Upcoming Dividend • Jun 22
Upcoming dividend of JP¥47.00 per share Eligible shareholders must have bought the stock before 29 June 2026. Payment date: 14 September 2026. Payout ratio is a comfortable 53% but the company is paying out more than the cash it is generating. Trailing yield: 4.2%. Within top quartile of Japanese dividend payers (3.9%). Higher than average of industry peers (1.7%). Announcement • May 30
Noritz Corporation to Report Q2, 2026 Results on Aug 07, 2026 Noritz Corporation announced that they will report Q2, 2026 results on Aug 07, 2026 Reported Earnings • May 17
First quarter 2026 earnings released: EPS: JP¥97.60 (vs JP¥30.98 in 1Q 2025) First quarter 2026 results: EPS: JP¥97.60 (up from JP¥30.98 in 1Q 2025). Revenue: JP¥51.6b (down 2.3% from 1Q 2025). Net income: JP¥4.46b (up 212% from 1Q 2025). Profit margin: 8.6% (up from 2.7% in 1Q 2025). Revenue is forecast to grow 1.8% p.a. on average during the next 3 years, compared to a 3.1% growth forecast for the Consumer Durables industry in Japan. Over the last 3 years on average, earnings per share has increased by 12% per year whereas the company’s share price has increased by 11% per year. Announcement • May 09
Noritz Corporation to Report Q1, 2026 Results on May 14, 2026 Noritz Corporation announced that they will report Q1, 2026 results on May 14, 2026 Buy Or Sell Opportunity • Apr 13
Now 20% undervalued Over the last 90 days, the stock has risen 18% to JP¥2,389. The fair value is estimated to be JP¥2,991, 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 declined by 5.2%. For the next 3 years, revenue is forecast to grow by 1.6% per annum. Earnings are forecast to decline by 6.8% per annum over the same time period. Declared Dividend • Apr 11
Final dividend of JP¥47.00 announced Shareholders will receive a dividend of JP¥47.00. Ex-date: 29th June 2026 Payment date: 14th September 2026 Dividend yield will be 3.6%, which is higher than the industry average of 1.6%. Sustainability & Growth Dividend is not covered by earnings (101% earnings payout ratio) nor is it covered by cash flows (114% 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. The company's earnings per share (EPS) would need to grow by 12% to bring the payout ratio under control. However, EPS is expected to decline by 18% over the next 3 years, which means the dividend may need to be reduced to reach a sustainable payout ratio. Major Estimate Revision • Mar 10
Consensus EPS estimates increase by 176% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has improved. 2026 revenue forecast increased from JP¥203.3b to JP¥210.0b. EPS estimate increased from JP¥64.00 to JP¥177 per share. Net income forecast to grow 138% next year vs 6.4% growth forecast for Consumer Durables industry in Japan. Consensus price target up from JP¥1,550 to JP¥1,900. Share price was steady at JP¥2,352 over the past week. Price Target Changed • Mar 09
Price target increased by 15% to JP¥1,900 Up from JP¥1,650, the current price target is provided by 1 analyst. New target price is 17% below last closing price of JP¥2,297. Stock is up 32% over the past year. The company is forecast to post earnings per share of JP¥177 for next year compared to JP¥73.49 last year. Buy Or Sell Opportunity • Feb 12
Now 38% overvalued after recent price rise Over the last 90 days, the stock has risen 35% to JP¥2,526. The fair value is estimated to be JP¥1,830, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 5.2%. Revenue is forecast to grow by 1.2% in 2 years. Earnings are forecast to decline by 7.7% in the next 2 years. New Risk • Feb 11
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 4.1% 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 4.1% per year for the foreseeable future. Minor Risk Dividend is not well covered by earnings (120% payout ratio). Reported Earnings • Feb 11
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: EPS: JP¥73.49 (down from JP¥94.89 in FY 2024). Revenue: JP¥202.0b (flat on FY 2024). Net income: JP¥3.36b (down 23% from FY 2024). Profit margin: 1.7% (down from 2.2% in FY 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 35%. Revenue is forecast to stay flat during the next 2 years compared to a 2.0% growth forecast for the Consumer Durables industry in Japan. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 13% per year, which means it is well ahead of earnings. Announcement • Jan 31
Yamada Holdings Co., Ltd. (TSE:9831) agreed to acquire 90% stake in Toclas Corporation from DENSO Corporation (TSE:6902), Sumitomo Forestry Co., Ltd. (TSE:1911) and Noritz Corporation (TSE:5943) and others. Yamada Holdings Co., Ltd. (TSE:9831) agreed to acquire 90% stake in Toclas Corporation from DENSO Corporation (TSE:6902), Sumitomo Forestry Co., Ltd. (TSE:1911) and Noritz Corporation (TSE:5943) and others on January 30, 2026.
For the period ending March 31, 2025, Toclas Corporation reported total revenue of ¥25.94 billion and EBIT of ¥461 million. As of March 31, 2025, Toclas Corporation reported total assets of ¥13.87 billion.
The expected completion of the transaction is February 27, 2026. Announcement • Dec 27
Noritz Corporation to Report Fiscal Year 2025 Results on Feb 10, 2026 Noritz Corporation announced that they will report fiscal year 2025 results on Feb 10, 2026 Upcoming Dividend • Dec 22
Upcoming dividend of JP¥36.00 per share Eligible shareholders must have bought the stock before 29 December 2025. Payment date: 30 March 2026. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 3.6%. Within top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (1.5%). Major Estimate Revision • Nov 28
Consensus EPS estimates fall by 14% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from JP¥205.1b to JP¥202.4b. EPS estimate also fell from JP¥63.36 per share to JP¥54.60 per share. Net income forecast to grow 3.4% next year vs 8.6% growth forecast for Consumer Durables industry in Japan. Consensus price target of JP¥1,550 unchanged from last update. Share price was steady at JP¥1,918 over the past week. Reported Earnings • Nov 13
Third quarter 2025 earnings released: JP¥11.77 loss per share (vs JP¥58.47 profit in 3Q 2024) Third quarter 2025 results: JP¥11.77 loss per share (down from JP¥58.47 profit in 3Q 2024). Revenue: JP¥44.1b (down 2.4% from 3Q 2024). Net loss: JP¥533.0m (down 120% from profit in 3Q 2024). Revenue is forecast to stay flat during the next 3 years compared to a 1.4% growth forecast for the Consumer Durables industry in Japan. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 9% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Oct 16
Noritz Corporation (TSE:5943) agreed to acquire an additional 18.49% stake in Ogihara Seisakusho, K.K. for approximately ¥360 million. Noritz Corporation (TSE:5943) agreed to acquire an additional 18.49% stake in Ogihara Seisakusho, K.K. for approximately ¥360 million on October 15, 2025. Upon completion, Noritz Corporation will own 50.99% stake in Ogihara Seisakusho, K.K. Our company will allocate and deliver 11.85 of our common shares for each share of Ogihara Seisakusho, K.K. common stock. Noritz Corporation will allocate 177,477 of its treasury shares to the share delivery as part of the Ogihara Seisakusho, K.K. share allotment through this share delivery, and no new shares will be issued. The minimum number of Ogihara Seisakusho, K.K. common shares to be acquired by our company will be 14,977 shares.
For the period ending October 31, 2024, Ogihara Seisakusho, K.K. reported total revenue of ¥3.32 billion and operating loss of ¥60.26 million. As of October 31, 2024, Ogihara Seisakusho, K.K. reported total assets of ¥4.65 billion and total common equity of ¥1.8 billion.
The Board of Directors of Ogihara Seisakusho, K.K. has appointed a special committee FAS Co., Ltd. for the transaction. The expected completion of the transaction is November 28, 2025. Announcement • Sep 02
Noritz Corporation to Report Q3, 2025 Results on Nov 11, 2025 Noritz Corporation announced that they will report Q3, 2025 results on Nov 11, 2025 Major Estimate Revision • Aug 30
Consensus EPS estimates increase by 11% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate increased from JP¥56.87 to JP¥63.36. Revenue forecast steady at JP¥205.1b. Net income forecast to shrink 49% next year vs 7.6% growth forecast for Consumer Durables industry in Japan . Consensus price target of JP¥1,550 unchanged from last update. Share price was steady at JP¥1,950 over the past week. Reported Earnings • Aug 08
Second quarter 2025 earnings released: JP¥4.98 loss per share (vs JP¥13.88 loss in 2Q 2024) Second quarter 2025 results: JP¥4.98 loss per share (improved from JP¥13.88 loss in 2Q 2024). Revenue: JP¥45.7b (flat on 2Q 2024). Net loss: JP¥228.0m (loss narrowed 64% from 2Q 2024). Revenue is forecast to stay flat during the next 3 years compared to a 1.4% growth forecast for the Consumer Durables industry in Japan. Over the last 3 years on average, earnings per share has increased by 15% per year whereas the company’s share price has increased by 10% per year. Upcoming Dividend • Jun 20
Upcoming dividend of JP¥35.00 per share Eligible shareholders must have bought the stock before 27 June 2025. Payment date: 16 September 2025. Payout ratio is a comfortable 58% but the company is paying out more than the cash it is generating. Trailing yield: 3.9%. Lower than top quartile of Japanese dividend payers (4.0%). Higher than average of industry peers (2.9%). Announcement • May 31
Noritz Corporation to Report Q2, 2025 Results on Aug 07, 2025 Noritz Corporation announced that they will report Q2, 2025 results on Aug 07, 2025 Reported Earnings • May 15
First quarter 2025 earnings released: EPS: JP¥30.98 (vs JP¥6.22 in 1Q 2024) First quarter 2025 results: EPS: JP¥30.98 (up from JP¥6.22 in 1Q 2024). Revenue: JP¥52.9b (up 4.6% from 1Q 2024). Net income: JP¥1.43b (up 399% from 1Q 2024). Profit margin: 2.7% (up from 0.6% in 1Q 2024). Revenue is forecast to stay flat during the next 3 years compared to a 4.0% growth forecast for the Building industry in Japan. Over the last 3 years on average, earnings per share has increased by 11% per year whereas the company’s share price has increased by 9% per year. Announcement • Mar 01
Noritz Corporation to Report Q1, 2025 Results on May 13, 2025 Noritz Corporation announced that they will report Q1, 2025 results on May 13, 2025 Major Estimate Revision • Feb 20
Consensus EPS estimates fall by 19% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from JP¥209.3b to JP¥206.2b. EPS estimate also fell from JP¥65.04 per share to JP¥52.54 per share. Net income forecast to shrink 45% next year vs 11% growth forecast for Building industry in Japan . Consensus price target of JP¥1,550 unchanged from last update. Share price fell 3.3% to JP¥1,674 over the past week. Reported Earnings • Feb 15
Full year 2024 earnings: EPS and revenues exceed analyst expectations Full year 2024 results: EPS: JP¥94.89 (up from JP¥18.82 in FY 2023). Revenue: JP¥202.2b (flat on FY 2023). Net income: JP¥4.38b (up 405% from FY 2023). Profit margin: 2.2% (up from 0.4% in FY 2023). Revenue exceeded analyst estimates by 1.1%. Earnings per share (EPS) also surpassed analyst estimates by 6.8%. Revenue is forecast to grow 2.2% p.a. on average during the next 2 years, compared to a 4.1% growth forecast for the Building industry in Japan. Over the last 3 years on average, earnings per share has 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. Upcoming Dividend • Dec 20
Upcoming dividend of JP¥34.00 per share Eligible shareholders must have bought the stock before 27 December 2024. Payment date: 31 March 2025. Payout ratio is on the higher end at 94% but the company is not cash flow positive. Trailing yield: 4.0%. Within top quartile of Japanese dividend payers (3.8%). Higher than average of industry peers (2.4%). Announcement • Dec 03
Noritz Corporation to Report Fiscal Year 2024 Results on Feb 13, 2025 Noritz Corporation announced that they will report fiscal year 2024 results on Feb 13, 2025 Major Estimate Revision • Nov 26
Consensus EPS estimates fall by 13% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from JP¥204.9b to JP¥200.0b. EPS estimate also fell from JP¥102 per share to JP¥88.88 per share. Net income forecast to grow 24% next year vs 13% growth forecast for Building industry in Japan. Consensus price target of JP¥1,550 unchanged from last update. Share price was steady at JP¥1,703 over the past week. Reported Earnings • Nov 15
Third quarter 2024 earnings released: EPS: JP¥58.47 (vs JP¥10.58 loss in 3Q 2023) Third quarter 2024 results: EPS: JP¥58.47 (up from JP¥10.58 loss in 3Q 2023). Revenue: JP¥45.2b (flat on 3Q 2023). Net income: JP¥2.70b (up JP¥3.19b from 3Q 2023). Profit margin: 6.0% (up from net loss in 3Q 2023). Revenue is forecast to grow 2.7% p.a. on average during the next 3 years, compared to a 3.4% growth forecast for the Building industry in Japan. Over the last 3 years on average, earnings per share has fallen by 48% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Announcement • Aug 27
Noritz Corporation to Report Q3, 2024 Results on Nov 12, 2024 Noritz Corporation announced that they will report Q3, 2024 results on Nov 12, 2024 Upcoming Dividend • Jun 20
Upcoming dividend of JP¥33.00 per share Eligible shareholders must have bought the stock before 27 June 2024. Payment date: 17 September 2024. The company is not currently making a profit and is not cash flow positive. Trailing yield: 3.7%. Within top quartile of Japanese dividend payers (3.4%). Higher than average of industry peers (2.2%). Announcement • Jun 02
Noritz Corporation to Report Q2, 2024 Results on Aug 08, 2024 Noritz Corporation announced that they will report Q2, 2024 results on Aug 08, 2024 Reported Earnings • May 18
First quarter 2024 earnings released: EPS: JP¥6.22 (vs JP¥27.57 in 1Q 2023) First quarter 2024 results: EPS: JP¥6.22 (down from JP¥27.57 in 1Q 2023). Revenue: JP¥50.6b (down 6.9% from 1Q 2023). Net income: JP¥287.0m (down 77% from 1Q 2023). Profit margin: 0.6% (down from 2.3% in 1Q 2023). Revenue is forecast to grow 3.7% p.a. on average during the next 3 years, compared to a 3.8% growth forecast for the Building industry in Japan. Over the last 3 years on average, earnings per share has fallen by 49% 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. Major Estimate Revision • Mar 12
Consensus EPS estimates fall by 19%, revenue upgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast increased from JP¥216.0b to JP¥218.2b. EPS estimate fell from JP¥107 to JP¥86.72 per share. Net income forecast to grow 361% next year vs 7.4% growth forecast for Building industry in Japan. Consensus price target up from JP¥1,450 to JP¥1,650. Share price was steady at JP¥1,689 over the past week. Price Target Changed • Mar 11
Price target increased by 10% to JP¥1,650 Up from JP¥1,500, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of JP¥1,682. Stock is down 1.8% over the past year. The company is forecast to post earnings per share of JP¥86.72 for next year compared to JP¥18.82 last year. Announcement • Feb 24
Noritz Corporation to Report Q1, 2024 Results on May 14, 2024 Noritz Corporation announced that they will report Q1, 2024 results on May 14, 2024 Announcement • Feb 16
Noritz Corporation, Annual General Meeting, Mar 28, 2024 Noritz Corporation, Annual General Meeting, Mar 28, 2024. New Risk • Feb 16
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: 0.4% Last year net profit margin: 2.3% 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. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.4% net profit margin). Reported Earnings • Feb 16
Full year 2023 earnings: EPS misses analyst expectations Full year 2023 results: EPS: JP¥18.82 (down from JP¥105 in FY 2022). Revenue: JP¥201.9b (down 4.3% from FY 2022). Net income: JP¥868.0m (down 82% from FY 2022). Profit margin: 0.4% (down from 2.3% in FY 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 74%. Revenue is forecast to grow 4.3% p.a. on average during the next 2 years, compared to a 4.0% growth forecast for the Building industry in Japan. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Upcoming Dividend • Dec 21
Upcoming dividend of JP¥21.00 per share at 4.0% yield Eligible shareholders must have bought the stock before 28 December 2023. Payment date: 01 April 2024. Payout ratio is on the higher end at 88%, and the cash payout ratio is above 100%. Trailing yield: 4.0%. Within top quartile of Japanese dividend payers (3.5%). Higher than average of industry peers (2.1%). Announcement • Dec 05
Noritz Corporation to Report Fiscal Year 2023 Results on Feb 14, 2024 Noritz Corporation announced that they will report fiscal year 2023 results on Feb 14, 2024 Reported Earnings • Nov 10
Third quarter 2023 earnings released: JP¥10.58 loss per share (vs JP¥37.58 profit in 3Q 2022) Third quarter 2023 results: JP¥10.58 loss per share (down from JP¥37.58 profit in 3Q 2022). Revenue: JP¥45.1b (down 17% from 3Q 2022). Net loss: JP¥488.0m (down 128% from profit in 3Q 2022). Revenue is forecast to grow 2.2% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the Building industry in Japan. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Major Estimate Revision • Sep 01
Consensus EPS estimates fall by 18% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from JP¥221.5b to JP¥214.2b. EPS estimate also fell from JP¥117 per share to JP¥95.70 per share. Net income forecast to shrink 12% next year vs 8.2% growth forecast for Building industry in Japan . Consensus price target down from JP¥1,550 to JP¥1,500. Share price was steady at JP¥1,599 over the past week. Announcement • Aug 30
Noritz Corporation to Report Q3, 2023 Results on Nov 09, 2023 Noritz Corporation announced that they will report Q3, 2023 results on Nov 09, 2023 Reported Earnings • Aug 10
Second quarter 2023 earnings released: JP¥4.53 loss per share (vs JP¥19.99 profit in 2Q 2022) Second quarter 2023 results: JP¥4.53 loss per share (down from JP¥19.99 profit in 2Q 2022). Revenue: JP¥45.4b (down 13% from 2Q 2022). Net loss: JP¥209.0m (down 123% from profit in 2Q 2022). Revenue is forecast to grow 1.5% p.a. on average during the next 3 years, compared to a 4.2% growth forecast for the Building industry in Japan. Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jun 22
Upcoming dividend of JP¥32.00 per share at 2.9% yield Eligible shareholders must have bought the stock before 29 June 2023. Payment date: 19 September 2023. Payout ratio is a comfortable 38% but the company is not cash flow positive. Trailing yield: 2.9%. Lower than top quartile of Japanese dividend payers (3.5%). Higher than average of industry peers (1.7%). Announcement • May 31
Noritz Corporation to Report Q2, 2023 Results on Aug 09, 2023 Noritz Corporation announced that they will report Q2, 2023 results on Aug 09, 2023 Reported Earnings • May 17
First quarter 2023 earnings released: EPS: JP¥27.57 (vs JP¥8.61 loss in 1Q 2022) First quarter 2023 results: EPS: JP¥27.57 (up from JP¥8.61 loss in 1Q 2022). Revenue: JP¥54.3b (up 25% from 1Q 2022). Net income: JP¥1.27b (up JP¥1.67b from 1Q 2022). Profit margin: 2.3% (up from net loss in 1Q 2022). The move to profitability was driven by higher revenue. Revenue is forecast to stay flat during the next 3 years compared to a 4.2% growth forecast for the Building industry in Japan. Over the last 3 years on average, earnings per share has increased by 61% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Mar 16
Now 20% undervalued Over the last 90 days, the stock is up 10%. The fair value is estimated to be JP¥2,072, 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 54%. For the next 3 years, revenue is forecast to grow by 1.6% per annum. Earnings is also forecast to grow by 2.4% per annum over the same time period. Major Estimate Revision • Feb 28
Consensus EPS estimates increase by 13% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has improved. 2023 revenue forecast increased from JP¥209.9b to JP¥222.6b. EPS estimate increased from JP¥113 to JP¥128 per share. Net income forecast to grow 23% next year vs 3.4% decline forecast for Building industry in Japan. Consensus price target up from JP¥1,550 to JP¥1,600. Share price rose 2.2% to JP¥1,646 over the past week. Reported Earnings • Feb 16
Full year 2022 earnings: EPS misses analyst expectations Full year 2022 results: EPS: JP¥105 (down from JP¥119 in FY 2021). Revenue: JP¥211.0b (up 18% from FY 2021). Net income: JP¥4.80b (down 12% from FY 2021). Profit margin: 2.3% (down from 3.1% in FY 2021). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 19%. Revenue is forecast to stay flat during the next 3 years compared to a 3.8% growth forecast for the Building industry in Japan. Over the last 3 years on average, earnings per share has increased by 54% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Feb 01
Now 21% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be JP¥1,870, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 4.6% over the last 3 years. Earnings per share has grown by 36%. For the next 3 years, revenue is forecast to grow by 1.6% per annum. Earnings is also forecast to grow by 11% per annum over the same time period. Upcoming Dividend • Dec 22
Upcoming dividend of JP¥28.00 per share Eligible shareholders must have bought the stock before 29 December 2022. Payment date: 31 March 2023. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 5.1%. Within top quartile of Japanese dividend payers (3.8%). Higher than average of industry peers (2.1%). Price Target Changed • Dec 07
Price target decreased to JP¥1,550 Down from JP¥1,700, the current price target is provided by 1 analyst. New target price is 5.7% above last closing price of JP¥1,466. Stock is down 17% over the past year. The company is forecast to post earnings per share of JP¥128 for next year compared to JP¥119 last year. Announcement • Dec 06
Noritz Corporation to Report Fiscal Year 2022 Results on Feb 14, 2023 Noritz Corporation announced that they will report fiscal year 2022 results on Feb 14, 2023 Reported Earnings • Nov 16
Third quarter 2022 earnings released: EPS: JP¥37.58 (vs JP¥26.50 in 3Q 2021) Third quarter 2022 results: EPS: JP¥37.58 (up from JP¥26.50 in 3Q 2021). Revenue: JP¥54.5b (up 25% from 3Q 2021). Net income: JP¥1.73b (up 42% from 3Q 2021). Profit margin: 3.2% (up from 2.8% in 3Q 2021). Revenue is forecast to grow 1.6% p.a. on average during the next 3 years, compared to a 3.1% growth forecast for the Building industry in Japan. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. 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 Hirokazu Onoe was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 12
Third quarter 2022 earnings released: EPS: JP¥37.57 (vs JP¥26.50 in 3Q 2021) Third quarter 2022 results: EPS: JP¥37.57 (up from JP¥26.50 in 3Q 2021). Revenue: JP¥54.5b (up 25% from 3Q 2021). Net income: JP¥1.73b (up 42% from 3Q 2021). Profit margin: 3.2% (up from 2.8% in 3Q 2021). Revenue is forecast to grow 1.6% p.a. on average during the next 3 years, compared to a 3.2% growth forecast for the Building industry in Japan. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • Sep 01
Consensus EPS estimates increase by 20% The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from JP¥200.3b to JP¥213.8b. EPS estimate increased from JP¥114 to JP¥137 per share. Net income forecast to grow 521% next year vs 0.9% growth forecast for Building industry in Japan. Consensus price target up from JP¥1,650 to JP¥1,700. Share price was steady at JP¥1,542 over the past week. Announcement • Aug 31
Noritz Corporation to Report Q3, 2022 Results on Nov 10, 2022 Noritz Corporation announced that they will report Q3, 2022 results on Nov 10, 2022 Reported Earnings • Aug 12
Second quarter 2022 earnings released: EPS: JP¥19.98 (vs JP¥21.70 in 2Q 2021) Second quarter 2022 results: EPS: JP¥19.98 (down from JP¥21.70 in 2Q 2021). Revenue: JP¥52.2b (up 16% from 2Q 2021). Net income: JP¥911.0m (down 8.7% from 2Q 2021). Profit margin: 1.7% (down from 2.2% in 2Q 2021). Over the next year, revenue is forecast to grow 14%, compared to a 7.3% growth forecast for the 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 11% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jun 22
Upcoming dividend of JP¥25.00 per share Eligible shareholders must have bought the stock before 29 June 2022. Payment date: 20 September 2022. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 7.1%. Within top quartile of Japanese dividend payers (3.8%). Higher than average of industry peers (2.0%). Announcement • Jun 01
Noritz Corporation to Report Q2, 2022 Results on Aug 10, 2022 Noritz Corporation announced that they will report Q2, 2022 results on Aug 10, 2022 Reported Earnings • May 16
First quarter 2022 earnings: EPS and revenues miss analyst expectations First quarter 2022 results: JP¥8.61 loss per share (down from JP¥87.64 profit in 1Q 2021). Revenue: JP¥43.5b (down 12% from 1Q 2021). Net loss: JP¥396.0m (down 110% from profit in 1Q 2021). Revenue missed analyst estimates by 1.2%. Earnings per share (EPS) were also behind analyst expectations. Over the next year, revenue is forecast to grow 13%, compared to a 4.8% growth forecast for the 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 only increased by 1% per year, which means it is significantly lagging earnings growth. Board Change • Apr 27
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 Hirokazu Onoe was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Feb 27
Noritz Corporation to Report Q1, 2022 Results on May 13, 2022 Noritz Corporation announced that they will report Q1, 2022 results on May 13, 2022 Announcement • Feb 16
Noritz Corporation, Annual General Meeting, Mar 30, 2022 Noritz Corporation, Annual General Meeting, Mar 30, 2022. Announcement • Feb 15
Noritz Corporation (TSE:5943) announces an Equity Buyback for 1,100,000 shares, representing 2.39% for ¥2,000 million. Noritz Corporation (TSE:5943) announces a share repurchase program. Under the program, the company will repurchase 1,100,000 shares, representing 2.39% of its share capital for ¥2,000 million. The company will repurchase its shares to avoid diluting the stock value due to the disposal of treasury stock, improve capital efficiency, and implement agile capital policies according to the business environment. The program is subject to the approval of the Company's Ordinary General Meeting of Shareholders regarding the disposal of the treasury stock. The repurchase program will expire on December 31, 2022. As of December 31, 2021, the company had 50,797,651 shares outstanding and 4,798,597 shares in treasury. Upcoming Dividend • Dec 22
Upcoming dividend of JP¥51.00 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 31 March 2022. Payout ratio is a comfortable 24% and this is well supported by cash flows. Trailing yield: 6.0%. Within top quartile of Japanese dividend payers (3.3%). Higher than average of industry peers (1.5%). Price Target Changed • Dec 17
Price target decreased to JP¥1,700 Down from JP¥2,075, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of JP¥1,740. Stock is up 4.4% over the past year. The company is forecast to post earnings per share of JP¥122 next year compared to a net loss per share of JP¥64.78 last year. Major Estimate Revision • Dec 14
Consensus EPS estimates fall by 33% The consensus outlook for earnings per share (EPS) in 2021 has deteriorated. 2021 revenue forecast decreased from JP¥196.1b to JP¥179.5b. EPS estimate also fell from JP¥180 per share to JP¥122 per share. Net income forecast to shrink 37% next year vs 0.4% decline forecast for Building industry in Japan. Consensus price target down from JP¥2,075 to JP¥1,950. Share price fell 2.0% to JP¥1,750 over the past week. Reported Earnings • Nov 12
Third quarter 2021 earnings released: EPS JP¥26.50 (vs JP¥15.03 in 3Q 2020) The company reported a decent third quarter result with improved earnings and profit margins, although revenues were flat. Third quarter 2021 results: Revenue: JP¥43.5b (flat on 3Q 2020). Net income: JP¥1.22b (up 75% from 3Q 2020). Profit margin: 2.8% (up from 1.6% in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Upcoming Dividend • Jun 23
Upcoming dividend of JP¥32.00 per share Eligible shareholders must have bought the stock before 29 June 2021. Payment date: 18 September 2021. Trailing yield: 1.7%. Lower than top quartile of Japanese dividend payers (3.0%). Higher than average of industry peers (1.5%). Announcement • Jun 17
Noritz Corporation (TSE:5943) completed the acquisition of 44% stake in Viet Nam Australia Refrigeration Electrical Engineering Group Joint Stock Company. Noritz Corporation (TSE:5943) agreed to acquire 44% stake in Viet Nam Australia Refrigeration Electrical Engineering Group Joint Stock Company on February 13, 2020. The transaction is resolved by the Board of Directors of Noritz Corporation. The transaction is expected to close in July 2020. The impact of the acquisition on the company's consolidated business results for the fiscal year ending December 2020 is immaterial. GCA Advisory Corporation acted as financial advisor to Noritz Corporation in transaction.
Noritz Corporation (TSE:5943) completed the acquisition of 44% stake in Viet Nam Australia Refrigeration Electrical Engineering Group Joint Stock Company on June 16, 2021. As of February 2021, Noritz Corporation established Kangaroo International Joint Venture Company and transferred the assets of Vietnam Australia Refrigeration Electrical Engineering Group Joint Stock Company and his Kangaroo Hi-tech Manufacturing and Assembling One Member Company Limited production subsidiary to Kangaroo. Therefore, Viet Nam Australia Refrigeration Electrical Engineering Group Joint Stock Company`s name as of February 13, 2020 and Kangaroo International Joint Venture Company`s name for this acquisition of shares have changed. Valuation Update With 7 Day Price Move • May 24
Investor sentiment improved over the past week After last week's 18% share price gain to JP¥2,013, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 12x in the Building industry in Japan. Total returns to shareholders of 11% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥1,845 per share. Reported Earnings • May 19
First quarter 2021 earnings released: EPS JP¥87.64 (vs JP¥138 loss in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: JP¥49.2b (up 10.0% from 1Q 2020). Net income: JP¥4.03b (up JP¥10.5b from 1Q 2020). Profit margin: 8.2% (up from net loss in 1Q 2020). The move to profitability was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 49% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Reported Earnings • Apr 04
Full year 2020 earnings released: JP¥64.78 loss per share (vs JP¥31.75 profit in FY 2019) The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2020 results: Revenue: JP¥183.9b (down 12% from FY 2019). Net loss: JP¥3.01b (down 299% from profit in FY 2019). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 80 percentage points per year, which is a significant difference in performance. Is New 90 Day High Low • Mar 11
New 90-day high: JP¥1,755 The company is up 7.0% from its price of JP¥1,642 on 11 December 2020. The Japanese market is up 8.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Building industry, which is up 4.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is JP¥911 per share. Announcement • Feb 28
Noritz Corporation to Report Q1, 2021 Results on May 17, 2021 Noritz Corporation announced that they will report Q1, 2021 results on May 17, 2021 Reported Earnings • Feb 14
Full year 2020 earnings released: JP¥64.78 loss per share (vs JP¥31.75 profit in FY 2019) The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2020 results: Revenue: JP¥183.9b (down 12% from FY 2019). Net loss: JP¥3.01b (down 299% from profit in FY 2019). Over the last 3 years on average, earnings per share has fallen by 84% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Jan 29
New 90-day low: JP¥1,501 The company is down 1.0% from its price of JP¥1,521 on 30 October 2020. The Japanese market is up 16% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Building industry, which is up 14% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is JP¥1,041 per share. Price Target Changed • Dec 08
Price target raised to JP¥1,750 Up from JP¥1,625, the current price target is an average from 2 analysts. The new target price is close to the current share price of JP¥1,678. As of last close, the stock is up 8.3% over the past year. Announcement • Dec 05
Noritz Corporation to Report Fiscal Year 2020 Results on Feb 12, 2021 Noritz Corporation announced that they will report fiscal year 2020 results on Feb 12, 2021 Announcement • Aug 30
Noritz Corporation to Report Q3, 2020 Results on Nov 11, 2020 Noritz Corporation announced that they will report Q3, 2020 results on Nov 11, 2020