Declared Dividend • Apr 03
First half dividend of JP¥12.50 announced Dividend of JP¥12.50 is the same as last year. Ex-date: 30th July 2026 Payment date: 28th October 2026 Dividend yield will be 3.6%, which is higher than the industry average of 2.8%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months and having no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 24% per year over the past 6 years and payments have been stable during that time. Reported Earnings • Mar 14
Second quarter 2026 earnings released: EPS: JP¥2.31 (vs JP¥4.52 loss in 2Q 2025) Second quarter 2026 results: EPS: JP¥2.31 (up from JP¥4.52 loss in 2Q 2025). Revenue: JP¥16.7b (up 9.6% from 2Q 2025). Net income: JP¥67.0m (up JP¥198.0m from 2Q 2025). Profit margin: 0.4% (up from net loss in 2Q 2025). Over the last 3 years on average, earnings per share has fallen by 31% per year but the company’s share price has only fallen by 24% per year, which means it has not declined as severely as earnings. Announcement • Feb 16
Pharma Foods International Co., Ltd. Announces Interim Dividend, Payable on April 2, 2026 Pharma Foods International Co., Ltd. announced that it has resolved, at a meeting of the Board of Directors held on February 16, 2026, to pay dividends of surplus with a record date of January 31, 2026. The details are described below. For the period, the company announced dividend of JPY ¥12.50 per share compared to ¥12.50 per share a year ago. Effective date is April 2, 2026. Upcoming Dividend • Jan 22
Upcoming dividend of JP¥12.50 per share Eligible shareholders must have bought the stock before 29 January 2026. Payment date: 02 April 2026. The company is not currently making a profit and is not cash flow positive. Trailing yield: 3.7%. Within top quartile of Japanese dividend payers (3.5%). Higher than average of industry peers (1.1%). Announcement • Jan 08
Pharma Foods International Co., Ltd. to Report Q2, 2026 Results on Mar 13, 2026 Pharma Foods International Co., Ltd. announced that they will report Q2, 2026 results on Mar 13, 2026 Reported Earnings • Dec 13
First quarter 2026 earnings released: JP¥65.50 loss per share (vs JP¥12.83 profit in 1Q 2025) First quarter 2026 results: JP¥65.50 loss per share (down from JP¥12.83 profit in 1Q 2025). Revenue: JP¥15.7b (up 7.6% from 1Q 2025). Net loss: JP¥1.89b (down JP¥2.25b from profit in 1Q 2025). Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has fallen by 23% per year, which means it is significantly lagging earnings. Declared Dividend • Nov 14
Final dividend of JP¥12.50 announced Shareholders will receive a dividend of JP¥12.50. Ex-date: 29th January 2026 Payment date: 2nd April 2026 Dividend yield will be 3.1%, which is higher than the industry average of 2.8%. Sustainability & Growth Dividend is not covered by earnings (347% earnings payout ratio) and the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 24% per year over the past 6 years and payments have been stable during that time. The company's earnings per share (EPS) would need to grow by 286% to bring the payout ratio under control. However, EPS has declined by 12% over the last 5 years so the company would need to reverse this trend. Announcement • Nov 08
Pharma Foods International Co., Ltd. to Report Q1, 2026 Results on Dec 11, 2025 Pharma Foods International Co., Ltd. announced that they will report Q1, 2026 results on Dec 11, 2025 Reported Earnings • Sep 12
Full year 2025 earnings released: EPS: JP¥12.80 (vs JP¥113 in FY 2024) Full year 2025 results: EPS: JP¥12.80 (down from JP¥113 in FY 2024). Revenue: JP¥65.3b (up 5.0% from FY 2024). Net income: JP¥368.0m (down 89% from FY 2024). Profit margin: 0.6% (down from 5.2% in FY 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 42% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Announcement • Sep 11
Pharma Foods International Co., Ltd., Annual General Meeting, Oct 24, 2025 Pharma Foods International Co., Ltd., Annual General Meeting, Oct 24, 2025. New Risk • Sep 11
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 5.8% 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 Dividend is not well covered by earnings and cash flows. Payout ratio: 347% Paying a dividend despite having no free cash flows. Minor Risks Share price has been volatile over the past 3 months (5.8% average weekly change). Profit margins are more than 30% lower than last year (0.4% net profit margin). Announcement • Aug 09
Pharma Foods International Co., Ltd. to Report Fiscal Year 2025 Results on Sep 11, 2025 Pharma Foods International Co., Ltd. announced that they will report fiscal year 2025 results on Sep 11, 2025 Upcoming Dividend • Jul 23
Upcoming dividend of JP¥12.50 per share Eligible shareholders must have bought the stock before 30 July 2025. Payment date: 28 October 2025. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 3.2%. Lower than top quartile of Japanese dividend payers (3.9%). Higher than average of industry peers (1.0%). Reported Earnings • Jun 11
Third quarter 2025 earnings released: JP¥46.55 loss per share (vs JP¥38.74 profit in 3Q 2024) Third quarter 2025 results: JP¥46.55 loss per share (down from JP¥38.74 profit in 3Q 2024). Revenue: JP¥17.0b (up 9.3% from 3Q 2024). Net loss: JP¥1.35b (down 224% from profit in 3Q 2024). Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Announcement • May 14
Pharma Foods International Co., Ltd. (TSE:2929) announces an Equity Buyback for 200,000 shares, representing 0.69% for ¥190 million. Pharma Foods International Co., Ltd. (TSE:2929) announces a share repurchase program. Under the program, the company will repurchase up to 200,000 shares, representing 0.69% of its issued share capital, for ¥190 million. The shares will be repurchased at ¥950 per share. The purpose of the program is to return capital to shareholders, enhance capital efficiency, and fund equity-based compensation. As of April 30, 2025, the company had 29,059,031 outstanding shares (excluding treasury shares) and 19,969 treasury shares. Announcement • Apr 17
Pharma Foods International Co., Ltd. to Report Q3, 2025 Results on Jun 10, 2025 Pharma Foods International Co., Ltd. announced that they will report Q3, 2025 results on Jun 10, 2025 Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to JP¥723, the stock trades at a trailing P/E ratio of 7.9x. Average trailing P/E is 31x in the Biotechs industry in Asia. Total loss to shareholders of 57% over the past three years. Declared Dividend • Apr 03
First half dividend of JP¥12.50 announced Shareholders will receive a dividend of JP¥12.50. Ex-date: 30th July 2025 Payment date: 28th October 2025 Dividend yield will be 2.9%, which is about the same as the industry average. Sustainability & Growth Dividend is well covered by both earnings (29% earnings payout ratio) and cash flows (41% cash payout ratio). The dividend has increased by an average of 29% per year over the past 5 years and payments have been stable during that time. Earnings per share has grown by 19% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Mar 13
Pharma Foods International Co., Ltd. Announces Dividend for the Second Quarter Ended January 31, 2025, Payable on April 2, 2025 Pharma Foods International Co., Ltd. announced dividend for the second quarter ended January 31, 2025 of JPY 12.50 per share compared to JPY 10.00 per share a year ago. Scheduled date to commence dividend payments is April 2, 2025. Reported Earnings • Mar 13
Second quarter 2025 earnings released: JP¥4.52 loss per share (vs JP¥16.76 profit in 2Q 2024) Second quarter 2025 results: JP¥4.52 loss per share (down from JP¥16.76 profit in 2Q 2024). Revenue: JP¥15.3b (down 1.6% from 2Q 2024). Net loss: JP¥131.0m (down 127% from profit in 2Q 2024). Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has fallen by 26% per year, which means it is significantly lagging earnings. Upcoming Dividend • Jan 23
Upcoming dividend of JP¥12.50 per share Eligible shareholders must have bought the stock before 30 January 2025. Payment date: 02 April 2025. Payout ratio is a comfortable 22% and this is well supported by cash flows. Trailing yield: 2.6%. Lower than top quartile of Japanese dividend payers (3.8%). Higher than average of industry peers (1.2%). Announcement • Jan 17
Pharma Foods International Co., Ltd. to Report Q2, 2025 Results on Mar 12, 2025 Pharma Foods International Co., Ltd. announced that they will report Q2, 2025 results on Mar 12, 2025 Reported Earnings • Dec 13
First quarter 2025 earnings released: EPS: JP¥12.83 (vs JP¥9.92 in 1Q 2024) First quarter 2025 results: EPS: JP¥12.83 (up from JP¥9.92 in 1Q 2024). Revenue: JP¥14.6b (down 9.6% from 1Q 2024). Net income: JP¥360.0m (up 26% from 1Q 2024). Profit margin: 2.5% (up from 1.8% in 1Q 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has fallen by 25% per year, which means it is significantly lagging earnings. New Risk • Nov 10
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. This is currently the only risk that has been identified for the company. Announcement • Nov 08
Pharma Foods International Co., Ltd. announced that it has received ¥761.6052 million in funding from ITOCHU Corporation On November 6, 2024 Pharma Foods International Co., Ltd. closed the transaction. Declared Dividend • Nov 07
Final dividend of JP¥12.50 announced Shareholders will receive a dividend of JP¥12.50. Ex-date: 30th January 2025 Payment date: 2nd April 2025 Dividend yield will be 2.7%, which is about the same as the industry average. Sustainability & Growth Dividend is well covered by both earnings (22% earnings payout ratio) and cash flows (15% cash payout ratio). The dividend has increased by an average of 29% per year over the past 5 years and payments have been stable during that time. Earnings per share has grown by 46% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Oct 01
Pharma Foods International Co., Ltd. to Report Q1, 2025 Results on Dec 11, 2024 Pharma Foods International Co., Ltd. announced that they will report Q1, 2025 results on Dec 11, 2024 Reported Earnings • Sep 17
Full year 2024 earnings released: EPS: JP¥113 (vs JP¥107 in FY 2023) Full year 2024 results: EPS: JP¥113 (up from JP¥107 in FY 2023). Revenue: JP¥62.1b (down 9.4% from FY 2023). Net income: JP¥3.21b (up 4.0% from FY 2023). Profit margin: 5.2% (up from 4.5% in FY 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 32% per year, which means it is significantly lagging earnings. Announcement • Sep 12
Pharma Foods International Co., Ltd., Annual General Meeting, Oct 24, 2024 Pharma Foods International Co., Ltd., Annual General Meeting, Oct 24, 2024. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 25% After last week's 25% share price decline to JP¥847, the stock trades at a trailing P/E ratio of 6.1x. Average trailing P/E is 55x in the Biotechs industry in Japan. Total loss to shareholders of 68% over the past three years. Announcement • Aug 02
Pharma Foods International Co., Ltd. to Report Fiscal Year 2024 Results on Sep 12, 2024 Pharma Foods International Co., Ltd. announced that they will report fiscal year 2024 results on Sep 12, 2024 Upcoming Dividend • Jul 23
Upcoming dividend of JP¥10.00 per share Eligible shareholders must have bought the stock before 30 July 2024. Payment date: 28 October 2024. Payout ratio is a comfortable 8.9% and this is well supported by cash flows. Trailing yield: 1.9%. Lower than top quartile of Japanese dividend payers (3.5%). Higher than average of industry peers (1.1%). Reported Earnings • Jun 11
Third quarter 2024 earnings released: EPS: JP¥38.74 (vs JP¥68.72 in 3Q 2023) Third quarter 2024 results: EPS: JP¥38.74 (down from JP¥68.72 in 3Q 2023). Revenue: JP¥15.5b (down 11% from 3Q 2023). Net income: JP¥1.09b (down 45% from 3Q 2023). Profit margin: 7.0% (down from 11% in 3Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has fallen by 29% per year, which means it is performing significantly worse than earnings. Announcement • Apr 29
Pharma Foods International Co., Ltd. to Report Q3, 2024 Results on Jun 10, 2024 Pharma Foods International Co., Ltd. announced that they will report Q3, 2024 results on Jun 10, 2024 Reported Earnings • Mar 12
Second quarter 2024 earnings released: EPS: JP¥16.76 (vs JP¥31.44 in 2Q 2023) Second quarter 2024 results: EPS: JP¥16.76 (down from JP¥31.44 in 2Q 2023). Revenue: JP¥15.5b (down 14% from 2Q 2023). Net income: JP¥482.0m (down 47% from 2Q 2023). Profit margin: 3.1% (down from 5.0% in 2Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has fallen by 33% per year, which means it is performing significantly worse than earnings. Announcement • Jan 27
Pharma Foods International Co., Ltd. to Report Q2, 2024 Results on Mar 11, 2024 Pharma Foods International Co., Ltd. announced that they will report Q2, 2024 results on Mar 11, 2024 Upcoming Dividend • Jan 23
Upcoming dividend of JP¥10.00 per share at 1.9% yield Eligible shareholders must have bought the stock before 30 January 2024. Payment date: 04 April 2024. Payout ratio is a comfortable 12% and this is well supported by cash flows. Trailing yield: 1.9%. Lower than top quartile of Japanese dividend payers (3.3%). Higher than average of industry peers (1.3%). Valuation Update With 7 Day Price Move • Jan 09
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to JP¥1,157, the stock trades at a trailing P/E ratio of 6.5x. Average trailing P/E is 17x in the Biotechs industry in Japan. Total loss to shareholders of 38% over the past three years. Reported Earnings • Dec 16
First quarter 2024 earnings released: EPS: JP¥9.92 (vs JP¥62.76 loss in 1Q 2023) First quarter 2024 results: EPS: JP¥9.92 (up from JP¥62.76 loss in 1Q 2023). Revenue: JP¥16.1b (down 5.2% from 1Q 2023). Net income: JP¥286.0m (up JP¥2.11b from 1Q 2023). Profit margin: 1.8% (up from net loss in 1Q 2023). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has fallen by 25% per year, which means it is performing significantly worse than earnings. New Risk • Dec 08
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 1.7% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. 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. Announcement • Nov 25
Pharma Foods International Co., Ltd. to Report Q1, 2024 Results on Dec 11, 2023 Pharma Foods International Co., Ltd. announced that they will report Q1, 2024 results on Dec 11, 2023 Announcement • Sep 22
Pharma Foods International Co., Ltd. (TSE:2929) agreed to acquire Healthcare Mail Order Business Of Daicel from Daicel Corporation (TSE:4202). Pharma Foods International Co., Ltd. (TSE:2929) agreed to acquire Healthcare Mail Order Business Of Daicel from Daicel Corporation (TSE:4202) on September 20, 2023. Reported Earnings • Sep 12
Full year 2023 earnings released: EPS: JP¥107 (vs JP¥12.89 loss in FY 2022) Full year 2023 results: EPS: JP¥107 (up from JP¥12.89 loss in FY 2022). Revenue: JP¥68.6b (up 14% from FY 2022). Net income: JP¥3.08b (up JP¥3.46b from FY 2022). Profit margin: 4.5% (up from net loss in FY 2022). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Announcement • Aug 03
Pharma Foods International Co., Ltd. to Report Fiscal Year 2023 Results on Sep 11, 2023 Pharma Foods International Co., Ltd. announced that they will report fiscal year 2023 results on Sep 11, 2023 Upcoming Dividend • Jul 21
Upcoming dividend of JP¥12.00 per share at 1.2% yield Eligible shareholders must have bought the stock before 28 July 2023. Payment date: 23 October 2023. Payout ratio is a comfortable 59% but the company is not cash flow positive. Trailing yield: 1.2%. Lower than top quartile of Japanese dividend payers (3.5%). In line with average of industry peers (1.2%). Reported Earnings • Jun 06
Third quarter 2023 earnings released: EPS: JP¥68.72 (vs JP¥63.54 loss in 3Q 2022) Third quarter 2023 results: EPS: JP¥68.72 (up from JP¥63.54 loss in 3Q 2022). Revenue: JP¥17.4b (up 14% from 3Q 2022). Net income: JP¥1.98b (up JP¥3.83b from 3Q 2022). Profit margin: 11% (up from net loss in 3Q 2022). The move to profitability was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 31% per year but the company’s share price has increased by 15% per year, which means it is well ahead of earnings. Reported Earnings • Mar 09
Second quarter 2023 earnings released: EPS: JP¥31.44 (vs JP¥11.38 in 2Q 2022) Second quarter 2023 results: EPS: JP¥31.44 (up from JP¥11.38 in 2Q 2022). Revenue: JP¥18.1b (up 12% from 2Q 2022). Net income: JP¥906.0m (up 175% from 2Q 2022). Profit margin: 5.0% (up from 2.0% in 2Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has increased by 29% per year, which means it is well ahead of earnings. Announcement • Feb 01
Pharma Foods International Co., Ltd. to Report Q2, 2023 Results on Mar 07, 2023 Pharma Foods International Co., Ltd. announced that they will report Q2, 2023 results on Mar 07, 2023 Upcoming Dividend • Jan 23
Upcoming dividend of JP¥10.00 per share Eligible shareholders must have bought the stock before 30 January 2023. Payment date: 04 April 2023. The company is not currently making a profit and is not cash flow positive. Trailing yield: 1.5%. Lower than top quartile of Japanese dividend payers (3.7%). Higher than average of industry peers (0.8%). Reported Earnings • Dec 07
First quarter 2023 earnings released: JP¥62.76 loss per share (vs JP¥42.44 profit in 1Q 2022) First quarter 2023 results: JP¥62.76 loss per share (down from JP¥42.44 profit in 1Q 2022). Revenue: JP¥17.0b (up 35% from 1Q 2022). Net loss: JP¥1.82b (down 248% from profit 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 increased by 50% per year, which means it is tracking significantly ahead of earnings growth. Board Change • Nov 16
No independent 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. 6 highly experienced directors. No independent directors (5 non-independent directors). External Director Shinya Samura was the last director to join the board, commencing their role in 2015. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Announcement • Nov 03
Pharma Foods International Co., Ltd. to Report Q1, 2023 Results on Dec 05, 2022 Pharma Foods International Co., Ltd. announced that they will report Q1, 2023 results on Dec 05, 2022 Announcement • Oct 07
Pharma Foods International Co., Ltd. (TSE:2929) announces an Equity Buyback for 270,000 shares, representing 0.93% for ¥300 million. Pharma Foods International Co., Ltd. (TSE:2929) announces a share repurchase program. Under the program, the company will repurchase up to 270,000 shares of common stock, representing 0.93% of its issued capital for ¥300 million. The share repurchase program is valid until October 24, 2022. As of July 31, 2022, the company had 29,073,800 shares issued and 52,483 shares in treasury. Reported Earnings • Sep 07
Full year 2022 earnings released: JP¥12.89 loss per share (vs JP¥132 profit in FY 2021) Full year 2022 results: JP¥12.89 loss per share (down from JP¥132 profit in FY 2021). Revenue: JP¥60.2b (up 29% from FY 2021). Net loss: JP¥374.0m (down 110% from profit in FY 2021). Over the last 3 years on average, earnings per share has increased by 66% per year but the company’s share price has only increased by 31% per year, which means it is significantly lagging earnings growth. Announcement • Jul 28
Pharma Foods International Co., Ltd. to Report Fiscal Year 2022 Results on Sep 06, 2022 Pharma Foods International Co., Ltd. announced that they will report fiscal year 2022 results on Sep 06, 2022 Upcoming Dividend • Jul 21
Upcoming dividend of JP¥10.00 per share Eligible shareholders must have bought the stock before 28 July 2022. Payment date: 21 October 2022. Payout ratio is a comfortable 22% and this is well supported by cash flows. Trailing yield: 1.4%. Lower than top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (0.8%). Valuation Update With 7 Day Price Move • Jun 17
Investor sentiment deteriorated over the past week After last week's 15% share price decline to JP¥1,370, the stock trades at a trailing P/E ratio of 19.8x. Average trailing P/E is 21x in the Biotechs industry in Japan. Total returns to shareholders of 215% over the past three years. Reported Earnings • Jun 05
Third quarter 2022 earnings released: JP¥63.59 loss per share (vs JP¥68.78 profit in 3Q 2021) Third quarter 2022 results: JP¥63.59 loss per share (down from JP¥68.78 profit in 3Q 2021). Revenue: JP¥15.2b (up 14% from 3Q 2021). Net loss: JP¥1.85b (down 192% from profit in 3Q 2021). Over the last 3 years on average, earnings per share has increased by 91% per year but the company’s share price has only increased by 45% per year, which means it is significantly lagging earnings growth. Announcement • Jun 02
Pharma Foods International Co., Ltd. to Report Q3, 2022 Results on Jun 03, 2022 Pharma Foods International Co., Ltd. announced that they will report Q3, 2022 results at 3:00 PM, Tokyo Standard Time on Jun 03, 2022 Board Change • Apr 27
No independent 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. 6 highly experienced directors. No independent directors (5 non-independent directors). External Director Shinya Samura was the last director to join the board, commencing their role in 2015. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Apr 11
Investor sentiment deteriorated over the past week After last week's 17% share price decline to JP¥1,788, the stock trades at a trailing P/E ratio of 8.9x. Average trailing P/E is 15x in the Biotechs industry in Japan. Total returns to shareholders of 288% over the past three years. Valuation Update With 7 Day Price Move • Mar 14
Investor sentiment improved over the past week After last week's 34% share price gain to JP¥2,094, the stock trades at a trailing P/E ratio of 10.4x. Average trailing P/E is 15x in the Biotechs industry in Japan. Total returns to shareholders of 326% over the past three years. Reported Earnings • Mar 09
Second quarter 2022 earnings: Revenues and EPS in line with analyst expectations Second quarter 2022 results: EPS: JP¥11.38 (down from JP¥33.77 in 2Q 2021). Revenue: JP¥16.2b (up 35% from 2Q 2021). Net income: JP¥330.0m (down 66% from 2Q 2021). Profit margin: 2.0% (down from 8.2% in 2Q 2021). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 100% per year but the company’s share price has only increased by 47% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jan 21
Upcoming dividend of JP¥10.00 per share Eligible shareholders must have bought the stock before 28 January 2022. Payment date: 04 April 2022. Payout ratio is a comfortable 8.9% and this is well supported by cash flows. Trailing yield: 1.2%. Lower than top quartile of Japanese dividend payers (3.4%). Higher than average of industry peers (0.6%). Reported Earnings • Dec 07
First quarter 2022 earnings: Revenues and EPS in line with analyst expectations First quarter 2022 results: EPS: JP¥42.44 (up from JP¥49.14 loss in 1Q 2021). Revenue: JP¥12.6b (up 50% from 1Q 2021). Net income: JP¥1.23b (up JP¥2.66b from 1Q 2021). Profit margin: 9.8% (up from net loss in 1Q 2021). The move to profitability was driven by higher revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 98% per year but the company’s share price has only increased by 58% per year, which means it is significantly lagging earnings growth. Reported Earnings • Sep 08
Full year 2021 earnings released: EPS JP¥132 (vs JP¥23.76 in FY 2020) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2021 results: Revenue: JP¥46.8b (up 205% from FY 2020). Net income: JP¥3.84b (up 457% from FY 2020). Profit margin: 8.2% (up from 4.5% in FY 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 78% per year whereas the company’s share price has increased by 76% per year. Announcement • Sep 07
Pharma Foods International Co., Ltd. (TSE:2929) announces an Equity Buyback for 120,000 shares, representing 0.41% for ¥300 million. Pharma Foods International Co., Ltd. (TSE:2929) announces a share repurchase program. Under the program, the company will repurchase up to 120,000 shares of common stock, representing 0.41% of its issued capital for ¥300 million. The purpose of the program is to enhance shareholder return and to improve capital efficiency. The share repurchase program is valid until September 21, 2021. 
