Reported Earnings • Aug 06
First quarter 2027 earnings released: EPS: JP¥33.52 (vs JP¥37.00 in 1Q 2026) First quarter 2027 results: EPS: JP¥33.52 (down from JP¥37.00 in 1Q 2026). Revenue: JP¥69.0b (up 23% from 1Q 2026). Net income: JP¥7.57b (down 12% from 1Q 2026). Profit margin: 11% (down from 15% in 1Q 2026). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 3.1% p.a. on average during the next 3 years, compared to a 5.2% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, earnings per share has increased by 7% per year whereas the company’s share price has increased by 10% per year. Announcement • Aug 05
NOF Corporation (TSE:4403) announces an Equity Buyback for 2,000,000 shares, representing 0.89% for ¥5,000 million. NOF Corporation (TSE:4403) announces a share repurchase program. Under the program, the company will repurchase up to 2,000,000 shares, representing 0.89% of its total shares outstanding excluding treasury shares, for a total of ¥5,000 million. The purpose of repurchase program is to return profits to shareholders with an awareness of improving capital efficiency. The repurchase program is valid till September 30, 2026. As of July 31, 2026, the company had 224,848,285 shares outstanding excluding treasury shares and had 11,675,843 shares in treasury. Buy Or Sell Opportunity • Jul 28
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 15% to JP¥2,781. The fair value is estimated to be JP¥3,531, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.2% over the last 3 years. Earnings per share has grown by 5.6%. For the next 3 years, revenue is forecast to grow by 4.1% per annum. Earnings are also forecast to grow by 4.2% per annum over the same time period. Declared Dividend • Jul 25
Final dividend of JP¥35.00 announced Shareholders will receive a dividend of JP¥35.00. Ex-date: 29th September 2026 Payment date: 1st December 2026 Dividend yield will be 2.5%, which is higher than the industry average of 2.2%. Sustainability & Growth Dividend is covered by both earnings (35% earnings payout ratio) and cash flows (74% cash payout ratio). The dividend has increased by an average of 19% 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 grow by 20% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Buy Or Sell Opportunity • Jul 08
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 15% to JP¥2,788. The fair value is estimated to be JP¥3,515, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.2% over the last 3 years. Earnings per share has grown by 5.6%. For the next 3 years, revenue is forecast to grow by 4.3% per annum. Earnings are also forecast to grow by 4.1% per annum over the same time period. Board Change • Jun 28
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 Takashi Kamada was the last independent director to join the board, commencing their role in 2025. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Buy Or Sell Opportunity • May 27
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 7.9% to JP¥2,808. The fair value is estimated to be JP¥3,514, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.2% over the last 3 years. Earnings per share has grown by 5.6%. For the next 3 years, revenue is forecast to grow by 4.1% per annum. Earnings are also forecast to grow by 4.0% per annum over the same time period. Announcement • May 12
NOF Corporation (TSE:4403) announces an Equity Buyback for 1,700,000 shares, representing 0.75% for ¥5,000 million. NOF Corporation (TSE:4403) announces a share repurchase program. Under the program, the company will repurchase up to 1,700,000 shares, representing 0.75% of its total shares outstanding excluding treasury shares, for a total of ¥5,000 million. The purpose of repurchase program is to return profits to shareholders with an awareness of improving capital efficiency. The repurchase program is valid till June 30, 2026. As of April 30, 2026, the company had 226,548,690 shares outstanding excluding treasury shares and had 9,975,438 shares in treasury. Reported Earnings • May 12
Full year 2026 earnings: EPS exceeds analyst expectations Full year 2026 results: EPS: JP¥176 (up from JP¥154 in FY 2025). Revenue: JP¥258.0b (up 8.2% from FY 2025). Net income: JP¥40.6b (up 11% from FY 2025). Profit margin: 16% (in line with FY 2025). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 5.4%. Revenue is forecast to grow 4.1% 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 6% per year whereas the company’s share price has increased by 10% per year. Announcement • May 11
NOF Corporation, Annual General Meeting, Jun 26, 2026 NOF Corporation, Annual General Meeting, Jun 26, 2026. Buy Or Sell Opportunity • May 11
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 12% to JP¥2,800. The fair value is estimated to be JP¥3,512, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.6% over the last 3 years. Earnings per share has grown by 4.4%. For the next 3 years, revenue is forecast to grow by 5.7% per annum. Earnings are also forecast to grow by 6.8% per annum over the same time period. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥35.00 per share Eligible shareholders must have bought the stock before 30 March 2026. Payment date: 30 June 2026. Payout ratio is a comfortable 34% and this is well supported by cash flows. Trailing yield: 2.3%. Lower than top quartile of Japanese dividend payers (3.6%). In line with average of industry peers (2.3%). Announcement • Mar 06
NOF Corporation to Report Fiscal Year 2026 Results on May 11, 2026 NOF Corporation announced that they will report fiscal year 2026 results on May 11, 2026 Buy Or Sell Opportunity • Mar 04
Now 23% undervalued after recent price drop Over the last 90 days, the stock has fallen 9.9% to JP¥2,888. The fair value is estimated to be JP¥3,760, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.6% over the last 3 years. Earnings per share has grown by 4.4%. For the next 3 years, revenue is forecast to grow by 9.3% per annum. Earnings are also forecast to grow by 10% per annum over the same time period. Buy Or Sell Opportunity • Feb 16
Now 20% undervalued Over the last 90 days, the stock has risen 7.3% to JP¥2,918. The fair value is estimated to be JP¥3,670, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.6% over the last 3 years. Earnings per share has grown by 4.4%. For the next 3 years, revenue is forecast to grow by 9.3% per annum. Earnings are also forecast to grow by 10% per annum over the same time period. Reported Earnings • Feb 14
Third quarter 2026 earnings released: EPS: JP¥44.28 (vs JP¥44.78 in 3Q 2025) Third quarter 2026 results: EPS: JP¥44.28 (down from JP¥44.78 in 3Q 2025). Revenue: JP¥64.3b (up 6.0% from 3Q 2025). Net income: JP¥10.1b (down 4.4% from 3Q 2025). Profit margin: 16% (down from 18% in 3Q 2025). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 9.3% 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 increased by 4% per year but the company’s share price has increased by 16% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Feb 13
NOF Corporation (TSE:4403) announces an Equity Buyback for 1,800,000 shares, representing 0.79% for ¥5,000 million. NOF Corporation (TSE:4403) announces a share repurchase program. Under the program, the company will repurchase up to 1,800,000 shares, representing 0.79% of its total shares outstanding excluding treasury shares, for a total of ¥5,000 million. The purpose of repurchase program is to return profits to shareholders with an awareness of improving capital efficiency. The repurchase program is valid till March 31, 2026. As of January 31, 2026, the company had 228,229,884 shares outstanding excluding treasury shares and had 8,294,244 shares in treasury. Price Target Changed • Dec 13
Price target increased by 9.0% to JP¥3,760 Up from JP¥3,450, the current price target is an average from 5 analysts. New target price is 14% above last closing price of JP¥3,284. Stock is up 48% over the past year. The company is forecast to post earnings per share of JP¥167 for next year compared to JP¥154 last year. Announcement • Dec 06
NOF Corporation to Report Q3, 2026 Results on Feb 13, 2026 NOF Corporation announced that they will report Q3, 2026 results on Feb 13, 2026 Declared Dividend • Dec 02
First half dividend of JP¥26.00 announced Shareholders will receive a dividend of JP¥26.00. Ex-date: 30th March 2026 Payment date: 30th June 2026 Dividend yield will be 1.6%, which is lower than the industry average of 2.2%. Sustainability & Growth Dividend is covered by earnings (33% earnings payout ratio) but not adequately covered by cash flows (94% cash payout ratio). The dividend has increased by an average of 18% 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 grow by 35% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Nov 23
NOF Corporation to Report First Half, 2026 Results on Nov 28, 2025 NOF Corporation announced that they will report first half, 2026 results on Nov 28, 2025 Reported Earnings • Nov 08
Second quarter 2026 earnings released: EPS: JP¥29.56 (vs JP¥25.07 in 2Q 2025) Second quarter 2026 results: EPS: JP¥29.56 (up from JP¥25.07 in 2Q 2025). Revenue: JP¥53.1b (down 4.1% from 2Q 2025). Net income: JP¥6.81b (up 14% from 2Q 2025). Profit margin: 13% (up from 11% in 2Q 2025). The increase in margin was driven by lower expenses. Revenue is forecast to grow 8.1% 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 increased by 6% per year but the company’s share price has increased by 17% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Nov 06
NOF Corporation (TSE:4403) announces an Equity Buyback for 2,000,000 shares, representing 0.87% for ¥5,000 million. NOF Corporation (TSE:4403) announces a share repurchase program. Under the program, the company will repurchase up to 2,000,000 shares, representing 0.87% of its total shares outstanding excluding treasury shares, for a total of ¥5,000 million. The purpose of repurchase program is to further return profits to shareholders with Mid-Term Management Plan. The repurchase program is valid till December 31, 2025. As of October 31, 2025, the company had 229,944,904 shares outstanding excluding treasury shares and had 6,579,224 shares in treasury. Buy Or Sell Opportunity • Oct 06
Now 24% overvalued Over the last 90 days, the stock has fallen 8.1% to JP¥2,627. The fair value is estimated to be JP¥2,120, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 5.4% over the last 3 years. Earnings per share has grown by 6.6%. For the next 3 years, revenue is forecast to grow by 7.4% per annum. Earnings are also forecast to grow by 7.1% per annum over the same time period. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥24.00 per share Eligible shareholders must have bought the stock before 29 September 2025. Payment date: 02 December 2025. Payout ratio is a comfortable 31% and the cash payout ratio is 87%. Trailing yield: 1.8%. Lower than top quartile of Japanese dividend payers (3.6%). Lower than average of industry peers (2.6%). Announcement • Sep 05
NOF Corporation to Report Q2, 2026 Results on Nov 06, 2025 NOF Corporation announced that they will report Q2, 2026 results on Nov 06, 2025 Reported Earnings • Aug 07
First quarter 2026 earnings released: EPS: JP¥37.00 (vs JP¥46.30 in 1Q 2025) First quarter 2026 results: EPS: JP¥37.00 (down from JP¥46.30 in 1Q 2025). Revenue: JP¥56.1b (up 1.7% from 1Q 2025). Net income: JP¥8.61b (down 22% from 1Q 2025). Profit margin: 15% (down from 20% in 1Q 2025). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 7.2% 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 increased by 7% per year but the company’s share price has increased by 17% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Jul 29
Price target increased by 12% to JP¥3,283 Up from JP¥2,933, the current price target is an average from 3 analysts. New target price is 9.7% above last closing price of JP¥2,994. Stock is up 41% over the past year. The company is forecast to post earnings per share of JP¥165 for next year compared to JP¥154 last year. Declared Dividend • Jul 09
Final dividend of JP¥24.00 announced Shareholders will receive a dividend of JP¥24.00. Ex-date: 29th September 2025 Payment date: 2nd December 2025 Dividend yield will be 1.6%, which is lower than the industry average of 2.2%. Sustainability & Growth Dividend is covered by both earnings (27% earnings payout ratio) and cash flows (88% cash payout ratio). The dividend has increased by an average of 17% 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 grow by 27% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Price Target Changed • Jun 06
Price target increased by 9.2% to JP¥2,933 Up from JP¥2,687, the current price target is an average from 3 analysts. New target price is 9.4% above last closing price of JP¥2,681. Stock is up 30% over the past year. The company is forecast to post earnings per share of JP¥160 for next year compared to JP¥154 last year. Announcement • Jun 06
NOF Corporation to Report Q1, 2026 Results on Aug 06, 2025 NOF Corporation announced that they will report Q1, 2026 results on Aug 06, 2025 Reported Earnings • May 10
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: EPS: JP¥154 (up from JP¥141 in FY 2024). Revenue: JP¥238.3b (up 7.2% from FY 2024). Net income: JP¥36.5b (up 7.4% from FY 2024). Profit margin: 15% (in line with FY 2024). Revenue missed analyst estimates by 2.3%. Earnings per share (EPS) also missed analyst estimates by 2.2%. Revenue is forecast to grow 5.6% 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 increased by 9% per year whereas the company’s share price has increased by 12% per year. Announcement • May 10
NOF Corporation (TSE:4403) announces an Equity Buyback for 5,000,000 shares, representing 2.14% for ¥10,000 million. NOF Corporation (TSE:4403) announces a share repurchase program. Under the program, the company will repurchase up to 5,000,000 shares, representing 2.14% of its total shares outstanding excluding treasury shares, for a total of ¥10,000 million. The purpose of repurchase program is to further return profits to shareholders with an awareness of improving capital efficiency. The repurchase program is valid till September 30, 2025. As of April 30, 2025, the company had 233,648,368 shares outstanding excluding treasury shares and had 2,875,760 shares in treasury. Announcement • May 09
NOF Corporation, Annual General Meeting, Jun 27, 2025 NOF Corporation, Annual General Meeting, Jun 27, 2025. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥21.00 per share Eligible shareholders must have bought the stock before 28 March 2025. Payment date: 30 June 2025. Payout ratio is a comfortable 27% and this is well supported by cash flows. Trailing yield: 2.0%. Lower than top quartile of Japanese dividend payers (3.7%). Lower than average of industry peers (2.6%). Announcement • Mar 07
NOF Corporation to Report Fiscal Year 2025 Results on May 09, 2025 NOF Corporation announced that they will report fiscal year 2025 results on May 09, 2025 Reported Earnings • Feb 13
Third quarter 2025 earnings released: EPS: JP¥44.78 (vs JP¥40.24 in 3Q 2024) Third quarter 2025 results: EPS: JP¥44.78 (up from JP¥40.24 in 3Q 2024). Revenue: JP¥60.7b (up 4.1% from 3Q 2024). Net income: JP¥10.6b (up 9.6% from 3Q 2024). Profit margin: 18% (in line with 3Q 2024). Revenue is forecast to grow 6.0% 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 increased by 9% per year whereas the company’s share price has increased by 7% per year. Announcement • Feb 12
NOF Corporation (TSE:4403) announces an Equity Buyback for 2,500,000 shares, representing 1.06% for ¥5,000 million. NOF Corporation (TSE:4403) announces a share repurchase program. Under the program, the company will repurchase up to 2,500,000 shares, representing 1.06% of its total shares outstanding excluding treasury shares, for a total of ¥5,000 million. The purpose of repurchase program is to maintain stable return of profits to shareholders. The repurchase program is valid till March 31, 2025. As of January 31, 2025, the company had 236,010,390 shares outstanding excluding treasury shares and had 6,513,738 shares in treasury. Announcement • Dec 06
NOF Corporation to Report Q3, 2025 Results on Feb 12, 2025 NOF Corporation announced that they will report Q3, 2025 results on Feb 12, 2025 Declared Dividend • Dec 03
First half dividend of JP¥21.00 announced Shareholders will receive a dividend of JP¥21.00. Ex-date: 28th March 2025 Payment date: 30th June 2025 Dividend yield will be 1.8%, which is lower than the industry average of 2.2%. Sustainability & Growth Dividend is covered by both earnings (13% earnings payout ratio) and cash flows (65% cash payout ratio). The dividend has increased by an average of 18% 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 grow by 27% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Nov 09
Second quarter 2025 earnings released: EPS: JP¥25.07 (vs JP¥30.33 in 2Q 2024) Second quarter 2025 results: EPS: JP¥25.07 (down from JP¥30.33 in 2Q 2024). Revenue: JP¥55.4b (up 5.4% from 2Q 2024). Net income: JP¥5.97b (down 18% from 2Q 2024). Profit margin: 11% (down from 14% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 5.6% 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 increased by 9% per year whereas the company’s share price has increased by 7% per year. Announcement • Nov 08
NOF Corporation Announces Interim Dividend for the Fiscal Year Ended March 31, 2024, Payable on December 2, 2024; Provided Year-End Dividend Forecast for the Fiscal Year Ending March 31, 2025 NOF Corporation announced interim dividend for the fiscal year ended March 31, 2024 and provided year-end dividend forecast for the fiscal year ending March 31, 2025. The company announced interim dividend of JPY 21.00 per share for the fiscal year ended March 31, 2024 compared to JPY 56.00 per share a year ago. Total dividends: JPY 5,000 million; Record date: September 30, 2024; Effective date: December 2, 2024.
The company also decided to increase the year-end dividend per share by JPY 1 to JPY 21 from the previous forecast of JPY 20. Upcoming Dividend • Sep 20
Upcoming dividend of JP¥20.00 per share Eligible shareholders must have bought the stock before 27 September 2024. Payment date: 02 December 2024. Payout ratio is a comfortable 25% and this is well supported by cash flows. Trailing yield: 1.7%. Lower than top quartile of Japanese dividend payers (3.8%). Lower than average of industry peers (2.4%). Reported Earnings • Aug 09
First quarter 2025 earnings released: EPS: JP¥46.30 (vs JP¥37.29 in 1Q 2024) First quarter 2025 results: EPS: JP¥46.30 (up from JP¥37.29 in 1Q 2024). Revenue: JP¥55.1b (up 12% from 1Q 2024). Net income: JP¥11.0b (up 23% from 1Q 2024). Profit margin: 20% (up from 18% in 1Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 5.3% p.a. on average during the next 3 years, compared to a 5.6% 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 fallen by 1% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to JP¥1,765, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 12x in the Chemicals industry in Japan. Total loss to shareholders of 2.9% over the past three years. Declared Dividend • Jul 11
Final dividend of JP¥20.00 announced Shareholders will receive a dividend of JP¥20.00. Ex-date: 27th September 2024 Payment date: 2nd December 2024 Dividend yield will be 3.4%, which is higher than the industry average of 2.2%. Sustainability & Growth Dividend is covered by both earnings (39% earnings payout ratio) and cash flows (78% cash payout ratio). The dividend has increased by an average of 17% 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 50% over the next 3 years. However, it would need to fall by 57% to increase the payout ratio to a potentially unsustainable range. Announcement • Jun 10
NOF Corporation to Report Q1, 2025 Results on Aug 07, 2024 NOF Corporation announced that they will report Q1, 2025 results on Aug 07, 2024 Announcement • May 23
NOF Corporation Announces Executive Resignations, Effective as of June 27, 2024 NOF Corporation announced that the Board of Directors decided at a meeting held on May 9, 2024 to make the following changes in its Executive Management. The changes will be effective as of June 27, 2024. The company announced that Operating Officers to retired as: Hideru Furukawa - Operating Officer,General Manager of Corporate Communications Dept. and Tomoaki Mori - Operating Officer,General Manager of Finance Dept. Reported Earnings • May 11
Full year 2024 earnings: EPS exceeds analyst expectations Full year 2024 results: EPS: JP¥424 (up from JP¥139 in FY 2023). Revenue: JP¥222.3b (up 2.1% from FY 2023). Net income: JP¥34.0b (flat on FY 2023). Profit margin: 15% (in line with FY 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates significantly. Revenue is forecast to grow 6.2% 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 36% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Announcement • May 11
NOF Corporation, Annual General Meeting, Jun 27, 2024 NOF Corporation, Annual General Meeting, Jun 27, 2024. Announcement • May 10
NOF Corporation (TSE:4403) announces an Equity Buyback for 1,500,000 shares, representing 0.63% for ¥2,000 million. NOF Corporation (TSE:4403) announces a share repurchase program. Under the program, the company will repurchase up to 1,500,000 shares, representing 0.63% of its total shares outstanding excluding treasury shares, for a total of ¥2,000 million. The purpose of repurchase program is to maintain stable return of profits to shareholders. The repurchase program is valid till June 28, 2024. As of April 30, 2024, the company had 239,071,562 shares outstanding excluding treasury shares and had 3,452,566 shares in treasury. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥56.00 per share Eligible shareholders must have bought the stock before 28 March 2024. Payment date: 28 June 2024. Payout ratio is a comfortable 39% and this is well supported by cash flows. Trailing yield: 1.7%. Lower than top quartile of Japanese dividend payers (3.2%). Lower than average of industry peers (2.1%). Announcement • Mar 09
NOF Corporation to Report Fiscal Year 2024 Results on May 09, 2024 NOF Corporation announced that they will report fiscal year 2024 results on May 09, 2024 Announcement • Feb 20
NOF Corporation Provides Dividend Guidance for the Fiscal Year Ending March 31, 2024 NOF Corporation provided dividend guidance for the fiscal year ending March 31, 2024. For the year, the company expects to pay dividend of JPY 56.00 per share. Reported Earnings • Feb 09
Third quarter 2024 earnings released: EPS: JP¥121 (vs JP¥103 in 3Q 2023) Third quarter 2024 results: EPS: JP¥121 (up from JP¥103 in 3Q 2023). Revenue: JP¥58.3b (up 7.9% from 3Q 2023). Net income: JP¥9.68b (up 15% from 3Q 2023). Profit margin: 17% (up from 16% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 6.4% 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 14% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Announcement • Feb 07
NOF Corporation (TSE:4403) announces an Equity Buyback for 400,000 shares, representing 0.5% for ¥2,000 million. NOF Corporation (TSE:4403) announces a share repurchase program. Under the program, the company will repurchase up to 400,000 shares, representing 0.5% of its total shares outstanding excluding treasury shares, for a total of ¥2,000 million. The purpose of repurchase program is to maintain stable return of profits to shareholders. The repurchase program is valid till March 31, 2024. As of January 31, 2024, the company had 79,984,827 shares outstanding excluding treasury shares and had 856,549 shares in treasury. Announcement • Dec 09
NOF Corporation to Report Q3, 2024 Results on Feb 07, 2024 NOF Corporation announced that they will report Q3, 2024 results on Feb 07, 2024 Reported Earnings • Nov 02
Second quarter 2024 earnings released: EPS: JP¥90.99 (vs JP¥91.97 in 2Q 2023) Second quarter 2024 results: EPS: JP¥90.99 (down from JP¥91.97 in 2Q 2023). Revenue: JP¥52.5b (up 1.5% from 2Q 2023). Net income: JP¥7.32b (down 2.5% from 2Q 2023). Profit margin: 14% (in line with 2Q 2023). Revenue is forecast to grow 6.4% 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 increased by 17% per year whereas the company’s share price has increased by 18% per year. Announcement • Nov 02
NOF Corporation (TSE:4403) announces an Equity Buyback for 600,000 shares, representing 0.75% for ¥3,000 million. NOF Corporation (TSE:4403) announces a share repurchase program. Under the program, the company will repurchase up to 600,000 shares, representing 0.75% of its issued share capital, for ¥3,000 million. The purpose of the program is to enhance shareholder returns and improve capital efficiency. The program will run until January 31, 2024. As of October 31, 2023, the company had 80,425,532 issued shares (excluding treasury stock) and 2,415,844 shares in treasury. Buying Opportunity • Sep 22
Now 21% undervalued Over the last 90 days, the stock is up 2.3%. The fair value is estimated to be JP¥7,831, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.2% over the last 3 years. Earnings per share has grown by 19%. For the next 3 years, revenue is forecast to grow by 5.4% per annum. Earnings is also forecast to grow by 4.6% per annum over the same time period. Board Change • Sep 21
High number of new directors There are 7 new directors who have joined the board in the last 3 years. Managing Executive Officer, GM of Technology Headquarters & Director Kazuyoshi Yamauchi was the last director to join the board, commencing their role in 2023. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Sep 21
Upcoming dividend of JP¥54.00 per share at 1.7% yield Eligible shareholders must have bought the stock before 28 September 2023. Payment date: 01 December 2023. Payout ratio is a comfortable 27% and this is well supported by cash flows. Trailing yield: 1.7%. Lower than top quartile of Japanese dividend payers (3.3%). Lower than average of industry peers (2.5%). Announcement • Sep 09
NOF Corporation to Report Q2, 2024 Results on Nov 01, 2023 NOF Corporation announced that they will report Q2, 2024 results on Nov 01, 2023 Reported Earnings • Aug 04
First quarter 2024 earnings released: EPS: JP¥112 (vs JP¥121 in 1Q 2023) First quarter 2024 results: EPS: JP¥112 (down from JP¥121 in 1Q 2023). Revenue: JP¥49.3b (down 5.3% from 1Q 2023). Net income: JP¥9.01b (down 9.3% from 1Q 2023). Profit margin: 18% (in line with 1Q 2023). Revenue is forecast to grow 5.3% 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 increased by 19% per year whereas the company’s share price has increased by 14% per year. Announcement • Jun 09
NOF Corporation to Report Q1, 2024 Results on Aug 03, 2023 NOF Corporation announced that they will report Q1, 2024 results on Aug 03, 2023