Reported Earnings • Aug 06
First quarter 2027 earnings released: EPS: JP¥48.96 (vs JP¥67.98 in 1Q 2026) First quarter 2027 results: EPS: JP¥48.96 (down from JP¥67.98 in 1Q 2026). Revenue: JP¥84.9b (down 9.9% from 1Q 2026). Net income: JP¥6.41b (down 28% from 1Q 2026). Profit margin: 7.5% (down from 9.5% in 1Q 2026). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 5.9% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the Building industry in Japan. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has increased by 46% per year, which means it is tracking significantly ahead of earnings growth. Declared Dividend • Jul 25
Final dividend of JP¥61.00 announced Shareholders will receive a dividend of JP¥61.00. Ex-date: 29th September 2026 Payment date: 10th December 2026 Dividend yield will be 3.0%, which is higher than the industry average of 2.0%. Sustainability & Growth Dividend is covered by both earnings (40% earnings payout ratio) and cash flows (65% cash payout ratio). The dividend has increased by an average of 26% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 25% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Price Target Changed • Jun 26
Price target increased by 11% to JP¥5,633 Up from JP¥5,075, the current price target is an average from 6 analysts. New target price is 11% above last closing price of JP¥5,061. Stock is up 46% over the past year. The company is forecast to post earnings per share of JP¥308 for next year compared to JP¥286 last year. Live News • Jun 18
Takasago Thermal Engineering Stock Rises On Higher Dividend After Strong FY2026 Results Takasago Thermal Engineering proposed a year-end dividend of ¥72 per share, taking the total annual dividend to ¥230 per share before its recent share split.
The total dividend represents a ¥63 increase from the previous year, with the payout ratio kept slightly above 40%.
Management linked the higher dividend to strong FY2026 results, including double-digit sales growth, higher profits, and a stronger equity base. The company guided to moderate revenue and profit growth for FY2027 and emphasized continued focus on shareholder returns tied to sustainable profit levels.
The dividend hike suggests Takasago Thermal Engineering is using part of its FY2026 profitability to return more cash to shareholders while still retaining earnings to support its equity base.
Investors may want to watch whether future dividends continue to track profit trends and how the payout ratio evolves if FY2027 results differ from current forecasts. Buy Or Sell Opportunity • Jun 16
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 3.8% to JP¥4,662. The fair value is estimated to be JP¥5,857, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.7% over the last 3 years. Earnings per share has grown by 39%. For the next 3 years, revenue is forecast to grow by 5.4% per annum. Earnings are also forecast to grow by 7.6% per annum over the same time period. Buy Or Sell Opportunity • Jun 01
Now 23% undervalued after recent price drop Over the last 90 days, the stock has fallen 12% to JP¥4,453. The fair value is estimated to be JP¥5,772, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.7% over the last 3 years. Earnings per share has grown by 39%. For the next 3 years, revenue is forecast to grow by 5.3% per annum. Earnings are also forecast to grow by 7.3% per annum over the same time period. Reported Earnings • May 13
Full year 2026 earnings: EPS and revenues exceed analyst expectations Full year 2026 results: EPS: JP¥286 (up from JP¥208 in FY 2025). Revenue: JP¥423.9b (up 11% from FY 2025). Net income: JP¥37.5b (up 36% from FY 2025). Profit margin: 8.8% (up from 7.2% in FY 2025). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 2.4%. Earnings per share (EPS) also surpassed analyst estimates by 5.1%. Revenue is forecast to grow 4.2% p.a. on average during the next 3 years, compared to a 4.9% growth forecast for the Building industry in Japan. Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has increased by 59% per year, which means it is tracking significantly ahead of earnings growth. Announcement • May 12
Takasago Thermal Engineering Co., Ltd., Annual General Meeting, Jun 25, 2026 Takasago Thermal Engineering Co., Ltd., Annual General Meeting, Jun 25, 2026. New Risk • Apr 28
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 7.0% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by cash flows (403% cash payout ratio). Share price has been volatile over the past 3 months (7.0% average weekly change). Price Target Changed • Mar 24
Price target increased by 7.6% to JP¥5,030 Up from JP¥4,675, the current price target is an average from 6 analysts. New target price is 10% above last closing price of JP¥4,565. Stock is up 59% over the past year. The company is forecast to post earnings per share of JP¥272 for next year compared to JP¥208 last year. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥69.00 per share Eligible shareholders must have bought the stock before 30 March 2026. Payment date: 19 June 2026. Payout ratio is a comfortable 29% but the company is paying out more than the cash it is generating. Trailing yield: 2.5%. Lower than top quartile of Japanese dividend payers (3.6%). In line with average of industry peers (2.3%). Price Target Changed • Mar 10
Price target increased by 7.0% to JP¥4,913 Up from JP¥4,592, the current price target is an average from 6 analysts. New target price is approximately in line with last closing price of JP¥4,817. Stock is up 89% over the past year. The company is forecast to post earnings per share of JP¥269 for next year compared to JP¥208 last year. Reported Earnings • Feb 14
Third quarter 2026 earnings released: EPS: JP¥84.44 (vs JP¥63.47 in 3Q 2025) Third quarter 2026 results: EPS: JP¥84.44 (up from JP¥63.47 in 3Q 2025). Revenue: JP¥111.5b (up 5.9% from 3Q 2025). Net income: JP¥11.1b (up 31% from 3Q 2025). Profit margin: 9.9% (up from 8.0% in 3Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 3.7% p.a. on average during the next 3 years, compared to a 4.4% growth forecast for the Building industry in Japan. Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has increased by 73% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Feb 13
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: Major Risk High level of non-cash earnings (22% accrual ratio). Minor Risks Dividend is not well covered by cash flows (378% cash payout ratio). Share price has been volatile over the past 3 months (5.8% average weekly change). 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¥5,264, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 16x in the Building industry in Japan. Total returns to shareholders of 497% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥5,576 per share. Buy Or Sell Opportunity • Dec 22
Now 20% undervalued Over the last 90 days, the stock has risen 4.9% to JP¥4,456. The fair value is estimated to be JP¥5,575, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.5% over the last 3 years. Earnings per share has grown by 39%. For the next 3 years, revenue is forecast to grow by 3.5% per annum. Earnings are also forecast to grow by 1.6% per annum over the same time period. New Risk • Dec 12
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 5.5% 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 High level of non-cash earnings (22% accrual ratio). Minor Risks Dividend is not well covered by cash flows (378% cash payout ratio). Share price has been volatile over the past 3 months (5.5% average weekly change). Declared Dividend • Dec 11
First half dividend of JP¥62.00 announced Shareholders will receive a dividend of JP¥62.00. Ex-date: 30th March 2026 Payment date: 19th June 2026 Dividend yield will be 3.4%, which is higher than the industry average of 2.0%. Sustainability & Growth Dividend is covered by earnings (31% earnings payout ratio) but not covered by cash flows (378% cash payout ratio). The dividend has increased by an average of 24% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 7.5% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Buy Or Sell Opportunity • Dec 01
Now 21% undervalued The stock has been flat over the last 90 days, currently trading at JP¥4,428. The fair value is estimated to be JP¥5,614, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.5% over the last 3 years. Earnings per share has grown by 45%. For the next 3 years, revenue is forecast to grow by 3.5% per annum. Earnings are also forecast to grow by 1.3% per annum over the same time period. Reported Earnings • Nov 18
Second quarter 2026 earnings released Second quarter 2026 results: Revenue: JP¥100.3b (up 12% from 2Q 2025). Net income: JP¥11.2b (up 82% from 2Q 2025). Profit margin: 11% (up from 6.9% in 2Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 3.1% p.a. on average during the next 3 years, compared to a 4.0% growth forecast for the Building industry in Japan. Price Target Changed • Nov 15
Price target increased by 8.2% to JP¥4,525 Up from JP¥4,183, the current price target is an average from 6 analysts. New target price is approximately in line with last closing price of JP¥4,560. Stock is up 53% over the past year. The company is forecast to post earnings per share of JP¥269 for next year compared to JP¥208 last year. Buy Or Sell Opportunity • Oct 14
Now 21% undervalued Over the last 90 days, the stock has risen 10% to JP¥4,035. The fair value is estimated to be JP¥5,078, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.9% over the last 3 years. Earnings per share has grown by 36%. For the next 3 years, revenue is forecast to grow by 3.5% per annum. Earnings are also forecast to grow by 4.0% per annum over the same time period. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥86.00 per share Eligible shareholders must have bought the stock before 29 September 2025. Payment date: 10 December 2025. Payout ratio is a comfortable 32% but the company is paying out more than the cash it is generating. Trailing yield: 2.0%. Lower than top quartile of Japanese dividend payers (3.6%). Lower than average of industry peers (2.6%). Price Target Changed • Sep 01
Price target increased by 7.3% to JP¥8,367 Up from JP¥7,800, the current price target is an average from 6 analysts. New target price is 7.1% below last closing price of JP¥9,002. Stock is up 69% over the past year. The company is forecast to post earnings per share of JP¥487 for next year compared to JP¥416 last year. Price Target Changed • Aug 21
Price target increased by 7.1% to JP¥7,800 Up from JP¥7,283, the current price target is an average from 6 analysts. New target price is 8.0% below last closing price of JP¥8,478. Stock is up 67% over the past year. The company is forecast to post earnings per share of JP¥469 for next year compared to JP¥416 last year. Reported Earnings • Aug 09
First quarter 2026 earnings released: EPS: JP¥136 (vs JP¥30.54 in 1Q 2025) First quarter 2026 results: EPS: JP¥136 (up from JP¥30.54 in 1Q 2025). Revenue: JP¥94.2b (up 34% from 1Q 2025). Net income: JP¥8.96b (up 342% from 1Q 2025). Profit margin: 9.5% (up from 2.9% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 2.9% p.a. on average during the next 3 years, compared to a 4.0% growth forecast for the Building industry in Japan. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has increased by 73% per year, which means it is tracking significantly ahead of earnings growth. Declared Dividend • Jul 09
Final dividend of JP¥86.00 announced Shareholders will receive a dividend of JP¥86.00. Ex-date: 29th September 2025 Payment date: 10th December 2025 Dividend yield will be 2.6%, which is higher than the industry average of 2.0%. Sustainability & Growth Dividend is covered by earnings (44% earnings payout ratio) but not covered by cash flows (dividend approximately 7x free cash flows). The dividend has increased by an average of 21% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 16% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Price Target Changed • Jun 20
Price target increased by 9.8% to JP¥7,283 Up from JP¥6,633, the current price target is an average from 6 analysts. New target price is 6.0% above last closing price of JP¥6,871. Stock is up 20% over the past year. The company is forecast to post earnings per share of JP¥448 for next year compared to JP¥416 last year. Reported Earnings • Jun 20
Full year 2025 earnings: EPS and revenues exceed analyst expectations Full year 2025 results: EPS: JP¥416 (up from JP¥296 in FY 2024). Revenue: JP¥381.7b (up 5.0% from FY 2024). Net income: JP¥27.6b (up 41% from FY 2024). Profit margin: 7.2% (up from 5.4% in FY 2024). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.8%. Earnings per share (EPS) also surpassed analyst estimates by 10.0%. Revenue is forecast to grow 3.9% p.a. on average during the next 3 years, compared to a 3.9% growth forecast for the Building industry in Japan. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has increased by 63% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • May 15
Full year 2025 earnings: EPS and revenues exceed analyst expectations Full year 2025 results: EPS: JP¥416 (up from JP¥296 in FY 2024). Revenue: JP¥381.7b (up 5.0% from FY 2024). Net income: JP¥27.6b (up 41% from FY 2024). Profit margin: 7.2% (up from 5.4% in FY 2024). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.8%. Earnings per share (EPS) also surpassed analyst estimates by 10.0%. Revenue is forecast to grow 1.9% p.a. on average during the next 3 years, compared to a 4.0% growth forecast for the Building industry in Japan. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has increased by 58% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Mar 27
Takasago Thermal Engineering Co., Ltd. to Report Fiscal Year 2025 Results on May 13, 2025 Takasago Thermal Engineering Co., Ltd. announced that they will report fiscal year 2025 results on May 13, 2025 Upcoming Dividend • Mar 21
Upcoming dividend of JP¥79.00 per share Eligible shareholders must have bought the stock before 28 March 2025. Payment date: 20 June 2025. Payout ratio is a comfortable 44% but the company is paying out more than the cash it is generating. Trailing yield: 2.5%. Lower than top quartile of Japanese dividend payers (3.7%). In line with average of industry peers (2.4%). Reported Earnings • Feb 15
Third quarter 2025 earnings released: EPS: JP¥127 (vs JP¥121 in 3Q 2024) Third quarter 2025 results: EPS: JP¥127 (up from JP¥121 in 3Q 2024). Revenue: JP¥105.3b (up 6.0% from 3Q 2024). Net income: JP¥8.43b (up 4.8% from 3Q 2024). Profit margin: 8.0% (down from 8.1% in 3Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 3.1% p.a. on average during the next 3 years, compared to a 4.1% growth forecast for the Building industry in Japan. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has increased by 40% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Feb 15
Takasago Thermal Engineering Co., Ltd. (TSE:1969) announces an Equity Buyback for 1,700,000 shares, representing 2.51% for ¥8,000 million. Takasago Thermal Engineering Co., Ltd. (TSE:1969) announces a share repurchase program. Under the program, the company will repurchase up to 1,700,000 shares, representing 2.51% of its issued share capital (excluding treasury stock), for a total purchase price of ¥8,000 million. The purpose of the program is to increase shareholder value and corporate value over the medium to long term. The program will be valid June 30, 2025. As of January 31, 2025, the company had 67,641,078 issued shares (excluding treasury stock) and 2,598,324 treasury shares. Declared Dividend • Dec 11
First half dividend of JP¥79.00 announced Shareholders will receive a dividend of JP¥79.00. Ex-date: 28th March 2025 Payment date: 20th June 2025 Dividend yield will be 2.4%, which is higher than the industry average of 2.0%. Sustainability & Growth Dividend is covered by both earnings (44% earnings payout ratio) and cash flows (57% cash payout ratio). The dividend has increased by an average of 19% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 22% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Upcoming Dividend • Sep 20
Upcoming dividend of JP¥65.00 per share Eligible shareholders must have bought the stock before 27 September 2024. Payment date: 09 December 2024. Payout ratio is a comfortable 40% but the company is paying out more than the cash it is generating. Trailing yield: 2.5%. Lower than top quartile of Japanese dividend payers (3.8%). In line with average of industry peers (2.5%). Major Estimate Revision • Aug 21
Consensus EPS estimates increase by 19% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate increased from JP¥269 to JP¥319. Revenue forecast steady at JP¥371.7b. Net income forecast to grow 17% next year vs 9.5% growth forecast for Building industry in Japan. Consensus price target of JP¥5,975 unchanged from last update. Share price rose 2.6% to JP¥5,220 over the past week. Reported Earnings • Aug 08
First quarter 2025 earnings released: EPS: JP¥30.54 (vs JP¥29.77 in 1Q 2024) First quarter 2025 results: EPS: JP¥30.54 (up from JP¥29.77 in 1Q 2024). Revenue: JP¥70.4b (down 10.0% from 1Q 2024). Net income: JP¥2.03b (up 2.8% from 1Q 2024). Profit margin: 2.9% (up from 2.5% in 1Q 2024). The increase in margin was driven by lower expenses. Revenue is forecast to grow 2.4% p.a. on average during the next 3 years, compared to a 4.2% growth forecast for the Building industry in Japan. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has increased by 36% 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 17% After last week's 17% share price decline to JP¥4,645, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 14x in the Building industry in Japan. Total returns to shareholders of 160% over the past three years. Declared Dividend • Jul 11
Final dividend of JP¥65.00 announced Shareholders will receive a dividend of JP¥65.00. Ex-date: 27th September 2024 Payment date: 9th December 2024 Dividend yield will be 2.7%, which is higher than the industry average of 2.0%. Sustainability & Growth Dividend is covered by earnings (35% 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 18% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 24% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Jun 28
Takasago Thermal Engineering Co., Ltd. to Report Q1, 2025 Results on Aug 06, 2024 Takasago Thermal Engineering Co., Ltd. announced that they will report Q1, 2025 results on Aug 06, 2024 Price Target Changed • Jun 27
Price target increased by 11% to JP¥5,908 Up from JP¥5,333, the current price target is an average from 6 analysts. New target price is approximately in line with last closing price of JP¥5,820. Stock is up 139% over the past year. The company is forecast to post earnings per share of JP¥319 for next year compared to JP¥296 last year. Reported Earnings • Jun 23
Full year 2024 earnings: EPS exceeds analyst expectations Full year 2024 results: EPS: JP¥296 (up from JP¥185 in FY 2023). Revenue: JP¥363.4b (up 7.2% from FY 2023). Net income: JP¥19.6b (up 60% from FY 2023). Profit margin: 5.4% (up from 3.6% in FY 2023). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 9.9%. Revenue is forecast to grow 2.0% p.a. on average during the next 3 years, compared to a 4.1% growth forecast for the Building industry in Japan. 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 45% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Jun 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 5.5% 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 High level of non-cash earnings (28% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (5.5% average weekly change). Price Target Changed • May 29
Price target increased by 11% to JP¥5,100 Up from JP¥4,583, the current price target is an average from 6 analysts. New target price is 21% below last closing price of JP¥6,460. Stock is up 177% over the past year. The company is forecast to post earnings per share of JP¥294 for next year compared to JP¥296 last year. New Risk • May 18
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 28% 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. This is currently the only risk that has been identified for the company. Announcement • May 16
Takasago Thermal Engineering Co., Ltd., Annual General Meeting, Jun 19, 2024 Takasago Thermal Engineering Co., Ltd., Annual General Meeting, Jun 19, 2024. Announcement • Apr 11
Takasago Thermal Engineering Co., Ltd. to Report Fiscal Year 2024 Results on May 14, 2024 Takasago Thermal Engineering Co., Ltd. announced that they will report fiscal year 2024 results on May 14, 2024 Upcoming Dividend • Mar 21
Upcoming dividend of JP¥83.00 per share Eligible shareholders must have bought the stock before 28 March 2024. Payment date: 26 June 2024. Payout ratio is a comfortable 35% and this is well supported by cash flows. Trailing yield: 1.8%. Lower than top quartile of Japanese dividend payers (3.2%). Lower than average of industry peers (2.1%). Price Target Changed • Mar 14
Price target increased by 7.8% to JP¥4,583 Up from JP¥4,250, the current price target is an average from 6 analysts. New target price is approximately in line with last closing price of JP¥4,480. Stock is up 123% over the past year. The company is forecast to post earnings per share of JP¥269 for next year compared to JP¥185 last year. Major Estimate Revision • Feb 21
Consensus EPS estimates increase by 13% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate increased from JP¥223 to JP¥251. Revenue forecast steady at JP¥359.6b. Net income forecast to shrink 8.3% next year vs 5.3% growth forecast for Building industry in Japan . Consensus price target up from JP¥3,517 to JP¥4,250. Share price rose 10% to JP¥4,315 over the past week. Reported Earnings • Feb 10
Third quarter 2024 earnings released: EPS: JP¥121 (vs JP¥82.41 in 3Q 2023) Third quarter 2024 results: EPS: JP¥121 (up from JP¥82.41 in 3Q 2023). Revenue: JP¥99.4b (up 13% from 3Q 2023). Net income: JP¥8.04b (up 47% from 3Q 2023). Profit margin: 8.1% (up from 6.2% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to stay flat during the next 3 years compared to a 4.0% growth forecast for the Building industry in Japan. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has increased by 33% per year, which means it is tracking significantly ahead of earnings growth. 
