Board Change • May 20
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. 3 highly experienced directors. 2 independent directors (6 non-independent directors). Independent Outside Director Nobuya Yazaki was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • May 09
Full year 2026 earnings released: EPS: JP¥81.42 (vs JP¥99.18 in FY 2025) Full year 2026 results: EPS: JP¥81.42 (down from JP¥99.18 in FY 2025). Revenue: JP¥11.1b (up 7.4% from FY 2025). Net income: JP¥330.0m (down 18% from FY 2025). Profit margin: 3.0% (down from 3.9% in FY 2025). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Board Change • May 01
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. 3 highly experienced directors. 2 independent directors (6 non-independent directors). Independent Outside Director Nobuya Yazaki was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥17.00 per share Eligible shareholders must have bought the stock before 30 March 2026. Payment date: 05 June 2026. Payout ratio is a comfortable 17% and this is well supported by cash flows. Trailing yield: 2.7%. Lower than top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (1.6%). Board Change • Feb 25
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. 3 highly experienced directors. 2 independent directors (6 non-independent directors). Independent Outside Director Nobuya Yazaki was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Feb 11
Third quarter 2026 earnings released: EPS: JP¥33.31 (vs JP¥20.48 in 3Q 2025) Third quarter 2026 results: EPS: JP¥33.31 (up from JP¥20.48 in 3Q 2025). Revenue: JP¥3.17b (up 17% from 3Q 2025). Net income: JP¥135.0m (up 63% from 3Q 2025). Profit margin: 4.3% (up from 3.1% in 3Q 2025). Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Board Change • Feb 05
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. 3 highly experienced directors. 2 independent directors (6 non-independent directors). Independent Outside Director Nobuya Yazaki was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Board Change • Dec 25
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. 3 highly experienced directors. 2 independent directors (6 non-independent directors). Independent Outside Director Nobuya Yazaki was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Jun 27
Full year 2025 earnings released: EPS: JP¥99.18 (vs JP¥60.94 in FY 2024) Full year 2025 results: EPS: JP¥99.18 (up from JP¥60.94 in FY 2024). Revenue: JP¥10.3b (up 2.0% from FY 2024). Net income: JP¥402.0m (up 63% from FY 2024). Profit margin: 3.9% (up from 2.4% in FY 2024). Over the last 3 years on average, earnings per share has increased by 3% per year whereas the company’s share price has increased by 6% per year. 공시 • Jun 04
Nittoh Corporation, Annual General Meeting, Jun 21, 2025 Nittoh Corporation, Annual General Meeting, Jun 21, 2025, at 10:00 Tokyo Standard Time. Location: 3-15-33 sakae, naka-ku, nagoya sakae gas building 5th floor king room, nagoya Japan Board Change • May 28
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. 3 highly experienced directors. 2 independent directors (6 non-independent directors). Independent Outside Director Nobuya Yazaki was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • May 11
Full year 2025 earnings released: EPS: JP¥99.18 (vs JP¥60.94 in FY 2024) Full year 2025 results: EPS: JP¥99.18 (up from JP¥60.94 in FY 2024). Revenue: JP¥10.3b (up 2.0% from FY 2024). Net income: JP¥402.0m (up 63% from FY 2024). Profit margin: 3.9% (up from 2.4% in FY 2024). Over the last 3 years on average, earnings per share has increased by 3% per year whereas the company’s share price has increased by 7% per year. Board Change • May 01
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. 3 highly experienced directors. 2 independent directors (6 non-independent directors). Independent Outside Director Nobuya Yazaki was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥20.00 per share Eligible shareholders must have bought the stock before 28 March 2025. Payment date: 30 May 2025. Payout ratio is a comfortable 35% and the cash payout ratio is 85%. Trailing yield: 3.7%. Within top quartile of Japanese dividend payers (3.7%). Higher than average of industry peers (1.5%). Board Change • Mar 06
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. 3 highly experienced directors. 2 independent directors (6 non-independent directors). Independent Outside Director Nobuya Yazaki was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Board Change • Dec 02
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. 3 highly experienced directors. 2 independent directors (6 non-independent directors). Independent Outside Director Nobuya Yazaki was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. New Risk • Nov 09
New major risk - Revenue and earnings growth Earnings have declined by 0.2% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 0.2% per year over the past 5 years. Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.9% net profit margin). Market cap is less than US$100m (JP¥2.14b market cap, or US$14.0m). Reported Earnings • Nov 09
Second quarter 2025 earnings released: EPS: JP¥11.84 (vs JP¥21.96 in 2Q 2024) Second quarter 2025 results: EPS: JP¥11.84 (down from JP¥21.96 in 2Q 2024). Revenue: JP¥2.56b (up 2.4% from 2Q 2024). Net income: JP¥48.0m (down 46% from 2Q 2024). Profit margin: 1.9% (down from 3.6% in 2Q 2024). 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 5% per year, which means it is well ahead of earnings. New Risk • Sep 17
New major risk - Financial data availability The company has not reported any financial data. This is considered a major risk. With no or incomplete audited reported financial data, it is virtually impossible to assess the company's investment potential. Currently, the following risks have been identified for the company: Major Risk No financial data reported. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (JP¥2.16b market cap, or US$15.4m). Reported Earnings • Aug 09
First quarter 2025 earnings released: EPS: JP¥11.84 (vs JP¥15.30 in 1Q 2024) First quarter 2025 results: EPS: JP¥11.84 (down from JP¥15.30 in 1Q 2024). Revenue: JP¥2.61b (up 3.7% from 1Q 2024). Net income: JP¥48.0m (down 23% from 1Q 2024). Profit margin: 1.8% (down from 2.5% in 1Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. 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¥480, the stock trades at a trailing P/E ratio of 7.9x. Average trailing P/E is 12x in the Consumer Durables industry in Japan. Total returns to shareholders of 9.7% over the past three years. Reported Earnings • Jun 21
Full year 2024 earnings released: EPS: JP¥60.94 (vs JP¥54.77 in FY 2023) Full year 2024 results: EPS: JP¥60.94 (up from JP¥54.77 in FY 2023). Revenue: JP¥10.1b (up 4.6% from FY 2023). Net income: JP¥247.0m (up 11% from FY 2023). Profit margin: 2.4% (up from 2.3% in FY 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. 공시 • Jun 13
Nittoh Corporation, Annual General Meeting, Jun 15, 2024 Nittoh Corporation, Annual General Meeting, Jun 15, 2024, at 10:00 Tokyo Standard Time. Location: 3-15-33, sakae, naka-ku, sakae gas building 5th floor, nagoya Japan Reported Earnings • May 15
Full year 2024 earnings released: EPS: JP¥60.94 (vs JP¥54.77 in FY 2023) Full year 2024 results: EPS: JP¥60.94 (up from JP¥54.77 in FY 2023). Revenue: JP¥10.1b (up 4.6% from FY 2023). Net income: JP¥247.0m (up 11% from FY 2023). Profit margin: 2.4% (up from 2.3% in FY 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Board Change • May 15
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 6 non-independent directors. Independent Outside Director Nobuya Yazaki was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. 
