Announcement • Jun 28
VALUE GOLF Inc. to Report Q2, 2027 Results on Sep 14, 2026 VALUE GOLF Inc. announced that they will report Q2, 2027 results on Sep 14, 2026 Reported Earnings • Jun 15
First quarter 2027 earnings released: EPS: JP¥9.96 (vs JP¥4.43 in 1Q 2026) First quarter 2027 results: EPS: JP¥9.96 (up from JP¥4.43 in 1Q 2026). Revenue: JP¥1.19b (flat on 1Q 2026). Net income: JP¥18.0m (up 125% from 1Q 2026). Profit margin: 1.5% (up from 0.7% in 1Q 2026). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 87 percentage points per year, which is a significant difference in performance. Reported Earnings • Mar 14
Full year 2026 earnings released: JP¥10.52 loss per share (vs JP¥2.77 profit in FY 2025) Full year 2026 results: JP¥10.52 loss per share (down from JP¥2.77 profit in FY 2025). Revenue: JP¥4.43b (up 7.2% from FY 2025). Net loss: JP¥19.0m (down 480% from profit in FY 2025). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 92 percentage points per year, which is a significant difference in performance. Announcement • Mar 13
VALUE GOLF Inc., Annual General Meeting, Apr 24, 2026 VALUE GOLF Inc., Annual General Meeting, Apr 24, 2026. Upcoming Dividend • Jan 22
Upcoming dividend of JP¥25.00 per share Eligible shareholders must have bought the stock before 29 January 2026. Payment date: 28 April 2026. The company is not currently making a profit and is not cash flow positive. Trailing yield: 1.6%. Lower than top quartile of Japanese dividend payers (3.5%). In line with average of industry peers (1.6%). Announcement • Jan 06
VALUE GOLF Inc. to Report Fiscal Year 2026 Results on Mar 13, 2026 VALUE GOLF Inc. announced that they will report fiscal year 2026 results on Mar 13, 2026 Reported Earnings • Dec 16
Third quarter 2026 earnings released: EPS: JP¥3.32 (vs JP¥14.38 in 3Q 2025) Third quarter 2026 results: EPS: JP¥3.32 (down from JP¥14.38 in 3Q 2025). Revenue: JP¥1.06b (up 2.2% from 3Q 2025). Net income: JP¥6.00m (down 77% from 3Q 2025). Profit margin: 0.6% (down from 2.5% in 3Q 2025). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 89 percentage points per year, which is a significant difference in performance. New Risk • Dec 09
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 251% The company is paying a dividend despite having no free cash flows. Dividend yield: 1.8% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Dividend is not well covered by earnings and cash flows. Payout ratio: 251% Paying a dividend despite having no free cash flows. Earnings have declined by 9.2% per year over the past 5 years. High level of non-cash earnings (40% accrual ratio). Minor Risks Profit margins are more than 30% lower than last year (0.4% net profit margin). Market cap is less than US$100m (JP¥2.56b market cap, or US$16.4m). Announcement • Sep 30
VALUE GOLF Inc. to Report Q3, 2026 Results on Dec 12, 2025 VALUE GOLF Inc. announced that they will report Q3, 2026 results on Dec 12, 2025 New Risk • Sep 17
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 40% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Earnings have declined by 9.2% per year over the past 5 years. High level of non-cash earnings (40% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (7.1% average weekly change). Profit margins are more than 30% lower than last year (0.4% net profit margin). Market cap is less than US$100m (JP¥2.98b market cap, or US$20.4m). New Risk • Sep 14
New major risk - Financial position The company's debt is not well covered by operating cash flow. Currently running at an operating cash loss. This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Earnings have declined by 9.2% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (7.0% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.4% net profit margin). Market cap is less than US$100m (JP¥2.96b market cap, or US$20.1m). Reported Earnings • Sep 14
Second quarter 2026 earnings released: EPS: JP¥12.18 (vs JP¥3.32 in 2Q 2025) Second quarter 2026 results: EPS: JP¥12.18 (up from JP¥3.32 in 2Q 2025). Revenue: JP¥1.15b (up 7.4% from 2Q 2025). Net income: JP¥22.0m (up 267% from 2Q 2025). Profit margin: 1.9% (up from 0.6% in 2Q 2025). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 83 percentage points per year, which is a significant difference in performance. Announcement • Jun 29
VALUE GOLF Inc. to Report Q2, 2026 Results on Sep 12, 2025 VALUE GOLF Inc. announced that they will report Q2, 2026 results on Sep 12, 2025 Reported Earnings • Jun 16
First quarter 2026 earnings released: EPS: JP¥4.43 (vs JP¥6.09 in 1Q 2025) First quarter 2026 results: EPS: JP¥4.43 (down from JP¥6.09 in 1Q 2025). Revenue: JP¥1.20b (up 19% from 1Q 2025). Net income: JP¥8.00m (down 27% from 1Q 2025). Profit margin: 0.7% (down from 1.1% in 1Q 2025). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 86 percentage points per year, which is a significant difference in performance. Reported Earnings • May 02
Full year 2025 earnings released: EPS: JP¥2.77 (vs JP¥12.18 in FY 2024) Full year 2025 results: EPS: JP¥2.77 (down from JP¥12.18 in FY 2024). Revenue: JP¥4.13b (up 13% from FY 2024). Net income: JP¥5.00m (down 77% from FY 2024). Profit margin: 0.1% (down from 0.6% in FY 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 69 percentage points per year, which is a significant difference in performance. Board Change • May 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 4 highly experienced directors. Independent Outside director Noriatsu Soga was the last director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Announcement • Apr 01
VALUE GOLF Inc. to Report Q1, 2026 Results on Jun 13, 2025 VALUE GOLF Inc. announced that they will report Q1, 2026 results on Jun 13, 2025 New Risk • Mar 17
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Japanese stocks, typically moving 8.7% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (8.7% average weekly change). Earnings have declined by 1.4% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.05% net profit margin). Market cap is less than US$100m (JP¥2.35b market cap, or US$15.8m). New Risk • Mar 15
New major risk - Revenue and earnings growth Earnings have declined by 1.4% per year over the past 5 years. 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 declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. 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 have declined by 1.4% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.05% net profit margin). Market cap is less than US$100m (JP¥1.84b market cap, or US$12.4m). Reported Earnings • Mar 15
Full year 2025 earnings released: EPS: JP¥1.11 (vs JP¥12.18 in FY 2024) Full year 2025 results: EPS: JP¥1.11 (down from JP¥12.18 in FY 2024). Revenue: JP¥4.13b (up 13% from FY 2024). Net income: JP¥2.00m (down 91% from FY 2024). Profit margin: 0% (down from 0.6% in FY 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 58 percentage points per year, which is a significant difference in performance. Announcement • Mar 14
VALUE GOLF Inc., Annual General Meeting, Apr 25, 2025 VALUE GOLF Inc., Annual General Meeting, Apr 25, 2025. Upcoming Dividend • Jan 23
Upcoming dividend of JP¥25.00 per share Eligible shareholders must have bought the stock before 30 January 2025. Payment date: 30 April 2025. Payout ratio is a comfortable 56% and this is well supported by cash flows. Trailing yield: 2.5%. Lower than top quartile of Japanese dividend payers (3.8%). In line with average of industry peers (2.4%). Announcement • Jan 19
VALUE GOLF Inc. to Report Fiscal Year 2025 Results on Mar 14, 2025 VALUE GOLF Inc. announced that they will report fiscal year 2025 results on Mar 14, 2025 Reported Earnings • Dec 15
Third quarter 2025 earnings released: EPS: JP¥14.38 (vs JP¥4.98 loss in 3Q 2024) Third quarter 2025 results: EPS: JP¥14.38 (up from JP¥4.98 loss in 3Q 2024). Revenue: JP¥1.03b (up 5.3% from 3Q 2024). Net income: JP¥26.0m (up JP¥35.0m from 3Q 2024). Profit margin: 2.5% (up from net loss in 3Q 2024). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 46% per year but the company’s share price has only fallen by 13% per year, which means it has not declined as severely as earnings. Announcement • Oct 02
VALUE GOLF Inc. to Report Q3, 2025 Results on Dec 13, 2024 VALUE GOLF Inc. announced that they will report Q3, 2025 results on Dec 13, 2024 Reported Earnings • Sep 17
Second quarter 2025 earnings released: EPS: JP¥3.32 (vs JP¥5.54 in 2Q 2024) Second quarter 2025 results: EPS: JP¥3.32 (down from JP¥5.54 in 2Q 2024). Revenue: JP¥1.07b (up 16% from 2Q 2024). Net income: JP¥6.00m (down 40% from 2Q 2024). Profit margin: 0.6% (down from 1.1% in 2Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 33% per year but the company’s share price has only fallen by 17% per year, which means it has not declined as severely as earnings. 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¥853, the stock trades at a trailing P/E ratio of 46.7x. Average trailing P/E is 16x in the Media industry in Japan. Total loss to shareholders of 48% over the past three years. Announcement • Jun 30
VALUE GOLF Inc. to Report Q2, 2025 Results on Sep 13, 2024 VALUE GOLF Inc. announced that they will report Q2, 2025 results on Sep 13, 2024 Reported Earnings • Jun 16
First quarter 2025 earnings released: EPS: JP¥6.09 (vs JP¥0.43 in 1Q 2024) First quarter 2025 results: EPS: JP¥6.09 (up from JP¥0.43 in 1Q 2024). Revenue: JP¥1.01b (up 16% from 1Q 2024). Net income: JP¥11.0m (up JP¥11.0m from 1Q 2024). Profit margin: 1.1% (up from 0% in 1Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has fallen by 18% per year, which means it is performing significantly worse than earnings. Reported Earnings • May 04
Full year 2024 earnings released: EPS: JP¥12.18 (vs JP¥63.10 in FY 2023) Full year 2024 results: EPS: JP¥12.18 (down from JP¥63.10 in FY 2023). Revenue: JP¥3.66b (down 18% from FY 2023). Net income: JP¥22.0m (down 81% from FY 2023). Profit margin: 0.6% (down from 2.6% in FY 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has fallen by 18% per year, which means it is significantly lagging earnings. Announcement • Apr 03
VALUE GOLF Inc. to Report Q1, 2025 Results on Jun 14, 2024 VALUE GOLF Inc. announced that they will report Q1, 2025 results on Jun 14, 2024 Reported Earnings • Mar 17
Full year 2024 earnings released: EPS: JP¥12.18 (vs JP¥63.10 in FY 2023) Full year 2024 results: EPS: JP¥12.18 (down from JP¥63.10 in FY 2023). Revenue: JP¥3.66b (down 18% from FY 2023). Net income: JP¥22.0m (down 81% from FY 2023). Profit margin: 0.6% (down from 2.6% in FY 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has fallen by 18% per year, which means it is significantly lagging earnings. Announcement • Mar 16
VALUE GOLF Inc., Annual General Meeting, Apr 26, 2024 VALUE GOLF Inc., Annual General Meeting, Apr 26, 2024. Upcoming Dividend • Jan 23
Upcoming dividend of JP¥25.00 per share at 2.0% yield Eligible shareholders must have bought the stock before 30 January 2024. Payment date: 24 April 2024. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 2.0%. Lower than top quartile of Japanese dividend payers (3.3%). Lower than average of industry peers (2.5%). Announcement • Jan 06
VALUE GOLF Inc. to Report Fiscal Year 2024 Results on Mar 14, 2024 VALUE GOLF Inc. announced that they will report fiscal year 2024 results on Mar 14, 2024 Reported Earnings • Dec 15
Third quarter 2024 earnings released: JP¥4.98 loss per share (vs JP¥14.95 profit in 3Q 2023) Third quarter 2024 results: JP¥4.98 loss per share (down from JP¥14.95 profit in 3Q 2023). Revenue: JP¥980.0m (down 13% from 3Q 2023). Net loss: JP¥9.00m (down 133% from profit in 3Q 2023). Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Announcement • Oct 05
VALUE GOLF Inc. to Report Q3, 2024 Results on Dec 14, 2023 VALUE GOLF Inc. announced that they will report Q3, 2024 results on Dec 14, 2023 Reported Earnings • Sep 16
Second quarter 2024 earnings released: EPS: JP¥5.53 (vs JP¥23.26 in 2Q 2023) Second quarter 2024 results: EPS: JP¥5.53 (down from JP¥23.26 in 2Q 2023). Revenue: JP¥923.0m (down 24% from 2Q 2023). Net income: JP¥10.0m (down 76% from 2Q 2023). Profit margin: 1.1% (down from 3.5% in 2Q 2023). Over the last 3 years on average, earnings per share has increased by 43% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. New Risk • Jul 25
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: Minor Risks Share price has been volatile over the past 3 months (5.6% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.7% net profit margin). Market cap is less than US$100m (JP¥2.63b market cap, or US$18.6m). Announcement • Jul 06
VALUE GOLF Inc. to Report Q2, 2024 Results on Sep 14, 2023 VALUE GOLF Inc. announced that they will report Q2, 2024 results on Sep 14, 2023 New Risk • Jun 16
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. Dividend per share is over 36x cash flows per share. Dividend yield: 1.6% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by cash flows (dividend per share is over 36x cash flows per share). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.7% net profit margin). Market cap is less than US$100m (JP¥2.21b market cap, or US$15.7m). Reported Earnings • Jun 16
First quarter 2024 earnings released: EPS: JP¥0.43 (vs JP¥23.26 in 1Q 2023) First quarter 2024 results: EPS: JP¥0.43 (down from JP¥23.26 in 1Q 2023). Revenue: JP¥866.0m (down 21% from 1Q 2023). Net income: JP¥0 (down JP¥42.0m from profit in 1Q 2023). Profit margin: 0% (down from 3.8% in 1Q 2023). Over the last 3 years on average, earnings per share has increased by 51% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 15
Full year 2023 earnings released: EPS: JP¥63.10 (vs JP¥68.16 in FY 2022) Full year 2023 results: EPS: JP¥63.10 (down from JP¥68.16 in FY 2022). Revenue: JP¥4.44b (up 3.7% from FY 2022). Net income: JP¥114.0m (down 7.3% from FY 2022). Profit margin: 2.6% (down from 2.9% in FY 2022). Over the last 3 years on average, earnings per share has increased by 54% per year but the company’s share price has only increased by 21% per year, which means it is significantly lagging earnings growth. Announcement • Jan 28
VALUE GOLF Inc. to Report Q4, 2023 Results on Mar 14, 2023 VALUE GOLF Inc. announced that they will report Q4, 2023 results on Mar 14, 2023 Upcoming Dividend • Jan 23
Upcoming dividend of JP¥20.00 per share Eligible shareholders must have bought the stock before 30 January 2023. Payment date: 25 April 2023. Payout ratio is a comfortable 23% but the company is not cash flow positive. Trailing yield: 1.5%. Lower than top quartile of Japanese dividend payers (3.7%). Lower than average of industry peers (2.6%). Reported Earnings • Dec 27
Third quarter 2023 earnings released: EPS: JP¥6.08 (vs JP¥26.04 in 3Q 2022) Third quarter 2023 results: EPS: JP¥6.08 (down from JP¥26.04 in 3Q 2022). Revenue: JP¥1.12b (down 2.5% from 3Q 2022). Net income: JP¥11.0m (down 77% from 3Q 2022). Profit margin: 1.0% (down from 4.1% in 3Q 2022). Over the last 3 years on average, earnings per share has increased by 51% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 8 experienced directors. 2 highly experienced directors. 1 independent director (6 non-independent directors). Independent Outside Director Mikio Hirota was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Announcement • Oct 04
VALUE GOLF Inc. to Report Q3, 2023 Results on Dec 14, 2022 VALUE GOLF Inc. announced that they will report Q3, 2023 results on Dec 14, 2022 Reported Earnings • Sep 19
Second quarter 2023 earnings released: EPS: JP¥24.92 (vs JP¥12.73 in 2Q 2022) Second quarter 2023 results: EPS: JP¥24.92 (up from JP¥12.73 in 2Q 2022). Revenue: JP¥1.22b (up 2.2% from 2Q 2022). Net income: JP¥45.0m (up 96% from 2Q 2022). Profit margin: 3.7% (up from 1.9% in 2Q 2022). Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Reported Earnings • Jun 15
First quarter 2023 earnings released: EPS: JP¥30.44 (vs JP¥13.36 in 1Q 2022) First quarter 2023 results: EPS: JP¥30.44 (up from JP¥13.36 in 1Q 2022). Revenue: JP¥1.10b (flat on 1Q 2022). Net income: JP¥55.0m (up 129% from 1Q 2022). Profit margin: 5.0% (up from 2.2% in 1Q 2022). Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 8 experienced directors. 2 highly experienced directors. 1 independent director (6 non-independent directors). Independent Outside Director Mikio Hirota was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Mar 15
Full year 2022 earnings: Revenues and EPS in line with analyst expectations Full year 2022 results: EPS: JP¥81.46 (up from JP¥17.85 loss in FY 2021). Revenue: JP¥4.69b (up 4.8% from FY 2021). Net income: JP¥147.0m (up JP¥179.0m from FY 2021). Profit margin: 3.1% (up from net loss in FY 2021). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Mar 14
Investor sentiment improved over the past week After last week's 15% share price gain to JP¥1,490, the stock trades at a trailing P/E ratio of 39x. Average trailing P/E is 14x in the Media industry in Japan. Total returns to shareholders of 12% over the past three years. Upcoming Dividend • Jan 21
Upcoming dividend of JP¥20.00 per share Eligible shareholders must have bought the stock before 28 January 2022. Payment date: 26 April 2022. Payout ratio is a comfortable 26% and this is well supported by cash flows. Trailing yield: 1.4%. Lower than top quartile of Japanese dividend payers (3.4%). Lower than average of industry peers (1.9%). Reported Earnings • Sep 17
Second quarter 2022 earnings released: EPS JP¥12.73 (vs JP¥6.14 in 2Q 2021) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2022 results: Revenue: JP¥1.19b (up 10% from 2Q 2021). Net income: JP¥23.0m (up 109% from 2Q 2021). Profit margin: 1.9% (up from 1.0% in 2Q 2021). Over the last 3 years on average, earnings per share has fallen by 46% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Reported Earnings • Jun 18
First quarter 2022 earnings released: EPS JP¥13.35 (vs JP¥10.05 loss in 1Q 2021) The company reported a decent first quarter result with improved earnings and profit margins, although revenues were weaker. First quarter 2022 results: Revenue: JP¥1.10b (down 6.0% from 1Q 2021). Net income: JP¥24.0m (up JP¥42.0m from 1Q 2021). Profit margin: 2.2% (up from net loss in 1Q 2021). Over the last 3 years on average, earnings per share has fallen by 46% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Mar 15
New 90-day high: JP¥1,919 The company is up 12% from a price of JP¥1,718 on 15 December 2020. Outperformed the Japanese market which is up 9.0% over the last 90 days. Lagged the Media industry, which is up 14% over the same period. Reported Earnings • Mar 14
Full year 2021 earnings released: JP¥17.85 loss per share (vs JP¥36.26 profit in FY 2020) The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2021 results: Revenue: JP¥4.47b (down 22% from FY 2020). Net loss: JP¥32.0m (down 149% from profit in FY 2020). Over the last 3 years on average, earnings per share has fallen by 42% per year but the company’s share price has only fallen by 18% per year, which means it has not declined as severely as earnings. Announcement • Mar 13
VALUE GOLF Inc., Annual General Meeting, Apr 23, 2021 VALUE GOLF Inc., Annual General Meeting, Apr 23, 2021. Upcoming Dividend • Jan 21
Upcoming Dividend of JP¥10.00 Per Share Will be paid on the 27th of April to those who are registered shareholders by the 28th of January. The trailing yield of 0.7% is below the top quartile of Japanese dividend payers (3.0%), and is lower than industry peers (1.9%). Announcement • Jan 09
VALUE GOLF Inc. to Report Fiscal Year 2021 Results on Mar 12, 2021 VALUE GOLF Inc. announced that they will report fiscal year 2021 results on Mar 12, 2021 Is New 90 Day High Low • Dec 23
New 90-day low: JP¥1,394 The company is down 2.0% from its price of JP¥1,427 on 24 September 2020. The Japanese market is up 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Media industry, which is up 2.0% over the same period. Valuation Update With 7 Day Price Move • Dec 21
Investor sentiment deteriorated over the past week After last week's 27% share price decline to JP¥1,550, the stock is trading at a trailing P/E ratio of 38.1x, down from the previous P/E ratio of 52.1x. This compares to an average P/E of 25x in the Media industry in Japan. Total return to shareholders over the past three years is a loss of 58%. Announcement • Oct 04
VALUE GOLF Inc. to Report Q3, 2021 Results on Dec 14, 2020 VALUE GOLF Inc. announced that they will report Q3, 2021 results on Dec 14, 2020 Announcement • Jul 17
VALUE GOLF Inc. to Report Q2, 2021 Results on Sep 14, 2020 VALUE GOLF Inc. announced that they will report Q2, 2021 results on Sep 14, 2020