New Risk • Jul 28
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 6.5% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.9x net interest cover). Minor Risks Share price has been volatile over the past 3 months (6.5% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.2% net profit margin). Announcement • Jun 30
Mitsubishi Paper Mills Limited to Report Q1, 2027 Results on Aug 06, 2026 Mitsubishi Paper Mills Limited announced that they will report Q1, 2027 results on Aug 06, 2026 Announcement • May 30
Mitsubishi Paper Mills Limited Declares Dividend for the Fiscal Year Ended March 31, 2026, Payable on June 8, 2026 Mitsubishi Paper Mills Limited declared dividend for the fiscal year ended March 31, 2026, of JPY 15 per share against JPY 15 per share paid a year ago. Effective date: June 8, 2026. Record date: March 31,2026. MPM's basic policy regarding dividends of surplus is to regard the distribution of profits to shareholders as a key management issue and maintain stable and continuous dividends while
comprehensively considering business performance in each business year and investing in growth for the future management initiatives. Regarding the year-end dividend for the fiscal year ending March
2026, we have decided to pay a year-end dividend of 15 yen per share, after considering the need to maintain stable dividends and the recent business performance trends. Valuation Update With 7 Day Price Move • May 21
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to JP¥1,090, the stock trades at a trailing P/E ratio of 25.1x. Average trailing P/E is 11x in the Forestry industry in Japan. Total returns to shareholders of 136% over the past three years. Reported Earnings • May 19
Full year 2026 earnings released: EPS: JP¥43.35 (vs JP¥99.11 in FY 2025) Full year 2026 results: EPS: JP¥43.35 (down from JP¥99.11 in FY 2025). Revenue: JP¥157.5b (down 11% from FY 2025). Net income: JP¥1.90b (down 56% from FY 2025). Profit margin: 1.2% (down from 2.5% in FY 2025). Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has increased by 25% per year, which means it is tracking significantly ahead of earnings growth. Announcement • May 14
Mitsubishi Paper Mills Limited, Annual General Meeting, Jun 26, 2026 Mitsubishi Paper Mills Limited, Annual General Meeting, Jun 26, 2026. Announcement • May 09
Mitsubishi Paper Mills Limited to Report Fiscal Year 2026 Results on May 14, 2026 Mitsubishi Paper Mills Limited announced that they will report fiscal year 2026 results on May 14, 2026 Upcoming Dividend • Mar 23
Upcoming dividend of JP¥15.00 per share Eligible shareholders must have bought the stock before 30 March 2026. Payment date: 09 June 2026. The company is not currently making a profit but it is cash flow positive. Trailing yield: 1.8%. Lower than top quartile of Japanese dividend payers (3.6%). Lower than average of industry peers (3.2%). New Risk • Feb 16
New minor risk - Dividend sustainability The dividend is not well covered by earnings. The company is paying a dividend despite being loss-making. Dividend yield: 2.1% 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: Major Risk Debt is not well covered by operating cash flow (14% operating cash flow to total debt). Minor Risk Paying a dividend despite being loss-making. Announcement • Jan 06
Mitsubishi Paper Mills Limited to Report Q3, 2026 Results on Feb 13, 2026 Mitsubishi Paper Mills Limited announced that they will report Q3, 2026 results on Feb 13, 2026 Reported Earnings • Nov 16
Second quarter 2026 earnings released: EPS: JP¥0.80 (vs JP¥4.77 loss in 2Q 2025) Second quarter 2026 results: EPS: JP¥0.80 (up from JP¥4.77 loss in 2Q 2025). Revenue: JP¥39.6b (down 8.8% from 2Q 2025). Net income: JP¥35.0m (up JP¥244.0m from 2Q 2025). Profit margin: 0.1% (up from net loss in 2Q 2025). Over the last 3 years on average, earnings per share has increased by 68% per year but the company’s share price has only increased by 32% per year, which means it is significantly lagging earnings growth. Declared Dividend • Nov 15
Dividend of JP¥15.00 announced Shareholders will receive a dividend of JP¥15.00. Ex-date: 30th March 2026 Payment date: 9th June 2026 Dividend yield will be 2.4%, which is about the same as the industry average. Sustainability & Growth Dividend is well covered by both earnings (22% earnings payout ratio) and cash flows (30% cash payout ratio). The dividend has increased by an average of 15% per year over the past 8 years and payments have been stable during that time. Earnings per share has grown by 57% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Aug 08
First quarter 2026 earnings released: JP¥30.02 loss per share (vs JP¥0.53 loss in 1Q 2025) First quarter 2026 results: JP¥30.02 loss per share (further deteriorated from JP¥0.53 loss in 1Q 2025). Revenue: JP¥39.5b (down 12% from 1Q 2025). Net loss: JP¥1.32b (loss widened JP¥1.29b from 1Q 2025). Over the last 3 years on average, earnings per share has increased by 68% per year but the company’s share price has only increased by 30% per year, which means it is significantly lagging earnings growth. New Risk • Jul 17
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. Cash payout ratio: 0% Dividend yield: 2.4% 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 Risks Debt is not well covered by operating cash flow (6.8% operating cash flow to total debt). Shares are highly illiquid. Minor Risks Dividend is not well covered by cash flows (0% cash payout ratio). Large one-off items impacting financial results. Announcement • May 30
Mitsubishi Paper Mills Limited Announces Dividend for the Fiscal Year Ended March 31, 2025, Payable on June 9, 2025 Mitsubishi Paper Mills Limited announced that at the board meeting held on May 30, 2025 it declared dividend of JPY 15.00 per share for the fiscal year ended March 31, 2025 against JPY 10.00 per share a year ago. Record date is March 31, 2025. Effective date is June 9, 2025. Valuation Update With 7 Day Price Move • May 21
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to JP¥631, the stock trades at a trailing P/E ratio of 6.4x. Average trailing P/E is 11x in the Forestry industry in Japan. Total returns to shareholders of 122% over the past three years. Reported Earnings • May 19
Full year 2025 earnings released: EPS: JP¥99.11 (vs JP¥95.27 in FY 2024) Full year 2025 results: EPS: JP¥99.11 (up from JP¥95.27 in FY 2024). Revenue: JP¥175.9b (down 9.1% from FY 2024). Net income: JP¥4.34b (up 4.1% from FY 2024). Profit margin: 2.5% (up from 2.2% in FY 2024). Over the last 3 years on average, earnings per share has increased by 71% per year but the company’s share price has only increased by 29% per year, which means it is significantly lagging earnings growth. New Risk • May 15
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 8.1% 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 (11% operating cash flow to total debt). Minor Risks Share price has been volatile over the past 3 months (8.1% average weekly change). Large one-off items impacting financial results. Announcement • May 14
Mitsubishi Paper Mills Limited, Annual General Meeting, Jun 27, 2025 Mitsubishi Paper Mills Limited, Annual General Meeting, Jun 27, 2025. Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to JP¥545, the stock trades at a trailing P/E ratio of 3.4x. Average trailing P/E is 6x in the Forestry industry in Japan. Total returns to shareholders of 90% over the past three years. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥15.00 per share Eligible shareholders must have bought the stock before 28 March 2025. Payment date: 10 June 2025. Payout ratio is a comfortable 6.2% and this is well supported by cash flows. Trailing yield: 2.2%. Lower than top quartile of Japanese dividend payers (3.7%). Lower than average of industry peers (2.7%). Announcement • Feb 28
Mitsubishi Paper Mills Limited to Report Fiscal Year 2025 Results on May 14, 2025 Mitsubishi Paper Mills Limited announced that they will report fiscal year 2025 results on May 14, 2025 Reported Earnings • Feb 16
Third quarter 2025 earnings released: EPS: JP¥60.08 (vs JP¥47.90 loss in 3Q 2024) Third quarter 2025 results: EPS: JP¥60.08 (up from JP¥47.90 loss in 3Q 2024). Revenue: JP¥44.3b (down 7.7% from 3Q 2024). Net income: JP¥2.63b (up JP¥4.73b from 3Q 2024). Profit margin: 5.9% (up from net loss in 3Q 2024). Over the last 3 years on average, earnings per share has increased by 68% per year but the company’s share price has only increased by 25% per year, which means it is significantly lagging earnings growth. New Risk • Dec 24
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 5.4% 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 (11% operating cash flow to total debt). Minor Risk Share price has been volatile over the past 3 months (5.4% average weekly change). New Risk • Dec 16
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 • Nov 19
Second quarter 2025 earnings released: JP¥4.77 loss per share (vs JP¥16.47 profit in 2Q 2024) Second quarter 2025 results: JP¥4.77 loss per share (down from JP¥16.47 profit in 2Q 2024). Revenue: JP¥43.4b (down 8.4% from 2Q 2024). Net loss: JP¥209.0m (down 129% from profit in 2Q 2024). Over the last 3 years on average, earnings per share has increased by 56% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Declared Dividend • Nov 15
Dividend of JP¥10.00 announced Dividend of JP¥10.00 is the same as last year. Ex-date: 28th March 2025 Payment date: 10th June 2025 Dividend yield will be 2.1%, which is lower than the industry average of 2.3%. Sustainability & Growth Dividend is well covered by both earnings (14% earnings payout ratio) and cash flows (4% cash payout ratio). The dividend has increased by an average of 10% per year over the past 7 years and payments have been stable during that time. Earnings per share has grown by 29% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Aug 08
First quarter 2025 earnings released: JP¥0.53 loss per share (vs JP¥20.96 profit in 1Q 2024) First quarter 2025 results: JP¥0.53 loss per share (down from JP¥20.96 profit in 1Q 2024). Revenue: JP¥45.0b (down 8.7% from 1Q 2024). Net loss: JP¥23.0m (down 102% from profit in 1Q 2024). Over the last 3 years on average, earnings per share has increased by 70% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 25% After last week's 25% share price decline to JP¥532, the stock trades at a trailing P/E ratio of 5.6x. Average trailing P/E is 9x in the Forestry industry in Japan. Total returns to shareholders of 50% over the past three years. Reported Earnings • May 16
Full year 2024 earnings released: EPS: JP¥95.27 (vs JP¥12.95 loss in FY 2023) Full year 2024 results: EPS: JP¥95.27 (up from JP¥12.95 loss in FY 2023). Revenue: JP¥193.5b (down 7.7% from FY 2023). Net income: JP¥4.17b (up JP¥4.74b from FY 2023). Profit margin: 2.2% (up from net loss in FY 2023). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 77% per year but the company’s share price has only increased by 29% per year, which means it is significantly lagging earnings growth. Announcement • May 15
Mitsubishi Paper Mills Limited, Annual General Meeting, Jun 27, 2024 Mitsubishi Paper Mills Limited, Annual General Meeting, Jun 27, 2024. Valuation Update With 7 Day Price Move • May 13
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to JP¥662, the stock trades at a trailing P/E ratio of 7.7x. Average trailing P/E is 11x in the Forestry industry in Japan. Total returns to shareholders of 89% over the past three years. Buy Or Sell Opportunity • Apr 11
Now 20% undervalued Over the last 90 days, the stock has risen 9.9% to JP¥612. The fair value is estimated to be JP¥768, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.3% over the last 3 years. Meanwhile, the company has become profitable. Buy Or Sell Opportunity • Mar 26
Now 20% undervalued Over the last 90 days, the stock has risen 14% to JP¥609. The fair value is estimated to be JP¥765, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.3% over the last 3 years. Meanwhile, the company has become profitable. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥5.00 per share Eligible shareholders must have bought the stock before 28 March 2024. Payment date: 12 June 2024. Trailing yield: 0.8%. Lower than top quartile of Japanese dividend payers (3.2%). Lower than average of industry peers (1.9%). Announcement • Mar 02
Mitsubishi Paper Mills Limited to Report Fiscal Year 2024 Results on May 13, 2024 Mitsubishi Paper Mills Limited announced that they will report fiscal year 2024 results on May 13, 2024 New Risk • Feb 22
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 5.8% 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 (9.2% operating cash flow to total debt). Minor Risks Share price has been volatile over the past 3 months (5.8% average weekly change). Large one-off items impacting financial results. Reported Earnings • Feb 16
Third quarter 2024 earnings released: JP¥47.90 loss per share (vs JP¥103 loss in 3Q 2023) Third quarter 2024 results: JP¥47.90 loss per share (improved from JP¥103 loss in 3Q 2023). Revenue: JP¥48.0b (down 11% from 3Q 2023). Net loss: JP¥2.10b (loss narrowed 54% from 3Q 2023). Over the last 3 years on average, earnings per share has increased by 68% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Announcement • Nov 26
Mitsubishi Paper Mills Limited to Report Q3, 2024 Results on Feb 14, 2024 Mitsubishi Paper Mills Limited announced that they will report Q3, 2024 results on Feb 14, 2024 Reported Earnings • Nov 15
Second quarter 2024 earnings released: EPS: JP¥16.47 (vs JP¥6.07 in 2Q 2023) Second quarter 2024 results: EPS: JP¥16.47 (up from JP¥6.07 in 2Q 2023). Revenue: JP¥47.4b (down 8.5% from 2Q 2023). Net income: JP¥721.0m (up 168% from 2Q 2023). Profit margin: 1.5% (up from 0.5% in 2Q 2023). Over the last 3 years on average, earnings per share has increased by 50% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Announcement • Sep 28
Mitsubishi Paper Mills Limited to Report Q2, 2024 Results on Nov 13, 2023 Mitsubishi Paper Mills Limited announced that they will report Q2, 2024 results on Nov 13, 2023 Valuation Update With 7 Day Price Move • Sep 21
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to JP¥613, the stock trades at a trailing P/E ratio of 29.7x. Average trailing P/E is 13x in the Forestry industry in Japan. Total returns to shareholders of 76% over the past three years. Reported Earnings • Aug 06
First quarter 2024 earnings released: EPS: JP¥20.96 (vs JP¥12.53 loss in 1Q 2023) First quarter 2024 results: EPS: JP¥20.96 (up from JP¥12.53 loss in 1Q 2023). Revenue: JP¥49.3b (up 1.5% from 1Q 2023). Net income: JP¥917.0m (up JP¥1.47b from 1Q 2023). Profit margin: 1.9% (up from net loss in 1Q 2023). Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Announcement • Jun 28
Mitsubishi Paper Mills Limited to Report Q1, 2024 Results on Aug 04, 2023 Mitsubishi Paper Mills Limited announced that they will report Q1, 2024 results on Aug 04, 2023 New Risk • Jun 08
New major 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 7.7% 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 Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Earnings have declined by 42% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (7.7% average weekly change). Reported Earnings • May 16
Full year 2023 earnings released: JP¥12.95 loss per share (vs JP¥24.61 profit in FY 2022) Full year 2023 results: JP¥12.95 loss per share (down from JP¥24.61 profit in FY 2022). Revenue: JP¥209.5b (up 15% from FY 2022). Net loss: JP¥571.0m (down 152% from profit in FY 2022). Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Announcement • May 13
Mitsubishi Paper Mills Limited, Annual General Meeting, Jun 29, 2023 Mitsubishi Paper Mills Limited, Annual General Meeting, Jun 29, 2023. Reported Earnings • Feb 16
Third quarter 2023 earnings released: JP¥103 loss per share (vs JP¥4.18 profit in 3Q 2022) Third quarter 2023 results: JP¥103 loss per share (down from JP¥4.18 profit in 3Q 2022). Revenue: JP¥54.2b (up 18% from 3Q 2022). Net loss: JP¥4.53b (down JP¥4.72b from profit in 3Q 2022). Over the last 3 years on average, earnings per share has fallen by 29% per year but the company’s share price has only fallen by 14% per year, which means it has not declined as severely as earnings. Announcement • Dec 28
Mitsubishi Paper Mills Limited to Report Q3, 2023 Results on Feb 14, 2023 Mitsubishi Paper Mills Limited announced that they will report Q3, 2023 results on Feb 14, 2023 Reported Earnings • Nov 16
Second quarter 2023 earnings released: EPS: JP¥6.07 (vs JP¥31.78 in 2Q 2022) Second quarter 2023 results: EPS: JP¥6.07 (down from JP¥31.78 in 2Q 2022). Revenue: JP¥51.8b (up 17% from 2Q 2022). Net income: JP¥269.0m (down 81% from 2Q 2022). Profit margin: 0.5% (down from 3.2% in 2Q 2022). Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has fallen by 19% per year, which means it is performing significantly worse than earnings. Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 12 experienced directors. No highly experienced directors. 2 independent directors (8 non-independent directors). was the last director to join the board, commencing their role in . 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 • Aug 07
First quarter 2023 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2023 results: JP¥12.53 loss per share (up from JP¥26.00 loss in 1Q 2022). Revenue: JP¥48.6b (up 16% from 1Q 2022). Net loss: JP¥557.0m (loss narrowed 52% from 1Q 2022). Revenue exceeded analyst estimates by 8.0%. Earnings per share (EPS) missed analyst estimates by 12%. Over the next year, revenue is forecast to grow 3.2%, compared to a 7.0% growth forecast for the industry in Japan. Over the last 3 years on average, earnings per share has fallen by 20% per year whereas the company’s share price has fallen by 18% per year. Major Estimate Revision • Jun 09
Consensus EPS estimates increase by 13% The consensus outlook for earnings per share (EPS) in 2023 has improved. 2023 revenue forecast increased from JP¥180.3b to JP¥194.1b. EPS estimate increased from JP¥18.00 to JP¥20.30 per share. Net income forecast to shrink 18% next year vs 20% decline forecast for Forestry industry in Japan. Consensus price target of JP¥400 unchanged from last update. Share price was steady at JP¥311 over the past week. Reported Earnings • May 16
Full year 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2022 results: EPS: JP¥24.61 (up from JP¥56.70 loss in FY 2021). Revenue: JP¥181.9b (up 12% from FY 2021). Net income: JP¥1.10b (up JP¥3.63b from FY 2021). Profit margin: 0.6% (up from net loss in FY 2021). Revenue exceeded analyst estimates by 2.5%. Earnings per share (EPS) missed analyst estimates by 22%. Over the next year, revenue is forecast to stay flat compared to a 3.2% growth forecast for the industry in Japan. Over the last 3 years on average, earnings per share has fallen by 41% per year but the company’s share price has only fallen by 19% per year, which means it has not declined as severely as earnings. Major Estimate Revision • Apr 29
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate fell from JP¥38.20 to JP¥31.40 per share. Revenue forecast steady at JP¥177.5b. Net income forecast to shrink 18% next year vs 8.7% decline forecast for Forestry industry in Japan. Consensus price target of JP¥400 unchanged from last update. Share price was steady at JP¥305 over the past week. Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 12 experienced directors. No highly experienced directors. 2 independent directors (8 non-independent directors). was the last director to join the board, commencing their role in . 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 • Feb 16
Third quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2022 results: EPS: JP¥4.18 (up from JP¥19.59 loss in 3Q 2021). Revenue: JP¥46.1b (up 14% from 3Q 2021). Net income: JP¥186.0m (up JP¥1.06b from 3Q 2021). Profit margin: 0.4% (up from net loss in 3Q 2021). Revenue exceeded analyst estimates by 2.3%. Earnings per share (EPS) missed analyst estimates by 63%. Over the next year, revenue is forecast to grow 2.7%, compared to a 1.7% growth forecast for the industry in Japan. Over the last 3 years on average, earnings per share has fallen by 60% per year but the company’s share price has only fallen by 17% per year, which means it has not declined as severely as earnings. Reported Earnings • Nov 11
Second quarter 2022 earnings released: EPS JP¥31.78 (vs JP¥15.76 loss in 2Q 2021) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2022 results: Revenue: JP¥44.1b (up 18% from 2Q 2021). Net income: JP¥1.42b (up JP¥2.12b from 2Q 2021). Profit margin: 3.2% (up from net loss in 2Q 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 76 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 13
First quarter 2022 earnings released: JP¥26.00 loss per share (vs JP¥37.19 loss in 1Q 2021) The company reported a solid first quarter result with reduced losses, improved revenues and improved control over expenses. First quarter 2022 results: Revenue: JP¥41.7b (up 1.4% from 1Q 2021). Net loss: JP¥1.16b (loss narrowed 30% from 1Q 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 86 percentage points per year, which is a significant difference in performance. Reported Earnings • May 15
Full year 2021 earnings released: JP¥56.70 loss per share (vs JP¥17.94 profit in FY 2020) The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2021 results: Revenue: JP¥162.3b (down 17% from FY 2020). Net loss: JP¥2.53b (down 416% from profit in FY 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 77 percentage points per year, which is a significant difference in performance. Is New 90 Day High Low • Feb 17
New 90-day high: JP¥371 The company is up 8.0% from its price of JP¥344 on 19 November 2020. The Japanese market is up 14% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Forestry industry, which is up 25% over the same period. Reported Earnings • Feb 12
Third quarter 2021 earnings released: JP¥19.59 loss per share (vs JP¥15.52 loss in 3Q 2020) The company reported a poor third quarter result with increased losses, weaker revenues and weaker control over costs. Third quarter 2021 results: Revenue: JP¥40.2b (down 17% from 3Q 2020). Net loss: JP¥875.0m (loss widened 26% from 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 68% per year but the company’s share price has only fallen by 18% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Jan 27
New 90-day high: JP¥352 The company is up 8.0% from its price of JP¥326 on 29 October 2020. The Japanese market is up 14% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Forestry industry, which is up 24% over the same period. Price Target Changed • Dec 01
Price target lowered to JP¥420 Down from JP¥560, the current price target is provided by 1 analyst. The new target price is 30% above the current share price of JP¥323. As of last close, the stock is down 36% over the past year.