Japanese (NIKKEI) Utilities Sector Analysis

Sector Valuation and Performance

Has the Japanese Utilities Sector valuation changed over the past few years?

Date	Market Cap	Revenue	Earnings	PE	Absolute PE	PS
Sat, 06 Jun 2026	JP¥14.1t	JP¥30.9t	JP¥1.2t	9.3x	12.2x	0.5x
Mon, 04 May 2026	JP¥14.6t	JP¥30.9t	JP¥1.2t	10.4x	11.9x	0.5x
Wed, 01 Apr 2026	JP¥15.7t	JP¥31.4t	JP¥1.1t	10.5x	14.1x	0.5x
Fri, 27 Feb 2026	JP¥16.2t	JP¥31.4t	JP¥1.1t	10.2x	14.5x	0.5x
Sun, 25 Jan 2026	JP¥14.8t	JP¥31.9t	JP¥1.1t	10.2x	13.1x	0.5x
Tue, 23 Dec 2025	JP¥14.2t	JP¥31.9t	JP¥1.1t	9.7x	12.5x	0.4x
Thu, 20 Nov 2025	JP¥14.4t	JP¥31.9t	JP¥1.1t	9.8x	12.6x	0.4x
Sat, 18 Oct 2025	JP¥13.0t	JP¥32.3t	JP¥924.5b	10.6x	14.1x	0.4x
Mon, 15 Sep 2025	JP¥13.4t	JP¥32.3t	JP¥924.5b	10.4x	14.5x	0.4x
Wed, 13 Aug 2025	JP¥12.7t	JP¥32.3t	JP¥923.3b	10.8x	13.7x	0.4x
Fri, 11 Jul 2025	JP¥11.1t	JP¥32.4t	JP¥1.8t	10.3x	6.2x	0.3x
Sun, 08 Jun 2025	JP¥10.4t	JP¥32.4t	JP¥1.8t	10.2x	5.9x	0.3x
Tue, 06 May 2025	JP¥10.9t	JP¥32.3t	JP¥1.7t	10.6x	6.3x	0.3x
Thu, 03 Apr 2025	JP¥10.6t	JP¥31.9t	JP¥1.7t	9.7x	6.2x	0.3x
Sat, 01 Mar 2025	JP¥10.7t	JP¥31.9t	JP¥1.7t	9.3x	6.3x	0.3x
Mon, 27 Jan 2025	JP¥10.3t	JP¥31.8t	JP¥1.5t	10.6x	7x	0.3x
Wed, 25 Dec 2024	JP¥10.5t	JP¥31.8t	JP¥1.5t	11x	7.1x	0.3x
Fri, 22 Nov 2024	JP¥10.8t	JP¥31.8t	JP¥1.5t	11.7x	7.3x	0.3x
Sun, 20 Oct 2024	JP¥11.6t	JP¥31.7t	JP¥1.9t	10.4x	6.2x	0.4x
Tue, 17 Sep 2024	JP¥11.3t	JP¥31.7t	JP¥1.9t	10x	6.1x	0.4x
Thu, 15 Aug 2024	JP¥11.4t	JP¥31.7t	JP¥1.9t	11.1x	6.2x	0.4x
Sat, 13 Jul 2024	JP¥12.2t	JP¥32.2t	JP¥2.3t	10.2x	5.4x	0.4x
Mon, 10 Jun 2024	JP¥13.0t	JP¥32.2t	JP¥2.3t	10.6x	5.8x	0.4x
Wed, 08 May 2024	JP¥12.7t	JP¥32.5t	JP¥2.3t	8.5x	5.5x	0.4x
Fri, 05 Apr 2024	JP¥12.2t	JP¥34.0t	JP¥3.1t	8.1x	3.9x	0.4x
Sun, 03 Mar 2024	JP¥10.8t	JP¥34.0t	JP¥3.1t	7.5x	3.4x	0.3x
Tue, 30 Jan 2024	JP¥10.8t	JP¥35.7t	JP¥2.3t	9.9x	4.8x	0.3x
Thu, 28 Dec 2023	JP¥10.3t	JP¥35.7t	JP¥2.3t	9x	4.5x	0.3x
Sat, 25 Nov 2023	JP¥10.2t	JP¥35.7t	JP¥2.3t	8.8x	4.5x	0.3x
Mon, 23 Oct 2023	JP¥10.0t	JP¥36.2t	JP¥1.0t	11.1x	9.6x	0.3x
Wed, 20 Sep 2023	JP¥11.2t	JP¥36.2t	JP¥1.0t	11.3x	10.7x	0.3x
Fri, 18 Aug 2023	JP¥9.8t	JP¥36.2t	JP¥1.0t	10.8x	9.4x	0.3x
Sun, 16 Jul 2023	JP¥9.0t	JP¥35.3t	-JP¥20,011,000,000.00	11.2x	-448.6x	0.3x
Tue, 13 Jun 2023	JP¥9.4t	JP¥35.3t	-JP¥20,776,000,000.00	13.5x	-454.8x	0.3x

Current Industry PE

Investors are pessimistic on the Japanese Utilities industry, indicating that they anticipate long term growth rates will be lower than they have historically.

The industry is trading at a PE ratio of 12.2x which is higher than its 3-year average PE of -14.9x.

The industry is trading close to its 3-year average PS ratio of 0.36x.

Past Earnings Growth

Total earnings for the Utilities industry have gone up over the last three years and the industry is now profitable.
Revenues have declined 4.4% per year.
This means that less sales are being generated overall, but since the cost of doing business is lower, profits have been increasing.

Industry Trends

Which industries have driven the changes within the Japanese Utilities sector?


JP Market	1.38%
Utilities	-1.69%
Gas Utilities	-0.85%
Electric Utilities	-1.86%
Renewable Energy	-5.06%

Industry PE

Investors are most optimistic about the Renewable Energy industry which is trading above its 3-year average PE ratio of 8.3x.

Analysts are expecting annual earnings growth of 3.1%, which is lower than the prior year's growth of 74.5% per year.

Investors are most pessimistic about the Gas Utilities industry, which is trading close to its 3-year average of 11.3x.

Forecasted Growth

Analysts are most optimistic on the Electric Utilities industry, expecting annual earnings growth of 4.5% over the next 5 years.
This is better than its past earnings decline of 13% per year.

In contrast, the Gas Utilities industry is expected to see its earnings decline by 3.8% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

Company	Last Price	7D	1Y	Valuation
9532 Osaka Gas	JP¥5.49k	2.4% +JP¥49.0b	51.3%	PE13.8x
9503 Kansai Electric Power Company	JP¥2.34k	0.2% +JP¥6.1b	47.7%	PE6.9x
9508 Kyushu Electric Power Company	JP¥1.64k	0.2% +JP¥1.9b	35.3%	PE5.2x
9539 Keiyo Gas	JP¥1.38k	1.4% +JP¥610.9m	12.5%	PE10.7x
9536 Saibu Gas HoldingsLtd	JP¥2.20k	0.3% +JP¥215.9m	21.8%	PE11.1x

Mitsuba Corporation (TSE:7280) and Chubu Electric Power Company, Incorporated (TSE:9502) proposed to acquire an remaining 48.7% stake in Ryomo Systems Co.,Ltd. (TSE:9691) for ¥8.9 billion.

Mitsuba Corporation (TSE:7280) and Chubu Electric Power Company, Incorporated (TSE:9502) proposed to acquire an remaining 48.7% stake in Ryomo Systems Co.,Ltd. (TSE:9691) for ¥8.9 billion on May 14, 2026. A cash consideration valued at ¥5200 per share will be paid by Mitsuba Corporation and Chubu Electric Power Company, Incorporated. The lower limit of the tender offer acceptance is 0.53726 million shares, which will increase the ownership of tender offerors to 66.67% stake. The sellers in the transaction include Sadami Hino, Custody Bank of Japan, Ltd., Hikari Tsushin Investments Okinawa Co., Ltd., Tomohiro Yoshida, Secom General Insurance Co., Ltd., Sunfield Industry Co., Ltd., Kiryu Gas Company and Ryuei Seiko, K.K. If the Tender Offer is successfully completed, but the Offerors are unable to acquire all of the Target Company Shares (excluding the Target Company Shares held by MITSUBA and the treasury shares held by the Target Company) in the Tender Offer, then the Offerors intend to request the Target Company to carry out a series of procedures (the “Squeeze Out Procedures”) for making the Offerors the only shareholders of the Target Company. the Offerors, MITSUBA plans to purchase up to 1,003,800 shares (ownership percentage: 28.69%) out of the total number of Tendered Share Certificates, Etc. in which 80% of the voting rights represented by the Target Company Shares will be held by MITSUBA after purchase, and Chubu Electric Power plans to purchase the remaining 20% shares. The transaction is subject to minimum tender. The Board of Directors of Ryomo Systems Co.,Ltd. formed a special committee for the transaction. The expected completion of the transaction is July 8, 2026. The transaction was recommended by board of directors of Ryomo Systems on May 14, 2026. Mizuho Securities Co., Ltd. acted as financial advisor for Mitsuba Corporation. YAMADA Consulting Group Co.,Ltd. acted as financial advisor for Chubu Electric Power Company, Incorporated. Mori Hamada & Matsumoto LPC acted as legal advisor for Mitsuba Corporation and Chubu Electric Power Company, Incorporated. Nishimura & Asahi acted as legal advisor for Ryomo Systems Co.,Ltd.

Japanese (NIKKEI) Utilities Sector Analysis

Sector Valuation and Performance

Industry Trends

Top Stock Gainers and Losers

Latest News

Ichthys Strike Delays LNG Cargo While Toho Gas Pushes Forward With Share Repurchases

Osaka Gas Co., Ltd. to Report Q1, 2027 Results on Jul 30, 2026

Tokyo Gas Co.,Ltd. to Report Q1, 2027 Results on Jul 30, 2026

Kansai Electric Plans Himeji LNG Plant Upgrade With Focus on Efficiency and Lower Emissions

Electric Power Development's (TSE:9513) Conservative Accounting Might Explain Soft Earnings

Mitsuba Corporation (TSE:7280) and Chubu Electric Power Company, Incorporated (TSE:9502) proposed to acquire an remaining 48.7% stake in Ryomo Systems Co.,Ltd. (TSE:9691) for ¥8.9 billion.

Nippon Gas Co., Ltd. (TSE:8174) announces an Equity Buyback for 1,500,000 shares, representing 1.41% for ¥3,000 million.

New minor risk - Earnings quality

New major risk - Revenue and earnings growth

Tokyo Electric Power Company Holdings, Incorporated to Report Fiscal Year 2026 Results on Apr 30, 2026

Kyushu Electric Power Company's (TSE:9508) Profits Appear To Have Quality Issues

New minor risk - Dividend sustainability

Full year 2026 earnings released: EPS: JP¥131 (vs JP¥118 in FY 2025)

Shikoku Electric Power Company, Incorporated, Annual General Meeting, Jun 25, 2026

First quarter 2026 earnings released: EPS: JP¥85.53 (vs JP¥56.85 in 1Q 2025)

New minor risk - Market cap size