Reported Earnings • Aug 05
First quarter 2027 earnings released: EPS: JP¥14.64 (vs JP¥16.98 in 1Q 2026) First quarter 2027 results: EPS: JP¥14.64 (down from JP¥16.98 in 1Q 2026). Revenue: JP¥24.0b (up 8.5% from 1Q 2026). Net income: JP¥402.6m (down 16% from 1Q 2026). Profit margin: 1.7% (down from 2.2% in 1Q 2026). 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 6% per year. Announcement • Jun 18
WIN-Partners Co., Ltd. to Report Q1, 2027 Results on Aug 06, 2026 WIN-Partners Co., Ltd. announced that they will report Q1, 2027 results on Aug 06, 2026 Reported Earnings • May 20
Full year 2026 earnings released: EPS: JP¥75.97 (vs JP¥70.45 in FY 2025) Full year 2026 results: EPS: JP¥75.97 (up from JP¥70.45 in FY 2025). Revenue: JP¥90.4b (up 11% from FY 2025). Net income: JP¥2.12b (up 4.9% from FY 2025). Profit margin: 2.3% (down from 2.5% in FY 2025). 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 7% per year. Announcement • May 15
WIN-Partners Co., Ltd., Annual General Meeting, Jun 25, 2026 WIN-Partners Co., Ltd., Annual General Meeting, Jun 25, 2026. Announcement • May 09
WIN-Partners Co., Ltd. to Report Fiscal Year 2026 Results on May 15, 2026 WIN-Partners Co., Ltd. announced that they will report fiscal year 2026 results on May 15, 2026 Upcoming Dividend • Mar 23
Upcoming dividend of JP¥54.00 per share Eligible shareholders must have bought the stock before 30 March 2026. Payment date: 30 June 2026. Payout ratio is a comfortable 69% 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 (2.7%). Buy Or Sell Opportunity • Mar 19
Now 20% undervalued Over the last 90 days, the stock has risen 7.4% to JP¥1,429. The fair value is estimated to be JP¥1,788, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.0% over the last 3 years. Earnings per share has grown by 3.9%. Buy Or Sell Opportunity • Mar 04
Now 20% undervalued Over the last 90 days, the stock has risen 8.9% to JP¥1,414. The fair value is estimated to be JP¥1,779, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.0% over the last 3 years. Earnings per share has grown by 3.9%. Buy Or Sell Opportunity • Feb 16
Now 20% undervalued Over the last 90 days, the stock has risen 11% to JP¥1,420. The fair value is estimated to be JP¥1,781, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.0% over the last 3 years. Earnings per share has grown by 3.9%. Reported Earnings • Feb 10
Third quarter 2026 earnings released: EPS: JP¥18.58 (vs JP¥19.63 in 3Q 2025) Third quarter 2026 results: EPS: JP¥18.58 (down from JP¥19.63 in 3Q 2025). Revenue: JP¥22.5b (up 4.9% from 3Q 2025). Net income: JP¥516.0m (down 8.6% from 3Q 2025). Profit margin: 2.3% (down from 2.6% in 3Q 2025). 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 but the company’s share price has increased by 11% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Feb 09
WIN-Partners Co., Ltd. (TSE:3183) announces an Equity Buyback for 290,000 shares, representing 1.04% for ¥400 million. WIN-Partners Co., Ltd. (TSE:3183) announces a share repurchase program. Under the program, the company will repurchase up to 290,000 shares, representing 2.97% of its issued share capital (excluding treasury stock), for ¥400 million. The purpose of the program is to improve capital efficiency and to further improve shareholder return. The program will run until March 31, 2026. As of December 31, 2025, the company had 27,774,936 shares in issue (excluding treasury stock) and 2,728,374 shares in treasury. Announcement • Dec 16
WIN-Partners Co., Ltd. to Report Q3, 2026 Results on Feb 09, 2026 WIN-Partners Co., Ltd. announced that they will report Q3, 2026 results on Feb 09, 2026 Declared Dividend • Nov 07
Dividend of JP¥53.00 announced Shareholders will receive a dividend of JP¥53.00. Ex-date: 30th March 2026 Payment date: 30th June 2026 Dividend yield will be 4.2%, which is higher than the industry average of 2.2%. Sustainability & Growth Dividend is covered by earnings (68% earnings payout ratio) but not adequately covered by cash flows (92% cash payout ratio). The dividend has increased by an average of 13% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. Earnings per share has grown by 10% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Nov 07
Second quarter 2026 earnings released: EPS: JP¥19.12 (vs JP¥15.73 in 2Q 2025) Second quarter 2026 results: EPS: JP¥19.12 (up from JP¥15.73 in 2Q 2025). Revenue: JP¥21.7b (up 12% from 2Q 2025). Net income: JP¥531.1m (up 18% from 2Q 2025). Profit margin: 2.5% (up from 2.3% in 2Q 2025). The increase in margin was driven by higher revenue. 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 9% per year. Announcement • Sep 02
WIN-Partners Co., Ltd. to Report Q2, 2026 Results on Nov 10, 2025 WIN-Partners Co., Ltd. announced that they will report Q2, 2026 results on Nov 10, 2025 Reported Earnings • Aug 06
First quarter 2026 earnings released: EPS: JP¥16.95 (vs JP¥13.89 in 1Q 2025) First quarter 2026 results: EPS: JP¥16.95 (up from JP¥13.89 in 1Q 2025). Revenue: JP¥22.1b (up 13% from 1Q 2025). Net income: JP¥480.0m (up 21% from 1Q 2025). Profit margin: 2.2% (up from 2.0% in 1Q 2025). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has increased by 11% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jun 26
WIN-Partners Co., Ltd. to Report Q1, 2026 Results on Aug 07, 2025 WIN-Partners Co., Ltd. announced that they will report Q1, 2026 results on Aug 07, 2025 Announcement • Jun 20
OFFICE A, Y.K. acquired 5.53% stake in WIN-Partners Co., Ltd. (TSE:3183) from Symphony Financial Partners (Singapore) Pte. Ltd. OFFICE A, Y.K. acquired 5.53% stake in WIN-Partners Co., Ltd. (TSE:3183) from Symphony Financial Partners (Singapore) Pte. Ltd. on June 20, 2025. As part of the acquisition, OFFICE A, Y.K. has acquired 1.6 million shares in WIN-Partners Co., Ltd.
OFFICE A, Y.K. completed the acquisition of 5.53% stake in WIN-Partners Co., Ltd. (TSE:3183) from Symphony Financial Partners (Singapore) Pte. Ltd. on June 20, 2025. Announcement • Jun 12
WIN-Partners Co., Ltd. (TSE:3183) announces an Equity Buyback for 850,000 shares, representing 2.97% for ¥1,100.75 million. WIN-Partners Co., Ltd. (TSE:3183) announces a share repurchase program. Under the program, the company will repurchase up to 850,000 shares, representing 2.97% of its issued share capital (excluding treasury stock), for ¥1,100.75 million. The purpose of the program is to improve capital efficiency and to achieve flexible capital policy in response to the management environment. The program will run until June 12, 2025. As of March 31, 2025, the company had 28,589,936 shares in issue (excluding treasury stock) and 1,913,374 shares in treasury. Reported Earnings • May 20
Full year 2025 earnings released: EPS: JP¥70.45 (vs JP¥64.38 in FY 2024) Full year 2025 results: EPS: JP¥70.45 (up from JP¥64.38 in FY 2024). Revenue: JP¥81.4b (up 5.6% from FY 2024). Net income: JP¥2.02b (up 10.0% from FY 2024). Profit margin: 2.5% (up from 2.4% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 3% per year whereas the company’s share price has increased by 8% per year. Announcement • May 15
WIN-Partners Co., Ltd., Annual General Meeting, Jun 27, 2025 WIN-Partners Co., Ltd., Annual General Meeting, Jun 27, 2025. Buy Or Sell Opportunity • Apr 07
Now 23% undervalued after recent price drop Over the last 90 days, the stock has fallen 14% to JP¥1,140. The fair value is estimated to be JP¥1,487, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.6% over the last 3 years, while earnings per share has been flat. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥52.00 per share Eligible shareholders must have bought the stock before 28 March 2025. Payment date: 30 June 2025. Payout ratio is a comfortable 70% and this is well supported by cash flows. Trailing yield: 3.3%. Lower than top quartile of Japanese dividend payers (3.7%). Higher than average of industry peers (2.7%). Announcement • Mar 05
WIN-Partners Co., Ltd. to Report Fiscal Year 2025 Results on May 15, 2025 WIN-Partners Co., Ltd. announced that they will report fiscal year 2025 results on May 15, 2025 Announcement • Feb 27
WIN-Partners Co., Ltd. (TSE:3183) announces an Equity Buyback for 300,000 shares, representing 1.04% for ¥400 million. WIN-Partners Co., Ltd. (TSE:3183) announces a share repurchase program. Under the program, the company will repurchase up to 300,000 shares, representing 1.04% of its issued share capital (excluding treasury stock), for ¥400 million. The purpose of the program is to improve capital efficiency and shareholder returns. The program will run until March 31, 2025. As of December 31, 2024, the company had 28,864,736 shares in issue (excluding treasury stock) and 1,638,574 shares in treasury. Reported Earnings • Feb 07
Third quarter 2025 earnings released: EPS: JP¥19.61 (vs JP¥17.36 in 3Q 2024) Third quarter 2025 results: EPS: JP¥19.61 (up from JP¥17.36 in 3Q 2024). Revenue: JP¥21.5b (up 9.0% from 3Q 2024). Net income: JP¥564.0m (up 14% from 3Q 2024). Profit margin: 2.6% (in line with 3Q 2024). Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has increased by 10% per year, which means it is tracking significantly ahead of earnings growth. Buy Or Sell Opportunity • Jan 14
Now 20% undervalued Over the last 90 days, the stock has risen 4.9% to JP¥1,283. The fair value is estimated to be JP¥1,610, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.0% over the last 3 years, while earnings per share has been flat. Declared Dividend • Nov 07
Dividend increased to JP¥51.00 Dividend of JP¥51.00 is 2.0% higher than last year. Ex-date: 28th March 2025 Payment date: 30th June 2025 Dividend yield will be 4.0%, which is higher than the industry average of 2.2%. Sustainability & Growth Dividend is covered by both earnings (72% earnings payout ratio) and cash flows (57% cash payout ratio). The dividend has increased by an average of 12% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to decline by 20% to shift the payout ratio to a potentially unsustainable range, which is more than the 6.5% EPS decline seen over the last 5 years. Reported Earnings • Nov 07
Second quarter 2025 earnings released: EPS: JP¥15.73 (vs JP¥14.47 in 2Q 2024) Second quarter 2025 results: EPS: JP¥15.73 (up from JP¥14.47 in 2Q 2024). Revenue: JP¥19.3b (up 8.7% from 2Q 2024). Net income: JP¥449.3m (up 9.1% from 2Q 2024). Profit margin: 2.3% (in line with 2Q 2024). Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has increased by 11% per year, which means it is tracking significantly ahead of earnings growth. Buy Or Sell Opportunity • Oct 25
Now 21% undervalued Over the last 90 days, the stock has risen 1.4% to JP¥1,195. The fair value is estimated to be JP¥1,512, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.4% over the last 3 years, while earnings per share has been flat. Buy Or Sell Opportunity • Sep 27
Now 20% undervalued The stock has been flat over the last 90 days, currently trading at JP¥1,213. The fair value is estimated to be JP¥1,516, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.4% over the last 3 years, while earnings per share has been flat. Announcement • Aug 28
WIN-Partners Co., Ltd. to Report Q2, 2025 Results on Nov 11, 2024 WIN-Partners Co., Ltd. announced that they will report Q2, 2025 results on Nov 11, 2024 Reported Earnings • Aug 07
First quarter 2025 earnings released: EPS: JP¥13.89 (vs JP¥10.20 in 1Q 2024) First quarter 2025 results: EPS: JP¥13.89 (up from JP¥10.20 in 1Q 2024). Revenue: JP¥19.6b (up 13% from 1Q 2024). Net income: JP¥396.7m (up 37% from 1Q 2024). Profit margin: 2.0% (up from 1.7% in 1Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 2% per year whereas the company’s share price has increased by 3% per year. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to JP¥1,014, the stock trades at a trailing P/E ratio of 15.8x. Average trailing P/E is 15x in the Healthcare industry in Japan. Total returns to shareholders of 13% over the past three years. Reported Earnings • May 18
Full year 2024 earnings released: EPS: JP¥64.38 (vs JP¥72.03 in FY 2023) Full year 2024 results: EPS: JP¥64.38 (down from JP¥72.03 in FY 2023). Revenue: JP¥77.1b (up 8.8% from FY 2023). Net income: JP¥1.84b (down 10% from FY 2023). Profit margin: 2.4% (down from 2.9% in FY 2023). 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. Announcement • May 16
WIN-Partners Co., Ltd., Annual General Meeting, Jun 27, 2024 WIN-Partners Co., Ltd., Annual General Meeting, Jun 27, 2024. Announcement • Mar 29
WIN-Partners Co., Ltd. to Report Fiscal Year 2024 Final Results on May 14, 2024 WIN-Partners Co., Ltd. announced that they will report fiscal year 2024 final results on May 14, 2024 Upcoming Dividend • Mar 21
Upcoming dividend of JP¥50.00 per share Eligible shareholders must have bought the stock before 28 March 2024. Payment date: 01 July 2024. Payout ratio is a comfortable 60% but the company is not cash flow positive. Trailing yield: 4.0%. Within top quartile of Japanese dividend payers (3.2%). Higher than average of industry peers (2.2%). Reported Earnings • Feb 09
Third quarter 2024 earnings released: EPS: JP¥17.36 (vs JP¥28.50 in 3Q 2023) Third quarter 2024 results: EPS: JP¥17.36 (down from JP¥28.50 in 3Q 2023). Revenue: JP¥19.7b (up 11% from 3Q 2023). Net income: JP¥496.0m (down 39% from 3Q 2023). Profit margin: 2.5% (down from 4.6% in 3Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Jan 22
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 15% to JP¥1,240. The fair value is estimated to be JP¥1,030, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 6.3% over the last 3 years. Earnings per share has grown by 11%. Announcement • Dec 29
WIN-Partners Co., Ltd. to Report Q3, 2024 Results on Feb 07, 2024 WIN-Partners Co., Ltd. announced that they will report Q3, 2024 results on Feb 07, 2024 New Risk • Nov 10
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 34% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 8.0% per year over the past 5 years. High level of non-cash earnings (34% accrual ratio). Minor Risk Paying a dividend despite having no free cash flows. Reported Earnings • Nov 09
Second quarter 2024 earnings released: EPS: JP¥14.47 (vs JP¥12.00 in 2Q 2023) Second quarter 2024 results: EPS: JP¥14.47 (up from JP¥12.00 in 2Q 2023). Revenue: JP¥17.8b (up 5.5% from 2Q 2023). Net income: JP¥412.0m (up 21% from 2Q 2023). Profit margin: 2.3% (up from 2.0% in 2Q 2023). Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Announcement • Sep 27
WIN-Partners Co., Ltd. to Report Q2, 2024 Results on Nov 08, 2023 WIN-Partners Co., Ltd. announced that they will report Q2, 2024 results on Nov 08, 2023 Reported Earnings • Aug 08
First quarter 2024 earnings released: EPS: JP¥10.20 (vs JP¥14.08 in 1Q 2023) First quarter 2024 results: EPS: JP¥10.20 (down from JP¥14.08 in 1Q 2023). Revenue: JP¥17.4b (up 3.8% from 1Q 2023). Net income: JP¥290.0m (down 28% from 1Q 2023). Profit margin: 1.7% (down from 2.4% in 1Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Announcement • Jun 28
WIN-Partners Co., Ltd. to Report Q1, 2024 Results on Aug 07, 2023 WIN-Partners Co., Ltd. announced that they will report Q1, 2024 results on Aug 07, 2023 Upcoming Dividend • Mar 23
Upcoming dividend of JP¥50.00 per share at 3.3% yield Eligible shareholders must have bought the stock before 30 March 2023. Payment date: 29 June 2023. Payout ratio is a comfortable 52% but the company is not cash flow positive. Trailing yield: 3.3%. Lower than top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (2.3%). Reported Earnings • Feb 10
Third quarter 2023 earnings released: EPS: JP¥28.50 (vs JP¥23.09 in 3Q 2022) Third quarter 2023 results: EPS: JP¥28.50 (up from JP¥23.09 in 3Q 2022). Revenue: JP¥17.7b (flat on 3Q 2022). Net income: JP¥810.0m (up 22% from 3Q 2022). Profit margin: 4.6% (up from 3.7% in 3Q 2022). Over the last 3 years on average, earnings per share has increased by 2% per year whereas the company’s share price has fallen by 1% per year. Announcement • Dec 23
WIN-Partners Co., Ltd. to Report Q3, 2023 Results on Feb 07, 2023 WIN-Partners Co., Ltd. announced that they will report Q3, 2023 results on Feb 07, 2023 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 an independent director. The company's board is composed of: 1 new director. 4 experienced directors. 4 highly experienced directors. 4 independent directors (5 non-independent directors). Independent External Director Kenjiro Ide was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Nov 10
Second quarter 2023 earnings released: EPS: JP¥12.00 (vs JP¥15.12 in 2Q 2022) Second quarter 2023 results: EPS: JP¥12.00 (down from JP¥15.12 in 2Q 2022). Revenue: JP¥16.9b (up 7.4% from 2Q 2022). Net income: JP¥341.0m (down 21% from 2Q 2022). Profit margin: 2.0% (down from 2.8% in 2Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 7% per year whereas the company’s share price has fallen by 12% per year. Announcement • Sep 22
WIN-Partners Co., Ltd. to Report Q2, 2023 Results on Nov 08, 2022 WIN-Partners Co., Ltd. announced that they will report Q2, 2023 results on Nov 08, 2022 Announcement • Sep 08
Blisspack Co.,Ltd and Win Partners Co., Ltd agreed to acquire 12.74% stake in FN REPUBLIC Co., Ltd (KOSDAQ:A064090) from FN Cosmedics Co., Ltd. for KRW 7 billion. Blisspack Co.,Ltd and Win Partners Co., Ltd agreed to acquire 12.74% stake in FN REPUBLIC Co., Ltd (KOSDAQ:A064090) from FN Cosmedics Co., Ltd. for KRW 7 billion on September 6, 2022. Transaction is expected to close on October 31, 2022. Buying Opportunity • Sep 02
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 4.8%. The fair value is estimated to be JP¥1,218, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 13%. Reported Earnings • Aug 07
First quarter 2023 earnings released: EPS: JP¥14.08 (vs JP¥12.71 in 1Q 2022) First quarter 2023 results: EPS: JP¥14.08 (up from JP¥12.71 in 1Q 2022). Revenue: JP¥16.7b (up 8.5% from 1Q 2022). Net income: JP¥400.0m (up 9.6% from 1Q 2022). Profit margin: 2.4% (in line with 1Q 2022). Over the last 3 years on average, earnings per share has fallen by 13% 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. Announcement • Aug 06
Win-Partners Co., Ltd. Provides Dividend Guidance for the Fiscal Year Ending March 31, 2023 WIN-Partners Co., Ltd. provided dividend guidance for the fiscal year ending March 31, 2023. For the year, the company expects to pay dividend of JPY 36.00 per share compared to JPY 35.00 per share paid for the same period last year. Announcement • Jun 29
WIN-Partners Co., Ltd. to Report Q1, 2023 Results on Aug 05, 2022 WIN-Partners Co., Ltd. announced that they will report Q1, 2023 results on Aug 05, 2022 Announcement • May 13
WIN-Partners Co., Ltd., Annual General Meeting, Jun 28, 2022 WIN-Partners Co., Ltd., Annual General Meeting, Jun 28, 2022. Board Change • Apr 27
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 an independent director. The company's board is composed of: 1 new director. 1 experienced director. 7 highly experienced directors. 4 independent directors (5 non-independent directors). Independent External Director Kenjiro Ide was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Announcement • Apr 07
WIN-Partners Co., Ltd. to Report Fiscal Year 2022 Results on May 13, 2022 WIN-Partners Co., Ltd. announced that they will report fiscal year 2022 results on May 13, 2022 Upcoming Dividend • Mar 23
Upcoming dividend of JP¥35.00 per share Eligible shareholders must have bought the stock before 30 March 2022. Payment date: 25 June 2022. Payout ratio is a comfortable 49% and this is well supported by cash flows. Trailing yield: 3.2%. Lower than top quartile of Japanese dividend payers (3.4%). Higher than average of industry peers (2.0%). Reported Earnings • Feb 12
Third quarter 2022 earnings: Revenues and EPS in line with analyst expectations Third quarter 2022 results: EPS: JP¥23.09 (up from JP¥14.73 in 3Q 2021). Revenue: JP¥17.7b (up 6.8% from 3Q 2021). Net income: JP¥663.0m (up 57% from 3Q 2021). Profit margin: 3.7% (up from 2.6% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has fallen by 20% 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. Announcement • Feb 11
WIN-Partners Co., Ltd. (TSE:3183) announces an Equity Buyback for 300,000 shares, representing 1.04% for ¥300 million. WIN-Partners Co., Ltd. (TSE:3183) announces a share repurchase program. Under the program, the company will repurchase up to 300,000 shares, representing 1.04% of its issued share capital (excluding treasury stock), for ¥300 million. The purpose of the program is to improve capital efficiency and shareholder returns. The program will run until March 31, 2022. As of December 31, 2021, the company had 28,708,237 shares in issue (excluding treasury stock) and 1,795,073 shares in treasury. Reported Earnings • Nov 11
Second quarter 2022 earnings released: EPS JP¥15.12 (vs JP¥12.99 in 2Q 2021) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2022 results: Revenue: JP¥15.7b (up 4.4% from 2Q 2021). Net income: JP¥434.0m (up 16% from 2Q 2021). Profit margin: 2.8% (up from 2.5% in 2Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥34.00 per share Eligible shareholders must have bought the stock before 30 March 2021. Payment date: 26 June 2021. Trailing yield: 3.1%. Within top quartile of Japanese dividend payers (2.7%). Higher than average of industry peers (1.5%). Valuation Update With 7 Day Price Move • Mar 12
Investor sentiment deteriorated over the past week After last week's 19% share price decline to JP¥1,055, the stock is trading at a trailing P/E ratio of 21.4x, down from the previous P/E ratio of 26.3x. This compares to an average P/E of 18x in the Healthcare industry in Japan. Total return to shareholders over the past three years is a loss of 37%. Is New 90 Day High Low • Mar 05
New 90-day high: JP¥1,297 The company is up 10.0% from its price of JP¥1,174 on 04 December 2020. The Japanese market is up 6.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Healthcare industry, which is up 3.0% over the same period. Reported Earnings • Feb 12
Third quarter 2021 earnings released: EPS JP¥14.73 (vs JP¥14.00 in 3Q 2020) The company reported a solid third quarter result with improved earnings and revenues, although profit margins were flat. Third quarter 2021 results: Revenue: JP¥16.6b (up 7.4% from 3Q 2020). Net income: JP¥423.0m (up 5.2% from 3Q 2020). Profit margin: 2.6% (in line with 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Announcement • Dec 19
WIN-Partners Co., Ltd. to Report Q3, 2021 Results on Feb 10, 2021 WIN-Partners Co., Ltd. announced that they will report Q3, 2021 results on Feb 10, 2021 Is New 90 Day High Low • Dec 14
New 90-day high: JP¥1,209 The company is up 22% from its price of JP¥987 on 15 September 2020. The Japanese market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Healthcare industry, which is up 3.0% over the same period. Announcement • Aug 16
WIN-Partners Co., Ltd. to Report Q2, 2021 Results on Nov 11, 2020 WIN-Partners Co., Ltd. announced that they will report Q2, 2021 results on Nov 11, 2020 
