Announcement • Jun 05
Komehyo Holdings Co.,Ltd. to Report Q1, 2027 Results on Aug 13, 2026 Komehyo Holdings Co.,Ltd. announced that they will report Q1, 2027 results on Aug 13, 2026 Reported Earnings • May 18
Full year 2026 earnings: EPS exceeds analyst expectations Full year 2026 results: EPS: JP¥500 (up from JP¥436 in FY 2025). Revenue: JP¥221.7b (up 39% from FY 2025). Net income: JP¥5.49b (up 15% from FY 2025). Profit margin: 2.5% (down from 3.0% in FY 2025). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 8.2%. Revenue is forecast to grow 12% p.a. on average during the next 2 years, compared to a 8.2% growth forecast for the Specialty Retail industry in Japan. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has increased by 11% per year, which means it is tracking significantly ahead of earnings growth. New Risk • May 15
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 10.0% 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 (currently running at an operating cash loss). Share price has been highly volatile over the past 3 months (10.0% average weekly change). Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (2.0% net profit margin). Announcement • May 14
Komehyo Holdings Co.,Ltd., Annual General Meeting, Jun 24, 2026 Komehyo Holdings Co.,Ltd., Annual General Meeting, Jun 24, 2026. Announcement • May 09
Komehyo Holdings Co.,Ltd. to Report Fiscal Year 2026 Results on May 14, 2026 Komehyo Holdings Co.,Ltd. announced that they will report fiscal year 2026 results on May 14, 2026 Upcoming Dividend • Mar 23
Upcoming dividend of JP¥53.00 per share Eligible shareholders must have bought the stock before 30 March 2026. Payment date: 09 June 2026. Payout ratio is a comfortable 28% but the company is not cash flow positive. Trailing yield: 2.5%. Lower than top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (1.4%). Major Estimate Revision • Mar 05
Consensus EPS estimates increase by 11% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has improved. 2026 revenue forecast increased from JP¥207.8b to JP¥216.4b. EPS estimate increased from JP¥362 to JP¥403 per share. Net income forecast to grow 23% next year vs 11% growth forecast for Specialty Retail industry in Japan. Consensus price target up from JP¥3,300 to JP¥5,600. Share price rose 12% to JP¥4,920 over the past week. Valuation Update With 7 Day Price Move • Feb 20
Investor sentiment improves as stock rises 30% After last week's 30% share price gain to JP¥4,410, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 14x in the Specialty Retail industry in Japan. Total returns to shareholders of 78% over the past three years. Reported Earnings • Feb 16
Third quarter 2026 earnings released: EPS: JP¥228 (vs JP¥166 in 3Q 2025) Third quarter 2026 results: EPS: JP¥228 (up from JP¥166 in 3Q 2025). Revenue: JP¥61.9b (up 46% from 3Q 2025). Net income: JP¥2.51b (up 38% from 3Q 2025). Profit margin: 4.1% (down from 4.3% in 3Q 2025). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 7.0% growth forecast for the Specialty Retail industry in Japan. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has increased by 14% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Feb 14
Komehyo Holdings Co.,Ltd. Announces Dividend for the Second Quarter of Fiscal Year Ending March 31, 2026 Komehyo Holdings Co.,Ltd. announced dividend of JPY 53 for the second quarter of fiscal year ending March 31, 2026. Declared Dividend • Nov 29
First half dividend of JP¥53.00 announced Shareholders will receive a dividend of JP¥53.00. Ex-date: 30th March 2026 Payment date: 9th June 2026 Dividend yield will be 3.8%, which is higher than the industry average of 1.4%. Sustainability & Growth Dividend is covered by earnings (16% earnings payout ratio) but 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 14% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 98% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Nov 29
Komehyo Holdings Co.,Ltd. to Report Q3, 2026 Results on Feb 13, 2026 Komehyo Holdings Co.,Ltd. announced that they will report Q3, 2026 results on Feb 13, 2026 Announcement • Nov 26
Komehyo Holdings Co.,Ltd. (TSE:2780) signed a Memorandum of Understanding to acquire iShopShops, Inc. from a group of shareholders. Komehyo Holdings Co.,Ltd. (TSE:2780) signed a Memorandum of Understanding to acquire iShopShops, Inc. from a group of shareholders on November 25, 2025.
The expected completion of the transaction is December 16, 2025. Reported Earnings • Nov 17
Second quarter 2026 earnings released: EPS: JP¥29.50 (vs JP¥50.05 in 2Q 2025) Second quarter 2026 results: EPS: JP¥29.50 (down from JP¥50.05 in 2Q 2025). Revenue: JP¥49.5b (up 38% from 2Q 2025). Net income: JP¥323.7m (down 41% from 2Q 2025). Profit margin: 0.7% (down from 1.5% in 2Q 2025). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 6.7% growth forecast for the Specialty Retail industry in Japan. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥53.00 per share Eligible shareholders must have bought the stock before 29 September 2025. Payment date: 28 November 2025. Payout ratio is a comfortable 31% but the company is not cash flow positive. Trailing yield: 3.4%. Lower than top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (1.6%). Reported Earnings • Aug 13
First quarter 2026 earnings released: EPS: JP¥32.21 (vs JP¥129 in 1Q 2025) First quarter 2026 results: EPS: JP¥32.21 (down from JP¥129 in 1Q 2025). Revenue: JP¥46.1b (up 38% from 1Q 2025). Net income: JP¥353.0m (down 75% from 1Q 2025). Profit margin: 0.8% (down from 4.2% in 1Q 2025). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 6.5% growth forecast for the Specialty Retail industry in Japan. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Announcement • Aug 07
Komehyo Holdings Co.,Ltd. to Report Q2, 2026 Results on Nov 13, 2025 Komehyo Holdings Co.,Ltd. announced that they will report Q2, 2026 results on Nov 13, 2025 Declared Dividend • Jul 09
Final dividend increased to JP¥53.00 Dividend of JP¥53.00 is 1.9% higher than last year. Ex-date: 29th September 2025 Payment date: 28th November 2025 Dividend yield will be 3.7%, which is higher than the industry average of 1.4%. Sustainability & Growth Dividend is covered by earnings (20% earnings payout ratio) but 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 14% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 25% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Board Change • Jul 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 4 experienced directors. 3 highly experienced directors. Independent Outside Director Junji Takaoka was the last director to join the board, commencing their role in 2023. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Jun 29
Full year 2025 earnings: Revenues and EPS in line with analyst expectations Full year 2025 results: EPS: JP¥436 (down from JP¥459 in FY 2024). Revenue: JP¥159.0b (up 33% from FY 2024). Net income: JP¥4.78b (down 4.9% from FY 2024). Profit margin: 3.0% (down from 4.2% in FY 2024). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 18% p.a. on average during the next 2 years, compared to a 6.4% growth forecast for the Specialty Retail industry in Japan. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Announcement • May 31
Komehyo Holdings Co.,Ltd. to Report Q1, 2026 Results on Aug 12, 2025 Komehyo Holdings Co.,Ltd. announced that they will report Q1, 2026 results on Aug 12, 2025 Reported Earnings • May 19
Full year 2025 earnings: Revenues and EPS in line with analyst expectations Full year 2025 results: EPS: JP¥436 (down from JP¥459 in FY 2024). Revenue: JP¥159.0b (up 33% from FY 2024). Net income: JP¥4.78b (down 4.9% from FY 2024). Profit margin: 3.0% (down from 4.2% in FY 2024). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 18% p.a. on average during the next 2 years, compared to a 6.4% growth forecast for the Specialty Retail industry in Japan. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Announcement • May 14
Komehyo Holdings Co.,Ltd., Annual General Meeting, Jun 25, 2025 Komehyo Holdings Co.,Ltd., Annual General Meeting, Jun 25, 2025. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥52.00 per share Eligible shareholders must have bought the stock before 28 March 2025. Payment date: 10 June 2025. Payout ratio is a comfortable 20% but the company is not cash flow positive. Trailing yield: 3.5%. Lower than top quartile of Japanese dividend payers (3.7%). Higher than average of industry peers (1.5%). Major Estimate Revision • Mar 11
Consensus EPS estimates fall by 15%, revenue upgraded The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast increased from JP¥155.5b to JP¥158.7b. EPS estimate fell from JP¥507 to JP¥433 per share. Net income forecast to grow 2.3% next year vs 14% growth forecast for Specialty Retail industry in Japan. Consensus price target down from JP¥4,560 to JP¥3,700. Share price fell 4.7% to JP¥2,824 over the past week. Announcement • Feb 28
Komehyo Holdings Co.,Ltd. to Report Fiscal Year 2025 Results on May 14, 2025 Komehyo Holdings Co.,Ltd. announced that they will report fiscal year 2025 results on May 14, 2025 Reported Earnings • Feb 15
Third quarter 2025 earnings released: EPS: JP¥166 (vs JP¥140 in 3Q 2024) Third quarter 2025 results: EPS: JP¥166 (up from JP¥140 in 3Q 2024). Revenue: JP¥42.4b (up 35% from 3Q 2024). Net income: JP¥1.82b (up 18% from 3Q 2024). Profit margin: 4.3% (down from 4.9% in 3Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 21% p.a. on average during the next 3 years, compared to a 7.0% growth forecast for the Specialty Retail industry in Japan. Over the last 3 years on average, earnings per share has increased by 32% per year whereas the company’s share price has increased by 27% per year. Valuation Update With 7 Day Price Move • Feb 14
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to JP¥3,365, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 15x in the Specialty Retail industry in Japan. Total returns to shareholders of 116% over the past three years. Announcement • Dec 03
Komehyo Holdings Co.,Ltd. to Report Q3, 2025 Results on Feb 13, 2025 Komehyo Holdings Co.,Ltd. announced that they will report Q3, 2025 results on Feb 13, 2025 Declared Dividend • Nov 29
First half dividend of JP¥52.00 announced Shareholders will receive a dividend of JP¥52.00. Ex-date: 28th March 2025 Payment date: 10th June 2025 Dividend yield will be 2.8%, which is higher than the industry average of 1.4%. Sustainability & Growth Dividend is covered by earnings (10% earnings payout ratio) but 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 17% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 88% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Major Estimate Revision • Nov 27
Consensus revenue estimates increase by 11% The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast increased from JP¥140.5b to JP¥155.5b. EPS estimate unchanged at JP¥507. Net income forecast to grow 37% next year vs 13% growth forecast for Specialty Retail industry in Japan. Consensus price target down from JP¥5,540 to JP¥4,560. Share price rose 3.5% to JP¥3,725 over the past week. Reported Earnings • Nov 17
Second quarter 2025 earnings released: EPS: JP¥50.06 (vs JP¥87.07 in 2Q 2024) Second quarter 2025 results: EPS: JP¥50.06 (down from JP¥87.07 in 2Q 2024). Revenue: JP¥35.9b (up 30% from 2Q 2024). Net income: JP¥548.6m (down 43% from 2Q 2024). Profit margin: 1.5% (down from 3.4% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 6.9% growth forecast for the Specialty Retail industry in Japan. Over the last 3 years on average, earnings per share has increased by 37% per year whereas the company’s share price has increased by 33% per year. Buy Or Sell Opportunity • Sep 30
Now 23% undervalued after recent price drop Over the last 90 days, the stock has fallen 6.4% to JP¥4,210. The fair value is estimated to be JP¥5,451, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 26% over the last 3 years. Earnings per share has grown by 45%. Revenue is forecast to grow by 40% in 2 years. Earnings are forecast to grow by 42% in the next 2 years. Announcement • Sep 26
Komehyo Holdings Co.,Ltd. (TSE:2780) agreed to acquire Rk Enterprise Co., Ltd. from Hara Yukio and others for ¥4.2 billion. Komehyo Holdings Co.,Ltd. (TSE:2780) agreed to acquire Rk Enterprise Co., Ltd. from Hara Yukio and others for ¥4.2 billion on September 25, 2024. As part of the acquisition, Komehyo was to acquire 100% stake corresponding to 1,104 shares of RK Enterprise. The transaction also includes the acquisition of Rk Enterprise's subsidiary Rodeo Drive Japan Co. Limited. The transaction has been approved by the board of directors of Komehyo Holdings. The transaction is expected to close on October 23, 2024. Upcoming Dividend • Sep 20
Upcoming dividend of JP¥52.00 per share Eligible shareholders must have bought the stock before 27 September 2024. Payment date: 28 November 2024. Payout ratio is a comfortable 18% but the company is not cash flow positive. Trailing yield: 2.5%. Lower than top quartile of Japanese dividend payers (3.8%). Higher than average of industry peers (1.4%). Announcement • Aug 27
Komehyo Holdings Co.,Ltd. to Report Q2, 2025 Results on Nov 13, 2024 Komehyo Holdings Co.,Ltd. announced that they will report Q2, 2025 results on Nov 13, 2024 Reported Earnings • Aug 18
First quarter 2025 earnings released: EPS: JP¥129 (vs JP¥108 in 1Q 2024) First quarter 2025 results: EPS: JP¥129 (up from JP¥108 in 1Q 2024). Revenue: JP¥33.5b (up 34% from 1Q 2024). Net income: JP¥1.41b (up 19% from 1Q 2024). Profit margin: 4.2% (down from 4.7% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 7.0% growth forecast for the Specialty Retail industry in Japan. Over the last 3 years on average, earnings per share has increased by 45% per year whereas the company’s share price has increased by 43% per year. Announcement • Aug 14
Komehyo Holdings Co.,Ltd. Revises Dividend Guidance for the Second Quarter End and Full Year of Fiscal Year Ending March 31, 2025 Komehyo Holdings Co.,Ltd. revised dividend guidance for the second quarter end and full year of fiscal year ending March 31, 2025. For the period, the company expects to pay dividend of JPY 52.00 per share against previous guidance of JPY 50.00 per share.
For the year, the company expects to pay dividend of JPY 52.00 per share against previous guidance of JPY 50.00 per share. Announcement • Aug 13
Komehyo Holdings Co.,Ltd. Revises Consolidated Earnings Forecasts for the Second Quarter and Full Year of the Fiscal Year Ending March 31, 2025 Komehyo Holdings Co.,Ltd. revised consolidated earnings forecasts for the second quarter and full year of the fiscal year ending March 31, 2025. For the period, the company expects net sales of JPY 68,500 million, operating profit of JPY 3,400 million, profit attributable to owners of parent of JPY 2,210 million and basic earnings per share of JPY 201.71 against previous guidance of net sales of JPY 64,000 million, operating profit of JPY 2,930 million, profit attributable to owners of parent of JPY 1,850 million and basic earnings per share of JPY 168.85.
For the full year, the company expects net sales of JPY 144,500 million, operating profit of JPY 8,470 million, profit attributable to owners of parent of JPY 5,560 million and basic earnings per share of JPY 507.47 against previous guidance of net sales of JPY 140,000 million, operating profit of JPY 8,000 million, profit attributable to owners of parent of JPY 5,200 million and basic earnings per share of JPY 474.61. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 28% After last week's 28% share price decline to JP¥3,195, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 12x in the Specialty Retail industry in Japan. Total returns to shareholders of 156% over the past three years. New Risk • Aug 01
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 7.4% 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 (7.4% average weekly change). High level of non-cash earnings (25% accrual ratio). Minor Risk Paying a dividend despite having no free cash flows. Declared Dividend • Jul 11
Final dividend increased to JP¥50.00 Dividend of JP¥50.00 is 14% higher than last year. Ex-date: 27th September 2024 Payment date: 28th November 2024 Dividend yield will be 2.1%, which is higher than the industry average of 1.4%. Sustainability & Growth Dividend is covered by earnings (18% earnings payout ratio) but 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 16% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 66% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Jun 10
Komehyo Holdings Co.,Ltd. to Report Q1, 2025 Results on Aug 13, 2024 Komehyo Holdings Co.,Ltd. announced that they will report Q1, 2025 results on Aug 13, 2024 Major Estimate Revision • Jun 06
Consensus EPS estimates increase by 22% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has improved. 2025 revenue forecast increased from JP¥128.7b to JP¥140.5b. EPS estimate increased from JP¥414 to JP¥504 per share. Net income forecast to grow 9.9% next year vs 12% growth forecast for Specialty Retail industry in Japan. Consensus price target up from JP¥4,550 to JP¥5,540. Share price rose 9.3% to JP¥4,365 over the past week. Reported Earnings • May 16
Full year 2024 earnings: EPS and revenues exceed analyst expectations Full year 2024 results: EPS: JP¥459 (up from JP¥338 in FY 2023). Revenue: JP¥119.5b (up 39% from FY 2023). Net income: JP¥5.03b (up 36% from FY 2023). Profit margin: 4.2% (in line with FY 2023). Revenue exceeded analyst estimates by 4.2%. Earnings per share (EPS) also surpassed analyst estimates by 15%. Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 6.7% growth forecast for the Specialty Retail industry in Japan. Over the last 3 years on average, earnings per share has increased by 58% per year whereas the company’s share price has increased by 60% per year. Announcement • May 15
Komehyo Holdings Co.,Ltd., Annual General Meeting, Jun 26, 2024 Komehyo Holdings Co.,Ltd., Annual General Meeting, Jun 26, 2024. Valuation Update With 7 Day Price Move • May 14
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to JP¥4,600, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 13x in the Specialty Retail industry in Japan. Total returns to shareholders of 349% over the past three years. Announcement • May 10
Komehyo Holdings Co.,Ltd. Provides Earnings Guidance for the Full Year Ending March 31, 2024 (April 1, 2023 to March 31, 2024) Komehyo Holdings Co.,Ltd. provided earnings guidance for the full Year Ending March 31, 2024 (April 1, 2023 to March 31, 2024). For the period, the company expects Consolidated net sales JPY 119,459 million compared to JPY 106,000 million prior guidance, Consolidated operating profit JPY 7,452 million compared to JPY 7,200 million prior guidance, Profit attributable to owners of parent JPY 5,025 million compared to JPY 4,820 million prior guidance and Consolidated per share Quarterly net income (yen) JPY 458.65 compared to JPY 439.93 prior guidance. New Risk • May 09
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 8.6% 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 (currently running at an operating cash loss). Share price has been highly volatile over the past 3 months (8.6% average weekly change). Minor Risk Paying a dividend despite having no free cash flows. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥44.00 per share Eligible shareholders must have bought the stock before 28 March 2024. Payment date: 28 June 2024. Payout ratio is a comfortable 18% but the company is not cash flow positive. Trailing yield: 2.3%. Lower than top quartile of Japanese dividend payers (3.2%). Higher than average of industry peers (1.3%). Announcement • Mar 06
Komehyo Holdings Co.,Ltd. to Report Fiscal Year 2024 Results on May 13, 2024 Komehyo Holdings Co.,Ltd. announced that they will report fiscal year 2024 results on May 13, 2024 Major Estimate Revision • Feb 21
Consensus EPS estimates fall by 18%, revenue upgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast increased from JP¥106.3b to JP¥114.6b. EPS estimate fell from JP¥485 to JP¥399 per share. Net income forecast to shrink 4.1% next year vs 13% growth forecast for Specialty Retail industry in Japan . Consensus price target down from JP¥6,300 to JP¥4,550. Share price fell 6.4% to JP¥3,785 over the past week. Reported Earnings • Feb 14
Third quarter 2024 earnings released: EPS: JP¥140 (vs JP¥146 in 3Q 2023) Third quarter 2024 results: EPS: JP¥140 (down from JP¥146 in 3Q 2023). Revenue: JP¥31.4b (up 34% from 3Q 2023). Net income: JP¥1.54b (down 4.1% from 3Q 2023). Profit margin: 4.9% (down from 6.8% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 6.5% growth forecast for the Specialty Retail industry in Japan. Over the last 3 years on average, earnings per share has increased by 71% per year but the company’s share price has only increased by 64% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Feb 14
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to JP¥4,045, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 14x in the Specialty Retail industry in Japan. Total returns to shareholders of 366% over the past three years. Valuation Update With 7 Day Price Move • Jan 09
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to JP¥4,590, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 13x in the Specialty Retail industry in Japan. Total returns to shareholders of 632% over the past three years. Announcement • Dec 16
Komehyo Holdings Co.,Ltd. to Report Q3, 2024 Results on Feb 13, 2024 Komehyo Holdings Co.,Ltd. announced that they will report Q3, 2024 results on Feb 13, 2024 Reported Earnings • Nov 18
Second quarter 2024 earnings released: EPS: JP¥87.07 (vs JP¥52.21 in 2Q 2023) Second quarter 2024 results: EPS: JP¥87.07 (up from JP¥52.21 in 2Q 2023). Revenue: JP¥27.7b (up 35% from 2Q 2023). Net income: JP¥954.0m (up 67% from 2Q 2023). Profit margin: 3.4% (up from 2.8% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 6.5% growth forecast for the Specialty Retail industry in Japan. Over the last 3 years on average, earnings per share has increased by 86% per year whereas the company’s share price has increased by 82% per year. Major Estimate Revision • Sep 26
Consensus EPS estimates increase by 30% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has improved. 2024 revenue forecast increased from JP¥101.2b to JP¥106.3b. EPS estimate increased from JP¥374 to JP¥485 per share. Net income forecast to grow 29% next year vs 13% growth forecast for Specialty Retail industry in Japan. Consensus price target up from JP¥4,860 to JP¥6,300. Share price was steady at JP¥5,540 over the past week. Upcoming Dividend • Sep 21
Upcoming dividend of JP¥44.00 per share at 1.4% yield Eligible shareholders must have bought the stock before 28 September 2023. Payment date: 28 November 2023. Payout ratio is a comfortable 15% but the company is not cash flow positive. Trailing yield: 1.4%. Lower than top quartile of Japanese dividend payers (3.3%). In line with average of industry peers (1.4%). New Risk • Aug 17
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 7.7% 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 (7.7% operating cash flow to total debt). Share price has been highly volatile over the past 3 months (8.3% average weekly change). Announcement • Aug 16
Komehyo Holdings Co.,Ltd. to Report Q2, 2024 Results on Nov 14, 2023 Komehyo Holdings Co.,Ltd. announced that they will report Q2, 2024 results on Nov 14, 2023 Reported Earnings • Aug 16
First quarter 2024 earnings released: EPS: JP¥108 (vs JP¥47.37 in 1Q 2023) First quarter 2024 results: EPS: JP¥108 (up from JP¥47.37 in 1Q 2023). Revenue: JP¥25.1b (up 34% from 1Q 2023). Net income: JP¥1.18b (up 128% from 1Q 2023). Profit margin: 4.7% (up from 2.8% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 6.6% growth forecast for the Specialty Retail industry in Japan. Over the last 3 years on average, earnings per share has increased by 96% per year but the company’s share price has increased by 106% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Aug 15
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to JP¥5,800, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 13x in the Specialty Retail industry in Japan. Total returns to shareholders of 820% over the past three years. Announcement • Jun 09
Komehyo Holdings Co.,Ltd. to Report Q1, 2024 Results on Aug 14, 2023 Komehyo Holdings Co.,Ltd. announced that they will report Q1, 2024 results on Aug 14, 2023 Reported Earnings • May 18
Full year 2023 earnings: EPS and revenues exceed analyst expectations Full year 2023 results: EPS: JP¥338 (up from JP¥206 in FY 2022). Revenue: JP¥86.1b (up 21% from FY 2022). Net income: JP¥3.71b (up 64% from FY 2022). Profit margin: 4.3% (up from 3.2% in FY 2022). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 3.5%. Earnings per share (EPS) also surpassed analyst estimates by 22%. Revenue is forecast to grow 10% p.a. on average during the next 2 years, compared to a 6.0% growth forecast for the Specialty Retail industry in Japan. Over the last 3 years on average, earnings per share has increased by 99% per year but the company’s share price has only increased by 65% per year, which means it is significantly lagging earnings growth. 
