Declared Dividend • Jul 25
Final dividend of JP¥93.00 announced Shareholders will receive a dividend of JP¥93.00. Ex-date: 29th September 2026 Payment date: 1st December 2026 Dividend yield will be 5.2%, which is higher than the industry average of 2.9%. Sustainability & Growth Dividend is covered by both earnings (50% earnings payout ratio) and cash flows (21% cash payout ratio). The dividend has increased by an average of 34% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 19% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • May 13
Full year 2026 earnings released: EPS: JP¥366 (vs JP¥197 in FY 2025) Full year 2026 results: EPS: JP¥366 (up from JP¥197 in FY 2025). Revenue: JP¥105.6b (up 19% from FY 2025). Net income: JP¥3.80b (up 85% from FY 2025). Profit margin: 3.6% (up from 2.3% in FY 2025). Over the last 3 years on average, earnings per share has increased by 47% per year but the company’s share price has only increased by 38% per year, which means it is significantly lagging earnings growth. Aankondiging • May 12
Daisue Construction Co., Ltd., Annual General Meeting, Jun 26, 2026 Daisue Construction Co., Ltd., Annual General Meeting, Jun 26, 2026. New Risk • Apr 28
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Japanese stocks, typically moving 6.8% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (6.8% average weekly change). Aankondiging • Mar 26
Daisue Construction Co., Ltd. Announces Executive Changes, Effective as of April 1, 2026 Daisue Construction Co., Ltd. at its board meeting held on March 25, 2026, announced as of April 1, 2026, Koichiro Tsuru remains Director and Senior Managing Executive Officer as well as General Manager of the Tokyo Head Office and in charge of the Architectural Design Department, with his prior responsibilities for the Tokyo Real Estate Business Department and Osaka Real Estate Business Department removed; Motohiro Kataoka remains Director and Managing Executive Officer, with his role shifting to oversight of the Corporate Planning Department and DX System Strategy Department and continuing responsibility for the Finance Department, while his prior responsibility for the New Business Department is removed; Kenjo Matsuda remains Director and is promoted from Executive Officer to Managing Executive Officer while continuing as General Manager of the Osaka Head Office, with oversight of the Business Strategy Department removed; Masahito Ishimaru remains Executive Officer and moves from being General Manager of the Corporate Planning Department and Assistant Officer in charge of the Business Strategy Department to being in charge of the Corporate Planning Department, Human Resources Department, Public Relations Department, and Sustainability Promotion Department; Yoshinori Miyake remains Executive Officer and becomes Secretary General of the Audit and Supervisory Committee Secretariat while being in charge of the Internal Audit Department and General Affairs Department, with responsibility for the Human Resources Department removed; Haruki Omiyama is promoted from Construction Manager of the Building Construction Department, Tokyo Head Office, to Executive Officer and is newly placed in charge of the DX System Strategy Department, Safety and Environment Administration Department, Quality Control Department, and Technology Development Department; and Tomoyuki Matsuda remains Executive Officer and General Manager of Marketing and Sales Department No. 2, Tokyo Head Office, and additionally becomes General Manager of the Real Estate Department, Tokyo Head Office. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥87.00 per share Eligible shareholders must have bought the stock before 30 March 2026. Payment date: 09 June 2026. Payout ratio is a comfortable 39% but the company is not cash flow positive. Trailing yield: 4.8%. Within top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (2.4%). Reported Earnings • Feb 07
Third quarter 2026 earnings released: EPS: JP¥135 (vs JP¥52.55 in 3Q 2025) Third quarter 2026 results: EPS: JP¥135 (up from JP¥52.55 in 3Q 2025). Revenue: JP¥27.6b (up 17% from 3Q 2025). Net income: JP¥1.40b (up 155% from 3Q 2025). Profit margin: 5.1% (up from 2.3% in 3Q 2025). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has increased by 53% per year, which means it is tracking significantly ahead of earnings growth. Declared Dividend • Dec 02
First half dividend of JP¥87.00 announced Shareholders will receive a dividend of JP¥87.00. Ex-date: 30th March 2026 Payment date: 9th June 2026 Dividend yield will be 4.8%, which is higher than the industry average of 2.9%. Sustainability & Growth Dividend is covered by earnings (50% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 43% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 12% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Nov 08
Second quarter 2026 earnings released: EPS: JP¥112 (vs JP¥36.20 in 2Q 2025) Second quarter 2026 results: EPS: JP¥112 (up from JP¥36.20 in 2Q 2025). Revenue: JP¥25.6b (up 21% from 2Q 2025). Net income: JP¥1.17b (up 211% from 2Q 2025). Profit margin: 4.6% (up from 1.8% in 2Q 2025). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has increased by 47% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Oct 24
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to JP¥3,200, the stock trades at a trailing P/E ratio of 15.4x. Average trailing P/E is 13x in the Construction industry in Japan. Total returns to shareholders of 220% over the past three years. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥54.00 per share Eligible shareholders must have bought the stock before 29 September 2025. Payment date: 02 December 2025. Payout ratio is a comfortable 48% but the company is not cash flow positive. Trailing yield: 4.4%. Within top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (2.8%). Aankondiging • Sep 01
Daisue Construction Co., Ltd. to Report Q3, 2026 Results on Feb 06, 2026 Daisue Construction Co., Ltd. announced that they will report Q3, 2026 results on Feb 06, 2026 Reported Earnings • Aug 08
First quarter 2026 earnings released: EPS: JP¥47.48 (vs JP¥36.32 in 1Q 2025) First quarter 2026 results: EPS: JP¥47.48 (up from JP¥36.32 in 1Q 2025). Revenue: JP¥21.5b (up 4.6% from 1Q 2025). Net income: JP¥496.0m (up 31% from 1Q 2025). Profit margin: 2.3% (up from 1.8% in 1Q 2025). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 15% per year whereas the company’s share price has increased by 19% per year. Declared Dividend • Jul 09
Final dividend of JP¥54.00 announced Shareholders will receive a dividend of JP¥54.00. Ex-date: 29th September 2025 Payment date: 2nd December 2025 Dividend yield will be 4.7%, which is higher than the industry average of 2.9%. Sustainability & Growth Dividend is covered by earnings (40% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 36% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 1.7% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • May 17
Full year 2025 earnings released: EPS: JP¥197 (vs JP¥119 in FY 2024) Full year 2025 results: EPS: JP¥197 (up from JP¥119 in FY 2024). Revenue: JP¥89.0b (up 14% from FY 2024). Net income: JP¥2.06b (up 67% from FY 2024). Profit margin: 2.3% (up from 1.6% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 6% per year whereas the company’s share price has increased by 10% per year. Aankondiging • May 13
Daisue Construction Co., Ltd., Annual General Meeting, Jun 26, 2025 Daisue Construction Co., Ltd., Annual General Meeting, Jun 26, 2025. Valuation Update With 7 Day Price Move • Apr 14
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to JP¥1,955, the stock trades at a trailing P/E ratio of 9.9x. Average trailing P/E is 10x in the Construction industry in Japan. Total returns to shareholders of 69% over the past three years. Buy Or Sell Opportunity • Apr 08
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 9.3% to JP¥1,804. The fair value is estimated to be JP¥1,478, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 6.5% over the last 3 years. Earnings per share has declined by 3.0%. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥44.50 per share Eligible shareholders must have bought the stock before 28 March 2025. Payment date: 04 June 2025. Payout ratio is a comfortable 40% but the company is not cash flow positive. Trailing yield: 4.6%. Within top quartile of Japanese dividend payers (3.7%). Higher than average of industry peers (3.3%). Buy Or Sell Opportunity • Feb 10
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 6.1% to JP¥1,807. The fair value is estimated to be JP¥1,505, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 6.5% over the last 3 years. Earnings per share has declined by 3.0%. Reported Earnings • Feb 06
Third quarter 2025 earnings released: EPS: JP¥52.55 (vs JP¥18.90 in 3Q 2024) Third quarter 2025 results: EPS: JP¥52.55 (up from JP¥18.90 in 3Q 2024). Revenue: JP¥23.5b (up 15% from 3Q 2024). Net income: JP¥549.0m (up 177% from 3Q 2024). Profit margin: 2.3% (up from 1.0% in 3Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. New Risk • Dec 12
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 10% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 11% per year over the past 5 years. High level of non-cash earnings (54% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Shareholders have been diluted in the past year (10% increase in shares outstanding). Declared Dividend • Dec 03
First half dividend of JP¥44.50 announced Shareholders will receive a dividend of JP¥44.50. Ex-date: 28th March 2025 Payment date: 4th June 2025 Dividend yield will be 5.6%, which is higher than the industry average of 2.9%. Sustainability & Growth Dividend is covered by earnings (48% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 33% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to decline by 47% to shift the payout ratio to a potentially unsustainable range, which is more than the 8.1% EPS decline seen over the last 5 years. Reported Earnings • Nov 08
Second quarter 2025 earnings released: EPS: JP¥36.20 (vs JP¥7.07 in 2Q 2024) Second quarter 2025 results: EPS: JP¥36.20 (up from JP¥7.07 in 2Q 2024). Revenue: JP¥21.2b (up 12% from 2Q 2024). Net income: JP¥378.0m (up 411% from 2Q 2024). Profit margin: 1.8% (up from 0.4% in 2Q 2024). The increase in margin was driven by higher revenue. 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 12% per year, which means it is well ahead of earnings. Upcoming Dividend • Sep 20
Upcoming dividend of JP¥44.50 per share Eligible shareholders must have bought the stock before 27 September 2024. Payment date: 02 December 2024. Payout ratio is a comfortable 51% but the company is not cash flow positive. Trailing yield: 5.4%. Within top quartile of Japanese dividend payers (3.8%). Higher than average of industry peers (3.3%). Reported Earnings • Aug 09
First quarter 2025 earnings released: EPS: JP¥36.44 (vs JP¥19.38 in 1Q 2024) First quarter 2025 results: EPS: JP¥36.44 (up from JP¥19.38 in 1Q 2024). Revenue: JP¥19.9b (up 15% from 1Q 2024). Net income: JP¥379.0m (up 87% from 1Q 2024). Profit margin: 1.9% (up from 1.2% in 1Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has increased by 18% per year, which means it is well ahead of earnings. New Risk • Aug 06
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: JP¥14.5b (US$99.7m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 17% per year over the past 5 years. High level of non-cash earnings (26% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Market cap is less than US$100m (JP¥14.5b market cap, or US$99.7m). Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 21% After last week's 21% share price decline to JP¥1,389, the stock trades at a trailing P/E ratio of 11.8x. Average trailing P/E is 11x in the Construction industry in Japan. Total returns to shareholders of 61% over the past three years. Declared Dividend • Jul 11
Final dividend of JP¥44.50 announced Shareholders will receive a dividend of JP¥44.50. Ex-date: 27th September 2024 Payment date: 2nd December 2024 Dividend yield will be 4.7%, which is higher than the industry average of 2.9%. Sustainability & Growth Dividend is covered by earnings (7% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 38% per year over the past 9 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to decline by 93% to shift the payout ratio to a potentially unsustainable range, which is more than the 15% EPS decline seen over the last 5 years. Reported Earnings • Jun 26
Full year 2024 earnings released: EPS: JP¥119 (vs JP¥126 in FY 2023) Full year 2024 results: EPS: JP¥119 (down from JP¥126 in FY 2023). Revenue: JP¥77.8b (up 8.3% from FY 2023). Net income: JP¥1.24b (down 6.5% from FY 2023). Profit margin: 1.6% (down from 1.8% in FY 2023). The decrease in margin was driven by higher expenses. 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 20% per year, which means it is well ahead of earnings. Reported Earnings • May 09
Full year 2024 earnings released: EPS: JP¥119 (vs JP¥126 in FY 2023) Full year 2024 results: EPS: JP¥119 (down from JP¥126 in FY 2023). Revenue: JP¥77.8b (up 8.3% from FY 2023). Net income: JP¥1.24b (down 6.5% from FY 2023). Profit margin: 1.6% (down from 1.8% in FY 2023). The decrease in margin was driven by higher expenses. 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 23% per year, which means it is well ahead of earnings. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥35.00 per share Eligible shareholders must have bought the stock before 28 March 2024. Payment date: 06 June 2024. Payout ratio is a comfortable 6.6% and this is well supported by cash flows. Trailing yield: 4.3%. Within top quartile of Japanese dividend payers (3.2%). Higher than average of industry peers (2.7%). Reported Earnings • Feb 09
Third quarter 2024 earnings released: EPS: JP¥18.90 (vs JP¥31.40 in 3Q 2023) Third quarter 2024 results: EPS: JP¥18.90 (down from JP¥31.40 in 3Q 2023). Revenue: JP¥20.5b (up 25% from 3Q 2023). Net income: JP¥198.0m (down 40% from 3Q 2023). Profit margin: 1.0% (down from 2.0% in 3Q 2023). 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 22% per year, which means it is well ahead of earnings. Aankondiging • Nov 08
Daisue Construction Co., Ltd. (TSE:1814) announces an Equity Buyback for 1,096,400 shares, representing 10.33% for ¥1,329.93 million. Raysum Co., Ltd. (JASDAQ:8890) announces a share repurchase program. Under the program, the company will repurchase 1,096,400 shares, representing 10.33% of the outstanding shares for ¥1,329.93 million. The shares will be repurchased at ¥1,213 per share. The purpose of the offer is to implement flexible capital policies, improving capital efficiency, and shareholder returns. The program will run until December 11, 2023. As of November 7, 2023, the company had 10,614,225 issued shares. As of September 30, 2023, the company had 139,543 treasury shares. Reported Earnings • Nov 08
Second quarter 2024 earnings released: EPS: JP¥7.06 (vs JP¥46.76 in 2Q 2023) Second quarter 2024 results: EPS: JP¥7.06 (down from JP¥46.76 in 2Q 2023). Revenue: JP¥18.9b (down 5.6% from 2Q 2023). Net income: JP¥74.0m (down 85% from 2Q 2023). Profit margin: 0.4% (down from 2.4% in 2Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has increased by 14% per year, which means it is well ahead of earnings. New Risk • Oct 07
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: JP¥14.9b (US$100.0m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 14% per year over the past 5 years. 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¥14.9b market cap, or US$100.0m). Upcoming Dividend • Sep 21
Upcoming dividend of JP¥35.00 per share at 4.5% yield Eligible shareholders must have bought the stock before 28 September 2023. Payment date: 01 December 2023. Payout ratio is a comfortable 50% and this is well supported by cash flows. Trailing yield: 4.5%. Within top quartile of Japanese dividend payers (3.3%). Higher than average of industry peers (3.0%). Reported Earnings • Aug 04
First quarter 2024 earnings released: EPS: JP¥19.38 (vs JP¥17.71 in 1Q 2023) First quarter 2024 results: EPS: JP¥19.38 (up from JP¥17.71 in 1Q 2023). Revenue: JP¥17.4b (down 7.6% from 1Q 2023). Net income: JP¥203.0m (up 9.7% from 1Q 2023). Profit margin: 1.2% (up from 1.0% in 1Q 2023). The increase in margin was driven by lower 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 21% per year, which means it is well ahead of earnings. Reported Earnings • May 10
Full year 2023 earnings released: EPS: JP¥126 (vs JP¥173 in FY 2022) Full year 2023 results: EPS: JP¥126 (down from JP¥173 in FY 2022). Revenue: JP¥71.8b (up 3.1% from FY 2022). Net income: JP¥1.32b (down 27% from FY 2022). Profit margin: 1.8% (down from 2.6% in FY 2022). 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 19% per year, which means it is well ahead of earnings. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥30.00 per share at 5.2% yield Eligible shareholders must have bought the stock before 30 March 2023. Payment date: 07 June 2023. Payout ratio is a comfortable 50% but the company is not cash flow positive. Trailing yield: 5.2%. Within top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (3.6%). Reported Earnings • Feb 04
Third quarter 2023 earnings released: EPS: JP¥31.40 (vs JP¥54.84 in 3Q 2022) Third quarter 2023 results: EPS: JP¥31.40 (down from JP¥54.84 in 3Q 2022). Revenue: JP¥16.4b (down 11% from 3Q 2022). Net income: JP¥329.0m (down 43% from 3Q 2022). Profit margin: 2.0% (down from 3.1% in 3Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Board Change • Nov 16
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. 7 non-independent directors. Independent Outside Director Kunihiro Kamiya was the last independent director to join the board, commencing their role in 2014. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 10
Second quarter 2023 earnings released: EPS: JP¥46.76 (vs JP¥23.18 in 2Q 2022) Second quarter 2023 results: EPS: JP¥46.76 (up from JP¥23.18 in 2Q 2022). Revenue: JP¥20.0b (up 22% from 2Q 2022). Net income: JP¥489.0m (up 101% from 2Q 2022). Profit margin: 2.4% (up from 1.5% in 2Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Aankondiging • Nov 09
Daisue Construction Co., Ltd. Provides Earnings Guidance for the Year Ending March 31, 2023 Daisue Construction Co., Ltd. provided earnings guidance for the year ending March 31, 2023. FOr the year, the company expected Net sales to be JPY 70,900 Million; Operating profit to be JPY 1,500 Million; Profit attributable to owners of parent to be JPY 1,020 Million and Earnings per share to be JPY 97.57. Valuation Update With 7 Day Price Move • Oct 26
Investor sentiment deteriorated over the past week After last week's 17% share price decline to JP¥1,217, the stock trades at a trailing P/E ratio of 8.6x. Average trailing P/E is 9x in the Construction industry in Japan. Total returns to shareholders of 48% over the past three years. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥50.00 per share Eligible shareholders must have bought the stock before 29 September 2022. Payment date: 01 December 2022. Payout ratio is a comfortable 43% and this is well supported by cash flows. Trailing yield: 6.4%. Within top quartile of Japanese dividend payers (3.7%). Higher than average of industry peers (3.5%). Reported Earnings • Aug 05
First quarter 2023 earnings released: EPS: JP¥17.70 (vs JP¥50.44 in 1Q 2022) First quarter 2023 results: EPS: JP¥17.70 (down from JP¥50.44 in 1Q 2022). Revenue: JP¥18.8b (up 15% from 1Q 2022). Net income: JP¥185.0m (down 65% from 1Q 2022). Profit margin: 1.0% (down from 3.2% in 1Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has increased by 15% per year, which means it is well ahead of earnings.