Announcement • Jul 07
Koei Tecmo Holdings Co., Ltd. to Report Q1, 2027 Results on Jul 27, 2026 Koei Tecmo Holdings Co., Ltd. announced that they will report Q1, 2027 results on Jul 27, 2026 Board Change • Jun 25
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. 2 experienced directors. 9 highly experienced directors. Independent Outside Director Shino Uenuma was the last director to join the board, commencing their role in 2025. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Live News • May 19
Koei Tecmo Proposes Higher Dividend and Reaffirms 50% Shareholder Payout Policy Koei Tecmo plans to propose a year-end dividend of ¥66 per share for the fiscal year ended March 31, 2026, compared with ¥60 per share in the previous year.
The company reiterated its policy of targeting a consolidated total payout ratio of 50% through a combination of dividends and share buybacks.
Management framed the higher dividend as part of a broader focus on providing stable and gradually rising cash returns to shareholders.
A clearly stated 50% total payout policy, alongside a higher proposed year-end dividend, gives you more visibility on how much of future cash flows the company intends to return to shareholders versus reinvest in the business.
The key thing to watch is whether earnings and cash generation support this payout level over time, since a sustained gap between payouts and underlying performance could eventually force a policy rethink. Reported Earnings • Apr 28
Full year 2026 earnings: EPS exceeds analyst expectations Full year 2026 results: EPS: JP¥132 (up from JP¥119 in FY 2025). Revenue: JP¥88.4b (up 6.3% from FY 2025). Net income: JP¥42.8b (up 14% from FY 2025). Profit margin: 49% (up from 45% in FY 2025). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 9.7%. Revenue is forecast to grow 5.4% p.a. on average during the next 3 years, compared to a 5.9% growth forecast for the Entertainment industry in Japan. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Announcement • Apr 27
Koei Tecmo Holdings Co., Ltd., Annual General Meeting, Jun 18, 2026 Koei Tecmo Holdings Co., Ltd., Annual General Meeting, Jun 18, 2026. New Risk • Apr 25
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.3% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.3% per year for the foreseeable future. Minor Risk Dividend is not well covered by cash flows (235% cash payout ratio). Major Estimate Revision • Apr 21
Consensus EPS estimates increase by 14% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has improved. 2026 revenue forecast increased from JP¥87.1b to JP¥89.5b. EPS estimate increased from JP¥105 to JP¥120 per share. Net income forecast to shrink 3.7% next year vs 3.9% growth forecast for Entertainment industry in Japan . Consensus price target broadly unchanged at JP¥2,106. Share price rose 4.9% to JP¥1,728 over the past week. Announcement • Apr 21
Koei Tecmo Holdings Co., Ltd. to Report Fiscal Year 2026 Results on Apr 27, 2026 Koei Tecmo Holdings Co., Ltd. announced that they will report fiscal year 2026 results on Apr 27, 2026 Upcoming Dividend • Mar 23
Upcoming dividend of JP¥43.00 per share Eligible shareholders must have bought the stock before 30 March 2026. Payment date: 22 June 2026. Payout ratio is a comfortable 53% but the company is paying out more than the cash it is generating. Trailing yield: 2.5%. Lower than top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (1.7%). Reported Earnings • Jan 27
Third quarter 2026 earnings: EPS and revenues miss analyst expectations Third quarter 2026 results: EPS: JP¥30.87 (up from JP¥29.08 in 3Q 2025). Revenue: JP¥20.5b (up 18% from 3Q 2025). Net income: JP¥10.3b (up 12% from 3Q 2025). Profit margin: 50% (down from 53% in 3Q 2025). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 19%. Earnings per share (EPS) also missed analyst estimates by 19%. Revenue is forecast to grow 7.0% p.a. on average during the next 3 years, compared to a 8.3% growth forecast for the Entertainment 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 fallen by 10% per year, which means it is significantly lagging earnings. Announcement • Jan 06
Koei Tecmo Holdings Co., Ltd. to Report Q3, 2026 Results on Jan 26, 2026 Koei Tecmo Holdings Co., Ltd. announced that they will report Q3, 2026 results on Jan 26, 2026 New Risk • Nov 13
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. Cash payout ratio: 235% Dividend yield: 2.0% 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. Declared Dividend • Oct 29
Dividend of JP¥43.00 announced Shareholders will receive a dividend of JP¥43.00. Ex-date: 30th March 2026 Payment date: 22nd June 2026 Dividend yield will be 2.1%, which is higher than the industry average of 1.8%. Sustainability & Growth Dividend is covered by both earnings (54% earnings payout ratio) and cash flows (43% cash payout ratio). The dividend has increased by an average of 11% 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 7.3% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Oct 28
Second quarter 2026 earnings: EPS exceeds analyst expectations Second quarter 2026 results: EPS: JP¥23.38 (up from JP¥7.40 in 2Q 2025). Revenue: JP¥16.5b (down 6.4% from 2Q 2025). Net income: JP¥7.39b (up 216% from 2Q 2025). Profit margin: 45% (up from 13% in 2Q 2025). The increase in margin was driven by lower expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 8.4%. Revenue is forecast to grow 7.6% p.a. on average during the next 3 years, compared to a 9.7% growth forecast for the Entertainment 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 fallen by 4% per year, which means it is significantly lagging earnings. Announcement • Oct 08
Koei Tecmo Holdings Co., Ltd. to Report Q2, 2026 Results on Oct 27, 2025 Koei Tecmo Holdings Co., Ltd. announced that they will report Q2, 2026 results on Oct 27, 2025 Announcement • Sep 03
Koei Tecmo Holdings Co., Ltd. has filed a Follow-on Equity Offering. Koei Tecmo Holdings Co., Ltd. has filed a Follow-on Equity Offering.
Security Name: Common Stock
Security Type: Common Stock
Securities Offered: 14,740,000 Reported Earnings • Jul 29
First quarter 2026 earnings released: EPS: JP¥19.22 (vs JP¥43.18 in 1Q 2025) First quarter 2026 results: EPS: JP¥19.22 (down from JP¥43.18 in 1Q 2025). Revenue: JP¥14.8b (down 16% from 1Q 2025). Net income: JP¥6.07b (down 56% from 1Q 2025). Profit margin: 41% (down from 78% in 1Q 2025). The decrease in margin was primarily driven by higher expenses. Revenue is forecast to grow 5.8% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Entertainment industry in Japan. 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 5% per year, which means it is significantly lagging earnings. Announcement • Jul 07
Koei Tecmo Holdings Co., Ltd. to Report Q1, 2026 Results on Jul 28, 2025 Koei Tecmo Holdings Co., Ltd. announced that they will report Q1, 2026 results on Jul 28, 2025 Reported Earnings • Jun 25
Full year 2025 earnings: EPS and revenues exceed analyst expectations Full year 2025 results: EPS: JP¥119 (up from JP¥107 in FY 2024). Revenue: JP¥83.2b (down 1.7% from FY 2024). Net income: JP¥37.6b (up 11% from FY 2024). Profit margin: 45% (up from 40% in FY 2024). The increase in margin was driven by lower expenses. Revenue exceeded analyst estimates by 3.1%. Earnings per share (EPS) also surpassed analyst estimates by 19%. Revenue is forecast to grow 5.7% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Entertainment industry in Japan. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Price Target Changed • May 02
Price target increased by 8.0% to JP¥2,133 Up from JP¥1,975, the current price target is an average from 6 analysts. New target price is 14% below last closing price of JP¥2,495. Stock is up 89% over the past year. The company is forecast to post earnings per share of JP¥106 for next year compared to JP¥119 last year. Reported Earnings • May 01
Full year 2025 earnings: EPS and revenues exceed analyst expectations Full year 2025 results: EPS: JP¥119 (up from JP¥107 in FY 2024). Revenue: JP¥83.2b (down 1.7% from FY 2024). Net income: JP¥37.6b (up 11% from FY 2024). Profit margin: 45% (up from 40% in FY 2024). The increase in margin was driven by lower expenses. Revenue exceeded analyst estimates by 3.1%. Earnings per share (EPS) also surpassed analyst estimates by 19%. Revenue is forecast to grow 6.2% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Entertainment 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 6% per year. Announcement • Apr 30
Koei Tecmo Holdings Co., Ltd., Annual General Meeting, Jun 19, 2025 Koei Tecmo Holdings Co., Ltd., Annual General Meeting, Jun 19, 2025. Valuation Update With 7 Day Price Move • Apr 14
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to JP¥2,329, the stock trades at a forward P/E ratio of 23x. Average forward P/E is 18x in the Entertainment industry in Japan. Total returns to shareholders of 25% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥1,427 per share. Announcement • Apr 03
Koei Tecmo Holdings Co., Ltd. to Report Fiscal Year 2025 Results on Apr 30, 2025 Koei Tecmo Holdings Co., Ltd. announced that they will report fiscal year 2025 results on Apr 30, 2025 Upcoming Dividend • Mar 21
Upcoming dividend of JP¥48.00 per share Eligible shareholders must have bought the stock before 28 March 2025. Payment date: 23 June 2025. Payout ratio is a comfortable 49% and this is well supported by cash flows. Trailing yield: 2.3%. Lower than top quartile of Japanese dividend payers (3.7%). Higher than average of industry peers (1.2%). Price Target Changed • Feb 18
Price target increased by 11% to JP¥1,927 Up from JP¥1,735, the current price target is an average from 6 analysts. New target price is 6.5% below last closing price of JP¥2,061. Stock is up 11% over the past year. The company is forecast to post earnings per share of JP¥100 for next year compared to JP¥107 last year. Announcement • Feb 10
Koei Tecmo Holdings Co., Ltd. Announces Board Retirements Koei Tecmo Holdings Co., Ltd. announced the personnel changes. Yosuke HAYASHI is retired as director. Satoru MORISHIMA is retired as Audit & Supervisory Board Member. Buy Or Sell Opportunity • Feb 06
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 29% to JP¥2,095. The fair value is estimated to be JP¥1,701, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 5.9% over the last 3 years. Earnings per share has grown by 6.2%. For the next 3 years, revenue is forecast to grow by 5.9% per annum. Earnings are also forecast to grow by 1.1% per annum over the same time period. Price Target Changed • Jan 30
Price target increased by 11% to JP¥1,735 Up from JP¥1,565, the current price target is an average from 6 analysts. New target price is 12% below last closing price of JP¥1,961. Stock is up 9.7% over the past year. The company is forecast to post earnings per share of JP¥102 for next year compared to JP¥107 last year. Reported Earnings • Jan 28
Third quarter 2025 earnings: EPS and revenues miss analyst expectations Third quarter 2025 results: EPS: JP¥29.08 (up from JP¥23.71 in 3Q 2024). Revenue: JP¥17.4b (down 19% from 3Q 2024). Net income: JP¥9.19b (up 23% from 3Q 2024). Profit margin: 53% (up from 35% in 3Q 2024). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 10%. Earnings per share (EPS) also missed analyst estimates by 14%. Revenue is forecast to grow 6.0% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Entertainment 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 remained flat, which means it is significantly lagging earnings. Major Estimate Revision • Jan 21
Consensus EPS estimates increase by 20%, revenue downgraded The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast fell from JP¥82.1b to JP¥80.9b. EPS estimate rose from JP¥99.74 to JP¥119. Net income forecast to shrink 6.1% next year vs 31% growth forecast for Entertainment industry in Japan . Consensus price target broadly unchanged at JP¥1,565. Share price rose 5.6% to JP¥1,857 over the past week. Buy Or Sell Opportunity • Jan 16
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 17% to JP¥1,823. The fair value is estimated to be JP¥1,503, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 6.7% over the last 3 years. Earnings per share has grown by 4.8%. For the next 3 years, revenue is forecast to grow by 4.3% per annum. Earnings are forecast to decline by 0.7% per annum over the same time period. Announcement • Dec 21
Koei Tecmo Holdings Co., Ltd. to Report Q3, 2025 Results on Jan 27, 2025 Koei Tecmo Holdings Co., Ltd. announced that they will report Q3, 2025 results on Jan 27, 2025 Buy Or Sell Opportunity • Dec 12
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 13% to JP¥1,798. The fair value is estimated to be JP¥1,497, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 6.7% over the last 3 years. Earnings per share has grown by 4.8%. For the next 3 years, revenue is forecast to grow by 4.6% per annum. Earnings are forecast to decline by 1.1% per annum over the same time period. Declared Dividend • Oct 30
Dividend of JP¥48.00 announced Shareholders will receive a dividend of JP¥48.00. Ex-date: 28th March 2025 Payment date: 23rd June 2025 Dividend yield will be 3.1%, which is higher than the industry average of 1.8%. Sustainability & Growth Dividend is covered by both earnings (52% earnings payout ratio) and cash flows (44% cash payout ratio). The dividend has increased by an average of 16% 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 4.5% over the next 3 years. However, it would need to fall by 43% to increase the payout ratio to a potentially unsustainable range. Reported Earnings • Oct 29
Second quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2025 results: EPS: JP¥7.40 (down from JP¥19.78 in 2Q 2024). Revenue: JP¥17.6b (down 18% from 2Q 2024). Net income: JP¥2.34b (down 63% from 2Q 2024). Profit margin: 13% (down from 29% in 2Q 2024). Revenue exceeded analyst estimates by 1.4%. Earnings per share (EPS) missed analyst estimates by 75%. Revenue is forecast to grow 4.5% p.a. on average during the next 3 years, compared to a 8.1% growth forecast for the Entertainment industry in Japan. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. Announcement • Oct 02
Koei Tecmo Holdings Co., Ltd. to Report Q2, 2025 Results on Oct 28, 2024 Koei Tecmo Holdings Co., Ltd. announced that they will report Q2, 2025 results on Oct 28, 2024 Valuation Update With 7 Day Price Move • Aug 27
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to JP¥1,680, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 20x in the Entertainment industry in Japan. Total loss to shareholders of 23% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥1,533 per share. Price Target Changed • Aug 26
Price target decreased by 10% to JP¥1,547 Down from JP¥1,725, the current price target is an average from 7 analysts. New target price is approximately in line with last closing price of JP¥1,591. Stock is down 30% over the past year. The company is forecast to post earnings per share of JP¥98.25 for next year compared to JP¥107 last year. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to JP¥1,264, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 20x in the Entertainment industry in Japan. Total loss to shareholders of 41% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥1,542 per share. Reported Earnings • Jul 31
First quarter 2025 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2025 results: EPS: JP¥43.18 (up from JP¥33.46 in 1Q 2024). Revenue: JP¥17.6b (down 3.8% from 1Q 2024). Net income: JP¥13.6b (up 29% from 1Q 2024). Profit margin: 78% (up from 58% in 1Q 2024). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 4.7%. Earnings per share (EPS) exceeded analyst estimates by 92%. Revenue is forecast to grow 3.9% p.a. on average during the next 3 years, compared to a 5.5% growth forecast for the Entertainment 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 fallen by 15% per year, which means it is significantly lagging earnings. Buy Or Sell Opportunity • Jul 17
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 2.8% to JP¥1,550. The fair value is estimated to be JP¥1,270, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 9.1% over the last 3 years. Earnings per share has grown by 4.0%. For the next 3 years, revenue is forecast to grow by 4.5% per annum. Earnings are forecast to decline by 1.6% per annum over the same time period. Announcement • Jul 04
Koei Tecmo Holdings Co., Ltd. to Report Q1, 2025 Results on Jul 29, 2024 Koei Tecmo Holdings Co., Ltd. announced that they will report Q1, 2025 results on Jul 29, 2024 Reported Earnings • Jun 26
Full year 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2024 results: EPS: JP¥107 (up from JP¥98.20 in FY 2023). Revenue: JP¥84.6b (up 7.9% from FY 2023). Net income: JP¥33.8b (up 9.2% from FY 2023). Profit margin: 40% (in line with FY 2023). Revenue missed analyst estimates by 3.2%. Earnings per share (EPS) exceeded analyst estimates by 14%. Revenue is forecast to grow 4.5% p.a. on average during the next 3 years, compared to a 5.4% growth forecast for the Entertainment 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 fallen by 19% per year, which means it is significantly lagging earnings. New Risk • May 31
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Japanese stocks, typically moving 5.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 1.2% per year for the foreseeable future. Minor Risk Share price has been volatile over the past 3 months (5.6% average weekly change). Price Target Changed • May 30
Price target decreased by 8.6% to JP¥1,876 Down from JP¥2,053, the current price target is an average from 7 analysts. New target price is 48% above last closing price of JP¥1,264. Stock is down 46% over the past year. The company is forecast to post earnings per share of JP¥90.68 for next year compared to JP¥107 last year. New Risk • May 24
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 1.5% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. This is currently the only risk that has been identified for the company. Reported Earnings • May 01
Full year 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2024 results: EPS: JP¥107 (up from JP¥98.20 in FY 2023). Revenue: JP¥84.6b (up 7.9% from FY 2023). Net income: JP¥33.8b (up 9.2% from FY 2023). Profit margin: 40% (in line with FY 2023). Revenue missed analyst estimates by 3.2%. Earnings per share (EPS) exceeded analyst estimates by 14%. Revenue is forecast to grow 8.0% p.a. on average during the next 3 years, compared to a 3.4% growth forecast for the Entertainment 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 fallen by 18% per year, which means it is significantly lagging earnings. Buy Or Sell Opportunity • May 01
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 24% to JP¥1,356. The fair value is estimated to be JP¥1,696, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.1% over the last 3 years. Earnings per share has grown by 4.0%. For the next 3 years, revenue is forecast to grow by 8.0% per annum. Earnings are also forecast to grow by 5.0% per annum over the same time period. New Risk • Apr 16
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.08% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. This is currently the only risk that has been identified for the company. Buy Or Sell Opportunity • Apr 15
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 13% to JP¥1,536. The fair value is estimated to be JP¥1,925, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 10.0% over the last 3 years. Earnings per share has grown by 5.7%. For the next 3 years, revenue is forecast to grow by 6.7% per annum. Earnings are also forecast to grow by 1.5% per annum over the same time period. Announcement • Apr 03
Koei Tecmo Holdings Co., Ltd. to Report Fiscal Year 2024 Results on Apr 30, 2024 Koei Tecmo Holdings Co., Ltd. announced that they will report fiscal year 2024 results on Apr 30, 2024 Upcoming Dividend • Mar 21
Upcoming dividend of JP¥50.00 per share Eligible shareholders must have bought the stock before 28 March 2024. Payment date: 17 June 2024. Payout ratio is a comfortable 38% and this is well supported by cash flows. Trailing yield: 2.8%. Lower than top quartile of Japanese dividend payers (3.2%). Higher than average of industry peers (1.8%). Buy Or Sell Opportunity • Feb 02
Now 24% overvalued Over the last 90 days, the stock has fallen 3.9% to JP¥1,879. The fair value is estimated to be JP¥1,517, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 10.0% over the last 3 years. Earnings per share has grown by 5.7%. For the next 3 years, revenue is forecast to grow by 6.9% per annum. Earnings are also forecast to grow by 0.6% per annum over the same time period. Reported Earnings • Jan 30
Third quarter 2024 earnings released: EPS: JP¥23.71 (vs JP¥0.54 loss in 3Q 2023) Third quarter 2024 results: EPS: JP¥23.71 (up from JP¥0.54 loss in 3Q 2023). Revenue: JP¥21.4b (up 46% from 3Q 2023). Net income: JP¥7.49b (up JP¥7.66b from 3Q 2023). Profit margin: 35% (up from net loss in 3Q 2023). The move to profitability was primarily driven by higher revenue. Revenue is forecast to grow 6.8% p.a. on average during the next 3 years, compared to a 3.4% growth forecast for the Entertainment 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 fallen by 8% per year, which means it is significantly lagging earnings. Announcement • Jan 10
Koei Tecmo Holdings Co., Ltd. to Report Q3, 2024 Results on Jan 29, 2024 Koei Tecmo Holdings Co., Ltd. announced that they will report Q3, 2024 results on Jan 29, 2024 Price Target Changed • Nov 08
Price target decreased by 8.4% to JP¥2,426 Down from JP¥2,647, the current price target is an average from 7 analysts. New target price is 23% above last closing price of JP¥1,971. Stock is down 14% over the past year. The company is forecast to post earnings per share of JP¥103 for next year compared to JP¥98.20 last year. Reported Earnings • Nov 01
Second quarter 2024 earnings released: EPS: JP¥19.78 (vs JP¥21.90 in 2Q 2023) Second quarter 2024 results: EPS: JP¥19.78 (down from JP¥21.90 in 2Q 2023). Revenue: JP¥21.4b (up 33% from 2Q 2023). Net income: JP¥6.24b (down 9.5% from 2Q 2023). Profit margin: 29% (down from 43% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 8.2% p.a. on average during the next 3 years, compared to a 2.9% growth forecast for the Entertainment 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 fallen by 1% per year, which means it is significantly lagging earnings. Announcement • Oct 05
Koei Tecmo Holdings Co., Ltd. to Report Q2, 2024 Results on Oct 30, 2023 Koei Tecmo Holdings Co., Ltd. announced that they will report Q2, 2024 results on Oct 30, 2023 Reported Earnings • Aug 01
First quarter 2024 earnings released: EPS: JP¥33.46 (vs JP¥21.43 in 1Q 2023) First quarter 2024 results: EPS: JP¥33.46 (up from JP¥21.43 in 1Q 2023). Revenue: JP¥18.3b (down 1.9% from 1Q 2023). Net income: JP¥10.6b (up 56% from 1Q 2023). Profit margin: 58% (up from 36% in 1Q 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 9.3% p.a. on average during the next 3 years, compared to a 3.2% growth forecast for the Entertainment 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. Reported Earnings • Jun 22
Full year 2023 earnings: EPS and revenues exceed analyst expectations Full year 2023 results: EPS: JP¥98.20 (down from JP¥107 in FY 2022). Revenue: JP¥78.4b (up 7.8% from FY 2022). Net income: JP¥30.9b (down 13% from FY 2022). Profit margin: 39% (down from 49% in FY 2022). Revenue exceeded analyst estimates by 3.7%. Earnings per share (EPS) also surpassed analyst estimates by 26%. Revenue is forecast to grow 8.8% p.a. on average during the next 3 years, compared to a 2.1% growth forecast for the Entertainment industry in Japan. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has increased by 22% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Apr 26
Full year 2023 earnings: EPS and revenues exceed analyst expectations Full year 2023 results: EPS: JP¥98.20 (down from JP¥107 in FY 2022). Revenue: JP¥78.4b (up 7.8% from FY 2022). Net income: JP¥30.9b (down 13% from FY 2022). Profit margin: 39% (down from 49% in FY 2022). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 3.7%. Earnings per share (EPS) also surpassed analyst estimates by 26%. Revenue is forecast to grow 8.7% p.a. on average during the next 3 years, compared to a 1.6% growth forecast for the Entertainment industry in Japan. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has increased by 27% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥48.00 per share at 1.9% yield Eligible shareholders must have bought the stock before 30 March 2023. Payment date: 19 June 2023. Payout ratio is on the higher end at 83%, however this is supported by cash flows. Trailing yield: 1.9%. Lower than top quartile of Japanese dividend payers (3.6%). In line with average of industry peers (2.1%). Announcement • Feb 15
Livedoor Co., Ltd concluded of the basic agreement to acquire CWS Brains, LTD from Koei Tecmo Holdings Co., Ltd. (TSE:3635). Livedoor Co., Ltd concluded of the basic agreement to acquire CWS Brains, LTD from Koei Tecmo Holdings Co., Ltd. (TSE:3635) on February 14, 2023. Livedoor will acquire 4,993 shares in CWS Brains. CWS Brains has net assets of ¥298 million and total assets of ¥330 million for fiscal year ended March 2022. The date of the agreement is scheduled by March 31, 2023. The transaction is to be complete by March 31, 2023. Reported Earnings • Jan 31
Third quarter 2023 earnings released: JP¥0.54 loss per share (vs JP¥30.51 profit in 3Q 2022) Third quarter 2023 results: JP¥0.54 loss per share (down from JP¥30.51 profit in 3Q 2022). Revenue: JP¥14.7b (down 19% from 3Q 2022). Net loss: JP¥171.0m (down 102% from profit in 3Q 2022). Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 2.5% growth forecast for the Entertainment industry in Japan. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has increased by 27% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jan 09
Koei Tecmo Holdings Co., Ltd. to Report Q3, 2023 Results on Jan 30, 2023 Koei Tecmo Holdings Co., Ltd. announced that they will report Q3, 2023 results on Jan 30, 2023 Reported Earnings • Nov 16
Second quarter 2023 earnings released: EPS: JP¥530,615 (vs JP¥14.32 in 2Q 2022) Second quarter 2023 results: EPS: JP¥530,615 (up from JP¥14.32 in 2Q 2022). Revenue: JP¥16.1b (down 3.5% from 2Q 2022). Net income: JP¥6.90b (up 45% from 2Q 2022). Profit margin: 43% (up from 28% in 2Q 2022). The increase in margin was driven by lower expenses. Revenue is forecast to grow 9.8% p.a. on average during the next 3 years, compared to a 2.4% growth forecast for the Entertainment industry in Japan. Over the last 3 years on average, earnings per share has increased by 33% per year whereas the company’s share price has increased by 35% per year. Board Change • Nov 16
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was an independent director. The company's board is composed of: 1 new director. 5 experienced directors. 6 highly experienced directors. 4 independent directors (8 non-independent directors). Independent Outside Director Michiaki Ogasawara was the last independent director to join the board, commencing their role in 2021. 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 02
Second quarter 2023 earnings released: EPS: JP¥506,164 (vs JP¥14.32 in 2Q 2022) Second quarter 2023 results: EPS: JP¥506,164 (up from JP¥14.32 in 2Q 2022). Revenue: JP¥16.1b (down 3.5% from 2Q 2022). Net income: JP¥6.90b (up 45% from 2Q 2022). Profit margin: 43% (up from 28% in 2Q 2022). The increase in margin was driven by lower expenses. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 2.2% growth forecast for the Entertainment industry in Japan. Over the last 3 years on average, earnings per share has increased by 33% per year whereas the company’s share price has increased by 34% per year.