Reported Earnings • Jul 25
First quarter 2026 earnings released: EPS: JP¥35.65 (vs JP¥9.37 in 1Q 2025) First quarter 2026 results: EPS: JP¥35.65 (up from JP¥9.37 in 1Q 2025). Revenue: JP¥79.3b (flat on 1Q 2025). Net income: JP¥3.73b (up 281% from 1Q 2025). Profit margin: 4.7% (up from 1.2% in 1Q 2025). Revenue is forecast to grow 3.9% p.a. on average during the next 3 years, compared to a 1.3% growth forecast for the Consumer Durables industry in Japan. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 77 percentage points per year, which is a significant difference in performance. Aankondiging • Jun 29
Fujitsu General Limited to Report Q1, 2026 Results on Jul 24, 2025 Fujitsu General Limited announced that they will report Q1, 2026 results on Jul 24, 2025 Reported Earnings • Jun 27
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: JP¥37.23 loss per share (down from JP¥29.29 profit in FY 2024). Revenue: JP¥354.1b (up 12% from FY 2024). Net loss: JP¥3.90b (down 227% from profit in FY 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 45%. Revenue is forecast to grow 3.5% p.a. on average during the next 3 years, compared to a 1.1% growth forecast for the Consumer Durables industry in Japan. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 73 percentage points per year, which is a significant difference in performance. Price Target Changed • Jun 26
Price target increased by 11% to JP¥2,227 Up from JP¥2,000, the current price target is an average from 4 analysts. New target price is 20% below last closing price of JP¥2,799. The company is forecast to post earnings per share of JP¥82.42 next year compared to a net loss per share of JP¥37.23 last year. Board Change • Jun 26
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Corporate EVP, Chief Strategy Officer, Chief Legal & Risk Management Officer and Director Susumu Ohkawara was the last director to join the board, commencing their role in 2025. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Aankondiging • Jun 04
Fujitsu General Limited(TSE:6755) dropped from FTSE All-World Index (USD) Fujitsu General Limited(TSE:6755) dropped from FTSE All-World Index (USD) Reported Earnings • Apr 26
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: JP¥37.23 loss per share (down from JP¥29.29 profit in FY 2024). Revenue: JP¥354.1b (up 12% from FY 2024). Net loss: JP¥3.90b (down 227% from profit in FY 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 45%. Revenue is forecast to grow 3.2% p.a. on average during the next 3 years, while revenues in the Consumer Durables industry in Japan are expected to remain flat. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 77 percentage points per year, which is a significant difference in performance. Aankondiging • Apr 25
Fujitsu General Limited, Annual General Meeting, Jun 26, 2025 Fujitsu General Limited, Annual General Meeting, Jun 26, 2025. Aankondiging • Mar 22
Fujitsu General Limited to Report Fiscal Year 2025 Results on Apr 25, 2025 Fujitsu General Limited announced that they will report fiscal year 2025 results on Apr 25, 2025 Reported Earnings • Jan 28
Third quarter 2025 earnings: EPS and revenues exceed analyst expectations Third quarter 2025 results: EPS: JP¥8.31 (up from JP¥20.85 loss in 3Q 2024). Revenue: JP¥71.7b (up 15% from 3Q 2024). Net income: JP¥871.0m (up JP¥3.06b from 3Q 2024). Profit margin: 1.2% (up from net loss in 3Q 2024). Revenue exceeded analyst estimates by 1.9%. Earnings per share (EPS) also surpassed analyst estimates. Revenue is forecast to grow 3.1% p.a. on average during the next 3 years, compared to a 1.1% growth forecast for the Consumer Durables industry in Japan. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 71 percentage points per year, which is a significant difference in performance. New Risk • Jan 07
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Japanese stocks, typically moving 7.5% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. This is currently the only risk that has been identified for the company. Price Target Changed • Jan 07
Price target increased by 7.6% to JP¥2,000 Up from JP¥1,858, the current price target is an average from 5 analysts. New target price is 27% below last closing price of JP¥2,748. Stock is up 19% over the past year. The company is forecast to post a net loss per share of JP¥67.79 compared to earnings per share of JP¥29.29 last year. Aankondiging • Jan 03
Fujitsu General Limited to Report Q3, 2025 Results on Jan 27, 2025 Fujitsu General Limited announced that they will report Q3, 2025 results on Jan 27, 2025 Declared Dividend • Dec 04
First half dividend of JP¥19.00 announced Shareholders will receive a dividend of JP¥19.00. Ex-date: 28th March 2025 Payment date: 19th June 2025 Dividend yield will be 1.8%, which is higher than the industry average of 1.6%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months. However, the dividend is well covered by cash flows (12% cash payout ratio). The dividend has increased by an average of 12% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. Buy Or Sell Opportunity • Oct 28
Now 24% overvalued Over the last 90 days, the stock has fallen 2.1% to JP¥1,862. The fair value is estimated to be JP¥1,501, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 5.9% over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • Oct 26
Second quarter 2025 earnings released: JP¥106 loss per share (vs JP¥7.47 profit in 2Q 2024) Second quarter 2025 results: JP¥106 loss per share (down from JP¥7.47 profit in 2Q 2024). Revenue: JP¥91.9b (up 9.2% from 2Q 2024). Net loss: JP¥11.1b (down JP¥11.9b from profit in 2Q 2024). Revenue is forecast to grow 4.2% p.a. on average during the next 3 years, compared to a 1.6% growth forecast for the Consumer Durables industry in Japan. Over the last 3 years on average, earnings per share has fallen by 50% per year but the company’s share price has only fallen by 14% per year, which means it has not declined as severely as earnings. Major Estimate Revision • Oct 25
Consensus EPS estimates fall by 50%, revenue upgraded The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast increased from JP¥342.0b to JP¥346.9b. EPS estimate fell from JP¥71.40 to JP¥35.55 per share. Net income forecast to grow 1,298% next year vs 0.9% growth forecast for Consumer Durables industry in Japan. Consensus price target down from JP¥1,900 to JP¥1,858. Share price fell 15% to JP¥1,775 over the past week. Aankondiging • Oct 04
Fujitsu General Limited to Report Q2, 2025 Results on Oct 24, 2024 Fujitsu General Limited announced that they will report Q2, 2025 results on Oct 24, 2024 Upcoming Dividend • Sep 20
Upcoming dividend of JP¥19.00 per share Eligible shareholders must have bought the stock before 27 September 2024. Payment date: 04 December 2024. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 1.8%. Lower than top quartile of Japanese dividend payers (3.8%). In line with average of industry peers (1.8%). Buy Or Sell Opportunity • Sep 18
Now 21% overvalued Over the last 90 days, the stock has fallen 2.8% to JP¥2,072. The fair value is estimated to be JP¥1,709, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 6.9% over the last 3 years. Earnings per share has declined by 28%. For the next 3 years, revenue is forecast to grow by 5.0% per annum. Earnings are also forecast to grow by 33% per annum over the same time period. New Risk • Aug 05
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 6.4% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by earnings (dividend per share is over 9x earnings per share). Share price has been volatile over the past 3 months (6.4% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.1% net profit margin). Reported Earnings • Jul 31
First quarter 2025 earnings released: EPS: JP¥9.37 (vs JP¥34.68 in 1Q 2024) First quarter 2025 results: EPS: JP¥9.37 (down from JP¥34.68 in 1Q 2024). Revenue: JP¥79.7b (up 17% from 1Q 2024). Net income: JP¥981.0m (down 73% from 1Q 2024). Profit margin: 1.2% (down from 5.3% in 1Q 2024). Revenue is forecast to grow 5.2% p.a. on average during the next 3 years, compared to a 2.0% growth forecast for the Consumer Durables 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 11% per year, which means it has not declined as severely as earnings. Declared Dividend • Jul 11
Final dividend of JP¥19.00 announced Shareholders will receive a dividend of JP¥19.00. Ex-date: 27th September 2024 Payment date: 4th December 2024 Dividend yield will be 1.8%, which is higher than the industry average of 1.6%. Sustainability & Growth Dividend is well covered by both earnings (42% earnings payout ratio) and cash flows (12% cash payout ratio). The dividend has increased by an average of 12% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 107% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Jun 28
Full year 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2024 results: EPS: JP¥29.29 (down from JP¥83.04 in FY 2023). Revenue: JP¥316.5b (down 15% from FY 2023). Net income: JP¥3.07b (down 65% from FY 2023). Profit margin: 1.0% (down from 2.3% in FY 2023). Revenue exceeded analyst estimates by 2.7%. Earnings per share (EPS) missed analyst estimates by 30%. Revenue is forecast to grow 5.6% p.a. on average during the next 3 years, compared to a 1.9% growth forecast for the Consumer Durables industry in Japan. Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. Major Estimate Revision • May 18
Consensus EPS estimates increase by 20% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate increased from JP¥72.49 to JP¥86.66. Revenue forecast unchanged at JP¥343.5b. Net income forecast to grow 196% next year vs 2.0% growth forecast for Consumer Durables industry in Japan. Consensus price target of JP¥2,071 unchanged from last update. Share price rose 3.4% to JP¥2,214 over the past week. Valuation Update With 7 Day Price Move • May 02
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to JP¥2,107, the stock trades at a forward P/E ratio of 29x. Average forward P/E is 12x in the Consumer Durables industry in Japan. Total loss to shareholders of 24% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥1,322 per share. Price Target Changed • Apr 28
Price target decreased by 8.5% to JP¥2,071 Down from JP¥2,264, the current price target is an average from 7 analysts. New target price is 5.1% above last closing price of JP¥1,970. Stock is down 44% over the past year. The company is forecast to post earnings per share of JP¥72.49 for next year compared to JP¥29.29 last year. Reported Earnings • Apr 26
Full year 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2024 results: EPS: JP¥29.29 (down from JP¥83.04 in FY 2023). Revenue: JP¥316.5b (down 15% from FY 2023). Net income: JP¥3.07b (down 65% from FY 2023). Profit margin: 1.0% (down from 2.3% in FY 2023). Revenue exceeded analyst estimates by 2.7%. Earnings per share (EPS) missed analyst estimates by 32%. Revenue is forecast to grow 5.2% p.a. on average during the next 3 years, compared to a 2.1% growth forecast for the Consumer Durables industry in Japan. Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has only fallen by 12% per year, which means it has not declined as severely as earnings. Major Estimate Revision • Apr 26
Consensus EPS estimates fall by 23% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate fell from JP¥91.98 to JP¥70.55 per share. Revenue forecast steady at JP¥335.0b. Net income forecast to shrink 27% next year vs 2.1% growth forecast for Consumer Durables industry in Japan . Consensus price target of JP¥2,107 unchanged from last update. Share price rose 11% to JP¥1,970 over the past week. Aankondiging • Apr 26
Fujitsu General Limited, Annual General Meeting, Jun 18, 2024 Fujitsu General Limited, Annual General Meeting, Jun 18, 2024. Major Estimate Revision • Apr 14
Consensus EPS estimates fall by 24% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from JP¥324.9b to JP¥308.0b. EPS estimate also fell from JP¥56.22 per share to JP¥42.96 per share. Net income forecast to shrink 3.9% next year vs 1.8% growth forecast for Consumer Durables industry in Japan . Consensus price target down from JP¥2,264 to JP¥2,107. Share price was steady at JP¥1,806 over the past week. Aankondiging • Apr 03
Fujitsu General Limited to Report Fiscal Year 2024 Results on Apr 25, 2024 Fujitsu General Limited announced that they will report fiscal year 2024 results on Apr 25, 2024 Upcoming Dividend • Mar 21
Upcoming dividend of JP¥18.00 per share Eligible shareholders must have bought the stock before 28 March 2024. Payment date: 01 July 2024. Payout ratio is a comfortable 42% and this is well supported by cash flows. Trailing yield: 1.8%. Lower than top quartile of Japanese dividend payers (3.2%). Higher than average of industry peers (1.6%). Major Estimate Revision • Mar 20
Consensus EPS estimates fall by 17% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from JP¥337.3b to JP¥327.3b. EPS estimate also fell from JP¥89.44 per share to JP¥74.28 per share. Net income forecast to grow 19% next year vs 3.3% growth forecast for Consumer Durables industry in Japan. Consensus price target down from JP¥2,421 to JP¥2,264. Share price rose 2.5% to JP¥1,940 over the past week. Price Target Changed • Mar 19
Price target decreased by 10% to JP¥2,264 Down from JP¥2,517, the current price target is an average from 7 analysts. New target price is 17% above last closing price of JP¥1,940. Stock is down 49% over the past year. The company is forecast to post earnings per share of JP¥78.71 for next year compared to JP¥83.04 last year. Price Target Changed • Jan 26
Price target decreased by 8.6% to JP¥2,421 Down from JP¥2,650, the current price target is an average from 7 analysts. New target price is 10% above last closing price of JP¥2,194. Stock is down 39% over the past year. The company is forecast to post earnings per share of JP¥89.44 for next year compared to JP¥83.04 last year. Major Estimate Revision • Jan 26
Consensus EPS estimates increase by 14%, revenue downgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast fell from JP¥346.3b to JP¥340.6b. EPS estimate rose from JP¥114 to JP¥130. Net income forecast to grow 58% next year vs 2.8% growth forecast for Consumer Durables industry in Japan. Consensus price target down from JP¥2,650 to JP¥2,471. Share price rose 2.2% to JP¥2,194 over the past week. Aankondiging • Jan 25
Fujitsu General Limited Revises Consolidated Earnings Guidance for the Full Year Ending March 31, 2024 Fujitsu General Limited revised consolidated earnings guidance for the full year ending March 31, 2024. For the full year, the company expects to report net sales of JPY 310,000 million, operating profit of JPY 4,000 million, ordinary profit of JPY 8,000 million, profit attributable to owners of parent of JPY 5,000 million and basic earnings per share of JPY 47.74. Price Target Changed • Jan 18
Price target decreased by 8.5% to JP¥2,517 Down from JP¥2,750, the current price target is an average from 6 analysts. New target price is 21% above last closing price of JP¥2,088. Stock is down 41% over the past year. The company is forecast to post earnings per share of JP¥120 for next year compared to JP¥83.04 last year. Aankondiging • Dec 03
Fujitsu General Limited to Report Q3, 2024 Results on Jan 25, 2024 Fujitsu General Limited announced that they will report Q3, 2024 results on Jan 25, 2024 Reported Earnings • Oct 26
Second quarter 2024 earnings: EPS and revenues miss analyst expectations Second quarter 2024 results: EPS: JP¥7.47 (down from JP¥15.77 in 2Q 2023). Revenue: JP¥84.1b (down 16% from 2Q 2023). Net income: JP¥782.0m (down 53% from 2Q 2023). Profit margin: 0.9% (down from 1.7% in 2Q 2023). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 4.9%. Earnings per share (EPS) also missed analyst estimates by 24%. Revenue is forecast to grow 5.9% p.a. on average during the next 3 years, compared to a 2.4% growth forecast for the Consumer Durables industry in Japan. Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Aankondiging • Sep 28
Fujitsu General Limited to Report Q2, 2024 Results on Oct 24, 2023 Fujitsu General Limited announced that they will report Q2, 2024 results on Oct 24, 2023 Upcoming Dividend • Sep 21
Upcoming dividend of JP¥18.00 per share at 1.3% yield Eligible shareholders must have bought the stock before 28 September 2023. Payment date: 04 December 2023. Payout ratio is a comfortable 40% but the company is not cash flow positive. Trailing yield: 1.3%. Lower than top quartile of Japanese dividend payers (3.3%). Lower than average of industry peers (1.6%). Price Target Changed • Aug 24
Price target decreased by 10% to JP¥2,933 Down from JP¥3,267, the current price target is an average from 6 analysts. New target price is 7.3% above last closing price of JP¥2,735. Stock is down 5.6% over the past year. The company is forecast to post earnings per share of JP¥139 for next year compared to JP¥83.04 last year. Reported Earnings • Jul 26
First quarter 2024 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2024 results: EPS: JP¥34.68 (up from JP¥31.78 in 1Q 2023). Revenue: JP¥68.0b (down 18% from 1Q 2023). Net income: JP¥3.63b (up 9.2% from 1Q 2023). Profit margin: 5.3% (up from 4.0% in 1Q 2023). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 22%. Earnings per share (EPS) exceeded analyst estimates by 48%. Revenue is forecast to grow 5.5% p.a. on average during the next 3 years, compared to a 3.1% growth forecast for the Consumer Durables 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 4% per year, which means it is well ahead of earnings. Aankondiging • Jul 14
Fujitsu General Limited to Report Q1, 2024 Results on Jul 25, 2023 Fujitsu General Limited announced that they will report Q1, 2024 results on Jul 25, 2023 Reported Earnings • Apr 29
Full year 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2023 results: EPS: JP¥83.04 (up from JP¥35.56 in FY 2022). Revenue: JP¥371.0b (up 31% from FY 2022). Net income: JP¥8.69b (up 134% from FY 2022). Profit margin: 2.3% (up from 1.3% in FY 2022). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.2%. Earnings per share (EPS) missed analyst estimates by 16%. Revenue is forecast to grow 4.6% p.a. on average during the next 3 years, compared to a 3.0% growth forecast for the Consumer Durables industry in Japan. 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 27% per year, which means it is well ahead of earnings. Major Estimate Revision • Mar 24
Consensus EPS estimates fall by 21% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from JP¥373.5b to JP¥365.9b. EPS estimate also fell from JP¥128 per share to JP¥101 per share. Net income forecast to grow 381% next year vs 8.0% growth forecast for Consumer Durables industry in Japan. Consensus price target broadly unchanged at JP¥3,157. Share price fell 8.6% to JP¥3,540 over the past week. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥17.00 per share at 1.0% yield Eligible shareholders must have bought the stock before 30 March 2023. Payment date: 19 June 2023. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 1.0%. Lower than top quartile of Japanese dividend payers (3.6%). Lower than average of industry peers (1.8%). Reported Earnings • Jan 26
Third quarter 2023 earnings: EPS and revenues miss analyst expectations Third quarter 2023 results: JP¥26.39 loss per share (further deteriorated from JP¥1.21 loss in 3Q 2022). Revenue: JP¥73.8b (up 16% from 3Q 2022). Net loss: JP¥2.76b (loss widened JP¥2.64b from 3Q 2022). Revenue missed analyst estimates by 13%. Earnings per share (EPS) were also behind analyst expectations. Revenue is forecast to grow 4.0% p.a. on average during the next 3 years, compared to a 3.5% growth forecast for the Consumer Durables industry in Japan. Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has increased by 14% per year, which means it is well ahead of earnings. Price Target Changed • Jan 20
Price target increased to JP¥3,071 Up from JP¥2,786, the current price target is an average from 7 analysts. New target price is 15% below last closing price of JP¥3,595. Stock is up 40% over the past year. The company is forecast to post earnings per share of JP¥136 for next year compared to JP¥35.56 last year. Aankondiging • Dec 04
Fujitsu General Limited to Report Q3, 2023 Results on Jan 25, 2023 Fujitsu General Limited announced that they will report Q3, 2023 results on Jan 25, 2023 Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 7 non-independent directors. Independent External Director Osami Maehara was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Oct 27
Second quarter 2023 earnings: EPS and revenues exceed analyst expectations Second quarter 2023 results: EPS: JP¥15.77 (up from JP¥4.74 loss in 2Q 2022). Revenue: JP¥100.0b (up 67% from 2Q 2022). Net income: JP¥1.65b (up JP¥2.15b from 2Q 2022). Profit margin: 1.7% (up from net loss in 2Q 2022). The move to profitability was driven by higher revenue. Revenue exceeded analyst estimates by 4.5%. Earnings per share (EPS) also surpassed analyst estimates by 6.8%. Revenue is forecast to grow 4.1% p.a. on average during the next 3 years, compared to a 3.6% growth forecast for the Consumer Durables 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 18% per year, which means it is well ahead of earnings. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥17.00 per share Eligible shareholders must have bought the stock before 29 September 2022. Payment date: 02 December 2022. Payout ratio is on the higher end at 99% but the company is not cash flow positive. Trailing yield: 1.2%. Lower than top quartile of Japanese dividend payers (3.7%). Lower than average of industry peers (1.9%). Buying Opportunity • Aug 31
Now 20% undervalued Over the last 90 days, the stock is up 20%. The fair value is estimated to be JP¥3,707, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.8% over the last 3 years. Earnings per share has declined by 5.4%. For the next 3 years, revenue is forecast to grow by 5.5% per annum. Earnings is also forecast to grow by 19% per annum over the same time period. Reported Earnings • Jul 27
First quarter 2023 earnings: EPS and revenues exceed analyst expectations First quarter 2023 results: EPS: JP¥31.78 (down from JP¥35.00 in 1Q 2022). Revenue: JP¥82.9b (up 11% from 1Q 2022). Net income: JP¥3.33b (down 9.2% from 1Q 2022). Profit margin: 4.0% (down from 4.9% in 1Q 2022). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 3.9%. Earnings per share (EPS) also surpassed analyst estimates by 1.4%. Over the next year, revenue is forecast to grow 15%, compared to a 9.7% growth forecast for the industry in Japan. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 16% per year, which means it is well ahead of earnings. Reported Earnings • Jun 26
Full year 2022 earnings: Revenues miss analyst expectations Full year 2022 results: Revenue: JP¥284.1b (up 7.0% from FY 2021). Net income: JP¥3.72b (down 71% from FY 2021). Profit margin: 1.3% (down from 4.9% in FY 2021). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 5.5%. Over the next year, revenue is forecast to grow 17%, compared to a 9.1% growth forecast for the industry in Japan. Over the last 3 years on average, earnings per share has increased by 13% per year whereas the company’s share price has increased by 15% per year. Reported Earnings • Apr 30
Full year 2022 earnings: EPS and revenues miss analyst expectations Full year 2022 results: EPS: JP¥35.56 (down from JP¥124 in FY 2021). Revenue: JP¥284.1b (up 7.0% from FY 2021). Net income: JP¥3.72b (down 71% from FY 2021). Profit margin: 1.3% (down from 4.9% in FY 2021). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 5.5%. Earnings per share (EPS) also missed analyst estimates by 61%. Over the next year, revenue is forecast to grow 16%, compared to a 5.6% growth forecast for the industry in Japan. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has increased by 13% per year, which means it is tracking significantly ahead of earnings growth. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 7 non-independent directors. Independent External Director Osami Maehara was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥16.00 per share Eligible shareholders must have bought the stock before 30 March 2022. Payment date: 18 June 2022. Payout ratio is a comfortable 36% but the company is not cash flow positive. Trailing yield: 1.4%. Lower than top quartile of Japanese dividend payers (3.4%). Lower than average of industry peers (1.6%). Major Estimate Revision • Feb 10
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate fell from JP¥118 to JP¥106 per share. Revenue forecast steady at JP¥298.2b. Net income forecast to grow 55% next year vs 9.9% growth forecast for Consumer Durables industry in Japan. Consensus price target down from JP¥2,936 to JP¥2,764. Share price rose 5.8% to JP¥2,546 over the past week. Major Estimate Revision • Feb 03
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate fell from JP¥122 to JP¥108. Revenue forecast unchanged from JP¥298.5b at last update. Net income forecast to grow 57% next year vs 3.4% growth forecast for Consumer Durables industry in Japan. Consensus price target down from JP¥3,053 to JP¥2,893. Share price rose 6.5% to JP¥2,407 over the past week. Reported Earnings • Jan 28
Third quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2022 results: JP¥1.21 loss per share (down from JP¥8.16 profit in 3Q 2021). Revenue: JP¥63.7b (up 20% from 3Q 2021). Net loss: JP¥127.0m (down 115% from profit in 3Q 2021). Revenue exceeded analyst estimates by 5.6%. Earnings per share (EPS) missed analyst estimates. Over the next year, revenue is forecast to grow 9.1%, compared to a 6.2% growth forecast for the industry in Japan. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has increased by 17% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Oct 27
Second quarter 2022 earnings released: JP¥4.74 loss per share (vs JP¥26.63 profit in 2Q 2021) The company reported a poor second quarter result with weaker earnings, revenues and control over costs. Second quarter 2022 results: Revenue: JP¥59.8b (down 13% from 2Q 2021). Net loss: JP¥496.0m (down 118% from profit in 2Q 2021). Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has increased by 20% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥16.00 per share Eligible shareholders must have bought the stock before 29 September 2021. Payment date: 02 December 2021. Trailing yield: 1.1%. Lower than top quartile of Japanese dividend payers (3.0%). Lower than average of industry peers (1.4%). Reported Earnings • Jul 30
First quarter 2022 earnings released: EPS JP¥35.00 (vs JP¥32.63 in 1Q 2021) The company reported a solid first quarter result with improved earnings and revenues, although profit margins were weaker. First quarter 2022 results: Revenue: JP¥74.7b (up 29% from 1Q 2021). Net income: JP¥3.66b (up 7.3% from 1Q 2021). Profit margin: 4.9% (down from 5.9% in 1Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has increased by 18% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Jun 24
Full year 2021 earnings released: EPS JP¥124 (vs JP¥55.10 in FY 2020) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2021 results: Revenue: JP¥265.5b (up 1.3% from FY 2020). Net income: JP¥13.0b (up 126% from FY 2020). Profit margin: 4.9% (up from 2.2% in FY 2020). The increase in margin was primarily driven by lower expenses. 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 19% per year, which means it is well ahead of earnings. Reported Earnings • Apr 28
Full year 2021 earnings released: EPS JP¥124 (vs JP¥55.10 in FY 2020) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2021 results: Revenue: JP¥265.5b (up 1.3% from FY 2020). Net income: JP¥13.0b (up 126% from FY 2020). Profit margin: 4.9% (up from 2.2% in FY 2020). The increase in margin was primarily driven by lower expenses. 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 18% per year, which means it is well ahead of earnings.