Japan Excellent Past Earnings Performance

Past criteria checks 3/6

Japan Excellent has been growing earnings at an average annual rate of 2.1%, while the Office REITs industry saw earnings growing at 4.6% annually. Revenues have been growing at an average rate of 2.1% per year. Japan Excellent's return on equity is 5.3%, and it has net margins of 32.3%.

Key information

2.1%

Earnings growth rate

1.7%

EPS growth rate

Office REITs Industry Growth	4.8%
Revenue growth rate	2.1%
Return on equity	5.3%
Net Margin	32.3%
Last Earnings Update	31 Dec 2023

Recent past performance updates

Recent updates

Revenue & Expenses Breakdown
Beta

How Japan Excellent makes and spends money. Based on latest reported earnings, on an LTM basis.

Earnings and Revenue History

TSE:8987 Revenue, expenses and earnings (JPY Millions)
Date	Revenue	Earnings	G+A Expenses
31 Dec 23	24,563	7,931	90
30 Sep 23	24,499	7,657	91
30 Jun 23	24,495	7,383	112
31 Mar 23	23,086	7,494	92
31 Dec 22	21,737	7,604	92
30 Jun 22	22,130	8,202	132
31 Dec 21	21,332	7,692	132
30 Jun 21	21,134	7,950	132
31 Dec 20	22,056	9,921	88
30 Jun 20	25,434	11,262	132
31 Mar 20	21,953	5,463	130
31 Dec 19	21,780	4,492	130
30 Jun 19	21,325	7,286	88
31 Mar 19	21,259	7,111	100
31 Dec 18	21,192	6,935	112
30 Jun 18	21,620	7,039	115
31 Mar 18	21,674	7,100	116
31 Dec 17	21,728	7,160	117
30 Jun 17	21,296	6,866	95
31 Mar 17	21,086	6,693	94
31 Dec 16	20,876	6,519	94
30 Sep 16	20,885	6,508	95
30 Jun 16	20,893	6,497	96
31 Mar 16	20,842	6,490	95
31 Dec 15	20,791	6,482	95
30 Sep 15	20,304	6,310	94
30 Jun 15	19,817	6,138	93
31 Mar 15	19,536	6,094	92
31 Dec 14	19,254	6,051	91
30 Sep 14	18,830	5,918	90
30 Jun 14	18,407	5,785	89
31 Mar 14	17,832	5,579	87
31 Dec 13	17,258	5,373	85
30 Jun 13	16,836	5,196	112

Quality Earnings: 8987 has a large one-off loss of ¥2.7B impacting its last 12 months of financial results to 31st December, 2023.

Growing Profit Margin: 8987's current net profit margins (32.3%) are lower than last year (35%).

Free Cash Flow vs Earnings Analysis

Past Earnings Growth Analysis

Earnings Trend: 8987's earnings have grown by 2.1% per year over the past 5 years.

Accelerating Growth: 8987's earnings growth over the past year (4.3%) exceeds its 5-year average (2.1% per year).

Earnings vs Industry: 8987 earnings growth over the past year (4.3%) exceeded the Office REITs industry -0.2%.

Japan Excellent Past Earnings Performance

Past criteria checks 3/6

Key information

Recent past performance updates

First half 2023 earnings released: EPS: JP¥2,901 (vs JP¥3,052 in 1H 2022)

Japan Excellent, Inc. to Report Fiscal Year 2023 Results on Aug 17, 2023

Full year 2022 earnings released

Japan Excellent, Inc. to Report Q2, 2023 Results on Feb 16, 2023

Japan Excellent, Inc. to Report Fiscal Year 2022 Results on Aug 18, 2022

First half 2021 earnings released: EPS JP¥2,938 (vs JP¥4,179 in 1H 2020)

Recent updates

An undisclosed buyer agreed to acquire JEI Hongo Building from Japan Excellent, Inc. (TSE:8987) for ¥6.2 billion.

Japan Excellent, Inc. (TSE:8987) announces an Equity Buyback for 18,000 shares, representing 1.35% for ¥2,000 million.

Japan Excellent, Inc. Revises Dividend Guidance for the 36Th Fiscal Period Ending June 30, 2024

Japan Excellent, Inc. Revises Dividend Guidance for the 36Th Fiscal Period Ending June 30, 2024

Upcoming dividend of JP¥2,800 per share at 4.5% yield

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.

Price target increased by 10% to JP¥136,333

New minor risk - Earnings quality

First half 2023 earnings released: EPS: JP¥2,901 (vs JP¥3,052 in 1H 2022)

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. Revises Earnings Guidance for the Fiscal Period Ending June 30, 2023

Japan Excellent, Inc. to Report Fiscal Year 2023 Results on Aug 17, 2023

Upcoming dividend of JP¥2,800 per share at 4.6% yield

Japan Excellent, Inc. Announces Resignation of Shunichi Maekawa as Supervisory Director of the Fund

Price target decreased by 12% to JP¥119,500

Price target decreased by 12% to JP¥119,667

No independent directors

Full year 2022 earnings released

Japan Excellent, Inc. Provides Dividend Forecast for the 34th Period Ending December 31, 2023 and for the 35th Period Ending June 30, 2023

An unknown buyer agreed to acquire Pacific Square Sengoku from Japan Excellent, Inc. (TSE:8987) for ¥2.3 billion.

Japan Excellent, Inc. (TSE:8987) agreed to acquire Shinyokohama Arena dori Building for ¥2.07 billion.

Japan Excellent, Inc. to Report Q2, 2023 Results on Feb 16, 2023

Upcoming dividend of JP¥2,800 per share

No independent directors

Japan Excellent, Inc. Provides Dividend Forecast for the 33Rd Period Ending December 31, 2022 and for the 34Th Period Ending June 30, 2023

Japan Excellent, Inc. to Report Fiscal Year 2022 Results on Aug 18, 2022

Upcoming dividend of JP¥2,800 per share

No independent directors

Japan Excellent, Inc. (TSE:8987) agreed to acquire Anonymous Association Akasaka 2-chome Godo Kaisha from Nippon Steel Kowa Real Estate Co., Ltd. for ¥5.2 billion.

Hulic Co., Ltd. (TSE:3003) executed a Purchase Agreement to acquire Trust Beneficiary Rights in Shintomicho Building from Japan Excellent, Inc. (TSE:8987) for ¥3.1 billion.

Upcoming dividend of JP¥2,800 per share

Price target decreased to JP¥145,200

First half 2021 earnings released: EPS JP¥2,938 (vs JP¥4,179 in 1H 2020)

Nippon Steel Kowa Real Estate Co., Ltd. agreed to acquire Kowa Shirokanedai Building from Japan Excellent, Inc. (TSE:8987) for ¥5.4 billion.

Upcoming dividend of JP¥2,800 per share

Japan Excellent, Inc. Revises Earnings Forecast for the Period from July 1, 2021 to December 31, 2021

Japan Excellent, Inc. (TSE:8987) agreed to acquire BIZCOREJIMBOCHO from Nippon Steel Kowa Real Estate Co., Ltd. for ¥10.2 billion.

New 90-day high: JP¥128,000

New 90-day high: JP¥127,900

Japan Excellent, Inc. to Report Q2, 2021 Results on Feb 17, 2021

Upcoming Dividend of JP¥3,000 Per Share

Japan Excellent, Inc. (TSE:8987) completed the acquisition of trust beneficiary rights in Bizcore Akasaka Mitsuke from Nippon Steel Kowa Real Estate Co., Ltd.

Revenue & Expenses BreakdownBeta

Earnings and Revenue History

Free Cash Flow vs Earnings Analysis

Past Earnings Growth Analysis

Return on Equity

Return on Assets

Return on Capital Employed

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