Valuation Update With 7 Day Price Move • Jun 05
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to JP¥1,719, the stock trades at a trailing P/E ratio of 14.4x. Average trailing P/E is 14x in the Chemicals industry in Japan. Total returns to shareholders of 80% over the past three years. Reported Earnings • May 17
Full year 2026 earnings released: EPS: JP¥117 (vs JP¥112 in FY 2025) Full year 2026 results: EPS: JP¥117. Revenue: JP¥138.2b (up 4.4% from FY 2025). Net income: JP¥12.9b (down 1.3% from FY 2025). Profit margin: 9.4% (in line with FY 2025). Announcement • May 09
Nihon Parkerizing Co., Ltd. to Report Fiscal Year 2026 Results on May 14, 2026 Nihon Parkerizing Co., Ltd. announced that they will report fiscal year 2026 results on May 14, 2026 Upcoming Dividend • Mar 23
Upcoming dividend of JP¥25.00 per share Eligible shareholders must have bought the stock before 30 March 2026. Payment date: 30 June 2026. Payout ratio is a comfortable 43% but the company is paying out more than the cash it is generating. Trailing yield: 3.5%. Lower than top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (2.3%). Reported Earnings • Feb 11
Third quarter 2026 earnings released: EPS: JP¥34.05 (vs JP¥31.30 in 3Q 2025) Third quarter 2026 results: EPS: JP¥34.05 (up from JP¥31.30 in 3Q 2025). Revenue: JP¥36.3b (up 7.6% from 3Q 2025). Net income: JP¥3.71b (up 1.3% from 3Q 2025). Profit margin: 10% (in line with 3Q 2025). Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has increased by 19% per year, which means it is tracking significantly ahead of earnings growth. Declared Dividend • Dec 11
First half dividend of JP¥25.00 announced Dividend of JP¥25.00 is the same as last year. Ex-date: 30th March 2026 Payment date: 30th June 2026 Dividend yield will be 3.6%, which is higher than the industry average of 2.2%. Sustainability & Growth Dividend is covered by earnings (44% earnings payout ratio) but not covered by cash flows (336% 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 17% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Dec 02
Nihon Parkerizing Co., Ltd. to Report Q3, 2026 Results on Feb 10, 2026 Nihon Parkerizing Co., Ltd. announced that they will report Q3, 2026 results on Feb 10, 2026 Reported Earnings • Nov 12
Second quarter 2026 earnings released: EPS: JP¥25.78 (vs JP¥23.98 in 2Q 2025) Second quarter 2026 results: EPS: JP¥25.78. Revenue: JP¥32.9b (up 1.4% from 2Q 2025). Net income: JP¥2.85b (flat on 2Q 2025). Profit margin: 8.7% (down from 8.9% in 2Q 2025). The decrease in margin was driven by higher expenses. Announcement • Sep 03
Nihon Parkerizing Co., Ltd. to Report Q2, 2026 Results on Nov 10, 2025 Nihon Parkerizing Co., Ltd. announced that they will report Q2, 2026 results on Nov 10, 2025 Reported Earnings • Aug 08
First quarter 2026 earnings released: EPS: JP¥24.73 (vs JP¥26.23 in 1Q 2025) First quarter 2026 results: EPS: JP¥24.73 (down from JP¥26.23 in 1Q 2025). Revenue: JP¥31.9b (up 5.0% from 1Q 2025). Net income: JP¥2.81b (down 7.1% from 1Q 2025). Profit margin: 8.8% (down from 10.0% in 1Q 2025). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 16% per year whereas the company’s share price has increased by 12% per year. Announcement • Aug 07
Nihon Parkerizing Co., Ltd. (TSE:4095) announces an Equity Buyback for 4,800,000 shares, representing 4.17% for ¥5,000 million. Nihon Parkerizing Co., Ltd. (TSE:4095) announces a share repurchase program. Under the program, the company will repurchase up to 4,800,000 shares, representing 4.17% of its share capital, for ¥5,000 million. The purpose of the program is to improve capital efficiency and implementing a flexible capital policy. The program will expire on March 31, 2026. As of July 31, 2025, the company had 115,048,301 shares in issue (excluding treasury stock) and 17,556,223 shares in treasury. Declared Dividend • Jul 09
Final dividend of JP¥25.00 announced Dividend of JP¥25.00 is the same as last year. Ex-date: 29th September 2025 Payment date: 10th December 2025 Dividend yield will be 3.8%, which is higher than the industry average of 2.2%. Sustainability & Growth Dividend is covered by earnings (39% 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 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 8.0% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Board Change • Jul 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 6 experienced directors. 3 highly experienced directors. President, Executive Officer & Representative Director Masayuki Aoyama was the last director to join the board, commencing their role in 2024. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Jun 25
Nihon Parkerizing Co., Ltd. to Report Q1, 2026 Results on Aug 07, 2025 Nihon Parkerizing Co., Ltd. announced that they will report Q1, 2026 results on Aug 07, 2025 New Risk • May 20
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. The company is paying a dividend despite having no free cash flows. Dividend yield: 4.1% 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. This is currently the only risk that has been identified for the company. Reported Earnings • May 15
Full year 2025 earnings released: EPS: JP¥112 (vs JP¥114 in FY 2024) Full year 2025 results: EPS: JP¥112 (down from JP¥114 in FY 2024). Revenue: JP¥132.3b (up 5.8% from FY 2024). Net income: JP¥13.1b (flat on FY 2024). Profit margin: 9.9% (in line with FY 2024). Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Announcement • May 13
Nihon Parkerizing Co., Ltd., Annual General Meeting, Jun 27, 2025 Nihon Parkerizing Co., Ltd., Annual General Meeting, Jun 27, 2025. Announcement • Apr 16
Japan Monozukuri Mirai Investment Limited Partnership managed by SPARX Group Co., Ltd. (TSE:8739) completed the acquisition of 91% stake in SNT Corporation (TSE:6319) from Topre Corporation (TSE:5975), Nippon Steel Corporation (TSE:5401), Nihon Parkerizing Co., Ltd. (TSE:4095), Nippon Steel Trading Corporation and others for ¥13.65 billion. Japan Monozukuri Mirai Investment Limited Partnership managed by SPARX Group Co., Ltd. (TSE:8739) proposed to acquire SNT Corporation (TSE:6319) from Topre Corporation (TSE:5975), Nippon Steel Corporation (TSE:5401), Nihon Parkerizing Co., Ltd. (TSE:4095), Nippon Steel Trading Corporation and others for ¥15.0 billion on February 28, 2025. The consideration will be paid at price of ¥403 per share. In this Transaction, if the Tender Offer is successful, the Squeeze-out Procedures will be implemented. The offer is expected to close on April 14, 2025. Nomura Securities Co., Ltd acted as financial advisor and Nishimura & Asahi acted as legal advisor to SNT Corporation. TMI Associates acted as legal advisor, Resona Research Institute Co., Ltd. acted as financial advisor and fairness opinion provider, YAMADA Business Consulting Co.,Ltd. acted as legal advisor, financial advisor and fairness opinion provider to SNT Corporation.
Japan Monozukuri Mirai Investment Limited Partnership managed by SPARX Group Co., Ltd. (TSE:8739) completed the acquisition of 91% stake in SNT Corporation (TSE:6319) from Topre Corporation (TSE:5975), Nippon Steel Corporation (TSE:5401), Nihon Parkerizing Co., Ltd. (TSE:4095), Nippon Steel Trading Corporation and others for ¥13.65 billion on April 14, 2025. Announcement • Mar 25
Nihon Parkerizing Co., Ltd. to Report Fiscal Year 2025 Results on May 13, 2025 Nihon Parkerizing Co., Ltd. announced that they will report fiscal year 2025 results on May 13, 2025 Upcoming Dividend • Mar 21
Upcoming dividend of JP¥25.00 per share Eligible shareholders must have bought the stock before 28 March 2025. Payment date: 30 June 2025. Payout ratio is a comfortable 39% and this is well supported by cash flows. Trailing yield: 3.9%. Within top quartile of Japanese dividend payers (3.7%). Higher than average of industry peers (2.6%). Reported Earnings • Feb 13
Third quarter 2025 earnings released: EPS: JP¥31.30 (vs JP¥29.89 in 3Q 2024) Third quarter 2025 results: EPS: JP¥31.30 (up from JP¥29.89 in 3Q 2024). Revenue: JP¥33.7b (up 3.7% from 3Q 2024). Net income: JP¥3.67b (up 6.4% from 3Q 2024). Profit margin: 11% (in line with 3Q 2024). Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Announcement • Jan 17
Nihon Parkerizing Co., Ltd. to Report Q3, 2025 Results on Feb 12, 2025 Nihon Parkerizing Co., Ltd. announced that they will report Q3, 2025 results on Feb 12, 2025 Declared Dividend • Dec 11
First half dividend of JP¥25.00 announced Shareholders will receive a dividend of JP¥25.00. 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 (18% earnings payout ratio) and cash flows (61% 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 3.8% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. New Risk • Nov 16
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 3.0% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. This is currently the only risk that has been identified for the company. Reported Earnings • Nov 09
Second quarter 2025 earnings released: EPS: JP¥23.98 (vs JP¥27.15 in 2Q 2024) Second quarter 2025 results: EPS: JP¥23.98 (down from JP¥27.15 in 2Q 2024). Revenue: JP¥32.4b (up 8.4% from 2Q 2024). Net income: JP¥2.87b (down 8.3% from 2Q 2024). Profit margin: 8.9% (down from 11% in 2Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 10% per year whereas the company’s share price has increased by 5% per year. Announcement • Sep 27
Nihon Parkerizing Co., Ltd. to Report Q2, 2025 Results on Nov 08, 2024 Nihon Parkerizing Co., Ltd. announced that they will report Q2, 2025 results on Nov 08, 2024 Upcoming Dividend • Sep 20
Upcoming dividend of JP¥25.00 per share Eligible shareholders must have bought the stock before 27 September 2024. Payment date: 09 December 2024. Payout ratio is a comfortable 34% and this is well supported by cash flows. Trailing yield: 3.2%. Lower than top quartile of Japanese dividend payers (3.8%). Higher than average of industry peers (2.4%). Reported Earnings • Aug 13
First quarter 2025 earnings released: EPS: JP¥26.23 (vs JP¥23.40 in 1Q 2024) First quarter 2025 results: EPS: JP¥26.23 (up from JP¥23.40 in 1Q 2024). Revenue: JP¥30.3b (up 6.0% from 1Q 2024). Net income: JP¥3.02b (up 12% from 1Q 2024). Profit margin: 10.0% (in line with 1Q 2024). 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 3% per year. Announcement • Aug 11
Nihon Parkerizing Co., Ltd. (TSE:4095) announces an Equity Buyback for 12,000,000 shares, representing 9.64% for ¥15,000 million. Nihon Parkerizing Co., Ltd. (TSE:4095) announces a share repurchase program. Under the program, the company will repurchase up to 12,000,000 shares, representing 9.64% of its share capital, for ¥15,000 million. The purpose of the program is to improve capital efficiency and implementing a flexible capital policy. The program will expire on July 31, 2025. As of July 31, 2024, the company had 124,428,888 shares in issue (excluding treasury stock) and 8,175,636 shares in treasury. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to JP¥991, the stock trades at a trailing P/E ratio of 8.7x. Average trailing P/E is 12x in the Chemicals industry in Japan. Total loss to shareholders of 4.7% over the past three years. Board Change • Jul 26
Less than half of directors are independent Following the recent departure of a director, there are only 5 independent directors on the board. The company's board is composed of: 5 independent directors. 6 non-independent directors. Independent Outside Director Shigetaka Hazeyama was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Declared Dividend • Jul 11
Final dividend of JP¥20.00 announced Dividend of JP¥20.00 is the same as last year. Ex-date: 27th September 2024 Payment date: 9th December 2024 Dividend yield will be 3.1%, which is higher than the industry average of 2.2%. Sustainability & Growth Dividend is covered by both earnings (61% earnings payout ratio) and cash flows (30% cash payout ratio). The dividend has increased by an average of 10% 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 4.0% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Jun 23
Nihon Parkerizing Co., Ltd. to Report Q1, 2025 Results on Aug 09, 2024 Nihon Parkerizing Co., Ltd. announced that they will report Q1, 2025 results on Aug 09, 2024 Reported Earnings • May 18
Full year 2024 earnings released: EPS: JP¥114 (vs JP¥86.10 in FY 2023) Full year 2024 results: EPS: JP¥114 (up from JP¥86.10 in FY 2023). Revenue: JP¥125.1b (up 5.0% from FY 2023). Net income: JP¥13.2b (up 32% from FY 2023). Profit margin: 11% (up from 8.4% in FY 2023). 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 and the company’s share price has also increased by 2% per year. Announcement • May 16
Nihon Parkerizing Co., Ltd., Annual General Meeting, Jun 27, 2024 Nihon Parkerizing Co., Ltd., Annual General Meeting, Jun 27, 2024. Announcement • Mar 30
Nihon Parkerizing Co., Ltd. to Report Fiscal Year 2024 Results on May 14, 2024 Nihon Parkerizing Co., Ltd. announced that they will report fiscal year 2024 results on May 14, 2024 Upcoming Dividend • Mar 21
Upcoming dividend of JP¥20.00 per share Eligible shareholders must have bought the stock before 28 March 2024. Payment date: 01 July 2024. Payout ratio is a comfortable 61% and this is well supported by cash flows. Trailing yield: 3.2%. Within top quartile of Japanese dividend payers (3.2%). Higher than average of industry peers (2.1%). Reported Earnings • Feb 09
Third quarter 2024 earnings released: EPS: JP¥29.89 (vs JP¥23.24 in 3Q 2023) Third quarter 2024 results: EPS: JP¥29.89 (up from JP¥23.24 in 3Q 2023). Revenue: JP¥32.5b (up 4.3% from 3Q 2023). Net income: JP¥3.45b (up 28% from 3Q 2023). Profit margin: 11% (up from 8.6% in 3Q 2023). 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 2% per year. Announcement • Nov 29
Nihon Parkerizing Co., Ltd. to Report Q3, 2024 Results on Feb 07, 2024 Nihon Parkerizing Co., Ltd. announced that they will report Q3, 2024 results on Feb 07, 2024 Reported Earnings • Nov 08
Second quarter 2024 earnings released: EPS: JP¥27.15 (vs JP¥23.47 in 2Q 2023) Second quarter 2024 results: EPS: JP¥27.15 (up from JP¥23.47 in 2Q 2023). Revenue: JP¥29.9b (up 4.3% from 2Q 2023). Net income: JP¥3.13b (up 15% from 2Q 2023). Profit margin: 11% (up from 9.5% in 2Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Upcoming Dividend • Sep 21
Upcoming dividend of JP¥20.00 per share at 3.4% yield Eligible shareholders must have bought the stock before 28 September 2023. Payment date: 11 December 2023. Payout ratio is a comfortable 45% and the cash payout ratio is 80%. Trailing yield: 3.4%. Within top quartile of Japanese dividend payers (3.3%). Higher than average of industry peers (2.5%). Announcement • Sep 03
Nihon Parkerizing Co., Ltd. to Report Q2, 2024 Results on Nov 07, 2023 Nihon Parkerizing Co., Ltd. announced that they will report Q2, 2024 results on Nov 07, 2023 Reported Earnings • Aug 09
First quarter 2024 earnings released: EPS: JP¥23.40 (vs JP¥21.39 in 1Q 2023) First quarter 2024 results: EPS: JP¥23.40 (up from JP¥21.39 in 1Q 2023). Revenue: JP¥28.6b (up 5.0% from 1Q 2023). Net income: JP¥2.70b (up 8.2% from 1Q 2023). Profit margin: 9.4% (up from 9.1% in 1Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. New Risk • Aug 08
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.0% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 5.6% per year over the past 5 years. Minor Risk Shareholders have been diluted in the past year (2.0% increase in shares outstanding). Announcement • Jun 18
Nihon Parkerizing Co., Ltd. to Report Q1, 2024 Results on Aug 04, 2023 Nihon Parkerizing Co., Ltd. announced that they will report Q1, 2024 results on Aug 04, 2023 Reported Earnings • May 17
Full year 2023 earnings released: EPS: JP¥86.10 (vs JP¥76.92 in FY 2022) Full year 2023 results: EPS: JP¥86.10 (up from JP¥76.92 in FY 2022). Revenue: JP¥119.2b (up 1.2% from FY 2022). Net income: JP¥9.97b (up 10% from FY 2022). Profit margin: 8.4% (up from 7.7% in FY 2022). Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥20.00 per share at 4.1% yield Eligible shareholders must have bought the stock before 30 March 2023. Payment date: 30 June 2023. Payout ratio is a comfortable 31% and this is well supported by cash flows. Trailing yield: 4.1%. Within top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (2.8%). Reported Earnings • Feb 10
Third quarter 2023 earnings released: EPS: JP¥23.24 (vs JP¥9.57 in 3Q 2022) Third quarter 2023 results: EPS: JP¥23.24 (up from JP¥9.57 in 3Q 2022). Revenue: JP¥31.2b (up 2.5% from 3Q 2022). Net income: JP¥2.68b (up 139% from 3Q 2022). Profit margin: 8.6% (up from 3.7% in 3Q 2022). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Announcement • Dec 15
Nihon Parkerizing Co., Ltd. to Report Q3, 2023 Results on Feb 07, 2023 Nihon Parkerizing Co., Ltd. announced that they will report Q3, 2023 results on Feb 07, 2023 Reported Earnings • Nov 17
Second quarter 2023 earnings released: EPS: JP¥23.47 (vs JP¥22.96 in 2Q 2022) Second quarter 2023 results: EPS: JP¥23.47 (up from JP¥22.96 in 2Q 2022). Revenue: JP¥28.6b (down 3.5% from 2Q 2022). Net income: JP¥2.72b (flat on 2Q 2022). Profit margin: 9.5% (in line with 2Q 2022). Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging 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. 9 experienced directors. 3 highly experienced directors. 4 independent directors (8 non-independent directors). Independent Outside Director Tatsuya Mori 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. Reported Earnings • Nov 10
Second quarter 2023 earnings released: EPS: JP¥23.47 (vs JP¥22.96 in 2Q 2022) Second quarter 2023 results: EPS: JP¥23.47 (up from JP¥22.96 in 2Q 2022). Revenue: JP¥28.6b (down 3.5% from 2Q 2022). Net income: JP¥2.72b (flat on 2Q 2022). Profit margin: 9.5% (in line with 2Q 2022). Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥20.00 per share Eligible shareholders must have bought the stock before 29 September 2022. Payment date: 12 December 2022. Payout ratio is a comfortable 55% and this is well supported by cash flows. Trailing yield: 4.2%. Within top quartile of Japanese dividend payers (3.7%). Higher than average of industry peers (2.9%). Announcement • Sep 10
Nihon Parkerizing Co., Ltd. to Report Q2, 2023 Results on Nov 08, 2022 Nihon Parkerizing Co., Ltd. announced that they will report Q2, 2023 results on Nov 08, 2022 Reported Earnings • Aug 07
First quarter 2023 earnings released: EPS: JP¥21.39 (vs JP¥25.65 in 1Q 2022) First quarter 2023 results: EPS: JP¥21.39 (down from JP¥25.65 in 1Q 2022). Revenue: JP¥27.3b (down 3.5% from 1Q 2022). Net income: JP¥2.49b (down 17% from 1Q 2022). Profit margin: 9.1% (down from 11% in 1Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Announcement • Jun 05
Nihon Parkerizing Co., Ltd. to Report Q1, 2023 Results on Aug 05, 2022 Nihon Parkerizing Co., Ltd. announced that they will report Q1, 2023 results on Aug 05, 2022 Reported Earnings • May 15
Full year 2022 earnings released: EPS: JP¥76.92 (vs JP¥84.75 in FY 2021) Full year 2022 results: EPS: JP¥76.92 (down from JP¥84.75 in FY 2021). Revenue: JP¥117.8b (up 18% from FY 2021). Net income: JP¥9.05b (down 9.5% from FY 2021). Profit margin: 7.7% (down from 10.0% in FY 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. 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. 8 experienced directors. 3 highly experienced directors. 4 independent directors (7 non-independent directors). Independent Outside Director Tatsuya Mori 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. Announcement • Apr 07
Nihon Parkerizing Co., Ltd. to Report Fiscal Year 2022 Results on May 12, 2022 Nihon Parkerizing Co., Ltd. announced that they will report fiscal year 2022 results on May 12, 2022 Upcoming Dividend • Mar 23
Upcoming dividend of JP¥13.00 per share Eligible shareholders must have bought the stock before 30 March 2022. Payment date: 30 June 2022. Payout ratio is a comfortable 15% and this is well supported by cash flows. Trailing yield: 2.6%. Lower than top quartile of Japanese dividend payers (3.4%). In line with average of industry peers (2.6%). Buying Opportunity • Feb 15
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 12%. The fair value is estimated to be JP¥1,248, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 6.8% per annum over the last 3 years. Earnings per share has been flat over the last 3 years.