of 6.2% 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 64% over the next 3 years, which should provide support to the dividend and adequate earnings cover.
分析記事 • Jun 29Estimating The Fair Value Of Hokuetsu Corporation (TSE:3865)Key Insights Hokuetsu's estimated fair value is JP¥1,203 based on 2 Stage Free Cash Flow to Equity Current share price...
お知らせ • Jun 23Hokuetsu Corporation to Report Q1, 2025 Results on Aug 09, 2024Hokuetsu Corporation announced that they will report Q1, 2025 results on Aug 09, 2024
Buy Or Sell Opportunity • May 27Now 23% overvaluedOver the last 90 days, the stock has fallen 17% to JP¥1,159. The fair value is estimated to be JP¥943, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has declined by 32%. Revenue is forecast to grow by 2.5% in 2 years. Earnings are forecast to grow by 91% in the next 2 years.
分析記事 • May 23Some May Be Optimistic About Hokuetsu's (TSE:3865) EarningsHokuetsu Corporation's ( TSE:3865 ) earnings announcement last week didn't impress shareholders. However, our analysis...
お知らせ • May 20Oasis Response to Hokuetsu’s Announcement on Reducing Daio Paper StakeOn May 19, 2024, Oasis Management Company Ltd. announced that Hokuetsu Corporation recent May 15 announcement is a transparent attempt by President Kishimoto to yet again overpromise and underdeliver. Hokuetsu claims it will achieve JPY 3 billion in synergies in FY27/3 with Daio Paper, while simultaneously reducing its Daio Paper stake. Further, Oasis Management stated that it never seen a case where a company announces a strategic alliance while simultaneously divesting its cross-shareholdings of that strategic partner. Moreover, there were no numerical details provided on where the synergies are to be gained from or by when, nor did they disclose to whom and at what price they plan to sell their Daio shares.
Reported Earnings • May 19Full year 2024 earnings: EPS and revenues miss analyst expectationsFull year 2024 results: EPS: JP¥49.94 (up from JP¥49.54 in FY 2023). Revenue: JP¥297.1b (down 1.4% from FY 2023). Net income: JP¥8.40b (flat on FY 2023). Profit margin: 2.8% (in line with FY 2023). Revenue missed analyst estimates by 1.7%. Earnings per share (EPS) also missed analyst estimates by 41%. Revenue is forecast to grow 1.2% p.a. on average during the next 2 years, compared to a 10% growth forecast for the Forestry industry in Asia. Over the last 3 years on average, earnings per share has fallen by 32% per year but the company’s share price has increased by 24% per year, which means it is well ahead of earnings.
お知らせ • May 17Hokuetsu Corporation, Annual General Meeting, Jun 27, 2024Hokuetsu Corporation, Annual General Meeting, Jun 27, 2024.
お知らせ • May 09Oasis Provides Information to the Shareholders of Hokuetsu CorporationOn May 7, 2024, Oasis Management Company Ltd. announced that it has adopted the Japan FSA’s Principles of Responsible Institutional Investors (a/k/a the Japan Stewardship Code), and in line with those principles, Oasis monitors and engages with its investee companies. Oasis has been engaging with Hokuetsu Corporation since 2019 to help improve the Company’s corporate governance and corporate value. Additionally, Oasis urging all shareholders to improve the Company’s governance and corporate value to vote for Oasis’s proposal to dismiss CEO & President Sekio Kishimoto, dismiss all 4 incumbent independent directors, and elect the 5 independent directors, and diverse director candidates nominated by Oasis as independent directors at Company’s AGM.
Valuation Update With 7 Day Price Move • Apr 17Investor sentiment deteriorates as stock falls 19%After last week's 19% share price decline to JP¥1,307, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 10x in the Forestry industry in Asia. Total returns to shareholders of 154% over the past three years.
分析記事 • Apr 05Is Hokuetsu (TSE:3865) Using Too Much Debt?Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of...
お知らせ • Mar 27Hokuetsu Corporation to Report Fiscal Year 2024 Results on May 15, 2024Hokuetsu Corporation announced that they will report fiscal year 2024 results on May 15, 2024
Valuation Update With 7 Day Price Move • Mar 27Investor sentiment improves as stock rises 20%After last week's 20% share price gain to JP¥2,361, the stock trades at a forward P/E ratio of 26x. Average forward P/E is 11x in the Forestry industry in Asia. Total returns to shareholders of 386% over the past three years.
Upcoming Dividend • Mar 21Upcoming dividend of JP¥9.00 per shareEligible shareholders must have bought the stock before 28 March 2024. Payment date: 01 July 2024. Payout ratio is a comfortable 26% but the company is paying out more than the cash it is generating. Trailing yield: 0.8%. Lower than top quartile of Japanese dividend payers (3.2%). Lower than average of industry peers (1.9%).
分析記事 • Mar 18Shareholders Should Be Pleased With Hokuetsu Corporation's (TSE:3865) PriceWhen close to half the companies in Japan have price-to-earnings ratios (or "P/E's") below 14x, you may consider...
Valuation Update With 7 Day Price Move • Mar 12Investor sentiment improves as stock rises 23%After last week's 23% share price gain to JP¥1,811, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 11x in the Forestry industry in Asia. Total returns to shareholders of 260% over the past three years.
分析記事 • Feb 29Investors Will Want Hokuetsu's (TSE:3865) Growth In ROCE To PersistIf you're looking for a multi-bagger, there's a few things to keep an eye out for. One common approach is to try and...
Reported Earnings • Feb 14Third quarter 2024 earnings released: JP¥12.59 loss per share (vs JP¥11.69 profit in 3Q 2023)Third quarter 2024 results: JP¥12.59 loss per share (down from JP¥11.69 profit in 3Q 2023). Revenue: JP¥75.2b (down 5.5% from 3Q 2023). Net loss: JP¥2.12b (down 208% from profit in 3Q 2023). Revenue is forecast to stay flat during the next 3 years compared to a 9.8% growth forecast for the Forestry industry in Asia. Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has increased by 36% per year, which means it is well ahead of earnings.
Valuation Update With 7 Day Price Move • Dec 29Investor sentiment deteriorates as stock falls 16%After last week's 16% share price decline to JP¥1,417, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 10x in the Forestry industry in Asia. Total returns to shareholders of 273% over the past three years.
お知らせ • Dec 23Hokuetsu Corporation to Report Q3, 2024 Results on Feb 13, 2024Hokuetsu Corporation announced that they will report Q3, 2024 results on Feb 13, 2024
Reported Earnings • Nov 11Second quarter 2024 earnings released: EPS: JP¥18.32 (vs JP¥10.30 loss in 2Q 2023)Second quarter 2024 results: EPS: JP¥18.32 (up from JP¥10.30 loss in 2Q 2023). Revenue: JP¥74.9b (up 6.5% from 2Q 2023). Net income: JP¥3.08b (up JP¥4.81b from 2Q 2023). Profit margin: 4.1% (up from net loss in 2Q 2023). Revenue is forecast to stay flat during the next 3 years compared to a 1.6% growth forecast for the Forestry industry in Japan. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has increased by 48% per year, which means it is well ahead of earnings.
お知らせ • Sep 23Hokuetsu Corporation to Report Q2, 2024 Results on Nov 10, 2023Hokuetsu Corporation announced that they will report Q2, 2024 results on Nov 10, 2023
Upcoming Dividend • Sep 21Upcoming dividend of JP¥9.00 per share at 1.7% yieldEligible shareholders must have bought the stock before 28 September 2023. Payment date: 05 December 2023. Payout ratio is a comfortable 28% but the company is not cash flow positive. Trailing yield: 1.7%. Lower than top quartile of Japanese dividend payers (3.3%). Lower than average of industry peers (2.2%).
Reported Earnings • Aug 12First quarter 2024 earnings released: EPS: JP¥37.62 (vs JP¥21.96 in 1Q 2023)First quarter 2024 results: EPS: JP¥37.62 (up from JP¥21.96 in 1Q 2023). Revenue: JP¥75.3b (up 14% from 1Q 2023). Net income: JP¥6.32b (up 71% from 1Q 2023). Profit margin: 8.4% (up from 5.6% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to stay flat during the next 3 years compared to a 1.6% growth forecast for the Forestry 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 35% per year, which means it is well ahead of earnings.
Price Target Changed • Aug 11Price target increased by 14% to JP¥810Up from JP¥710, the current price target is provided by 1 analyst. New target price is 9.3% below last closing price of JP¥893. Stock is up 20% over the past year. The company is forecast to post earnings per share of JP¥85.10 for next year compared to JP¥49.53 last year.
お知らせ • Jun 26Hokuetsu Corporation to Report Q1, 2024 Results on Aug 10, 2023Hokuetsu Corporation announced that they will report Q1, 2024 results on Aug 10, 2023
お知らせ • Jun 14Oasis Management Issues Statement in Response to the Hokuetsu Board of DirectorsOn June 12, 2023, Oasis Management Company Ltd announced that it has issued a statement in response to the Hokuetsu Corporation Board’s Opinion on Oasis’s presentation on June 2, 2023, where the Company acknowledges that it does not hold the Daio shares for pure investment purposes and admits that it needs to improve its relationship with Daio. In addition, Oasis Management stated that after the launch of its campaign against the Company it has received several e-mails from stakeholders expressing a sincere desire to improve Company’s governance and among them it has received a message from a former Company employee expresses concerns about the president’s personal interests and salary cuts for employees, and says he cannot see a future for the Company and Oasis Management stated that it believes now is the time to put an end to the old system and give Company employees hope for the future. Further, Oasis Management urged the shareholders to vote against the re-election of Mr. Kishimoto, at the 2023 annual meeting of shareholders.
お知らせ • May 22Oasis Management Urges Hokuetsu Shareholders to Vote Against CEO Re-ElectionOn May 22, 2023, Oasis Management announced that it urged the shareholders of Hokuetsu Corp to vote against the re-election of CEO Sekio Kishimoto after Hokuetsu Corporation refused a call to sell its stake in a Daio Paper Corp. Further, Oasis Management stated that the departure of Kishimoto would enhance Hokuetsu's corporate value over the long term.
Reported Earnings • May 16Full year 2023 earnings: EPS and revenues exceed analyst expectationsFull year 2023 results: EPS: JP¥49.53 (down from JP¥126 in FY 2022). Revenue: JP¥301.2b (up 15% from FY 2022). Net income: JP¥8.33b (down 61% from FY 2022). Profit margin: 2.8% (down from 8.1% in FY 2022). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 2.3%. Earnings per share (EPS) also surpassed analyst estimates by 41%. Revenue is forecast to stay flat during the next 3 years compared to a 2.3% growth forecast for the Forestry industry in Japan. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has increased by 32% per year, which means it is tracking significantly ahead of earnings growth.
お知らせ • May 14Hokuetsu Corporation, Annual General Meeting, Jun 29, 2023Hokuetsu Corporation, Annual General Meeting, Jun 29, 2023.
Upcoming Dividend • Mar 23Upcoming dividend of JP¥9.00 per share at 2.1% yieldEligible shareholders must have bought the stock before 30 March 2023. Payment date: 30 June 2023. Payout ratio is a comfortable 46% but the company is not cash flow positive. Trailing yield: 2.1%. Lower than top quartile of Japanese dividend payers (3.6%). Lower than average of industry peers (2.7%).
Major Estimate Revision • Feb 22Consensus EPS estimates fall by 56%The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate fell from JP¥80.40 to JP¥35.10 per share. Revenue forecast steady at JP¥294.3b. Net income forecast to grow 373% next year vs 11% growth forecast for Forestry industry in Japan. Consensus price target up from JP¥680 to JP¥710. Share price rose 6.4% to JP¥798 over the past week.