Valuation Update With 7 Day Price Move • May 20
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to JP¥2,897, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 14x in the Construction industry in Japan. Total returns to shareholders of 168% over the past three years. Reported Earnings • May 15
Full year 2026 earnings: EPS exceeds analyst expectations Full year 2026 results: EPS: JP¥401 (up from JP¥133 in FY 2025). Revenue: JP¥94.1b (up 4.8% from FY 2025). Net income: JP¥8.68b (up 47% from FY 2025). Profit margin: 9.2% (up from 6.6% in FY 2025). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 12%. Revenue is forecast to grow 5.5% p.a. on average during the next 2 years, compared to a 4.2% growth forecast for the Construction industry in Japan. Over the last 3 years on average, earnings per share has increased by 38% per year whereas the company’s share price has increased by 41% per year. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥80.00 per share Eligible shareholders must have bought the stock before 30 March 2026. Payment date: 25 June 2026. Payout ratio is a comfortable 27% but the company is not cash flow positive. Trailing yield: 1.4%. Lower than top quartile of Japanese dividend payers (3.6%). Lower than average of industry peers (2.4%). Announcement • Mar 06
Hibiya Engineering, Ltd. to Report Fiscal Year 2026 Results on May 13, 2026 Hibiya Engineering, Ltd. announced that they will report fiscal year 2026 results on May 13, 2026 Reported Earnings • Feb 11
Third quarter 2026 earnings released: EPS: JP¥107 (vs JP¥23.99 in 3Q 2025) Third quarter 2026 results: EPS: JP¥107 (up from JP¥23.99 in 3Q 2025). Revenue: JP¥23.8b (up 24% from 3Q 2025). Net income: JP¥2.31b (up 334% from 3Q 2025). Profit margin: 9.7% (up from 2.8% in 3Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 4.0% p.a. on average during the next 3 years, compared to a 3.5% growth forecast for the Construction industry in Japan. Over the last 3 years on average, earnings per share has increased by 22% 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 • Feb 10
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Japanese stocks, typically moving 5.5% 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: 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). Valuation Update With 7 Day Price Move • Feb 10
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to JP¥6,020, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 16x in the Construction industry in Japan. Total returns to shareholders of 232% over the past three years. Declared Dividend • Dec 09
First half dividend of JP¥50.00 announced Shareholders will receive a dividend of JP¥50.00. Ex-date: 30th March 2026 Payment date: 25th June 2026 Dividend yield will be 2.3%, which is lower than the industry average of 2.9%. Sustainability & Growth Dividend is covered by earnings (36% 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 12% 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. Reported Earnings • Nov 14
Second quarter 2026 earnings released: EPS: JP¥68.06 (vs JP¥77.89 in 2Q 2025) Second quarter 2026 results: EPS: JP¥68.06 (down from JP¥77.89 in 2Q 2025). Revenue: JP¥21.5b (up 6.7% from 2Q 2025). Net income: JP¥1.48b (down 15% from 2Q 2025). Profit margin: 6.9% (down from 8.7% in 2Q 2025). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 5.2% p.a. on average during the next 3 years, compared to a 2.5% growth forecast for the Construction 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 32% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Sep 25
Hibiya Engineering, Ltd. to Report Q2, 2026 Results on Nov 11, 2025 Hibiya Engineering, Ltd. announced that they will report Q2, 2026 results on Nov 11, 2025 Upcoming Dividend • Sep 22
Upcoming dividend of JP¥50.00 per share Eligible shareholders must have bought the stock before 29 September 2025. Payment date: 09 December 2025. Payout ratio is a comfortable 32% but the company is not cash flow positive. Trailing yield: 2.2%. Lower than top quartile of Japanese dividend payers (3.6%). Lower than average of industry peers (2.8%). Reported Earnings • Aug 07
First quarter 2026 earnings released: EPS: JP¥62.07 (vs JP¥36.79 in 1Q 2025) First quarter 2026 results: EPS: JP¥62.07 (up from JP¥36.79 in 1Q 2025). Revenue: JP¥19.1b (up 8.8% from 1Q 2025). Net income: JP¥1.36b (up 64% from 1Q 2025). Profit margin: 7.1% (up from 4.7% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 3.4% p.a. on average during the next 2 years, compared to a 2.4% growth forecast for the Construction 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 35% per year, which means it is tracking significantly ahead of earnings growth. Declared Dividend • Jul 09
Final dividend of JP¥50.00 announced Shareholders will receive a dividend of JP¥50.00. Ex-date: 29th September 2025 Payment date: 9th December 2025 Dividend yield will be 2.7%, which is lower than the industry average of 2.9%. Sustainability & Growth Dividend is covered by earnings (32% 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 12% 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 12% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Jun 27
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: EPS: JP¥265 (up from JP¥211 in FY 2024). Revenue: JP¥89.8b (up 7.2% from FY 2024). Net income: JP¥5.91b (up 23% from FY 2024). Profit margin: 6.6% (up from 5.7% in FY 2024). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 10.0%. Revenue is forecast to grow 3.8% p.a. on average during the next 2 years, compared to a 2.5% growth forecast for the Construction industry in Japan. Over the last 3 years on average, earnings per share has increased by 23% per year whereas the company’s share price has increased by 24% per year. Announcement • Jun 25
Hibiya Engineering, Ltd. to Report Q1, 2026 Results on Aug 06, 2025 Hibiya Engineering, Ltd. announced that they will report Q1, 2026 results on Aug 06, 2025 Reported Earnings • May 19
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: EPS: JP¥265 (up from JP¥211 in FY 2024). Revenue: JP¥89.8b (up 7.2% from FY 2024). Net income: JP¥5.91b (up 23% from FY 2024). Profit margin: 6.6% (up from 5.7% in FY 2024). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 10.0%. Revenue is forecast to grow 3.8% p.a. on average during the next 2 years, compared to a 1.8% growth forecast for the Construction industry in Japan. Over the last 3 years on average, earnings per share has increased by 23% per year and the company’s share price has also increased by 23% per year. Announcement • May 14
Hibiya Engineering, Ltd. (TSE:1982) announces an Equity Buyback for 600,000 shares, representing 2.71% for ¥2,100 million. Hibiya Engineering, Ltd. (TSE:1982) announces a share repurchase program. Under the program, the company will repurchase up to 600,000 shares, representing 2.71% of its issued share capital (excluding treasury stock), for ¥2,100 million. The purpose of the program is to to improve shareholder value and capital efficiency. The program will run until March 31, 2026. As of May 13, 2025, the company had 22,112,755 shares in issue (excluding treasury stock) and 1,643,566 shares in treasury. Announcement • May 13
Hibiya Engineering, Ltd., Annual General Meeting, Jun 24, 2025 Hibiya Engineering, Ltd., Annual General Meeting, Jun 24, 2025. Announcement • Mar 25
Hibiya Engineering, Ltd. to Report Fiscal Year 2025 Results on May 13, 2025 Hibiya Engineering, Ltd. announced that they will report fiscal year 2025 results on May 13, 2025 Upcoming Dividend • Mar 21
Upcoming dividend of JP¥44.00 per share Eligible shareholders must have bought the stock before 28 March 2025. Payment date: 26 June 2025. Payout ratio is a comfortable 55% and this is well supported by cash flows. Trailing yield: 2.7%. Lower than top quartile of Japanese dividend payers (3.7%). Lower than average of industry peers (3.3%). Reported Earnings • Feb 15
Third quarter 2025 earnings released: JP¥31.57 loss per share (vs JP¥40.42 profit in 3Q 2024) Third quarter 2025 results: JP¥31.57 loss per share (down from JP¥40.42 profit in 3Q 2024). Revenue: JP¥16.4b (down 22% from 3Q 2024). Net loss: JP¥700.0m (down 176% from profit in 3Q 2024). Revenue is forecast to grow 6.9% p.a. on average during the next 3 years, compared to a 2.3% growth forecast for the Construction industry in Japan. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has increased by 22% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jan 03
Hibiya Engineering, Ltd. to Report Q3, 2025 Results on Feb 13, 2025 Hibiya Engineering, Ltd. announced that they will report Q3, 2025 results on Feb 13, 2025 Declared Dividend • Dec 10
First half dividend of JP¥44.00 announced Shareholders will receive a dividend of JP¥44.00. Ex-date: 28th March 2025 Payment date: 26th June 2025 Dividend yield will be 2.3%, which is lower than the industry average of 2.9%. Sustainability & Growth Dividend is well covered by both earnings (31% earnings payout ratio) and cash flows (36% cash payout ratio). The dividend has increased by an average of 11% 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 15% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Sep 25
Hibiya Engineering, Ltd. to Report Q2, 2025 Results on Nov 14, 2024 Hibiya Engineering, Ltd. announced that they will report Q2, 2025 results on Nov 14, 2024 Upcoming Dividend • Sep 20
Upcoming dividend of JP¥44.00 per share Eligible shareholders must have bought the stock before 27 September 2024. Payment date: 04 December 2024. Payout ratio is a comfortable 38% and this is well supported by cash flows. Trailing yield: 2.6%. Lower than top quartile of Japanese dividend payers (3.8%). Lower than average of industry peers (3.3%). Declared Dividend • Aug 13
Dividend of JP¥44.00 announced Shareholders will receive a dividend of JP¥44.00. Ex-date: 27th September 2024 Payment date: 4th December 2024 Dividend yield will be 2.8%, which is about the same as the industry average. Sustainability & Growth Dividend is covered by both earnings (38% earnings payout ratio) and cash flows (51% cash payout ratio). The dividend has increased by an average of 11% 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 16% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Aug 10
First quarter 2025 earnings released: EPS: JP¥36.79 (vs JP¥23.61 in 1Q 2024) First quarter 2025 results: EPS: JP¥36.79 (up from JP¥23.61 in 1Q 2024). Revenue: JP¥17.5b (up 8.5% from 1Q 2024). Net income: JP¥828.0m (up 53% from 1Q 2024). Profit margin: 4.7% (up from 3.3% 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 9% per year but the company’s share price has increased by 17% 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 21% After last week's 21% share price decline to JP¥2,483, the stock trades at a trailing P/E ratio of 11.6x. Average trailing P/E is 11x in the Construction industry in Japan. Total returns to shareholders of 49% over the past three years. New Risk • Jun 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 5.4% 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. This is currently the only risk that has been identified for the company. Announcement • Jun 26
Hibiya Engineering, Ltd. to Report Q1, 2025 Results on Aug 08, 2024 Hibiya Engineering, Ltd. announced that they will report Q1, 2025 results on Aug 08, 2024 Reported Earnings • May 18
Full year 2024 earnings released: EPS: JP¥211 (vs JP¥200 in FY 2023) Full year 2024 results: EPS: JP¥211 (up from JP¥200 in FY 2023). Revenue: JP¥83.8b (flat on FY 2023). Net income: JP¥4.80b (up 3.4% from FY 2023). Profit margin: 5.7% (up from 5.5% in FY 2023). Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has increased by 18% per year, which means it is tracking significantly ahead of earnings growth. Announcement • May 16
Hibiya Engineering, Ltd., Annual General Meeting, Jun 25, 2024 Hibiya Engineering, Ltd., Annual General Meeting, Jun 25, 2024. Announcement • May 15
Hibiya Engineering, Ltd. (TSE:1982) announces an Equity Buyback for 600,000 shares, representing 2.65% for ¥1,800 million. Hibiya Engineering, Ltd. (TSE:1982) announces a share repurchase program. Under the program, the company will repurchase up to 600,000 shares, representing 2.65% of its issued share capital (excluding treasury stock), for ¥1,800 million. The purpose of the program is to to improve shareholder value and capital efficiency. The program will run until March 31, 2025. As of May 14, 2024, the company had 22,633,443 shares in issue (excluding treasury stock) and 1,122,878 shares in treasury. Announcement • Mar 23
Hibiya Engineering, Ltd. to Report Fiscal Year 2024 Results on May 14, 2024 Hibiya Engineering, Ltd. announced that they will report fiscal year 2024 results on May 14, 2024 Upcoming Dividend • Mar 21
Upcoming dividend of JP¥43.00 per share Eligible shareholders must have bought the stock before 28 March 2024. Payment date: 26 June 2024. Payout ratio is a comfortable 48% but the company is paying out more than the cash it is generating. Trailing yield: 2.8%. Lower than top quartile of Japanese dividend payers (3.2%). In line with average of industry peers (2.7%). Reported Earnings • Feb 10
Third quarter 2024 earnings released: EPS: JP¥40.42 (vs JP¥71.62 in 3Q 2023) Third quarter 2024 results: EPS: JP¥40.42 (down from JP¥71.62 in 3Q 2023). Revenue: JP¥21.1b (down 6.9% from 3Q 2023). Net income: JP¥918.0m (down 44% from 3Q 2023). Profit margin: 4.4% (down from 7.3% in 3Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 5% per year whereas the company’s share price has increased by 10% per year. Announcement • Dec 27
Hibiya Engineering, Ltd. to Report Q3, 2024 Results on Feb 08, 2024 Hibiya Engineering, Ltd. announced that they will report Q3, 2024 results on Feb 08, 2024 Reported Earnings • Nov 10
Second quarter 2024 earnings released: EPS: JP¥18.22 (vs JP¥27.82 in 2Q 2023) Second quarter 2024 results: EPS: JP¥18.22 (down from JP¥27.82 in 2Q 2023). Revenue: JP¥16.8b (up 4.4% from 2Q 2023). Net income: JP¥416.0m (down 36% from 2Q 2023). Profit margin: 2.5% (down from 4.0% in 2Q 2023). The decrease in margin was driven by higher expenses. 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 8% per year. Announcement • Sep 27
Hibiya Engineering, Ltd. to Report Q2, 2024 Results on Nov 09, 2023 Hibiya Engineering, Ltd. announced that they will report Q2, 2024 results on Nov 09, 2023 Upcoming Dividend • Sep 21
Upcoming dividend of JP¥43.00 per share at 3.6% yield Eligible shareholders must have bought the stock before 28 September 2023. Payment date: 05 December 2023. Payout ratio is a comfortable 39% but the company is paying out more than the cash it is generating. Trailing yield: 3.6%. Within top quartile of Japanese dividend payers (3.3%). Higher than average of industry peers (3.0%). Reported Earnings • Aug 10
First quarter 2024 earnings released: EPS: JP¥23.61 (vs JP¥4.60 in 1Q 2023) First quarter 2024 results: EPS: JP¥23.61 (up from JP¥4.60 in 1Q 2023). Revenue: JP¥16.2b (up 30% from 1Q 2023). Net income: JP¥540.0m (up 400% from 1Q 2023). Profit margin: 3.3% (up from 0.9% in 1Q 2023). The increase in margin 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 5% per year, which means it is well ahead of earnings. Announcement • Jun 26
Hibiya Engineering, Ltd. to Report Q1, 2024 Results on Aug 09, 2023 Hibiya Engineering, Ltd. announced that they will report Q1, 2024 results on Aug 09, 2023 Reported Earnings • May 14
Full year 2023 earnings released: EPS: JP¥200 (vs JP¥184 in FY 2022) Full year 2023 results: EPS: JP¥200 (up from JP¥184 in FY 2022). Revenue: JP¥84.0b (up 11% from FY 2022). Net income: JP¥4.64b (up 6.2% from FY 2022). Profit margin: 5.5% (down from 5.8% in FY 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Announcement • May 13
Hibiya Engineering, Ltd., Annual General Meeting, Jun 23, 2023 Hibiya Engineering, Ltd., Annual General Meeting, Jun 23, 2023. Announcement • May 12
Hibiya Engineering, Ltd. (TSE:1982) announces an Equity Buyback for 600,000 shares, representing 2.6% for ¥1,500 million. Hibiya Engineering, Ltd. (TSE:1982) announces a share repurchase program. Under the program, the company will repurchase up to 600,000 shares, representing 2.60% of its issued share capital (excluding treasury stock), for ¥1,500 million. The purpose of the program is to to improve shareholder value and capital efficiency. The program will run until March 29, 2024. As of May 11, 2023, the company had 23,053,869 shares in issue (excluding treasury stock) and 1,952,452 shares in treasury. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥42.00 per share at 4.1% yield Eligible shareholders must have bought the stock before 30 March 2023. Payment date: 26 June 2023. Payout ratio is a comfortable 60% and this is well supported by cash flows. Trailing yield: 4.1%. Within top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (3.6%). Reported Earnings • Feb 12
Third quarter 2023 earnings released: EPS: JP¥71.62 (vs JP¥32.91 in 3Q 2022) Third quarter 2023 results: EPS: JP¥71.62 (up from JP¥32.91 in 3Q 2022). Revenue: JP¥22.7b (up 22% from 3Q 2022). Net income: JP¥1.65b (up 111% from 3Q 2022). Profit margin: 7.3% (up from 4.2% in 3Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 5% per year whereas the company’s share price has remained flat. Announcement • Dec 26
Hibiya Engineering, Ltd. to Report Q3, 2023 Results on Feb 08, 2023 Hibiya Engineering, Ltd. announced that they will report Q3, 2023 results on Feb 08, 2023 Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 6 non-independent directors. Independent Outside Director Masako Osuna was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 11
Second quarter 2023 earnings released: EPS: JP¥27.81 (vs JP¥70.21 in 2Q 2022) Second quarter 2023 results: EPS: JP¥27.81 (down from JP¥70.21 in 2Q 2022). Revenue: JP¥16.1b (down 9.2% from 2Q 2022). Net income: JP¥646.0m (down 62% from 2Q 2022). Profit margin: 4.0% (down from 9.4% in 2Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 1% per year whereas the company’s share price has fallen by 2% per year. Announcement • Sep 24
Hibiya Engineering, Ltd. to Report Q2, 2023 Results on Nov 09, 2022 Hibiya Engineering, Ltd. announced that they will report Q2, 2023 results on Nov 09, 2022 Upcoming Dividend • Sep 22
Upcoming dividend of JP¥42.00 per share Eligible shareholders must have bought the stock before 29 September 2022. Payment date: 06 December 2022. Payout ratio is a comfortable 57% but the company is paying out more than the cash it is generating. Trailing yield: 4.5%. Within top quartile of Japanese dividend payers (3.7%). Higher than average of industry peers (3.5%). Reported Earnings • Aug 07
First quarter 2023 earnings released: EPS: JP¥4.60 (vs JP¥44.67 in 1Q 2022) First quarter 2023 results: EPS: JP¥4.60 (down from JP¥44.67 in 1Q 2022). Revenue: JP¥12.5b (down 20% from 1Q 2022). Net income: JP¥108.0m (down 90% from 1Q 2022). Profit margin: 0.9% (down from 6.9% in 1Q 2022). 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 but the company’s share price has remained flat, which means it is significantly lagging earnings. Reported Earnings • May 16
Full year 2022 earnings released: EPS: JP¥184 (vs JP¥129 in FY 2021) Full year 2022 results: EPS: JP¥184 (up from JP¥129 in FY 2021). Revenue: JP¥75.5b (up 3.3% from FY 2021). Net income: JP¥4.37b (up 42% from FY 2021). Profit margin: 5.8% (up from 4.2% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Announcement • May 14
Hibiya Engineering, Ltd., Annual General Meeting, Jun 23, 2022 Hibiya Engineering, Ltd., Annual General Meeting, Jun 23, 2022. Announcement • May 13
Hibiya Engineering, Ltd. (TSE:1982) announces an Equity Buyback for 600,000 shares, representing 2.54% for ¥1,200 million. Hibiya Engineering, Ltd. (TSE:1982) announces a share repurchase program. Under the program, the company will repurchase up to 600,000 shares, representing 2.54% of its issued share capital (excluding treasury stock), for ¥1,200 million. The purpose of the program is to carry out agile capital policies in response to changes in the business environment. The program will run until March 31, 2023. As of May 12, 2022, the company had 23,625,251 shares in issue (excluding treasury stock) and 1,381,070 shares in treasury. Board Change • Apr 27
Less than half of directors are independent There are 6 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 2 independent directors. 6 non-independent directors. Independent Outside Director Masako Osuna was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Announcement • Apr 07
Hibiya Engineering, Ltd. to Report Fiscal Year 2022 Results on May 12, 2022 Hibiya Engineering, Ltd. announced that they will report fiscal year 2022 results on May 12, 2022 Upcoming Dividend • Mar 23
Upcoming dividend of JP¥40.00 per share Eligible shareholders must have bought the stock before 30 March 2022. Payment date: 24 June 2022. Payout ratio is a comfortable 39% but the company is paying out more than the cash it is generating. Trailing yield: 4.1%. Within top quartile of Japanese dividend payers (3.4%). Higher than average of industry peers (3.1%). Board Change • Mar 22
Less than half of directors are independent There are 6 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 2 independent directors. 6 non-independent directors. Independent Outside Director Masako Osuna was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Reported Earnings • Feb 04
Third quarter 2022 earnings: Revenues and EPS in line with analyst expectations Third quarter 2022 results: EPS: JP¥32.91 (up from JP¥26.72 in 3Q 2021). Revenue: JP¥18.6b (up 8.7% from 3Q 2021). Net income: JP¥781.0m (up 22% from 3Q 2021). Profit margin: 4.2% (up from 3.7% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. 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 2% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 07
Second quarter 2022 earnings released: EPS JP¥70.21 (vs JP¥22.87 in 2Q 2021) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2022 results: Revenue: JP¥17.8b (up 7.3% from 2Q 2021). Net income: JP¥1.68b (up 207% from 2Q 2021). Profit margin: 9.4% (up from 3.3% in 2Q 2021). Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥40.00 per share Eligible shareholders must have bought the stock before 29 September 2021. Payment date: 07 December 2021. Trailing yield: 4.1%. Within top quartile of Japanese dividend payers (3.0%). Higher than average of industry peers (3.0%). Reported Earnings • Aug 09
First quarter 2022 earnings released: EPS JP¥44.67 (vs JP¥21.42 in 1Q 2021) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2022 results: Revenue: JP¥15.5b (up 1.2% from 1Q 2021). Net income: JP¥1.07b (up 109% from 1Q 2021). Profit margin: 6.9% (up from 3.3% in 1Q 2021). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Reported Earnings • Jun 26
Full year 2021 earnings released: EPS JP¥129 (vs JP¥147 in FY 2020) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2021 results: Revenue: JP¥73.1b (down 3.7% from FY 2020). Net income: JP¥3.08b (down 13% from FY 2020). Profit margin: 4.2% (down from 4.7% in FY 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Reported Earnings • May 14
Full year 2021 earnings released: EPS JP¥129 (vs JP¥147 in FY 2020) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2021 results: Revenue: JP¥73.1b (down 3.7% from FY 2020). Net income: JP¥3.08b (down 13% from FY 2020). Profit margin: 4.2% (down from 4.7% in FY 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Announcement • May 13
Hibiya Engineering, Ltd. (TSE:1982) announces an Equity Buyback for 500,000 shares, representing 2.08% for ¥1,000 million. Hibiya Engineering, Ltd. (TSE:1982) announces a share repurchase program. Under the program, the company will repurchase up to 500,000 shares, representing 2.08% of its share capital, for ¥1,000 million. The company will repurchase its shares in order to enable the implementation of a flexible capital policy in response to changes in the business environment. The share repurchase program will run until March 31, 2022. As of May 12, 2021, the company has 24,069,402 shares outstanding (excluding treasury shares) and 936,919 shares in treasury. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥40.00 per share Eligible shareholders must have bought the stock before 30 March 2021. Payment date: 25 June 2021. Trailing yield: 4.0%. Within top quartile of Japanese dividend payers (2.7%). Higher than average of industry peers (2.6%). Is New 90 Day High Low • Mar 09
New 90-day high: JP¥1,912 The company is up 1.0% from its price of JP¥1,899 on 09 December 2020. The Japanese market is up 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Construction industry, which is up 8.0% over the same period. Announcement • Mar 06
Hibiya Engineering, Ltd. to Report Fiscal Year 2021 Results on May 12, 2021 Hibiya Engineering, Ltd. announced that they will report fiscal year 2021 results on May 12, 2021 Reported Earnings • Feb 06
Third quarter 2021 earnings released: EPS JP¥26.72 (vs JP¥30.78 in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: JP¥17.1b (down 7.5% from 3Q 2020). Net income: JP¥638.0m (down 14% from 3Q 2020). Profit margin: 3.7% (down from 4.0% in 3Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has remained flat whereas the company’s share price has fallen by 2% per year. Is New 90 Day High Low • Dec 24
New 90-day high: JP¥1,902 The company is up 7.0% from its price of JP¥1,784 on 25 September 2020. The Japanese market is up 8.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Construction industry, which is down 3.0% over the same period. Announcement • Dec 23
Hibiya Engineering, Ltd. to Report Q3, 2021 Results on Feb 04, 2021 Hibiya Engineering, Ltd. announced that they will report Q3, 2021 results on Feb 04, 2021 Is New 90 Day High Low • Dec 01
New 90-day high: JP¥1,882 The company is up 6.0% from its price of JP¥1,772 on 02 September 2020. The Japanese market is up 8.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Construction industry, which is flat over the same period. Announcement • Sep 23
Hibiya Engineering, Ltd. to Report Q2, 2021 Results on Nov 06, 2020 Hibiya Engineering, Ltd. announced that they will report Q2, 2021 results on Nov 06, 2020 
