Declared Dividend • Mar 20
Final dividend of JP¥3,050 announced Shareholders will receive a dividend of JP¥3,050. Ex-date: 29th June 2026 Payment date: 24th September 2026 Dividend yield will be 4.0%, which is lower than the industry average of 4.3%. New Risk • Feb 21
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 15% 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 (15% operating cash flow to total debt). Earnings have declined by 0.8% per year over the past 5 years. Minor Risk Dividend is not well covered by earnings (141% payout ratio). Upcoming Dividend • Dec 22
Upcoming dividend of JP¥3,000 per share Eligible shareholders must have bought the stock before 29 December 2025. Payment date: 23 March 2026. Trailing yield: 3.9%. Within top quartile of Japanese dividend payers (3.6%). In line with average of industry peers (3.9%). Announcement • Dec 04
Japan Excellent, Inc. to Report Q2, 2026 Results on Feb 20, 2026 Japan Excellent, Inc. announced that they will report Q2, 2026 results on Feb 20, 2026 Declared Dividend • Oct 09
First half dividend of JP¥3,000 announced Shareholders will receive a dividend of JP¥3,000. Ex-date: 29th December 2025 Payment date: 23rd March 2026 Dividend yield will be 4.2%, which is about the same as the industry average. Announcement • Oct 08
Japan Excellent, Inc. announces Semi-Annual dividend, payable on March 23, 2026 Japan Excellent, Inc. announced Semi-Annual dividend of JPY 3000.0000 per share payable on March 23, 2026, ex-date on December 29, 2025 and record date on December 31, 2025. Announcement • Sep 26
Japan Excellent, Inc. (TSE:8987) agreed to acquire BIZCORE JIMBOCHO for ¥660 million. Japan Excellent, Inc. (TSE:8987) agreed to acquire BIZCORE JIMBOCHO for ¥660 million on September 25, 2025. A cash consideration of ¥660 million will be paid by Japan Excellent, Inc. As part of consideration, ¥660 million is paid towards assets of BIZCORE JIMBOCHO.
The expected completion of the transaction is September 29, 2025. New Risk • Sep 04
New major risk - Revenue and earnings growth Earnings have declined by 1.8% 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 Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 137% Cash payout ratio: 101% Earnings have declined by 1.8% per year over the past 5 years. Minor Risk High level of debt (88% net debt to equity). Upcoming Dividend • Jun 20
Upcoming dividend of JP¥3,000 per share Eligible shareholders must have bought the stock before 27 June 2025. Payment date: 22 September 2025. Trailing yield: 4.3%. Within top quartile of Japanese dividend payers (4.0%). In line with average of industry peers (4.2%). Announcement • Jun 12
Japan Excellent, Inc. to Report Q4, 2025 Results on Aug 18, 2025 Japan Excellent, Inc. announced that they will report Q4, 2025 results on Aug 18, 2025 Declared Dividend • Mar 22
Final dividend of JP¥3,000 announced Shareholders will receive a dividend of JP¥3,000. Ex-date: 27th June 2025 Payment date: 22nd September 2025 Dividend yield will be 4.5%, which is higher than the industry average of 4.3%. New Risk • Mar 20
New major risk - Revenue and earnings growth Earnings have declined by 6.4% 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 Risks Earnings have declined by 6.4% per year over the past 5 years. Revenue is less than US$1m (JP¥24m revenue, or US$163k). Minor Risks High level of debt (78% net debt to equity). Paying a dividend despite having no free cash flows. Upcoming Dividend • Dec 20
Upcoming dividend of JP¥2,770 per share Eligible shareholders must have bought the stock before 27 December 2024. Payment date: 17 March 2025. Trailing yield: 4.9%. Within top quartile of Japanese dividend payers (3.8%). In line with average of industry peers (4.7%). Announcement • Dec 13
Japan Excellent, Inc. to Report Q2, 2025 Results on Feb 21, 2025 Japan Excellent, Inc. announced that they will report Q2, 2025 results on Feb 21, 2025 Declared Dividend • Oct 12
Final dividend of JP¥2,770 announced Shareholders will receive a dividend of JP¥2,770. Ex-date: 27th December 2024 Payment date: 17th March 2025 Dividend yield will be 4.7%, which is higher than the industry average of 4.3%. Reported Earnings • Oct 03
Full year 2024 earnings released: EPS: JP¥6,187 (vs JP¥5,520 in FY 2023) Full year 2024 results: EPS: JP¥6,187 (up from JP¥5,520 in FY 2023). Revenue: JP¥22.3b (down 9.1% from FY 2023). Net income: JP¥8.25b (up 12% from FY 2023). Profit margin: 37% (up from 30% in FY 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 1% per year whereas the company’s share price has fallen by 4% per year. Reported Earnings • Aug 21
First half 2024 earnings released: EPS: JP¥3,159 (vs JP¥2,902 in 1H 2023) First half 2024 results: EPS: JP¥3,159 (up from JP¥2,902 in 1H 2023). Revenue: JP¥11.5b (down 17% from 1H 2023). Net income: JP¥4.20b (up 8.2% from 1H 2023). Profit margin: 37% (up from 28% in 1H 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Announcement • Jul 10
Japan Excellent, Inc. to Report Fiscal Year 2024 Results on Aug 19, 2024 Japan Excellent, Inc. announced that they will report fiscal year 2024 results on Aug 19, 2024 Upcoming Dividend • Jun 20
Upcoming dividend of JP¥2,760 per share Eligible shareholders must have bought the stock before 27 June 2024. Payment date: 09 September 2024. Trailing yield: 4.6%. Within top quartile of Japanese dividend payers (3.4%). In line with average of industry peers (4.6%). Announcement • Feb 20
An undisclosed buyer agreed to acquire JEI Hongo Building from Japan Excellent, Inc. (TSE:8987) for ¥6.2 billion. An undisclosed buyer agreed to acquire JEI Hongo Building from Japan Excellent, Inc. (TSE:8987) for ¥6.2 billion on February 19, 2024. The parties are expected to enter into a purchase agreement agreement on February 20, 2024. The property has rental revenues of ¥245 million. The transfer date for the property is scheduled for January 17, 2025. Announcement • Feb 19
Japan Excellent, Inc. (TSE:8987) announces an Equity Buyback for 18,000 shares, representing 1.35% for ¥2,000 million. Japan Excellent, Inc. (TSE:8987) announces a share repurchase program. Under the program, the company will repurchase up to 18,000 investment units, representing 1.35% of its issued share capital (excluding treasury stock), for ¥2,000 million. The purpose of the program is to improve NAV per unit and distribution per unit by acquiring and canceling own investment units using cash on hand, improving capital efficiency and returning unitholders. The program will run until May 10, 2024. As of February 19, 2024, the company had 1,337,598 investment units in issue (excluding treasury stock) and 0 investment units in treasury. Announcement • Dec 27
Japan Excellent, Inc. Revises Dividend Guidance for the 36Th Fiscal Period Ending June 30, 2024 Japan Excellent, Inc. revised dividend guidance for the 36th fiscal period ending June 30, 2024. For the period, company revised dividend guidance from JPY 2,600 per share to JPY 2760 per share. Upcoming Dividend • Dec 21
Upcoming dividend of JP¥2,800 per share at 4.5% yield Eligible shareholders must have bought the stock before 28 December 2023. Payment date: 11 March 2024. Trailing yield: 4.5%. Within top quartile of Japanese dividend payers (3.5%). In line with average of industry peers (4.2%). Announcement • Nov 08
Japan Excellent, Inc. (TSE:8987) agreed to acquire 2.3% stake in Co-ownership Interests in GRAND FRONT OSAKA Umekita Plaza, South Building and North Building from Nippon Steel Kowa Real Estate Co., Ltd. for ¥8.3 billion. Japan Excellent, Inc. (TSE:8987) agreed to acquire 2.3% stake in Co-ownership Interests in GRAND FRONT OSAKA Umekita Plaza, South Building and North Building from Nippon Steel Kowa Real Estate Co., Ltd. for ¥8.3 billion on November 6, 2023. The transaction will be funded from debt financing and funds on hand. Execution of purchase agreement is scheduled on November 7, 2023. The transaction is expected to complete on December 8, 2023. Price Target Changed • Oct 19
Price target increased by 10% to JP¥136,333 Up from JP¥123,500, the current price target is an average from 6 analysts. New target price is approximately in line with last closing price of JP¥134,500. Stock is up 3.5% over the past year. The company posted earnings per share of JP¥5,520 last year. New Risk • Aug 20
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 32% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks High level of debt (67% net debt to equity). Large one-off items impacting financial results. Reported Earnings • Aug 19
First half 2023 earnings released: EPS: JP¥2,901 (vs JP¥3,052 in 1H 2022) First half 2023 results: EPS: JP¥2,901 (down from JP¥3,052 in 1H 2022). Revenue: JP¥13.8b (up 35% from 1H 2022). Net income: JP¥3.88b (down 5.4% from 1H 2022). Profit margin: 28% (down from 40% in 1H 2022). Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Announcement • Aug 19
Japan Excellent, Inc. (TSE:8987) agreed to acquire Real Estate Trust Beneficiary Rights of OSAKI BRIGHT TOWER and OSAKI BRIGHT PLAZA from Nippon Steel Kowa Real Estate Co., Ltd. for ¥13.1 billion. Japan Excellent, Inc. (TSE:8987) agreed to acquire Real Estate Trust Beneficiary Rights of OSAKI BRIGHT TOWER and OSAKI BRIGHT PLAZA from Nippon Steel Kowa Real Estate Co., Ltd. for ¥13.1 billion on August 17, 2023.The Execution of purchase agreement is scheduled on August 18, 2023.Transaction is financed from Debt financing and funds on hand.Transaction is expected to complete on April 26, 2024. Announcement • Jun 30
Japan Excellent, Inc. Revises Earnings Guidance for the Fiscal Period Ending June 30, 2023 Japan Excellent, Inc. revised earnings guidance for the fiscal period ending June 30, 2023. For the period, company revised Total revenue of JPY 13,822 million compared to JPY 10,859 million as previously announced, Operating income of JPY 4,489 million compared to JPY 4,159 million as previously announced, Net income of JPY 3,894 compared to JPY 3,558 million as previously announced and Distribution per unit of JPY 2,800 compared to JPY 2,800 as previously announced. Announcement • Jun 27
Japan Excellent, Inc. to Report Fiscal Year 2023 Results on Aug 17, 2023 Japan Excellent, Inc. announced that they will report fiscal year 2023 results on Aug 17, 2023 Upcoming Dividend • Jun 22
Upcoming dividend of JP¥2,800 per share at 4.6% yield Eligible shareholders must have bought the stock before 29 June 2023. Payment date: 11 September 2023. Trailing yield: 4.6%. Within top quartile of Japanese dividend payers (3.5%). In line with average of industry peers (4.4%). Announcement • May 30
Japan Excellent, Inc. Announces Resignation of Shunichi Maekawa as Supervisory Director of the Fund Japan Excellent, Inc. announces that it has received and accepted a resignation request from Shunichi Maekawa as Supervisory Director of the Fund. Date of resignation is May 31,2023. Price Target Changed • Apr 27
Price target decreased by 12% to JP¥119,500 Down from JP¥135,500, the current price target is an average from 4 analysts. New target price is approximately in line with last closing price of JP¥116,000. Stock is down 9.1% over the past year. The company posted earnings per share of JP¥5,671 last year. Price Target Changed • Apr 11
Price target decreased by 12% to JP¥119,667 Down from JP¥135,500, the current price target is an average from 3 analysts. New target price is approximately in line with last closing price of JP¥115,700. Stock is down 12% over the past year. Board Change • Mar 28
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 4 non-independent directors. Executive Director Shuichiro Kayama was the last director to join the board, commencing their role in 2021. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Feb 19
Full year 2022 earnings released Full year 2022 results: Revenue: JP¥21.8b (up 2.0% from FY 2021). Net income: JP¥7.60b (down 1.2% from FY 2021). Profit margin: 35% (down from 36% in FY 2021). The decrease in margin was driven by higher expenses. Net asset value (NAV) per share: JP¥112,304 (flat on FY 2021). The current share price is 9.4% higher than NAV per share. Announcement • Dec 24
Japan Excellent, Inc. to Report Q2, 2023 Results on Feb 16, 2023 Japan Excellent, Inc. announced that they will report Q2, 2023 results on Feb 16, 2023 Upcoming Dividend • Dec 22
Upcoming dividend of JP¥2,800 per share Eligible shareholders must have bought the stock before 29 December 2022. Payment date: 13 March 2023. Trailing yield: 4.2%. Within top quartile of Japanese dividend payers (3.8%). In line with average of industry peers (3.9%). Board Change • Nov 16
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 4 non-independent directors. Executive Director Shuichiro Kayama was the last director to join the board, commencing their role in 2021. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Jun 22
Upcoming dividend of JP¥2,800 per share Eligible shareholders must have bought the stock before 29 June 2022. Payment date: 12 September 2022. Trailing yield: 4.6%. Within top quartile of Japanese dividend payers (3.8%). Higher than average of industry peers (3.8%). 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. No experienced directors. 4 highly experienced directors. No independent directors (4 non-independent directors). Executive Director Hidehiko Ogawa was the last director to join the board, commencing their role in 2013. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Upcoming Dividend • Dec 22
Upcoming dividend of JP¥2,800 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 12 March 2022. Trailing yield: 4.4%. Within top quartile of Japanese dividend payers (3.3%). Higher than average of industry peers (3.5%). Price Target Changed • Oct 11
Price target decreased to JP¥145,200 Down from JP¥156,500, the current price target is provided by 1 analyst. New target price is 8.0% above last closing price of JP¥134,400. Stock is up 8.6% over the past year. Reported Earnings • Aug 20
First half 2021 earnings released: EPS JP¥2,938 (vs JP¥4,179 in 1H 2020) The company reported a poor first half result with weaker earnings, revenues and profit margins. First half 2021 results: Revenue: JP¥10.6b (down 4.0% from 1H 2020). Net income: JP¥3.98b (down 29% from 1H 2020). Profit margin: 38% (down from 51% in 1H 2020). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Upcoming Dividend • Jun 22
Upcoming dividend of JP¥2,800 per share Eligible shareholders must have bought the stock before 29 June 2021. Payment date: 11 September 2021. Trailing yield: 3.7%. Within top quartile of Japanese dividend payers (3.0%). In line with average of industry peers (3.4%). Is New 90 Day High Low • Feb 01
New 90-day high: JP¥128,000 The company is up 9.0% from its price of JP¥117,600 on 02 November 2020. The Japanese market is up 12% over the last 90 days, indicating the company underperformed over that time. It also underperformed the REITs industry, which is up 12% over the same period. Is New 90 Day High Low • Dec 30
New 90-day high: JP¥127,900 The company is up 4.0% from its price of JP¥122,900 on 30 September 2020. The Japanese market is up 12% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the REITs industry, which is up 2.0% over the same period. Announcement • Dec 29
Japan Excellent, Inc. to Report Q2, 2021 Results on Feb 17, 2021 Japan Excellent, Inc. announced that they will report Q2, 2021 results on Feb 17, 2021 Upcoming Dividend • Dec 22
Upcoming Dividend of JP¥3,000 Per Share Will be paid on the 13th of March to those who are registered shareholders by the 29th of December. The trailing yield of 4.9% is in the top quartile of Japanese dividend payers (3.0%), and it is higher than industry peers (4.3%). Announcement • Sep 08
Japan Excellent, Inc. (TSE:8987) completed the acquisition of trust beneficiary rights in Bizcore Akasaka Mitsuke from Nippon Steel Kowa Real Estate Co., Ltd. Japan Excellent, Inc. (TSE:8987) agreed to acquire trust beneficiary rights in Bizcore Akasaka Mitsuke from Nippon Steel Kowa Real Estate Co., Ltd. for ¥6.2 billion on August 19, 2019. An agreement is expected to be executed on August 19, 2019. Consideration will be paid lump sum on delivery. The deal will be funded from loan of ¥4 billion and cash on hand. The deal is expected to close on October 1, 2019.
Japan Excellent, Inc. (TSE:8987) completed the acquisition of trust beneficiary rights in Bizcore Akasaka Mitsuke from Nippon Steel Kowa Real Estate Co., Ltd. on October 1, 2019. 
