Major Estimate Revision • Jun 17
Consensus EPS estimates fall by 44% The consensus outlook for fiscal year 2027 has been updated. 2027 EPS estimate fell from JP¥21.62 to JP¥12.20. Revenue forecast unchanged from JP¥51.2b at last update. Net income forecast to grow 227% next year vs 10.0% growth forecast for Hospitality industry in Japan. Consensus price target of JP¥1,300 unchanged from last update. Share price was steady at JP¥1,272 over the past week. Buy Or Sell Opportunity • Jun 15
Now 21% overvalued Over the last 90 days, the stock has fallen 5.9% to JP¥1,295. The fair value is estimated to be JP¥1,073, 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 61%. Revenue is forecast to grow by 1.0% in 2 years. Earnings are forecast to grow by 589% in the next 2 years. Reported Earnings • Jun 11
Full year 2026 earnings: EPS misses analyst expectations Full year 2026 results: EPS: JP¥3.75 (down from JP¥12.59 in FY 2025). Revenue: JP¥51.1b (flat on FY 2025). Net income: JP¥98.0m (down 70% from FY 2025). Profit margin: 0.2% (down from 0.6% in FY 2025). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 1.0%. Revenue is forecast to stay flat during the next 2 years compared to a 8.1% growth forecast for the Hospitality industry in Japan. Over the last 3 years on average, earnings per share has fallen by 61% 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. Announcement • Jun 10
Rock Field Co.,Ltd., Annual General Meeting, Jul 28, 2026 Rock Field Co.,Ltd., Annual General Meeting, Jul 28, 2026. Announcement • May 09
Rock Field Co.,Ltd. to Report Fiscal Year 2026 Results on Jun 10, 2026 Rock Field Co.,Ltd. announced that they will report fiscal year 2026 results on Jun 10, 2026 Upcoming Dividend • Apr 21
Upcoming dividend of JP¥15.00 per share Eligible shareholders must have bought the stock before 28 April 2026. Payment date: 28 July 2026. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 1.8%. Lower than top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (0.9%). Major Estimate Revision • Mar 13
Consensus EPS estimates increase by 43% The consensus outlook for fiscal year 2026 has been updated. 2026 EPS estimate increased from JP¥2.68 to JP¥3.83. Revenue forecast steady at JP¥51.4b. Net income forecast to grow 1,084% next year vs 17% growth forecast for Hospitality industry in Japan. Consensus price target up from JP¥1,350 to JP¥1,400. Share price fell 3.3% to JP¥1,363 over the past week. Reported Earnings • Mar 08
Third quarter 2026 earnings: EPS and revenues exceed analyst expectations Third quarter 2026 results: EPS: JP¥15.99 (down from JP¥19.25 in 3Q 2025). Revenue: JP¥14.3b (flat on 3Q 2025). Net income: JP¥418.0m (down 17% from 3Q 2025). Profit margin: 2.9% (down from 3.5% in 3Q 2025). Revenue exceeded analyst estimates by 1.6%. Earnings per share (EPS) also surpassed analyst estimates by 19%. Revenue is forecast to stay flat during the next 3 years compared to a 9.0% growth forecast for the Hospitality industry in Japan. Over the last 3 years on average, earnings per share has fallen by 47% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Declared Dividend • Jan 17
First half dividend of JP¥15.00 announced Shareholders will receive a dividend of JP¥15.00. Ex-date: 28th April 2026 Payment date: 28th July 2026 Dividend yield will be 1.7%, which is higher than the industry average of 0.6%. Sustainability & Growth Dividend is not covered by earnings (dividend approximately 5x earnings) nor is it adequately covered by cash flows (91% cash payout ratio). The dividend has increased 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 461% to bring the payout ratio under control. EPS is expected to grow by 405% over the next 3 years, which means the dividend may need to be reduced to reach a sustainable payout ratio. Announcement • Dec 29
Rock Field Co.,Ltd. to Report Q3, 2026 Results on Mar 06, 2026 Rock Field Co.,Ltd. announced that they will report Q3, 2026 results on Mar 06, 2026 Major Estimate Revision • Dec 12
Consensus EPS estimates fall by 90% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from JP¥52.1b to JP¥50.9b. EPS estimate also fell from JP¥27.17 per share to JP¥2.68 per share. Net income forecast to grow 120% next year vs 12% growth forecast for Hospitality industry in Japan. Consensus price target down from JP¥1,400 to JP¥1,350. Share price was steady at JP¥1,324 over the past week. Reported Earnings • Dec 06
Second quarter 2026 earnings: EPS and revenues miss analyst expectations Second quarter 2026 results: JP¥3.44 loss per share (down from JP¥8.15 profit in 2Q 2025). Revenue: JP¥12.6b (flat on 2Q 2025). Net loss: JP¥90.0m (down 142% from profit in 2Q 2025). Revenue missed analyst estimates by 1.3%. Earnings per share (EPS) were also behind analyst expectations. Revenue is forecast to grow 2.4% p.a. on average during the next 3 years, compared to a 9.3% growth forecast for the Hospitality industry in Japan. Over the last 3 years on average, earnings per share has fallen by 34% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. New Risk • Dec 05
New minor risk - Dividend sustainability The dividend is not well covered by earnings. Payout ratio: 142% Dividend yield: 1.8% This is considered a minor risk. Companies that pay out too much of their earnings are at risk of having to reduce or cut their dividend in future. If earnings growth slows or earnings fall, then there may not be enough earnings 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. However, this risk is mitigated by the fact the dividend is covered by cash flows. 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: Minor Risks Dividend is not well covered by earnings (142% payout ratio). Profit margins are more than 30% lower than last year (0.8% net profit margin). Announcement • Oct 02
Rock Field Co.,Ltd. to Report Q2, 2026 Results on Dec 05, 2025 Rock Field Co.,Ltd. announced that they will report Q2, 2026 results on Dec 05, 2025 Reported Earnings • Sep 06
First quarter 2026 earnings: EPS and revenues miss analyst expectations First quarter 2026 results: JP¥0.38 loss per share (improved from JP¥3.94 loss in 1Q 2025). Revenue: JP¥12.5b (down 1.5% from 1Q 2025). Net loss: JP¥10.0m (loss narrowed 90% from 1Q 2025). Revenue missed analyst estimates by 2.6%. Earnings per share (EPS) were also behind analyst expectations. Revenue is forecast to grow 2.6% p.a. on average during the next 3 years, compared to a 6.5% growth forecast for the Hospitality industry in Japan. Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Declared Dividend • Aug 14
Final dividend of JP¥9.00 announced Shareholders will receive a dividend of JP¥9.00. Ex-date: 30th October 2025 Payment date: 19th January 2026 Dividend yield will be 1.5%, which is higher than the industry average of 0.6%. Sustainability & Growth Dividend is not covered by earnings (183% earnings payout ratio). However, it is covered by cash flows (86% cash payout ratio). The dividend has increased 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 103% to bring the payout ratio under control. EPS is expected to grow by 105% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. Announcement • Jul 08
Rock Field Co.,Ltd. to Report Q1, 2026 Results on Sep 05, 2025 Rock Field Co.,Ltd. announced that they will report Q1, 2026 results on Sep 05, 2025 Reported Earnings • Jun 12
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: EPS: JP¥12.59 (down from JP¥47.18 in FY 2024). Revenue: JP¥51.2b (flat on FY 2024). Net income: JP¥329.0m (down 74% from FY 2024). Profit margin: 0.6% (down from 2.4% in FY 2024). Revenue missed analyst estimates by 1.2%. Earnings per share (EPS) also missed analyst estimates by 52%. Revenue is forecast to grow 2.1% p.a. on average during the next 2 years, compared to a 6.6% growth forecast for the Hospitality industry in Japan. Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Announcement • Jun 10
Rock Field Co.,Ltd., Annual General Meeting, Jul 25, 2025 Rock Field Co.,Ltd., Annual General Meeting, Jul 25, 2025. Buy Or Sell Opportunity • May 03
Now 21% overvalued Over the last 90 days, the stock has fallen 4.2% to JP¥1,525. The fair value is estimated to be JP¥1,256, 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. Earnings per share has declined by 16%. Revenue is forecast to grow by 3.1% in 2 years. Earnings are forecast to grow by 46% in the next 2 years. Upcoming Dividend • Apr 21
Upcoming dividend of JP¥14.00 per share Eligible shareholders must have bought the stock before 28 April 2025. Payment date: 29 July 2025. Payout ratio is on the higher end at 79%, however this is supported by cash flows. Trailing yield: 1.4%. Lower than top quartile of Japanese dividend payers (4.0%). Higher than average of industry peers (0.9%). Announcement • Apr 09
Rock Field Co.,Ltd. to Report Fiscal Year 2025 Results on Jun 10, 2025 Rock Field Co.,Ltd. announced that they will report fiscal year 2025 results on Jun 10, 2025 Buy Or Sell Opportunity • Apr 08
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 2.0% to JP¥1,560. The fair value is estimated to be JP¥1,293, 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. Earnings per share has declined by 16%. Revenue is forecast to grow by 3.1% in 2 years. Earnings are forecast to grow by 46% in the next 2 years. Reported Earnings • Mar 07
Third quarter 2025 earnings: EPS exceeds analyst expectations Third quarter 2025 results: EPS: JP¥19.25 (down from JP¥19.96 in 3Q 2024). Revenue: JP¥14.2b (flat on 3Q 2024). Net income: JP¥503.0m (down 5.3% from 3Q 2024). Profit margin: 3.5% (down from 3.7% in 3Q 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 7.2%. Revenue is forecast to grow 1.5% p.a. on average during the next 3 years, compared to a 6.9% growth forecast for the Hospitality 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 5% per year, which means it is well ahead of earnings. Declared Dividend • Jan 18
First half dividend of JP¥14.00 announced Dividend of JP¥14.00 is the same as last year. Ex-date: 28th April 2025 Payment date: 29th July 2025 Dividend yield will be 1.5%, which is higher than the industry average of 0.6%. Sustainability & Growth Dividend is covered by both earnings (76% earnings payout ratio) and cash flows (52% cash payout ratio). The dividend has increased by an average of 1.4% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 68% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Jan 17
Rock Field Co.,Ltd. to Report Q3, 2025 Results on Mar 06, 2025 Rock Field Co.,Ltd. announced that they will report Q3, 2025 results on Mar 06, 2025 Reported Earnings • Dec 12
Second quarter 2025 earnings: EPS misses analyst expectations Second quarter 2025 results: EPS: JP¥8.15 (down from JP¥9.10 in 2Q 2024). Revenue: JP¥12.6b (flat on 2Q 2024). Net income: JP¥213.0m (down 12% from 2Q 2024). Profit margin: 1.7% (down from 1.9% in 2Q 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 7.6%. Revenue is forecast to grow 1.4% p.a. on average during the next 3 years, compared to a 6.6% growth forecast for the Hospitality industry in Japan. Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Major Estimate Revision • Dec 10
Consensus EPS estimates fall by 17% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate fell from JP¥31.77 to JP¥26.41. Revenue forecast unchanged from JP¥51.8b at last update. Net income forecast to shrink 4.5% next year vs 14% growth forecast for Hospitality industry in Japan . Consensus price target of JP¥1,370 unchanged from last update. Share price rose 2.1% to JP¥1,522 over the past week. Upcoming Dividend • Oct 23
Upcoming dividend of JP¥9.00 per share Eligible shareholders must have bought the stock before 30 October 2024. Payment date: 20 January 2025. Payout ratio is a comfortable 74% and this is well supported by cash flows. Trailing yield: 1.6%. Lower than top quartile of Japanese dividend payers (3.8%). Higher than average of industry peers (0.8%). Announcement • Oct 10
Rock Field Co.,Ltd. to Report Q2, 2025 Results on Dec 06, 2024 Rock Field Co.,Ltd. announced that they will report Q2, 2025 results on Dec 06, 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. This is currently the only risk that has been identified for the company. Reported Earnings • Sep 07
First quarter 2025 earnings released: JP¥3.94 loss per share (vs JP¥12.26 profit in 1Q 2024) First quarter 2025 results: JP¥3.94 loss per share (down from JP¥12.26 profit in 1Q 2024). Revenue: JP¥12.7b (flat on 1Q 2024). Net loss: JP¥103.0m (down 132% from profit in 1Q 2024). Revenue is forecast to grow 2.6% p.a. on average during the next 3 years, compared to a 6.8% growth forecast for the Hospitality industry in Japan. Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Major Estimate Revision • Sep 06
Consensus EPS estimates fall by 14% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate fell from JP¥36.75 to JP¥31.77. Revenue forecast unchanged from JP¥52.3b at last update. Net income forecast to shrink 34% next year vs 14% growth forecast for Hospitality industry in Japan . Consensus price target of JP¥1,400 unchanged from last update. Share price fell 3.9% to JP¥1,467 over the past week. Reported Earnings • Aug 04
Full year 2024 earnings: Revenues and EPS in line with analyst expectations Full year 2024 results: EPS: JP¥47.18 (up from JP¥40.53 in FY 2023). Revenue: JP¥51.4b (up 2.8% from FY 2023). Net income: JP¥1.25b (up 16% from FY 2023). Profit margin: 2.4% (up from 2.2% in FY 2023). 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. Revenue is forecast to grow 3.2% p.a. on average during the next 3 years, compared to a 6.8% growth forecast for the Hospitality 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. Declared Dividend • Aug 04
Final dividend of JP¥9.00 announced Dividend of JP¥9.00 is the same as last year. Ex-date: 30th October 2024 Payment date: 20th January 2025 Dividend yield will be 1.6%, which is higher than the industry average of 0.6%. Sustainability & Growth Dividend is well covered by both earnings (45% earnings payout ratio) and cash flows (25% cash payout ratio). The dividend has increased over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 28% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Jul 04
Rock Field Co.,Ltd. to Report Q1, 2025 Results on Sep 05, 2024 Rock Field Co.,Ltd. announced that they will report Q1, 2025 results on Sep 05, 2024 Reported Earnings • Jun 15
Full year 2024 earnings: Revenues and EPS in line with analyst expectations Full year 2024 results: EPS: JP¥47.18 (up from JP¥40.53 in FY 2023). Revenue: JP¥51.4b (up 2.8% from FY 2023). Net income: JP¥1.25b (up 16% from FY 2023). Profit margin: 2.4% (up from 2.2% in FY 2023). 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. Revenue is forecast to grow 3.2% p.a. on average during the next 3 years, compared to a 6.6% growth forecast for the Hospitality 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 only fallen by 3% per year, which means it has not declined as severely as earnings. Announcement • Jun 13
Rock Field Co.,Ltd., Annual General Meeting, Jul 26, 2024 Rock Field Co.,Ltd., Annual General Meeting, Jul 26, 2024. Major Estimate Revision • Jun 13
Consensus EPS estimates fall by 26% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate fell from JP¥49.99 to JP¥36.75. Revenue forecast unchanged from JP¥53.0b at last update. Net income forecast to shrink 21% next year vs 15% growth forecast for Hospitality industry in Japan . Consensus price target of JP¥1,450 unchanged from last update. Share price fell 6.9% to JP¥1,396 over the past week. Upcoming Dividend • Apr 19
Upcoming dividend of JP¥14.00 per share Eligible shareholders must have bought the stock before 26 April 2024. Payment date: 27 July 2024. Payout ratio is a comfortable 45% and this is well supported by cash flows. Trailing yield: 1.4%. Lower than top quartile of Japanese dividend payers (3.2%). Higher than average of industry peers (0.6%). Announcement • Apr 03
Rock Field Co.,Ltd. to Report Fiscal Year 2024 Results on Jun 11, 2024 Rock Field Co.,Ltd. announced that they will report fiscal year 2024 results on Jun 11, 2024 Announcement • Mar 13
Rock Field Co.,Ltd. (TSE:2910) announces an Equity Buyback for 500,000 shares, representing 1.88% for ¥798.5 million. Rock Field Co.,Ltd. (TSE:2910) announces a share repurchase program. Under the program, the company will repurchase up to 500,000 shares, representing 1.88% of its issued share capital (excluding treasury stock), for a total purchase price of ¥798.5 million. The shares will be repurchased at a price of ¥1,597 per share. The purpose of the program is to enhance shareholder returns, improve capital efficiency, and carry out flexible management that responds to changes in the corporate environment. As of October 31, 2023, the company had 26,605,893 issued shares (excluding treasury stock) and had 182,855 treasury shares. Reported Earnings • Mar 08
Third quarter 2024 earnings released: EPS: JP¥19.96 (vs JP¥15.75 in 3Q 2023) Third quarter 2024 results: EPS: JP¥19.96 (up from JP¥15.75 in 3Q 2023). Revenue: JP¥14.2b (up 3.7% from 3Q 2023). Net income: JP¥531.0m (up 27% from 3Q 2023). Profit margin: 3.7% (up from 3.1% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 3.3% p.a. on average during the next 3 years, compared to a 7.5% growth forecast for the Hospitality industry in Japan. Over the last 3 years on average, earnings per share has increased by 3% per year whereas the company’s share price has fallen by 1% per year. Price Target Changed • Mar 08
Price target increased by 7.1% to JP¥1,500 Up from JP¥1,400, the current price target is provided by 1 analyst. New target price is 5.3% below last closing price of JP¥1,584. Stock is up 0.6% over the past year. The company is forecast to post earnings per share of JP¥47.36 for next year compared to JP¥40.53 last year. Major Estimate Revision • Mar 08
Consensus EPS estimates increase by 30% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate increased from JP¥36.50 to JP¥47.36. Revenue forecast steady at JP¥51.7b. Net income forecast to grow 8.9% next year vs 31% growth forecast for Hospitality industry in Japan. Consensus price target up from JP¥1,400 to JP¥1,500. Share price fell 4.5% to JP¥1,584 over the past week. Announcement • Mar 07
Rock Field Co.,Ltd. Provides Dividend Guidance for the Year Ending April 30, 2024 Rock Field Co.,Ltd. provided dividend guidance for the year ending April 30, 2024. For the year, the company expects to pay ¥14.00 against ¥13.00 paid a year ago. Announcement • Jan 06
Rock Field Co.,Ltd. to Report Q3, 2024 Results on Mar 05, 2024 Rock Field Co.,Ltd. announced that they will report Q3, 2024 results on Mar 05, 2024 Reported Earnings • Dec 07
Second quarter 2024 earnings released: EPS: JP¥9.10 (vs JP¥6.69 in 2Q 2023) Second quarter 2024 results: EPS: JP¥9.10 (up from JP¥6.69 in 2Q 2023). Revenue: JP¥12.5b (up 2.8% from 2Q 2023). Net income: JP¥242.0m (up 36% from 2Q 2023). Profit margin: 1.9% (up from 1.5% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 2.4% p.a. on average during the next 2 years, compared to a 8.0% growth forecast for the Hospitality 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 fallen by 1% per year, which means it is significantly lagging earnings. Upcoming Dividend • Oct 23
Upcoming dividend of JP¥9.00 per share at 1.5% yield Eligible shareholders must have bought the stock before 30 October 2023. Payment date: 18 January 2024. Payout ratio is a comfortable 52% and the cash payout ratio is 83%. Trailing yield: 1.5%. Lower than top quartile of Japanese dividend payers (3.4%). Higher than average of industry peers (0.5%). Announcement • Oct 01
Rock Field Co.,Ltd. to Report Q2, 2024 Results on Dec 05, 2023 Rock Field Co.,Ltd. announced that they will report Q2, 2024 results on Dec 05, 2023 Announcement • Sep 07
Rock Field Co.,Ltd. Provides Consolidated Financial Forecast for the Six Months Ending October 31, 2023 and the Full Year Ending April 30, 2024 Rock Field Co.,Ltd. provided consolidated financial forecast for the six months ending October 31, 2023 and the full year ending April 30, 2024. For the six months, the company expected net sales of JPY 25,209 million, operating profit of JPY 833 million, profit attributable to owners of parent of JPY 547 million and EPS of JPY 20.59. For the full year, the company expected net sales of JPY 51,950 million, operating profit of JPY 2,160 million, profit attributable to owners of parent of JPY 1,472 million and EPS of JPY 55.37. Reported Earnings • Sep 06
First quarter 2024 earnings released: EPS: JP¥12.26 (vs JP¥10.49 in 1Q 2023) First quarter 2024 results: EPS: JP¥12.26 (up from JP¥10.49 in 1Q 2023). Revenue: JP¥12.6b (up 3.0% from 1Q 2023). Net income: JP¥326.0m (up 17% from 1Q 2023). Profit margin: 2.6% (up from 2.3% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 2.4% p.a. on average during the next 2 years, compared to a 8.6% growth forecast for the Hospitality industry in Japan. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 02
Full year 2023 earnings: EPS exceeds analyst expectations Full year 2023 results: EPS: JP¥40.53 (down from JP¥51.90 in FY 2022). Revenue: JP¥50.0b (up 6.1% from FY 2022). Net income: JP¥1.08b (down 22% from FY 2022). Profit margin: 2.2% (down from 2.9% in FY 2022). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 20%. Revenue is forecast to grow 2.5% p.a. on average during the next 2 years, compared to a 8.6% growth forecast for the Hospitality industry in Japan. Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Announcement • Jul 06
Rock Field Co.,Ltd. to Report Q1, 2024 Results on Sep 05, 2023 Rock Field Co.,Ltd. announced that they will report Q1, 2024 results on Sep 05, 2023 New Risk • Jun 13
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.4% 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. This is currently the only risk that has been identified for the company. Reported Earnings • Jun 12
Full year 2023 earnings: EPS exceeds analyst expectations Full year 2023 results: EPS: JP¥40.53 (down from JP¥51.90 in FY 2022). Revenue: JP¥50.0b (up 6.1% from FY 2022). Net income: JP¥1.08b (down 22% from FY 2022). Profit margin: 2.2% (down from 2.9% in FY 2022). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 20%. Revenue is forecast to grow 2.5% p.a. on average during the next 2 years, compared to a 9.3% growth forecast for the Hospitality industry in Japan. Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Announcement • Jun 11
Rock Field Co.,Ltd., Annual General Meeting, Jul 26, 2023 Rock Field Co.,Ltd., Annual General Meeting, Jul 26, 2023. Upcoming Dividend • Apr 20
Upcoming dividend of JP¥13.00 per share at 1.4% yield Eligible shareholders must have bought the stock before 27 April 2023. Payment date: 28 July 2023. Payout ratio is a comfortable 60% and this is well supported by cash flows. Trailing yield: 1.4%. Lower than top quartile of Japanese dividend payers (3.5%). Higher than average of industry peers (0.5%). Reported Earnings • Mar 04
Third quarter 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2023 results: EPS: JP¥15.75 (down from JP¥24.18 in 3Q 2022). Revenue: JP¥13.7b (up 4.8% from 3Q 2022). Net income: JP¥419.0m (down 35% from 3Q 2022). Profit margin: 3.1% (down from 4.9% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.3%. Earnings per share (EPS) missed analyst estimates by 46%. Revenue is forecast to grow 3.3% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Hospitality industry in Japan. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Announcement • Jan 06
Rock Field Co.,Ltd. to Report Q3, 2023 Results on Mar 02, 2023 Rock Field Co.,Ltd. announced that they will report Q3, 2023 results on Mar 02, 2023 Reported Earnings • Dec 04
Second quarter 2023 earnings: EPS misses analyst expectations Second quarter 2023 results: EPS: JP¥6.69 (down from JP¥8.50 in 2Q 2022). Revenue: JP¥12.2b (up 8.6% from 2Q 2022). Net income: JP¥178.0m (down 21% from 2Q 2022). Profit margin: 1.5% (down from 2.0% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 38%. Revenue is forecast to grow 3.5% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Hospitality industry in Japan. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Board Change • Nov 16
Less than half of directors are independent 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. 5 experienced directors. 5 highly experienced directors. 3 independent directors (5 non-independent directors). Outside Independent Director Harumi Matsumura was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Upcoming Dividend • Oct 21
Upcoming dividend of JP¥9.00 per share Eligible shareholders must have bought the stock before 28 October 2022. Payment date: 19 January 2023. Payout ratio is a comfortable 46% and this is well supported by cash flows. Trailing yield: 1.5%. Lower than top quartile of Japanese dividend payers (3.7%). Higher than average of industry peers (0.6%). Announcement • Oct 05
Rock Field Co., Ltd. to Report Q2, 2023 Results on Dec 02, 2022 Rock Field Co., Ltd. announced that they will report Q2, 2023 results on Dec 02, 2022 Reported Earnings • Sep 05
First quarter 2023 earnings: EPS and revenues miss analyst expectations First quarter 2023 results: EPS: JP¥10.49 (down from JP¥18.88 in 1Q 2022). Revenue: JP¥12.2b (up 4.4% from 1Q 2022). Net income: JP¥279.0m (down 44% from 1Q 2022). Profit margin: 2.3% (down from 4.3% in 1Q 2022). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 1.5%. Earnings per share (EPS) also missed analyst estimates by 11%. Revenue is forecast to grow 3.8% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Hospitality 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 2% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 03
Full year 2022 earnings: EPS misses analyst expectations Full year 2022 results: EPS: JP¥51.90 (up from JP¥43.83 in FY 2021). Revenue: JP¥47.1b (up 7.7% from FY 2021). Net income: JP¥1.38b (up 19% from FY 2021). Profit margin: 2.9% (up from 2.7% in FY 2021). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 6.8%. Over the next year, revenue is forecast to grow 5.7%, compared to a 38% growth forecast for the restaurants industry in Japan. 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. Announcement • Jul 28
Rock Field Co., Ltd. to Report Q1, 2023 Results on Sep 02, 2022 Rock Field Co., Ltd. announced that they will report Q1, 2023 results on Sep 02, 2022 Major Estimate Revision • Jun 24
Consensus forecasts updated The consensus outlook for 2023 has been updated. 2023 revenue forecast increased from JP¥47.8b to JP¥49.8b. EPS estimate fell from JP¥60.90 to JP¥53.80 per share. Net income forecast to grow 3.6% next year vs 2.7% decline forecast for Hospitality industry in Japan. Consensus price target down from JP¥1,590 to JP¥1,460. Share price rose 3.0% to JP¥1,435 over the past week. Buying Opportunity • Jun 12
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 1.3%. The fair value is estimated to be JP¥1,739, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 4.3% over the last 3 years. Earnings per share has grown by 3.3%. Revenue is forecast to grow by 2.9% in 2 years. Earnings is forecast to grow by 25% in the next 2 years. Announcement • Jun 11
Rock Field Co., Ltd., Annual General Meeting, Jul 27, 2022 Rock Field Co., Ltd., Annual General Meeting, Jul 27, 2022. Reported Earnings • Jun 11
Full year 2022 earnings: EPS misses analyst expectations Full year 2022 results: EPS: JP¥51.90 (up from JP¥43.83 in FY 2021). Revenue: JP¥47.1b (up 7.7% from FY 2021). Net income: JP¥1.38b (up 19% from FY 2021). Profit margin: 2.9% (up from 2.7% in FY 2021). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 6.8%. Over the next year, revenue is forecast to grow 1.4%, compared to a 48% growth forecast for the restaurants industry in Japan. Over the last 3 years on average, earnings per share has increased by 3% per year whereas the company’s share price has fallen by 1% per year.