Declared Dividend • Jul 25
Final dividend of JP¥35.00 announced Shareholders will receive a dividend of JP¥35.00. Ex-date: 29th September 2026 Payment date: 30th November 2026 Dividend yield will be 4.3%, which is higher than the industry average of 2.9%. Sustainability & Growth Dividend is covered by earnings (26% 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 28% per year over the past 3 years. However, payments have been volatile during that time. Earnings per share has grown by 6.4% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Jul 12
Ichiken Co., Ltd. to Report Q1, 2027 Results on Aug 07, 2026 Ichiken Co., Ltd. announced that they will report Q1, 2027 results on Aug 07, 2026 Reported Earnings • May 21
Full year 2026 earnings released: EPS: JP¥883 (vs JP¥324 in FY 2025) Full year 2026 results: EPS: JP¥883 (up from JP¥324 in FY 2025). Revenue: JP¥106.2b (up 7.2% from FY 2025). Net income: JP¥6.41b (up 36% from FY 2025). Profit margin: 6.0% (up from 4.7% in FY 2025). The increase in margin was driven by higher revenue. Announcement • May 18
Ichiken Co., Ltd., Annual General Meeting, Jun 25, 2026 Ichiken Co., Ltd., Annual General Meeting, Jun 25, 2026. Announcement • May 09
Ichiken Co., Ltd. to Report Fiscal Year 2026 Results on May 18, 2026 Ichiken Co., Ltd. announced that they will report fiscal year 2026 results on May 18, 2026 Upcoming Dividend • Mar 23
Upcoming dividend of JP¥165 per share Eligible shareholders must have bought the stock before 30 March 2026. Payment date: 29 June 2026. Payout ratio is a comfortable 19% and the cash payout ratio is 77%. Trailing yield: 4.2%. Within top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (2.4%). Reported Earnings • Feb 16
Third quarter 2026 earnings released: EPS: JP¥267 (vs JP¥154 in 3Q 2025) Third quarter 2026 results: EPS: JP¥267 (up from JP¥154 in 3Q 2025). Revenue: JP¥28.7b (up 38% from 3Q 2025). Net income: JP¥1.94b (up 74% from 3Q 2025). Profit margin: 6.8% (up from 5.3% in 3Q 2025). The increase in margin was driven by higher revenue. Buy Or Sell Opportunity • Dec 22
Now 20% undervalued Over the last 90 days, the stock has risen 29% to JP¥4,735. The fair value is estimated to be JP¥5,924, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Buy Or Sell Opportunity • Dec 02
Now 23% undervalued Over the last 90 days, the stock has risen 25% to JP¥4,515. The fair value is estimated to be JP¥5,884, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Declared Dividend • Nov 29
First half dividend of JP¥120 announced Shareholders will receive a dividend of JP¥120. Ex-date: 30th March 2026 Payment date: 29th June 2026 Dividend yield will be 4.0%, which is higher than the industry average of 2.9%. Sustainability & Growth Dividend is covered by both earnings (11% earnings payout ratio) and cash flows (62% cash payout ratio). The dividend has increased by an average of 16% per year over the past 3 years. However, payments have been volatile during that time. Earnings per share has grown by 2.1% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. New Risk • Nov 17
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 25% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (25% accrual ratio). Minor Risks Less than 3 years of financial data is available. Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Announcement • Oct 07
Ichiken Co., Ltd. to Report Q2, 2026 Results on Nov 13, 2025 Ichiken Co., Ltd. announced that they will report Q2, 2026 results on Nov 13, 2025 Announcement • Jul 15
Ichiken Co., Ltd. to Report Q1, 2026 Results on Aug 08, 2025 Ichiken Co., Ltd. announced that they will report Q1, 2026 results on Aug 08, 2025 Declared Dividend • Jul 09
Final dividend of JP¥55.00 announced Shareholders will receive a dividend of JP¥55.00. Ex-date: 29th September 2025 Payment date: 1st December 2025 Dividend yield will be 4.7%, which is higher than the industry average of 2.9%. Sustainability & Growth The dividend has increased by an average of 8.0% per year over the past 2 years. However, payments have been volatile during that time. Announcement • Jun 26
MARUHAN Corporation acquired an additional 7.73% stake in Ichiken Co., Ltd. (TSE:1847). MARUHAN Corporation entered into initial letter of intent to acquire an additional 7.73% stake in Ichiken Co., Ltd. (TSE:1847) for ¥2.0 billion on April 7, 2025. A cash consideration of ¥1.96 billion valued at ¥3500 per share will be paid by MARUHAN Corporation. As part of consideration, ¥1.96 billion is paid towards common equity of Ichiken Co., Ltd. Upon completion, MARUHAN Corporation will own 40% stake in Ichiken Co., Ltd. This Tender Offer is not intended to delist the shares of Ichiken.
The expected completion of the transaction is June 24, 2025.
Mizuho Securities Co., Ltd. acted as the financial advisor along with Mori Hamada & Matsumoto LPC acting as the legal advisor to MARUHAN Corporation whereas Plutus Consulting Co., Ltd. acted as the financial advisor along with Toranomon Chuo Law Firm acting as the legal advisor to Ichiken.
MARUHAN Corporation completed the acquisition of an additional 7.73% stake in Ichiken Co., Ltd. (TSE:1847) on June 24, 2025. In this tender offer, the total number of tendered shares (1,570,458 shares) is the maximum number of shares to be purchased (560,800 shares). As the amount exceeds the maximum, the Company will not purchase all or part of the amount exceeding the maximum, and will instead make delivery and other settlement procedures for the purchase of stocks, etc. on a pro rata basis. The ¥3500 per share will be paid by MARUHAN Corporation. The payment of tendered shares will start on July 1, 2025. Announcement • May 20
Ichiken Co., Ltd., Annual General Meeting, Jun 26, 2025 Ichiken Co., Ltd., Annual General Meeting, Jun 26, 2025. Buy Or Sell Opportunity • Apr 10
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 1.8% to JP¥2,637. The fair value is estimated to be JP¥2,154, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Announcement • Apr 02
Ichiken Co., Ltd. to Report Fiscal Year 2025 Results on May 20, 2025 Ichiken Co., Ltd. announced that they will report fiscal year 2025 results on May 20, 2025 Upcoming Dividend • Mar 21
Upcoming dividend of JP¥90.00 per share Eligible shareholders must have bought the stock before 28 March 2025. Payment date: 27 June 2025. Trailing yield: 4.5%. Within top quartile of Japanese dividend payers (3.7%). Higher than average of industry peers (3.3%). Announcement • Jan 17
Ichiken Co., Ltd. to Report Q3, 2025 Results on Feb 13, 2025 Ichiken Co., Ltd. announced that they will report Q3, 2025 results on Feb 13, 2025 Declared Dividend • Nov 30
Dividend of JP¥80.00 announced Shareholders will receive a dividend of JP¥80.00. Ex-date: 28th March 2025 Payment date: 27th June 2025 Dividend yield will be 5.1%, which is higher than the industry average of 2.9%. Sustainability & Growth The dividend has decreased over the past 26 years, indicating a lack of growth and stability in payments. Announcement • Oct 02
Ichiken Co., Ltd. to Report Q2, 2025 Results on Nov 13, 2024 Ichiken Co., Ltd. announced that they will report Q2, 2025 results on Nov 13, 2024 Upcoming Dividend • Sep 20
Upcoming dividend of JP¥45.00 per share Eligible shareholders must have bought the stock before 27 September 2024. Payment date: 29 November 2024. Trailing yield: 4.3%. Within top quartile of Japanese dividend payers (3.8%). Higher than average of industry peers (3.3%). Buy Or Sell Opportunity • Aug 08
Now 21% overvalued Over the last 90 days, the stock has fallen 3.8% to JP¥2,296. The fair value is estimated to be JP¥1,899, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Declared Dividend • Jul 11
Dividend of JP¥45.00 announced Dividend of JP¥45.00 is the same as last year. Ex-date: 27th September 2024 Payment date: 29th November 2024 Dividend yield will be 4.3%, which is higher than the industry average of 2.9%. Sustainability & Growth The company is yet to establish a track record of dividend growth or stability as it hasn't paid a regular dividend for at least 2 years. Announcement • Jul 10
Ichiken Co., Ltd. to Report Q1, 2025 Results on Aug 09, 2024 Ichiken Co., Ltd. announced that they will report Q1, 2025 results on Aug 09, 2024 Announcement • May 19
Ichiken Co., Ltd., Annual General Meeting, Jun 26, 2024 Ichiken Co., Ltd., Annual General Meeting, Jun 26, 2024. Announcement • Apr 04
Ichiken Co., Ltd. to Report Fiscal Year 2024 Results on May 17, 2024 Ichiken Co., Ltd. announced that they will report fiscal year 2024 results on May 17, 2024 Upcoming Dividend • Mar 21
Upcoming dividend of JP¥65.00 per share Eligible shareholders must have bought the stock before 28 March 2024. Payment date: 01 July 2024. Trailing yield: 4.4%. Within top quartile of Japanese dividend payers (3.2%). Higher than average of industry peers (2.7%). Announcement • Dec 20
Ichiken Co., Ltd. to Report Q3, 2024 Results on Feb 08, 2024 Ichiken Co., Ltd. announced that they will report Q3, 2024 results on Feb 08, 2024 Announcement • Nov 11
Ichiken Co., Ltd. Announces Dividend for the Second Quarter Ended September 30, 2023, Scheduled Date of Commencing Dividend Payments to Be November 29, 2023 and Provides Dividend Guidance for the Year Ending March 31, 2024 Ichiken Co., Ltd. announced dividend for the second quarter ended September 30, 2023 of ¥45.00 per share against ¥40.00 per share a year ago. The Scheduled date of commencing dividend payments to be November 29, 2023.The company provided dividend guidance for the year ending March 31, 2024 of ¥65.00 per share against ¥60.00 per share a year ago. Announcement • Nov 10
ICHIKEN Co., Ltd. Provides Non-Consolidated Earnings Guidance for the Year Ending March 31, 2024 ICHIKEN Co., Ltd. provided non-consolidated earnings guidance for the year ending March 31, 2024. For the year, the company expects net sales to be JPY 92,000 million, operating profit to be JPY 3,500 million, profit to be JPY 2,500 million and earnings per share to be JPY 344.38. New Risk • Oct 06
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: JP¥14.7b (US$99.2m) 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 Latest financial reports are more than 1 year old (reported December 2010 fiscal period end). High level of non-cash earnings (109% accrual ratio). Minor Risks Short dividend paying track record (1 year of continuous dividend payments). Market cap is less than US$100m (JP¥14.7b market cap, or US$99.2m). Upcoming Dividend • Sep 21
Upcoming dividend of JP¥40.00 per share at 4.6% yield Eligible shareholders must have bought the stock before 28 September 2023. Payment date: 30 November 2023. Trailing yield: 4.6%. Within top quartile of Japanese dividend payers (3.3%). Higher than average of industry peers (3.0%). Announcement • Jul 15
Ichiken Co., Ltd. to Report Q1, 2024 Results on Aug 09, 2023 Ichiken Co., Ltd. announced that they will report Q1, 2024 results on Aug 09, 2023 Upcoming Dividend • Mar 23
Upcoming dividend of JP¥60.00 per share at 6.6% yield Eligible shareholders must have bought the stock before 30 March 2023. Payment date: 29 June 2023. Trailing yield: 6.6%. Within top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (3.6%). Announcement • Jan 15
Ichiken Co., Ltd. to Report Q3, 2023 Results on Feb 10, 2023 Ichiken Co., Ltd. announced that they will report Q3, 2023 results on Feb 10, 2023 Announcement • Oct 16
Ichiken Co., Ltd. to Report Q2, 2023 Results on Nov 10, 2022 Ichiken Co., Ltd. announced that they will report Q2, 2023 results on Nov 10, 2022 Announcement • Jul 16
Ichiken Co., Ltd. to Report Q1, 2023 Results on Aug 10, 2022 Ichiken Co., Ltd. announced that they will report Q1, 2023 results on Aug 10, 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. 7 experienced directors. 4 highly experienced directors. 2 independent directors (6 non-independent directors). Independent Outside Director Susumu Fujita was the last independent director to join the board, commencing their role in 2015. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Announcement • Apr 15
Ichiken Co., Ltd. to Report Fiscal Year 2022 Results on May 17, 2022 Ichiken Co., Ltd. announced that they will report fiscal year 2022 results on May 17, 2022 Upcoming Dividend • Mar 23
Upcoming dividend of JP¥100.00 per share Eligible shareholders must have bought the stock before 30 March 2022. Payment date: 28 June 2022. The company is not currently making a profit and is not cash flow positive. Trailing yield: 1.3%. Lower than top quartile of Japanese dividend payers (3.4%). Lower than average of industry peers (3.1%). Upcoming Dividend • Mar 23
Upcoming dividend of JP¥90.00 per share Eligible shareholders must have bought the stock before 30 March 2021. Payment date: 29 June 2021. Trailing yield: 1.1%. Lower than top quartile of Japanese dividend payers (2.7%). Lower than average of industry peers (2.6%). Is New 90 Day High Low • Feb 22
New 90-day high: JP¥2,093 The company is up 21% from its price of JP¥1,730 on 24 November 2020. The Japanese market is up 11% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Construction industry, which is up 5.0% over the same period. Is New 90 Day High Low • Feb 02
New 90-day high: JP¥1,904 The company is up 15% from its price of JP¥1,659 on 04 November 2020. The Japanese market is up 14% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Construction industry, which is up 8.0% over the same period. Announcement • Jan 21
Ichiken Co., Ltd. to Report Q3, 2021 Results on Feb 10, 2021 Ichiken Co., Ltd. announced that they will report Q3, 2021 results on Feb 10, 2021 Is New 90 Day High Low • Jan 13
New 90-day high: JP¥1,864 The company is up 10.0% from its price of JP¥1,688 on 15 October 2020. The Japanese market is up 12% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Construction industry, which is up 6.0% over the same period. Is New 90 Day High Low • Dec 02
New 90-day high: JP¥1,812 The company is up 15% from its price of JP¥1,582 on 03 September 2020. The Japanese market is up 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Construction industry, which is up 1.0% over the same period. Announcement • Sep 21
Ichiken Co., Ltd.(TSE:1847) dropped from S&P Global BMI Index Ichiken Co., Ltd.(TSE:1847) dropped from S&P Global BMI Index Announcement • Jul 26
Ichiken Co., Ltd. to Report Q1, 2021 Results on Aug 12, 2020 Ichiken Co., Ltd. announced that they will report Q1, 2021 results on Aug 12, 2020 
