Announcement • May 14
Nippon Shokubai Co., Ltd., Annual General Meeting, Jun 19, 2026 Nippon Shokubai Co., Ltd., Annual General Meeting, Jun 19, 2026. Reported Earnings • May 14
Full year 2026 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2026 results: EPS: JP¥112 (down from JP¥114 in FY 2025). Revenue: JP¥399.9b (down 2.3% from FY 2025). Net income: JP¥16.8b (down 3.6% from FY 2025). Profit margin: 4.2% (in line with FY 2025). Revenue missed analyst estimates by 1.2%. Earnings per share (EPS) exceeded analyst estimates by 1.2%. Revenue is forecast to grow 3.1% p.a. on average during the next 3 years, compared to a 4.7% growth forecast for the Chemicals industry in Japan. 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 17% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥50.00 per share Eligible shareholders must have bought the stock before 30 March 2026. Payment date: 22 June 2026. Payout ratio is on the higher end at 93%, and the cash payout ratio is above 100%. Trailing yield: 4.4%. Within top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (2.3%). Price Target Changed • Mar 02
Price target increased by 11% to JP¥2,080 Up from JP¥1,870, the current price target is an average from 3 analysts. New target price is 18% below last closing price of JP¥2,524. Stock is up 38% over the past year. The company is forecast to post earnings per share of JP¥111 for next year compared to JP¥114 last year. Announcement • Feb 28
Nippon Shokubai Co., Ltd. to Report Fiscal Year 2026 Results on May 13, 2026 Nippon Shokubai Co., Ltd. announced that they will report fiscal year 2026 results at 1:00 PM, Tokyo Standard Time on May 13, 2026 Reported Earnings • Feb 07
Third quarter 2026 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2026 results: EPS: JP¥45.65 (up from JP¥33.63 in 3Q 2025). Revenue: JP¥99.1b (down 2.6% from 3Q 2025). Net income: JP¥6.76b (up 33% from 3Q 2025). Profit margin: 6.8% (up from 5.0% in 3Q 2025). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 1.8%. Earnings per share (EPS) exceeded analyst estimates by 94%. Revenue is forecast to grow 3.3% p.a. on average during the next 3 years, compared to a 4.4% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 20% per year, which means it is well ahead of earnings. Declared Dividend • Dec 06
First half dividend of JP¥50.00 announced Shareholders will receive a dividend of JP¥50.00. Ex-date: 30th March 2026 Payment date: 22nd June 2026 Dividend yield will be 5.4%, which is higher than the industry average of 2.2%. Sustainability & Growth Dividend is not covered by earnings (103% earnings payout ratio) nor is it covered by cash flows (261% 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. The company's earnings per share (EPS) would need to grow by 15% to bring the payout ratio under control. EPS is expected to grow by 29% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. Announcement • Nov 18
Nippon Shokubai Co., Ltd. to Report Q3, 2026 Results on Feb 05, 2026 Nippon Shokubai Co., Ltd. announced that they will report Q3, 2026 results at 1:00 PM, Tokyo Standard Time on Feb 05, 2026 Reported Earnings • Nov 08
Second quarter 2026 earnings: EPS misses analyst expectations Second quarter 2026 results: EPS: JP¥21.13 (down from JP¥28.05 in 2Q 2025). Revenue: JP¥99.0b (down 2.8% from 2Q 2025). Net income: JP¥3.18b (down 26% from 2Q 2025). Profit margin: 3.2% (down from 4.2% in 2Q 2025). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 11%. Revenue is forecast to grow 3.1% p.a. on average during the next 3 years, compared to a 4.1% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Announcement • Aug 14
Nippon Shokubai Co., Ltd. to Report Q2, 2026 Results on Nov 07, 2025 Nippon Shokubai Co., Ltd. announced that they will report Q2, 2026 results on Nov 07, 2025 Reported Earnings • Aug 08
First quarter 2026 earnings: EPS exceeds analyst expectations First quarter 2026 results: EPS: JP¥29.26 (down from JP¥29.98 in 1Q 2025). Revenue: JP¥101.2b (down 3.7% from 1Q 2025). Net income: JP¥4.43b (down 4.3% from 1Q 2025). Profit margin: 4.4% (in line with 1Q 2025). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 28%. Revenue is forecast to grow 3.8% p.a. on average during the next 3 years, compared to a 4.1% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Announcement • Jul 31
Nippon Shokubai Co., Ltd. (TSE:4114) announces an Equity Buyback for 5,000,000 shares, representing 3.3% for ¥7,000 million. Nippon Shokubai Co., Ltd. (TSE:4114) announces a share repurchase program. Under the program, the company will repurchase up to 5,000,000 shares, representing 3.3% of its issued share capital (excluding treasury stock), for a total purchase price of ¥7,000 million. The purpose of the program is to improve the shareholder return as well as capital efficiency and to implement flexible capital policy in response to change in the business environment. The program will be valid till February 27, 2026. As of June 30, 2025, the company has 151,691,868 issued shares (excluding treasury stock) and 4,308,132 treasury shares. Declared Dividend • Jul 09
Final dividend of JP¥50.00 announced Shareholders will receive a dividend of JP¥50.00. Ex-date: 29th September 2025 Payment date: 5th December 2025 Dividend yield will be 6.6%, which is higher than the industry average of 2.2%. Sustainability & Growth Dividend is not covered by earnings (100% earnings payout ratio) nor is it covered by cash flows (127% 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. The company's earnings per share (EPS) would need to grow by 11% to bring the payout ratio under control. EPS is expected to grow by 28% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. Announcement • Jun 26
Nippon Shokubai's U.S. Group Company Acquires Iscc Plus Certification for Acrylic Acid and Superabsorbent Polymers Nippon Shokubai Group companies in the United States have acquired ISCC PLUS certification for acrylic acid (hereinafter "AA") and superabsorbent polymers (hereinafter "SAP") produced locally. This enables Nippon Shokubai group to globally supply AA and SAP with a carbon footprint considered net zero. Through promoting the use of ISCC PLUS-certified AA and SAP, NipponShokubai Group aims to contribute to reducing environmental impact across the supply chain and to advancing a circular economy. Toward carbon neutrality by 2050, Nippon ShokubAI Group will continue to implement the "transformation" outlined in its long-term vision and mid-term management plan to enhance customer value. Nippon Shokubia Group commits and declares its compliance with the ISCC PLUS requirements in accordance with the latest ISCC regulations. ISCC (International Sustainability and Carbon Certification): It is a third-party certification program developed by International Sustainability and Carbon Certification (ISCC) system GmbH based in Germany to manage and guarantee sustainable raw materials and products such as biomass and recycled materials in the supply chain. Carbon footprint considered net zero: ISCC PLUS-certified products incorporate the biogenic CO2 removal associated with biomass growth into their carbon footprint calculations. The carbon footprints of these products are considered effectively net zero through the proportionally offset based on the share of biomass-derived feedstock allocated using the mass balance method. The mass balance method: When biomass-derived and petroleum-derived raw materials are used together in production, the proportion of biomass input can be allocated to specific end products. This method is officially recognized under the ISCC PLUS certification system. Announcement • Jun 24
Nippon Shokubai Plans to Expand Its Gmp-Compliant Nucleic Acid Drug API Manufacturing Capacity Tenfold Nippon Shokubai CO., LTD. has announced a plan to expand its GMP (1)-compliant manufacturing capacity for nucleic acid drug "active pharmaceutical ingredients" (APIs) tenfold in response to rapidly growing global demand in the nucleic acid drug market. Nucleic acid drugs are generally defined as "chemically synthesized drugs with oligonucleotides as active ingredients that exert their effects without being translated into proteins." As a new modality following small molecule and antibody drugs, they are expected to be applied in areas such as rare diseases, neurological disorders, and cancers -- fields where conventional treatments have been limited. The capacity expansion will involve the installation of a large-scale production line with ten times the capacity (several kilograms per batch) of the company's existing line. The new facility is scheduled to begin operation in 2027, making it one of Japan's largest CDMOs, capable of manufacturing nucleic acid drug APIs for common diseases that require large-scale supply. The company will strengthen its manufacturing system to meet a wide range of needs, from non-clinical stages to large-scale commercial production. Leveraging Nippon Shokubai's long-standing expertise in organic synthesis and rigorous quality control systems, the company manufactures oligonucleotides and peptides, which are medium-sized molecule APIs. Its GMP-compliant facilities, among the most advanced in Japan, have been audited and visited by multiple pharmaceutical companies, all of which have given high evaluations, establishing Nippon ShokubAI's strong reputation in the industry. The company will continue to provide flexible contract manufacturing services that meet diverse needs and contribute to a sustainable society by ensuring a stable supply of medium-sized molecule APIs that support human health and life. Reported Earnings • Jun 20
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: EPS: JP¥114 (up from JP¥70.48 in FY 2024). Revenue: JP¥409.3b (up 4.4% from FY 2024). Net income: JP¥17.4b (up 58% from FY 2024). Profit margin: 4.2% (up from 2.8% 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 12%. Revenue is forecast to grow 3.5% p.a. on average during the next 3 years, compared to a 4.0% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Price Target Changed • Jun 17
Price target increased by 7.8% to JP¥1,800 Up from JP¥1,670, the current price target is an average from 4 analysts. New target price is 9.9% above last closing price of JP¥1,639. Stock is up 5.3% over the past year. The company is forecast to post earnings per share of JP¥95.85 for next year compared to JP¥114 last year. Announcement • May 31
Nippon Shokubai Co., Ltd. to Report Q1, 2026 Results on Aug 07, 2025 Nippon Shokubai Co., Ltd. announced that they will report Q1, 2026 results on Aug 07, 2025 Major Estimate Revision • May 29
Consensus EPS estimates fall by 13% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from JP¥425.4b to JP¥415.5b. EPS estimate also fell from JP¥115 per share to JP¥101 per share. Net income forecast to shrink 8.3% next year vs 7.5% growth forecast for Chemicals industry in Japan . Consensus price target down from JP¥1,715 to JP¥1,670. Share price was steady at JP¥1,653 over the past week. Reported Earnings • May 15
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: EPS: JP¥114 (up from JP¥70.48 in FY 2024). Revenue: JP¥409.3b (up 4.4% from FY 2024). Net income: JP¥17.4b (up 58% from FY 2024). Profit margin: 4.2% (up from 2.8% 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 12%. Revenue is forecast to grow 2.8% p.a. on average during the next 3 years, compared to a 4.6% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Buy Or Sell Opportunity • May 07
Now 20% overvalued Over the last 90 days, the stock has fallen 9.8% to JP¥1,681. The fair value is estimated to be JP¥1,397, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 18%. For the next 3 years, revenue is forecast to grow by 2.8% per annum. Earnings are also forecast to grow by 8.4% per annum over the same time period. Buy Or Sell Opportunity • Apr 18
Now 20% overvalued Over the last 90 days, the stock has fallen 9.8% to JP¥1,686. The fair value is estimated to be JP¥1,399, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 18%. For the next 3 years, revenue is forecast to grow by 2.9% per annum. Earnings are also forecast to grow by 8.3% per annum over the same time period. Announcement • Apr 02
Nippon Shokubai Co., Ltd. (TSE:4114) completed the acquisition of Emulsion Technology Co.,Ltd. from JSR Corporation. Nippon Shokubai Co., Ltd. (TSE:4114) agreed to acquire Emulsion Technology Co.,Ltd. from JSR Corporation for ¥7.2 billion on November 12, 2024. As part of consideration, ¥7.2 billion is paid towards common equity of Emulsion Technology Co.,Ltd.
For the period ending March 31, 2024, Emulsion Technology Co.,Ltd. reported total revenue of ¥13.3 billion, EBIT of ¥918 million and net income of ¥647 million.
The expected completion of the transaction is April 1, 2025.
Nippon Shokubai Co., Ltd. (TSE:4114) completed the acquisition of Emulsion Technology Co.,Ltd. from JSR Corporation on April 1, 2025. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥54.00 per share Eligible shareholders must have bought the stock before 28 March 2025. Payment date: 23 June 2025. Payout ratio and cash payout ratio are on the higher end at 77% and 85% respectively. Trailing yield: 5.8%. Within top quartile of Japanese dividend payers (3.7%). Higher than average of industry peers (2.6%). Reported Earnings • Feb 07
Third quarter 2025 earnings: EPS misses analyst expectations Third quarter 2025 results: EPS: JP¥33.63 (up from JP¥18.90 in 3Q 2024). Revenue: JP¥101.7b (up 3.8% from 3Q 2024). Net income: JP¥5.10b (up 73% from 3Q 2024). Profit margin: 5.0% (up from 3.0% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 5.6%. Revenue is forecast to grow 3.2% p.a. on average during the next 3 years, compared to a 5.0% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Announcement • Feb 06
Nippon Shokubai Co., Ltd. to Report Fiscal Year 2025 Results on May 13, 2025 Nippon Shokubai Co., Ltd. announced that they will report fiscal year 2025 results at 3:00 PM, Tokyo Standard Time on May 13, 2025 Announcement • Dec 12
Nippon Shokubai Co., Ltd. (TSE:4114) acquired Lilac Pharma Co., Ltd. Nippon Shokubai Co., Ltd. (TSE:4114) acquired Lilac Pharma Co., Ltd. on December 9, 2024.
Nippon Shokubai Co., Ltd. (TSE:4114) completed the acquisition of Lilac Pharma Co., Ltd. on December 9, 2024. Declared Dividend • Dec 06
First half dividend of JP¥54.00 announced Shareholders will receive a dividend of JP¥54.00. Ex-date: 28th March 2025 Payment date: 23rd June 2025 Dividend yield will be 5.9%, which is higher than the industry average of 2.2%. Sustainability & Growth Dividend is not adequately covered by earnings (90.4% earnings payout ratio). However, it is covered by cash flows (67% cash payout ratio). The dividend has increased by an average of 15% 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 is expected to grow by 39% over the next 3 years, which should maintain adequate earnings cover for the dividend. New Risk • Nov 30
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.8% 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: Minor Risks Dividend is not well covered by earnings (90% payout ratio). Shareholders have been diluted in the past year (2.8% increase in shares outstanding). Buy Or Sell Opportunity • Nov 14
Now 20% undervalued Over the last 90 days, the stock has risen 16% to JP¥1,855. The fair value is estimated to be JP¥2,321, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.3% over the last 3 years. Earnings per share has declined by 6.7%. For the next 3 years, revenue is forecast to grow by 3.1% per annum. Earnings are also forecast to grow by 9.5% per annum over the same time period. Announcement • Nov 11
Nippon Shokubai Co., Ltd. to Report Q3, 2025 Results on Feb 06, 2025 Nippon Shokubai Co., Ltd. announced that they will report Q3, 2025 results at 3:00 PM, Tokyo Standard Time on Feb 06, 2025 Reported Earnings • Nov 09
Second quarter 2025 earnings: EPS and revenues exceed analyst expectations Second quarter 2025 results: EPS: JP¥28.05 (up from JP¥14.54 in 2Q 2024). Revenue: JP¥101.8b (up 5.0% from 2Q 2024). Net income: JP¥4.29b (up 88% from 2Q 2024). Profit margin: 4.2% (up from 2.4% in 2Q 2024). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 5.3%. Earnings per share (EPS) also surpassed analyst estimates by 66%. Revenue is forecast to grow 3.1% p.a. on average during the next 3 years, compared to a 5.1% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. Upcoming Dividend • Sep 20
Upcoming dividend of JP¥35.00 per share Eligible shareholders must have bought the stock before 27 September 2024. Payment date: 05 December 2024. Payout ratio is a comfortable 63% and this is well supported by cash flows. Trailing yield: 4.0%. Within top quartile of Japanese dividend payers (3.8%). Higher than average of industry peers (2.4%). Announcement • Aug 15
Nippon Shokubai Co., Ltd. to Report Q2, 2025 Results on Nov 07, 2024 Nippon Shokubai Co., Ltd. announced that they will report Q2, 2025 results on Nov 07, 2024 Buy Or Sell Opportunity • Aug 05
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 4.7% to JP¥1,418. 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 10% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 3.2% per annum. Earnings are also forecast to grow by 12% per annum over the same time period. Declared Dividend • Jul 11
Final dividend of JP¥35.00 announced Shareholders will receive a dividend of JP¥35.00. Ex-date: 27th September 2024 Payment date: 5th December 2024 Dividend yield will be 7.6%, which is higher than the industry average of 2.2%. Sustainability & Growth Dividend is covered by both earnings (81% earnings payout ratio) and cash flows (29% cash payout ratio). The dividend has increased by an average of 9.8% 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. EPS is expected to decline by 52% over the next 3 years. Since a fall of 10% would increase the payout ratio to a potentially unsustainable range, the dividend may be at risk. Reported Earnings • Jun 25
Full year 2024 earnings: Revenues and EPS in line with analyst expectations Full year 2024 results: EPS: JP¥282. Revenue: JP¥392.0b (down 6.6% from FY 2023). Net income: JP¥11.0b (down 43% from FY 2023). Profit margin: 2.8% (down from 4.6% in FY 2023). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 3.4% p.a. on average during the next 3 years, compared to a 5.6% growth forecast for the Chemicals industry in Japan. Price Target Changed • Jun 13
Price target increased by 7.3% to JP¥1,501 Up from JP¥1,399, the current price target is an average from 4 analysts. New target price is approximately in line with last closing price of JP¥1,524. Stock is up 11% over the past year. The company is forecast to post earnings per share of JP¥75.90 for next year compared to JP¥70.48 last year. Reported Earnings • May 16
Full year 2024 earnings: Revenues and EPS in line with analyst expectations Full year 2024 results: EPS: JP¥282. Revenue: JP¥392.0b (down 6.6% from FY 2023). Net income: JP¥11.0b (down 43% from FY 2023). Profit margin: 2.8% (down from 4.6% in FY 2023). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 3.8% p.a. on average during the next 3 years, compared to a 5.7% growth forecast for the Chemicals industry in Japan. Announcement • May 15
Nippon Shokubai Co., Ltd., Annual General Meeting, Jun 20, 2024 Nippon Shokubai Co., Ltd., Annual General Meeting, Jun 20, 2024. Announcement • May 14
Nippon Shokubai Co., Ltd. (TSE:4114) announces an Equity Buyback for 4,000,000 shares, representing 2.59% for ¥5,000 million. Nippon Shokubai Co., Ltd. (TSE:4114) announces a share repurchase program. Under the program, the company will repurchase up to 4,000,000 shares, representing 2.59% of its issued share capital (excluding treasury stock), for a total purchase price of ¥5,000 million. The purpose of the program is to improve the shareholder return as well as capital efficiency and to implement flexible capital policy in
response to change in the business environment. The program will be valid till February 28, 2025. As of March 31, 2024, the company has 154,642,750 issued shares (excluding treasury stock) and 1,357,240 treasury shares. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥90.00 per share Eligible shareholders must have bought the stock before 28 March 2024. Payment date: 24 June 2024. Payout ratio is on the higher end at 81%, however this is supported by cash flows. Trailing yield: 3.0%. Lower than top quartile of Japanese dividend payers (3.2%). Higher than average of industry peers (2.1%). Announcement • Mar 02
Nippon Shokubai Co., Ltd. to Report Fiscal Year 2024 Results on May 13, 2024 Nippon Shokubai Co., Ltd. announced that they will report fiscal year 2024 results on May 13, 2024 Reported Earnings • Feb 08
Third quarter 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2024 results: EPS: JP¥75.71 (down from JP¥160 in 3Q 2023). Revenue: JP¥98.1b (down 7.4% from 3Q 2023). Net income: JP¥2.95b (down 54% from 3Q 2023). Profit margin: 3.0% (down from 6.0% in 3Q 2023). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 1.3%. Earnings per share (EPS) exceeded analyst estimates by 51%. Revenue is forecast to grow 4.6% p.a. on average during the next 3 years, compared to a 5.7% growth forecast for the Chemicals 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 fallen by 2% per year, which means it is significantly lagging earnings. Major Estimate Revision • Dec 07
Consensus EPS estimates fall by 13% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate fell from JP¥342 to JP¥296 per share. Revenue forecast steady at JP¥389.8b. Net income forecast to grow 4.7% next year vs 12% growth forecast for Chemicals industry in Japan. Consensus price target down from JP¥6,050 to JP¥5,375. Share price was steady at JP¥5,256 over the past week. Price Target Changed • Dec 06
Price target decreased by 17% to JP¥5,375 Down from JP¥6,483, the current price target is an average from 4 analysts. New target price is approximately in line with last closing price of JP¥5,313. Stock is down 2.0% over the past year. The company is forecast to post earnings per share of JP¥296 for next year compared to JP¥488 last year. Announcement • Nov 30
Nippon Shokubai Co., Ltd. to Report Q3, 2024 Results on Feb 06, 2024 Nippon Shokubai Co., Ltd. announced that they will report Q3, 2024 results on Feb 06, 2024 Announcement • Nov 08
Nippon Shokubai Co., Ltd. (TSE:4114) announces an Equity Buyback for 700,000 shares, representing 1.78% for ¥4,500 million. Nippon Shokubai Co., Ltd. (TSE:4114) announces a share repurchase program. Under the program, the company will repurchase up to 700,000 shares, representing 1.78% of its issued share capital (excluding treasury stock), for a total purchase price of ¥4,500 million. The shares will be repurchased at a price of ¥5,654 per share. The purpose of the program is to improve capital efficiency and implement agile capital policies in response to changes in the business environment. As of September 30, 2023, the company has 39,361,462 issued shares (excluding treasury stock) and 1,438,538 treasury shares. Reported Earnings • Nov 08
Second quarter 2024 earnings: EPS and revenues miss analyst expectations Second quarter 2024 results: EPS: JP¥58.14 (down from JP¥162 in 2Q 2023). Revenue: JP¥96.9b (down 10% from 2Q 2023). Net income: JP¥2.29b (down 65% from 2Q 2023). Profit margin: 2.4% (down from 6.0% in 2Q 2023). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 1.9%. Earnings per share (EPS) also missed analyst estimates by 7.3%. Revenue is forecast to grow 3.8% p.a. on average during the next 3 years, compared to a 4.8% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, earnings per share has increased by 62% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Price Target Changed • Oct 05
Price target decreased by 8.3% to JP¥5,783 Down from JP¥6,307, the current price target is an average from 4 analysts. New target price is 10% above last closing price of JP¥5,251. Stock is down 5.0% over the past year. The company is forecast to post earnings per share of JP¥368 for next year compared to JP¥488 last year. Upcoming Dividend • Sep 21
Upcoming dividend of JP¥90.00 per share at 3.2% yield Eligible shareholders must have bought the stock before 28 September 2023. Payment date: 05 December 2023. Payout ratio is a comfortable 43% and this is well supported by cash flows. Trailing yield: 3.2%. Lower than top quartile of Japanese dividend payers (3.3%). Higher than average of industry peers (2.5%). Announcement • Sep 06
Nippon Shokubai Co., Ltd. to Report Q2, 2024 Results on Nov 07, 2023 Nippon Shokubai Co., Ltd. announced that they will report Q2, 2024 results on Nov 07, 2023 New Risk • Aug 09
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 4.0% Last year net profit margin: 6.5% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (4.0% net profit margin). Reported Earnings • Aug 08
First quarter 2024 earnings released: EPS: JP¥116 (vs JP¥190 in 1Q 2023) First quarter 2024 results: EPS: JP¥116 (down from JP¥190 in 1Q 2023). Revenue: JP¥97.4b (down 13% from 1Q 2023). Net income: JP¥4.58b (down 40% from 1Q 2023). Profit margin: 4.7% (down from 6.8% in 1Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 4.3% p.a. on average during the next 3 years, compared to a 4.2% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, earnings per share has increased by 64% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • Jul 21
Consensus EPS estimates fall by 20% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from JP¥423.2b to JP¥407.8b. EPS estimate also fell from JP¥456 per share to JP¥365 per share. Net income forecast to shrink 26% next year vs 2.8% growth forecast for Chemicals industry in Japan . Consensus price target down from JP¥7,193 to JP¥6,307. Share price was steady at JP¥5,269 over the past week. Reported Earnings • Jun 25
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: JP¥488 (down from JP¥595 in FY 2022). Revenue: JP¥419.6b (up 14% from FY 2022). Net income: JP¥19.4b (down 18% from FY 2022). Profit margin: 4.6% (down from 6.4% in FY 2022). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 2.2%. Earnings per share (EPS) also missed analyst estimates by 8.3%. Revenue is forecast to grow 3.5% p.a. on average during the next 3 years, compared to a 3.9% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, earnings per share has increased by 59% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Major Estimate Revision • Jun 22
Consensus EPS estimates fall by 28% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from JP¥436.5b to JP¥416.2b. EPS estimate also fell from JP¥534 per share to JP¥383 per share. Net income forecast to shrink 22% next year vs 3.4% growth forecast for Chemicals industry in Japan . Consensus price target broadly unchanged at JP¥7,193. Share price was steady at JP¥5,396 over the past week. Announcement • Jun 02
Nippon Shokubai Co., Ltd. to Report Q1, 2024 Results on Aug 07, 2023 Nippon Shokubai Co., Ltd. announced that they will report Q1, 2024 results on Aug 07, 2023 Reported Earnings • May 17
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: JP¥488 (down from JP¥595 in FY 2022). Revenue: JP¥419.6b (up 14% from FY 2022). Net income: JP¥19.4b (down 18% from FY 2022). Profit margin: 4.6% (down from 6.4% in FY 2022). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 2.2%. Earnings per share (EPS) also missed analyst estimates by 8.3%. Revenue is forecast to grow 5.9% p.a. on average during the next 3 years, compared to a 3.7% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, earnings per share has increased by 59% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Announcement • May 14
Nippon Shokubai Co., Ltd., Annual General Meeting, Jun 21, 2023 Nippon Shokubai Co., Ltd., Annual General Meeting, Jun 21, 2023. Announcement • May 12
Nippon Shokubai Co., Ltd., Annual General Meeting, Jun 21, 2023 Nippon Shokubai Co., Ltd., Annual General Meeting, Jun 21, 2023. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥90.00 per share at 3.5% yield Eligible shareholders must have bought the stock before 30 March 2023. Payment date: 22 June 2023. Payout ratio is a comfortable 30% and this is well supported by cash flows. Trailing yield: 3.5%. Lower than top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (2.8%). Reported Earnings • Feb 07
Third quarter 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2023 results: EPS: JP¥160 (down from JP¥175 in 3Q 2022). Revenue: JP¥105.9b (up 9.3% from 3Q 2022). Net income: JP¥6.37b (down 8.8% from 3Q 2022). Profit margin: 6.0% (down from 7.2% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 4.1%. Earnings per share (EPS) exceeded analyst estimates by 33%. Revenue is forecast to grow 4.8% p.a. on average during the next 3 years, compared to a 4.2% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, earnings per share has increased by 49% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Announcement • Dec 16
Nippon Shokubai Co., Ltd. to Report Q3, 2023 Results on Feb 06, 2023 Nippon Shokubai Co., Ltd. announced that they will report Q3, 2023 results on Feb 06, 2023 Board Change • Nov 16
Less than half of directors are independent There are 6 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 3 independent directors. 6 non-independent directors. External Independent Director Miyuki Sakurai 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. Lack of board continuity. 
