Valuation Update With 7 Day Price Move • Jul 02
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to JP¥1,701, the stock trades at a trailing P/E ratio of 18.5x. Average trailing P/E is 17x in the Electronic industry in Japan. Total returns to shareholders of 48% over the past three years. Valuation Update With 7 Day Price Move • Jun 05
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to JP¥2,380, the stock trades at a trailing P/E ratio of 25.8x. Average trailing P/E is 16x in the Electronic industry in Japan. Total returns to shareholders of 125% over the past three years. Valuation Update With 7 Day Price Move • May 22
Investor sentiment improves as stock rises 25% After last week's 25% share price gain to JP¥1,833, the stock trades at a trailing P/E ratio of 19.9x. Average trailing P/E is 16x in the Electronic industry in Japan. Total returns to shareholders of 100% over the past three years. Reported Earnings • May 20
Full year 2026 earnings released: EPS: JP¥92.18 (vs JP¥64.12 in FY 2025) Full year 2026 results: EPS: JP¥92.18 (up from JP¥64.12 in FY 2025). Revenue: JP¥9.14b (flat on FY 2025). Net income: JP¥647.0m (up 44% from FY 2025). Profit margin: 7.1% (up from 5.0% in FY 2025). Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has increased by 16% per year, which means it is well ahead of earnings. New Risk • May 18
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 7.7% 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: Major Risk Earnings have declined by 18% per year over the past 5 years. Minor Risks Paying a dividend despite being loss-making. Share price has been volatile over the past 3 months (7.7% average weekly change). Market cap is less than US$100m (JP¥11.7b market cap, or US$73.8m). Announcement • May 15
NF Holdings Corporation, Annual General Meeting, Jun 25, 2026 NF Holdings Corporation, Annual General Meeting, Jun 25, 2026. Announcement • May 13
NF Holdings Corporation to Report Fiscal Year 2026 Results on May 15, 2026 NF Holdings Corporation announced that they will report fiscal year 2026 results on May 15, 2026 Upcoming Dividend • Mar 23
Upcoming dividend of JP¥34.00 per share Eligible shareholders must have bought the stock before 30 March 2026. Payment date: 29 June 2026. The company is not currently making a profit but it is cash flow positive. Trailing yield: 2.6%. Lower than top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (1.6%). Reported Earnings • Jan 30
Third quarter 2026 earnings released: EPS: JP¥10.54 (vs JP¥11.54 in 3Q 2025) Third quarter 2026 results: EPS: JP¥10.54 (down from JP¥11.54 in 3Q 2025). Revenue: JP¥1.94b (down 4.2% from 3Q 2025). Net income: JP¥74.0m (down 8.6% from 3Q 2025). Profit margin: 3.8% (down from 4.0% in 3Q 2025). Over the last 3 years on average, earnings per share has fallen by 39% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Announcement • Jan 06
NF Holdings Corporation to Report Q3, 2026 Results on Jan 29, 2026 NF Holdings Corporation announced that they will report Q3, 2026 results on Jan 29, 2026 Reported Earnings • Oct 31
Second quarter 2026 earnings released: JP¥37.19 loss per share (vs JP¥17.39 profit in 2Q 2025) Second quarter 2026 results: JP¥37.19 loss per share (down from JP¥17.39 profit in 2Q 2025). Revenue: JP¥1.90b (down 14% from 2Q 2025). Net loss: JP¥261.0m (down 314% from profit in 2Q 2025). Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Oct 08
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to JP¥1,519, the stock trades at a trailing P/E ratio of 29.4x. Average trailing P/E is 15x in the Electronic industry in Japan. Total returns to shareholders of 73% over the past three years. Announcement • Sep 27
NF Holdings Corporation to Report Q2, 2026 Results on Oct 30, 2025 NF Holdings Corporation announced that they will report Q2, 2026 results on Oct 30, 2025 Reported Earnings • Aug 02
First quarter 2026 earnings released: EPS: JP¥14.39 (vs JP¥26.79 in 1Q 2025) First quarter 2026 results: EPS: JP¥14.39 (down from JP¥26.79 in 1Q 2025). Revenue: JP¥2.07b (up 10% from 1Q 2025). Net income: JP¥101.0m (down 46% from 1Q 2025). Profit margin: 4.9% (down from 10.0% in 1Q 2025). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Announcement • Jul 23
NF Holdings Corporation to Report Q1, 2026 Results on Jul 31, 2025 NF Holdings Corporation announced that they will report Q1, 2026 results on Jul 31, 2025 Valuation Update With 7 Day Price Move • Jun 12
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to JP¥1,525, the stock trades at a trailing P/E ratio of 23.8x. Average trailing P/E is 12x in the Electronic industry in Japan. Total returns to shareholders of 27% over the past three years. New Risk • Jun 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 9.4% 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 (9.4% average weekly change). Earnings have declined by 15% per year over the past 5 years. Minor Risks Dividend is not well covered by cash flows (156% cash payout ratio). Market cap is less than US$100m (JP¥9.91b market cap, or US$68.7m). Valuation Update With 7 Day Price Move • May 23
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to JP¥1,446, the stock trades at a trailing P/E ratio of 22.6x. Average trailing P/E is 12x in the Electronic industry in Japan. Total returns to shareholders of 36% over the past three years. Reported Earnings • May 21
Full year 2025 earnings released: EPS: JP¥64.11 (vs JP¥46.03 in FY 2024) Full year 2025 results: EPS: JP¥64.11 (up from JP¥46.03 in FY 2024). Revenue: JP¥9.08b (down 3.4% from FY 2024). Net income: JP¥450.0m (up 39% from FY 2024). Profit margin: 5.0% (up from 3.4% in FY 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Announcement • May 15
NF Holdings Corporation, Annual General Meeting, Jun 26, 2025 NF Holdings Corporation, Annual General Meeting, Jun 26, 2025. Announcement • Apr 23
NF Holdings Corporation to Report Fiscal Year 2025 Results on May 15, 2025 NF Holdings Corporation announced that they will report fiscal year 2025 results on May 15, 2025 Valuation Update With 7 Day Price Move • Apr 04
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to JP¥1,080, the stock trades at a trailing P/E ratio of 17.5x. Average trailing P/E is 12x in the Electronic industry in Japan. Total loss to shareholders of 11% over the past three years. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥32.00 per share Eligible shareholders must have bought the stock before 28 March 2025. Payment date: 27 June 2025. Payout ratio is a comfortable 52% but the company is not cash flow positive. Trailing yield: 2.4%. Lower than top quartile of Japanese dividend payers (3.7%). Higher than average of industry peers (1.7%). Valuation Update With 7 Day Price Move • Feb 07
Investor sentiment improves as stock rises 26% After last week's 26% share price gain to JP¥1,614, the stock trades at a trailing P/E ratio of 26.2x. Average trailing P/E is 13x in the Electronic industry in Japan. Total returns to shareholders of 49% over the past three years. Reported Earnings • Feb 01
Third quarter 2025 earnings released: EPS: JP¥11.54 (vs JP¥4.56 loss in 3Q 2024) Third quarter 2025 results: EPS: JP¥11.54 (up from JP¥4.56 loss in 3Q 2024). Revenue: JP¥2.03b (up 35% from 3Q 2024). Net income: JP¥81.0m (up JP¥113.0m from 3Q 2024). Profit margin: 4.0% (up from net loss in 3Q 2024). Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Announcement • Jan 25
NF Holdings Corporation to Report Q3, 2025 Results on Jan 31, 2025 NF Holdings Corporation announced that they will report Q3, 2025 results on Jan 31, 2025 Valuation Update With 7 Day Price Move • Jan 15
Investor sentiment deteriorates as stock falls 34% After last week's 34% share price decline to JP¥1,185, the stock trades at a trailing P/E ratio of 26x. Average trailing P/E is 13x in the Electronic industry in Japan. Total returns to shareholders of 4.4% over the past three years. Valuation Update With 7 Day Price Move • Dec 31
Investor sentiment improves as stock rises 27% After last week's 27% share price gain to JP¥1,218, the stock trades at a trailing P/E ratio of 26.7x. Average trailing P/E is 13x in the Electronic industry in Japan. Total loss to shareholders of 7.1% over the past three years. New Risk • Dec 18
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 5.2% 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: Major Risk Earnings have declined by 19% per year over the past 5 years. Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (5.2% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (3.9% net profit margin). Market cap is less than US$100m (JP¥7.58b market cap, or US$49.3m). Valuation Update With 7 Day Price Move • Dec 17
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to JP¥1,009, the stock trades at a trailing P/E ratio of 22.1x. Average trailing P/E is 13x in the Electronic industry in Japan. Total loss to shareholders of 16% over the past three years. Reported Earnings • Nov 01
Second quarter 2025 earnings released: EPS: JP¥17.38 (vs JP¥24.94 in 2Q 2024) Second quarter 2025 results: EPS: JP¥17.38 (down from JP¥24.94 in 2Q 2024). Revenue: JP¥2.21b (down 26% from 2Q 2024). Net income: JP¥122.0m (down 30% from 2Q 2024). Profit margin: 5.5% (down from 5.8% in 2Q 2024). Over the last 3 years on average, earnings per share has fallen by 11% per year whereas the company’s share price has fallen by 16% per year. Announcement • Sep 24
NF Holdings Corporation to Report Q2, 2025 Results on Oct 30, 2024 NF Holdings Corporation announced that they will report Q2, 2025 results on Oct 30, 2024 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 5.8% 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: Major Risk Earnings have declined by 19% per year over the past 5 years. Minor Risks Dividend is not well covered by cash flows (449% cash payout ratio). Share price has been volatile over the past 3 months (5.8% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (JP¥5.66b market cap, or US$39.7m). Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 27% After last week's 27% share price decline to JP¥806, the stock trades at a trailing P/E ratio of 15.2x. Average trailing P/E is 12x in the Electronic industry in Japan. Total loss to shareholders of 48% over the past three years. Reported Earnings • Jul 31
First quarter 2025 earnings released: EPS: JP¥26.79 (vs JP¥19.66 in 1Q 2024) First quarter 2025 results: EPS: JP¥26.79 (up from JP¥19.66 in 1Q 2024). Revenue: JP¥1.88b (down 20% from 1Q 2024). Net income: JP¥188.0m (up 36% from 1Q 2024). Profit margin: 10.0% (up from 5.9% in 1Q 2024). Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has fallen by 15% per year, which means it is performing significantly worse than earnings. Announcement • Jul 10
NF Holdings Corporation to Report Q1, 2025 Results on Jul 29, 2024 NF Holdings Corporation announced that they will report Q1, 2025 results on Jul 29, 2024 Reported Earnings • May 19
Full year 2024 earnings released: EPS: JP¥46.02 (vs JP¥65.12 in FY 2023) Full year 2024 results: EPS: JP¥46.02 (down from JP¥65.12 in FY 2023). Revenue: JP¥9.40b (down 2.5% from FY 2023). Net income: JP¥323.0m (down 29% from FY 2023). Profit margin: 3.4% (down from 4.7% in FY 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Announcement • May 16
NF Holdings Corporation, Annual General Meeting, Jun 26, 2024 NF Holdings Corporation, Annual General Meeting, Jun 26, 2024. Buy Or Sell Opportunity • May 02
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 11% to JP¥1,180. The fair value is estimated to be JP¥1,487, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 2.9% over the last 3 years, while earnings per share has been flat. Announcement • Apr 24
NF Holdings Corporation to Report Fiscal Year 2024 Results on May 14, 2024 NF Holdings Corporation announced that they will report fiscal year 2024 results on May 14, 2024 Buy Or Sell Opportunity • Apr 16
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 25% to JP¥1,185. The fair value is estimated to be JP¥1,482, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 2.9% over the last 3 years, while earnings per share has been flat. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥32.00 per share Eligible shareholders must have bought the stock before 28 March 2024. Payment date: 28 June 2024. Payout ratio is a comfortable 41% and this is well supported by cash flows. Trailing yield: 2.4%. Lower than top quartile of Japanese dividend payers (3.2%). Higher than average of industry peers (1.4%). Reported Earnings • Feb 02
Third quarter 2024 earnings released: JP¥4.56 loss per share (vs JP¥14.68 profit in 3Q 2023) Third quarter 2024 results: JP¥4.56 loss per share (down from JP¥14.68 profit in 3Q 2023). Revenue: JP¥1.50b (down 38% from 3Q 2023). Net loss: JP¥32.0m (down 131% from profit in 3Q 2023). Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has fallen by 13% per year, which means it is performing significantly worse than earnings. New Risk • Feb 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 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 Share price has been highly volatile over the past 3 months (8.6% average weekly change). Earnings have declined by 18% per year over the past 5 years. Minor Risk Market cap is less than US$100m (JP¥9.34b market cap, or US$63.6m). Valuation Update With 7 Day Price Move • Feb 01
Investor sentiment deteriorates as stock falls 21% After last week's 21% share price decline to JP¥1,331, the stock trades at a trailing P/E ratio of 14.4x. Average trailing P/E is 14x in the Electronic industry in Japan. Total loss to shareholders of 28% over the past three years. Announcement • Jan 25
NF Holdings Corporation to Report Q3, 2024 Results on Jan 31, 2024 NF Holdings Corporation announced that they will report Q3, 2024 results on Jan 31, 2024 Valuation Update With 7 Day Price Move • Dec 22
Investor sentiment improves as stock rises 29% After last week's 29% share price gain to JP¥1,525, the stock trades at a trailing P/E ratio of 16.5x. Average trailing P/E is 14x in the Electronic industry in Japan. Total loss to shareholders of 21% over the past three years. Reported Earnings • Nov 01
Second quarter 2024 earnings released: EPS: JP¥24.93 (vs JP¥19.09 in 2Q 2023) Second quarter 2024 results: EPS: JP¥24.93 (up from JP¥19.09 in 2Q 2023). Revenue: JP¥3.00b (up 27% from 2Q 2023). Net income: JP¥175.0m (up 31% from 2Q 2023). Profit margin: 5.8% (up from 5.7% in 2Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has fallen by 15% per year, which means it is performing significantly worse than earnings. Announcement • Oct 22
NF Holdings Corporation to Report Q2, 2024 Results on Oct 30, 2023 NF Holdings Corporation announced that they will report Q2, 2024 results on Oct 30, 2023 Reported Earnings • Jul 27
First quarter 2024 earnings released: EPS: JP¥19.66 (vs JP¥1.57 loss in 1Q 2023) First quarter 2024 results: EPS: JP¥19.66 (up from JP¥1.57 loss in 1Q 2023). Revenue: JP¥2.36b (up 29% from 1Q 2023). Net income: JP¥138.0m (up JP¥149.0m from 1Q 2023). Profit margin: 5.9% (up from net loss in 1Q 2023). The move to profitability was driven by higher revenue. 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 11% per year, which means it has not declined as severely as earnings. Announcement • Jul 16
NF Holdings Corporation to Report Q1, 2024 Results on Jul 27, 2023 NF Holdings Corporation announced that they will report Q1, 2024 results on Jul 27, 2023 New Risk • Jul 01
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 5.2% 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: Major Risk Earnings have declined by 17% per year over the past 5 years. Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (5.2% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (JP¥9.19b market cap, or US$63.7m). Valuation Update With 7 Day Price Move • Jun 19
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to JP¥1,309, the stock trades at a trailing P/E ratio of 20.1x. Average trailing P/E is 13x in the Electronic industry in Japan. Total loss to shareholders of 23% over the past three years. Reported Earnings • May 16
Full year 2023 earnings released: EPS: JP¥65.11 (vs JP¥87.63 in FY 2022) Full year 2023 results: EPS: JP¥65.11 (down from JP¥87.63 in FY 2022). Revenue: JP¥9.64b (down 5.0% from FY 2022). Net income: JP¥457.0m (down 26% from FY 2022). Profit margin: 4.7% (down from 6.1% in FY 2022). Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has only fallen by 19% per year, which means it has not declined as severely as earnings. Announcement • May 14
NF Holdings Corporation, Annual General Meeting, Jun 27, 2023 NF Holdings Corporation, Annual General Meeting, Jun 27, 2023. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥30.00 per share at 3.1% yield Eligible shareholders must have bought the stock before 30 March 2023. Payment date: 29 June 2023. Payout ratio is a comfortable 50% but the company is not cash flow positive. Trailing yield: 3.1%. Lower than top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (1.6%). Reported Earnings • Jan 31
Third quarter 2023 earnings released: EPS: JP¥14.67 (vs JP¥26.93 in 3Q 2022) Third quarter 2023 results: EPS: JP¥14.67 (down from JP¥26.93 in 3Q 2022). Revenue: JP¥2.43b (flat on 3Q 2022). Net income: JP¥103.0m (down 46% from 3Q 2022). Profit margin: 4.2% (down from 7.8% in 3Q 2022). Over the last 3 years on average, earnings per share has fallen by 31% per year whereas the company’s share price has fallen by 27% per year. Announcement • Dec 23
NF Holdings Corporation to Report Q3, 2023 Results on Jan 30, 2023 NF Holdings Corporation announced that they will report Q3, 2023 results on Jan 30, 2023 Board Change • Nov 16
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 3 highly experienced directors. No independent directors (3 non-independent directors). External Auditor Kiichiro Tsuji was the last director to join the board, commencing their role in 2012. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Oct 28
Second quarter 2023 earnings released: EPS: JP¥19.09 (vs JP¥20.23 in 2Q 2022) Second quarter 2023 results: EPS: JP¥19.09 (down from JP¥20.23 in 2Q 2022). Revenue: JP¥2.36b (up 4.7% from 2Q 2022). Net income: JP¥134.0m (down 5.6% from 2Q 2022). Profit margin: 5.7% (down from 6.3% in 2Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 31% per year whereas the company’s share price has fallen by 26% per year. Announcement • Oct 01
NF Holdings Corporation to Report Q2, 2023 Results on Oct 27, 2022 NF Holdings Corporation announced that they will report Q2, 2023 results on Oct 27, 2022 Reported Earnings • Jul 30
First quarter 2023 earnings released: JP¥1.57 loss per share (vs JP¥13.25 profit in 1Q 2022) First quarter 2023 results: JP¥1.57 loss per share (down from JP¥13.25 profit in 1Q 2022). Revenue: JP¥1.83b (down 20% from 1Q 2022). Net loss: JP¥11.0m (down 112% from profit in 1Q 2022). Over the last 3 years on average, earnings per share has fallen by 31% per year but the company’s share price has only fallen by 18% per year, which means it has not declined as severely as earnings. Announcement • Jul 02
NF Holdings Corporation to Report Q1, 2023 Results on Jul 28, 2022 NF Holdings Corporation announced that they will report Q1, 2023 results on Jul 28, 2022 Reported Earnings • May 17
Full year 2022 earnings released: EPS: JP¥87.62 (vs JP¥64.59 in FY 2021) Full year 2022 results: EPS: JP¥87.62 (up from JP¥64.59 in FY 2021). Revenue: JP¥10.1b (down 4.7% from FY 2021). Net income: JP¥615.0m (up 39% from FY 2021). Profit margin: 6.1% (up from 4.2% in FY 2021). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has only fallen by 13% per year, which means it has not declined as severely as earnings. Announcement • May 15
NF Holdings Corporation, Annual General Meeting, Jun 28, 2022 NF Holdings Corporation, Annual General Meeting, Jun 28, 2022. Board Change • Apr 27
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 6 highly experienced directors. No independent directors (4 non-independent directors). External Director Takehisa Furuta was the last director to join the board, commencing their role in 2013. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Announcement • Apr 08
NF Holdings Corporation to Report Fiscal Year 2022 Results on May 13, 2022 NF Holdings Corporation announced that they will report fiscal year 2022 results on May 13, 2022 Upcoming Dividend • Mar 23
Upcoming dividend of JP¥30.00 per share Eligible shareholders must have bought the stock before 30 March 2022. Payment date: 25 June 2022. Payout ratio is a comfortable 43% but the company is not cash flow positive. Trailing yield: 2.4%. Lower than top quartile of Japanese dividend payers (3.4%). Higher than average of industry peers (1.3%). Reported Earnings • Jan 28
Third quarter 2022 earnings: Revenues and EPS in line with analyst expectations Third quarter 2022 results: EPS: JP¥26.92 (up from JP¥26.48 in 3Q 2021). Revenue: JP¥2.41b (down 7.4% from 3Q 2021). Net income: JP¥189.0m (up 2.2% from 3Q 2021). Profit margin: 7.8% (up from 7.1% in 3Q 2021). The increase in margin was driven by lower expenses. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has fallen by 31% per year but the company’s share price has only fallen by 11% per year, which means it has not declined as severely as earnings. Reported Earnings • Oct 29
Second quarter 2022 earnings released: EPS JP¥20.23 (vs JP¥15.38 in 2Q 2021) The company reported a decent second quarter result with improved earnings and profit margins, although revenues were weaker. Second quarter 2022 results: Revenue: JP¥2.26b (down 13% from 2Q 2021). Net income: JP¥142.0m (up 37% from 2Q 2021). Profit margin: 6.3% (up from 4.0% in 2Q 2021). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 27% 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. Reported Earnings • Aug 01
First quarter 2022 earnings released: EPS JP¥13.25 (vs JP¥12.63 in 1Q 2021) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2022 results: Revenue: JP¥2.28b (up 4.6% from 1Q 2021). Net income: JP¥93.0m (up 9.4% from 1Q 2021). Profit margin: 4.1% (up from 3.9% in 1Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has only fallen by 13% per year, which means it has not declined as severely as earnings. Reported Earnings • May 16
Full year 2021 earnings released: EPS JP¥64.59 (vs JP¥146 in FY 2020) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2021 results: Revenue: JP¥10.7b (down 20% from FY 2020). Net income: JP¥444.0m (down 55% from FY 2020). Profit margin: 4.2% (down from 7.4% in FY 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 13% per year whereas the company’s share price has fallen by 17% per year. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥30.00 per share Eligible shareholders must have bought the stock before 30 March 2021. Payment date: 26 June 2021. Trailing yield: 1.4%. Lower than top quartile of Japanese dividend payers (2.7%). Higher than average of industry peers (1.1%). Is New 90 Day High Low • Feb 19
New 90-day low: JP¥1,912 The company is down 3.0% from its price of JP¥1,970 on 20 November 2020. The Japanese market is up 12% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electronic industry, which is up 15% over the same period. Reported Earnings • Jan 30
Third quarter 2021 earnings released: EPS JP¥26.47 (vs JP¥35.83 in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: JP¥2.60b (down 16% from 3Q 2020). Net income: JP¥185.0m (down 23% from 3Q 2020). Profit margin: 7.1% (down from 7.8% in 3Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 17% per year, which means it is significantly lagging earnings. Announcement • Dec 10
NF Holdings Corporation to Report Q3, 2021 Results on Jan 28, 2021 NF Holdings Corporation announced that they will report Q3, 2021 results on Jan 28, 2021 Reported Earnings • Nov 10
Second quarter 2021 earnings released: EPS JP¥15.38 The company reported a poor second quarter result with weaker earnings, revenues and profit margins. Second quarter 2021 results: Revenue: JP¥2.60b (down 21% from 2Q 2020). Net income: JP¥104.0m (down 61% from 2Q 2020). Profit margin: 4.0% (down from 8.2% in 2Q 2020). The decrease in margin was driven by lower 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 3% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 01
First half earnings released Over the last 12 months the company has reported total profits of JP¥780.0m, down 22% from the prior year. Total revenue was JP¥11.8b over the last 12 months, down 10% from the prior year. Valuation Update With 7 Day Price Move • Oct 30
Market pulls back on stock over the past week After last week's 16% share price decline to JP¥1,830, the stock is trading at a trailing P/E ratio of 13x, down from the previous P/E ratio of 15.6x. This compares to an average P/E of 18x in the Electronic industry in Japan. Total returns to shareholders over the past three years are 2.8%.