Valuation Update With 7 Day Price Move • Jun 01
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to JP¥4,375, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 16x in the Machinery industry in Japan. Total returns to shareholders of 286% over the past three years. Live News • May 24
Noritake Lifts Dividend and Sets Ambitious Shareholder Return Target Following Strong FY2026 Results Noritake reported improved sales and profits for FY2026, supported by higher comprehensive income and contributions from equity-method affiliates.
The company raised its annual dividend to 180 yen per share, including a 100 yen year-end dividend, which came in above its earlier forecast.
Noritake carried out a two-for-one stock split and reaffirmed a progressive dividend policy targeting at least 140 yen per share annually and a total shareholder return ratio of 50% or more over the next three years.
The combination of higher profitability, a stock split, and a clearer payout framework indicates a management team placing meaningful emphasis on shareholder returns alongside balance sheet strength and cash generation.
Investors may want to monitor how Noritake sustains its cash flow to support both the committed dividend floor and the targeted 50% or higher total shareholder return ratio over the coming three-year period. Reported Earnings • May 13
Full year 2026 earnings: EPS and revenues exceed analyst expectations Full year 2026 results: EPS: JP¥509 (up from JP¥225 in FY 2025). Revenue: JP¥142.9b (up 3.4% from FY 2025). Net income: JP¥14.2b (up 9.6% from FY 2025). Profit margin: 9.9% (in line with FY 2025). Revenue exceeded analyst estimates by 1.4%. Earnings per share (EPS) also surpassed analyst estimates by 10.0%. Revenue is forecast to grow 1.8% p.a. on average during the next 2 years, compared to a 5.7% growth forecast for the Machinery industry in Japan. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has increased by 42% per year, which means it is tracking significantly ahead of earnings growth. Announcement • May 13
Noritake Co., Limited, Annual General Meeting, Jun 25, 2026 Noritake Co., Limited, Annual General Meeting, Jun 25, 2026. Announcement • May 09
Noritake Co., Limited to Report Fiscal Year 2026 Results on May 12, 2026 Noritake Co., Limited announced that they will report fiscal year 2026 results on May 12, 2026 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: 05 June 2026. Payout ratio is a comfortable 34% but the company is not cash flow positive. Trailing yield: 2.6%. Lower than top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (1.6%). Buy Or Sell Opportunity • Mar 04
Now 25% undervalued Over the last 90 days, the stock has risen 17% to JP¥6,330. The fair value is estimated to be JP¥8,460, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 8.2%. Revenue is forecast to grow by 9.9% in 2 years. Earnings are forecast to grow by 18% in the next 2 years. Buy Or Sell Opportunity • Feb 13
Now 22% undervalued Over the last 90 days, the stock has risen 29% to JP¥6,500. The fair value is estimated to be JP¥8,330, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 8.2%. Revenue is forecast to grow by 9.9% in 2 years. Earnings are forecast to grow by 18% in the next 2 years. Reported Earnings • Feb 11
Third quarter 2026 earnings released: EPS: JP¥118 (vs JP¥110 in 3Q 2025) Third quarter 2026 results: EPS: JP¥118 (up from JP¥110 in 3Q 2025). Revenue: JP¥35.9b (up 1.9% from 3Q 2025). Net income: JP¥3.26b (up 3.6% from 3Q 2025). Profit margin: 9.1% (up from 8.9% in 3Q 2025). Revenue is forecast to grow 4.4% p.a. on average during the next 3 years, compared to a 5.1% growth forecast for the Machinery industry in Japan. 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 45% per year, which means it is tracking significantly ahead of earnings growth. Declared Dividend • Dec 06
First half dividend of JP¥80.00 announced Shareholders will receive a dividend of JP¥80.00. Ex-date: 30th March 2026 Payment date: 5th June 2026 Dividend yield will be 3.0%, which is higher than the industry average of 2.1%. Sustainability & Growth Dividend is covered by earnings (16% 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. However, payments have been volatile during that time. EPS is expected to grow by 17% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Buy Or Sell Opportunity • Dec 01
Now 20% undervalued Over the last 90 days, the stock has risen 17% to JP¥5,390. The fair value is estimated to be JP¥6,779, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 8.2%. Revenue is forecast to grow by 8.0% in 2 years. Earnings are forecast to grow by 8.5% in the next 2 years. Announcement • Nov 27
Noritake Co., Limited to Report Q3, 2026 Results on Feb 10, 2026 Noritake Co., Limited announced that they will report Q3, 2026 results on Feb 10, 2026 Reported Earnings • Nov 08
Second quarter 2026 earnings released: EPS: JP¥106 (vs JP¥96.79 in 2Q 2025) Second quarter 2026 results: EPS: JP¥106 (up from JP¥96.79 in 2Q 2025). Revenue: JP¥34.9b (flat on 2Q 2025). Net income: JP¥2.96b (up 5.5% from 2Q 2025). Profit margin: 8.5% (up from 8.0% in 2Q 2025). Revenue is forecast to grow 3.7% p.a. on average during the next 3 years, compared to a 4.9% growth forecast for the Machinery industry in Japan. 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 37% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥70.00 per share Eligible shareholders must have bought the stock before 29 September 2025. Payment date: 08 December 2025. Payout ratio is a comfortable 32% but the company is not cash flow positive. Trailing yield: 3.0%. Lower than top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (2.0%). Price Target Changed • Aug 30
Price target increased by 25% to JP¥5,230 Up from JP¥4,200, the current price target is provided by 1 analyst. New target price is 16% above last closing price of JP¥4,520. Stock is up 14% over the past year. The company is forecast to post earnings per share of JP¥419 for next year compared to JP¥450 last year. Announcement • Aug 20
Noritake Co., Limited to Report Q2, 2026 Results on Nov 07, 2025 Noritake Co., Limited announced that they will report Q2, 2026 results on Nov 07, 2025 Reported Earnings • Aug 08
First quarter 2026 earnings released: EPS: JP¥86.89 (vs JP¥112 in 1Q 2025) First quarter 2026 results: EPS: JP¥86.89 (down from JP¥112 in 1Q 2025). Revenue: JP¥33.4b (down 3.9% from 1Q 2025). Net income: JP¥2.47b (down 24% from 1Q 2025). Profit margin: 7.4% (down from 9.3% in 1Q 2025). Revenue is forecast to grow 3.7% p.a. on average during the next 3 years, compared to a 4.7% growth forecast for the Machinery industry in Japan. 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 29% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Aug 07
Noritake Co., Limited (TSE:5331) announces an Equity Buyback for 1,000,000 shares, representing 3.52% for ¥4,450 million. Noritake Co., Limited (TSE:5331) announces a share repurchase program. Under the program, the company will repurchase 1,000,000 shares, representing 3.52% of its share capital, for ¥4,450 million. The shares will be repurchased at a price of ¥4,450 per share. The program will expire on August 8, 2025. As of June 30, 2025, the company had 28,392,249 shares in issue(excluding treasury stock) and 642,149 shares in treasury. Announcement • Jul 11
Noritake Co., Limited to Report Q1, 2026 Results on Aug 07, 2025 Noritake Co., Limited announced that they will report Q1, 2026 results at 2:10 PM, Tokyo Standard Time on Aug 07, 2025 Declared Dividend • Jul 09
Final dividend of JP¥70.00 announced Shareholders will receive a dividend of JP¥70.00. Ex-date: 29th September 2025 Payment date: 8th December 2025 Dividend yield will be 3.8%, which is higher than the industry average of 2.1%. 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 17% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 12% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Jun 27
Full year 2025 earnings: Revenues and EPS in line with analyst expectations Full year 2025 results: EPS: JP¥450 (up from JP¥396 in FY 2024). Revenue: JP¥138.2b (flat on FY 2024). Net income: JP¥12.9b (up 13% from FY 2024). Profit margin: 9.4% (up from 8.3% in FY 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 3.2% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the Machinery industry in Japan. 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 22% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • May 10
Full year 2025 earnings: Revenues and EPS in line with analyst expectations Full year 2025 results: EPS: JP¥450 (up from JP¥396 in FY 2024). Revenue: JP¥138.2b (flat on FY 2024). Net income: JP¥12.9b (up 13% from FY 2024). Profit margin: 9.4% (up from 8.3% in FY 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 3.7% p.a. on average during the next 2 years, compared to a 4.4% growth forecast for the Machinery industry in Japan. 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 21% per year, which means it is tracking significantly ahead of earnings growth. Announcement • May 09
Noritake Co., Limited, Annual General Meeting, Jun 26, 2025 Noritake Co., Limited, Annual General Meeting, Jun 26, 2025. Announcement • Mar 27
Noritake Co., Limited to Report Fiscal Year 2025 Results on May 09, 2025 Noritake Co., Limited announced that they will report fiscal year 2025 results on May 09, 2025 Upcoming Dividend • Mar 21
Upcoming dividend of JP¥65.00 per share Eligible shareholders must have bought the stock before 28 March 2025. Payment date: 03 June 2025. Payout ratio is a comfortable 32% and this is well supported by cash flows. Trailing yield: 3.5%. Lower than top quartile of Japanese dividend payers (3.7%). Higher than average of industry peers (2.1%). Price Target Changed • Mar 18
Price target decreased by 11% to JP¥4,400 Down from JP¥4,960, the current price target is provided by 1 analyst. New target price is 21% above last closing price of JP¥3,625. Stock is down 14% over the past year. The company is forecast to post earnings per share of JP¥446 for next year compared to JP¥396 last year. Reported Earnings • Feb 06
Third quarter 2025 earnings released: EPS: JP¥110 (vs JP¥113 in 3Q 2024) Third quarter 2025 results: EPS: JP¥110 (down from JP¥113 in 3Q 2024). Revenue: JP¥35.2b (down 3.1% from 3Q 2024). Net income: JP¥3.15b (down 4.1% from 3Q 2024). Profit margin: 8.9% (down from 9.0% in 3Q 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 3.6% p.a. on average during the next 3 years, compared to a 4.6% growth forecast for the Machinery industry in Japan. 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. Declared Dividend • Dec 07
First half dividend of JP¥65.00 announced Shareholders will receive a dividend of JP¥65.00. Ex-date: 28th March 2025 Payment date: 3rd June 2025 Dividend yield will be 3.5%, which is higher than the industry average of 2.1%. Sustainability & Growth Dividend is covered by both earnings (16% earnings payout ratio) and cash flows (60% cash payout ratio). The dividend has increased by an average of 16% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 45% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Nov 27
Noritake Co., Limited to Report Q3, 2025 Results on Feb 05, 2025 Noritake Co., Limited announced that they will report Q3, 2025 results on Feb 05, 2025 Reported Earnings • Nov 09
Second quarter 2025 earnings released: EPS: JP¥96.79 (vs JP¥95.02 in 2Q 2024) Second quarter 2025 results: EPS: JP¥96.79 (up from JP¥95.02 in 2Q 2024). Revenue: JP¥35.0b (up 2.6% from 2Q 2024). Net income: JP¥2.80b (up 1.7% from 2Q 2024). Profit margin: 8.0% (down from 8.1% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 3.5% p.a. on average during the next 3 years, compared to a 4.8% growth forecast for the Machinery industry in Japan. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has increased by 19% per year, which means it is tracking significantly ahead of earnings growth. 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 62% and this is well supported by cash flows. Trailing yield: 3.4%. Lower than top quartile of Japanese dividend payers (3.8%). Higher than average of industry peers (2.9%). Announcement • Aug 22
Noritake Co., Limited to Report Q2, 2025 Results on Nov 07, 2024 Noritake Co., Limited announced that they will report Q2, 2025 results on Nov 07, 2024 Reported Earnings • Aug 08
First quarter 2025 earnings released: EPS: JP¥112 (vs JP¥105 in 1Q 2024) First quarter 2025 results: EPS: JP¥112 (up from JP¥105 in 1Q 2024). Revenue: JP¥34.8b (up 4.0% from 1Q 2024). Net income: JP¥3.25b (up 6.8% from 1Q 2024). Profit margin: 9.3% (up from 9.1% in 1Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 3.4% p.a. on average during the next 3 years, compared to a 4.9% growth forecast for the Machinery industry in Japan. Over the last 3 years on average, earnings per share has increased by 18% per year whereas the company’s share price has increased by 19% per year. Announcement • Aug 07
Noritake Co., Limited (TSE:5331) announces an Equity Buyback for 750,000 shares, representing 2.59% for ¥2,500 million. Noritake Co., Limited (TSE:5331) announces a share repurchase program. Under the program, the company will repurchase 750,000 shares, representing 2.59% of its share capital, for ¥2,500 million. The purpose of the program is to increase corporate value by enhancing shareholder returns and improving capital efficiency. All repurchased shares will be cancelled. The program will expire on February 14, 2025. As of June 30, 2024, the company had 28,998,941 shares in issue(excluding treasury stock) and shares in treasury. 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¥3,110, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 12x in the Machinery industry in Japan. Total returns to shareholders of 61% over the past three years. Buy Or Sell Opportunity • Aug 05
Now 28% undervalued after recent price drop Over the last 90 days, the stock has fallen 23% to JP¥3,110. The fair value is estimated to be JP¥4,298, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.4% over the last 3 years. Earnings per share has grown by 26%. For the next 3 years, revenue is forecast to grow by 3.4% per annum. Earnings are also forecast to grow by 12% per annum over the same time period. 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 4.6%, which is higher than the industry average of 2.1%. Sustainability & Growth Dividend is well covered by both earnings (45% earnings payout ratio) and cash flows (23% cash payout ratio). The dividend has increased by an average of 16% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to decline by 29% over the next 3 years. However, it would need to fall by 50% to increase the payout ratio to a potentially unsustainable range. Reported Earnings • Jun 28
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: EPS: JP¥793 (up from JP¥347 in FY 2023). Revenue: JP¥137.9b (down 1.1% from FY 2023). Net income: JP¥11.5b (up 14% from FY 2023). Profit margin: 8.3% (up from 7.2% in FY 2023). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 1.1%. Earnings per share (EPS) also missed analyst estimates by 3.6%. Revenue is forecast to grow 3.4% p.a. on average during the next 3 years, compared to a 4.8% growth forecast for the Machinery 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 only increased by 24% per year, which means it is significantly lagging earnings growth. Announcement • Jun 10
Noritake Co., Limited to Report Q1, 2025 Results on Aug 06, 2024 Noritake Co., Limited announced that they will report Q1, 2025 results on Aug 06, 2024 Reported Earnings • May 11
Full year 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2024 results: EPS: JP¥793 (up from JP¥347 in FY 2023). Revenue: JP¥137.9b (down 1.1% from FY 2023). Net income: JP¥11.5b (up 14% from FY 2023). Profit margin: 8.3% (up from 7.2% in FY 2023). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 1.1%. Earnings per share (EPS) exceeded analyst estimates by 93%. Revenue is forecast to grow 1.6% p.a. on average during the next 2 years, compared to a 4.7% growth forecast for the Machinery 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 only increased by 25% per year, which means it is significantly lagging earnings growth. Announcement • May 11
Noritake Co., Limited, Annual General Meeting, Jun 24, 2024 Noritake Co., Limited, Annual General Meeting, Jun 24, 2024. Announcement • May 10
Noritake Co., Limited Resolves the Dividend, Effective Date Is June 3, 2024 Noritake Co., Limited at a meeting of the Board of Directors held on May 9, 2024, resolved the Dividend of JPY 130 per share. Effective date is June 3, 2024, Record date is March 31, 2024. Buy Or Sell Opportunity • Apr 10
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 18% to JP¥4,240. The fair value is estimated to be JP¥3,480, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 9.9% over the last 3 years. Earnings per share has grown by 38%. Revenue is forecast to grow by 1.4% in 2 years. Earnings are forecast to grow by 29% in the next 2 years. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥120 per share Eligible shareholders must have bought the stock before 28 March 2024. Payment date: 03 June 2024. Payout ratio is a comfortable 45% and this is well supported by cash flows. Trailing yield: 2.8%. Lower than top quartile of Japanese dividend payers (3.2%). Higher than average of industry peers (1.9%). Buy Or Sell Opportunity • Mar 05
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 21% to JP¥8,420. The fair value is estimated to be JP¥7,009, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 9.9% over the last 3 years. Earnings per share has grown by 38%. Revenue is forecast to grow by 1.4% in 2 years. Earnings are forecast to grow by 29% in the next 2 years. Announcement • Mar 02
Noritake Co., Limited to Report Fiscal Year 2024 Results on May 09, 2024 Noritake Co., Limited announced that they will report fiscal year 2024 results on May 09, 2024 Reported Earnings • Feb 09
Third quarter 2024 earnings released: EPS: JP¥227 (vs JP¥236 in 3Q 2023) Third quarter 2024 results: EPS: JP¥227 (down from JP¥236 in 3Q 2023). Revenue: JP¥36.3b (flat on 3Q 2023). Net income: JP¥3.28b (down 3.7% from 3Q 2023). Profit margin: 9.0% (down from 9.4% in 3Q 2023). Revenue is forecast to grow 2.6% p.a. on average during the next 3 years, compared to a 4.2% growth forecast for the Machinery industry in Japan. Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has only increased by 31% per year, which means it is significantly lagging earnings growth. Announcement • Dec 10
Noritake Co., Limited to Report Q3, 2024 Results on Feb 07, 2024 Noritake Co., Limited announced that they will report Q3, 2024 results on Feb 07, 2024 Reported Earnings • Nov 08
Second quarter 2024 earnings released: EPS: JP¥190 (vs JP¥172 in 2Q 2023) Second quarter 2024 results: EPS: JP¥190 (up from JP¥172 in 2Q 2023). Revenue: JP¥34.1b (down 4.2% from 2Q 2023). Net income: JP¥2.75b (up 11% from 2Q 2023). Profit margin: 8.1% (up from 7.0% in 2Q 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 2.3% p.a. on average during the next 3 years, compared to a 4.2% growth forecast for the Machinery industry in Japan. Over the last 3 years on average, earnings per share has increased by 50% per year but the company’s share price has only increased by 28% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Sep 21
Upcoming dividend of JP¥115 per share at 3.6% yield Eligible shareholders must have bought the stock before 28 September 2023. Payment date: 04 December 2023. Payout ratio is a comfortable 29% but the company is not cash flow positive. Trailing yield: 3.6%. Within top quartile of Japanese dividend payers (3.3%). Higher than average of industry peers (2.1%). Announcement • Aug 10
Noritake Co., Limited to Report Q2, 2024 Results on Nov 07, 2023 Noritake Co., Limited announced that they will report Q2, 2024 results on Nov 07, 2023 Reported Earnings • Aug 09
First quarter 2024 earnings released: EPS: JP¥210 (vs JP¥187 in 1Q 2023) First quarter 2024 results: EPS: JP¥210 (up from JP¥187 in 1Q 2023). Revenue: JP¥33.5b (up 3.9% from 1Q 2023). Net income: JP¥3.04b (up 13% from 1Q 2023). Profit margin: 9.1% (up from 8.4% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 2.1% p.a. on average during the next 3 years, compared to a 4.1% growth forecast for the Machinery industry in Japan. Over the last 3 years on average, earnings per share has increased by 57% per year but the company’s share price has only increased by 22% per year, which means it is significantly lagging earnings growth. Price Target Changed • Jun 19
Price target increased by 36% to JP¥6,300 Up from JP¥4,640, the current price target is provided by 1 analyst. New target price is 20% above last closing price of JP¥5,230. Stock is up 30% over the past year. The company is forecast to post earnings per share of JP¥764 for next year compared to JP¥695 last year. Announcement • Jun 01
Noritake Co., Limited to Report Q1, 2024 Results on Aug 04, 2023 Noritake Co., Limited announced that they will report Q1, 2024 results on Aug 04, 2023 Reported Earnings • May 15
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: JP¥695 (up from JP¥628 in FY 2022). Revenue: JP¥139.5b (up 9.3% from FY 2022). Net income: JP¥10.0b (up 11% from FY 2022). Profit margin: 7.2% (up from 7.1% in FY 2022). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 1.5%. Earnings per share (EPS) also missed analyst estimates by 3.0%. Revenue is forecast to grow 3.5% p.a. on average during the next 2 years, compared to a 4.2% growth forecast for the Machinery industry in Japan. Over the last 3 years on average, earnings per share has increased by 60% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Announcement • May 13
Noritake Co., Limited, Annual General Meeting, Jun 23, 2023 Noritake Co., Limited, Annual General Meeting, Jun 23, 2023. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥90.00 per share at 4.0% yield Eligible shareholders must have bought the stock before 30 March 2023. Payment date: 07 June 2023. Payout ratio is a comfortable 11% but the company is paying out more than the cash it is generating. Trailing yield: 4.0%. Within top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (2.4%). Reported Earnings • Feb 03
Third quarter 2023 earnings released: EPS: JP¥236 (vs JP¥197 in 3Q 2022) Third quarter 2023 results: EPS: JP¥236 (up from JP¥197 in 3Q 2022). Revenue: JP¥36.1b (up 11% from 3Q 2022). Net income: JP¥3.41b (up 20% from 3Q 2022). Profit margin: 9.4% (up from 8.8% in 3Q 2022). 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 4.5% growth forecast for the Machinery industry in Japan. Over the last 3 years on average, earnings per share has increased by 48% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Major Estimate Revision • Jan 12
Consensus EPS estimates increase by 11% The consensus outlook for earnings per share (EPS) in 2023 has improved. 2023 revenue forecast increased from JP¥138.5b to JP¥143.1b. EPS estimate increased from JP¥645 to JP¥714 per share. Net income forecast to shrink 1.2% next year vs 6.6% growth forecast for Machinery industry in Japan . Consensus price target down from JP¥4,640 to JP¥4,300. Share price was steady at JP¥4,010 over the past week. Announcement • Dec 09
Noritake Co., Limited to Report Q3, 2023 Results on Feb 02, 2023 Noritake Co., Limited announced that they will report Q3, 2023 results on Feb 02, 2023 Reported Earnings • Nov 18
Second quarter 2023 earnings released: EPS: JP¥172 (vs JP¥137 in 2Q 2022) Second quarter 2023 results: EPS: JP¥172 (up from JP¥137 in 2Q 2022). Revenue: JP¥35.6b (up 11% from 2Q 2022). Net income: JP¥2.48b (up 26% from 2Q 2022). Profit margin: 7.0% (up from 6.2% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 4.8% p.a. on average during the next 3 years, compared to a 4.1% growth forecast for the Machinery industry in Japan. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Price Target Changed • Nov 16
Price target decreased to JP¥4,640 Down from JP¥5,000, the current price target is provided by 1 analyst. New target price is 17% above last closing price of JP¥3,955. Stock is down 16% over the past year. The company is forecast to post earnings per share of JP¥645 for next year compared to JP¥628 last year. 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. 10 experienced directors. No highly experienced directors. 2 independent directors (4 non-independent directors). Independent Outside Director Masanao Tomozoe 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. Insufficient board refreshment. Reported Earnings • Nov 10
Second quarter 2023 earnings released: EPS: JP¥172 (vs JP¥137 in 2Q 2022) Second quarter 2023 results: EPS: JP¥172 (up from JP¥137 in 2Q 2022). Revenue: JP¥35.6b (up 11% from 2Q 2022). Net income: JP¥2.48b (up 26% from 2Q 2022). Profit margin: 7.0% (up from 6.2% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 4.8% p.a. on average during the next 3 years, compared to a 4.0% growth forecast for the Machinery industry in Japan. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥80.00 per share Eligible shareholders must have bought the stock before 29 September 2022. Payment date: 05 December 2022. Payout ratio is a comfortable 23% and this is well supported by cash flows. Trailing yield: 3.9%. Within top quartile of Japanese dividend payers (3.7%). Higher than average of industry peers (2.4%). Reported Earnings • Aug 07
First quarter 2023 earnings released: EPS: JP¥187 (vs JP¥155 in 1Q 2022) First quarter 2023 results: EPS: JP¥187 (up from JP¥155 in 1Q 2022). Revenue: JP¥32.2b (up 9.2% from 1Q 2022). Net income: JP¥2.70b (up 21% from 1Q 2022). Profit margin: 8.4% (up from 7.6% in 1Q 2022). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 7.3%, compared to a 9.2% growth forecast for the industry in Japan. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 11
Full year 2022 earnings: EPS exceeds analyst expectations Full year 2022 results: EPS: JP¥628 (up from JP¥194 in FY 2021). Revenue: JP¥127.6b (up 19% from FY 2021). Net income: JP¥9.07b (up 223% from FY 2021). Profit margin: 7.1% (up from 2.6% in FY 2021). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 5.6%. Over the next year, revenue is forecast to grow 4.0%, compared to a 8.0% growth forecast for the industry in Japan. Over the last 3 years on average, earnings per share has fallen by 10% per year whereas the company’s share price has fallen by 5% per year. Price Target Changed • Apr 27
Price target increased to JP¥5,935 Up from JP¥3,500, the current price target is an average from 2 analysts. New target price is 51% above last closing price of JP¥3,925. Stock is up 11% over the past year. The company is forecast to post earnings per share of JP¥595 for next year compared to JP¥194 last year. 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. 11 experienced directors. No highly experienced directors. 2 independent directors (4 non-independent directors). Independent Outside Director Masanao Tomozoe 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. Insufficient board refreshment. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥70.00 per share Eligible shareholders must have bought the stock before 30 March 2022. Payment date: 04 June 2022. Payout ratio is a comfortable 4.9% and this is well supported by cash flows. Trailing yield: 2.7%. Lower than top quartile of Japanese dividend payers (3.4%). Higher than average of industry peers (2.0%). Reported Earnings • Feb 03
Third quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2022 results: EPS: JP¥197 (up from JP¥76.83 in 3Q 2021). Revenue: JP¥32.4b (up 20% from 3Q 2021). Net income: JP¥2.84b (up 156% from 3Q 2021). Profit margin: 8.8% (up from 4.1% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 1.1%. Earnings per share (EPS) exceeded analyst estimates by 39%. Over the next year, revenue is forecast to grow 6.2%, compared to a 8.6% growth forecast for the industry in Japan. Over the last 3 years on average, earnings per share has fallen by 38% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Reported Earnings • Nov 10
Second quarter 2022 earnings released: EPS JP¥137 (vs JP¥39.43 loss in 2Q 2021) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2022 results: Revenue: JP¥32.0b (up 31% from 2Q 2021). Net income: JP¥1.97b (up JP¥2.54b from 2Q 2021). Profit margin: 6.2% (up from net loss in 2Q 2021). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 59% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Sep 28
Investor sentiment improved over the past week After last week's 17% share price gain to JP¥5,280, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 14x in the Machinery industry in Japan. Total loss to shareholders of 16% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥7,029 per share. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥50.00 per share Eligible shareholders must have bought the stock before 29 September 2021. Payment date: 04 December 2021. Trailing yield: 2.7%. Lower than top quartile of Japanese dividend payers (3.0%). Higher than average of industry peers (1.4%). Valuation Update With 7 Day Price Move • Sep 13
Investor sentiment improved over the past week After last week's 15% share price gain to JP¥4,660, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 15x in the Machinery industry in Japan. Total loss to shareholders of 30% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥3,186 per share. Reported Earnings • Aug 13
First quarter 2022 earnings released: EPS JP¥155 (vs JP¥38.09 in 1Q 2021) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2022 results: Revenue: JP¥29.5b (up 15% from 1Q 2021). Net income: JP¥2.23b (up 307% from 1Q 2021). Profit margin: 7.6% (up from 2.1% in 1Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 55 percentage points per year, which is a significant difference in performance. Reported Earnings • May 14
Full year 2021 earnings released: EPS JP¥194 (vs JP¥237 in FY 2020) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2021 results: Revenue: JP¥107.0b (down 11% from FY 2020). Net income: JP¥2.81b (down 18% from FY 2020). Profit margin: 2.6% (down from 2.8% in FY 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 62 percentage points per year, which is a significant difference in performance. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥30.00 per share Eligible shareholders must have bought the stock before 30 March 2021. Payment date: 05 June 2021. Trailing yield: 1.6%. Lower than top quartile of Japanese dividend payers (2.7%). Higher than average of industry peers (1.1%). Major Estimate Revision • Mar 18
Consensus EPS estimates increase to JP¥140 The consensus outlook for earnings per share (EPS) in 2021 has improved. 2021 revenue forecast increased from JP¥104.9b to JP¥106.0b. EPS estimate increased from JP¥126 to JP¥140 per share. Net income forecast to grow 843% next year vs 22% growth forecast for Machinery industry in Japan. Consensus price target up from JP¥3,500 to JP¥4,500. Share price was steady at JP¥3,800 over the past week. Is New 90 Day High Low • Feb 25
New 90-day high: JP¥3,680 The company is up 21% from its price of JP¥3,045 on 27 November 2020. The Japanese market is up 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Machinery industry, which is up 8.0% over the same period. Reported Earnings • Feb 03
Third quarter 2021 earnings released: EPS JP¥76.82 (vs JP¥89.60 in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: JP¥27.1b (down 7.2% from 3Q 2020). Net income: JP¥1.11b (down 14% from 3Q 2020). Profit margin: 4.1% (down from 4.4% in 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 55% per year but the company’s share price has only fallen by 14% per year, which means it has not declined as severely as earnings. Analyst Estimate Surprise Post Earnings • Feb 03
Revenue beats expectations, earnings disappoint Revenue exceeded analyst estimates by 2.4%. Earnings per share (EPS) missed analyst estimates by 33%. Over the next year, revenue is forecast to grow 4.2%, compared to a 7.4% growth forecast for the Machinery industry in Japan. Is New 90 Day High Low • Feb 01
New 90-day high: JP¥3,290 The company is up 8.0% from its price of JP¥3,050 on 02 November 2020. The Japanese market is up 12% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Machinery industry, which is up 17% over the same period. Price Target Changed • Jan 19
Price target lowered to JP¥3,500 Down from JP¥4,050, the current price target is provided by 1 analyst. The new target price is 12% above the current share price of JP¥3,125. As of last close, the stock is down 33% over the past year.