Reported Earnings • May 15
Full year 2026 earnings released: EPS: JP¥268 (vs JP¥212 in FY 2025) Full year 2026 results: EPS: JP¥268 (up from JP¥212 in FY 2025). Revenue: JP¥154.9b (up 13% from FY 2025). Net income: JP¥12.2b (up 26% from FY 2025). Profit margin: 7.8% (up from 7.0% 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 33% per year but the company’s share price has increased by 49% per year, which means it is tracking significantly ahead of earnings growth. Announcement • May 13
Shin Nippon Air Technologies Co., Ltd., Annual General Meeting, Jun 26, 2026 Shin Nippon Air Technologies Co., Ltd., Annual General Meeting, Jun 26, 2026. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥70.00 per share Eligible shareholders must have bought the stock before 30 March 2026. Payment date: 30 June 2026. Payout ratio is a comfortable 32% and this is well supported by cash flows. Trailing yield: 3.2%. Lower than top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (2.3%). Valuation Update With 7 Day Price Move • Mar 09
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to JP¥3,615, the stock trades at a trailing P/E ratio of 12.8x. Average trailing P/E is 17x in the Building industry in Japan. Total returns to shareholders of 317% over the past three years. New Risk • Mar 04
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: 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). Reported Earnings • Feb 14
Third quarter 2026 earnings released: EPS: JP¥67.30 (vs JP¥43.81 in 3Q 2025) Third quarter 2026 results: EPS: JP¥67.30 (up from JP¥43.81 in 3Q 2025). Revenue: JP¥39.8b (up 18% from 3Q 2025). Net income: JP¥3.06b (up 53% from 3Q 2025). Profit margin: 7.7% (up from 5.9% in 3Q 2025). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has increased by 59% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Feb 09
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to JP¥3,770, the stock trades at a trailing P/E ratio of 14.6x. Average trailing P/E is 16x in the Building industry in Japan. Total returns to shareholders of 352% over the past three years. Declared Dividend • Dec 06
First half dividend of JP¥40.00 announced Shareholders will receive a dividend of JP¥40.00. Ex-date: 30th March 2026 Payment date: 30th June 2026 Dividend yield will be 2.6%, which is higher than the industry average of 2.0%. Sustainability & Growth Dividend is well covered by both earnings (35% earnings payout ratio) and cash flows (39% cash payout ratio). The dividend has increased by an average of 23% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 20% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Nov 16
Second quarter 2026 earnings released: EPS: JP¥52.98 (vs JP¥25.73 in 2Q 2025) Second quarter 2026 results: EPS: JP¥52.98 (up from JP¥25.73 in 2Q 2025). Revenue: JP¥34.2b (up 15% from 2Q 2025). Net income: JP¥2.40b (up 104% from 2Q 2025). Profit margin: 7.0% (up from 3.9% in 2Q 2025). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has increased by 46% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Aug 09
First quarter 2026 earnings released: EPS: JP¥34.84 (vs JP¥15.30 in 1Q 2025) First quarter 2026 results: EPS: JP¥34.84 (up from JP¥15.30 in 1Q 2025). Revenue: JP¥30.6b (up 23% from 1Q 2025). Net income: JP¥1.58b (up 126% from 1Q 2025). Profit margin: 5.2% (up from 2.8% in 1Q 2025). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has increased by 51% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Aug 08
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to JP¥3,155, the stock trades at a trailing P/E ratio of 14.8x. Average trailing P/E is 15x in the Building industry in Japan. Total returns to shareholders of 291% over the past three years. Declared Dividend • Jul 09
Final dividend of JP¥40.00 announced Shareholders will receive a dividend of JP¥40.00. Ex-date: 29th September 2025 Payment date: 4th December 2025 Dividend yield will be 3.7%, which is higher than the industry average of 2.0%. Sustainability & Growth Dividend is well covered by both earnings (43% earnings payout ratio) and cash flows (27% cash payout ratio). The dividend has increased by an average of 23% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 17% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • May 17
Full year 2025 earnings released: EPS: JP¥212 (vs JP¥155 in FY 2024) Full year 2025 results: EPS: JP¥212 (up from JP¥155 in FY 2024). Revenue: JP¥137.7b (up 7.6% from FY 2024). Net income: JP¥9.66b (up 35% from FY 2024). Profit margin: 7.0% (up from 5.6% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has increased by 34% per year, which means it is tracking significantly ahead of earnings growth. Announcement • May 13
Shin Nippon Air Technologies Co., Ltd., Annual General Meeting, Jun 27, 2025 Shin Nippon Air Technologies Co., Ltd., Annual General Meeting, Jun 27, 2025. Buy Or Sell Opportunity • Apr 30
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 13% to JP¥2,113. The fair value is estimated to be JP¥1,746, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 9.0% over the last 3 years. Earnings per share has grown by 15%. Valuation Update With 7 Day Price Move • Apr 28
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to JP¥2,059, the stock trades at a trailing P/E ratio of 13.4x. Average trailing P/E is 11x in the Building industry in Japan. Total returns to shareholders of 155% over the past three years. New Risk • Apr 23
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 7.3% 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: 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 (7.3% average weekly change). 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¥1,774, the stock trades at a trailing P/E ratio of 11.5x. Average trailing P/E is 11x in the Building industry in Japan. Total returns to shareholders of 116% over the past three years. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥30.00 per share Eligible shareholders must have bought the stock before 28 March 2025. Payment date: 24 June 2025. Payout ratio is a comfortable 43% and this is well supported by cash flows. Trailing yield: 3.2%. Lower than top quartile of Japanese dividend payers (3.7%). Higher than average of industry peers (2.4%). Reported Earnings • Feb 14
Third quarter 2025 earnings released Third quarter 2025 results: Revenue: JP¥33.8b (down 13% from 3Q 2024). Net income: JP¥2.00b (down 32% from 3Q 2024). Profit margin: 5.9% (down from 7.6% in 3Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Jan 22
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 13% to JP¥1,871. The fair value is estimated to be JP¥1,544, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 9.0% over the last 3 years. Earnings per share has grown by 15%. Announcement • Jan 09
Shin Nippon Air Technologies Co., Ltd. to Report Q3, 2025 Results on Feb 12, 2025 Shin Nippon Air Technologies Co., Ltd. announced that they will report Q3, 2025 results on Feb 12, 2025 Declared Dividend • Dec 05
First half dividend of JP¥60.00 announced Shareholders will receive a dividend of JP¥60.00. Ex-date: 28th March 2025 Payment date: 24th June 2025 Dividend yield will be 3.0%, which is higher than the industry average of 2.0%. Sustainability & Growth Dividend is covered by both earnings (38% earnings payout ratio) and cash flows (70% cash payout ratio). The dividend has increased by an average of 23% per year over the past 10 years. However, payments have been volatile during that time. 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. Reported Earnings • Nov 13
Second quarter 2025 earnings released: EPS: JP¥51.45 (vs JP¥27.53 in 2Q 2024) Second quarter 2025 results: EPS: JP¥51.45 (up from JP¥27.53 in 2Q 2024). Revenue: JP¥29.9b (up 17% from 2Q 2024). Net income: JP¥1.18b (up 84% from 2Q 2024). Profit margin: 3.9% (up from 2.5% in 2Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 15% per year whereas the company’s share price has increased by 19% per year. Valuation Update With 7 Day Price Move • Nov 11
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to JP¥3,910, the stock trades at a trailing P/E ratio of 12.1x. Average trailing P/E is 11x in the Building industry in Japan. Total returns to shareholders of 90% over the past three years. Announcement • Nov 11
Shin Nippon Air Technologies Co., Ltd. (TSE:1952) announces an Equity Buyback for 380,000 shares, representing 1.66% for ¥1,000 million. Shin Nippon Air Technologies Co., Ltd. (TSE:1952) announces a share repurchase program. Under the program, the company will repurchase up to 380,000 shares, representing 1.66% of its issued share capital, for ¥1,000 million. The purpose of the program is to enhance shareholder returns and improve capital efficiency. The program is valid till February 28, 2025. As of October 31, 2024, the company had 22,920,569 outstanding shares (excluding treasury stock) and 1,361,656 treasury shares. Upcoming Dividend • Sep 20
Upcoming dividend of JP¥60.00 per share Eligible shareholders must have bought the stock before 27 September 2024. Payment date: 02 December 2024. Payout ratio is a comfortable 31% but the company is not cash flow positive. Trailing yield: 3.5%. Lower than top quartile of Japanese dividend payers (3.8%). Higher than average of industry peers (2.5%). Reported Earnings • Aug 14
First quarter 2025 earnings released: EPS: JP¥30.60 (vs JP¥20.92 in 1Q 2024) First quarter 2025 results: EPS: JP¥30.60 (up from JP¥20.92 in 1Q 2024). Revenue: JP¥24.9b (up 16% from 1Q 2024). Net income: JP¥699.0m (up 43% from 1Q 2024). Profit margin: 2.8% (up from 2.3% in 1Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has increased by 16% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 27% After last week's 27% share price decline to JP¥3,205, the stock trades at a trailing P/E ratio of 10.2x. Average trailing P/E is 11x in the Building industry in Japan. Total returns to shareholders of 56% over the past three years. New Risk • Aug 02
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. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (7.5% average weekly change). High level of non-cash earnings (44% accrual ratio). Minor Risk Paying a dividend despite having no free cash flows. Declared Dividend • Jul 11
Final dividend of JP¥60.00 announced Shareholders will receive a dividend of JP¥60.00. Ex-date: 27th September 2024 Payment date: 2nd December 2024 Dividend yield will be 3.2%, which is higher than the industry average of 2.0%. Sustainability & Growth Dividend is covered by earnings (30% 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 23% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 19% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Jun 26
Full year 2024 earnings released: EPS: JP¥310 (vs JP¥240 in FY 2023) Full year 2024 results: EPS: JP¥310 (up from JP¥240 in FY 2023). Revenue: JP¥128.0b (up 14% from FY 2023). Net income: JP¥7.17b (up 28% from FY 2023). Profit margin: 5.6% (up from 5.0% in FY 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has increased by 25% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jun 08
Shin Nippon Air Technologies Co., Ltd. to Report Q1, 2025 Results on Aug 09, 2024 Shin Nippon Air Technologies Co., Ltd. announced that they will report Q1, 2025 results on Aug 09, 2024 Reported Earnings • May 13
Full year 2024 earnings released: EPS: JP¥310 (vs JP¥240 in FY 2023) Full year 2024 results: EPS: JP¥310 (up from JP¥240 in FY 2023). Revenue: JP¥128.0b (up 14% from FY 2023). Net income: JP¥7.17b (up 28% from FY 2023). Profit margin: 5.6% (up from 5.0% in FY 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has increased by 25% per year, which means it is tracking significantly ahead of earnings growth. Announcement • May 12
Shin Nippon Air Technologies Co., Ltd., Annual General Meeting, Jun 21, 2024 Shin Nippon Air Technologies Co., Ltd., Annual General Meeting, Jun 21, 2024. New Risk • May 09
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 5.8% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (5.8% average weekly change). Valuation Update With 7 Day Price Move • Apr 10
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to JP¥3,780, the stock trades at a trailing P/E ratio of 13.1x. Average trailing P/E is 13x in the Building industry in Japan. Total returns to shareholders of 80% over the past three years. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥50.00 per share Eligible shareholders must have bought the stock before 28 March 2024. Payment date: 26 June 2024. Payout ratio is a comfortable 30% but the company is not cash flow positive. Trailing yield: 2.4%. Lower than top quartile of Japanese dividend payers (3.2%). Higher than average of industry peers (2.1%). Announcement • Mar 07
Shin Nippon Air Technologies Co., Ltd. to Report Fiscal Year 2024 Results on May 10, 2024 Shin Nippon Air Technologies Co., Ltd. announced that they will report fiscal year 2024 results on May 10, 2024 Reported Earnings • Feb 10
Third quarter 2024 earnings released: EPS: JP¥129 (vs JP¥51.12 in 3Q 2023) Third quarter 2024 results: EPS: JP¥129 (up from JP¥51.12 in 3Q 2023). Revenue: JP¥38.7b (up 36% from 3Q 2023). Net income: JP¥2.94b (up 147% from 3Q 2023). Profit margin: 7.6% (up from 4.2% in 3Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 3% per year whereas the company’s share price has increased by 7% per year. Announcement • Nov 10
Shin Nippon Air Technologies Co., Ltd. to Report Q3, 2024 Results on Feb 08, 2024 Shin Nippon Air Technologies Co., Ltd. announced that they will report Q3, 2024 results on Feb 08, 2024 Reported Earnings • Nov 10
Second quarter 2024 earnings released: EPS: JP¥27.53 (vs JP¥51.47 in 2Q 2023) Second quarter 2024 results: EPS: JP¥27.53 (down from JP¥51.47 in 2Q 2023). Revenue: JP¥25.5b (up 15% from 2Q 2023). Net income: JP¥640.0m (down 47% from 2Q 2023). Profit margin: 2.5% (down from 5.4% in 2Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has remained flat and the company’s share price has also remained flat. Upcoming Dividend • Sep 21
Upcoming dividend of JP¥30.00 per share at 3.2% yield Eligible shareholders must have bought the stock before 28 September 2023. Payment date: 04 December 2023. Payout ratio is a comfortable 32% and this is well supported by cash flows. Trailing yield: 3.2%. Lower than top quartile of Japanese dividend payers (3.3%). Higher than average of industry peers (1.9%). Announcement • Sep 09
Shin Nippon Air Technologies Co., Ltd. to Report Q2, 2024 Results on Nov 09, 2023 Shin Nippon Air Technologies Co., Ltd. announced that they will report Q2, 2024 results on Nov 09, 2023 Announcement • Sep 08
Shin Nippon Air Technologies Co., Ltd. (TSE:1952) announces an Equity Buyback for 690,000 shares, representing 2.95% for ¥1,733.28 million. Shin Nippon Air Technologies Co. Ltd. (TSE:1952) announces a share repurchase program. Under the program, the company will repurchase 690,000 shares, representing 2.95% of its share capital, at ¥2,512 per share for ¥1,733.28 million. The company will repurchase its shares in order to improve capital efficiency and to implement a flexible capital policy in response to changes in the business environment. As of August 31, 2023, the company had 23,422,544 shares outstanding (excluding treasury shares) and 859,681 shares in treasury. Reported Earnings • Aug 10
First quarter 2024 earnings released: EPS: JP¥20.92 (vs JP¥29.24 in 1Q 2023) First quarter 2024 results: EPS: JP¥20.92 (down from JP¥29.24 in 1Q 2023). Revenue: JP¥21.5b (down 1.4% from 1Q 2023). Net income: JP¥489.0m (down 28% from 1Q 2023). Profit margin: 2.3% (down from 3.1% in 1Q 2023). Over the last 3 years on average, earnings per share has increased by 3% per year whereas the company’s share price has increased by 2% per year. Announcement • Jun 10
Shin Nippon Air Technologies Co., Ltd. to Report Q1, 2024 Results on Aug 09, 2023 Shin Nippon Air Technologies Co., Ltd. announced that they will report Q1, 2024 results on Aug 09, 2023 Reported Earnings • May 13
Full year 2023 earnings released: EPS: JP¥240 (vs JP¥232 in FY 2022) Full year 2023 results: EPS: JP¥240 (up from JP¥232 in FY 2022). Revenue: JP¥112.2b (up 5.2% from FY 2022). Net income: JP¥5.60b (up 3.6% from FY 2022). Profit margin: 5.0% (in line with FY 2022). Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥55.00 per share at 3.9% yield Eligible shareholders must have bought the stock before 30 March 2023. Payment date: 27 June 2023. Payout ratio is a comfortable 30% and this is well supported by cash flows. Trailing yield: 3.9%. Within top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (1.9%). Reported Earnings • Mar 09
Third quarter 2023 earnings released: EPS: JP¥51.11 (vs JP¥65.63 in 3Q 2022) Third quarter 2023 results: EPS: JP¥51.11 (down from JP¥65.63 in 3Q 2022). Revenue: JP¥28.4b (flat on 3Q 2022). Net income: JP¥1.19b (down 22% from 3Q 2022). Profit margin: 4.2% (down from 5.3% in 3Q 2022). Over the last 3 years on average, earnings per share has increased by 7% per year whereas the company’s share price has increased by 9% per year. Announcement • Dec 09
Shin Nippon Air Technologies Co., Ltd. to Report Q3, 2023 Results on Feb 09, 2023 Shin Nippon Air Technologies Co., Ltd. announced that they will report Q3, 2023 results on Feb 09, 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. 11 experienced directors. No highly experienced directors. 3 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 • Nov 12
Second quarter 2023 earnings released: EPS: JP¥51.46 (vs JP¥24.62 in 2Q 2022) Second quarter 2023 results: EPS: JP¥51.46 (up from JP¥24.62 in 2Q 2022). Revenue: JP¥22.2b (up 5.3% from 2Q 2022). Net income: JP¥1.20b (up 109% from 2Q 2022). Profit margin: 5.4% (up from 2.7% in 2Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Announcement • Nov 11
Shin Nippon Air Technologies Co., Ltd. Provides Consolidated Financial Forecast for the Fiscal Year Ending March 31, 2023 Shin Nippon Air Technologies Co., Ltd. provided consolidated financial results forecasts for the fiscal year ending March 31, 2023. For the year, company expects Net sales to be JPY 115,000 million, Operating profit to be JPY 6,500 million, Profit attributable to owners of parent to be JPY 4,600 million and Basic earnings per share to be JPY 197.01. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥20.00 per share Eligible shareholders must have bought the stock before 29 September 2022. Payment date: 05 December 2022. Payout ratio is a comfortable 31% and this is well supported by cash flows. Trailing yield: 4.1%. Within top quartile of Japanese dividend payers (3.7%). Higher than average of industry peers (1.9%). Announcement • Sep 04
Shin Nippon Air Technologies Co., Ltd. to Report Q2, 2023 Results on Nov 10, 2022 Shin Nippon Air Technologies Co., Ltd. announced that they will report Q2, 2023 results on Nov 10, 2022 Reported Earnings • Aug 11
First quarter 2023 earnings released: EPS: JP¥29.24 (vs JP¥53.80 in 1Q 2022) First quarter 2023 results: EPS: JP¥29.24 (down from JP¥53.80 in 1Q 2022). Revenue: JP¥21.8b (up 7.7% from 1Q 2022). Net income: JP¥682.0m (down 46% from 1Q 2022). Profit margin: 3.1% (down from 6.2% 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 13% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth.