Declared Dividend • Jul 25
Final dividend of JP¥37.50 announced Dividend of JP¥37.50 is the same as last year. Ex-date: 29th September 2026 Payment date: 1st December 2026 Dividend yield will be 3.5%, which is higher than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 2.3% 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. Earnings per share has grown by 5.4% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Jul 01
FIDEA Holdings Co. Ltd. to Report Q1, 2027 Results on Aug 07, 2026 FIDEA Holdings Co. Ltd. announced that they will report Q1, 2027 results on Aug 07, 2026 Board Change • Jul 01
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Outside Director Yoshiko Hayama 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. Reported Earnings • May 20
Full year 2026 earnings released: EPS: JP¥229 (vs JP¥156 in FY 2025) Full year 2026 results: EPS: JP¥229 (up from JP¥156 in FY 2025). Revenue: JP¥49.3b (up 7.7% from FY 2025). Net income: JP¥4.13b (up 47% from FY 2025). Profit margin: 8.4% (up from 6.2% in FY 2025). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Announcement • May 10
FIDEA Holdings Co. Ltd. to Report Fiscal Year 2026 Results on May 15, 2026 FIDEA Holdings Co. Ltd. announced that they will report fiscal year 2026 results on May 15, 2026 Buy Or Sell Opportunity • Apr 27
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 5.8% to JP¥1,878. The fair value is estimated to be JP¥2,352, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 10%. Buy Or Sell Opportunity • Mar 23
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 1.5% to JP¥1,848. The fair value is estimated to be JP¥2,317, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 10%. Reported Earnings • Feb 16
Third quarter 2026 earnings released: EPS: JP¥67.94 (vs JP¥122 in 3Q 2025) Third quarter 2026 results: EPS: JP¥67.94 (down from JP¥122 in 3Q 2025). Revenue: JP¥12.3b (down 15% from 3Q 2025). Net income: JP¥1.23b (down 44% from 3Q 2025). Profit margin: 10.0% (down from 15% in 3Q 2025). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 10% per year whereas the company’s share price has increased by 14% per year. Buy Or Sell Opportunity • Dec 16
Now 21% undervalued Over the last 90 days, the stock has risen 10% to JP¥1,793. The fair value is estimated to be JP¥2,280, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Declared Dividend • Dec 02
First half dividend of JP¥37.50 announced Dividend of JP¥37.50 is the same as last year. Ex-date: 30th March 2026 Payment date: 3rd June 2026 Dividend yield will be 4.2%, which is higher than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 4.1% 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. Earnings per share has grown by 40% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Nov 18
Second quarter 2026 earnings released: EPS: JP¥41.40 (vs JP¥23.60 loss in 2Q 2025) Second quarter 2026 results: EPS: JP¥41.40 (up from JP¥23.60 loss in 2Q 2025). Revenue: JP¥11.8b (up 21% from 2Q 2025). Net income: JP¥747.0m (up JP¥1.17b from 2Q 2025). Profit margin: 6.3% (up from net loss in 2Q 2025). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Announcement • Oct 10
FIDEA Holdings Co. Ltd. to Report Q2, 2026 Results on Nov 14, 2025 FIDEA Holdings Co. Ltd. announced that they will report Q2, 2026 results on Nov 14, 2025 Upcoming Dividend • Sep 22
Upcoming dividend of JP¥37.50 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: 4.6%. Within top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (3.1%). Reported Earnings • Aug 10
First quarter 2026 earnings released: EPS: JP¥64.53 (vs JP¥63.14 in 1Q 2025) First quarter 2026 results: EPS: JP¥64.53 (up from JP¥63.14 in 1Q 2025). Revenue: JP¥11.7b (down 2.4% from 1Q 2025). Net income: JP¥1.16b (up 2.0% from 1Q 2025). Profit margin: 10.0% (in line with 1Q 2025). Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Declared Dividend • Jul 09
Final dividend of JP¥37.50 announced Dividend of JP¥37.50 is the same as last year. Ex-date: 29th September 2025 Payment date: 2nd December 2025 Dividend yield will be 5.1%, which is higher than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 4.1% 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. Earnings per share has grown by 18% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Jun 25
FIDEA Holdings Co. Ltd. to Report Q1, 2026 Results on Aug 08, 2025 FIDEA Holdings Co. Ltd. announced that they will report Q1, 2026 results on Aug 08, 2025 Reported Earnings • May 21
Full year 2025 earnings released: EPS: JP¥156 (vs JP¥65.15 in FY 2024) Full year 2025 results: EPS: JP¥156 (up from JP¥65.15 in FY 2024). Revenue: JP¥47.9b (up 10% from FY 2024). Net income: JP¥2.82b (up 139% from FY 2024). Profit margin: 5.9% (up from 2.7% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Announcement • May 15
FIDEA Holdings Co. Ltd., Annual General Meeting, Jun 24, 2025 FIDEA Holdings Co. Ltd., Annual General Meeting, Jun 24, 2025. Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to JP¥1,273, the stock trades at a trailing P/E ratio of 10.2x. Average trailing P/E is 9x in the Banks industry in Japan. Total returns to shareholders of 16% over the past three years. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥37.50 per share Eligible shareholders must have bought the stock before 28 March 2025. Payment date: 02 June 2025. Payout ratio is a comfortable 60% but the company is not cash flow positive. Trailing yield: 4.7%. Within top quartile of Japanese dividend payers (3.7%). Higher than average of industry peers (3.1%). Announcement • Mar 11
FIDEA Holdings Co. Ltd. to Report Fiscal Year 2025 Results on May 15, 2025 FIDEA Holdings Co. Ltd. announced that they will report fiscal year 2025 results on May 15, 2025 Reported Earnings • Feb 16
Third quarter 2025 earnings released: EPS: JP¥122 (vs JP¥54.60 in 3Q 2024) Third quarter 2025 results: EPS: JP¥122 (up from JP¥54.60 in 3Q 2024). Revenue: JP¥14.4b (up 23% from 3Q 2024). Net income: JP¥2.21b (up 124% from 3Q 2024). Profit margin: 15% (up from 8.4% 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 38% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Announcement • Dec 17
FIDEA Holdings Co. Ltd. to Report Q3, 2025 Results on Feb 14, 2025 FIDEA Holdings Co. Ltd. announced that they will report Q3, 2025 results on Feb 14, 2025 Declared Dividend • Dec 03
First half dividend of JP¥37.50 announced Dividend of JP¥37.50 is the same as last year. Ex-date: 28th March 2025 Payment date: 2nd June 2025 Dividend yield will be 5.3%, which is higher than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 4.1% 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. The company's earnings per share (EPS) would need to decline by 26% to shift the payout ratio to a potentially unsustainable range, which is more than the 21% EPS decline seen over the last 5 years. Reported Earnings • Nov 10
Second quarter 2025 earnings released: JP¥23.60 loss per share (vs JP¥4.98 loss in 2Q 2024) Second quarter 2025 results: JP¥23.60 loss per share (further deteriorated from JP¥4.98 loss in 2Q 2024). Revenue: JP¥12.3b (up 20% from 2Q 2024). Net loss: JP¥425.0m (loss widened 372% from 2Q 2024). Over the last 3 years on average, earnings per share has fallen by 42% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Announcement • Oct 28
FIDEA Holdings Co. Ltd. Revises Consolidated Earnings Guidance for the First Half Ending September 30, 2024 FIDEA Holdings Co. Ltd. revised consolidated earnings guidance for the first half ending September 30, 2024. For the first half, the company now expects ordinary profit to be JPY 1,250 million, profit attributable to owners of parent to be JPY 750 million and earnings per share to be JPY 41.59 against previous forecast of ordinary profit of JPY 1,000 million, profit attributable to owners of parent of JPY 750 million and earnings per share of JPY 41.45. Reason for revision: The Company announced the financial results forecast as ordinary income is expected to increase by more than 10% compared to the same period last year, mainly due to increases in interest on loans and gains on sales of securities. In addition, the Company has revised its consolidated financial results forecasts upward for ordinary profit, due to net interest income such as interest on loans, net fees and commissions and gains related stocks are expected to exceed its plans and cost reductions continue to progress. Upcoming Dividend • Sep 20
Upcoming dividend of JP¥37.50 per share Eligible shareholders must have bought the stock before 27 September 2024. Payment date: 04 December 2024. Payout ratio is on the higher end at 100%, however this is supported by cash flows. Trailing yield: 5.1%. Within top quartile of Japanese dividend payers (3.8%). Higher than average of industry peers (3.5%). Announcement • Sep 11
FIDEA Holdings Co. Ltd. to Report Q2, 2025 Results on Nov 08, 2024 FIDEA Holdings Co. Ltd. announced that they will report Q2, 2025 results on Nov 08, 2024 Reported Earnings • Aug 13
First quarter 2025 earnings released: EPS: JP¥63.14 (vs JP¥53.16 in 1Q 2024) First quarter 2025 results: EPS: JP¥63.14 (up from JP¥53.16 in 1Q 2024). Revenue: JP¥11.9b (up 9.3% from 1Q 2024). Net income: JP¥1.14b (up 19% from 1Q 2024). Profit margin: 9.5% (in line with 1Q 2024). 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 7% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to JP¥1,277, the stock trades at a trailing P/E ratio of 19.5x. Average trailing P/E is 10x in the Banks industry in Japan. Total returns to shareholders of 23% over the past three years. Reported Earnings • Jun 23
Full year 2024 earnings released: EPS: JP¥65.15 (vs JP¥179 in FY 2023) Full year 2024 results: EPS: JP¥65.15 (down from JP¥179 in FY 2023). Revenue: JP¥43.4b (down 8.1% from FY 2023). Net income: JP¥1.18b (down 64% from FY 2023). Profit margin: 2.7% (down from 6.9% in FY 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Announcement • Jun 08
FIDEA Holdings Co. Ltd. to Report Q1, 2025 Results on Aug 08, 2024 FIDEA Holdings Co. Ltd. announced that they will report Q1, 2025 results on Aug 08, 2024 Reported Earnings • May 19
Full year 2024 earnings released: EPS: JP¥65.15 (vs JP¥179 in FY 2023) Full year 2024 results: EPS: JP¥65.15 (down from JP¥179 in FY 2023). Revenue: JP¥45.6b (down 3.5% from FY 2023). Net income: JP¥1.18b (down 64% from FY 2023). Profit margin: 2.6% (down from 6.9% in FY 2023). Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Announcement • May 16
FIDEA Holdings Co. Ltd., Annual General Meeting, Jun 21, 2024 FIDEA Holdings Co. Ltd., Annual General Meeting, Jun 21, 2024. Announcement • May 15
FIDEA Holdings Co. Ltd. (TSE:8713) announces an Equity Buyback for 100,000 shares, representing 0.55% for ¥180 million. FIDEA Holdings Co. Ltd. (TSE:8713) announces a share repurchase program. Under the program, the company will repurchase up to 100,000 shares, representing 0.55% of its share capital, for ¥180 million. The shares will be repurchased for the purpose of allocating the shares to be issued to recipients of the restricted stock compensation plan. The program will expire on June 21, 2024. As of March 31, 2024, the company had 18,142,122 shares in issue (excluding treasury stock) and 48,594 shares in treasury. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥37.50 per share Eligible shareholders must have bought the stock before 28 March 2024. Payment date: 03 June 2024. Payout ratio is on the higher end at 88%, however this is supported by cash flows. Trailing yield: 4.5%. Within top quartile of Japanese dividend payers (3.2%). Higher than average of industry peers (2.9%). Announcement • Mar 20
FIDEA Holdings Co. Ltd. to Report Fiscal Year 2024 Results on May 14, 2024 FIDEA Holdings Co. Ltd. announced that they will report fiscal year 2024 results on May 14, 2024 Reported Earnings • Feb 10
Third quarter 2024 earnings released: EPS: JP¥54.59 (vs JP¥68.32 in 3Q 2023) Third quarter 2024 results: EPS: JP¥54.59 (down from JP¥68.32 in 3Q 2023). Revenue: JP¥13.1b (up 8.9% from 3Q 2023). Net income: JP¥988.0m (down 20% from 3Q 2023). Profit margin: 7.5% (down from 10% in 3Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Announcement • Jan 26
Two Banks in Japan's Tohoku Region Eyeing Merger in Fiscal Year 2026 Japan's FIDEA Holdings Co. Ltd. (TSE:8713) said January 25, 2024 that its two subsidiary banks decided the same day to promote talks with an aim to merge in fiscal 2026, in an effort to enhance their operations amid the adverse business environment, such as ultralow interest rates and falling populations. This would mark the first merger between regional banks operating in different prefectures in the Tohoku northeastern Japan region. The two institutions are The Shonai Bank, Ltd., based in the city of Tsuruoka in Yamagata Prefecture, and Hokuto Bank, Ltd., based in the city of Akita, the capital of the namesake prefecture. Shonai Bank President Masahiko Matsuda said, "The strengths of the two banks will be combined at a deeper level if we become one in both name and reality," while Hokuto Bank President Arata Ito said, "Increased scale through the merger will become a major advantage". Details of the envisaged merger will be hammered out by a preparatory committee to be set up later. The group hopes that the merged bank will reinforce support for businesses in the Tohoku region partly by beefing up its loan operations. Fidea does not plan to consolidate the two banks' branches in the same areas. Announcement • Dec 15
FIDEA Holdings Co. Ltd. to Report Q3, 2024 Results on Feb 08, 2024 FIDEA Holdings Co. Ltd. announced that they will report Q3, 2024 results on Feb 08, 2024 New Risk • Nov 13
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 4.0% Last year net profit margin: 7.3% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. This is currently the only risk that has been identified for the company. Upcoming Dividend • Sep 21
Upcoming dividend of JP¥37.50 per share at 4.4% yield Eligible shareholders must have bought the stock before 28 September 2023. Payment date: 05 December 2023. Payout ratio is a comfortable 47% but the company is not cash flow positive. Trailing yield: 4.4%. Within top quartile of Japanese dividend payers (3.3%). Higher than average of industry peers (3.2%). Announcement • Sep 09
FIDEA Holdings Co. Ltd. to Report Q2, 2024 Results on Nov 10, 2023 FIDEA Holdings Co. Ltd. announced that they will report Q2, 2024 results on Nov 10, 2023 Reported Earnings • Aug 04
First quarter 2024 earnings released: EPS: JP¥53.16 (vs JP¥71.32 in 1Q 2023) First quarter 2024 results: EPS: JP¥53.16 (down from JP¥71.32 in 1Q 2023). Revenue: JP¥11.0b (down 22% from 1Q 2023). Net income: JP¥960.0m (down 26% from 1Q 2023). Profit margin: 8.7% (down from 9.2% in 1Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Board Change • Jul 07
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Outside Director Jun Aoki was the last director to join the board, commencing their role in 2023. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Announcement • Jun 28
FIDEA Holdings Co. Ltd. to Report Q1, 2024 Results on Aug 03, 2023 FIDEA Holdings Co. Ltd. announced that they will report Q1, 2024 results on Aug 03, 2023 Reported Earnings • May 16
Full year 2023 earnings released: EPS: JP¥181 (vs JP¥190 in FY 2022) Full year 2023 results: EPS: JP¥181 (down from JP¥190 in FY 2022). Revenue: JP¥48.6b (up 5.1% from FY 2022). Net income: JP¥3.27b (down 5.3% from FY 2022). Profit margin: 6.7% (down from 7.5% in FY 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Announcement • May 12
FIDEA Holdings Co. Ltd., Annual General Meeting, Jun 23, 2023 FIDEA Holdings Co. Ltd., Annual General Meeting, Jun 23, 2023. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥37.50 per share at 5.5% yield Eligible shareholders must have bought the stock before 30 March 2023. Payment date: 02 June 2023. Payout ratio is a comfortable 48% but the company is not cash flow positive. Trailing yield: 5.5%. Within top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (4.0%). Reported Earnings • Feb 12
Third quarter 2023 earnings released: EPS: JP¥69.91 (vs JP¥106 in 3Q 2022) Third quarter 2023 results: EPS: JP¥69.91 (down from JP¥106 in 3Q 2022). Revenue: JP¥13.7b (up 7.1% from 3Q 2022). Net income: JP¥1.26b (down 34% from 3Q 2022). Profit margin: 9.2% (down from 15% in 3Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Announcement • Dec 08
FIDEA Holdings Co. Ltd. to Report Q3, 2023 Results on Feb 10, 2023 FIDEA Holdings Co. Ltd. announced that they will report Q3, 2023 results on Feb 10, 2023 Board Change • Nov 16
High number of new directors There are 6 new directors who have joined the board in the last 3 years. Director Masahiko Matsuta was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 12
Second quarter 2023 earnings released: EPS: JP¥59.13 (vs JP¥54.03 in 2Q 2022) Second quarter 2023 results: EPS: JP¥59.13 (up from JP¥54.03 in 2Q 2022). Revenue: JP¥12.7b (up 11% from 2Q 2022). Net income: JP¥1.07b (up 8.9% from 2Q 2022). Profit margin: 8.4% (down from 8.6% in 2Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Buying Opportunity • Nov 02
Now 20% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be JP¥1,605, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 2.8% over the last 3 years. Earnings per share has grown by 17%. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥37.50 per share Eligible shareholders must have bought the stock before 29 September 2022. Payment date: 05 December 2022. Payout ratio is a comfortable 39% and this is well supported by cash flows. Trailing yield: 5.7%. Within top quartile of Japanese dividend payers (3.7%). Higher than average of industry peers (4.4%). Reported Earnings • Aug 07
First quarter 2023 earnings released: EPS: JP¥71.32 (vs JP¥69.57 in 1Q 2022) First quarter 2023 results: EPS: JP¥71.32 (up from JP¥69.57 in 1Q 2022). Revenue: JP¥14.6b (up 27% from 1Q 2022). Net income: JP¥1.29b (up 2.2% from 1Q 2022). Profit margin: 8.8% (down from 11% in 1Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 18
Full year 2022 earnings released: EPS: JP¥193 (vs JP¥176 in FY 2021) Full year 2022 results: EPS: JP¥193 (up from JP¥176 in FY 2021). Revenue: JP¥48.5b (down 2.3% from FY 2021). Net income: JP¥3.51b (up 9.6% from FY 2021). Profit margin: 7.2% (up from 6.4% in FY 2021). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Board Change • Apr 27
High number of new directors There are 6 new directors who have joined the board in the last 3 years. Director Hideo Togashi was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥37.50 per share Eligible shareholders must have bought the stock before 30 March 2022. Payment date: 02 June 2022. Payout ratio is a comfortable 29% and this is well supported by cash flows. Trailing yield: 4.3%. Within top quartile of Japanese dividend payers (3.4%). In line with average of industry peers (4.0%). Reported Earnings • Feb 12
Third quarter 2022 earnings: Revenues and EPS in line with analyst expectations Third quarter 2022 results: EPS: JP¥108 (up from JP¥95.10 in 3Q 2021). Revenue: JP¥14.5b (up 27% from 3Q 2021). Net income: JP¥1.95b (up 13% from 3Q 2021). Profit margin: 13% (down from 15% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 8% per year whereas the company’s share price has increased by 3% per year. Buying Opportunity • Jan 17
Now 23% undervalued Over the last 90 days, the stock is up 15%. The fair value is estimated to be JP¥1,821, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 2.9% per annum over the last 3 years. Earnings per share has declined by 2.5% per annum over the last 3 years. Reported Earnings • Nov 12
Second quarter 2022 earnings released: EPS JP¥2.93 (vs JP¥42.06 in 2Q 2021) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2022 results: Revenue: JP¥13.1b (up 13% from 2Q 2021). Net income: JP¥1.01b (up 32% from 2Q 2021). Profit margin: 7.7% (up from 6.6% in 2Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 21% 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. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥3.00 per share Eligible shareholders must have bought the stock before 29 September 2021. Payment date: 03 December 2021. Trailing yield: 48%. Within top quartile of Japanese dividend payers (3.0%). Higher than average of industry peers (4.3%). Reported Earnings • Aug 06
First quarter 2022 earnings released: EPS JP¥6.96 (vs JP¥3.41 in 1Q 2021) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2022 results: Revenue: JP¥12.1b (up 7.6% from 1Q 2021). Net income: JP¥1.26b (up 104% from 1Q 2021). Profit margin: 10% (up from 5.5% in 1Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 13% per year whereas the company’s share price has fallen by 11% per year. Board Change • Aug 01
High number of new directors There are 6 new directors who have joined the board in the last 3 years. Director Hideo Togashi was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • May 18
Full year 2021 earnings released: EPS JP¥18.27 (vs JP¥6.80 in FY 2020) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2021 results: Revenue: JP¥50.3b (up 7.3% from FY 2020). Net income: JP¥3.31b (up 169% from FY 2020). Profit margin: 6.6% (up from 2.6% in FY 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 26% 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. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥3.00 per share Eligible shareholders must have bought the stock before 30 March 2021. Payment date: 02 June 2021. Trailing yield: 4.0%. Within top quartile of Japanese dividend payers (2.7%). In line with average of industry peers (3.8%). Valuation Update With 7 Day Price Move • Mar 19
Investor sentiment improved over the past week After last week's 18% share price gain to JP¥160, the stock trades at a trailing P/E ratio of 16x. Average trailing P/E is 11x in the Banks industry in Japan. Total loss to shareholders of 4.9% over the past three years. Is New 90 Day High Low • Mar 02
New 90-day high: JP¥126 The company is up 13% from its price of JP¥112 on 02 December 2020. The Japanese market is up 7.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Banks industry, which is up 17% over the same period. Reported Earnings • Feb 12
Third quarter 2021 earnings released: EPS JP¥9.82 (vs JP¥3.64 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: JP¥12.3b (up 14% from 3Q 2020). Net income: JP¥1.78b (up 170% from 3Q 2020). Profit margin: 14% (up from 6.1% in 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 38% per year but the company’s share price has only fallen by 15% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Feb 08
New 90-day high: JP¥116 The company is up 5.0% from its price of JP¥111 on 10 November 2020. The Japanese market is up 12% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Banks industry, which is up 10.0% over the same period. Reported Earnings • Dec 01
Second quarter 2021 earnings released: EPS JP¥4.52 The company reported a poor second quarter result with weaker earnings, revenues and profit margins. Second quarter 2021 results: Revenue: JP¥11.6b (down 4.6% from 2Q 2020). Net income: JP¥820.0m (down 11% from 2Q 2020). Profit margin: 7.1% (down from 7.6% in 2Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 38% per year but the company’s share price has only fallen by 19% per year, which means it has not declined as severely as earnings. 
