View ValuationTOC 향후 성장Future 기준 점검 4/6TOC (는) 각각 연간 26.5% 및 9.4% 수익과 수익이 증가할 것으로 예상됩니다. EPS는 연간 26.5% 만큼 성장할 것으로 예상됩니다. 자기자본이익률은 3년 후 4.6% 로 예상됩니다.핵심 정보26.5%이익 성장률26.45%EPS 성장률Real Estate 이익 성장5.6%매출 성장률9.4%향후 자기자본이익률4.64%애널리스트 커버리지Low마지막 업데이트12 May 2026최근 향후 성장 업데이트Major Estimate Revision • May 19Consensus EPS estimates fall by 14%The consensus outlook for earnings per share (EPS) in fiscal year 2027 has deteriorated. 2027 revenue forecast decreased from JP¥17.3b to JP¥17.0b. EPS estimate also fell from JP¥40.81 per share to JP¥35.14 per share. Net income forecast to grow 34% next year vs 9.3% growth forecast for Real Estate industry in Japan. Consensus price target up from JP¥1,085 to JP¥1,340. Share price fell 6.3% to JP¥1,018 over the past week.분석 기사 • May 15Earnings Beat: TOC Co., Ltd. Just Beat Analyst Forecasts, And Analysts Have Been Updating Their ModelsShareholders might have noticed that TOC Co., Ltd. ( TSE:8841 ) filed its annual result this time last week. The early...Price Target Changed • May 14Price target increased by 24% to JP¥1,340Up from JP¥1,085, the current price target is provided by 1 analyst. New target price is 27% above last closing price of JP¥1,057. Stock is up 60% over the past year. The company is forecast to post earnings per share of JP¥35.14 for next year compared to JP¥26.31 last year.분석 기사 • Feb 13TOC Co., Ltd. Just Beat EPS By 51%: Here's What Analysts Think Will Happen NextInvestors in TOC Co., Ltd. ( TSE:8841 ) had a good week, as its shares rose 2.5% to close at JP¥867 following the...분석 기사 • May 17Earnings Beat: TOC Co., Ltd. Just Beat Analyst Forecasts, And Analysts Have Been Updating Their ModelsAs you might know, TOC Co., Ltd. ( TSE:8841 ) recently reported its full-year numbers. Revenues were JP¥13b...Major Estimate Revision • May 14Consensus EPS estimates fall by 37%The consensus outlook for earnings per share (EPS) in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from JP¥16.5b to JP¥15.1b. EPS estimate also fell from JP¥32.30 per share to JP¥20.41 per share. Net income forecast to grow 293% next year vs 6.5% growth forecast for Real Estate industry in Japan. Consensus price target of JP¥1,045 unchanged from last update. Share price was steady at JP¥653 over the past week.모든 업데이트 보기Recent updates분석 기사 • May 19Investors Shouldn't Be Too Comfortable With TOC's (TSE:8841) EarningsInvestors were disappointed with TOC Co., Ltd.'s ( TSE:8841 ) earnings, despite the strong profit numbers. Our analysis...Major Estimate Revision • May 19Consensus EPS estimates fall by 14%The consensus outlook for earnings per share (EPS) in fiscal year 2027 has deteriorated. 2027 revenue forecast decreased from JP¥17.3b to JP¥17.0b. EPS estimate also fell from JP¥40.81 per share to JP¥35.14 per share. Net income forecast to grow 34% next year vs 9.3% growth forecast for Real Estate industry in Japan. Consensus price target up from JP¥1,085 to JP¥1,340. Share price fell 6.3% to JP¥1,018 over the past week.분석 기사 • May 15Earnings Beat: TOC Co., Ltd. Just Beat Analyst Forecasts, And Analysts Have Been Updating Their ModelsShareholders might have noticed that TOC Co., Ltd. ( TSE:8841 ) filed its annual result this time last week. The early...Price Target Changed • May 14Price target increased by 24% to JP¥1,340Up from JP¥1,085, the current price target is provided by 1 analyst. New target price is 27% above last closing price of JP¥1,057. Stock is up 60% over the past year. The company is forecast to post earnings per share of JP¥35.14 for next year compared to JP¥26.31 last year.Reported Earnings • May 13Full year 2026 earnings: EPS and revenues exceed analyst expectationsFull year 2026 results: EPS: JP¥26.31 (up from JP¥19.30 in FY 2025). Revenue: JP¥15.2b (up 15% from FY 2025). Net income: JP¥2.32b (up 30% from FY 2025). Profit margin: 15% (up from 14% in FY 2025). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.0%. Earnings per share (EPS) also surpassed analyst estimates by 29%. Revenue is forecast to grow 9.6% p.a. on average during the next 2 years, compared to a 4.2% growth forecast for the Real Estate industry in Japan. Over the last 3 years on average, earnings per share has fallen by 40% per year but the company’s share price has increased by 16% per year, which means it is well ahead of earnings.공시 • May 12TOC Co., Ltd., Annual General Meeting, Jun 26, 2026TOC Co., Ltd., Annual General Meeting, Jun 26, 2026.공시 • May 10TOC Co., Ltd. to Report Fiscal Year 2026 Results on May 12, 2026TOC Co., Ltd. announced that they will report fiscal year 2026 results at 3:00 PM, Tokyo Standard Time on May 12, 2026Valuation Update With 7 Day Price Move • Apr 20Investor sentiment improves as stock rises 16%After last week's 16% share price gain to JP¥1,048, the stock trades at a forward P/E ratio of 29x. Average forward P/E is 12x in the Real Estate industry in Japan. Total returns to shareholders of 67% over the past three years.Buy Or Sell Opportunity • Apr 17Now 22% overvalued after recent price riseOver the last 90 days, the stock has risen 12% to JP¥1,007. The fair value is estimated to be JP¥828, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 4.8% over the last 3 years. Earnings per share has declined by 39%. Revenue is forecast to grow by 24% in 2 years. Earnings are forecast to grow by 119% in the next 2 years.분석 기사 • Feb 13TOC Co., Ltd. Just Beat EPS By 51%: Here's What Analysts Think Will Happen NextInvestors in TOC Co., Ltd. ( TSE:8841 ) had a good week, as its shares rose 2.5% to close at JP¥867 following the...Reported Earnings • Feb 12Third quarter 2026 earnings: EPS exceeds analyst expectationsThird quarter 2026 results: EPS: JP¥9.05 (up from JP¥5.22 in 3Q 2025). Revenue: JP¥3.95b (up 17% from 3Q 2025). Net income: JP¥798.0m (up 64% from 3Q 2025). Profit margin: 20% (up from 14% in 3Q 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 51%. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 4.4% growth forecast for the Real Estate industry in Japan. Over the last 3 years on average, earnings per share has fallen by 39% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings.Buy Or Sell Opportunity • Feb 10Now 21% overvalued after recent price riseOver the last 90 days, the stock has risen 6.0% to JP¥869. The fair value is estimated to be JP¥719, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 7.2% over the last 3 years. Earnings per share has declined by 35%. Revenue is forecast to grow by 28% in 2 years. Earnings are forecast to grow by 157% in the next 2 years.공시 • Dec 26TOC Co., Ltd. to Report Q3, 2026 Results on Feb 10, 2026TOC Co., Ltd. announced that they will report Q3, 2026 results on Feb 10, 2026Buy Or Sell Opportunity • Nov 29Now 21% overvalued after recent price riseOver the last 90 days, the stock has risen 16% to JP¥920. The fair value is estimated to be JP¥761, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 7.2% over the last 3 years. Earnings per share has declined by 35%. Revenue is forecast to grow by 28% in 2 years. Earnings are forecast to grow by 157% in the next 2 years.Reported Earnings • Nov 14Second quarter 2026 earnings: EPS exceeds analyst expectationsSecond quarter 2026 results: EPS: JP¥6.31 (down from JP¥9.45 in 2Q 2025). Revenue: JP¥3.67b (up 12% from 2Q 2025). Net income: JP¥557.0m (down 37% from 2Q 2025). Profit margin: 15% (down from 27% in 2Q 2025). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 4.1% growth forecast for the Real Estate industry in Japan. Over the last 3 years on average, earnings per share has fallen by 35% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings.공시 • Sep 27TOC Co., Ltd. to Report Q2, 2026 Results on Nov 11, 2025TOC Co., Ltd. announced that they will report Q2, 2026 results on Nov 11, 2025Upcoming Dividend • Sep 22Upcoming dividend of JP¥5.00 per shareEligible shareholders must have bought the stock before 29 September 2025. Payment date: 05 December 2025. Payout ratio is a comfortable 50% but the company is not cash flow positive. Trailing yield: 1.2%. Lower than top quartile of Japanese dividend payers (3.6%). Lower than average of industry peers (2.4%).Reported Earnings • Aug 07First quarter 2026 earnings: EPS and revenues exceed analyst expectationsFirst quarter 2026 results: EPS: JP¥4.69 (up from JP¥4.12 in 1Q 2025). Revenue: JP¥3.47b (up 16% from 1Q 2025). Net income: JP¥414.0m (up 7.3% from 1Q 2025). Profit margin: 12% (down from 13% in 1Q 2025). Revenue exceeded analyst estimates by 3.4%. Earnings per share (EPS) also surpassed analyst estimates by 107%. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 4.1% growth forecast for the Real Estate industry in Japan. Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings.공시 • Jul 16TOC Co., Ltd. to Report Q1, 2026 Results on Aug 05, 2025TOC Co., Ltd. announced that they will report Q1, 2026 results on Aug 05, 2025분석 기사 • Jul 03Why TOC's (TSE:8841) Shaky Earnings Are Just The Beginning Of Its ProblemsTOC Co., Ltd.'s ( TSE:8841 ) recent weak earnings report didn't cause a big stock movement. Our analysis suggests that...분석 기사 • May 17Earnings Beat: TOC Co., Ltd. Just Beat Analyst Forecasts, And Analysts Have Been Updating Their ModelsAs you might know, TOC Co., Ltd. ( TSE:8841 ) recently reported its full-year numbers. Revenues were JP¥13b...Reported Earnings • May 15Full year 2025 earnings: EPS and revenues exceed analyst expectationsFull year 2025 results: EPS: JP¥19.30 (down from JP¥54.59 in FY 2024). Revenue: JP¥13.2b (down 4.1% from FY 2024). Net income: JP¥1.79b (down 65% from FY 2024). Profit margin: 14% (down from 37% in FY 2024). Revenue exceeded analyst estimates by 1.2%. Earnings per share (EPS) also surpassed analyst estimates by 12%. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 4.0% growth forecast for the Real Estate industry in Japan. Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings.Major Estimate Revision • May 14Consensus EPS estimates fall by 37%The consensus outlook for earnings per share (EPS) in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from JP¥16.5b to JP¥15.1b. EPS estimate also fell from JP¥32.30 per share to JP¥20.41 per share. Net income forecast to grow 293% next year vs 6.5% growth forecast for Real Estate industry in Japan. Consensus price target of JP¥1,045 unchanged from last update. Share price was steady at JP¥653 over the past week.공시 • May 13TOC Co., Ltd., Annual General Meeting, Jun 27, 2025TOC Co., Ltd., Annual General Meeting, Jun 27, 2025.공시 • Apr 19TOC Co., Ltd. to Report Fiscal Year 2025 Results on May 13, 2025TOC Co., Ltd. announced that they will report fiscal year 2025 results on May 13, 2025분석 기사 • Apr 07TOC Co., Ltd.'s (TSE:8841) P/S Still Appears To Be ReasonableWhen you see that almost half of the companies in the Real Estate industry in Japan have price-to-sales ratios (or...Upcoming Dividend • Mar 21Upcoming dividend of JP¥5.00 per shareEligible shareholders must have bought the stock before 28 March 2025. Payment date: 30 June 2025. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 1.5%. Lower than top quartile of Japanese dividend payers (3.7%). Lower than average of industry peers (2.6%).Reported Earnings • Feb 05Third quarter 2025 earnings released: EPS: JP¥5.22 (vs JP¥5.43 in 3Q 2024)Third quarter 2025 results: EPS: JP¥5.22 (down from JP¥5.43 in 3Q 2024). Revenue: JP¥3.38b (down 3.0% from 3Q 2024). Net income: JP¥486.0m (down 4.5% from 3Q 2024). Profit margin: 14% (in line with 3Q 2024). Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 4.0% growth forecast for the Real Estate industry in Japan. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings.공시 • Feb 04TOC Co., Ltd. (TSE:8841) announces an Equity Buyback for 5,000,000 shares, representing 5.37% for ¥3,345 million.TOC Co., Ltd. (TSE:8841) announces a share repurchase program. Under the program, the company will repurchase up to 5,000,000 shares, representing 5.37% of its issued share capital (excluding treasury stock), for a total purchase price of ¥3,345 million. The shares will be repurchased at a price of ¥669 per share. The purpose of the program is to implement flexible capital policies in response to changes in the business environment and to improve capital efficiency. As of December 31, 2024, the company had 93,151,423 issued shares (excluding treasury stock) and 697,929 treasury shares.공시 • Jan 03TOC Co., Ltd. to Report Q3, 2025 Results on Feb 04, 2025TOC Co., Ltd. announced that they will report Q3, 2025 results on Feb 04, 2025분석 기사 • Nov 20There May Be Reason For Hope In TOC's (TSE:8841) Disappointing EarningsShareholders appeared unconcerned with TOC Co., Ltd.'s ( TSE:8841 ) lackluster earnings report last week. Our analysis...Reported Earnings • Nov 16Second quarter 2025 earnings: EPS and revenues exceed analyst expectationsSecond quarter 2025 results: EPS: JP¥9.45 (down from JP¥56.40 in 2Q 2024). Revenue: JP¥3.28b (down 1.9% from 2Q 2024). Net income: JP¥882.0m (down 83% from 2Q 2024). Profit margin: 27% (down from 158% in 2Q 2024). Revenue exceeded analyst estimates by 5.6%. Earnings per share (EPS) also surpassed analyst estimates. Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 4.4% growth forecast for the Real Estate industry in Japan. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has remained flat, which means it is significantly lagging earnings.공시 • Sep 21TOC Co., Ltd. to Report Q2, 2025 Results on Nov 12, 2024TOC Co., Ltd. announced that they will report Q2, 2025 results on Nov 12, 2024Upcoming Dividend • Sep 20Upcoming dividend of JP¥5.00 per shareEligible shareholders must have bought the stock before 27 September 2024. Payment date: 05 December 2024. Payout ratio is a comfortable 19% and this is well supported by cash flows. Trailing yield: 1.6%. Lower than top quartile of Japanese dividend payers (3.8%). Lower than average of industry peers (2.6%).Reported Earnings • Aug 09First quarter 2025 earnings released: EPS: JP¥4.12 (vs JP¥6.74 in 1Q 2024)First quarter 2025 results: EPS: JP¥4.12 (down from JP¥6.74 in 1Q 2024). Revenue: JP¥2.99b (down 14% from 1Q 2024). Net income: JP¥386.0m (down 39% from 1Q 2024). Profit margin: 13% (down from 18% in 1Q 2024). Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 4.4% growth forecast for the Real Estate industry in Japan. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings.공시 • Aug 06TOC Co., Ltd. (TSE:8841) announces an Equity Buyback for 500,000 shares, representing 0.53% for ¥310 million.TOC Co., Ltd. (TSE:8841) announces a share repurchase program. Under the program, the company will repurchase up to 500,000 shares, representing 0.53% of its issued share capital (excluding treasury stock), for a total purchase price of ¥310 million. The shares will be repurchased at a price of ¥619 per share. The purpose of the program is to implement flexible capital policies in response to changes in the business environment and to improve capital efficiency. As of March 31, 2024, the company had 93,629,112 issued shares (excluding treasury stock) and 220,240 treasury shares.Valuation Update With 7 Day Price Move • Aug 05Investor sentiment deteriorates as stock falls 21%After last week's 21% share price decline to JP¥561, the stock trades at a forward P/E ratio of 44x. Average forward P/E is 11x in the Real Estate industry in Japan. Total loss to shareholders of 8.8% over the past three years.Buy Or Sell Opportunity • Jul 01Now 42% overvaluedOver the last 90 days, the stock has fallen 4.1% to JP¥745. The fair value is estimated to be JP¥524, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 5.7% over the last 3 years. Earnings per share has grown by 22%. For the next 3 years, revenue is forecast to grow by 13% per annum. Earnings are forecast to decline by 7.3% per annum over the same time period.New Risk • Jun 25New 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 5.7% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 7.3% per year for the foreseeable future. Minor Risks Share price has been volatile over the past 3 months (5.7% average weekly change). Large one-off items impacting financial results.Buy Or Sell Opportunity • Jun 25Now 24% overvalued after recent price riseOver the last 90 days, the stock has risen 6.1% to JP¥746. The fair value is estimated to be JP¥602, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 5.7% over the last 3 years. Earnings per share has grown by 22%. For the next 3 years, revenue is forecast to grow by 13% per annum. Earnings are forecast to decline by 7.3% per annum over the same time period.분석 기사 • May 22TOC's (TSE:8841) Profits Appear To Have Quality IssuesThe market shrugged off TOC Co., Ltd.'s ( TSE:8841 ) solid earnings report. Our analysis showed that there are some...Reported Earnings • May 18Full year 2024 earnings: EPS exceeds analyst expectationsFull year 2024 results: EPS: JP¥54.59 (up from JP¥34.27 in FY 2023). Revenue: JP¥13.7b (down 13% from FY 2023). Net income: JP¥5.12b (up 57% from FY 2023). Profit margin: 37% (up from 21% in FY 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 9.0%. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 4.1% growth forecast for the Real Estate industry in Japan. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings.공시 • May 16TOC Co., Ltd., Annual General Meeting, Jun 27, 2024TOC Co., Ltd., Annual General Meeting, Jun 27, 2024.Price Target Changed • May 15Price target decreased by 14% to JP¥1,020Down from JP¥1,180, the current price target is provided by 1 analyst. New target price is 44% above last closing price of JP¥706. Stock is up 9.3% over the past year. The company is forecast to post earnings per share of JP¥50.08 for next year compared to JP¥34.27 last year.공시 • May 03TOC Co., Ltd. to Report Fiscal Year 2024 Results on May 14, 2024TOC Co., Ltd. announced that they will report fiscal year 2024 results on May 14, 2024분석 기사 • Apr 09TOC Co., Ltd. (TSE:8841) Stock Catapults 25% Though Its Price And Business Still Lag The MarketTOC Co., Ltd. ( TSE:8841 ) shareholders would be excited to see that the share price has had a great month, posting a...Upcoming Dividend • Mar 21Upcoming dividend of JP¥5.00 per shareEligible shareholders must have bought the stock before 28 March 2024. Payment date: 01 July 2024. Payout ratio is a comfortable 14% and this is well supported by cash flows. Trailing yield: 1.4%. Lower than top quartile of Japanese dividend payers (3.2%). Lower than average of industry peers (2.2%).Reported Earnings • Feb 08Third quarter 2024 earnings: EPS and revenues exceed analyst expectationsThird quarter 2024 results: EPS: JP¥5.43 (down from JP¥8.00 in 3Q 2023). Revenue: JP¥3.49b (down 12% from 3Q 2023). Net income: JP¥509.0m (down 33% from 3Q 2023). Profit margin: 15% (down from 19% in 3Q 2023). Revenue exceeded analyst estimates by 5.0%. Earnings per share (EPS) also surpassed analyst estimates. Revenue is expected to decline by 2.4% p.a. on average during the next 3 years, while revenues in the Real Estate industry in Japan are expected to grow by 4.2%. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings.공시 • Dec 28TOC Co., Ltd. to Report Q3, 2024 Results on Feb 06, 2024TOC Co., Ltd. announced that they will report Q3, 2024 results on Feb 06, 2024Valuation Update With 7 Day Price Move • Dec 12Investor sentiment improves as stock rises 19%After last week's 19% share price gain to JP¥713, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 12x in the Real Estate industry in Japan. Total returns to shareholders of 7.6% over the past three years.Reported Earnings • Nov 08Second quarter 2024 earnings: EPS and revenues miss analyst expectationsSecond quarter 2024 results: EPS: JP¥56.40 (up from JP¥10.62 in 2Q 2023). Revenue: JP¥3.35b (down 17% from 2Q 2023). Net income: JP¥5.29b (up 424% from 2Q 2023). Revenue missed analyst estimates by 1.6%. Earnings per share (EPS) also missed analyst estimates by 7.5%. Revenue is expected to decline by 3.2% p.a. on average during the next 3 years, while revenues in the Real Estate industry in Japan are expected to grow by 4.2%. 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 4% per year, which means it is significantly lagging earnings.Major Estimate Revision • Nov 01Consensus EPS estimates increase by 22%, revenue downgradedThe consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast fell from JP¥13.9b to JP¥13.5b. EPS estimate rose from JP¥40.82 to JP¥49.83. Net income forecast to grow 44% next year vs 18% growth forecast for Real Estate industry in Japan. Consensus price target broadly unchanged at JP¥1,180. Share price was steady at JP¥631 over the past week.공시 • Sep 28TOC Co., Ltd. to Report Q2, 2024 Results on Nov 07, 2023TOC Co., Ltd. announced that they will report Q2, 2024 results on Nov 07, 2023Upcoming Dividend • Sep 21Upcoming dividend of JP¥5.00 per share at 1.6% yieldEligible shareholders must have bought the stock before 28 September 2023. Payment date: 08 December 2023. Payout ratio is a comfortable 33% but the company is not cash flow positive. Trailing yield: 1.6%. Lower than top quartile of Japanese dividend payers (3.3%). Lower than average of industry peers (2.6%).Reported Earnings • Aug 09First quarter 2024 earnings released: EPS: JP¥6.74 (vs JP¥10.94 in 1Q 2023)First quarter 2024 results: EPS: JP¥6.74 (down from JP¥10.94 in 1Q 2023). Revenue: JP¥3.48b (down 13% from 1Q 2023). Net income: JP¥636.0m (down 39% from 1Q 2023). Profit margin: 18% (down from 26% in 1Q 2023). The decrease in margin was driven by lower revenue. Revenue is expected to decline by 5.1% p.a. on average during the next 3 years, while revenues in the Real Estate industry in Japan are expected to grow by 3.9%. Over the last 3 years on average, earnings per share has fallen by 5% per year whereas the company’s share price has fallen by 4% per year.Major Estimate Revision • Aug 09Consensus EPS estimates increase by 497%The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate increased from JP¥6.84 to JP¥40.82. Revenue forecast unchanged at JP¥13.9b. Net income forecast to grow 18% next year vs 12% growth forecast for Real Estate industry in Japan. Consensus price target up from JP¥1,130 to JP¥1,170. Share price rose 4.0% to JP¥630 over the past week.Reported Earnings • May 10Full year 2023 earnings: EPS and revenues exceed analyst expectationsFull year 2023 results: EPS: JP¥34.27 (up from JP¥32.68 in FY 2022). Revenue: JP¥15.7b (down 4.0% from FY 2022). Net income: JP¥3.26b (up 4.9% from FY 2022). Profit margin: 21% (up from 19% in FY 2022). The increase in margin was driven by lower expenses. Revenue exceeded analyst estimates by 1.2%. Earnings per share (EPS) also surpassed analyst estimates by 5.1%. Revenue is expected to decline by 5.9% p.a. on average during the next 3 years, while revenues in the Real Estate industry in Japan are expected to grow by 3.5%. Over the last 3 years on average, earnings per share has fallen by 5% per year whereas the company’s share price has fallen by 1% per year.공시 • May 10TOC Co., Ltd. (TSE:8841) announces an Equity Buyback for 1,500,000 shares, representing 1.58% for ¥990 million.TOC Co., Ltd. (TSE:8841) announces a share repurchase program. Under the program, the company will repurchase up to 1,500,000 shares, representing 1.58% of its share capital, for ¥990 million. The shares will be repurchased at a price of ¥660 per share. The company will repurchase its shares in order to improve capital efficiency and implement a flexible capital policy that responds to changes in the business environment. The share repurchase program will run until May 10, 2023 As of March 31, 2023, the company had 95,039,571 shares outstanding (excluding treasury shares) and 239,781 shares in treasury.Price Target Changed • May 10Price target increased by 7.6% to JP¥1,130Up from JP¥1,050, the current price target is provided by 1 analyst. New target price is 79% above last closing price of JP¥631. Stock is up 0.5% over the past year. The company is forecast to post earnings per share of JP¥32.62 for next year compared to JP¥32.68 last year.Upcoming Dividend • Mar 23Upcoming dividend of JP¥5.00 per share at 1.6% yieldEligible shareholders must have bought the stock before 30 March 2023. Payment date: 30 June 2023. Payout ratio is a comfortable 24% but the company is paying out more than the cash it is generating. Trailing yield: 1.6%. Lower than top quartile of Japanese dividend payers (3.6%). Lower than average of industry peers (3.1%).Reported Earnings • Feb 10Third quarter 2023 earnings: EPS exceeds analyst expectations while revenues lag behindThird quarter 2023 results: EPS: JP¥8.00 (down from JP¥10.36 in 3Q 2022). Revenue: JP¥3.96b (down 1.5% from 3Q 2022). Net income: JP¥760.0m (down 23% from 3Q 2022). Profit margin: 19% (down from 25% in 3Q 2022). The decrease in margin was primarily driven by higher expenses. Revenue missed analyst estimates by 2.2%. Earnings per share (EPS) exceeded analyst estimates by 18%. Revenue is expected to decline by 14% p.a. on average during the next 3 years, while revenues in the Real Estate industry in Japan are expected to grow by 3.6%. Over the last 3 years on average, earnings per share has fallen by 5% per year whereas the company’s share price has fallen by 10% per year.Reported Earnings • Nov 16Second quarter 2023 earnings: EPS exceeds analyst expectations while revenues lag behindSecond quarter 2023 results: EPS: JP¥10.62 (up from JP¥10.31 in 2Q 2022). Revenue: JP¥4.05b (up 1.0% from 2Q 2022). Net income: JP¥1.01b (up 3.0% from 2Q 2022). Profit margin: 25% (in line with 2Q 2022). Revenue missed analyst estimates by 1.8%. Earnings per share (EPS) exceeded analyst estimates by 7.8%. Revenue is expected to decline by 7.0% p.a. on average during the next 3 years, while revenues in the Real Estate industry in Japan are expected to grow by 3.4%. Over the last 3 years on average, earnings per share has fallen by 8% per year whereas the company’s share price has fallen by 6% per year.Board Change • Nov 16Less than half of directors are independentThere is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 4 experienced directors. 5 highly experienced directors. 2 independent directors (5 non-independent directors). Independent Outside Director Genta Torisu was the last independent director to join the board, commencing their role in 2016. 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 • Nov 10Second quarter 2023 earnings: EPS exceeds analyst expectations while revenues lag behindSecond quarter 2023 results: EPS: JP¥10.62 (up from JP¥10.31 in 2Q 2022). Revenue: JP¥4.05b (up 1.0% from 2Q 2022). Net income: JP¥1.01b (up 3.0% from 2Q 2022). Profit margin: 25% (in line with 2Q 2022). Revenue missed analyst estimates by 1.8%. Earnings per share (EPS) exceeded analyst estimates by 7.8%. Revenue is expected to decline by 7.0% p.a. on average during the next 3 years, while revenues in the Real Estate industry in Japan are expected to grow by 3.5%. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings.Major Estimate Revision • Nov 09Consensus forecasts updatedThe consensus outlook for 2023 has been updated. 2023 revenue forecast fell from JP¥16.0b to JP¥15.5b. EPS estimate rose from JP¥17.90 to JP¥32.63. Net income forecast to shrink 33% next year vs 5.3% growth forecast for Real Estate industry in Japan . Consensus price target down from JP¥1,080 to JP¥1,050. Share price was steady at JP¥758 over the past week.Upcoming Dividend • Sep 22Upcoming dividend of JP¥5.00 per shareEligible shareholders must have bought the stock before 29 September 2022. Payment date: 08 December 2022. Payout ratio is a comfortable 23% 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 (2.6%).Reported Earnings • Aug 11First quarter 2023 earnings released: EPS: JP¥10.94 (vs JP¥0.19 loss in 1Q 2022)First quarter 2023 results: EPS: JP¥10.94 (up from JP¥0.19 loss in 1Q 2022). Revenue: JP¥4.00b (down 1.2% from 1Q 2022). Net income: JP¥1.04b (up JP¥1.06b from 1Q 2022). Profit margin: 26% (up from net loss in 1Q 2022). The move to profitability was driven by lower expenses. Over the next year, revenue is expected to shrink by 6.3% compared to a 2.7% growth forecast for the industry in Japan. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings.Valuation Update With 7 Day Price Move • Jul 01Investor sentiment improved over the past weekAfter last week's 16% share price gain to JP¥750, the stock trades at a forward P/E ratio of 42x. Average forward P/E is 11x in the Real Estate industry in Japan. Total returns to shareholders of 14% over the past three years.Reported Earnings • May 11Full year 2022 earnings: EPS exceeds analyst expectationsFull year 2022 results: EPS: JP¥32.68 (down from JP¥43.20 in FY 2021). Revenue: JP¥16.3b (up 1.6% from FY 2021). Net income: JP¥3.11b (down 25% from FY 2021). Profit margin: 19% (down from 26% in FY 2021). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 7.1%. Over the next year, revenue is expected to shrink by 2.1% compared to a 5.4% growth forecast for the industry in Japan. Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings.Major Estimate Revision • May 11Consensus EPS estimates fall by 50%The consensus outlook for earnings per share (EPS) in 2023 has deteriorated. 2023 revenue forecast decreased from JP¥17.0b to JP¥16.0b. EPS estimate also fell from JP¥35.78 per share to JP¥17.89 per share. Net income forecast to shrink 32% next year vs 10% growth forecast for Real Estate industry in Japan . Consensus price target broadly unchanged at JP¥1,080. Share price fell 5.7% to JP¥628 over the past week.Price Target Changed • Apr 27Price target decreased to JP¥1,060Down from JP¥1,470, the current price target is provided by 1 analyst. New target price is 66% above last closing price of JP¥639. Stock is down 11% over the past year. The company is forecast to post earnings per share of JP¥30.51 for next year compared to JP¥43.20 last year.Board Change • Apr 27Less than half of directors are independentNo new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. 7 highly experienced directors. 2 independent directors (7 non-independent directors). Independent Outside Director Genta Torisu was the last independent director to join the board, commencing their role in 2016. 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 23Upcoming dividend of JP¥5.00 per shareEligible shareholders must have bought the stock before 30 March 2022. Payment date: 30 June 2022. Payout ratio is a comfortable 32% and this is well supported by cash flows. Trailing yield: 1.4%. Lower than top quartile of Japanese dividend payers (3.4%). Lower than average of industry peers (2.6%).Reported Earnings • Feb 09Third quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behindThird quarter 2022 results: EPS: JP¥10.36 (down from JP¥12.43 in 3Q 2021). Revenue: JP¥4.02b (down 6.0% from 3Q 2021). Net income: JP¥984.0m (down 17% from 3Q 2021). Profit margin: 25% (down from 28% in 3Q 2021). Revenue missed analyst estimates by 1.7%. Earnings per share (EPS) exceeded analyst estimates by 20%. Over the next year, revenue is forecast to grow 3.7%, compared to a 7.1% growth forecast for the industry in Japan. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings.Price Target Changed • Nov 25Price target decreased to JP¥1,060Down from JP¥1,490, the current price target is provided by 1 analyst. New target price is 78% above last closing price of JP¥596. Stock is down 10.0% over the past year. The company is forecast to post earnings per share of JP¥30.51 for next year compared to JP¥43.20 last year.Reported Earnings • Nov 10Second quarter 2022 earnings released: EPS JP¥10.31 (vs JP¥11.25 in 2Q 2021)The company reported a poor second quarter result with weaker earnings, revenues and profit margins. Second quarter 2022 results: Revenue: JP¥4.01b (down 3.6% from 2Q 2021). Net income: JP¥980.0m (down 9.0% from 2Q 2021). Profit margin: 24% (down from 26% in 2Q 2021). Over the last 3 years on average, earnings per share has fallen by 9% per year whereas the company’s share price has fallen by 11% per year.Upcoming Dividend • Sep 22Upcoming dividend of JP¥5.00 per shareEligible shareholders must have bought the stock before 29 September 2021. Payment date: 08 December 2021. Trailing yield: 1.5%. Lower than top quartile of Japanese dividend payers (3.0%). Lower than average of industry peers (2.3%).Reported Earnings • May 14Full year 2021 earnings released: EPS JP¥43.20 (vs JP¥46.41 in FY 2020)The company reported a soft full year result with weaker earnings and revenues, although profit margins were improved. Full year 2021 results: Revenue: JP¥16.1b (down 13% from FY 2020). Net income: JP¥4.13b (down 7.7% from FY 2020). Profit margin: 26% (up from 24% in FY 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 41% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings.Price Target Changed • May 12Price target increased to JP¥1,490Up from JP¥1,390, the current price target is provided by 1 analyst. New target price is 107% above last closing price of JP¥721. Stock is up 9.6% over the past year.Upcoming Dividend • Mar 23Upcoming dividend of JP¥5.00 per shareEligible shareholders must have bought the stock before 30 March 2021. Payment date: 29 June 2021. Trailing yield: 1.2%. Lower than top quartile of Japanese dividend payers (2.7%). Lower than average of industry peers (2.1%).Reported Earnings • Feb 11Third quarter 2021 earnings released: EPS JP¥12.43 (vs JP¥10.64 in 3Q 2020)The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2021 results: Revenue: JP¥4.28b (down 5.8% from 3Q 2020). Net income: JP¥1.19b (up 16% from 3Q 2020). Profit margin: 28% (up from 23% in 3Q 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 59% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings.Is New 90 Day High Low • Feb 05New 90-day high: JP¥746The company is up 15% from its price of JP¥649 on 06 November 2020. The Japanese market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Real Estate industry, which is up 11% over the same period.Is New 90 Day High Low • Jan 12New 90-day high: JP¥741The company is up 11% from its price of JP¥665 on 14 October 2020. The Japanese market is up 12% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Real Estate industry, which is up 5.0% over the same period.Is New 90 Day High Low • Dec 03New 90-day high: JP¥697The company is up 5.0% from its price of JP¥664 on 04 September 2020. The Japanese market is up 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Real Estate industry, which is up 14% over the same period.이익 및 매출 성장 예측TSE:8841 - 애널리스트 향후 추정치 및 과거 재무 데이터 (JPY Millions)날짜매출이익자유현금흐름영업현금흐름평균 애널리스트 수3/31/202920,0005,200-6,7367,26413/31/202819,3004,400-7,4176,08313/31/202717,0003,100-2,4944,50613/31/202615,1552,3213,3495,731N/A12/31/202514,5781,802N/AN/AN/A9/30/202514,0081,4902,2454,858N/A6/30/202513,6241,815N/AN/AN/A3/31/202513,1521,787-1,015442N/A12/31/202413,062446N/AN/AN/A9/30/202413,166469-1,767-744N/A6/30/202413,2314,873N/AN/AN/A3/31/202413,7155,1231,5632,807N/A12/31/202313,9866,880N/AN/AN/A9/30/202314,4567,1311,3832,424N/A6/30/202315,1622,854N/AN/AN/A3/31/202315,6863,257-626921N/A12/31/202216,2673,968N/AN/AN/A9/30/202216,3294,192873,025N/A6/30/202216,2884,163N/AN/AN/A3/31/202216,3373,1062,8755,141N/A12/31/202116,2572,943N/AN/AN/A9/30/202116,5153,1494,8066,015N/A6/30/202116,6643,246N/AN/AN/A3/31/202116,0874,1311,9643,723N/A12/31/202016,3844,156N/AN/AN/A9/30/202016,6493,9901,0153,724N/A6/30/202017,1924,021N/AN/AN/A3/31/202018,3794,4764,6846,976N/A12/31/201918,6424,485N/AN/AN/A9/30/201918,6854,628N/A7,389N/A6/30/201918,5544,629N/AN/AN/A3/31/201918,3834,495N/A-3,165N/A12/31/201818,3184,550N/AN/AN/A9/30/201818,2835,330N/A-4,764N/A6/30/201818,1965,180N/AN/AN/A3/31/201818,67825,420N/A4,855N/A12/31/201719,61025,326N/AN/AN/A9/30/201720,59024,599N/A7,098N/A6/30/201721,51124,748N/AN/AN/A3/31/201721,8314,482N/A8,880N/A12/31/201621,7064,595N/AN/AN/A9/30/201621,6314,482N/A8,325N/A6/30/201621,4724,316N/AN/AN/A3/31/201621,4014,171N/A7,490N/A12/31/201521,1643,813N/AN/AN/A9/30/201520,8663,638N/A7,030N/A6/30/201520,5273,370N/AN/AN/A더 보기애널리스트 향후 성장 전망수입 대 저축률: 8841 의 연간 예상 수익 증가율(26.5%)이 saving rate(0.8%)보다 높습니다.수익 vs 시장: 8841 의 연간 수익(26.5%)이 JP 시장(8.7%)보다 빠르게 성장할 것으로 예상됩니다.고성장 수익: 8841 의 수입은 향후 3년 동안 상당히 증가할 것으로 예상됩니다.수익 대 시장: 8841 의 수익(연간 9.4%)이 JP 시장(연간 5.4%)보다 빠르게 성장할 것으로 예상됩니다.고성장 매출: 8841 의 수익(연간 9.4%)은 연간 20%보다 느리게 증가할 것으로 예상됩니다.주당순이익 성장 예측향후 자기자본이익률미래 ROE: 8841의 자본 수익률은 3년 후 4.6%로 낮을 것으로 예상됩니다.성장 기업 찾아보기7D1Y7D1Y7D1YReal-estate-management-and-development 산업의 고성장 기업.View Past Performance기업 분석 및 재무 데이터 상태데이터최종 업데이트 (UTC 시간)기업 분석2026/05/23 13:39종가2026/05/22 00:00수익2026/03/31연간 수익2026/03/31데이터 소스당사의 기업 분석에 사용되는 데이터는 S&P Global Market Intelligence LLC에서 제공됩니다. 아래 데이터는 이 보고서를 생성하기 위해 분석 모델에서 사용됩니다. 데이터는 정규화되므로 소스가 제공된 후 지연이 발생할 수 있습니다.패키지데이터기간미국 소스 예시 *기업 재무제표10년손익계산서현금흐름표대차대조표SEC 양식 10-KSEC 양식 10-Q분석가 컨센서스 추정치+3년재무 예측분석가 목표주가분석가 리서치 보고서Blue Matrix시장 가격30년주가배당, 분할 및 기타 조치ICE 시장 데이터SEC 양식 S-1지분 구조10년주요 주주내부자 거래SEC 양식 4SEC 양식 13D경영진10년리더십 팀이사회SEC 양식 10-KSEC 양식 DEF 14A주요 개발10년회사 공시SEC 양식 8-K* 미국 증권에 대한 예시이며, 비(非)미국 증권에는 해당 국가의 규제 서식 및 자료원을 사용합니다.별도로 명시되지 않는 한 모든 재무 데이터는 연간 기간을 기준으로 하지만 분기별로 업데이트됩니다. 이를 TTM(최근 12개월) 또는 LTM(지난 12개월) 데이터라고 합니다. 자세히 알아보기.분석 모델 및 스노우플레이크이 보고서를 생성하는 데 사용된 분석 모델에 대한 자세한 내용은 당사의 Github 페이지에서 확인하실 수 있습니다. 또한 보고서 활용 방법에 대한 가이드와 YouTube 튜토리얼도 제공합니다.Simply Wall St 분석 모델을 설계하고 구축한 세계적 수준의 팀에 대해 알아보세요.산업 및 섹터 지표산업 및 섹터 지표는 Simply Wall St가 6시간마다 계산하며, 프로세스에 대한 자세한 내용은 Github에서 확인할 수 있습니다.분석가 소스TOC Co., Ltd.는 2명의 분석가가 다루고 있습니다. 이 중 1명의 분석가가 우리 보고서에 입력 데이터로 사용되는 매출 또는 수익 추정치를 제출했습니다. 분석가의 제출 자료는 하루 종일 업데이트됩니다.분석가기관Daisuke FukushimaNomura Securities Co. Ltd.Sho SakabeNomura Securities Co. Ltd.
Major Estimate Revision • May 19Consensus EPS estimates fall by 14%The consensus outlook for earnings per share (EPS) in fiscal year 2027 has deteriorated. 2027 revenue forecast decreased from JP¥17.3b to JP¥17.0b. EPS estimate also fell from JP¥40.81 per share to JP¥35.14 per share. Net income forecast to grow 34% next year vs 9.3% growth forecast for Real Estate industry in Japan. Consensus price target up from JP¥1,085 to JP¥1,340. Share price fell 6.3% to JP¥1,018 over the past week.
분석 기사 • May 15Earnings Beat: TOC Co., Ltd. Just Beat Analyst Forecasts, And Analysts Have Been Updating Their ModelsShareholders might have noticed that TOC Co., Ltd. ( TSE:8841 ) filed its annual result this time last week. The early...
Price Target Changed • May 14Price target increased by 24% to JP¥1,340Up from JP¥1,085, the current price target is provided by 1 analyst. New target price is 27% above last closing price of JP¥1,057. Stock is up 60% over the past year. The company is forecast to post earnings per share of JP¥35.14 for next year compared to JP¥26.31 last year.
분석 기사 • Feb 13TOC Co., Ltd. Just Beat EPS By 51%: Here's What Analysts Think Will Happen NextInvestors in TOC Co., Ltd. ( TSE:8841 ) had a good week, as its shares rose 2.5% to close at JP¥867 following the...
분석 기사 • May 17Earnings Beat: TOC Co., Ltd. Just Beat Analyst Forecasts, And Analysts Have Been Updating Their ModelsAs you might know, TOC Co., Ltd. ( TSE:8841 ) recently reported its full-year numbers. Revenues were JP¥13b...
Major Estimate Revision • May 14Consensus EPS estimates fall by 37%The consensus outlook for earnings per share (EPS) in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from JP¥16.5b to JP¥15.1b. EPS estimate also fell from JP¥32.30 per share to JP¥20.41 per share. Net income forecast to grow 293% next year vs 6.5% growth forecast for Real Estate industry in Japan. Consensus price target of JP¥1,045 unchanged from last update. Share price was steady at JP¥653 over the past week.
분석 기사 • May 19Investors Shouldn't Be Too Comfortable With TOC's (TSE:8841) EarningsInvestors were disappointed with TOC Co., Ltd.'s ( TSE:8841 ) earnings, despite the strong profit numbers. Our analysis...
Major Estimate Revision • May 19Consensus EPS estimates fall by 14%The consensus outlook for earnings per share (EPS) in fiscal year 2027 has deteriorated. 2027 revenue forecast decreased from JP¥17.3b to JP¥17.0b. EPS estimate also fell from JP¥40.81 per share to JP¥35.14 per share. Net income forecast to grow 34% next year vs 9.3% growth forecast for Real Estate industry in Japan. Consensus price target up from JP¥1,085 to JP¥1,340. Share price fell 6.3% to JP¥1,018 over the past week.
분석 기사 • May 15Earnings Beat: TOC Co., Ltd. Just Beat Analyst Forecasts, And Analysts Have Been Updating Their ModelsShareholders might have noticed that TOC Co., Ltd. ( TSE:8841 ) filed its annual result this time last week. The early...
Price Target Changed • May 14Price target increased by 24% to JP¥1,340Up from JP¥1,085, the current price target is provided by 1 analyst. New target price is 27% above last closing price of JP¥1,057. Stock is up 60% over the past year. The company is forecast to post earnings per share of JP¥35.14 for next year compared to JP¥26.31 last year.
Reported Earnings • May 13Full year 2026 earnings: EPS and revenues exceed analyst expectationsFull year 2026 results: EPS: JP¥26.31 (up from JP¥19.30 in FY 2025). Revenue: JP¥15.2b (up 15% from FY 2025). Net income: JP¥2.32b (up 30% from FY 2025). Profit margin: 15% (up from 14% in FY 2025). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.0%. Earnings per share (EPS) also surpassed analyst estimates by 29%. Revenue is forecast to grow 9.6% p.a. on average during the next 2 years, compared to a 4.2% growth forecast for the Real Estate industry in Japan. Over the last 3 years on average, earnings per share has fallen by 40% per year but the company’s share price has increased by 16% per year, which means it is well ahead of earnings.
공시 • May 12TOC Co., Ltd., Annual General Meeting, Jun 26, 2026TOC Co., Ltd., Annual General Meeting, Jun 26, 2026.
공시 • May 10TOC Co., Ltd. to Report Fiscal Year 2026 Results on May 12, 2026TOC Co., Ltd. announced that they will report fiscal year 2026 results at 3:00 PM, Tokyo Standard Time on May 12, 2026
Valuation Update With 7 Day Price Move • Apr 20Investor sentiment improves as stock rises 16%After last week's 16% share price gain to JP¥1,048, the stock trades at a forward P/E ratio of 29x. Average forward P/E is 12x in the Real Estate industry in Japan. Total returns to shareholders of 67% over the past three years.
Buy Or Sell Opportunity • Apr 17Now 22% overvalued after recent price riseOver the last 90 days, the stock has risen 12% to JP¥1,007. The fair value is estimated to be JP¥828, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 4.8% over the last 3 years. Earnings per share has declined by 39%. Revenue is forecast to grow by 24% in 2 years. Earnings are forecast to grow by 119% in the next 2 years.
분석 기사 • Feb 13TOC Co., Ltd. Just Beat EPS By 51%: Here's What Analysts Think Will Happen NextInvestors in TOC Co., Ltd. ( TSE:8841 ) had a good week, as its shares rose 2.5% to close at JP¥867 following the...
Reported Earnings • Feb 12Third quarter 2026 earnings: EPS exceeds analyst expectationsThird quarter 2026 results: EPS: JP¥9.05 (up from JP¥5.22 in 3Q 2025). Revenue: JP¥3.95b (up 17% from 3Q 2025). Net income: JP¥798.0m (up 64% from 3Q 2025). Profit margin: 20% (up from 14% in 3Q 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 51%. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 4.4% growth forecast for the Real Estate industry in Japan. Over the last 3 years on average, earnings per share has fallen by 39% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings.
Buy Or Sell Opportunity • Feb 10Now 21% overvalued after recent price riseOver the last 90 days, the stock has risen 6.0% to JP¥869. The fair value is estimated to be JP¥719, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 7.2% over the last 3 years. Earnings per share has declined by 35%. Revenue is forecast to grow by 28% in 2 years. Earnings are forecast to grow by 157% in the next 2 years.
공시 • Dec 26TOC Co., Ltd. to Report Q3, 2026 Results on Feb 10, 2026TOC Co., Ltd. announced that they will report Q3, 2026 results on Feb 10, 2026
Buy Or Sell Opportunity • Nov 29Now 21% overvalued after recent price riseOver the last 90 days, the stock has risen 16% to JP¥920. The fair value is estimated to be JP¥761, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 7.2% over the last 3 years. Earnings per share has declined by 35%. Revenue is forecast to grow by 28% in 2 years. Earnings are forecast to grow by 157% in the next 2 years.
Reported Earnings • Nov 14Second quarter 2026 earnings: EPS exceeds analyst expectationsSecond quarter 2026 results: EPS: JP¥6.31 (down from JP¥9.45 in 2Q 2025). Revenue: JP¥3.67b (up 12% from 2Q 2025). Net income: JP¥557.0m (down 37% from 2Q 2025). Profit margin: 15% (down from 27% in 2Q 2025). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 4.1% growth forecast for the Real Estate industry in Japan. Over the last 3 years on average, earnings per share has fallen by 35% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings.
공시 • Sep 27TOC Co., Ltd. to Report Q2, 2026 Results on Nov 11, 2025TOC Co., Ltd. announced that they will report Q2, 2026 results on Nov 11, 2025
Upcoming Dividend • Sep 22Upcoming dividend of JP¥5.00 per shareEligible shareholders must have bought the stock before 29 September 2025. Payment date: 05 December 2025. Payout ratio is a comfortable 50% but the company is not cash flow positive. Trailing yield: 1.2%. Lower than top quartile of Japanese dividend payers (3.6%). Lower than average of industry peers (2.4%).
Reported Earnings • Aug 07First quarter 2026 earnings: EPS and revenues exceed analyst expectationsFirst quarter 2026 results: EPS: JP¥4.69 (up from JP¥4.12 in 1Q 2025). Revenue: JP¥3.47b (up 16% from 1Q 2025). Net income: JP¥414.0m (up 7.3% from 1Q 2025). Profit margin: 12% (down from 13% in 1Q 2025). Revenue exceeded analyst estimates by 3.4%. Earnings per share (EPS) also surpassed analyst estimates by 107%. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 4.1% growth forecast for the Real Estate industry in Japan. Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings.
공시 • Jul 16TOC Co., Ltd. to Report Q1, 2026 Results on Aug 05, 2025TOC Co., Ltd. announced that they will report Q1, 2026 results on Aug 05, 2025
분석 기사 • Jul 03Why TOC's (TSE:8841) Shaky Earnings Are Just The Beginning Of Its ProblemsTOC Co., Ltd.'s ( TSE:8841 ) recent weak earnings report didn't cause a big stock movement. Our analysis suggests that...
분석 기사 • May 17Earnings Beat: TOC Co., Ltd. Just Beat Analyst Forecasts, And Analysts Have Been Updating Their ModelsAs you might know, TOC Co., Ltd. ( TSE:8841 ) recently reported its full-year numbers. Revenues were JP¥13b...
Reported Earnings • May 15Full year 2025 earnings: EPS and revenues exceed analyst expectationsFull year 2025 results: EPS: JP¥19.30 (down from JP¥54.59 in FY 2024). Revenue: JP¥13.2b (down 4.1% from FY 2024). Net income: JP¥1.79b (down 65% from FY 2024). Profit margin: 14% (down from 37% in FY 2024). Revenue exceeded analyst estimates by 1.2%. Earnings per share (EPS) also surpassed analyst estimates by 12%. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 4.0% growth forecast for the Real Estate industry in Japan. Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings.
Major Estimate Revision • May 14Consensus EPS estimates fall by 37%The consensus outlook for earnings per share (EPS) in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from JP¥16.5b to JP¥15.1b. EPS estimate also fell from JP¥32.30 per share to JP¥20.41 per share. Net income forecast to grow 293% next year vs 6.5% growth forecast for Real Estate industry in Japan. Consensus price target of JP¥1,045 unchanged from last update. Share price was steady at JP¥653 over the past week.
공시 • May 13TOC Co., Ltd., Annual General Meeting, Jun 27, 2025TOC Co., Ltd., Annual General Meeting, Jun 27, 2025.
공시 • Apr 19TOC Co., Ltd. to Report Fiscal Year 2025 Results on May 13, 2025TOC Co., Ltd. announced that they will report fiscal year 2025 results on May 13, 2025
분석 기사 • Apr 07TOC Co., Ltd.'s (TSE:8841) P/S Still Appears To Be ReasonableWhen you see that almost half of the companies in the Real Estate industry in Japan have price-to-sales ratios (or...
Upcoming Dividend • Mar 21Upcoming dividend of JP¥5.00 per shareEligible shareholders must have bought the stock before 28 March 2025. Payment date: 30 June 2025. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 1.5%. Lower than top quartile of Japanese dividend payers (3.7%). Lower than average of industry peers (2.6%).
Reported Earnings • Feb 05Third quarter 2025 earnings released: EPS: JP¥5.22 (vs JP¥5.43 in 3Q 2024)Third quarter 2025 results: EPS: JP¥5.22 (down from JP¥5.43 in 3Q 2024). Revenue: JP¥3.38b (down 3.0% from 3Q 2024). Net income: JP¥486.0m (down 4.5% from 3Q 2024). Profit margin: 14% (in line with 3Q 2024). Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 4.0% growth forecast for the Real Estate industry in Japan. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings.
공시 • Feb 04TOC Co., Ltd. (TSE:8841) announces an Equity Buyback for 5,000,000 shares, representing 5.37% for ¥3,345 million.TOC Co., Ltd. (TSE:8841) announces a share repurchase program. Under the program, the company will repurchase up to 5,000,000 shares, representing 5.37% of its issued share capital (excluding treasury stock), for a total purchase price of ¥3,345 million. The shares will be repurchased at a price of ¥669 per share. The purpose of the program is to implement flexible capital policies in response to changes in the business environment and to improve capital efficiency. As of December 31, 2024, the company had 93,151,423 issued shares (excluding treasury stock) and 697,929 treasury shares.
공시 • Jan 03TOC Co., Ltd. to Report Q3, 2025 Results on Feb 04, 2025TOC Co., Ltd. announced that they will report Q3, 2025 results on Feb 04, 2025
분석 기사 • Nov 20There May Be Reason For Hope In TOC's (TSE:8841) Disappointing EarningsShareholders appeared unconcerned with TOC Co., Ltd.'s ( TSE:8841 ) lackluster earnings report last week. Our analysis...
Reported Earnings • Nov 16Second quarter 2025 earnings: EPS and revenues exceed analyst expectationsSecond quarter 2025 results: EPS: JP¥9.45 (down from JP¥56.40 in 2Q 2024). Revenue: JP¥3.28b (down 1.9% from 2Q 2024). Net income: JP¥882.0m (down 83% from 2Q 2024). Profit margin: 27% (down from 158% in 2Q 2024). Revenue exceeded analyst estimates by 5.6%. Earnings per share (EPS) also surpassed analyst estimates. Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 4.4% growth forecast for the Real Estate industry in Japan. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has remained flat, which means it is significantly lagging earnings.
공시 • Sep 21TOC Co., Ltd. to Report Q2, 2025 Results on Nov 12, 2024TOC Co., Ltd. announced that they will report Q2, 2025 results on Nov 12, 2024
Upcoming Dividend • Sep 20Upcoming dividend of JP¥5.00 per shareEligible shareholders must have bought the stock before 27 September 2024. Payment date: 05 December 2024. Payout ratio is a comfortable 19% and this is well supported by cash flows. Trailing yield: 1.6%. Lower than top quartile of Japanese dividend payers (3.8%). Lower than average of industry peers (2.6%).
Reported Earnings • Aug 09First quarter 2025 earnings released: EPS: JP¥4.12 (vs JP¥6.74 in 1Q 2024)First quarter 2025 results: EPS: JP¥4.12 (down from JP¥6.74 in 1Q 2024). Revenue: JP¥2.99b (down 14% from 1Q 2024). Net income: JP¥386.0m (down 39% from 1Q 2024). Profit margin: 13% (down from 18% in 1Q 2024). Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 4.4% growth forecast for the Real Estate industry in Japan. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings.
공시 • Aug 06TOC Co., Ltd. (TSE:8841) announces an Equity Buyback for 500,000 shares, representing 0.53% for ¥310 million.TOC Co., Ltd. (TSE:8841) announces a share repurchase program. Under the program, the company will repurchase up to 500,000 shares, representing 0.53% of its issued share capital (excluding treasury stock), for a total purchase price of ¥310 million. The shares will be repurchased at a price of ¥619 per share. The purpose of the program is to implement flexible capital policies in response to changes in the business environment and to improve capital efficiency. As of March 31, 2024, the company had 93,629,112 issued shares (excluding treasury stock) and 220,240 treasury shares.
Valuation Update With 7 Day Price Move • Aug 05Investor sentiment deteriorates as stock falls 21%After last week's 21% share price decline to JP¥561, the stock trades at a forward P/E ratio of 44x. Average forward P/E is 11x in the Real Estate industry in Japan. Total loss to shareholders of 8.8% over the past three years.
Buy Or Sell Opportunity • Jul 01Now 42% overvaluedOver the last 90 days, the stock has fallen 4.1% to JP¥745. The fair value is estimated to be JP¥524, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 5.7% over the last 3 years. Earnings per share has grown by 22%. For the next 3 years, revenue is forecast to grow by 13% per annum. Earnings are forecast to decline by 7.3% per annum over the same time period.
New Risk • Jun 25New 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 5.7% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 7.3% per year for the foreseeable future. Minor Risks Share price has been volatile over the past 3 months (5.7% average weekly change). Large one-off items impacting financial results.
Buy Or Sell Opportunity • Jun 25Now 24% overvalued after recent price riseOver the last 90 days, the stock has risen 6.1% to JP¥746. The fair value is estimated to be JP¥602, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 5.7% over the last 3 years. Earnings per share has grown by 22%. For the next 3 years, revenue is forecast to grow by 13% per annum. Earnings are forecast to decline by 7.3% per annum over the same time period.
분석 기사 • May 22TOC's (TSE:8841) Profits Appear To Have Quality IssuesThe market shrugged off TOC Co., Ltd.'s ( TSE:8841 ) solid earnings report. Our analysis showed that there are some...
Reported Earnings • May 18Full year 2024 earnings: EPS exceeds analyst expectationsFull year 2024 results: EPS: JP¥54.59 (up from JP¥34.27 in FY 2023). Revenue: JP¥13.7b (down 13% from FY 2023). Net income: JP¥5.12b (up 57% from FY 2023). Profit margin: 37% (up from 21% in FY 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 9.0%. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 4.1% growth forecast for the Real Estate industry in Japan. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings.
공시 • May 16TOC Co., Ltd., Annual General Meeting, Jun 27, 2024TOC Co., Ltd., Annual General Meeting, Jun 27, 2024.
Price Target Changed • May 15Price target decreased by 14% to JP¥1,020Down from JP¥1,180, the current price target is provided by 1 analyst. New target price is 44% above last closing price of JP¥706. Stock is up 9.3% over the past year. The company is forecast to post earnings per share of JP¥50.08 for next year compared to JP¥34.27 last year.
공시 • May 03TOC Co., Ltd. to Report Fiscal Year 2024 Results on May 14, 2024TOC Co., Ltd. announced that they will report fiscal year 2024 results on May 14, 2024
분석 기사 • Apr 09TOC Co., Ltd. (TSE:8841) Stock Catapults 25% Though Its Price And Business Still Lag The MarketTOC Co., Ltd. ( TSE:8841 ) shareholders would be excited to see that the share price has had a great month, posting a...
Upcoming Dividend • Mar 21Upcoming dividend of JP¥5.00 per shareEligible shareholders must have bought the stock before 28 March 2024. Payment date: 01 July 2024. Payout ratio is a comfortable 14% and this is well supported by cash flows. Trailing yield: 1.4%. Lower than top quartile of Japanese dividend payers (3.2%). Lower than average of industry peers (2.2%).
Reported Earnings • Feb 08Third quarter 2024 earnings: EPS and revenues exceed analyst expectationsThird quarter 2024 results: EPS: JP¥5.43 (down from JP¥8.00 in 3Q 2023). Revenue: JP¥3.49b (down 12% from 3Q 2023). Net income: JP¥509.0m (down 33% from 3Q 2023). Profit margin: 15% (down from 19% in 3Q 2023). Revenue exceeded analyst estimates by 5.0%. Earnings per share (EPS) also surpassed analyst estimates. Revenue is expected to decline by 2.4% p.a. on average during the next 3 years, while revenues in the Real Estate industry in Japan are expected to grow by 4.2%. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings.
공시 • Dec 28TOC Co., Ltd. to Report Q3, 2024 Results on Feb 06, 2024TOC Co., Ltd. announced that they will report Q3, 2024 results on Feb 06, 2024
Valuation Update With 7 Day Price Move • Dec 12Investor sentiment improves as stock rises 19%After last week's 19% share price gain to JP¥713, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 12x in the Real Estate industry in Japan. Total returns to shareholders of 7.6% over the past three years.
Reported Earnings • Nov 08Second quarter 2024 earnings: EPS and revenues miss analyst expectationsSecond quarter 2024 results: EPS: JP¥56.40 (up from JP¥10.62 in 2Q 2023). Revenue: JP¥3.35b (down 17% from 2Q 2023). Net income: JP¥5.29b (up 424% from 2Q 2023). Revenue missed analyst estimates by 1.6%. Earnings per share (EPS) also missed analyst estimates by 7.5%. Revenue is expected to decline by 3.2% p.a. on average during the next 3 years, while revenues in the Real Estate industry in Japan are expected to grow by 4.2%. 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 4% per year, which means it is significantly lagging earnings.
Major Estimate Revision • Nov 01Consensus EPS estimates increase by 22%, revenue downgradedThe consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast fell from JP¥13.9b to JP¥13.5b. EPS estimate rose from JP¥40.82 to JP¥49.83. Net income forecast to grow 44% next year vs 18% growth forecast for Real Estate industry in Japan. Consensus price target broadly unchanged at JP¥1,180. Share price was steady at JP¥631 over the past week.
공시 • Sep 28TOC Co., Ltd. to Report Q2, 2024 Results on Nov 07, 2023TOC Co., Ltd. announced that they will report Q2, 2024 results on Nov 07, 2023
Upcoming Dividend • Sep 21Upcoming dividend of JP¥5.00 per share at 1.6% yieldEligible shareholders must have bought the stock before 28 September 2023. Payment date: 08 December 2023. Payout ratio is a comfortable 33% but the company is not cash flow positive. Trailing yield: 1.6%. Lower than top quartile of Japanese dividend payers (3.3%). Lower than average of industry peers (2.6%).
Reported Earnings • Aug 09First quarter 2024 earnings released: EPS: JP¥6.74 (vs JP¥10.94 in 1Q 2023)First quarter 2024 results: EPS: JP¥6.74 (down from JP¥10.94 in 1Q 2023). Revenue: JP¥3.48b (down 13% from 1Q 2023). Net income: JP¥636.0m (down 39% from 1Q 2023). Profit margin: 18% (down from 26% in 1Q 2023). The decrease in margin was driven by lower revenue. Revenue is expected to decline by 5.1% p.a. on average during the next 3 years, while revenues in the Real Estate industry in Japan are expected to grow by 3.9%. Over the last 3 years on average, earnings per share has fallen by 5% per year whereas the company’s share price has fallen by 4% per year.
Major Estimate Revision • Aug 09Consensus EPS estimates increase by 497%The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate increased from JP¥6.84 to JP¥40.82. Revenue forecast unchanged at JP¥13.9b. Net income forecast to grow 18% next year vs 12% growth forecast for Real Estate industry in Japan. Consensus price target up from JP¥1,130 to JP¥1,170. Share price rose 4.0% to JP¥630 over the past week.
Reported Earnings • May 10Full year 2023 earnings: EPS and revenues exceed analyst expectationsFull year 2023 results: EPS: JP¥34.27 (up from JP¥32.68 in FY 2022). Revenue: JP¥15.7b (down 4.0% from FY 2022). Net income: JP¥3.26b (up 4.9% from FY 2022). Profit margin: 21% (up from 19% in FY 2022). The increase in margin was driven by lower expenses. Revenue exceeded analyst estimates by 1.2%. Earnings per share (EPS) also surpassed analyst estimates by 5.1%. Revenue is expected to decline by 5.9% p.a. on average during the next 3 years, while revenues in the Real Estate industry in Japan are expected to grow by 3.5%. Over the last 3 years on average, earnings per share has fallen by 5% per year whereas the company’s share price has fallen by 1% per year.
공시 • May 10TOC Co., Ltd. (TSE:8841) announces an Equity Buyback for 1,500,000 shares, representing 1.58% for ¥990 million.TOC Co., Ltd. (TSE:8841) announces a share repurchase program. Under the program, the company will repurchase up to 1,500,000 shares, representing 1.58% of its share capital, for ¥990 million. The shares will be repurchased at a price of ¥660 per share. The company will repurchase its shares in order to improve capital efficiency and implement a flexible capital policy that responds to changes in the business environment. The share repurchase program will run until May 10, 2023 As of March 31, 2023, the company had 95,039,571 shares outstanding (excluding treasury shares) and 239,781 shares in treasury.
Price Target Changed • May 10Price target increased by 7.6% to JP¥1,130Up from JP¥1,050, the current price target is provided by 1 analyst. New target price is 79% above last closing price of JP¥631. Stock is up 0.5% over the past year. The company is forecast to post earnings per share of JP¥32.62 for next year compared to JP¥32.68 last year.
Upcoming Dividend • Mar 23Upcoming dividend of JP¥5.00 per share at 1.6% yieldEligible shareholders must have bought the stock before 30 March 2023. Payment date: 30 June 2023. Payout ratio is a comfortable 24% but the company is paying out more than the cash it is generating. Trailing yield: 1.6%. Lower than top quartile of Japanese dividend payers (3.6%). Lower than average of industry peers (3.1%).
Reported Earnings • Feb 10Third quarter 2023 earnings: EPS exceeds analyst expectations while revenues lag behindThird quarter 2023 results: EPS: JP¥8.00 (down from JP¥10.36 in 3Q 2022). Revenue: JP¥3.96b (down 1.5% from 3Q 2022). Net income: JP¥760.0m (down 23% from 3Q 2022). Profit margin: 19% (down from 25% in 3Q 2022). The decrease in margin was primarily driven by higher expenses. Revenue missed analyst estimates by 2.2%. Earnings per share (EPS) exceeded analyst estimates by 18%. Revenue is expected to decline by 14% p.a. on average during the next 3 years, while revenues in the Real Estate industry in Japan are expected to grow by 3.6%. Over the last 3 years on average, earnings per share has fallen by 5% per year whereas the company’s share price has fallen by 10% per year.
Reported Earnings • Nov 16Second quarter 2023 earnings: EPS exceeds analyst expectations while revenues lag behindSecond quarter 2023 results: EPS: JP¥10.62 (up from JP¥10.31 in 2Q 2022). Revenue: JP¥4.05b (up 1.0% from 2Q 2022). Net income: JP¥1.01b (up 3.0% from 2Q 2022). Profit margin: 25% (in line with 2Q 2022). Revenue missed analyst estimates by 1.8%. Earnings per share (EPS) exceeded analyst estimates by 7.8%. Revenue is expected to decline by 7.0% p.a. on average during the next 3 years, while revenues in the Real Estate industry in Japan are expected to grow by 3.4%. Over the last 3 years on average, earnings per share has fallen by 8% per year whereas the company’s share price has fallen by 6% per year.
Board Change • Nov 16Less than half of directors are independentThere is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 4 experienced directors. 5 highly experienced directors. 2 independent directors (5 non-independent directors). Independent Outside Director Genta Torisu was the last independent director to join the board, commencing their role in 2016. 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 • Nov 10Second quarter 2023 earnings: EPS exceeds analyst expectations while revenues lag behindSecond quarter 2023 results: EPS: JP¥10.62 (up from JP¥10.31 in 2Q 2022). Revenue: JP¥4.05b (up 1.0% from 2Q 2022). Net income: JP¥1.01b (up 3.0% from 2Q 2022). Profit margin: 25% (in line with 2Q 2022). Revenue missed analyst estimates by 1.8%. Earnings per share (EPS) exceeded analyst estimates by 7.8%. Revenue is expected to decline by 7.0% p.a. on average during the next 3 years, while revenues in the Real Estate industry in Japan are expected to grow by 3.5%. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings.
Major Estimate Revision • Nov 09Consensus forecasts updatedThe consensus outlook for 2023 has been updated. 2023 revenue forecast fell from JP¥16.0b to JP¥15.5b. EPS estimate rose from JP¥17.90 to JP¥32.63. Net income forecast to shrink 33% next year vs 5.3% growth forecast for Real Estate industry in Japan . Consensus price target down from JP¥1,080 to JP¥1,050. Share price was steady at JP¥758 over the past week.
Upcoming Dividend • Sep 22Upcoming dividend of JP¥5.00 per shareEligible shareholders must have bought the stock before 29 September 2022. Payment date: 08 December 2022. Payout ratio is a comfortable 23% 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 (2.6%).
Reported Earnings • Aug 11First quarter 2023 earnings released: EPS: JP¥10.94 (vs JP¥0.19 loss in 1Q 2022)First quarter 2023 results: EPS: JP¥10.94 (up from JP¥0.19 loss in 1Q 2022). Revenue: JP¥4.00b (down 1.2% from 1Q 2022). Net income: JP¥1.04b (up JP¥1.06b from 1Q 2022). Profit margin: 26% (up from net loss in 1Q 2022). The move to profitability was driven by lower expenses. Over the next year, revenue is expected to shrink by 6.3% compared to a 2.7% growth forecast for the industry in Japan. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings.
Valuation Update With 7 Day Price Move • Jul 01Investor sentiment improved over the past weekAfter last week's 16% share price gain to JP¥750, the stock trades at a forward P/E ratio of 42x. Average forward P/E is 11x in the Real Estate industry in Japan. Total returns to shareholders of 14% over the past three years.
Reported Earnings • May 11Full year 2022 earnings: EPS exceeds analyst expectationsFull year 2022 results: EPS: JP¥32.68 (down from JP¥43.20 in FY 2021). Revenue: JP¥16.3b (up 1.6% from FY 2021). Net income: JP¥3.11b (down 25% from FY 2021). Profit margin: 19% (down from 26% in FY 2021). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 7.1%. Over the next year, revenue is expected to shrink by 2.1% compared to a 5.4% growth forecast for the industry in Japan. Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings.
Major Estimate Revision • May 11Consensus EPS estimates fall by 50%The consensus outlook for earnings per share (EPS) in 2023 has deteriorated. 2023 revenue forecast decreased from JP¥17.0b to JP¥16.0b. EPS estimate also fell from JP¥35.78 per share to JP¥17.89 per share. Net income forecast to shrink 32% next year vs 10% growth forecast for Real Estate industry in Japan . Consensus price target broadly unchanged at JP¥1,080. Share price fell 5.7% to JP¥628 over the past week.
Price Target Changed • Apr 27Price target decreased to JP¥1,060Down from JP¥1,470, the current price target is provided by 1 analyst. New target price is 66% above last closing price of JP¥639. Stock is down 11% over the past year. The company is forecast to post earnings per share of JP¥30.51 for next year compared to JP¥43.20 last year.
Board Change • Apr 27Less than half of directors are independentNo new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. 7 highly experienced directors. 2 independent directors (7 non-independent directors). Independent Outside Director Genta Torisu was the last independent director to join the board, commencing their role in 2016. 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 23Upcoming dividend of JP¥5.00 per shareEligible shareholders must have bought the stock before 30 March 2022. Payment date: 30 June 2022. Payout ratio is a comfortable 32% and this is well supported by cash flows. Trailing yield: 1.4%. Lower than top quartile of Japanese dividend payers (3.4%). Lower than average of industry peers (2.6%).
Reported Earnings • Feb 09Third quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behindThird quarter 2022 results: EPS: JP¥10.36 (down from JP¥12.43 in 3Q 2021). Revenue: JP¥4.02b (down 6.0% from 3Q 2021). Net income: JP¥984.0m (down 17% from 3Q 2021). Profit margin: 25% (down from 28% in 3Q 2021). Revenue missed analyst estimates by 1.7%. Earnings per share (EPS) exceeded analyst estimates by 20%. Over the next year, revenue is forecast to grow 3.7%, compared to a 7.1% growth forecast for the industry in Japan. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings.
Price Target Changed • Nov 25Price target decreased to JP¥1,060Down from JP¥1,490, the current price target is provided by 1 analyst. New target price is 78% above last closing price of JP¥596. Stock is down 10.0% over the past year. The company is forecast to post earnings per share of JP¥30.51 for next year compared to JP¥43.20 last year.
Reported Earnings • Nov 10Second quarter 2022 earnings released: EPS JP¥10.31 (vs JP¥11.25 in 2Q 2021)The company reported a poor second quarter result with weaker earnings, revenues and profit margins. Second quarter 2022 results: Revenue: JP¥4.01b (down 3.6% from 2Q 2021). Net income: JP¥980.0m (down 9.0% from 2Q 2021). Profit margin: 24% (down from 26% in 2Q 2021). Over the last 3 years on average, earnings per share has fallen by 9% per year whereas the company’s share price has fallen by 11% per year.
Upcoming Dividend • Sep 22Upcoming dividend of JP¥5.00 per shareEligible shareholders must have bought the stock before 29 September 2021. Payment date: 08 December 2021. Trailing yield: 1.5%. Lower than top quartile of Japanese dividend payers (3.0%). Lower than average of industry peers (2.3%).
Reported Earnings • May 14Full year 2021 earnings released: EPS JP¥43.20 (vs JP¥46.41 in FY 2020)The company reported a soft full year result with weaker earnings and revenues, although profit margins were improved. Full year 2021 results: Revenue: JP¥16.1b (down 13% from FY 2020). Net income: JP¥4.13b (down 7.7% from FY 2020). Profit margin: 26% (up from 24% in FY 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 41% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings.
Price Target Changed • May 12Price target increased to JP¥1,490Up from JP¥1,390, the current price target is provided by 1 analyst. New target price is 107% above last closing price of JP¥721. Stock is up 9.6% over the past year.
Upcoming Dividend • Mar 23Upcoming dividend of JP¥5.00 per shareEligible shareholders must have bought the stock before 30 March 2021. Payment date: 29 June 2021. Trailing yield: 1.2%. Lower than top quartile of Japanese dividend payers (2.7%). Lower than average of industry peers (2.1%).
Reported Earnings • Feb 11Third quarter 2021 earnings released: EPS JP¥12.43 (vs JP¥10.64 in 3Q 2020)The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2021 results: Revenue: JP¥4.28b (down 5.8% from 3Q 2020). Net income: JP¥1.19b (up 16% from 3Q 2020). Profit margin: 28% (up from 23% in 3Q 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 59% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings.
Is New 90 Day High Low • Feb 05New 90-day high: JP¥746The company is up 15% from its price of JP¥649 on 06 November 2020. The Japanese market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Real Estate industry, which is up 11% over the same period.
Is New 90 Day High Low • Jan 12New 90-day high: JP¥741The company is up 11% from its price of JP¥665 on 14 October 2020. The Japanese market is up 12% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Real Estate industry, which is up 5.0% over the same period.
Is New 90 Day High Low • Dec 03New 90-day high: JP¥697The company is up 5.0% from its price of JP¥664 on 04 September 2020. The Japanese market is up 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Real Estate industry, which is up 14% over the same period.