New Risk • Jun 09
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. The company is paying a dividend despite having no free cash flows. Dividend yield: 4.2% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 3.2% per year over the past 5 years. Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (3.8% net profit margin). Market cap is less than US$100m (JP¥14.2b market cap, or US$89.0m). Reported Earnings • Jun 06
Second quarter 2026 earnings released: EPS: JP¥33.42 (vs JP¥32.42 in 2Q 2025) Second quarter 2026 results: EPS: JP¥33.42 (up from JP¥32.42 in 2Q 2025). Revenue: JP¥11.1b (down 10.0% from 2Q 2025). Net income: JP¥465.0m (up 3.1% from 2Q 2025). Profit margin: 4.2% (up from 3.7% in 2Q 2025). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 1% per year whereas the company’s share price has fallen by 2% per year. Announcement • Jun 05
First Juken Co., Ltd. Announces Dividend for the Second Quarter Ended April 30, 2026, Payable on July 17, 2026 First Juken Co., Ltd. announced dividend of JPY 21.00 per share for the second quarter ended April 30, 2026 against JPY 21.00 per share a year ago. Scheduled date to commence dividend payments is July 17, 2026. Buy Or Sell Opportunity • May 01
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 7.0% to JP¥1,088. The fair value is estimated to be JP¥1,360, 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 2.9%. New Risk • Apr 28
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: JP¥15.6b (US$97.9m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 1.4% per year over the past 5 years. Minor Risks Profit margins are more than 30% lower than last year (3.6% net profit margin). Market cap is less than US$100m (JP¥15.6b market cap, or US$97.9m). Upcoming Dividend • Apr 21
Upcoming dividend of JP¥21.00 per share Eligible shareholders must have bought the stock before 28 April 2026. Payment date: 21 July 2026. Payout ratio is a comfortable 40% and this is well supported by cash flows. Trailing yield: 3.7%. Within top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (1.5%). New Risk • Mar 23
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: JP¥15.8b (US$99.1m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 1.4% per year over the past 5 years. Minor Risks Profit margins are more than 30% lower than last year (3.6% net profit margin). Market cap is less than US$100m (JP¥15.8b market cap, or US$99.1m). Buy Or Sell Opportunity • Mar 23
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 1.3% to JP¥1,132. The fair value is estimated to be JP¥1,438, 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 2.9%. Reported Earnings • Mar 08
First quarter 2026 earnings released: EPS: JP¥18.54 (vs JP¥13.60 in 1Q 2025) First quarter 2026 results: EPS: JP¥18.54 (up from JP¥13.60 in 1Q 2025). Revenue: JP¥7.61b (down 15% from 1Q 2025). Net income: JP¥258.0m (up 37% from 1Q 2025). Profit margin: 3.4% (up from 2.1% in 1Q 2025). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 3% per year and the company’s share price has also increased by 3% per year. New Risk • Mar 08
New major risk - Revenue and earnings growth Earnings have declined by 1.4% per year over the past 5 years. 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 declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. 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 have declined by 1.4% per year over the past 5 years. Minor Risk Profit margins are more than 30% lower than last year (3.6% net profit margin). Declared Dividend • Feb 19
Final dividend of JP¥21.00 announced Shareholders will receive a dividend of JP¥21.00. Ex-date: 28th April 2026 Payment date: 21st July 2026 Dividend yield will be 3.5%, which is higher than the industry average of 1.6%. Sustainability & Growth Dividend is well covered by both earnings (23% earnings payout ratio) and cash flows (35% cash payout ratio). The dividend has increased over the past 7 years and payments have been stable during that time. The company's earnings per share (EPS) would need to decline by 75% to shift the payout ratio to a potentially unsustainable range, which is more than the 3.0% EPS decline seen over the last 5 years. New Risk • Dec 17
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: JP¥15.5b (US$99.7m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Minor Risks Profit margins are more than 30% lower than last year (3.3% net profit margin). Market cap is less than US$100m (JP¥15.5b market cap, or US$99.7m). Reported Earnings • Dec 16
Full year 2025 earnings released: EPS: JP¥103 (vs JP¥180 in FY 2024) Full year 2025 results: EPS: JP¥103 (down from JP¥180 in FY 2024). Revenue: JP¥42.9b (up 19% from FY 2024). Net income: JP¥1.44b (down 43% from FY 2024). Profit margin: 3.3% (down from 6.9% in FY 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 5% per year whereas the company’s share price has increased by 4% per year. Announcement • Dec 15
First Juken Co., Ltd., Annual General Meeting, Jan 26, 2026 First Juken Co., Ltd., Annual General Meeting, Jan 26, 2026. New Risk • Nov 05
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: JP¥15.3b (US$99.9m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (JP¥15.3b market cap, or US$99.9m). Upcoming Dividend • Oct 23
Upcoming dividend of JP¥22.00 per share Eligible shareholders must have bought the stock before 30 October 2025. Payment date: 14 January 2026. Payout ratio is a comfortable 23% and this is well supported by cash flows. Trailing yield: 3.7%. Within top quartile of Japanese dividend payers (3.7%). Higher than average of industry peers (1.5%). Announcement • Oct 02
First Juken Co., Ltd. to Report Fiscal Year 2025 Results on Dec 15, 2025 First Juken Co., Ltd. announced that they will report fiscal year 2025 results on Dec 15, 2025 Reported Earnings • Sep 05
Third quarter 2025 earnings released: EPS: JP¥24.87 (vs JP¥21.33 in 3Q 2024) Third quarter 2025 results: EPS: JP¥24.87 (up from JP¥21.33 in 3Q 2024). Revenue: JP¥9.91b (up 16% from 3Q 2024). Net income: JP¥346.0m (up 17% from 3Q 2024). Profit margin: 3.5% (in line with 3Q 2024). Over the last 3 years on average, earnings per share has increased by 8% per year whereas the company’s share price has increased by 3% per year. Declared Dividend • Jul 19
First half dividend of JP¥22.00 announced Dividend of JP¥22.00 is the same as last year. Ex-date: 30th October 2025 Payment date: 14th January 2026 Dividend yield will be 4.3%, which is higher than the industry average of 1.6%. Sustainability & Growth Dividend is well covered by both earnings (12% earnings payout ratio) and cash flows (12% cash payout ratio). The dividend has not increased over the past 7 years but payments have been stable during that time. Earnings per share has grown by 5.8% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Jul 02
First Juken Co., Ltd. to Report Q3, 2025 Results on Sep 04, 2025 First Juken Co., Ltd. announced that they will report Q3, 2025 results on Sep 04, 2025 Reported Earnings • Jun 06
Second quarter 2025 earnings released: EPS: JP¥32.42 (vs JP¥27.06 in 2Q 2024) Second quarter 2025 results: EPS: JP¥32.42 (up from JP¥27.06 in 2Q 2024). Revenue: JP¥12.3b (up 28% from 2Q 2024). Net income: JP¥451.0m (up 20% from 2Q 2024). Profit margin: 3.7% (down from 3.9% in 2Q 2024). Over the last 3 years on average, earnings per share has increased by 1% per year whereas the company’s share price has fallen by 4% per year. Announcement • Apr 29
First Juken Co., Ltd. to Report Q2, 2025 Results on Jun 05, 2025 First Juken Co., Ltd. announced that they will report Q2, 2025 results on Jun 05, 2025 Upcoming Dividend • Apr 21
Upcoming dividend of JP¥21.00 per share Eligible shareholders must have bought the stock before 28 April 2025. Payment date: 22 July 2025. Payout ratio is a comfortable 24% and this is well supported by cash flows. Trailing yield: 4.1%. Within top quartile of Japanese dividend payers (4.0%). Higher than average of industry peers (1.6%). Reported Earnings • Mar 08
First quarter 2025 earnings released: EPS: JP¥13.60 (vs JP¥12.59 in 1Q 2024) First quarter 2025 results: EPS: JP¥13.60 (up from JP¥12.59 in 1Q 2024). Revenue: JP¥8.99b (up 20% from 1Q 2024). Net income: JP¥189.0m (up 8.0% from 1Q 2024). Profit margin: 2.1% (down from 2.3% in 1Q 2024). 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 1% per year. Declared Dividend • Feb 12
Final dividend of JP¥21.00 announced Dividend of JP¥21.00 is the same as last year. Ex-date: 28th April 2025 Payment date: 22nd July 2025 Dividend yield will be 4.2%, which is higher than the industry average of 1.6%. Sustainability & Growth Dividend is well covered by both earnings (24% earnings payout ratio) and cash flows (13% cash payout ratio). The dividend has not increased over the past 6 years but payments have been stable during that time. Earnings per share has remained steady over the last 5 years. Unless this trend deteriorates, it should provide adequate earnings cover for the dividend. Announcement • Jan 30
First Juken Co., Ltd. to Report Q1, 2025 Results on Mar 07, 2025 First Juken Co., Ltd. announced that they will report Q1, 2025 results on Mar 07, 2025 Reported Earnings • Dec 19
Full year 2024 earnings released: EPS: JP¥180 (vs JP¥126 in FY 2023) Full year 2024 results: EPS: JP¥180 (up from JP¥126 in FY 2023). Revenue: JP¥36.0b (down 17% from FY 2023). Net income: JP¥2.50b (up 43% from FY 2023). Profit margin: 6.9% (up from 4.0% in FY 2023). Over the last 3 years on average, earnings per share has fallen by 11% per year whereas the company’s share price has fallen by 6% per year. Announcement • Dec 16
First Juken Co., Ltd., Annual General Meeting, Jan 27, 2025 First Juken Co., Ltd., Annual General Meeting, Jan 27, 2025. New Risk • Oct 29
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: JP¥15.3b (US$99.9m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 6.5% per year over the past 5 years. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (JP¥15.3b market cap, or US$99.9m). Upcoming Dividend • Oct 23
Upcoming dividend of JP¥22.00 per share Eligible shareholders must have bought the stock before 30 October 2024. Payment date: 14 January 2025. Payout ratio is a comfortable 45% and this is well supported by cash flows. Trailing yield: 3.9%. Within top quartile of Japanese dividend payers (3.8%). Higher than average of industry peers (1.8%). Announcement • Oct 02
First Juken Co., Ltd. to Report Fiscal Year 2024 Results on Dec 16, 2024 First Juken Co., Ltd. announced that they will report fiscal year 2024 results on Dec 16, 2024 New Risk • Sep 17
New major risk - Financial data availability The company has not reported any financial data. This is considered a major risk. With no or incomplete audited reported financial data, it is virtually impossible to assess the company's investment potential. Currently, the following risks have been identified for the company: Major Risk No financial data reported. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Sep 07
Third quarter 2024 earnings released: EPS: JP¥21.30 (vs JP¥24.54 in 3Q 2023) Third quarter 2024 results: EPS: JP¥21.30 (down from JP¥24.54 in 3Q 2023). Revenue: JP¥8.57b (down 4.5% from 3Q 2023). Net income: JP¥296.0m (down 13% from 3Q 2023). Profit margin: 3.5% (down from 3.8% in 3Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Announcement • Sep 06
First Juken Co., Ltd. Provides Consolidated Earnings Guidance for the Full Year Ending October 31, 2024 First Juken Co., Ltd. provided consolidated earnings guidance for the full year ending October 31, 2024. For the period, the company expects net sales of JPY 36,900 million, operating profit of JPY 2,210 million, profit attributable to owners of parent of JPY 1,320 million and earnings per share of JPY 94.98. Announcement • Aug 28
First Juken Co., Ltd. (TSE:8917) made a tender offer to acquire KHC Ltd. (TSE:1451) from SOLABLE Co., Ltd. and others for ¥4.5 billion First Juken Co., Ltd. (TSE:8917) made a tender offer to acquire KHC Ltd. (TSE:1451) from SOLABLE Co., Ltd. and others for ¥4.5 billion on August 26, 2024. First Juken will acquire 4.01 million shares at ¥1127 each.
The Board of Directors of KHC Ltd. formed a special committee for the transaction. The expected completion of the transaction is October 9, 2024.
Houlihan Lokey, Inc. acted as financial advisor for First Juken Co., Ltd., SOLABLE Co., Ltd. and KHC. City-Yuwa Partners acted as legal advisor for First Juken Co., Ltd, SOLABLE Co., Ltd. and KHC. Plutus Consulting Co., Ltd. acted as financial advisor for KHC Ltd. Frontier Management Co., Ltd., Investment Banking Arm acted as financial advisor to Solable. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to JP¥902, the stock trades at a trailing P/E ratio of 9.2x. Average trailing P/E is 12x in the Consumer Durables industry in Japan. Total loss to shareholders of 13% over the past three years. Announcement • Jul 06
First Juken Co., Ltd. to Report Q3, 2024 Results on Sep 05, 2024 First Juken Co., Ltd. announced that they will report Q3, 2024 results on Sep 05, 2024 Reported Earnings • Jun 08
Second quarter 2024 earnings released: EPS: JP¥27.06 (vs JP¥40.52 in 2Q 2023) Second quarter 2024 results: EPS: JP¥27.06 (down from JP¥40.52 in 2Q 2023). Revenue: JP¥9.63b (down 21% from 2Q 2023). Net income: JP¥376.0m (down 33% from 2Q 2023). Profit margin: 3.9% (down from 4.6% in 2Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 11% 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. Buy Or Sell Opportunity • May 29
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 5.7% to JP¥1,038. The fair value is estimated to be JP¥1,310, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 2.6% over the last 3 years. Earnings per share has declined by 5.1%. Buy Or Sell Opportunity • May 14
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 3.5% to JP¥1,056. The fair value is estimated to be JP¥1,323, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 2.6% over the last 3 years. Earnings per share has declined by 5.1%. Buy Or Sell Opportunity • Apr 25
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 3.3% to JP¥1,072. The fair value is estimated to be JP¥1,349, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 2.6% over the last 3 years. Earnings per share has declined by 5.1%. New Risk • Apr 23
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: JP¥15.5b (US$99.8m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 3.9% per year over the past 5 years. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (JP¥15.5b market cap, or US$99.8m). Upcoming Dividend • Apr 19
Upcoming dividend of JP¥21.00 per share Eligible shareholders must have bought the stock before 26 April 2024. Payment date: 19 July 2024. Payout ratio is a comfortable 38% and this is well supported by cash flows. Trailing yield: 3.8%. Within top quartile of Japanese dividend payers (3.2%). Higher than average of industry peers (1.7%). Announcement • Apr 10
First Juken Co., Ltd. to Report Q2, 2024 Results on Jun 06, 2024 First Juken Co., Ltd. announced that they will report Q2, 2024 results on Jun 06, 2024 Reported Earnings • Mar 09
First quarter 2024 earnings released: EPS: JP¥12.59 (vs JP¥26.92 in 1Q 2023) First quarter 2024 results: EPS: JP¥12.59 (down from JP¥26.92 in 1Q 2023). Revenue: JP¥7.48b (down 14% from 1Q 2023). Net income: JP¥175.0m (down 53% from 1Q 2023). Profit margin: 2.3% (down from 4.3% in 1Q 2023). The decrease in margin was driven by lower revenue. 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 4% per year. Declared Dividend • Feb 16
Final dividend of JP¥21.00 announced Dividend of JP¥21.00 is the same as last year. Ex-date: 26th April 2024 Payment date: 19th July 2024 Dividend yield will be 3.9%, which is higher than the industry average of 1.6%. Sustainability & Growth Dividend is well covered by both earnings (34% earnings payout ratio) and cash flows (50% cash payout ratio). The dividend has not increased over the past 5 years but payments have been stable during that time. The company's earnings per share (EPS) would need to decline by 62% to shift the payout ratio to a potentially unsustainable range, which is more than the 7.3% EPS decline seen over the last 5 years. Reported Earnings • Feb 03
Full year 2023 earnings released: EPS: JP¥126 (vs JP¥148 in FY 2022) Full year 2023 results: EPS: JP¥126 (down from JP¥148 in FY 2022). Revenue: JP¥43.4b (up 8.5% from FY 2022). Net income: JP¥1.75b (down 15% from FY 2022). Profit margin: 4.0% (down from 5.1% in FY 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 1% per year and the company’s share price has also increased by 1% per year. Announcement • Jan 28
First Juken Co., Ltd. to Report Q1, 2024 Results on Mar 08, 2024 First Juken Co., Ltd. announced that they will report Q1, 2024 results on Mar 08, 2024 Announcement • Dec 17
First Juken Co., Ltd., Annual General Meeting, Jan 26, 2024 First Juken Co., Ltd., Annual General Meeting, Jan 26, 2024. Reported Earnings • Dec 16
Full year 2023 earnings released: EPS: JP¥126 (vs JP¥148 in FY 2022) Full year 2023 results: EPS: JP¥126 (down from JP¥148 in FY 2022). Revenue: JP¥43.4b (up 8.5% from FY 2022). Net income: JP¥1.75b (down 15% from FY 2022). Profit margin: 4.0% (down from 5.1% in FY 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 1% per year whereas the company’s share price has remained flat. New Risk • Nov 10
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: JP¥15.1b (US$99.7m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 3.1% per year over the past 5 years. Minor Risks Paying a dividend despite having no free cash flows. Market cap is less than US$100m (JP¥15.1b market cap, or US$99.7m). Announcement • Oct 28
First Juken Co., Ltd. to Report Fiscal Year 2023 Results on Dec 15, 2023 First Juken Co., Ltd. announced that they will report fiscal year 2023 results on Dec 15, 2023 Upcoming Dividend • Oct 23
Upcoming dividend of JP¥22.00 per share at 3.7% yield Eligible shareholders must have bought the stock before 30 October 2023. Payment date: 12 January 2024. Payout ratio is a comfortable 31% but the company is not cash flow positive. Trailing yield: 3.7%. Within top quartile of Japanese dividend payers (3.4%). Higher than average of industry peers (1.7%). Reported Earnings • Sep 05
Third quarter 2023 earnings released: EPS: JP¥24.54 (vs JP¥25.04 in 3Q 2022) Third quarter 2023 results: EPS: JP¥24.54 (down from JP¥25.04 in 3Q 2022). Revenue: JP¥8.98b (up 5.7% from 3Q 2022). Net income: JP¥341.0m (down 2.0% from 3Q 2022). Profit margin: 3.8% (down from 4.1% in 3Q 2022). The decrease in margin was driven by higher expenses. 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 • Jul 29
First Juken Co., Ltd. to Report Q3, 2023 Results on Sep 04, 2023 First Juken Co., Ltd. announced that they will report Q3, 2023 results on Sep 04, 2023 New Risk • Jun 21
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 0% The company is paying a dividend despite having no free cash flows. Dividend yield: 5.8% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 0% Paying a dividend despite having no free cash flows. Earnings have declined by 3.0% per year over the past 5 years. High level of non-cash earnings (28% accrual ratio). Announcement • Jun 07
First Juken Co., Ltd. Announces Dividend for the Second Quarter of Year Ended October 31, 2023, Payable on July 19, 2023 First Juken Co., Ltd. announced dividend of JPY 21.00 per share for the second quarter of year ended October 31, 2023. Scheduled date to commence dividend payments: July 19, 2023. Reported Earnings • Jun 06
Second quarter 2023 earnings released: EPS: JP¥40.52 (vs JP¥43.68 in 2Q 2022) Second quarter 2023 results: EPS: JP¥40.52 (down from JP¥43.68 in 2Q 2022). Revenue: JP¥12.1b (up 9.5% from 2Q 2022). Net income: JP¥563.0m (down 7.2% from 2Q 2022). Profit margin: 4.6% (down from 5.5% in 2Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 6% per year whereas the company’s share price has increased by 3% per year. Upcoming Dividend • Apr 20
Upcoming dividend of JP¥21.00 per share at 3.8% yield Eligible shareholders must have bought the stock before 27 April 2023. Payment date: 19 July 2023. Payout ratio is a comfortable 41% but the company is not cash flow positive. Trailing yield: 3.8%. Within top quartile of Japanese dividend payers (3.5%). Higher than average of industry peers (1.7%). Reported Earnings • Mar 04
First quarter 2023 earnings released: EPS: JP¥26.92 (vs JP¥30.01 in 1Q 2022) First quarter 2023 results: EPS: JP¥26.92 (down from JP¥30.01 in 1Q 2022). Revenue: JP¥8.66b (up 4.2% from 1Q 2022). Net income: JP¥374.0m (down 10% from 1Q 2022). Profit margin: 4.3% (down from 5.0% in 1Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 4% per year whereas the company’s share price has increased by 5% per year. Reported Earnings • Feb 02
Full year 2022 earnings released: EPS: JP¥148 (vs JP¥164 in FY 2021) Full year 2022 results: EPS: JP¥148 (down from JP¥164 in FY 2021). Revenue: JP¥40.0b (down 6.3% from FY 2021). Net income: JP¥2.05b (down 10% from FY 2021). Profit margin: 5.1% (down from 5.4% in FY 2021). 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 fallen by 6% per year, which means it is significantly lagging earnings. Announcement • Jan 21
First Juken Co., Ltd. to Report Q1, 2023 Results on Mar 03, 2023 First Juken Co., Ltd. announced that they will report Q1, 2023 results on Mar 03, 2023 Reported Earnings • Dec 17
Full year 2022 earnings released: EPS: JP¥148 (vs JP¥164 in FY 2021) Full year 2022 results: EPS: JP¥148 (down from JP¥164 in FY 2021). Revenue: JP¥40.0b (down 6.3% from FY 2021). Net income: JP¥2.05b (down 10% from FY 2021). Profit margin: 5.1% (down from 5.4% in FY 2021). 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 fallen by 7% per year, which means it is significantly lagging earnings. Announcement • Dec 17
First Juken Co., Ltd., Annual General Meeting, Jan 26, 2023 First Juken Co., Ltd., Annual General Meeting, Jan 26, 2023. Announcement • Dec 16
First Juken Co. Ltd. Provides Consolidated Earnings Guidance for the Six Months and Year Ended October 31, 2023 First Juken Co. Ltd. provided consolidated earnings guidance for the six months and year ended October 31, 2023. For the six months, the company expects net sales of ¥23,000 million, operating profit of ¥1,800 million, profit of ¥1,050 million or ¥75.56 per share.For the year, the company expects net sales of ¥48,000 million, operating profit of ¥3,800 million, profit of ¥2,350 million or ¥169.12 per share. Board Change • Nov 16
No independent directors There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 4 experienced directors. 2 highly experienced directors. No independent directors (7 non-independent directors). GM of Construction Department & Director Masanori Ota was the last director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Announcement • Oct 28
First Juken Co., Ltd. to Report Fiscal Year 2022 Results on Dec 15, 2022 First Juken Co., Ltd. announced that they will report fiscal year 2022 results on Dec 15, 2022 Upcoming Dividend • Oct 21
Upcoming dividend of JP¥22.00 per share Eligible shareholders must have bought the stock before 28 October 2022. Payment date: 14 January 2023. Payout ratio is a comfortable 41% but the company is paying out more than the cash it is generating. Trailing yield: 3.9%. Within top quartile of Japanese dividend payers (3.7%). Higher than average of industry peers (2.0%). Reported Earnings • Sep 05
Third quarter 2022 earnings released: EPS: JP¥25.04 (vs JP¥38.14 in 3Q 2021) Third quarter 2022 results: EPS: JP¥25.04 (down from JP¥38.14 in 3Q 2021). Revenue: JP¥8.49b (down 15% from 3Q 2021). Net income: JP¥348.0m (down 34% from 3Q 2021). Profit margin: 4.1% (down from 5.3% in 3Q 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 1% per year whereas the company’s share price has fallen by 4% per year. Announcement • Jul 24
First Juken Co., Ltd. to Report Q3, 2022 Results on Sep 02, 2022 First Juken Co., Ltd. announced that they will report Q3, 2022 results on Sep 02, 2022 Reported Earnings • Jun 05
Second quarter 2022 earnings released: EPS: JP¥43.68 (vs JP¥38.00 in 2Q 2021) Second quarter 2022 results: EPS: JP¥43.68 (up from JP¥38.00 in 2Q 2021). Revenue: JP¥11.1b (down 1.8% from 2Q 2021). Net income: JP¥607.0m (up 15% from 2Q 2021). Profit margin: 5.5% (up from 4.7% in 2Q 2021). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 1% per year whereas the company’s share price has remained flat. Board Change • Apr 27
No independent directors There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 4 experienced directors. 2 highly experienced directors. No independent directors (7 non-independent directors). GM of Construction Department & Director Masanori Ota was the last director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Upcoming Dividend • Apr 20
Upcoming dividend of JP¥21.00 per share Eligible shareholders must have bought the stock before 27 April 2022. Payment date: 19 July 2022. Payout ratio is a comfortable 26% and this is well supported by cash flows. Trailing yield: 3.7%. Within top quartile of Japanese dividend payers (3.5%). Higher than average of industry peers (1.7%). Reported Earnings • Mar 06
First quarter 2022 earnings: Revenues and EPS in line with analyst expectations First quarter 2022 results: EPS: JP¥30.01 (down from JP¥30.23 in 1Q 2021). Revenue: JP¥8.32b (down 13% from 1Q 2021). Net income: JP¥417.0m (flat on 1Q 2021). Profit margin: 5.0% (up from 4.4% in 1Q 2021). The increase in margin was driven by lower expenses. Revenue was in line with analyst estimates. Reported Earnings • Feb 03
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: JP¥164 (up from JP¥120 in FY 2020). Revenue: JP¥42.6b (down 2.2% from FY 2020). Net income: JP¥2.29b (up 37% from FY 2020). Profit margin: 5.4% (up from 3.8% in FY 2020). The increase in margin was driven by lower expenses. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Announcement • Jan 30
First Juken Co., Ltd. to Report Q1, 2022 Results on Mar 04, 2022 First Juken Co., Ltd. announced that they will report Q1, 2022 results on Mar 04, 2022 Reported Earnings • Dec 16
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: JP¥164 (up from JP¥120 in FY 2020). Revenue: JP¥42.6b (down 2.2% from FY 2020). Net income: JP¥2.29b (up 37% from FY 2020). Profit margin: 5.4% (up from 3.8% in FY 2020). The increase in margin was driven by lower expenses. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Upcoming Dividend • Oct 21
Upcoming dividend of JP¥22.00 per share Eligible shareholders must have bought the stock before 28 October 2021. Payment date: 14 January 2022. Trailing yield: 3.3%. Within top quartile of Japanese dividend payers (3.0%). Higher than average of industry peers (1.4%).