New Risk • Jun 09
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: JP¥16.0b (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 Risks Earnings have declined by 41% per year over the past 5 years. High level of non-cash earnings (91% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Market cap is less than US$100m (JP¥16.0b market cap, or US$100.0m). Aankondiging • May 17
CEL Corporation to Report Q1, 2027 Results on Jul 15, 2026 CEL Corporation announced that they will report Q1, 2027 results on Jul 15, 2026 Reported Earnings • Apr 16
Full year 2026 earnings released: EPS: JP¥339 (vs JP¥418 in FY 2025) Full year 2026 results: EPS: JP¥339 (down from JP¥418 in FY 2025). Revenue: JP¥20.2b (down 16% from FY 2025). Net income: JP¥1.15b (down 19% from FY 2025). Profit margin: 5.7% (down from 5.9% in FY 2025). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has increased by 25% per year, which means it is tracking significantly ahead of earnings growth. Aankondiging • Apr 14
CEL Corporation, Annual General Meeting, May 28, 2026 CEL Corporation, Annual General Meeting, May 28, 2026. Aankondiging • Apr 07
CEL Corporation to Report Fiscal Year 2026 Results on Apr 14, 2026 CEL Corporation announced that they will report fiscal year 2026 results on Apr 14, 2026 Upcoming Dividend • Feb 19
Upcoming dividend of JP¥135 per share Eligible shareholders must have bought the stock before 26 February 2026. Payment date: 11 May 2026. Payout ratio is a comfortable 39% but the company is not cash flow positive. Trailing yield: 2.7%. Lower than top quartile of Japanese dividend payers (3.4%). Higher than average of industry peers (2.0%). Reported Earnings • Jan 15
Third quarter 2026 earnings released: EPS: JP¥51.95 (vs JP¥97.39 in 3Q 2025) Third quarter 2026 results: EPS: JP¥51.95 (down from JP¥97.39 in 3Q 2025). Revenue: JP¥4.58b (down 17% from 3Q 2025). Net income: JP¥176.0m (down 47% from 3Q 2025). Profit margin: 3.8% (down from 6.0% in 3Q 2025). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 60% per year but the company’s share price has increased by 22% per year, which means it is well ahead of earnings. Aankondiging • Jan 14
CEL Corporation (TSE:5078) announces an Equity Buyback for 100,000 shares, representing 2.88% for ¥800 million. CEL Corporation (TSE:5078) announces a share repurchase program. Under the program, the company will repurchase up to 100,000 shares, representing 2.88% of its share capital for ¥800 million. The shares will be repurchased from Makitech Co., Ltd. The purpose of the program is to implement a flexible capital policy in response to changes in the business environment. The repurchases are subject to approval from shareholders in the Ordinary General Meeting to be held on March 19, 2026. The program will be valid till March 31, 2026. As of December 31, 2025, the company had 3,466,718 issued shares (excluding treasury stock) and 25,182 treasury shares. New Risk • Dec 30
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 5.6% 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 Risks Earnings have declined by 44% 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. Share price has been volatile over the past 3 months (5.6% average weekly change). New Risk • Dec 26
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: JP¥15.5b (US$99.1m) 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 44% 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. Market cap is less than US$100m (JP¥15.5b market cap, or US$99.1m). Valuation Update With 7 Day Price Move • Dec 25
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to JP¥4,895, the stock trades at a trailing P/E ratio of 12.6x. Average trailing P/E is 12x in the Real Estate industry in Japan. Total returns to shareholders of 128% over the past three years. Aankondiging • Nov 22
CEL Corporation to Report Q3, 2026 Results on Jan 14, 2026 CEL Corporation announced that they will report Q3, 2026 results on Jan 14, 2026 New Risk • Oct 16
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. The company is paying a dividend despite having no free cash flows. Dividend yield: 2.2% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (8.7% average weekly change). Earnings have declined by 44% per year over the past 5 years. High level of non-cash earnings (54% accrual ratio). Minor Risk Paying a dividend despite having no free cash flows. Reported Earnings • Oct 15
Second quarter 2026 earnings released: EPS: JP¥91.50 (vs JP¥167 in 2Q 2025) Second quarter 2026 results: EPS: JP¥91.50 (down from JP¥167 in 2Q 2025). Revenue: JP¥5.26b (down 23% from 2Q 2025). Net income: JP¥310.0m (down 45% from 2Q 2025). Profit margin: 5.9% (down from 8.3% in 2Q 2025). The decrease in margin was driven by lower revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 109 percentage points per year, which is a significant difference in performance. Buy Or Sell Opportunity • Aug 28
Now 20% undervalued Over the last 90 days, the stock has risen 14% to JP¥5,530. The fair value is estimated to be JP¥6,916, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 18% over the last year. Earnings per share has grown by 77%. Aankondiging • Aug 09
CEL Corporation to Report Q2, 2026 Results on Oct 14, 2025 CEL Corporation announced that they will report Q2, 2026 results on Oct 14, 2025 Buy Or Sell Opportunity • Aug 08
Now 21% undervalued Over the last 90 days, the stock has risen 16% to JP¥5,530. The fair value is estimated to be JP¥6,980, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 18% over the last year. Earnings per share has grown by 77%. Buy Or Sell Opportunity • Jul 22
Now 21% undervalued Over the last 90 days, the stock has risen 19% to JP¥5,610. The fair value is estimated to be JP¥7,099, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 18% over the last year. Earnings per share has grown by 77%. Reported Earnings • Jul 17
First quarter 2026 earnings released First quarter 2026 results: Net income: (down JP¥221.0m from profit in 1Q 2025). Aankondiging • May 18
CEL Corporation to Report Q1, 2026 Results on Jul 15, 2025 CEL Corporation announced that they will report Q1, 2026 results on Jul 15, 2025 Reported Earnings • Apr 15
Full year 2025 earnings released: EPS: JP¥418 (vs JP¥322 in FY 2024) Full year 2025 results: EPS: JP¥418 (up from JP¥322 in FY 2024). Revenue: JP¥23.9b (up 3.5% from FY 2024). Net income: JP¥1.42b (up 28% from FY 2024). Profit margin: 5.9% (up from 4.8% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 142 percentage points per year, which is a significant difference in performance. Aankondiging • Apr 14
CEL Corporation, Annual General Meeting, May 27, 2025 CEL Corporation, Annual General Meeting, May 27, 2025. Valuation Update With 7 Day Price Move • Apr 14
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to JP¥4,745, the stock trades at a trailing P/E ratio of 11.9x. Average trailing P/E is 10x in the Real Estate industry in Japan. Total returns to shareholders of 169% over the past three years. Upcoming Dividend • Feb 20
Upcoming dividend of JP¥105 per share Eligible shareholders must have bought the stock before 27 February 2025. Payment date: 14 May 2025. Payout ratio is a comfortable 26% but the company is paying out more than the cash it is generating. Trailing yield: 2.3%. Lower than top quartile of Japanese dividend payers (3.8%). Lower than average of industry peers (2.7%). Aankondiging • Feb 11
CEL Corporation to Report Fiscal Year 2025 Results on Apr 14, 2025 CEL Corporation announced that they will report fiscal year 2025 results on Apr 14, 2025 New Risk • Feb 10
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 5.3% 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 have declined by 20% per year over the past 5 years. Minor Risks Dividend is not well covered by cash flows (423% cash payout ratio). Share price has been volatile over the past 3 months (5.3% average weekly change). Aankondiging • Feb 05
CEL Corporation COM STK to Be Deleted from OTC Equity CEL Corporation COM STK (Japan) will be deleted from OTC Equity effective February 04, 2025, due to Inactive Security. Reported Earnings • Jan 15
Third quarter 2025 earnings released: EPS: JP¥97.39 (vs JP¥65.40 in 3Q 2024) Third quarter 2025 results: EPS: JP¥97.39 (up from JP¥65.40 in 3Q 2024). Revenue: JP¥5.53b (up 5.9% from 3Q 2024). Net income: JP¥330.0m (up 47% from 3Q 2024). Profit margin: 6.0% (up from 4.3% in 3Q 2024). The increase in margin was driven by higher revenue. Aankondiging • Nov 12
CEL Corporation to Report Q3, 2025 Results on Jan 14, 2025 CEL Corporation announced that they will report Q3, 2025 results on Jan 14, 2025 Reported Earnings • Oct 17
Second quarter 2025 earnings released: EPS: JP¥167 (vs JP¥63.74 in 2Q 2024) Second quarter 2025 results: EPS: JP¥167 (up from JP¥63.74 in 2Q 2024). Revenue: JP¥6.81b (up 29% from 2Q 2024). Net income: JP¥565.0m (up 156% from 2Q 2024). Profit margin: 8.3% (up from 4.2% in 2Q 2024). The increase in margin was driven by higher revenue. New Risk • Sep 17
New major risk - Financial data availability The company has not reported any financial data. This is considered a major risk. With no or incomplete audited reported financial data, it is virtually impossible to assess the company's investment potential. Currently, the following risks have been identified for the company: Major Risk No financial data reported. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (JP¥14.0b market cap, or US$99.3m). Aankondiging • Jul 30
CEL Corporation to Report Q2, 2025 Results on Oct 11, 2024 CEL Corporation announced that they will report Q2, 2025 results on Oct 11, 2024 New Risk • Jul 19
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 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 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. Share price has been volatile over the past 3 months (5.7% average weekly change). Market cap is less than US$100m (JP¥14.3b market cap, or US$90.8m). Reported Earnings • Jul 16
First quarter 2025 earnings released: EPS: JP¥65.05 (vs JP¥125 in 1Q 2024) First quarter 2025 results: EPS: JP¥65.05 (down from JP¥125 in 1Q 2024). Revenue: JP¥4.78b (down 31% from 1Q 2024). Net income: JP¥221.0m (down 49% from 1Q 2024). Profit margin: 4.6% (down from 6.3% in 1Q 2024). The decrease in margin was driven by lower revenue. Reported Earnings • Jun 06
Full year 2024 earnings released: EPS: JP¥322 (vs JP¥248 in FY 2023) Full year 2024 results: EPS: JP¥322 (up from JP¥248 in FY 2023). Revenue: JP¥23.1b (up 8.1% from FY 2023). Net income: JP¥1.11b (up 30% from FY 2023). Profit margin: 4.8% (up from 4.0% in FY 2023). The increase in margin was driven by higher revenue. Aankondiging • May 29
CEL Corporation to Report Q1, 2025 Results on Jul 12, 2024 CEL Corporation announced that they will report Q1, 2025 results on Jul 12, 2024 Aankondiging • Apr 14
CEL Corporation, Annual General Meeting, May 30, 2024 CEL Corporation, Annual General Meeting, May 30, 2024. Upcoming Dividend • Feb 21
Upcoming dividend of JP¥80.00 per share Eligible shareholders must have bought the stock before 28 February 2024. Payment date: 13 May 2024. Payout ratio is a comfortable 29% and this is well supported by cash flows. Trailing yield: 2.4%. Lower than top quartile of Japanese dividend payers (3.3%). In line with average of industry peers (2.4%). Aankondiging • Feb 18
CEL Corporation to Report Fiscal Year 2024 Results on Apr 12, 2024 CEL Corporation announced that they will report fiscal year 2024 results on Apr 12, 2024 Reported Earnings • Jan 15
Third quarter 2024 earnings released: EPS: JP¥65.40 (vs JP¥106 in 3Q 2023) Third quarter 2024 results: EPS: JP¥65.40 (down from JP¥106 in 3Q 2023). Revenue: JP¥5.22b (down 22% from 3Q 2023). Net income: JP¥224.0m (down 39% from 3Q 2023). Profit margin: 4.3% (down from 5.5% in 3Q 2023). The decrease in margin was driven by lower revenue. Aankondiging • Nov 11
CEL Corporation to Report Q3, 2024 Results on Jan 12, 2024 CEL Corporation announced that they will report Q3, 2024 results on Jan 12, 2024 Aankondiging • Oct 14
CEL Corporation (TSE:5078) announces an Equity Buyback for 100,000 shares, representing 2.88% for ¥291.3 million. CEL Corporation (TSE:5078) announces a share repurchase program. Under the program, the company will repurchase up to 100,000 shares, representing 2.88% of its issued share capital (excluding treasury stock), for a total purchase price of ¥291.3 million. The shares will be repurchased at a price of ¥2,913 per share. The purpose of the program is to enable flexible implementation of capital policy. As of August 31, 2023, the company has 3,467,036 issued shares (excluding treasury stock) and 24,864 treasury shares. Reported Earnings • Oct 13
Second quarter 2024 earnings released: EPS: JP¥63.74 (vs JP¥106 in 2Q 2023) Second quarter 2024 results: EPS: JP¥63.74 (down from JP¥106 in 2Q 2023). Revenue: JP¥5.29b (down 21% from 2Q 2023). Net income: JP¥221.0m (down 40% from 2Q 2023). Profit margin: 4.2% (down from 5.5% in 2Q 2023). The decrease in margin was driven by lower revenue. Aankondiging • Aug 30
CEL Corporation to Report Q2, 2024 Results on Oct 12, 2023 CEL Corporation announced that they will report Q2, 2024 results on Oct 12, 2023 Reported Earnings • Jul 16
First quarter 2024 earnings released: EPS: JP¥125 (vs JP¥3,117 in 1Q 2023) First quarter 2024 results: EPS: JP¥125 (down from JP¥3,117 in 1Q 2023). Revenue: JP¥6.88b (up 44% from 1Q 2023). Net income: JP¥434.0m (down 96% from 1Q 2023). Profit margin: 6.3% (down from 211% in 1Q 2023). Aankondiging • May 31
CEL Corporation to Report Q1, 2024 Results on Jul 14, 2023 CEL Corporation announced that they will report Q1, 2024 results on Jul 14, 2023 Aankondiging • Nov 27
CEL Corporation to Report Q3, 2023 Results on Jan 13, 2023 CEL Corporation announced that they will report Q3, 2023 results on Jan 13, 2023 Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 12 experienced directors. No highly experienced directors. 2 independent directors (8 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Aankondiging • Aug 25
CEL Corporation to Report Q2, 2023 Results on Oct 14, 2022 CEL Corporation announced that they will report Q2, 2023 results on Oct 14, 2022 Reported Earnings • Jun 03
Full year 2022 earnings released: EPS: JP¥3,307 (vs JP¥176 in FY 2021) Full year 2022 results: EPS: JP¥3,307 (up from JP¥176 in FY 2021). Revenue: JP¥18.4b (up 7.8% from FY 2021). Net income: JP¥10.7b (up JP¥10.1b from FY 2021). Profit margin: 58% (up from 3.4% in FY 2021). Aankondiging • May 29
CEL Corporation to Report Q1, 2023 Results on Jul 15, 2022 CEL Corporation announced that they will report Q1, 2023 results on Jul 15, 2022 Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 12 experienced directors. No highly experienced directors. 2 independent directors (8 non-independent directors). was the last director to join the board, commencing their role in . 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 • Apr 15
Full year 2022 earnings released: EPS: JP¥3,307 (vs JP¥176 in FY 2021) Full year 2022 results: EPS: JP¥3,307 (up from JP¥176 in FY 2021). Revenue: JP¥18.4b (up 7.8% from FY 2021). Net income: JP¥10.7b (up JP¥10.1b from FY 2021). Profit margin: 58% (up from 3.4% in FY 2021). Aankondiging • Apr 08
CEL Corporation to Report Fiscal Year 2022 Results on Apr 14, 2022 CEL Corporation announced that they will report fiscal year 2022 results on Apr 14, 2022 Board Change • Mar 11
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. No highly experienced directors. 1 independent director (3 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. 
