Buy Or Sell Opportunity • Jun 22
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 6.9% to JP¥1,410. The fair value is estimated to be JP¥1,805, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.9% over the last 3 years. Earnings per share has grown by 20%. For the next 3 years, revenue is forecast to grow by 3.6% per annum. Earnings are also forecast to grow by 5.5% per annum over the same time period. Buy Or Sell Opportunity • Jun 02
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 8.4% to JP¥1,414. The fair value is estimated to be JP¥1,778, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.9% over the last 3 years. Earnings per share has grown by 20%. For the next 3 years, revenue is forecast to grow by 3.6% per annum. Earnings are also forecast to grow by 5.5% per annum over the same time period. Announcement • May 23
Zojirushi Corporation to Report Q2, 2026 Results on Jun 29, 2026 Zojirushi Corporation announced that they will report Q2, 2026 results on Jun 29, 2026 Declared Dividend • May 14
Dividend of JP¥23.00 announced Shareholders will receive a dividend of JP¥23.00. Ex-date: 19th May 2026 Payment date: 27th July 2026 Dividend yield will be 4.7%, which is higher than the industry average of 1.6%. Sustainability & Growth Dividend is well covered by both earnings (40% earnings payout ratio) and cash flows (35% 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 18% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Apr 02
First quarter 2026 earnings released: EPS: JP¥43.47 (vs JP¥25.93 in 1Q 2025) First quarter 2026 results: EPS: JP¥43.47 (up from JP¥25.93 in 1Q 2025). Revenue: JP¥30.4b (up 21% from 1Q 2025). Net income: JP¥2.76b (up 62% from 1Q 2025). Profit margin: 9.1% (up from 6.8% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 3.0% p.a. on average during the next 3 years, compared to a 2.5% growth forecast for the Consumer Durables industry in Japan. Over the last 3 years on average, earnings per share has increased by 19% 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 • Feb 27
Less than half of directors are independent Following the recent departure of a director, there are only 5 independent directors on the board. The company's board is composed of: 5 independent directors. 7 non-independent directors. Independent Outside Director Tomoko Nishimura was the last independent director to join the board, commencing their role in 2023. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Dec 26
Zojirushi Corporation, Annual General Meeting, Feb 19, 2026 Zojirushi Corporation, Annual General Meeting, Feb 19, 2026. Reported Earnings • Dec 26
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: EPS: JP¥92.29 (down from JP¥96.62 in FY 2024). Revenue: JP¥91.2b (up 4.5% from FY 2024). Net income: JP¥5.98b (down 7.5% from FY 2024). Profit margin: 6.6% (down from 7.4% in FY 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 19%. Revenue is forecast to grow 3.1% p.a. on average during the next 3 years, compared to a 1.7% growth forecast for the Consumer Durables industry in Japan. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Announcement • Nov 22
Zojirushi Corporation to Report Fiscal Year 2025 Results on Dec 25, 2025 Zojirushi Corporation announced that they will report fiscal year 2025 results on Dec 25, 2025 Upcoming Dividend • Nov 12
Upcoming dividend of JP¥34.00 per share Eligible shareholders must have bought the stock before 19 November 2025. Payment date: 20 February 2026. Payout ratio is a comfortable 60% and the cash payout ratio is 75%. Trailing yield: 4.0%. Within top quartile of Japanese dividend payers (3.7%). Higher than average of industry peers (1.4%). Reported Earnings • Oct 02
Third quarter 2025 earnings released: EPS: JP¥11.42 (vs JP¥12.35 in 3Q 2024) Third quarter 2025 results: EPS: JP¥11.42 (down from JP¥12.35 in 3Q 2024). Revenue: JP¥17.6b (down 11% from 3Q 2024). Net income: JP¥735.0m (down 9.9% from 3Q 2024). Profit margin: 4.2% (up from 4.1% in 3Q 2024). The increase in margin was driven by lower expenses. Revenue is forecast to grow 3.0% p.a. on average during the next 3 years, compared to a 1.2% growth forecast for the Consumer Durables industry in Japan. Over the last 3 years on average, earnings per share has increased by 17% 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 • Aug 27
Less than half of directors are independent Following the recent departure of a director, there are only 5 independent directors on the board. The company's board is composed of: 5 independent directors. 6 non-independent directors. Independent Outside Director Tomoko Nishimura was the last independent director to join the board, commencing their role in 2023. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Aug 26
Zojirushi Corporation to Report Q3, 2025 Results on Sep 30, 2025 Zojirushi Corporation announced that they will report Q3, 2025 results on Sep 30, 2025 Announcement • Aug 05
Zojirushi Corporation (TSE:7965) entered into a share transfer agreement to acquire Lin & Partners Distributors Limited from Groomhill Investments Limited for HKD 46.3 million. Zojirushi Corporation (TSE:7965) entered into a share transfer agreement to acquire Lin & Partners Distributors Limited from Groomhill Investments Limited for HKD 46.3 million on August 4, 2025. A cash consideration of HKD 46.29 million will be paid by Zojirushi Corporation, which will be subject to value adjustments stipulated in the share purchase agreement.
For the period ending December 31, 2024, Lin & Partners Distributors Limited reported total revenue of HKD 154.63 million. As of December 31, 2024, Lin & Partners Distributors Limited reported total assets of HKD 154.42 million and total common equity of HKD 120.83 million.
The expected completion of the transaction is September 30, 2025. Declared Dividend • Jul 26
First half dividend of JP¥34.00 announced Shareholders will receive a dividend of JP¥34.00. Ex-date: 19th November 2025 Payment date: 20th February 2026 Dividend yield will be 3.5%, which is higher than the industry average of 1.6%. Sustainability & Growth Dividend is covered by both earnings (69% earnings payout ratio) and cash flows (71% cash payout ratio). 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 32% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Price Target Changed • Jul 11
Price target increased by 16% to JP¥1,850 Up from JP¥1,600, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of JP¥1,937. Stock is up 27% over the past year. The company is forecast to post earnings per share of JP¥78.90 for next year compared to JP¥96.62 last year. Valuation Update With 7 Day Price Move • Jul 07
Investor sentiment improves as stock rises 33% After last week's 33% share price gain to JP¥1,773, the stock trades at a forward P/E ratio of 23x. Average forward P/E is 12x in the Consumer Durables industry in Japan. Total returns to shareholders of 27% over the past three years. Announcement • Jul 03
Zojirushi Corporation (TSE:7965) announces an Equity Buyback for 2,900,000 shares, representing 4.42% for ¥3,400 million. Zojirushi Corporation (TSE:7965) announces a share repurchase program. Under the program, the company will repurchase up to 2,900,000 shares, representing 4.42% of its issued share capital, for ¥ 3,400 million. The purpose of the program is to improve shareholder returns and capital efficiency. The program will be valid till November 20, 2025.As of May 20, 2025, the company had 65,627,023 shares (excluding treasury stock) and 6,972,977 shares in treasury. New Risk • Jul 01
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 3.5% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (3.5% average weekly change). Reported Earnings • Jul 01
Second quarter 2025 earnings released: EPS: JP¥16.93 (vs JP¥31.54 in 2Q 2024) Second quarter 2025 results: EPS: JP¥16.93 (down from JP¥31.54 in 2Q 2024). Revenue: JP¥21.1b (up 8.6% from 2Q 2024). Net income: JP¥1.11b (down 48% from 2Q 2024). Profit margin: 5.3% (down from 11% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 2.2% p.a. on average during the next 3 years, compared to a 1.1% growth forecast for the Consumer Durables 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 only increased by 4% per year, which means it is significantly lagging earnings growth. Announcement • May 14
Zojirushi Corporation to Report Q2, 2025 Results on Jun 30, 2025 Zojirushi Corporation announced that they will report Q2, 2025 results on Jun 30, 2025 Upcoming Dividend • May 12
Upcoming dividend of JP¥20.00 per share Eligible shareholders must have bought the stock before 19 May 2025. Payment date: 28 July 2025. Payout ratio is a comfortable 44% and the cash payout ratio is 81%. Trailing yield: 2.9%. Lower than top quartile of Japanese dividend payers (3.9%). Higher than average of industry peers (1.6%). Reported Earnings • Apr 02
First quarter 2025 earnings released: EPS: JP¥34.93 (vs JP¥39.83 in 1Q 2024) First quarter 2025 results: EPS: JP¥34.93 (down from JP¥39.83 in 1Q 2024). Revenue: JP¥29.0b (up 3.2% from 1Q 2024). Net income: JP¥2.29b (down 15% from 1Q 2024). Profit margin: 7.9% (down from 9.6% in 1Q 2024). Revenue is forecast to grow 2.4% p.a. on average during the next 3 years, while revenues in the Consumer Durables industry in Japan are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Declared Dividend • Mar 12
Final dividend of JP¥20.00 announced Shareholders will receive a dividend of JP¥20.00. Ex-date: 19th May 2025 Payment date: 28th July 2025 Dividend yield will be 2.7%, which is higher than the industry average of 1.6%. Sustainability & Growth Dividend is covered by both earnings (41% earnings payout ratio) and cash flows (81% cash payout ratio). The dividend has increased by an average of 15% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 4.3% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Feb 08
Zojirushi Corporation to Report Q1, 2025 Results on Mar 31, 2025 Zojirushi Corporation announced that they will report Q1, 2025 results on Mar 31, 2025 Reported Earnings • Dec 26
Full year 2024 earnings: EPS exceeds analyst expectations Full year 2024 results: EPS: JP¥96.62 (up from JP¥65.63 in FY 2023). Revenue: JP¥87.2b (up 4.5% from FY 2023). Net income: JP¥6.46b (up 46% from FY 2023). Profit margin: 7.4% (up from 5.3% in FY 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 20%. Revenue is forecast to grow 2.4% p.a. on average during the next 3 years, compared to a 1.3% growth forecast for the Consumer Durables industry in Japan. Over the last 3 years on average, earnings per share has increased by 8% per year and the company’s share price has also increased by 8% per year. Valuation Update With 7 Day Price Move • Dec 19
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to JP¥1,839, the stock trades at a forward P/E ratio of 24x. Average forward P/E is 11x in the Consumer Durables industry in Japan. Total returns to shareholders of 22% over the past three years. New Risk • Dec 17
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Japanese stocks, typically moving 5.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (5.6% average weekly change). Large one-off items impacting financial results. Buy Or Sell Opportunity • Dec 17
Now 24% overvalued after recent price rise Over the last 90 days, the stock has risen 7.8% to JP¥1,823. The fair value is estimated to be JP¥1,475, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 3.5% over the last 3 years, while earnings per share has been flat. For the next 3 years, revenue is forecast to grow by 2.4% per annum. Earnings are also forecast to grow by 2.2% per annum over the same time period. Buy Or Sell Opportunity • Nov 28
Now 21% overvalued The stock has been flat over the last 90 days, currently trading at JP¥1,543. The fair value is estimated to be JP¥1,274, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 3.5% over the last 3 years, while earnings per share has been flat. For the next 3 years, revenue is forecast to grow by 2.5% per annum. Earnings are also forecast to grow by 1.2% per annum over the same time period. Announcement • Nov 16
Zojirushi Corporation to Report Fiscal Year 2024 Results on Dec 23, 2024 Zojirushi Corporation announced that they will report fiscal year 2024 results on Dec 23, 2024 Upcoming Dividend • Nov 12
Upcoming dividend of JP¥17.00 per share Eligible shareholders must have bought the stock before 19 November 2024. Payment date: 19 February 2025. Payout ratio is a comfortable 61% and this is well supported by cash flows. Trailing yield: 2.1%. Lower than top quartile of Japanese dividend payers (3.8%). Higher than average of industry peers (1.7%). Reported Earnings • Oct 02
Third quarter 2024 earnings released: EPS: JP¥0.66 (vs JP¥0.31 loss in 3Q 2023) Third quarter 2024 results: EPS: JP¥0.66 (up from JP¥0.31 loss in 3Q 2023). Revenue: JP¥18.2b (up 10% from 3Q 2023). Net income: JP¥44.0m (up JP¥65.0m from 3Q 2023). Profit margin: 0.2% (up from net loss in 3Q 2023). Revenue is forecast to grow 2.2% p.a. on average during the next 3 years, compared to a 1.6% 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 and the company’s share price has also increased by 2% per year. Announcement • Aug 21
Zojirushi Corporation to Report Q3, 2024 Results on Oct 01, 2024 Zojirushi Corporation announced that they will report Q3, 2024 results on Oct 01, 2024 Buy Or Sell Opportunity • Aug 16
Now 21% overvalued The stock has been flat over the last 90 days, currently trading at JP¥1,471. The fair value is estimated to be JP¥1,216, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 3.3% over the last 3 years. Earnings per share has declined by 3.3%. For the next 3 years, revenue is forecast to grow by 2.4% per annum. Earnings are also forecast to grow by 0.4% per annum over the same time period. Reported Earnings • Jul 03
Second quarter 2024 earnings released: EPS: JP¥31.54 (vs JP¥13.01 in 2Q 2023) Second quarter 2024 results: EPS: JP¥31.54 (up from JP¥13.01 in 2Q 2023). Revenue: JP¥19.4b (up 6.1% from 2Q 2023). Net income: JP¥2.14b (up 143% from 2Q 2023). Profit margin: 11% (up from 4.8% in 2Q 2023). Revenue is forecast to grow 2.3% p.a. on average during the next 3 years, compared to a 1.8% growth forecast for the Consumer Durables industry in Japan. Over the last 3 years on average, earnings per share has fallen by 3% per year whereas the company’s share price has fallen by 2% per year. Announcement • Jul 02
Zojirushi Corporation (TSE:7965) announces an Equity Buyback for 2,500,000 shares, representing 3.69% for ¥3,897.5 million. Zojirushi Corporation (TSE:7965) announces a share repurchase program. Under the program, the company will repurchase up to 170,000 shares, representing 3.69% of its issued share capital, for ¥ 3,897.5 million. The repurchase price will be ¥ 1,559 per share. The purpose of the program is to improve shareholder returns and capital efficiency. As of May 20, 2024, the company had 67,697,083 shares (excluding treasury stock) and 4,902,917 shares in treasury. Announcement • May 20
Zojirushi Corporation to Report Q2, 2024 Results on Jul 01, 2024 Zojirushi Corporation announced that they will report Q2, 2024 results on Jul 01, 2024 Upcoming Dividend • May 10
Upcoming dividend of JP¥17.00 per share Eligible shareholders must have bought the stock before 17 May 2024. Payment date: 29 July 2024. Payout ratio is a comfortable 54% and the cash payout ratio is 78%. Trailing yield: 2.2%. Lower than top quartile of Japanese dividend payers (3.2%). Higher than average of industry peers (1.7%). Announcement • Apr 03
Zojirushi Corporation Provides Dividend Guidance for the Second Quarter-End and Year End of the Fiscal Year Ending November 20, 2024 Zojirushi Corporation provided dividend guidance for the second quarter-end and year end of the fiscal year ending November 20, 2024. For the second quarter-end, the company expects dividend of JPY 17.00 per share against JPY 17.00 per share paid a year ago.For the Year ending, the company expects year-end dividend of JPY 17.00 per share against JPY 17.00 per share paid a year ago. Reported Earnings • Apr 02
First quarter 2024 earnings released: EPS: JP¥39.83 (vs JP¥42.16 in 1Q 2023) First quarter 2024 results: EPS: JP¥39.83 (down from JP¥42.16 in 1Q 2023). Revenue: JP¥28.1b (up 3.7% from 1Q 2023). Net income: JP¥2.70b (down 5.5% from 1Q 2023). Profit margin: 9.6% (in line with 1Q 2023). Revenue is forecast to grow 2.4% p.a. on average during the next 3 years, compared to a 1.7% growth forecast for the Consumer Durables industry in Japan. Over the last 3 years on average, earnings per share has fallen by 7% per year whereas the company’s share price has fallen by 9% per year. Declared Dividend • Mar 04
Final dividend of JP¥17.00 announced Dividend of JP¥17.00 is the same as last year. Ex-date: 17th May 2024 Payment date: 29th July 2024 Dividend yield will be 2.4%, which is higher than the industry average of 1.6%. Sustainability & Growth Dividend is covered by both earnings (52% earnings payout ratio) and cash flows (78% 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 11% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Feb 21
Zojirushi Corporation to Report Q1, 2024 Results on Apr 01, 2024 Zojirushi Corporation announced that they will report Q1, 2024 results on Apr 01, 2024 Major Estimate Revision • Jan 02
Consensus EPS estimates increase by 14% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate increased from JP¥73.90 to JP¥84.20. Revenue forecast steady at JP¥87.5b. Net income forecast to grow 28% next year vs 4.6% growth forecast for Consumer Durables industry in Japan. Consensus price target down from JP¥1,550 to JP¥1,500. Share price fell 5.3% to JP¥1,491 over the past week. Reported Earnings • Dec 26
Full year 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2023 results: EPS: JP¥65.63 (up from JP¥54.08 in FY 2022). Revenue: JP¥83.5b (up 1.2% from FY 2022). Net income: JP¥4.44b (up 21% from FY 2022). Profit margin: 5.3% (up from 4.4% in FY 2022). Revenue missed analyst estimates by 1.5%. Earnings per share (EPS) exceeded analyst estimates by 8.3%. Revenue is forecast to grow 2.5% p.a. on average during the next 3 years, compared to a 1.9% 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 whereas the company’s share price has fallen by 7% per year. Upcoming Dividend • Nov 10
Upcoming dividend of JP¥17.00 per share at 2.2% yield Eligible shareholders must have bought the stock before 17 November 2023. Payment date: 17 February 2024. Payout ratio is a comfortable 32% but the company is not cash flow positive. Trailing yield: 2.2%. Lower than top quartile of Japanese dividend payers (3.4%). Higher than average of industry peers (1.7%). Announcement • Nov 08
Zojirushi Corporation to Report Fiscal Year 2023 Results on Dec 25, 2023 Zojirushi Corporation announced that they will report fiscal year 2023 results on Dec 25, 2023 Reported Earnings • Oct 05
Third quarter 2023 earnings released: JP¥0.31 loss per share (vs JP¥0.75 profit in 3Q 2022) Third quarter 2023 results: JP¥0.31 loss per share (down from JP¥0.75 profit in 3Q 2022). Revenue: JP¥16.5b (down 1.1% from 3Q 2022). Net loss: JP¥21.0m (down 141% from profit in 3Q 2022). Revenue is forecast to grow 2.7% p.a. on average during the next 3 years, compared to a 2.5% growth forecast for the Consumer Durables industry in Japan. Over the last 3 years on average, earnings per share has fallen by 4% per year and the company’s share price has also fallen by 4% per year. Announcement • Aug 27
Zojirushi Corporation to Report Q3, 2023 Results on Oct 02, 2023 Zojirushi Corporation announced that they will report Q3, 2023 results on Oct 02, 2023 Reported Earnings • Jul 04
Second quarter 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2023 results: EPS: JP¥13.01 (down from JP¥13.56 in 2Q 2022). Revenue: JP¥18.3b (down 2.3% from 2Q 2022). Net income: JP¥880.0m (down 4.0% from 2Q 2022). Profit margin: 4.8% (down from 4.9% in 2Q 2022). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 2.5%. Earnings per share (EPS) exceeded analyst estimates by 32%. Revenue is forecast to grow 2.5% p.a. on average during the next 3 years, compared to a 3.0% 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 10% per year, which means it is tracking significantly ahead of earnings growth. Announcement • May 21
Zojirushi Corporation to Report Q2, 2023 Results on Jul 03, 2023 Zojirushi Corporation announced that they will report Q2, 2023 results on Jul 03, 2023 Upcoming Dividend • May 11
Upcoming dividend of JP¥17.00 per share at 1.9% yield Eligible shareholders must have bought the stock before 18 May 2023. Payment date: 31 July 2023. Payout ratio is a comfortable 61% but the company is not cash flow positive. Trailing yield: 1.9%. Lower than top quartile of Japanese dividend payers (3.4%). Higher than average of industry peers (1.7%). Price Target Changed • Apr 06
Price target increased by 11% to JP¥1,550 Up from JP¥1,400, the current price target is provided by 1 analyst. New target price is 6.6% below last closing price of JP¥1,660. Stock is up 14% over the past year. The company is forecast to post earnings per share of JP¥58.16 for next year compared to JP¥54.08 last year. Reported Earnings • Apr 04
First quarter 2023 earnings released: EPS: JP¥42.16 (vs JP¥40.75 in 1Q 2022) First quarter 2023 results: EPS: JP¥42.16 (up from JP¥40.75 in 1Q 2022). Revenue: JP¥27.1b (up 2.4% from 1Q 2022). Net income: JP¥2.85b (up 3.5% from 1Q 2022). Profit margin: 11% (in line with 1Q 2022). Revenue is forecast to grow 2.3% p.a. on average during the next 2 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 5% per year and the company’s share price has also increased by 5% per year. Announcement • Dec 28
Zojirushi Corporation, Annual General Meeting, Feb 16, 2023 Zojirushi Corporation, Annual General Meeting, Feb 16, 2023. Reported Earnings • Dec 27
Full year 2022 earnings: EPS misses analyst expectations Full year 2022 results: EPS: JP¥54.08 (down from JP¥66.68 in FY 2021). Revenue: JP¥82.5b (up 6.3% from FY 2021). Net income: JP¥3.66b (down 19% from FY 2021). Profit margin: 4.4% (down from 5.8% 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 13%. Revenue is forecast to grow 2.5% p.a. on average during the next 3 years, compared to a 3.5% growth forecast for the Consumer Durables industry in Japan. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Announcement • Nov 20
Zojirushi Corporation to Report Fiscal Year 2022 Results on Dec 26, 2022 Zojirushi Corporation announced that they will report fiscal year 2022 results on Dec 26, 2022 Upcoming Dividend • Nov 10
Upcoming dividend of JP¥17.00 per share Eligible shareholders must have bought the stock before 17 November 2022. Payment date: 18 February 2023. Payout ratio is a comfortable 51% and this is well supported by cash flows. Trailing yield: 2.2%. Lower than top quartile of Japanese dividend payers (3.7%). Higher than average of industry peers (1.8%). Announcement • Oct 18
Zojirushi and Hello Kitty(R) Get Countertop Cozy Zojirushi announces the release of a new Hello Kitty® branded Micom Water Boiler & Warmer (CD-WCC30KT). Zojirushi's water boilers are a convenient kitchen counter appliance that allows users to have hot water at the ready and Hello Kitty by their side. Available in a 3-liter capacity, this supercute boiler features Hello Kitty® in gold to match the previously released rice cooker and is available online at shop.zojirushi.com and other retailers on Oct. 17, 2022 for a MSRP of $183.00. Water boilers differ from electric kettles in that they hold a larger supply of water, and they do not shut off once water boils. Having hot water readily available is the perfect solution to quenching thirst and staying healthy. According to the Tea Association's Fact Sheet, research suggests that drinking 3 to 5 cups of certain varieties of tea per day can offer significant health benefits. The Micom Water Boiler & Warmer is ideal for use in the home or office, making tea, instant coffee, hot chocolate, instant soups, sauces and practical applications like blanching vegetables, or warming baby bottles. Features of this model include a micro-computerized temperature control system that maintains four hot water temperatures: 160ºF, 175ºF, 195ºF, or 208ºF. There is also a Quick Temp mode that heats the water to the selected keep warm temperature without reaching a boil, saving time and energy. In addition, an energy saving timer function automatically turns on the boiler at a set time to save electricity. The wide window water level gauge allows users to easily see when they need to refill, and the LCD panel displays the current water temperature. This model also has a Café Drip dispensing mode for slow water dispensing and boasts a safety auto shut-off that automatically turns off the boiler when empty, preventing over-heating of the unit. The Limited Edition is exclusive to the U.S. and Canada with a Hello Kitty® pattern designed specifically for Zojirushi. Reported Earnings • Oct 05
Third quarter 2022 earnings released: EPS: JP¥0.75 (vs JP¥5.71 in 3Q 2021) Third quarter 2022 results: EPS: JP¥0.75 (down from JP¥5.71 in 3Q 2021). Revenue: JP¥16.7b (up 8.2% from 3Q 2021). Net income: JP¥51.0m (down 87% from 3Q 2021). Profit margin: 0.3% (down from 2.5% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 2.8% p.a. on average during the next 3 years, compared to a 3.5% growth forecast for the Consumer Durables 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 only increased by 2% per year, which means it is significantly lagging earnings growth. Announcement • Aug 26
Zojirushi Corporation to Report Q3, 2022 Results on Oct 03, 2022 Zojirushi Corporation announced that they will report Q3, 2022 results on Oct 03, 2022 Major Estimate Revision • Aug 20
Consensus EPS estimates increase by 10% The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from JP¥80.3b to JP¥82.5b. EPS estimate increased from JP¥57.74 to JP¥63.64 per share. Net income forecast to shrink 12% next year vs 7.8% growth forecast for Consumer Durables industry in Japan . Consensus price target of JP¥1,350 unchanged from last update. Share price rose 6.3% to JP¥1,666 over the past week. Reported Earnings • Jul 03
Second quarter 2022 earnings: EPS and revenues exceed analyst expectations Second quarter 2022 results: EPS: JP¥13.56 (up from JP¥10.07 in 2Q 2021). Revenue: JP¥18.7b (up 5.3% from 2Q 2021). Net income: JP¥917.0m (up 35% from 2Q 2021). Profit margin: 4.9% (up from 3.8% in 2Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 5.2%. Earnings per share (EPS) also surpassed analyst estimates by 33%. Over the next year, revenue is forecast to stay flat compared to a 9.2% growth forecast for the industry in Japan. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Announcement • May 26
Zojirushi Corporation to Report Q2, 2022 Results on Jul 01, 2022 Zojirushi Corporation announced that they will report Q2, 2022 results on Jul 01, 2022 Buying Opportunity • May 12
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 11%. The fair value is estimated to be JP¥1,679, 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 9.7%. For the next 3 years, revenue is forecast to grow by 3.1% per annum. Earnings is also forecast to grow by 10% per annum over the same time period. Price Target Changed • Apr 27
Price target decreased to JP¥1,400 Down from JP¥1,600, the current price target is an average from 2 analysts. New target price is approximately in line with last closing price of JP¥1,336. Stock is down 24% over the past year. The company is forecast to post earnings per share of JP¥54.79 for next year compared to JP¥66.68 last year. Reported Earnings • Apr 04
First quarter 2022 earnings: EPS in line with analyst expectations despite revenue beat First quarter 2022 results: EPS: JP¥40.75 (up from JP¥35.41 in 1Q 2021). Revenue: JP¥26.5b (up 7.3% from 1Q 2021). Net income: JP¥2.76b (up 15% from 1Q 2021). Profit margin: 10% (in line with 1Q 2021). Revenue exceeded analyst estimates by 6.0%. Earnings per share (EPS) were mostly in line with analyst estimates. Over the next year, revenue is forecast to stay flat compared to a 5.5% growth forecast for the industry in Japan. Over the last 3 years on average, earnings per share has increased by 10% per year whereas the company’s share price has increased by 11% per year. Announcement • Feb 26
Zojirushi Corporation to Report Q1, 2022 Results on Apr 01, 2022 Zojirushi Corporation announced that they will report Q1, 2022 results on Apr 01, 2022 Price Target Changed • Jan 19
Price target decreased to JP¥1,400 Down from JP¥1,600, the current price target is an average from 2 analysts. New target price is 7.9% above last closing price of JP¥1,298. Stock is down 26% over the past year. The company is forecast to post earnings per share of JP¥56.20 for next year compared to JP¥66.68 last year. Major Estimate Revision • Jan 19
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast increased from JP¥78.8b to JP¥80.0b. EPS estimate fell from JP¥69.42 to JP¥56.20 per share. Net income forecast to shrink 16% next year vs 2.8% growth forecast for Consumer Durables industry in Japan . Consensus price target down from JP¥1,600 to JP¥1,400. Share price fell 9.2% to JP¥1,298 over the past week. Reported Earnings • Dec 27
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: JP¥66.68 (up from JP¥58.32 in FY 2020). Revenue: JP¥77.7b (up 3.6% from FY 2020). Net income: JP¥4.51b (up 14% from FY 2020). Profit margin: 5.8% (up from 5.3% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Earnings per share (EPS) were mostly in line with analyst estimates. Over the next year, revenue is forecast to grow 1.4%, compared to a 5.9% growth forecast for the industry in Japan. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has increased by 14% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Nov 11
Upcoming dividend of JP¥15.00 per share Eligible shareholders must have bought the stock before 18 November 2021. Payment date: 19 February 2022. Trailing yield: 1.9%. Lower than top quartile of Japanese dividend payers (3.1%). Higher than average of industry peers (1.3%). Reported Earnings • Oct 03
Third quarter 2021 earnings released: EPS JP¥5.71 (vs JP¥9.50 in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: JP¥15.4b (down 3.4% from 3Q 2020). Net income: JP¥386.0m (down 40% from 3Q 2020). Profit margin: 2.5% (down from 4.0% in 3Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 8% per year, which means it is tracking significantly ahead of earnings growth.