Board Change • May 01
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. 2 experienced directors. 3 highly experienced directors. 2 independent directors (3 non-independent directors). Independent Outside Director Tomoko Shimada was the last independent 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: Minority of independent directors. Insufficient board refreshment. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥3.00 per share Eligible shareholders must have bought the stock before 30 March 2026. Payment date: 30 June 2026. Payout ratio is a comfortable 9.7% but the company is not cash flow positive. Trailing yield: 1.0%. Lower than top quartile of Japanese dividend payers (3.6%). Lower than average of industry peers (1.4%). Board Change • Feb 25
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. 2 experienced directors. 3 highly experienced directors. 2 independent directors (3 non-independent directors). Independent Outside Director Tomoko Shimada was the last independent 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: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Feb 16
Third quarter 2026 earnings released: EPS: JP¥4.89 (vs JP¥0.80 in 3Q 2025) Third quarter 2026 results: EPS: JP¥4.89 (up from JP¥0.80 in 3Q 2025). Revenue: JP¥1.54b (up 4.8% from 3Q 2025). Net income: JP¥24.0m (up JP¥20.0m from 3Q 2025). Profit margin: 1.6% (up from 0.3% in 3Q 2025). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 59% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. New Risk • Feb 13
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 11% 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 Debt is not well covered by operating cash flow (11% operating cash flow to total debt). Share price has been highly volatile over the past 3 months (11% average weekly change). Earnings have declined by 37% per year over the past 5 years. Market cap is less than US$10m (JP¥1.45b market cap, or US$9.48m). Valuation Update With 7 Day Price Move • Feb 13
Investor sentiment improves as stock rises 36% After last week's 36% share price gain to JP¥290, the stock trades at a trailing P/E ratio of 13.5x. Average trailing P/E is 14x in the Specialty Retail industry in Japan. Total returns to shareholders of 58% over the past three years. Board Change • Feb 05
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. 2 experienced directors. 3 highly experienced directors. 2 independent directors (3 non-independent directors). Independent Outside Director Tomoko Shimada was the last independent 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: Minority of independent directors. Insufficient board refreshment. Board Change • Dec 25
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. 2 experienced directors. 3 highly experienced directors. 2 independent directors (3 non-independent directors). Independent Outside Director Tomoko Shimada was the last independent 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: Minority of independent directors. Insufficient board refreshment. Announcement • Jun 09
Golf Do Co., Ltd., Annual General Meeting, Jun 27, 2025 Golf Do Co., Ltd., Annual General Meeting, Jun 27, 2025, at 10:00 Tokyo Standard Time. Location: 2-3 shintoshin, chuo-ku, saitama prefecture, the mark grand hotel, 4f the mark room, saitama Japan Board Change • May 28
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Outside Director Tomoko Shimada was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • May 01
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Outside Director Tomoko Shimada was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥5.00 per share Eligible shareholders must have bought the stock before 28 March 2025. Payment date: 30 June 2025. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 1.3%. Lower than top quartile of Japanese dividend payers (3.7%). Lower than average of industry peers (1.5%). Board Change • Mar 06
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Outside Director Tomoko Shimada was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Nov 19
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Outside Director Tomoko Shimada was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. New Risk • Sep 17
New major risk - Financial data availability The company has not reported any financial data. This is considered a major risk. With no or incomplete audited reported financial data, it is virtually impossible to assess the company's investment potential. Currently, the following risks have been identified for the company: Major Risks No financial data reported. Market cap is less than US$10m (JP¥982.5m market cap, or US$6.98m). Reported Earnings • Aug 18
First quarter 2025 earnings released: EPS: JP¥2.00 (vs JP¥27.93 loss in 1Q 2024) First quarter 2025 results: EPS: JP¥2.00 (up from JP¥27.93 loss in 1Q 2024). Revenue: JP¥1.52b (up 1.3% from 1Q 2024). Net income: JP¥5.00m (up JP¥75.0m from 1Q 2024). Profit margin: 0.3% (up from net loss in 1Q 2024). The move to profitability was primarily driven by lower expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 80 percentage points per year, which is a significant difference in performance. Announcement • Jun 13
Golf Do Co., Ltd., Annual General Meeting, Jun 27, 2024 Golf Do Co., Ltd., Annual General Meeting, Jun 27, 2024, at 10:00 Tokyo Standard Time. Location: 3-2 shintoshin, chuo-ku, saitama prefecture the mark grand hotel, (formerly lafre saitama), 4f the mark room, saitama Japan New Risk • May 17
New major risk - Revenue and earnings growth Earnings have declined by 1.9% 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 Debt is not well covered by operating cash flow (2.6% operating cash flow to total debt). Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Earnings have declined by 1.9% per year over the past 5 years. Market cap is less than US$10m (JP¥957.5m market cap, or US$6.14m). Reported Earnings • May 17
Full year 2024 earnings released: JP¥20.35 loss per share (vs JP¥16.36 profit in FY 2023) Full year 2024 results: JP¥20.35 loss per share (down from JP¥16.36 profit in FY 2023). Revenue: JP¥5.77b (down 4.7% from FY 2023). Net loss: JP¥51.0m (down 224% from profit in FY 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 70 percentage points per year, which is a significant difference in performance. Board Change • May 15
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Outside Director Tomoko Shimada was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Sep 19
The President and four Board members of Golf Do Co.,Ltd. (NSE:3032) acquired 6.6% stake in Golf Do Co.,Ltd. (NSE:3032) from Yoshihisa Matsuda. The President and four Board members of Golf Do Co.,Ltd. (NSE:3032) acquired 6.6% stake in Golf Do Co.,Ltd. (NSE:3032) from Yoshihisa Matsuda on November 28, 2016. Following the completion, Yoshihisa Matsuda holds 39.2% stake and the President holds 7.3% stake in Golf Do Co.,Ltd.
The President and four Board members of Golf Do Co.,Ltd. (NSE:3032) completed the acquisition of 6.6% stake in Golf Do Co.,Ltd. (NSE:3032) from Yoshihisa Matsuda on November 28, 2016. 
