Reported Earnings • May 20
Full year 2026 earnings: EPS and revenues exceed analyst expectations Full year 2026 results: EPS: JP¥222 (up from JP¥187 in FY 2025). Revenue: JP¥275.2b (up 20% from FY 2025). Net income: JP¥18.7b (up 28% from FY 2025). Profit margin: 6.8% (up from 6.4% in FY 2025). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 2.6%. Earnings per share (EPS) also surpassed analyst estimates by 8.1%. Revenue is forecast to grow 3.4% p.a. on average during the next 3 years, compared to a 8.5% growth forecast for the Hospitality industry in Japan. Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Announcement • May 15
Kyoritsu Maintenance Co., Ltd., Annual General Meeting, Jun 25, 2026 Kyoritsu Maintenance Co., Ltd., Annual General Meeting, Jun 25, 2026. Announcement • Apr 17
Kyoritsu Maintenance Co., Ltd. to Report Fiscal Year 2026 Results on May 15, 2026 Kyoritsu Maintenance Co., Ltd. announced that they will report fiscal year 2026 results on May 15, 2026 Announcement • Dec 27
Kyoritsu Maintenance Co., Ltd. to Report Q3, 2026 Results on Feb 09, 2026 Kyoritsu Maintenance Co., Ltd. announced that they will report Q3, 2026 results on Feb 09, 2026 Declared Dividend • Dec 06
First half dividend of JP¥23.00 announced Shareholders will receive a dividend of JP¥23.00. Ex-date: 30th March 2026 Payment date: 29th June 2026 Dividend yield will be 1.6%, which is higher than the industry average of 0.6%. Sustainability & Growth Dividend is covered by earnings (11% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 16% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 25% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Nov 08
Second quarter 2026 earnings: EPS and revenues miss analyst expectations Second quarter 2026 results: EPS: JP¥63.47. Revenue: JP¥62.8b (up 5.9% from 2Q 2025). Net income: JP¥5.18b (up 3.0% from 2Q 2025). Profit margin: 8.3% (down from 8.5% in 2Q 2025). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 1.4%. Earnings per share (EPS) also missed analyst estimates by 3.2%. Revenue is forecast to grow 5.8% p.a. on average during the next 3 years, compared to a 9.3% growth forecast for the Hospitality industry in Japan. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥23.00 per share Eligible shareholders must have bought the stock before 29 September 2025. Payment date: 05 December 2025. Payout ratio is a comfortable 19% but the company is not cash flow positive. Trailing yield: 1.4%. Lower than top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (0.8%). Announcement • Sep 18
Kyoritsu Maintenance Co., Ltd. to Report Q2, 2026 Results on Nov 07, 2025 Kyoritsu Maintenance Co., Ltd. announced that they will report Q2, 2026 results on Nov 07, 2025 Reported Earnings • Aug 09
First quarter 2026 earnings: EPS misses analyst expectations First quarter 2026 results: EPS: JP¥46.07 (down from JP¥49.50 in 1Q 2025). Revenue: JP¥56.8b (up 2.0% from 1Q 2025). Net income: JP¥3.60b (down 6.9% from 1Q 2025). Profit margin: 6.3% (down from 6.9% in 1Q 2025). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 7.6%. Revenue is forecast to grow 6.2% 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 increased by 43% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Declared Dividend • Jul 09
Final dividend of JP¥23.00 announced Shareholders will receive a dividend of JP¥23.00. Ex-date: 29th September 2025 Payment date: 5th December 2025 Dividend yield will be 1.2%, which is higher than the industry average of 0.6%. Sustainability & Growth Dividend is covered by earnings (15% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 16% per year 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. Reported Earnings • Jul 01
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: EPS: JP¥187 (up from JP¥159 in FY 2024). Revenue: JP¥228.9b (up 12% from FY 2024). Net income: JP¥14.6b (up 17% from FY 2024). Profit margin: 6.4% (up from 6.1% in FY 2024). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 5.5%. Revenue is forecast to grow 6.5% p.a. on average during the next 3 years, compared to a 8.4% growth forecast for the Hospitality industry in Japan. Over the last 3 years on average, earnings per share has increased by 53% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Announcement • Jun 27
Kyoritsu Maintenance Co., Ltd. to Report Q1, 2026 Results on Aug 08, 2025 Kyoritsu Maintenance Co., Ltd. announced that they will report Q1, 2026 results on Aug 08, 2025 Price Target Changed • Jun 11
Price target increased by 9.0% to JP¥3,959 Up from JP¥3,633, the current price target is an average from 7 analysts. New target price is 12% above last closing price of JP¥3,526. Stock is up 17% over the past year. The company is forecast to post earnings per share of JP¥220 for next year compared to JP¥187 last year. Reported Earnings • May 20
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: EPS: JP¥187 (up from JP¥159 in FY 2024). Revenue: JP¥228.9b (up 12% from FY 2024). Net income: JP¥14.6b (up 17% from FY 2024). Profit margin: 6.4% (up from 6.1% in FY 2024). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 5.5%. Revenue is forecast to grow 6.8% 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 increased by 53% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Announcement • May 15
Kyoritsu Maintenance Co., Ltd., Annual General Meeting, Jun 26, 2025 Kyoritsu Maintenance Co., Ltd., Annual General Meeting, Jun 26, 2025. Announcement • Mar 25
Kyoritsu Maintenance Co., Ltd. to Report Fiscal Year 2025 Results on May 15, 2025 Kyoritsu Maintenance Co., Ltd. announced that they will report fiscal year 2025 results on May 15, 2025 Upcoming Dividend • Mar 21
Upcoming dividend of JP¥20.00 per share Eligible shareholders must have bought the stock before 28 March 2025. Payment date: 27 June 2025. Payout ratio is a comfortable 15% but the company is not cash flow positive. Trailing yield: 1.1%. Lower than top quartile of Japanese dividend payers (3.7%). Higher than average of industry peers (0.8%). Announcement • Feb 09
Kyoritsu Maintenance Co., Ltd. Revises Consolidated Earnings Guidance for the Fiscal Year Ending March 31, 2025 Kyoritsu Maintenance Co., Ltd. revised consolidated earnings guidance for the fiscal year ending March 31, 2025. For the year, company expects net sales of JPY 230,000 million compared to previous guidance of JPY 226,000 million. Operating income of JPY 21,000 million compared to previous guidance of JPY 18,500 million. Net income attributable to owners of parent of JPY 14,000 million compared to previous guidance of JPY 12,500 million. Net income per share to be JPY 179.32 compared to previous guidance of JPY 160.20. Reasons for revisions Regarding forecasts of consolidated financial results for the year ended March 31, 2025, in the first three quarters of the consolidated fiscal year RevPAR in the Hotel Business was higher than expected, backed by factors including increased inbound demand, and this absorbed the impacts of factors such as the natural disasters that occurred in August of last year. Reported Earnings • Feb 08
Third quarter 2025 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2025 results: EPS: JP¥64.38 (up from JP¥41.34 in 3Q 2024). Revenue: JP¥59.1b (up 13% from 3Q 2024). Net income: JP¥5.03b (up 56% from 3Q 2024). Profit margin: 8.5% (up from 6.2% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 2.5%. Earnings per share (EPS) exceeded analyst estimates by 1.3%. Revenue is forecast to grow 6.5% p.a. on average during the next 3 years, compared to a 6.0% growth forecast for the Hospitality industry in Japan. Over the last 3 years on average, earnings per share has increased by 73% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Announcement • Feb 07
Kyoritsu Maintenance Co., Ltd. Revises Dividend Guidance for the Year Ending March 31, 2025 Kyoritsu Maintenance Co., Ltd. revised dividend guidance for the year ending March 31, 2025. For the year, the company expects dividend of JPY 20.00 per share against previous guidance of JPY 16.00 per share a year ago. Announcement • Dec 12
Kyoritsu Maintenance Co., Ltd. to Report Q3, 2025 Results on Feb 07, 2025 Kyoritsu Maintenance Co., Ltd. announced that they will report Q3, 2025 results on Feb 07, 2025 Declared Dividend • Dec 06
First half dividend of JP¥16.00 announced Shareholders will receive a dividend of JP¥16.00. Ex-date: 28th March 2025 Payment date: 27th June 2025 Dividend yield will be 1.2%, which is higher than the industry average of 0.6%. Sustainability & Growth Dividend is covered by earnings (8% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 14% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 22% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Nov 09
Second quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2025 results: EPS: JP¥64.45 (up from JP¥37.87 in 2Q 2024). Revenue: JP¥59.3b (up 14% from 2Q 2024). Net income: JP¥5.03b (up 70% from 2Q 2024). Profit margin: 8.5% (up from 5.7% in 2Q 2024). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.0%. Earnings per share (EPS) missed analyst estimates by 1.5%. Revenue is forecast to grow 6.4% 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 increased by 86% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Announcement • Sep 27
Kyoritsu Maintenance Co., Ltd. to Report Q2, 2025 Results on Nov 08, 2024 Kyoritsu Maintenance Co., Ltd. announced that they will report Q2, 2025 results on Nov 08, 2024 Upcoming Dividend • Sep 20
Upcoming dividend of JP¥16.00 per share Eligible shareholders must have bought the stock before 27 September 2024. Payment date: 05 December 2024. Payout ratio is a comfortable 14% but the company is paying out more than the cash it is generating. Trailing yield: 1.4%. Lower than top quartile of Japanese dividend payers (3.8%). Higher than average of industry peers (0.8%). Reported Earnings • Aug 13
First quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2025 results: EPS: JP¥34.54 (up from JP¥22.42 in 1Q 2024). Revenue: JP¥52.1b (up 12% from 1Q 2024). Net income: JP¥2.70b (up 54% from 1Q 2024). Profit margin: 5.2% (up from 3.7% in 1Q 2024). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 2.1%. Earnings per share (EPS) missed analyst estimates by 7.1%. Revenue is forecast to grow 6.6% 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 increased by 96% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. New Risk • Aug 05
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 5.9% 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: Major Risk Debt is not well covered by operating cash flow (17% operating cash flow to total debt). Minor Risk Share price has been volatile over the past 3 months (5.9% average weekly change). Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 26% After last week's 26% share price decline to JP¥2,159, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 20x in the Hospitality industry in Japan. Total returns to shareholders of 21% over the past three years. Declared Dividend • Jul 11
Final dividend of JP¥16.00 announced Shareholders will receive a dividend of JP¥16.00. Ex-date: 27th September 2024 Payment date: 5th December 2024 Dividend yield will be 1.6%, which is higher than the industry average of 0.6%. Sustainability & Growth Dividend is covered by earnings (14% earnings payout ratio) but not covered by cash flows (463% cash payout ratio). The dividend has increased by an average of 14% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to decline by 17% over the next 3 years. However, it would need to fall by 85% to increase the payout ratio to a potentially unsustainable range. Announcement • Jun 28
Kyoritsu Maintenance Co., Ltd. to Report Q1, 2025 Results on Aug 09, 2024 Kyoritsu Maintenance Co., Ltd. announced that they will report Q1, 2025 results on Aug 09, 2024 Reported Earnings • May 17
Full year 2024 earnings: EPS exceeds analyst expectations Full year 2024 results: EPS: JP¥318 (up from JP¥54.38 in FY 2023). Revenue: JP¥204.1b (up 16% from FY 2023). Net income: JP¥12.4b (up 193% from FY 2023). Profit margin: 6.1% (up from 2.4% in FY 2023). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 36%. Revenue is forecast to grow 7.1% p.a. on average during the next 3 years, compared to a 7.0% growth forecast for the Hospitality industry in Japan. Over the last 3 years on average, earnings per share has increased by 112% per year but the company’s share price has only increased by 23% per year, which means it is significantly lagging earnings growth. Announcement • May 17
Kyoritsu Maintenance Co., Ltd., Annual General Meeting, Jun 26, 2024 Kyoritsu Maintenance Co., Ltd., Annual General Meeting, Jun 26, 2024. Announcement • Mar 29
Kyoritsu Maintenance Co., Ltd. to Report Fiscal Year 2024 Results on May 15, 2024 Kyoritsu Maintenance Co., Ltd. announced that they will report fiscal year 2024 results on May 15, 2024 New Risk • Mar 27
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. Dividend per share is over 11x cash flows per share. Dividend yield: 1.6% 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 Debt is not well covered by operating cash flow (12% operating cash flow to total debt). Minor Risk Dividend is not well covered by cash flows (dividend per share is over 11x cash flows per share). Upcoming Dividend • Mar 21
Upcoming dividend of JP¥28.00 per share Eligible shareholders must have bought the stock before 28 March 2024. Payment date: 01 July 2024. Payout ratio is a comfortable 14% but the company is paying out more than the cash it is generating. Trailing yield: 0.8%. Lower than top quartile of Japanese dividend payers (3.2%). Higher than average of industry peers (0.6%). Reported Earnings • Feb 10
Third quarter 2024 earnings: EPS exceeds analyst expectations Third quarter 2024 results: EPS: JP¥82.69 (up from JP¥47.46 in 3Q 2023). Revenue: JP¥52.4b (up 14% from 3Q 2023). Net income: JP¥3.23b (up 74% from 3Q 2023). Profit margin: 6.2% (up from 4.0% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 40%. Revenue is forecast to grow 7.9% p.a. on average during the next 3 years, compared to a 7.3% growth forecast for the Hospitality industry in Japan. Over the last 3 years on average, earnings per share has increased by 104% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Announcement • Jan 13
Kyoritsu Maintenance Co., Ltd. (TSE:9616) entered into share transfer agreement to acquire 25.006473% stake in Cosmos Initia Co., Ltd. (TSE:8844) from Daiwa House Industry Co., Ltd. (TSE:1925) for ¥6.03 billion. Kyoritsu Maintenance Co., Ltd. (TSE:9616) entered into share transfer agreement to acquire 25.006473% stake in Cosmos Initia Co., Ltd. (TSE:8844) from Daiwa House Industry Co., Ltd. (TSE:1925) for ¥6.03 billion on January 11, 2024. As part of acquisition, 8,480,000 shares will be acquired. The transaction is expected to complete on February 26, 2024. Reported Earnings • Nov 10
Second quarter 2024 earnings: EPS misses analyst expectations Second quarter 2024 results: EPS: JP¥75.74 (up from JP¥41.05 in 2Q 2023). Revenue: JP¥52.0b (up 19% from 2Q 2023). Net income: JP¥2.96b (up 85% from 2Q 2023). Profit margin: 5.7% (up from 3.7% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 4.0%. Revenue is forecast to grow 7.8% p.a. on average during the next 3 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 increased by 100% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Sep 21
Upcoming dividend of JP¥16.00 per share at 0.5% yield Eligible shareholders must have bought the stock before 28 September 2023. Payment date: 05 December 2023. Payout ratio is a comfortable 16% and this is well supported by cash flows. Trailing yield: 0.5%. Lower than top quartile of Japanese dividend payers (3.3%). In line with average of industry peers (0.5%). Reported Earnings • Aug 10
First quarter 2024 earnings released: EPS: JP¥44.85 (vs JP¥17.72 in 1Q 2023) First quarter 2024 results: EPS: JP¥44.85 (up from JP¥17.72 in 1Q 2023). Revenue: JP¥46.7b (up 19% from 1Q 2023). Net income: JP¥1.75b (up 153% from 1Q 2023). Profit margin: 3.7% (up from 1.8% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 7.7% p.a. on average during the next 3 years, compared to a 8.5% growth forecast for the Hospitality industry in Japan. Over the last 3 years on average, earnings per share has increased by 87% per year but the company’s share price has only increased by 23% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Aug 10
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to JP¥6,409, the stock trades at a forward P/E ratio of 34x. Average forward P/E is 29x in the Hospitality industry in Japan. Total returns to shareholders of 89% over the past three years. Announcement • Jun 28
Kyoritsu Maintenance Co., Ltd. to Report Q1, 2024 Results on Aug 09, 2023 Kyoritsu Maintenance Co., Ltd. announced that they will report Q1, 2024 results on Aug 09, 2023 Reported Earnings • May 19
Full year 2023 earnings: EPS exceeds analyst expectations Full year 2023 results: EPS: JP¥109 (up from JP¥13.82 in FY 2022). Revenue: JP¥175.6b (up 1.1% from FY 2022). Net income: JP¥4.24b (up JP¥3.70b from FY 2022). Profit margin: 2.4% (up from 0.3% in FY 2022). The increase in margin was primarily driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 15%. Revenue is forecast to grow 6.8% p.a. on average during the next 3 years, compared to a 9.6% growth forecast for the Hospitality industry in Japan. Over the last 3 years on average, earnings per share has increased by 51% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Announcement • May 17
Kyoritsu Maintenance Co., Ltd., Annual General Meeting, Jun 28, 2023 Kyoritsu Maintenance Co., Ltd., Annual General Meeting, Jun 28, 2023. Major Estimate Revision • May 16
Consensus EPS estimates fall by 15%, revenue upgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast increased from JP¥196.7b to JP¥199.1b. EPS estimate fell from JP¥222 to JP¥190 per share. Net income forecast to shrink 16% next year vs 20% growth forecast for Hospitality industry in Japan . Consensus price target of JP¥6,533 unchanged from last update. Share price fell 4.4% to JP¥5,270 over the past week. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥10.00 per share at 0.4% yield Eligible shareholders must have bought the stock before 30 March 2023. Payment date: 29 June 2023. Payout ratio is a comfortable 4.5% and this is well supported by cash flows. Trailing yield: 0.4%. Lower than top quartile of Japanese dividend payers (3.6%). In line with average of industry peers (0.5%). Reported Earnings • Feb 12
Third quarter 2023 earnings: EPS misses analyst expectations Third quarter 2023 results: EPS: JP¥47.46 (up from JP¥3.75 in 3Q 2022). Revenue: JP¥46.0b (up 23% from 3Q 2022). Net income: JP¥1.85b (up JP¥1.71b from 3Q 2022). Profit margin: 4.0% (up from 0.4% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 23%. Revenue is forecast to grow 6.0% 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 13% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Announcement • Dec 28
Kyoritsu Maintenance Co., Ltd. to Report Q3, 2023 Results on Feb 09, 2023 Kyoritsu Maintenance Co., Ltd. announced that they will report Q3, 2023 results on Feb 09, 2023 Major Estimate Revision • Nov 25
Consensus EPS estimates increase by 11% The consensus outlook for earnings per share (EPS) in 2023 has improved. 2023 revenue forecast increased from JP¥174.5b to JP¥176.9b. EPS estimate increased from JP¥75.87 to JP¥84.18 per share. Net income forecast to shrink 12% next year vs 0.3% decline forecast for Hospitality industry in Japan. Consensus price target of JP¥6,180 unchanged from last update. Share price rose 4.8% to JP¥5,880 over the past week. Major Estimate Revision • Nov 18
Consensus forecasts updated The consensus outlook for 2023 has been updated. 2023 EPS estimate increased from JP¥65.86 to JP¥75.87. Revenue forecast steady at JP¥174.5b. Net income forecast to shrink 15% next year vs 0.5% growth forecast for Hospitality industry in Japan . Consensus price target of JP¥6,197 unchanged from last update. Share price was steady at JP¥5,610 over the past week. Reported Earnings • Nov 16
Second quarter 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2023 results: EPS: JP¥41.05 (up from JP¥32.75 loss in 2Q 2022). Revenue: JP¥43.8b (up 15% from 2Q 2022). Net income: JP¥1.60b (up JP¥2.88b from 2Q 2022). Profit margin: 3.7% (up from net loss in 2Q 2022). The move to profitability was driven by higher revenue. Revenue missed analyst estimates by 2.1%. Earnings per share (EPS) exceeded analyst estimates by 38%. Revenue is forecast to grow 5.1% 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 fallen by 30% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Reported Earnings • Nov 11
Second quarter 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2023 results: EPS: JP¥41.05 (up from JP¥32.75 loss in 2Q 2022). Revenue: JP¥43.8b (up 15% from 2Q 2022). Net income: JP¥1.60b (up JP¥2.88b from 2Q 2022). Profit margin: 3.7% (up from net loss in 2Q 2022). The move to profitability was driven by higher revenue. Revenue missed analyst estimates by 2.1%. Earnings per share (EPS) exceeded analyst estimates by 38%. Revenue is forecast to grow 5.0% 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 fallen by 30% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥10.00 per share Eligible shareholders must have bought the stock before 29 September 2022. Payment date: 06 December 2022. Payout ratio is a comfortable 19% and this is well supported by cash flows. Trailing yield: 0.3%. Lower than top quartile of Japanese dividend payers (3.7%). Lower than average of industry peers (0.5%). Price Target Changed • Sep 15
Price target increased to JP¥5,963 Up from JP¥5,513, the current price target is an average from 5 analysts. New target price is approximately in line with last closing price of JP¥6,110. Stock is up 55% over the past year. The company is forecast to post earnings per share of JP¥60.86 for next year compared to JP¥13.82 last year. Major Estimate Revision • Sep 14
Consensus forecasts updated The consensus outlook for 2023 has been updated. 2023 EPS estimate increased from JP¥49.12 to JP¥55.81. Revenue forecast unchanged at JP¥174.9b. Net income forecast to shrink 7.4% next year vs 0.6% decline forecast for Hospitality industry in Japan. Consensus price target up from JP¥5,513 to JP¥5,847. Share price rose 10% to JP¥6,060 over the past week. Reported Earnings • Aug 11
First quarter 2023 earnings released: EPS: JP¥17.72 (vs JP¥71.79 loss in 1Q 2022) First quarter 2023 results: EPS: JP¥17.72 (up from JP¥71.79 loss in 1Q 2022). Revenue: JP¥39.3b (up 32% from 1Q 2022). Net income: JP¥691.0m (up JP¥3.49b from 1Q 2022). Profit margin: 1.8% (up from net loss in 1Q 2022). The move to profitability was driven by higher revenue. Over the next year, revenue is expected to shrink by 2.3% compared to a 38% growth forecast for the industry in Japan. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 73 percentage points per year, which is a significant difference in performance.