Announcement • 9h
NSW Inc. to Report Fiscal Year 2026 Results on May 11, 2026 NSW Inc. announced that they will report fiscal year 2026 results on May 11, 2026 Upcoming Dividend • Mar 23
Upcoming dividend of JP¥45.00 per share Eligible shareholders must have bought the stock before 30 March 2026. Payment date: 24 June 2026. Payout ratio is a comfortable 42% and this is well supported by cash flows. Trailing yield: 3.6%. Within top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (2.3%). Reported Earnings • Feb 10
Third quarter 2026 earnings released: EPS: JP¥51.55 (vs JP¥76.51 in 3Q 2025) Third quarter 2026 results: EPS: JP¥51.55 (down from JP¥76.51 in 3Q 2025). Revenue: JP¥12.9b (up 7.4% from 3Q 2025). Net income: JP¥768.0m (down 33% from 3Q 2025). Profit margin: 6.0% (down from 9.5% in 3Q 2025). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Announcement • Dec 11
NSW Inc. to Report Q3, 2026 Results on Feb 09, 2026 NSW Inc. announced that they will report Q3, 2026 results on Feb 09, 2026 Declared Dividend • Dec 03
First half dividend of JP¥45.00 announced Dividend of JP¥45.00 is the same as last year. Ex-date: 30th March 2026 Payment date: 24th June 2026 Dividend yield will be 3.4%, which is higher than the industry average of 1.4%. Sustainability & Growth Dividend is well covered by both earnings (20% earnings payout ratio) and cash flows (39% cash payout ratio). The dividend has increased by an average of 19% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. Earnings per share has grown by 6.7% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Nov 12
Second quarter 2026 earnings released: EPS: JP¥71.21 (vs JP¥83.43 in 2Q 2025) Second quarter 2026 results: EPS: JP¥71.21 (down from JP¥83.43 in 2Q 2025). Revenue: JP¥13.4b (up 1.4% from 2Q 2025). Net income: JP¥1.06b (down 15% from 2Q 2025). Profit margin: 7.9% (down from 9.4% in 2Q 2025). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Announcement • Sep 12
NSW Inc. to Report Q2, 2026 Results on Nov 10, 2025 NSW Inc. announced that they will report Q2, 2026 results on Nov 10, 2025 Reported Earnings • Aug 08
First quarter 2026 earnings released: EPS: JP¥40.61 (vs JP¥44.43 in 1Q 2025) First quarter 2026 results: EPS: JP¥40.61 (down from JP¥44.43 in 1Q 2025). Revenue: JP¥11.4b (up 4.2% from 1Q 2025). Net income: JP¥605.0m (down 8.6% from 1Q 2025). Profit margin: 5.3% (down from 6.0% in 1Q 2025). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 3% per year and the company’s share price has also increased by 3% per year. Buy Or Sell Opportunity • Jul 22
Now 20% overvalued Over the last 90 days, the stock has fallen 19% to JP¥2,513. The fair value is estimated to be JP¥2,091, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 6.0% over the last 3 years. Earnings per share has grown by 6.9%. New Risk • Jul 17
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. Cash payout ratio: 0% Dividend yield: 3.3% 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: Major Risk Shares are highly illiquid. Minor Risk Dividend is not well covered by cash flows (0% cash payout ratio). New Risk • Jul 09
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 5.9% 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. Declared Dividend • Jul 09
Final dividend of JP¥40.00 announced Dividend of JP¥40.00 is the same as last year. Ex-date: 29th September 2025 Payment date: 3rd December 2025 Dividend yield will be 3.3%, which is higher than the industry average of 1.4%. Sustainability & Growth Dividend is well covered by both earnings (32% earnings payout ratio) and cash flows (38% cash payout ratio). The dividend has increased by an average of 19% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. Earnings per share has grown by 6.5% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Jun 27
Full year 2025 earnings released: EPS: JP¥246 (vs JP¥288 in FY 2024) Full year 2025 results: EPS: JP¥246 (down from JP¥288 in FY 2024). Revenue: JP¥50.0b (flat on FY 2024). Net income: JP¥3.66b (down 15% from FY 2024). Profit margin: 7.3% (down from 8.5% in FY 2024). Over the last 3 years on average, earnings per share has increased by 7% per year whereas the company’s share price has increased by 5% per year. Announcement • Jun 24
NSW Inc. to Report Q1, 2026 Results on Aug 06, 2025 NSW Inc. announced that they will report Q1, 2026 results on Aug 06, 2025 Buy Or Sell Opportunity • May 26
Now 21% overvalued Over the last 90 days, the stock has fallen 8.5% to JP¥2,568. The fair value is estimated to be JP¥2,120, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 6.0% over the last 3 years. Earnings per share has grown by 6.9%. Reported Earnings • May 13
Full year 2025 earnings released: EPS: JP¥246 (vs JP¥288 in FY 2024) Full year 2025 results: EPS: JP¥246 (down from JP¥288 in FY 2024). Revenue: JP¥50.0b (flat on FY 2024). Net income: JP¥3.66b (down 15% from FY 2024). Profit margin: 7.3% (down from 8.5% in FY 2024). Over the last 3 years on average, earnings per share has increased by 7% per year whereas the company’s share price has increased by 4% per year. Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to JP¥2,499, the stock trades at a trailing P/E ratio of 8.5x. Average trailing P/E is 18x in the Software industry in Japan. Total returns to shareholders of 24% over the past three years. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥45.00 per share Eligible shareholders must have bought the stock before 28 March 2025. Payment date: 25 June 2025. Payout ratio is a comfortable 32% and this is well supported by cash flows. Trailing yield: 2.9%. Lower than top quartile of Japanese dividend payers (3.7%). Higher than average of industry peers (1.6%). Announcement • Mar 11
NSW Inc. to Report Fiscal Year 2025 Results on May 12, 2025 NSW Inc. announced that they will report fiscal year 2025 results on May 12, 2025 Reported Earnings • Feb 14
Third quarter 2025 earnings released: EPS: JP¥76.51 (vs JP¥66.92 in 3Q 2024) Third quarter 2025 results: EPS: JP¥76.51 (up from JP¥66.92 in 3Q 2024). Revenue: JP¥12.0b (up 7.6% from 3Q 2024). Net income: JP¥1.14b (up 14% from 3Q 2024). Profit margin: 9.5% (in line with 3Q 2024). Over the last 3 years on average, earnings per share has increased by 10% per year whereas the company’s share price has increased by 12% per year. Announcement • Dec 14
NSW Inc. to Report Q3, 2025 Results on Feb 12, 2025 NSW Inc. announced that they will report Q3, 2025 results on Feb 12, 2025 Declared Dividend • Dec 04
First half dividend of JP¥45.00 announced Shareholders will receive a dividend of JP¥45.00. Ex-date: 28th March 2025 Payment date: 25th June 2025 Dividend yield will be 2.7%, which is higher than the industry average of 1.4%. Sustainability & Growth Dividend is well covered by both earnings (33% earnings payout ratio) and cash flows (48% cash payout ratio). The dividend has increased by an average of 19% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. Earnings per share has grown by 10.0% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Nov 13
Second quarter 2025 earnings released: EPS: JP¥83.43 (vs JP¥91.68 in 2Q 2024) Second quarter 2025 results: EPS: JP¥83.43 (down from JP¥91.68 in 2Q 2024). Revenue: JP¥13.2b (up 1.8% from 2Q 2024). Net income: JP¥1.24b (down 9.0% from 2Q 2024). Profit margin: 9.4% (down from 11% in 2Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 12% per year whereas the company’s share price has increased by 8% per year. Upcoming Dividend • Sep 20
Upcoming dividend of JP¥40.00 per share Eligible shareholders must have bought the stock before 27 September 2024. Payment date: 04 December 2024. Payout ratio is a comfortable 29% and this is well supported by cash flows. Trailing yield: 2.8%. Lower than top quartile of Japanese dividend payers (3.8%). Higher than average of industry peers (1.2%). Announcement • Sep 13
NSW Inc. to Report Q2, 2025 Results on Nov 11, 2024 NSW Inc. announced that they will report Q2, 2025 results on Nov 11, 2024 Reported Earnings • Aug 09
First quarter 2025 earnings released: EPS: JP¥44.43 (vs JP¥38.53 in 1Q 2024) First quarter 2025 results: EPS: JP¥44.43 (up from JP¥38.53 in 1Q 2024). Revenue: JP¥11.0b (up 1.7% from 1Q 2024). Net income: JP¥662.0m (up 15% from 1Q 2024). Profit margin: 6.0% (up from 5.3% in 1Q 2024). Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. New Risk • Aug 05
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 6.1% 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. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 23% After last week's 23% share price decline to JP¥2,455, the stock trades at a trailing P/E ratio of 8.5x. Average trailing P/E is 20x in the Software industry in Japan. Total returns to shareholders of 14% over the past three years. Declared Dividend • Jul 11
Final dividend of JP¥40.00 announced Shareholders will receive a dividend of JP¥40.00. Ex-date: 27th September 2024 Payment date: 4th December 2024 Dividend yield will be 2.9%, which is higher than the industry average of 1.4%. Sustainability & Growth Dividend is well covered by both earnings (19% earnings payout ratio) and cash flows (35% cash payout ratio). The dividend has increased by an average of 22% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. Earnings per share has grown by 13% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Jun 28
Full year 2024 earnings released: EPS: JP¥288 (vs JP¥275 in FY 2023) Full year 2024 results: EPS: JP¥288 (up from JP¥275 in FY 2023). Revenue: JP¥50.3b (up 8.9% from FY 2023). Net income: JP¥4.29b (up 4.8% from FY 2023). Profit margin: 8.5% (down from 8.9% in FY 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 16% per year whereas the company’s share price has increased by 13% per year. Announcement • Jun 14
NSW Inc. to Report Q1, 2025 Results on Aug 07, 2024 NSW Inc. announced that they will report Q1, 2025 results on Aug 07, 2024 Reported Earnings • May 16
Full year 2024 earnings released: EPS: JP¥288 (vs JP¥275 in FY 2023) Full year 2024 results: EPS: JP¥288 (up from JP¥275 in FY 2023). Revenue: JP¥50.3b (up 8.9% from FY 2023). Net income: JP¥4.29b (up 4.8% from FY 2023). Profit margin: 8.5% (down from 8.9% in FY 2023). The decrease in margin was driven by higher expenses. 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 9% per year, which means it is significantly lagging earnings growth. Announcement • May 15
NSW Inc., Annual General Meeting, Jun 24, 2024 NSW Inc., Annual General Meeting, Jun 24, 2024. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥30.00 per share Eligible shareholders must have bought the stock before 28 March 2024. Payment date: 24 June 2024. Payout ratio is a comfortable 19% and this is well supported by cash flows. Trailing yield: 1.8%. Lower than top quartile of Japanese dividend payers (3.2%). Higher than average of industry peers (1.3%). Announcement • Mar 10
NSW Inc. to Report Fiscal Year 2024 Results on May 13, 2024 NSW Inc. announced that they will report fiscal year 2024 results on May 13, 2024 Reported Earnings • Feb 14
Third quarter 2024 earnings released: EPS: JP¥66.92 (vs JP¥53.36 in 3Q 2023) Third quarter 2024 results: EPS: JP¥66.92 (up from JP¥53.36 in 3Q 2023). Revenue: JP¥11.1b (up 4.7% from 3Q 2023). Net income: JP¥997.0m (up 25% from 3Q 2023). Profit margin: 9.0% (up from 7.5% in 3Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Announcement • Dec 13
NSW Inc. to Report Q3, 2024 Results on Feb 13, 2024 NSW Inc. announced that they will report Q3, 2024 results on Feb 13, 2024 Reported Earnings • Nov 15
Second quarter 2024 earnings released: EPS: JP¥91.68 (vs JP¥70.07 in 2Q 2023) Second quarter 2024 results: EPS: JP¥91.68 (up from JP¥70.07 in 2Q 2023). Revenue: JP¥13.0b (up 11% from 2Q 2023). Net income: JP¥1.37b (up 31% from 2Q 2023). Profit margin: 11% (up from 8.9% in 2Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Sep 21
Upcoming dividend of JP¥25.00 per share at 2.0% yield Eligible shareholders must have bought the stock before 28 September 2023. Payment date: 04 December 2023. Payout ratio is a comfortable 20% and this is well supported by cash flows. Trailing yield: 2.0%. Lower than top quartile of Japanese dividend payers (3.3%). Higher than average of industry peers (1.7%). Announcement • Sep 15
NSW Inc. to Report Q2, 2024 Results on Nov 13, 2023 NSW Inc. announced that they will report Q2, 2024 results on Nov 13, 2023 Reported Earnings • Aug 08
First quarter 2024 earnings released: EPS: JP¥38.53 (vs JP¥32.48 in 1Q 2023) First quarter 2024 results: EPS: JP¥38.53 (up from JP¥32.48 in 1Q 2023). Revenue: JP¥10.8b (up 15% from 1Q 2023). Net income: JP¥574.0m (up 19% from 1Q 2023). Profit margin: 5.3% (up from 5.2% in 1Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Reported Earnings • Jun 24
Full year 2023 earnings released: EPS: JP¥275 (vs JP¥233 in FY 2022) Full year 2023 results: EPS: JP¥275 (up from JP¥233 in FY 2022). Revenue: JP¥46.2b (up 6.3% from FY 2022). Net income: JP¥4.09b (up 18% from FY 2022). Profit margin: 8.9% (up from 8.0% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Announcement • Jun 09
NSW Inc. to Report Q1, 2024 Results on Aug 07, 2023 NSW Inc. announced that they will report Q1, 2024 results on Aug 07, 2023 Reported Earnings • May 21
Full year 2023 earnings released: EPS: JP¥275 (vs JP¥233 in FY 2022) Full year 2023 results: EPS: JP¥275 (up from JP¥233 in FY 2022). Revenue: JP¥46.2b (up 6.3% from FY 2022). Net income: JP¥4.09b (up 18% from FY 2022). Profit margin: 8.9% (up from 8.0% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Announcement • May 15
NSW Inc., Annual General Meeting, Jun 21, 2023 NSW Inc., Annual General Meeting, Jun 21, 2023. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥25.00 per share at 2.6% yield Eligible shareholders must have bought the stock before 30 March 2023. Payment date: 23 June 2023. Payout ratio is a comfortable 24% and this is well supported by cash flows. Trailing yield: 2.6%. Lower than top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (1.7%). Reported Earnings • Jan 31
Third quarter 2023 earnings released: EPS: JP¥53.36 (vs JP¥58.59 in 3Q 2022) Third quarter 2023 results: EPS: JP¥53.36 (down from JP¥58.59 in 3Q 2022). Revenue: JP¥10.6b (up 7.4% from 3Q 2022). Net income: JP¥795.0m (down 8.9% from 3Q 2022). Profit margin: 7.5% (down from 8.8% in 3Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Announcement • Dec 23
NSW Inc. to Report Q3, 2023 Results on Jan 30, 2023 NSW Inc. announced that they will report Q3, 2023 results on Jan 30, 2023 Reported Earnings • Nov 20
Second quarter 2023 earnings released: EPS: JP¥51.28 (vs JP¥67.52 in 2Q 2022) Second quarter 2023 results: EPS: JP¥51.28 (down from JP¥67.52 in 2Q 2022). Revenue: JP¥10.6b (down 9.6% from 2Q 2022). Net income: JP¥764.0m (down 24% from 2Q 2022). Profit margin: 7.2% (down from 8.6% in 2Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Board Change • Nov 16
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was an independent director. The company's board is composed of: 1 new director. 5 experienced directors. 2 highly experienced directors. 3 independent directors (5 non-independent directors). Independent Outside Director Naoko Ishii was the last independent director to join the board, commencing their role in 2020. 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 • Nov 02
Second quarter 2023 earnings released: EPS: JP¥51.28 (vs JP¥67.52 in 2Q 2022) Second quarter 2023 results: EPS: JP¥51.28 (down from JP¥67.52 in 2Q 2022). Revenue: JP¥10.6b (down 9.6% from 2Q 2022). Net income: JP¥764.0m (down 24% from 2Q 2022). Profit margin: 7.2% (down from 8.6% in 2Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥25.00 per share Eligible shareholders must have bought the stock before 29 September 2022. Payment date: 02 December 2022. Payout ratio is a comfortable 21% and this is well supported by cash flows. Trailing yield: 2.3%. Lower than top quartile of Japanese dividend payers (3.7%). Higher than average of industry peers (1.8%). Announcement • Sep 11
NSW Inc. to Report Q2, 2023 Results on Oct 31, 2022 NSW Inc. announced that they will report Q2, 2023 results on Oct 31, 2022 Reported Earnings • Aug 02
First quarter 2023 earnings released: EPS: JP¥32.48 (vs JP¥32.69 in 1Q 2022) First quarter 2023 results: EPS: JP¥32.48 (down from JP¥32.69 in 1Q 2022). Revenue: JP¥9.37b (up 5.7% from 1Q 2022). Net income: JP¥484.0m (flat on 1Q 2022). Profit margin: 5.2% (down from 5.5% in 1Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Announcement • Jun 29
Nippon Systemware Co., Ltd. to Report Q1, 2023 Results on Aug 01, 2022 Nippon Systemware Co., Ltd. announced that they will report Q1, 2023 results on Aug 01, 2022 Reported Earnings • Jun 26
Full year 2022 earnings released: EPS: JP¥233 (vs JP¥186 in FY 2021) Full year 2022 results: EPS: JP¥233 (up from JP¥186 in FY 2021). Revenue: JP¥43.5b (up 11% from FY 2021). Net income: JP¥3.47b (up 26% from FY 2021). Profit margin: 8.0% (up from 7.0% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Reported Earnings • May 20
Full year 2022 earnings released: EPS: JP¥233 (vs JP¥186 in FY 2021) Full year 2022 results: EPS: JP¥233 (up from JP¥186 in FY 2021). Revenue: JP¥43.5b (up 11% from FY 2021). Net income: JP¥3.47b (up 26% from FY 2021). Profit margin: 8.0% (up from 7.0% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Announcement • May 16
Nippon Systemware Co., Ltd., Annual General Meeting, Jun 22, 2022 Nippon Systemware Co., Ltd., Annual General Meeting, Jun 22, 2022. Board Change • Apr 27
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. 6 non-independent directors. Independent Outside Director Naoko Ishii was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Apr 08
Nippon Systemware Co., Ltd. to Report Fiscal Year 2022 Results on May 16, 2022 Nippon Systemware Co., Ltd. announced that they will report fiscal year 2022 results on May 16, 2022 Upcoming Dividend • Mar 23
Upcoming dividend of JP¥20.00 per share Eligible shareholders must have bought the stock before 30 March 2022. Payment date: 24 June 2022. Payout ratio is a comfortable 17% and this is well supported by cash flows. Trailing yield: 1.9%. Lower than top quartile of Japanese dividend payers (3.4%). In line with average of industry peers (1.8%). Reported Earnings • Feb 02
Third quarter 2022 earnings: EPS and revenues exceed analyst expectations Third quarter 2022 results: EPS: JP¥58.59 (up from JP¥40.14 in 3Q 2021). Revenue: JP¥9.90b (up 5.9% from 3Q 2021). Net income: JP¥873.0m (up 46% from 3Q 2021). Profit margin: 8.8% (up from 6.4% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.5%. Earnings per share (EPS) also surpassed analyst estimates by 11%. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Jan 19
Now 23% undervalued after recent price drop Over the last 90 days, the stock is down 14%. The fair value is estimated to be JP¥2,739, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.2% per annum over the last 3 years. Earnings per share has grown by 9.1% per annum over the last 3 years. Reported Earnings • Nov 02
Second quarter 2022 earnings released: EPS JP¥67.52 (vs JP¥47.32 in 2Q 2021) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2022 results: Revenue: JP¥11.7b (up 16% from 2Q 2021). Net income: JP¥1.01b (up 43% from 2Q 2021). Profit margin: 8.6% (up from 7.0% in 2Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥20.00 per share Eligible shareholders must have bought the stock before 29 September 2021. Payment date: 02 December 2021. Trailing yield: 1.7%. Lower than top quartile of Japanese dividend payers (3.0%). Higher than average of industry peers (1.3%). Reported Earnings • Aug 04
First quarter 2022 earnings released: EPS JP¥32.69 (vs JP¥27.65 in 1Q 2021) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2022 results: Revenue: JP¥8.86b (up 15% from 1Q 2021). Net income: JP¥487.0m (up 18% from 1Q 2021). Profit margin: 5.5% (up from 5.4% in 1Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 9% per year whereas the company’s share price has increased by 5% per year. Reported Earnings • Jun 27
Full year 2021 earnings released: EPS JP¥186 (vs JP¥179 in FY 2020) The company reported a solid full year result with improved earnings and revenues, although profit margins were flat. Full year 2021 results: Revenue: JP¥39.3b (up 2.6% from FY 2020). Net income: JP¥2.77b (up 3.6% from FY 2020). Profit margin: 7.0% (in line with FY 2020). Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth.