Announcement • Jun 27
NGK Corporation to Report Q1, 2027 Results on Jul 30, 2026 NGK Corporation announced that they will report Q1, 2027 results on Jul 30, 2026 Valuation Update With 7 Day Price Move • Jun 17
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to JP¥6,954, the stock trades at a forward P/E ratio of 23x. Average forward P/E is 16x in the Machinery industry in Japan. Total returns to shareholders of 322% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥3,351 per share. New Risk • Jun 08
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 6.9% 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. Valuation Update With 7 Day Price Move • May 26
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to JP¥6,321, the stock trades at a forward P/E ratio of 22x. Average forward P/E is 16x in the Machinery industry in Japan. Total returns to shareholders of 295% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥3,232 per share. Price Target Changed • May 18
Price target increased by 12% to JP¥5,034 Up from JP¥4,493, the current price target is an average from 7 analysts. New target price is 10% below last closing price of JP¥5,609. Stock is up 214% over the past year. The company is forecast to post earnings per share of JP¥294 for next year compared to JP¥206 last year. Reported Earnings • May 01
Full year 2026 earnings: EPS in line with analyst expectations despite revenue beat Full year 2026 results: EPS: JP¥206 (up from JP¥186 in FY 2025). Revenue: JP¥670.1b (up 8.2% from FY 2025). Net income: JP¥59.9b (up 9.1% from FY 2025). Profit margin: 8.9% (in line with FY 2025). Revenue exceeded analyst estimates by 2.1%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 3.9% p.a. on average during the next 3 years, compared to a 5.6% growth forecast for the Machinery 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 43% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Apr 30
NGK Corporation, Annual General Meeting, Jun 29, 2026 NGK Corporation, Annual General Meeting, Jun 29, 2026. Announcement • Apr 13
NGK Corporation to Report Fiscal Year 2026 Results on Apr 30, 2026 NGK Corporation announced that they will report fiscal year 2026 results on Apr 30, 2026 Buy Or Sell Opportunity • Apr 08
Now 25% overvalued after recent price rise Over the last 90 days, the stock has risen 24% to JP¥4,380. The fair value is estimated to be JP¥3,506, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 5.7% over the last 3 years, while earnings per share has been flat. Revenue is forecast to grow by 6.7% in 2 years. Earnings are forecast to grow by 49% in the next 2 years. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥38.00 per share Eligible shareholders must have bought the stock before 30 March 2026. Payment date: 29 June 2026. Payout ratio is a comfortable 36% and this is well supported by cash flows. Trailing yield: 2.0%. Lower than top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (1.6%). Buy Or Sell Opportunity • Feb 12
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 37% to JP¥4,184. The fair value is estimated to be JP¥3,461, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 5.7% over the last 3 years, while earnings per share has been flat. Revenue is forecast to grow by 6.6% in 2 years. Earnings are forecast to grow by 45% in the next 2 years. Price Target Changed • Feb 07
Price target increased by 14% to JP¥3,869 Up from JP¥3,383, the current price target is an average from 7 analysts. New target price is approximately in line with last closing price of JP¥3,987. Stock is up 110% over the past year. The company is forecast to post earnings per share of JP¥201 for next year compared to JP¥186 last year. Reported Earnings • Jan 30
Third quarter 2026 earnings: EPS misses analyst expectations Third quarter 2026 results: EPS: JP¥59.72 (up from JP¥51.51 in 3Q 2025). Revenue: JP¥161.7b (up 2.9% from 3Q 2025). Net income: JP¥17.3b (up 14% from 3Q 2025). Profit margin: 11% (up from 9.6% in 3Q 2025). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 2.5%. Revenue is forecast to grow 2.1% p.a. on average during the next 3 years, compared to a 5.2% growth forecast for the Machinery industry in Japan. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has increased by 28% per year, which means it is tracking significantly ahead of earnings growth. Declared Dividend • Jan 29
First half dividend of JP¥38.00 announced Shareholders will receive a dividend of JP¥38.00. Ex-date: 30th March 2026 Payment date: 29th June 2026 Dividend yield will be 2.0%, which is about the same as the industry average. Sustainability & Growth Dividend is well covered by both earnings (38% earnings payout ratio) and cash flows (28% cash payout ratio). The dividend has increased by an average of 11% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 59% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Price Target Changed • Jan 26
Price target increased by 13% to JP¥3,383 Up from JP¥3,000, the current price target is an average from 7 analysts. New target price is 8.7% below last closing price of JP¥3,707. Stock is up 87% over the past year. The company is forecast to post earnings per share of JP¥197 for next year compared to JP¥186 last year. Buy Or Sell Opportunity • Dec 23
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 39% to JP¥3,390. The fair value is estimated to be JP¥2,814, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 5.7% over the last 3 years. Earnings per share has declined by 3.6%. Revenue is forecast to grow by 5.0% in 2 years. Earnings are forecast to grow by 36% in the next 2 years. Announcement • Dec 02
NGK Insulators, Ltd. to Report Q3, 2026 Results on Jan 29, 2026 NGK Insulators, Ltd. announced that they will report Q3, 2026 results on Jan 29, 2026 Buy Or Sell Opportunity • Nov 28
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 32% to JP¥3,088. The fair value is estimated to be JP¥2,572, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 5.7% over the last 3 years. Earnings per share has declined by 3.6%. Revenue is forecast to grow by 4.4% in 2 years. Earnings are forecast to grow by 28% in the next 2 years. Buy Or Sell Opportunity • Nov 13
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 38% to JP¥3,117. The fair value is estimated to be JP¥2,589, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 5.7% over the last 3 years. Earnings per share has declined by 3.6%. Revenue is forecast to grow by 4.4% in 2 years. Earnings are forecast to grow by 28% in the next 2 years. Price Target Changed • Nov 10
Price target increased by 12% to JP¥2,465 Up from JP¥2,198, the current price target is an average from 6 analysts. New target price is 15% below last closing price of JP¥2,917. Stock is up 43% over the past year. The company is forecast to post earnings per share of JP¥198 for next year compared to JP¥186 last year. Reported Earnings • Nov 01
Second quarter 2026 earnings: EPS misses analyst expectations Second quarter 2026 results: EPS: JP¥20.44 (down from JP¥50.25 in 2Q 2025). Revenue: JP¥159.7b (up 9.5% from 2Q 2025). Net income: JP¥5.97b (down 60% from 2Q 2025). Profit margin: 3.7% (down from 10% in 2Q 2025). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 79%. Revenue is forecast to grow 2.0% 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 fallen by 4% per year but the company’s share price has increased by 15% per year, which means it is well ahead of earnings. Announcement • Sep 27
NGK Insulators, Ltd. to Report Q2, 2026 Results on Oct 31, 2025 NGK Insulators, Ltd. announced that they will report Q2, 2026 results on Oct 31, 2025 Upcoming Dividend • Sep 22
Upcoming dividend of JP¥33.00 per share Eligible shareholders must have bought the stock before 29 September 2025. Payment date: 03 December 2025. Payout ratio is a comfortable 29% and this is well supported by cash flows. Trailing yield: 2.6%. Lower than top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (2.0%). Price Target Changed • Sep 01
Price target increased by 8.7% to JP¥2,198 Up from JP¥2,022, the current price target is an average from 6 analysts. New target price is 6.3% below last closing price of JP¥2,345. Stock is up 20% over the past year. The company is forecast to post earnings per share of JP¥200 for next year compared to JP¥186 last year. Reported Earnings • Aug 02
First quarter 2026 earnings released: EPS: JP¥61.07 (vs JP¥36.80 in 1Q 2025) First quarter 2026 results: EPS: JP¥61.07 (up from JP¥36.80 in 1Q 2025). Revenue: JP¥166.5b (up 9.1% from 1Q 2025). Net income: JP¥17.9b (up 63% from 1Q 2025). Profit margin: 11% (up from 7.2% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 2.2% 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 fallen by 9% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Announcement • Jul 31
NGK Insulators, Ltd. (TSE:5333) announces an Equity Buyback for 8,000,000 shares, representing 2.73% for ¥15,000 million. NGK Insulators, Ltd. (TSE:5333) announces a share repurchase program. Under the program, the company will repurchase up to 8,000,000 shares, representing 2.73% of its share capital, for ¥15,000 million. The repurchase program is aimed to improve capital efficiency and carry out flexible capital policies in accordance with the business environment The program will expire on December 23, 2025. As of June 30, 2025, the company had 293,119,112 shares in issue (excluding treasury stock) and 4,837,884 shares in treasury. Reported Earnings • Jun 27
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: EPS: JP¥186 (up from JP¥134 in FY 2024). Revenue: JP¥619.5b (up 7.0% from FY 2024). Net income: JP¥54.9b (up 35% from FY 2024). Profit margin: 8.9% (up from 7.0% in FY 2024). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 1.4%. Revenue is forecast to grow 2.9% 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 fallen by 16% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Announcement • Jun 03
NGK Insulators, Ltd. to Report Q1, 2026 Results on Jul 31, 2025 NGK Insulators, Ltd. announced that they will report Q1, 2026 results on Jul 31, 2025 Reported Earnings • Apr 29
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: EPS: JP¥186 (up from JP¥134 in FY 2024). Revenue: JP¥619.5b (up 7.0% from FY 2024). Net income: JP¥54.9b (up 35% from FY 2024). Profit margin: 8.9% (up from 7.0% in FY 2024). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 1.4%. Revenue is forecast to grow 2.8% 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 fallen by 16% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Announcement • Apr 28
NGK Insulators, Ltd., Annual General Meeting, Jun 26, 2025 NGK Insulators, Ltd., Annual General Meeting, Jun 26, 2025. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥30.00 per share Eligible shareholders must have bought the stock before 28 March 2025. Payment date: 27 June 2025. Payout ratio is a comfortable 34% and this is well supported by cash flows. Trailing yield: 3.0%. Lower than top quartile of Japanese dividend payers (3.7%). Higher than average of industry peers (2.1%). Announcement • Mar 05
NGK Insulators, Ltd. to Report Fiscal Year 2025 Results on Apr 28, 2025 NGK Insulators, Ltd. announced that they will report fiscal year 2025 results on Apr 28, 2025 Announcement • Feb 27
NGK Insulators, Ltd. (TSE:5333) agreed to acquire Deutsche KNM GmbH from KNM Process Systems Sdn Bhd for €0.27 million. NGK Insulators, Ltd. (TSE:5333) agreed to acquire Deutsche KNM GmbH from KNM Process Systems Sdn Bhd for €0.27 million on February 27, 2025.The share acquisition will be executed after obtaining approvals from relevant authorities. Reported Earnings • Feb 01
Third quarter 2025 earnings: EPS exceeds analyst expectations Third quarter 2025 results: EPS: JP¥51.51 (down from JP¥51.82 in 3Q 2024). Revenue: JP¥157.1b (up 13% from 3Q 2024). Net income: JP¥15.1b (down 3.6% from 3Q 2024). Profit margin: 9.6% (down from 11% in 3Q 2024). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 9.2%. Revenue is forecast to grow 3.2% 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 fallen by 17% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Announcement • Jan 17
NGK Insulators, Ltd. to Report Q3, 2025 Results on Jan 31, 2025 NGK Insulators, Ltd. announced that they will report Q3, 2025 results on Jan 31, 2025 Reported Earnings • Nov 02
Second quarter 2025 earnings released: EPS: JP¥50.25 (vs JP¥20.16 in 2Q 2024) Second quarter 2025 results: EPS: JP¥50.25 (up from JP¥20.16 in 2Q 2024). Revenue: JP¥145.8b (up 3.0% from 2Q 2024). Net income: JP¥14.9b (up 141% from 2Q 2024). Profit margin: 10% (up from 4.4% in 2Q 2024). The increase in margin was primarily driven by lower expenses. Revenue is forecast to grow 3.6% 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 fallen by 17% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Announcement • Sep 27
NGK Insulators, Ltd. to Report Q2, 2025 Results on Oct 31, 2024 NGK Insulators, Ltd. announced that they will report Q2, 2025 results on Oct 31, 2024 Upcoming Dividend • Sep 20
Upcoming dividend of JP¥30.00 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: 3.2%. Lower than top quartile of Japanese dividend payers (3.8%). Higher than average of industry peers (2.9%). Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 22% After last week's 22% share price decline to JP¥1,616, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 12x in the Machinery industry in Japan. Total loss to shareholders of 3.2% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥2,995 per share. Reported Earnings • Jul 31
First quarter 2025 earnings released: EPS: JP¥36.80 (vs JP¥39.20 in 1Q 2024) First quarter 2025 results: EPS: JP¥36.80 (down from JP¥39.20 in 1Q 2024). Revenue: JP¥152.5b (up 7.9% from 1Q 2024). Net income: JP¥11.0b (down 8.7% from 1Q 2024). Profit margin: 7.2% (down from 8.5% in 1Q 2024). The decrease in margin was driven by higher expenses. 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 fallen by 15% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Announcement • Jul 29
NGK Insulators, Ltd. (TSE:5333) announces an Equity Buyback for 5,000,000 shares, representing 1.68% for ¥10,000 million. NGK Insulators, Ltd. (TSE:5333) announces a share repurchase program. Under the program, the company will repurchase up to 5,000,000 shares, representing 1.68% of its share capital, for ¥10,000 million. The repurchase program is aimed to improve capital efficiency and carry out flexible capital policies in accordance with the business environment The program will expire on November 29, 2024. As of June 30, 2024, the company had 297,934,891 shares in issue (excluding treasury stock) and 14,022,105 shares in treasury. Buy Or Sell Opportunity • Jul 18
Now 21% undervalued Over the last 90 days, the stock has risen 5.0% to JP¥2,115. The fair value is estimated to be JP¥2,666, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.9% over the last 3 years. Earnings per share has declined by 6.7%. For the next 3 years, revenue is forecast to grow by 3.7% per annum. Earnings are also forecast to grow by 14% per annum over the same time period. Announcement • Jun 15
NGK Insulators, Ltd. to Report Q1, 2025 Results on Jul 29, 2024 NGK Insulators, Ltd. announced that they will report Q1, 2025 results on Jul 29, 2024 Buy Or Sell Opportunity • Jun 13
Now 20% undervalued Over the last 90 days, the stock has risen 5.0% to JP¥2,049. The fair value is estimated to be JP¥2,570, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.9% over the last 3 years. Earnings per share has declined by 6.7%. For the next 3 years, revenue is forecast to grow by 3.3% per annum. Earnings are also forecast to grow by 14% per annum over the same time period. Reported Earnings • May 01
Full year 2024 earnings: EPS misses analyst expectations Full year 2024 results: EPS: JP¥134 (down from JP¥177 in FY 2023). Revenue: JP¥578.9b (up 3.5% from FY 2023). Net income: JP¥40.6b (down 26% from FY 2023). Profit margin: 7.0% (down from 9.8% in FY 2023). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 6.4%. Revenue is forecast to grow 2.4% 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 fallen by 7% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Announcement • Apr 29
NGK Insulators, Ltd., Annual General Meeting, Jun 26, 2024 NGK Insulators, Ltd., Annual General Meeting, Jun 26, 2024. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥25.00 per share Eligible shareholders must have bought the stock before 28 March 2024. Payment date: 27 June 2024. Payout ratio is a comfortable 48% and this is well supported by cash flows. Trailing yield: 2.5%. Lower than top quartile of Japanese dividend payers (3.2%). Higher than average of industry peers (1.9%). Announcement • Mar 14
NGK Insulators, Ltd. to Report Fiscal Year 2024 Results on Apr 26, 2024 NGK Insulators, Ltd. announced that they will report fiscal year 2024 results on Apr 26, 2024 Reported Earnings • Feb 02
Third quarter 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2024 results: EPS: JP¥51.82 (down from JP¥80.95 in 3Q 2023). Revenue: JP¥139.6b (flat on 3Q 2023). Net income: JP¥15.7b (down 38% from 3Q 2023). Profit margin: 11% (down from 18% in 3Q 2023). Revenue missed analyst estimates by 3.2%. Earnings per share (EPS) exceeded analyst estimates by 35%. Revenue is forecast to grow 3.7% p.a. on average during the next 3 years, compared to a 4.3% growth forecast for the Machinery industry in Japan. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Buying Opportunity • Nov 08
Now 21% undervalued Over the last 90 days, the stock is up 4.3%. The fair value is estimated to be JP¥2,362, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.7% over the last 3 years. Earnings per share has grown by 21%. For the next 3 years, revenue is forecast to grow by 3.5% per annum. Earnings is also forecast to grow by 10% per annum over the same time period. Reported Earnings • Oct 29
Second quarter 2024 earnings: EPS misses analyst expectations Second quarter 2024 results: EPS: JP¥20.16 (down from JP¥27.42 in 2Q 2023). Revenue: JP¥141.6b (down 1.5% from 2Q 2023). Net income: JP¥6.18b (down 28% from 2Q 2023). Profit margin: 4.4% (down from 5.9% in 2Q 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 51%. Revenue is forecast to grow 3.4% 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 21% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Announcement • Oct 29
NGK Insulators, Ltd. (TSE:5333) announces an Equity Buyback for 8,500,000 shares, representing 2.77% for ¥15,000 million. NGK Insulators, Ltd. (TSE:5333) announces a share repurchase program. Under the program, the company will repurchase up to 8,500,000 shares, representing 2.77% of its share capital, for ¥15,000 million. The repurchase program is aimed to improve capital efficiency and carry out flexible capital policies in accordance with the business environment The program will expire on February 29, 2024. As of September 30, 2023, the company had 306,418,755 shares in issue (excluding treasury stock) and 5,538,241 shares in treasury. Buying Opportunity • Sep 28
Now 21% undervalued Over the last 90 days, the stock is up 16%. The fair value is estimated to be JP¥2,509, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 34%. For the next 3 years, revenue is forecast to grow by 2.9% per annum. Earnings is also forecast to grow by 8.3% per annum over the same time period. Upcoming Dividend • Sep 21
Upcoming dividend of JP¥25.00 per share at 3.3% yield Eligible shareholders must have bought the stock before 28 September 2023. Payment date: 04 December 2023. Payout ratio is a comfortable 42% and this is well supported by cash flows. Trailing yield: 3.3%. Within top quartile of Japanese dividend payers (3.3%). Higher than average of industry peers (2.1%). New Risk • Aug 02
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 8.6% Last year net profit margin: 14% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (8.6% net profit margin). Reported Earnings • Aug 01
First quarter 2024 earnings: EPS and revenues exceed analyst expectations First quarter 2024 results: EPS: JP¥39.20 (down from JP¥57.64 in 1Q 2023). Revenue: JP¥141.3b (up 7.9% from 1Q 2023). Net income: JP¥12.0b (down 33% from 1Q 2023). Profit margin: 8.5% (down from 14% in 1Q 2023). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 9.5%. Earnings per share (EPS) also surpassed analyst estimates by 31%. Revenue is forecast to grow 2.7% 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 34% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • May 17
Consensus EPS estimates fall by 12% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate fell from JP¥159 to JP¥140 per share. Revenue forecast steady at JP¥562.7b. Net income forecast to shrink 23% next year vs 4.9% growth forecast for Machinery industry in Japan . Consensus price target of JP¥1,907 unchanged from last update. Share price was steady at JP¥1,726 over the past week. Reported Earnings • Apr 29
Full year 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2023 results: EPS: JP¥177 (down from JP¥227 in FY 2022). Revenue: JP¥559.2b (up 9.6% from FY 2022). Net income: JP¥55.0b (down 22% from FY 2022). Profit margin: 9.8% (down from 14% in FY 2022). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.1%. Earnings per share (EPS) missed analyst estimates by 3.0%. Revenue is forecast to grow 2.9% 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 41% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥33.00 per share at 3.8% yield Eligible shareholders must have bought the stock before 30 March 2023. Payment date: 28 June 2023. Payout ratio is a comfortable 27% and this is well supported by cash flows. Trailing yield: 3.8%. Within top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (2.4%). Reported Earnings • Feb 01
Third quarter 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2023 results: EPS: JP¥80.95 (up from JP¥46.21 in 3Q 2022). Revenue: JP¥140.4b (up 15% from 3Q 2022). Net income: JP¥25.1b (up 74% from 3Q 2022). Profit margin: 18% (up from 12% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 6.6%. Earnings per share (EPS) exceeded analyst estimates by 66%. Revenue is forecast to grow 2.6% p.a. on average during the next 3 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 46% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 6 non-independent directors. Independent Outside Director Kazuo Furukawa 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 • Oct 30
Second quarter 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2023 results: EPS: JP¥27.42 (down from JP¥50.56 in 2Q 2022). Revenue: JP¥143.7b (up 18% from 2Q 2022). Net income: JP¥8.55b (down 46% from 2Q 2022). Profit margin: 5.9% (down from 13% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.3%. Earnings per share (EPS) missed analyst estimates by 39%. 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 44% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • Oct 29
Consensus forecasts updated The consensus outlook for 2023 has been updated. 2023 EPS estimate fell from JP¥217 to JP¥192 per share. Revenue forecast steady at JP¥574.2b. Net income forecast to shrink 16% next year vs 10% growth forecast for Machinery industry in Japan . Consensus price target broadly unchanged at JP¥2,213. Share price rose 2.2% to JP¥1,862 over the past week. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥33.00 per share Eligible shareholders must have bought the stock before 29 September 2022. Payment date: 05 December 2022. Payout ratio is a comfortable 27% and this is well supported by cash flows. Trailing yield: 3.4%. Lower than top quartile of Japanese dividend payers (3.7%). Higher than average of industry peers (2.4%). Reported Earnings • Jul 31
First quarter 2023 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2023 results: EPS: JP¥57.64 (up from JP¥51.30 in 1Q 2022). Revenue: JP¥131.0b (up 1.7% from 1Q 2022). Net income: JP¥18.0b (up 11% from 1Q 2022). Profit margin: 14% (up from 13% in 1Q 2022). Revenue missed analyst estimates by 2.2%. Earnings per share (EPS) exceeded analyst estimates by 33%. Over the next year, revenue is forecast to grow 14%, compared to a 10.0% growth forecast for the 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 only increased by 8% per year, which means it is significantly lagging earnings growth.