Live News • Jul 07
Kokuyo Buys Back 9.3 Million in Latest Capital Return, Spends ¥7.57 Billion Kokuyo repurchased 2,900,900 shares in June 2026 on the Tokyo Stock Exchange, spending about ¥2.35b as part of its ongoing buyback program.
Cumulatively, the company has acquired 9.3 million shares under this authorization at a total cost of roughly ¥7.57b, reflecting a sizeable capital allocation toward reducing its share count.
Kokuyo’s stock last closed at ¥850.80, with the share price up 6.8% over the past week.
This level of buyback activity can lift earnings per share by spreading profits over a smaller share base. However, it also concentrates exposure for remaining shareholders and uses cash that could otherwise support operations, investment or dividends, so the trade-off between capital return and balance sheet flexibility is an important point to weigh. Upcoming Dividend • Jun 22
Upcoming dividend of JP¥12.25 per share Eligible shareholders must have bought the stock before 29 June 2026. Payment date: 04 September 2026. Payout ratio is a comfortable 50% but the company is not cash flow positive. Trailing yield: 3.0%. Lower than top quartile of Japanese dividend payers (3.9%). Higher than average of industry peers (2.2%). Live News • Jun 07
Kokuyo Targets Shareholder Loyalty With Major Buyback and New Long-Term Investor Perks Kokuyo bought back about 4.55 million shares in May 2026 under a board-approved program that allows repurchases of up to 20 million shares.
The company is adjusting its shareholder benefit program by lowering the minimum holding for perks to 500 shares and adding a six-month holding requirement for smaller positions.
Long-term and larger shareholders will receive higher-value perks, including exclusive goods, better lottery odds for event tickets, and access to engagement initiatives such as office tours.
Taken together, the buyback and refreshed benefit program indicate a focus on shareholder returns and on cultivating a more stable, loyalty-oriented investor base.
You should weigh how the ongoing use of cash for buybacks and perks fits with your expectations for Kokuyo’s capital allocation priorities and your own time horizon as a shareholder. Reported Earnings • Apr 29
First quarter 2026 earnings released: EPS: JP¥23.45 (vs JP¥22.09 in 1Q 2025) First quarter 2026 results: EPS: JP¥23.45 (up from JP¥22.09 in 1Q 2025). Revenue: JP¥108.1b (up 8.7% from 1Q 2025). Net income: JP¥10.1b (flat on 1Q 2025). Profit margin: 9.3% (in line with 1Q 2025). Revenue is forecast to grow 4.7% p.a. on average during the next 3 years, compared to a 4.2% growth forecast for the Commercial Services 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 increased by 21% per year, which means it is tracking significantly ahead of earnings growth. Declared Dividend • Apr 11
Final dividend of JP¥12.25 announced Shareholders will receive a dividend of JP¥12.25. Ex-date: 29th June 2026 Payment date: 4th September 2026 Dividend yield will be 2.8%, which is higher than the industry average of 1.8%. Sustainability & Growth Dividend is covered by earnings (51% earnings payout ratio) but not covered by cash flows (340% cash payout ratio). The dividend has increased by an average of 21% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 23% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Mar 27
Kokuyo Co., Ltd. (TSE:7984) announces an Equity Buyback for 20,000,000 shares, representing 4.65% for ¥15,000 million. Kokuyo Co., Ltd. (TSE:7984) announces a share repurchase program. Under the program, the company will repurchase up to 20,000,000 shares, representing 4.65% for ¥15,000 million. The purpose of the program is to increase the liquidity of company's stock. The program will be valid till December 31, 2026. As of December 31, 2025, the company had 430,240,626 shares (excluding treasury stock) issued and outstanding and 10,729,226 shares in treasury. Announcement • Mar 12
Kokuyo Co., Ltd. to Report Q1, 2026 Results on Apr 28, 2026 Kokuyo Co., Ltd. announced that they will report Q1, 2026 results at 9:00 AM, Tokyo Standard Time on Apr 28, 2026 Reported Earnings • Feb 14
Full year 2025 earnings: Revenues and EPS in line with analyst expectations Full year 2025 results: EPS: JP¥48.30. Revenue: JP¥359.9b (up 6.4% from FY 2024). Net income: JP¥21.5b (down 1.4% from FY 2024). Profit margin: 6.0% (down from 6.4% in FY 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 3.7% p.a. on average during the next 3 years, compared to a 4.0% growth forecast for the Commercial Services industry in Japan. Announcement • Feb 13
Kokuyo Co., Ltd., Annual General Meeting, Mar 27, 2026 Kokuyo Co., Ltd., Annual General Meeting, Mar 27, 2026. Upcoming Dividend • Dec 22
Upcoming dividend of JP¥11.50 per share Eligible shareholders must have bought the stock before 29 December 2025. Payment date: 31 March 2026. Payout ratio is a comfortable 43% but the company is paying out more than the cash it is generating. Trailing yield: 2.5%. Lower than top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (2.0%). Announcement • Dec 03
Kokuyo Co., Ltd. to Report Fiscal Year 2025 Results on Feb 13, 2026 Kokuyo Co., Ltd. announced that they will report fiscal year 2025 results at 9:00 AM, Tokyo Standard Time on Feb 13, 2026 Price Target Changed • Nov 04
Price target increased by 8.2% to JP¥933 Up from JP¥863, the current price target is an average from 3 analysts. New target price is approximately in line with last closing price of JP¥899. Stock is up 47% over the past year. The company is forecast to post earnings per share of JP¥46.70 for next year compared to JP¥48.04 last year. Reported Earnings • Oct 31
Third quarter 2025 earnings released: EPS: JP¥6.60 (vs JP¥1.65 in 3Q 2024) Third quarter 2025 results: EPS: JP¥6.60 (up from JP¥1.65 in 3Q 2024). Revenue: JP¥80.4b (up 10% from 3Q 2024). Net income: JP¥2.91b (up 289% from 3Q 2024). Profit margin: 3.6% (up from 1.0% in 3Q 2024). Revenue is forecast to grow 2.6% p.a. on average during the next 3 years, compared to a 4.3% growth forecast for the Commercial Services 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 24% per year, which means it is tracking significantly ahead of earnings growth. Declared Dividend • Sep 05
First half dividend of JP¥11.50 announced Shareholders will receive a dividend of JP¥11.50. Ex-date: 29th December 2025 Payment date: 31st March 2026 Dividend yield will be 6.2%, which is higher than the industry average of 1.8%. Sustainability & Growth Dividend is covered by earnings (48% 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 20% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 26% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Jul 31
Second quarter 2025 earnings released Second quarter 2025 results: Revenue: JP¥85.7b (up 3.6% from 2Q 2024). Net income: JP¥3.80b (up 4.1% from 2Q 2024). Profit margin: 4.4% (in line with 2Q 2024). Revenue is forecast to grow 2.8% p.a. on average during the next 3 years, compared to a 4.3% growth forecast for the Commercial Services industry in Japan. Upcoming Dividend • Jun 20
Upcoming dividend of JP¥45.50 per share Eligible shareholders must have bought the stock before 27 June 2025. Payment date: 03 September 2025. Payout ratio is a comfortable 44% 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 (4.0%). Higher than average of industry peers (2.2%). Announcement • May 30
Kokuyo Co., Ltd. Revises Dividend Guidance for the Fiscal Year Ending December 31, 2025 Kokuyo Co., Ltd. revised Dividend Guidance for the fiscal year ending December 31, 2025. For the period, the company expects to pay dividend of JPY 11.375 per share compared to JPY 45.5 per share previously forecasted. Major Estimate Revision • May 28
Consensus EPS estimates increase by 11% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate increased from JP¥176 to JP¥195. Revenue forecast steady at JP¥354.4b. Net income forecast to grow 9.1% next year vs 9.3% growth forecast for Commercial Services industry in Japan. Consensus price target up from JP¥3,233 to JP¥3,450. Share price rose 4.3% to JP¥3,058 over the past week. Price Target Changed • May 21
Price target increased by 11% to JP¥3,400 Up from JP¥3,050, the current price target is an average from 3 analysts. New target price is 16% above last closing price of JP¥2,933. Stock is up 13% over the past year. The company is forecast to post earnings per share of JP¥185 for next year compared to JP¥192 last year. Announcement • Apr 30
Kokuyo Co., Ltd. (TSE:7984) acquired 99.80% stake in BP Ergo Limited. Kokuyo Co., Ltd. (TSE:7984) acquired 99.80% stake in BP Ergo Limited on April 28, 2025. Following the acquisition, HNI India will be renamed Kokuyo Workplace India. With the acquisition, HNI India will be consolidated into Kokuyo Group during the second quarter of Kokuyo’s fiscal year ending December 2025.
For the period ending March 31, 2025, BP Ergo Limited reported total revenue of ¥3.46 billion.
Kokuyo Co., Ltd. (TSE:7984) completed the acquisition of 99.80% stake in BP Ergo Limited on April 28, 2025. Board Change • Apr 11
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Outside Director Yuko Gomi was the last director to join the board, commencing their role in 2025. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Apr 05
Full year 2024 earnings: EPS exceeds analyst expectations Full year 2024 results: EPS: JP¥192 (up from JP¥166 in FY 2023). Revenue: JP¥338.2b (up 2.9% from FY 2023). Net income: JP¥21.8b (up 14% from FY 2023). Profit margin: 6.4% (up from 5.8% in FY 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 2.7%. Revenue is forecast to grow 2.8% p.a. on average during the next 3 years, compared to a 4.1% growth forecast for the Commercial Services industry in Japan. Over the last 3 years on average, earnings per share has increased by 14% per year whereas the company’s share price has increased by 18% per year. New Risk • Feb 18
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.6% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.6% per year for the foreseeable future. Minor Risks Dividend is not well covered by cash flows (99% cash payout ratio). Large one-off items impacting financial results. Reported Earnings • Feb 16
Full year 2024 earnings: EPS exceeds analyst expectations Full year 2024 results: EPS: JP¥192 (up from JP¥166 in FY 2023). Revenue: JP¥338.2b (up 2.9% from FY 2023). Net income: JP¥21.8b (up 14% from FY 2023). Profit margin: 6.4% (up from 5.8% in FY 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 2.7%. Revenue is forecast to grow 2.7% p.a. on average during the next 3 years, compared to a 4.0% growth forecast for the Commercial Services industry in Japan. Over the last 3 years on average, earnings per share has increased by 14% 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 • Feb 15
Kokuyo Co., Ltd. (TSE:7984) announces an Equity Buyback for 8,500,000 shares, representing 7.5% for ¥20,000 million. Kokuyo Co., Ltd. (TSE:7984) announces a share repurchase program. Under the program, the company will repurchase up to 8,500,000 shares, representing 7.5% for ¥20,000 million. The purpose of the program is to improve shareholder return. The program will be valid till December 31, 2025. As of December 31, 2024, the company had 113,313,630 shares (excluding treasury stock) issued and outstanding and 2,428,833 shares in treasury. Announcement • Feb 14
Kokuyo Co., Ltd., Annual General Meeting, Mar 28, 2025 Kokuyo Co., Ltd., Annual General Meeting, Mar 28, 2025. Upcoming Dividend • Dec 20
Upcoming dividend of JP¥38.00 per share Eligible shareholders must have bought the stock before 27 December 2024. Payment date: 31 March 2025. Payout ratio is a comfortable 40% and the cash payout ratio is 88%. Trailing yield: 2.7%. Lower than top quartile of Japanese dividend payers (3.8%). Higher than average of industry peers (2.1%). Announcement • Dec 03
Kokuyo Co., Ltd. to Report Fiscal Year 2024 Results on Feb 14, 2025 Kokuyo Co., Ltd. announced that they will report fiscal year 2024 results on Feb 14, 2025 Major Estimate Revision • Nov 28
Consensus revenue estimates increase by 900%, EPS downgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast increased from JP¥338.0b to JP¥3.38t. EPS estimate fell from JP¥198 to JP¥180. Net income forecast to grow 1.5% next year vs 14% growth forecast for Commercial Services industry in Japan. Consensus price target of JP¥2,950 unchanged from last update. Share price was steady at JP¥2,854 over the past week. Reported Earnings • Oct 29
Third quarter 2024 earnings released: EPS: JP¥6.61 (vs JP¥27.11 in 3Q 2023) Third quarter 2024 results: EPS: JP¥6.61 (down from JP¥27.11 in 3Q 2023). Revenue: JP¥72.9b (down 3.1% from 3Q 2023). Net income: JP¥749.0m (down 76% from 3Q 2023). Profit margin: 1.0% (down from 4.2% in 3Q 2023). Revenue is forecast to grow 5.5% p.a. on average during the next 3 years, compared to a 4.0% growth forecast for the Commercial Services industry in Japan. Over the last 3 years on average, earnings per share has increased by 17% per year whereas the company’s share price has increased by 13% per year. Buy Or Sell Opportunity • Oct 29
Now 24% undervalued The stock has been flat over the last 90 days, currently trading at JP¥2,513. The fair value is estimated to be JP¥3,313, 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 22%. Revenue is forecast to grow by 11% in 2 years. Earnings are forecast to decline by 0.01% in the next 2 years. Announcement • Sep 06
Kokuyo Co., Ltd. to Report Q3, 2024 Results on Oct 28, 2024 Kokuyo Co., Ltd. announced that they will report Q3, 2024 results on Oct 28, 2024 Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to JP¥2,136, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 12x in the Commercial Services industry in Japan. Total returns to shareholders of 26% over the past three years. Reported Earnings • Jul 31
Second quarter 2024 earnings released: EPS: JP¥32.18 (vs JP¥35.36 in 2Q 2023) Second quarter 2024 results: EPS: JP¥32.18 (down from JP¥35.36 in 2Q 2023). Revenue: JP¥82.7b (up 2.1% from 2Q 2023). Net income: JP¥3.65b (down 11% from 2Q 2023). Profit margin: 4.4% (down from 5.0% in 2Q 2023). Revenue is forecast to grow 4.9% p.a. on average during the next 3 years, compared to a 3.9% growth forecast for the Commercial Services 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 only increased by 11% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Jul 30
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 8.1% to JP¥2,500. The fair value is estimated to be JP¥3,207, 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 29%. Revenue is forecast to grow by 11% in 2 years. Earnings are forecast to decline by 3.3% in the next 2 years. Upcoming Dividend • Jun 20
Upcoming dividend of JP¥38.00 per share Eligible shareholders must have bought the stock before 27 June 2024. Payment date: 05 September 2024. Payout ratio is a comfortable 33% and this is well supported by cash flows. Trailing yield: 2.8%. Lower than top quartile of Japanese dividend payers (3.4%). Higher than average of industry peers (1.9%). Buy Or Sell Opportunity • Jun 13
Now 20% undervalued Over the last 90 days, the stock has risen 5.4% to JP¥2,624. The fair value is estimated to be JP¥3,282, 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 29%. Revenue is forecast to grow by 11% in 2 years. Earnings are forecast to decline by 3.3% in the next 2 years. Buy Or Sell Opportunity • May 22
Now 20% undervalued Over the last 90 days, the stock has risen 6.5% to JP¥2,588. The fair value is estimated to be JP¥3,248, 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 29%. Revenue is forecast to grow by 11% in 2 years. Earnings are forecast to decline by 4.1% in the next 2 years. Board Change • May 17
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Outside Director Yoko Toyoshi was the last director to join the board, commencing their role in 2024. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • May 01
First quarter 2024 earnings released: EPS: JP¥105 (vs JP¥66.43 in 1Q 2023) First quarter 2024 results: EPS: JP¥105 (up from JP¥66.43 in 1Q 2023). Revenue: JP¥95.9b (up 3.7% from 1Q 2023). Net income: JP¥12.0b (up 56% from 1Q 2023). Profit margin: 13% (up from 8.3% in 1Q 2023). Revenue is forecast to grow 5.1% p.a. on average during the next 3 years, compared to a 3.8% growth forecast for the Commercial Services industry in Japan. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Apr 19
Now 21% undervalued Over the last 90 days, the stock has risen 5.5% to JP¥2,517. The fair value is estimated to be JP¥3,180, 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 31%. For the next 3 years, revenue is forecast to grow by 5.1% per annum. Earnings are also forecast to grow by 6.2% per annum over the same time period. Declared Dividend • Apr 11
Final dividend of JP¥38.00 announced Shareholders will receive a dividend of JP¥38.00. Ex-date: 27th June 2024 Payment date: 5th September 2024 Dividend yield will be 2.7%, which is higher than the industry average of 1.8%. Sustainability & Growth Dividend is well covered by both earnings (33% earnings payout ratio) and cash flows (26% 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 21% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Mar 31
Kokuyo Co., Ltd. to Report Q2, 2024 Results on Jul 29, 2024 Kokuyo Co., Ltd. announced that they will report Q2, 2024 results on Jul 29, 2024 Buy Or Sell Opportunity • Mar 28
Now 22% undervalued Over the last 90 days, the stock has risen 7.6% to JP¥2,469. The fair value is estimated to be JP¥3,169, 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 31%. For the next 3 years, revenue is forecast to grow by 5.1% per annum. Earnings are also forecast to grow by 6.2% per annum over the same time period. Announcement • Feb 19
Kokuyo Co., Ltd. to Report Q1, 2024 Results on Apr 26, 2024 Kokuyo Co., Ltd. announced that they will report Q1, 2024 results on Apr 26, 2024 Announcement • Feb 15
Kokuyo Co., Ltd., Annual General Meeting, Mar 28, 2024 Kokuyo Co., Ltd., Annual General Meeting, Mar 28, 2024. Reported Earnings • Feb 14
Full year 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2023 results: EPS: JP¥166 (up from JP¥159 in FY 2022). Revenue: JP¥328.8b (up 9.2% from FY 2022). Net income: JP¥19.1b (up 3.8% from FY 2022). Profit margin: 5.8% (down from 6.1% in FY 2022). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 2.4%. Earnings per share (EPS) exceeded analyst estimates by 3.1%. Revenue is forecast to grow 5.1% p.a. on average during the next 3 years, compared to a 4.0% growth forecast for the Commercial Services industry in Japan. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • Feb 14
Consensus EPS estimates increase by 12% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has improved. 2024 revenue forecast increased from JP¥349.0b to JP¥355.0b. EPS estimate increased from JP¥168 to JP¥188 per share. Net income forecast to grow 2.4% next year vs 12% growth forecast for Commercial Services industry in Japan. Consensus price target of JP¥2,600 unchanged from last update. Share price was steady at JP¥2,387 over the past week. Major Estimate Revision • Feb 14
Consensus EPS estimates increase by 12% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has improved. 2024 revenue forecast increased from JP¥349.0b to JP¥355.0b. EPS estimate increased from JP¥168 to JP¥188 per share. Net income forecast to grow 2.4% next year vs 12% growth forecast for Commercial Services industry in Japan. Consensus price target of JP¥2,600 unchanged from last update. Share price was steady at JP¥2,387 over the past week. Upcoming Dividend • Dec 21
Upcoming dividend of JP¥32.50 per share at 2.9% yield Eligible shareholders must have bought the stock before 28 December 2023. Payment date: 01 April 2024. Payout ratio is a comfortable 33% and this is well supported by cash flows. Trailing yield: 2.9%. Lower than top quartile of Japanese dividend payers (3.5%). Higher than average of industry peers (1.9%). Announcement • Dec 05
Kokuyo Co., Ltd. to Report Fiscal Year 2023 Results on Feb 13, 2024 Kokuyo Co., Ltd. announced that they will report fiscal year 2023 results on Feb 13, 2024 Reported Earnings • Nov 01
Third quarter 2023 earnings released: EPS: JP¥27.11 (vs JP¥19.11 in 3Q 2022) Third quarter 2023 results: EPS: JP¥27.11 (up from JP¥19.11 in 3Q 2022). Revenue: JP¥75.2b (up 9.9% from 3Q 2022). Net income: JP¥3.13b (up 42% from 3Q 2022). Profit margin: 4.2% (up from 3.2% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 4.3% p.a. on average during the next 3 years, compared to a 3.8% growth forecast for the Commercial Services industry in Japan. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 01
Second quarter 2023 earnings released: EPS: JP¥35.36 (vs JP¥27.38 in 2Q 2022) Second quarter 2023 results: EPS: JP¥35.36 (up from JP¥27.38 in 2Q 2022). Revenue: JP¥81.0b (up 16% from 2Q 2022). Net income: JP¥4.08b (up 29% from 2Q 2022). Profit margin: 5.0% (up from 4.5% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 4.7% p.a. on average during the next 3 years, compared to a 3.9% growth forecast for the Commercial Services industry in Japan. Over the last 3 years on average, earnings per share has increased by 28% per year whereas the company’s share price has increased by 26% per year. Major Estimate Revision • Aug 01
Consensus EPS estimates increase by 16% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate increased from JP¥139 to JP¥160. Revenue forecast unchanged at JP¥337.0b. Net income forecast to grow 1.8% next year vs 8.5% growth forecast for Commercial Services industry in Japan. Consensus price target of JP¥2,200 unchanged from last update. Share price rose 12% to JP¥2,270 over the past week. Announcement • Jul 31
Kokuyo Co., Ltd. (TSE:7984) announces an Equity Buyback for 3,000,000 shares, representing 2.6% for ¥5,000 million. Kokuyo Co., Ltd. (TSE:7984) announces a share repurchase program. Under the program, the company will repurchase up to 3,000,000 shares, representing 2.60% for ¥5,000 million. The purpose of the program is to improve shareholder return. The program will be valid till July 31, 2023. As of June 30, 2023, the company had 115,550,000 shares (excluding treasury stock) issued and outstanding and 13,192 shares in treasury. Upcoming Dividend • Jun 22
Upcoming dividend of JP¥29.00 per share at 3.0% yield Eligible shareholders must have bought the stock before 29 June 2023. Payment date: 06 September 2023. Payout ratio is a comfortable 36% and this is well supported by cash flows. Trailing yield: 3.0%. Lower than top quartile of Japanese dividend payers (3.5%). Higher than average of industry peers (2.0%). 
