Valuation Update With 7 Day Price Move • May 01
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to JP¥442, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 14x in the Specialty Retail industry in Japan. Total returns to shareholders of 13% over the past three years. Buy Or Sell Opportunity • Apr 28
Now 24% undervalued after recent price drop Over the last 90 days, the stock has fallen 3.4% to JP¥460. The fair value is estimated to be JP¥607, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 20% over the last 3 years. Earnings per share has grown by 4.7%. Revenue is forecast to grow by 0.1% in 2 years. Earnings are forecast to grow by 30% in the next 2 years. Upcoming Dividend • Apr 21
Upcoming dividend of JP¥22.50 per share Eligible shareholders must have bought the stock before 28 April 2026. Payment date: 29 July 2026. Payout ratio is a comfortable 71% and the cash payout ratio is 76%. Trailing yield: 4.3%. Within top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (1.4%). Buy Or Sell Opportunity • Mar 18
Now 21% undervalued Over the last 90 days, the stock has risen 6.8% to JP¥486. The fair value is estimated to be JP¥618, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 20% over the last 3 years. Earnings per share has grown by 4.7%. Revenue is forecast to grow by 2.9% in 2 years. Earnings are forecast to grow by 55% in the next 2 years. Reported Earnings • Mar 14
Third quarter 2026 earnings released: JP¥0.19 loss per share (vs JP¥25.09 profit in 3Q 2025) Third quarter 2026 results: JP¥0.19 loss per share (down from JP¥25.09 profit in 3Q 2025). Revenue: JP¥5.69b (down 14% from 3Q 2025). Net loss: JP¥3.00m (down 101% from profit in 3Q 2025). Revenue is forecast to grow 2.5% p.a. on average during the next 3 years, compared to a 7.4% growth forecast for the Specialty Retail industry in Japan. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 18% per year, which means it is significantly lagging earnings. Declared Dividend • Dec 17
First half dividend of JP¥22.50 announced Shareholders will receive a dividend of JP¥22.50. Ex-date: 28th April 2026 Payment date: 29th July 2026 Dividend yield will be 176%, which is higher than the industry average of 1.4%. Sustainability & Growth Dividend is covered by both earnings (39% earnings payout ratio) and cash flows (76% cash payout ratio). The dividend has increased by an average of 27% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 99% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Dec 16
Second quarter 2026 earnings released: EPS: JP¥17.08 (vs JP¥35.34 in 2Q 2025) Second quarter 2026 results: EPS: JP¥17.08 (down from JP¥35.34 in 2Q 2025). Revenue: JP¥5.94b (down 2.6% from 2Q 2025). Net income: JP¥273.3m (down 52% from 2Q 2025). Profit margin: 4.6% (down from 9.2% in 2Q 2025). The decrease in margin was primarily driven by lower revenue. Revenue is forecast to grow 9.1% p.a. on average during the next 3 years, compared to a 6.8% growth forecast for the Specialty Retail industry in Japan. 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 14% per year, which means it is significantly lagging earnings. New Risk • Oct 30
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: JP¥9.13b (US$59.2m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (17% average weekly change). Minor Risks Dividend is not well covered by cash flows (467% cash payout ratio). Market cap is less than US$100m (JP¥9.13b market cap, or US$59.2m). Announcement • Oct 28
Hamee Corp. to Report Q2, 2026 Results on Dec 15, 2025 Hamee Corp. announced that they will report Q2, 2026 results on Dec 15, 2025 New Risk • Oct 22
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 5.4% 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. Reported Earnings • Sep 14
First quarter 2026 earnings released: EPS: JP¥1.57 (vs JP¥6.37 in 1Q 2025) First quarter 2026 results: EPS: JP¥1.57 (down from JP¥6.37 in 1Q 2025). Revenue: JP¥5.29b (up 16% from 1Q 2025). Net income: JP¥25.0m (down 75% from 1Q 2025). Profit margin: 0.5% (down from 2.2% in 1Q 2025). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 8.6% 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 4% per year but the company’s share price has increased by 13% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Jul 10
New major risk - Revenue and earnings growth Earnings have declined by 2.6% 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 Risk Earnings have declined by 2.6% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (5.9% average weekly change). Announcement • Jul 02
Hamee Corp. to Report Q1, 2026 Results on Sep 12, 2025 Hamee Corp. announced that they will report Q1, 2026 results on Sep 12, 2025 Valuation Update With 7 Day Price Move • Jun 20
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to JP¥1,248, 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 30% over the past three years. Reported Earnings • Jun 15
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: EPS: JP¥80.15 (up from JP¥70.41 in FY 2024). Revenue: JP¥22.9b (up 30% from FY 2024). Net income: JP¥1.28b (up 14% from FY 2024). Profit margin: 5.6% (down from 6.4% in FY 2024). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 1.7%. Earnings per share (EPS) also missed analyst estimates by 8.7%. Revenue is forecast to grow 8.2% p.a. on average during the next 3 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 fallen by 3% per year but the company’s share price has increased by 15% per year, which means it is well ahead of earnings. Announcement • Jun 13
Hamee Corp., Annual General Meeting, Jul 28, 2025 Hamee Corp., Annual General Meeting, Jul 28, 2025. Upcoming Dividend • Apr 21
Upcoming dividend of JP¥22.50 per share Eligible shareholders must have bought the stock before 28 April 2025. Payment date: 28 July 2025. Payout ratio is a comfortable 24% but the company is not cash flow positive. Trailing yield: 1.9%. Lower than top quartile of Japanese dividend payers (4.0%). Higher than average of industry peers (1.5%). Valuation Update With 7 Day Price Move • Apr 04
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to JP¥1,088, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 13x in the Specialty Retail industry in Japan. Total loss to shareholders of 5.2% over the past three years. New Risk • Apr 03
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. The company is paying a dividend despite having no free cash flows. Dividend yield: 1.9% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (5.4% average weekly change). Announcement • Apr 02
Hamee Corp. to Report Fiscal Year 2025 Results on Jun 13, 2025 Hamee Corp. announced that they will report fiscal year 2025 results on Jun 13, 2025 Reported Earnings • Mar 15
Third quarter 2025 earnings released: EPS: JP¥25.14 (vs JP¥30.90 in 3Q 2024) Third quarter 2025 results: EPS: JP¥25.14 (down from JP¥30.90 in 3Q 2024). Revenue: JP¥6.66b (up 29% from 3Q 2024). Net income: JP¥401.0m (down 19% from 3Q 2024). Profit margin: 6.0% (down from 9.6% in 3Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 8.0% 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 fallen by 10% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Announcement • Feb 17
Hamee Corp. Announces Demise of Tomohiro Somehara, Director (Outside Director) and Member of Audit and Supervisory Committee On February 10, 2025, Hamee Corp. announced that Tomohiro Somehara, a director (outside director) who is a member of Audit and Supervisory Committee, passed away and retired as a director on the same day. Due to the retirement of directors serving as Audit & Supervisory Committee members mentioned above, the number of directors serving as Audit & Supervisory Committee members is not required by law. Therefore, the company will promptly take appropriate legal measures in the future. The company will inform user of the details of response as soon as they are decided. Valuation Update With 7 Day Price Move • Dec 20
Investor sentiment improves as stock rises 32% After last week's 32% share price gain to JP¥1,378, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 14x in the Specialty Retail industry in Japan. Total returns to shareholders of 16% over the past three years. Declared Dividend • Dec 16
Dividend of JP¥22.50 announced Dividend of JP¥22.50 is the same as last year. Ex-date: 28th April 2025 Payment date: 28th July 2025 Dividend yield will be 1.7%, which is higher than the industry average of 1.4%. Sustainability & Growth Dividend is covered by both earnings (23% earnings payout ratio) and cash flows (88% cash payout ratio). The dividend has increased by an average of 31% per year over the past 9 years. However, payments have been volatile during that time. EPS is expected to grow by 45% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Dec 15
Second quarter 2025 earnings released: EPS: JP¥35.34 (vs JP¥20.92 in 2Q 2024) Second quarter 2025 results: EPS: JP¥35.34 (up from JP¥20.92 in 2Q 2024). Revenue: JP¥6.10b (up 41% from 2Q 2024). Net income: JP¥563.5m (up 69% from 2Q 2024). Profit margin: 9.2% (up from 7.7% in 2Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 7.4% p.a. on average during the next 3 years, compared to a 6.8% growth forecast for the Specialty Retail industry in Japan. Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Major Estimate Revision • Oct 17
Consensus revenue estimates increase by 11% The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast increased from JP¥19.7b to JP¥21.8b. EPS estimate unchanged at JP¥87.80. Net income forecast to grow 11% next year vs 8.4% growth forecast for Specialty Retail industry in Japan. Consensus price target of JP¥1,500 unchanged from last update. Share price was steady at JP¥1,048 over the past week. 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 Risk No financial data reported. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (8.9% average weekly change). Reported Earnings • Sep 15
First quarter 2025 earnings released: EPS: JP¥6.37 (vs JP¥8.29 loss in 1Q 2024) First quarter 2025 results: EPS: JP¥6.37 (up from JP¥8.29 loss in 1Q 2024). Revenue: JP¥4.58b (up 38% from 1Q 2024). Net income: JP¥101.5m (up JP¥233.5m from 1Q 2024). Profit margin: 2.2% (up from net loss in 1Q 2024). The move to profitability was driven by higher revenue. Revenue is forecast to grow 7.0% 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 fallen by 25% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Announcement • Aug 15
Hamee Corp. to Report Q2, 2025 Results on Dec 13, 2024 Hamee Corp. announced that they will report Q2, 2025 results on Dec 13, 2024 New Risk • Aug 05
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: JP¥13.5b (US$94.6m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (9.2% average weekly change). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (JP¥13.5b market cap, or US$94.6m). 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¥845, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 12x in the Specialty Retail industry in Japan. Total loss to shareholders of 42% over the past three years. Major Estimate Revision • Jul 09
Consensus EPS estimates fall by 15%, revenue upgraded The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast increased from JP¥18.8b to JP¥19.7b. EPS estimate fell from JP¥104 to JP¥87.90 per share. Net income forecast to grow 25% next year vs 12% growth forecast for Specialty Retail industry in Japan. Consensus price target of JP¥1,500 unchanged from last update. Share price rose 2.4% to JP¥1,140 over the past week. Announcement • Jun 22
Hamee Corp. to Report Q1, 2025 Results on Sep 13, 2024 Hamee Corp. announced that they will report Q1, 2025 results at 3:00 PM, Tokyo Standard Time on Sep 13, 2024 Valuation Update With 7 Day Price Move • Jun 21
Investor sentiment deteriorates as stock falls 21% After last week's 21% share price decline to JP¥1,117, 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 loss to shareholders of 23% over the past three years. New Risk • Jun 17
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 8.5% 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 Risk Share price has been highly volatile over the past 3 months (8.5% average weekly change). Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Jun 16
Full year 2024 earnings: EPS and revenues exceed analyst expectations Full year 2024 results: EPS: JP¥70.45 (up from JP¥59.42 in FY 2023). Revenue: JP¥17.6b (up 26% from FY 2023). Net income: JP¥1.12b (up 19% from FY 2023). Profit margin: 6.4% (down from 6.7% in FY 2023). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.8%. Earnings per share (EPS) also surpassed analyst estimates by 6.9%. Revenue is forecast to grow 6.7% 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 fallen by 29% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Announcement • Jun 15
Hamee Corp., Annual General Meeting, Jul 25, 2024 Hamee Corp., Annual General Meeting, Jul 25, 2024. Upcoming Dividend • Apr 19
Upcoming dividend of JP¥22.50 per share Eligible shareholders must have bought the stock before 26 April 2024. Payment date: 28 July 2024. Payout ratio is a comfortable 43% but the company is paying out more than the cash it is generating. Trailing yield: 1.9%. Lower than top quartile of Japanese dividend payers (3.2%). Higher than average of industry peers (1.4%). Major Estimate Revision • Apr 11
Consensus EPS estimates fall by 13%, revenue upgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast increased from JP¥16.7b to JP¥17.3b. EPS estimate fell from JP¥75.40 to JP¥65.90 per share. Net income forecast to grow 82% next year vs 14% growth forecast for Specialty Retail industry in Japan. Consensus price target of JP¥1,500 unchanged from last update. Share price fell 8.3% to JP¥1,184 over the past week. Buy Or Sell Opportunity • Apr 09
Now 22% undervalued Over the last 90 days, the stock has risen 15% to JP¥1,144. The fair value is estimated to be JP¥1,462, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.8% over the last 3 years. Earnings per share has declined by 26%. Revenue is forecast to grow by 14% in 2 years. Earnings are forecast to grow by 117% in the next 2 years. Announcement • Apr 03
Hamee Corp. to Report Fiscal Year 2024 Results on Jun 14, 2024 Hamee Corp. announced that they will report fiscal year 2024 results on Jun 14, 2024 New Risk • Mar 22
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 6.0% 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: Minor Risks Dividend is not well covered by cash flows (dividend per share is over 5x cash flows per share). Share price has been volatile over the past 3 months (6.0% average weekly change). Profit margins are more than 30% lower than last year (5.1% net profit margin). Reported Earnings • Mar 17
Third quarter 2024 earnings released: EPS: JP¥30.90 (vs JP¥20.06 in 3Q 2023) Third quarter 2024 results: EPS: JP¥30.90 (up from JP¥20.06 in 3Q 2023). Revenue: JP¥5.15b (up 32% from 3Q 2023). Net income: JP¥492.0m (up 54% from 3Q 2023). Profit margin: 9.6% (up from 8.2% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 6.4% 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 fallen by 26% per year but the company’s share price has only fallen by 12% per year, which means it has not declined as severely as earnings. Buy Or Sell Opportunity • Jan 31
Now 22% undervalued Over the last 90 days, the stock has risen 15% to JP¥1,090. The fair value is estimated to be JP¥1,397, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.1% over the last 3 years. Earnings per share has declined by 19%. Revenue is forecast to grow by 22% in 2 years. Earnings are forecast to grow by 167% in the next 2 years. Announcement • Jan 13
Hamee Corp. to Report Q3, 2024 Results on Mar 15, 2024 Hamee Corp. announced that they will report Q3, 2024 results on Mar 15, 2024 Reported Earnings • Dec 15
Second quarter 2024 earnings released: EPS: JP¥20.92 (vs JP¥18.17 in 2Q 2023) Second quarter 2024 results: EPS: JP¥20.92 (up from JP¥18.17 in 2Q 2023). Revenue: JP¥4.32b (up 22% from 2Q 2023). Net income: JP¥333.0m (up 15% from 2Q 2023). Profit margin: 7.7% (down from 8.2% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 7.7% p.a. on average during the next 3 years, compared to a 6.3% growth forecast for the Specialty Retail industry in Japan. Over the last 3 years on average, earnings per share has fallen by 19% per year whereas the company’s share price has fallen by 23% per year. Announcement • Dec 14
Hamee Corp. Announces Dividend Guidance for the Fiscal Year Ending April 30, 2024 Hamee Corp. announced that for the fiscal year ending April 30, 2024, the company expects dividend of JPY 22.50 per share against JPY 22.50 per share a year ago. Announcement • Oct 05
Hamee Corp. to Report Q2, 2024 Results on Dec 14, 2023 Hamee Corp. announced that they will report Q2, 2024 results on Dec 14, 2023 Valuation Update With 7 Day Price Move • Sep 15
Investor sentiment deteriorates as stock falls 21% After last week's 21% share price decline to JP¥880, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 13x in the Specialty Retail industry in Japan. Total loss to shareholders of 59% over the past three years. Buying Opportunity • Aug 22
Now 21% undervalued Over the last 90 days, the stock is up 11%. The fair value is estimated to be JP¥1,332, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.4% over the last 3 years. Earnings per share has grown by 3.4%. For the next 3 years, revenue is forecast to grow by 9.0% per annum. Earnings is also forecast to grow by 19% per annum over the same time period. Reported Earnings • Aug 02
Full year 2023 earnings: EPS misses analyst expectations Full year 2023 results: EPS: JP¥59.42 (down from JP¥110 in FY 2022). Revenue: JP¥14.0b (up 4.7% from FY 2022). Net income: JP¥945.0m (down 46% from FY 2022). Profit margin: 6.7% (down from 13% in FY 2022). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 12%. Revenue is forecast to grow 9.0% p.a. on average during the next 3 years, compared to a 6.8% growth forecast for the Specialty Retail industry in Japan. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has fallen by 22% per year, which means it is significantly lagging earnings. Announcement • Jul 29
Hamee Corp. to Report Q1, 2024 Results on Sep 14, 2023 Hamee Corp. announced that they will report Q1, 2024 results on Sep 14, 2023 Major Estimate Revision • Jul 26
Consensus EPS estimates increase by 18% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has improved. 2024 revenue forecast increased from JP¥15.8b to JP¥16.6b. EPS estimate increased from JP¥79.80 to JP¥94.20 per share. Net income forecast to grow 59% next year vs 11% growth forecast for Specialty Retail industry in Japan. Consensus price target up from JP¥1,400 to JP¥1,600. Share price rose 4.6% to JP¥1,038 over the past week. Reported Earnings • Jun 16
Full year 2023 earnings: EPS misses analyst expectations Full year 2023 results: EPS: JP¥59.44 (down from JP¥110 in FY 2022). Revenue: JP¥14.0b (up 4.7% from FY 2022). Net income: JP¥945.4m (down 46% from FY 2022). Profit margin: 6.7% (down from 13% in FY 2022). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 12%. Revenue is forecast to grow 10% p.a. on average during the next 2 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 3% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Jun 15
Investor sentiment improves as stock rises 26% After last week's 26% share price gain to JP¥1,156, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 14x in the Specialty Retail industry in Japan. Total loss to shareholders of 33% over the past three years. Announcement • Jun 14
Hamee Corp., Annual General Meeting, Jul 27, 2023 Hamee Corp., Annual General Meeting, Jul 27, 2023. Major Estimate Revision • Apr 22
Consensus EPS estimates increase by 20%, revenue downgraded The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast fell from JP¥14.2b to JP¥14.0b. EPS estimate rose from JP¥56.00 to JP¥67.30. Net income forecast to grow 10% next year vs 4.0% growth forecast for Specialty Retail industry in Japan. Consensus price target up from JP¥1,200 to JP¥1,400. Share price rose 4.6% to JP¥1,038 over the past week. Upcoming Dividend • Apr 20
Upcoming dividend of JP¥22.50 per share at 2.1% yield Eligible shareholders must have bought the stock before 27 April 2023. Payment date: 31 July 2023. Payout ratio is a comfortable 32% and this is well supported by cash flows. Trailing yield: 2.1%. Lower than top quartile of Japanese dividend payers (3.5%). Higher than average of industry peers (1.5%). Valuation Update With 7 Day Price Move • Mar 23
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to JP¥952, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 12x in the Specialty Retail industry in Japan. Negligible returns to shareholders over past three years. Reported Earnings • Mar 17
Third quarter 2023 earnings released: EPS: JP¥20.06 (vs JP¥31.77 in 3Q 2022) Third quarter 2023 results: EPS: JP¥20.06 (down from JP¥31.77 in 3Q 2022). Revenue: JP¥3.91b (down 3.0% from 3Q 2022). Net income: JP¥319.0m (down 37% from 3Q 2022). Profit margin: 8.2% (down from 13% in 3Q 2022). The decrease in margin was primarily driven by lower revenue. Revenue is forecast to grow 8.5% p.a. on average during the next 3 years, compared to a 8.6% growth forecast for the Online Retail industry in Japan. Over the last 3 years on average, earnings per share has increased by 11% per year whereas the company’s share price has increased by 12% per year. Announcement • Jan 14
Hamee Corp. to Report Q3, 2023 Results on Mar 16, 2023 Hamee Corp. announced that they will report Q3, 2023 results on Mar 16, 2023 Reported Earnings • Dec 16
Second quarter 2023 earnings released: EPS: JP¥18.17 (vs JP¥43.35 in 2Q 2022) Second quarter 2023 results: EPS: JP¥18.17 (down from JP¥43.35 in 2Q 2022). Revenue: JP¥3.53b (up 5.9% from 2Q 2022). Net income: JP¥289.0m (down 58% from 2Q 2022). Profit margin: 8.2% (down from 21% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 9.6% growth forecast for the Online Retail industry in Japan. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has fallen by 20% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Dec 15
Investor sentiment deteriorated over the past week After last week's 16% share price decline to JP¥722, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 20x in the Online Retail industry in Japan. Total loss to shareholders of 44% over the past three years. Price Target Changed • Nov 16
Price target decreased to JP¥1,400 Down from JP¥2,300, the current price target is provided by 1 analyst. New target price is 60% above last closing price of JP¥876. Stock is down 31% over the past year. The company is forecast to post earnings per share of JP¥90.60 for next year compared to JP¥110 last year. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Outside Director Tomohiro Somehara 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 • Oct 26
Hamee Corp. Announces Changes in Organizational Structure and Personnel Transfers of Officer Hamee Corp. decided to change organizational structure and change the personnel of officer as of November 1, 2022. The major details of this change as follows. With the aim of optimizing the allocation of human resources and realizing IR more effectively and efficiently by integrating the performance management division and the Corporate Planning Department, it will integrate the New Business Creation Department, which is primarily responsible for managing the performance of the Commerce segment and investment businesses, with the Corporate Planning Department, which is primarily responsible for IR and budgeting. The company appointed Yukihiro Tomiyama as Officer (in charge of Corporate Planning Department) concurrently with Officer of NE Inc. (in charge of Corporate Value Creation Department) from his current position as Officer (in charge of New Business Creation Department) concurrently with Officer of NE Inc. (in charge of Corporate Value Creation Department). Announcement • Oct 20
Hamee Corp. to Report Q2, 2023 Results on Dec 14, 2022 Hamee Corp. announced that they will report Q2, 2023 results on Dec 14, 2022 Reported Earnings • Sep 15
First quarter 2023 earnings released: EPS: JP¥12.96 (vs JP¥15.99 in 1Q 2022) First quarter 2023 results: EPS: JP¥12.96 (down from JP¥15.99 in 1Q 2022). Revenue: JP¥3.11b (up 19% from 1Q 2022). Net income: JP¥206.0m (down 19% from 1Q 2022). Profit margin: 6.6% (down from 9.7% in 1Q 2022). 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 9.9% growth forecast for the Online Retail industry in Japan. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 04
Full year 2022 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2022 results: EPS: JP¥110 (up from JP¥98.36 in FY 2021). Revenue: JP¥13.4b (up 8.5% from FY 2021). Net income: JP¥1.74b (up 12% from FY 2021). Profit margin: 13% (in line with FY 2021). Revenue missed analyst estimates by 2.3%. Earnings per share (EPS) exceeded analyst estimates by 2.6%. Over the next year, revenue is forecast to grow 15%, compared to a 13% growth forecast for the retail industry in Japan. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Announcement • Jul 21
Hamee Corp. to Report Q1, 2023 Results on Sep 14, 2022 Hamee Corp. announced that they will report Q1, 2023 results on Sep 14, 2022 Valuation Update With 7 Day Price Move • Jun 20
Investor sentiment deteriorated over the past week After last week's 21% share price decline to JP¥935, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 17x in the Online Retail industry in Japan. Total returns to shareholders of 37% over the past three years. Reported Earnings • Jun 14
Full year 2022 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2022 results: EPS: JP¥110 (up from JP¥98.36 in FY 2021). Revenue: JP¥13.4b (up 8.5% from FY 2021). Net income: JP¥1.74b (up 12% from FY 2021). Profit margin: 13% (in line with FY 2021). Revenue missed analyst estimates by 2.3%. Earnings per share (EPS) exceeded analyst estimates by 2.6%. Over the next year, revenue is forecast to grow 12%, compared to a 14% growth forecast for the retail industry in Japan. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Announcement • Jun 14
Hamee Corp. Provides Consolidated Earnings Guidance for the Year Ending April 30, 2023 Hamee Corp. provided consolidated earnings guidance for the year ending April 30, 2023. For the period, the company expects net sales of JPY 15,932 million, operating income of JPY 2,293 million, net income attributable to owners of parent of JPY 1,575 million and earnings per share of JPY 99.10.