Buy Or Sell Opportunity • Apr 06
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 37% to JP¥1,797. The fair value is estimated to be JP¥1,472, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 2.9% over the last 3 years. Earnings per share has grown by 8.5%. For the next 3 years, revenue is forecast to grow by 3.0% per annum. Earnings are also forecast to grow by 3.3% per annum over the same time period. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥23.50 per share Eligible shareholders must have bought the stock before 30 March 2026. Payment date: 26 June 2026. Payout ratio is a comfortable 47% and this is well supported by cash flows. Trailing yield: 2.9%. Lower than top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (1.6%). Buy Or Sell Opportunity • Mar 18
Now 24% overvalued after recent price rise Over the last 90 days, the stock has risen 36% to JP¥1,733. The fair value is estimated to be JP¥1,399, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 2.9% over the last 3 years. Earnings per share has grown by 8.5%. For the next 3 years, revenue is forecast to grow by 2.9% per annum. Earnings are also forecast to grow by 2.8% per annum over the same time period. Price Target Changed • Mar 10
Price target increased by 16% to JP¥1,475 Up from JP¥1,267, the current price target is an average from 6 analysts. New target price is 12% below last closing price of JP¥1,669. Stock is up 76% over the past year. The company is forecast to post earnings per share of JP¥95.23 for next year compared to JP¥97.91 last year. Price Target Changed • Mar 07
Price target increased by 10% to JP¥1,325 Up from JP¥1,200, the current price target is an average from 6 analysts. New target price is 24% below last closing price of JP¥1,752. Stock is up 86% over the past year. The company is forecast to post earnings per share of JP¥92.98 for next year compared to JP¥97.91 last year. New Risk • Mar 04
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. Currently, the following risks have been identified for the company: 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 (5.9% average weekly change). New Risk • Feb 14
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.04% per year for the foreseeable future. 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 expected to decline, then in most cases the share price will decline over time as well. 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 are forecast to decline by an average of 0.04% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Feb 14
Third quarter 2026 earnings: EPS and revenues exceed analyst expectations Third quarter 2026 results: EPS: JP¥42.39 (up from JP¥40.71 in 3Q 2025). Revenue: JP¥97.9b (up 15% from 3Q 2025). Net income: JP¥10.3b (up 4.2% from 3Q 2025). Profit margin: 11% (down from 12% in 3Q 2025). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 9.3%. Earnings per share (EPS) also surpassed analyst estimates by 152%. Revenue is forecast to grow 1.7% p.a. on average during the next 3 years, compared to a 6.8% growth forecast for the Electronic 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 increased by 29% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Feb 13
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to JP¥1,684, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 17x in the Electronic industry in Japan. Total returns to shareholders of 141% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥1,159 per share. Buy Or Sell Opportunity • Jan 30
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 27% to JP¥1,360. The fair value is estimated to be JP¥1,129, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 2.7% over the last 3 years. Earnings per share has grown by 8.7%. For the next 3 years, revenue is forecast to grow by 2.6% per annum. Earnings are also forecast to grow by 0.7% per annum over the same time period. Buy Or Sell Opportunity • Jan 14
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 29% to JP¥1,363. The fair value is estimated to be JP¥1,121, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 2.7% over the last 3 years. Earnings per share has grown by 8.7%. For the next 3 years, revenue is forecast to grow by 2.5% per annum. Earnings are also forecast to grow by 0.2% per annum over the same time period. Buy Or Sell Opportunity • Dec 08
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 33% to JP¥1,342. The fair value is estimated to be JP¥1,110, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 2.7% over the last 3 years. Earnings per share has grown by 8.7%. For the next 3 years, revenue is forecast to grow by 2.5% per annum. Earnings are forecast to decline by 0.4% per annum over the same time period. Declared Dividend • Dec 06
First half dividend of JP¥23.50 announced Shareholders will receive a dividend of JP¥23.50. Ex-date: 30th March 2026 Payment date: 26th June 2026 Dividend yield will be 3.6%, which is higher than the industry average of 1.4%. Sustainability & Growth Dividend is covered by both earnings (48% earnings payout ratio) and cash flows (74% cash payout ratio). The dividend has increased by an average of 11% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to decline by 1.3% over the next 3 years. However, it would need to fall by 47% to increase the payout ratio to a potentially unsustainable range. Price Target Changed • Dec 03
Price target increased by 10% to JP¥1,092 Up from JP¥988, the current price target is an average from 6 analysts. New target price is 16% below last closing price of JP¥1,292. Stock is up 47% over the past year. The company is forecast to post earnings per share of JP¥87.45 for next year compared to JP¥97.91 last year. Reported Earnings • Nov 14
Second quarter 2026 earnings: EPS exceeds analyst expectations Second quarter 2026 results: EPS: JP¥11.04 (down from JP¥15.32 in 2Q 2025). Revenue: JP¥84.0b (up 4.1% from 2Q 2025). Net income: JP¥2.69b (down 28% from 2Q 2025). Profit margin: 3.2% (down from 4.6% in 2Q 2025). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 7.7%. Revenue is forecast to grow 1.8% p.a. on average during the next 3 years, compared to a 6.5% growth forecast for the Electronic 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 increased by 28% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Oct 02
Citizen Watch Co., Ltd.(TSE:7762) dropped from Nikkei 225 Index Citizen Watch Co., Ltd. has been dropped from the Nikkei 225 Index. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥23.50 per share Eligible shareholders must have bought the stock before 29 September 2025. Payment date: 05 December 2025. Payout ratio is a comfortable 45% and this is well supported by cash flows. Trailing yield: 4.6%. Within top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (1.7%). Reported Earnings • Aug 14
First quarter 2026 earnings released: EPS: JP¥37.67 (vs JP¥35.04 in 1Q 2025) First quarter 2026 results: EPS: JP¥37.67 (up from JP¥35.04 in 1Q 2025). Revenue: JP¥75.3b (flat on 1Q 2025). Net income: JP¥9.19b (up 7.5% from 1Q 2025). Profit margin: 12% (in line with 1Q 2025). Revenue is forecast to grow 2.0% p.a. on average during the next 3 years, compared to a 6.2% growth forecast for the Electronic 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 increased by 18% per year, which means it is tracking significantly ahead of earnings growth. Declared Dividend • Jul 09
Final dividend increased to JP¥23.50 Dividend of JP¥23.50 is 4.4% higher than last year. Ex-date: 29th September 2025 Payment date: 5th December 2025 Dividend yield will be 5.4%, which is higher than the industry average of 1.4%. Sustainability & Growth Dividend is covered by both earnings (46% earnings payout ratio) and cash flows (71% cash payout ratio). The dividend has increased by an average of 11% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to decline by 16% over the next 3 years. However, it would need to fall by 49% to increase the payout ratio to a potentially unsustainable range. Buy Or Sell Opportunity • Jul 03
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 6.4% to JP¥852. The fair value is estimated to be JP¥709, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 3.9% over the last 3 years. Earnings per share has grown by 9.9%. For the next 3 years, revenue is forecast to grow by 1.8% per annum. Earnings are forecast to decline by 5.6% per annum over the same time period. Reported Earnings • May 15
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: EPS: JP¥97.91 (up from JP¥93.60 in FY 2024). Revenue: JP¥316.9b (up 1.3% from FY 2024). Net income: JP¥23.9b (up 4.0% from FY 2024). Profit margin: 7.5% (up from 7.3% in FY 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 10%. Revenue is forecast to grow 1.6% p.a. on average during the next 3 years, compared to a 6.3% growth forecast for the Electronic industry in Japan. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has increased by 17% per year, which means it is tracking significantly ahead of earnings growth. Announcement • May 13
Citizen Watch Co., Ltd., Annual General Meeting, Jun 25, 2025 Citizen Watch Co., Ltd., Annual General Meeting, Jun 25, 2025. Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to JP¥748, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 10x in the Electronic industry in Japan. Total returns to shareholders of 82% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥931 per share. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥22.50 per share Eligible shareholders must have bought the stock before 28 March 2025. Payment date: 26 June 2025. Payout ratio is a comfortable 42% and this is well supported by cash flows. Trailing yield: 4.8%. Within top quartile of Japanese dividend payers (3.7%). Higher than average of industry peers (1.7%). Reported Earnings • Feb 13
Third quarter 2025 earnings: EPS exceeds analyst expectations Third quarter 2025 results: EPS: JP¥40.71 (up from JP¥29.95 in 3Q 2024). Revenue: JP¥85.2b (flat on 3Q 2024). Net income: JP¥9.93b (up 36% from 3Q 2024). Profit margin: 12% (up from 8.5% in 3Q 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 62%. Revenue is forecast to grow 1.8% p.a. on average during the next 3 years, compared to a 7.2% growth forecast for the Electronic industry in Japan. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has increased by 21% per year, which means it is tracking significantly ahead of earnings growth. Declared Dividend • Dec 06
First half dividend of JP¥22.50 announced Shareholders will receive a dividend of JP¥22.50. Ex-date: 28th March 2025 Payment date: 26th June 2025 Dividend yield will be 5.1%, which is higher than the industry average of 1.4%. Sustainability & Growth Dividend is covered by both earnings (47% earnings payout ratio) and cash flows (73% cash payout ratio). The dividend has increased by an average of 13% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to decline by 1.3% over the next 3 years. However, it would need to fall by 47% to increase the payout ratio to a potentially unsustainable range. Reported Earnings • Nov 13
Second quarter 2025 earnings: EPS exceeds analyst expectations Second quarter 2025 results: EPS: JP¥15.32 (down from JP¥29.15 in 2Q 2024). Revenue: JP¥80.6b (flat on 2Q 2024). Net income: JP¥3.74b (down 47% from 2Q 2024). Profit margin: 4.6% (down from 8.9% in 2Q 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 4.7%. Revenue is forecast to grow 1.7% p.a. on average during the next 3 years, compared to a 7.4% growth forecast for the Electronic industry in Japan. Over the last 3 years on average, earnings per share has increased by 24% per year whereas the company’s share price has increased by 21% per year. Buy Or Sell Opportunity • Oct 11
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 11% to JP¥947. The fair value is estimated to be JP¥1,194, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.0% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 1.6% per annum. Earnings are forecast to decline by 3.8% per annum over the same time period. Upcoming Dividend • Sep 20
Upcoming dividend of JP¥22.50 per share Eligible shareholders must have bought the stock before 27 September 2024. Payment date: 05 December 2024. Payout ratio is a comfortable 39% and this is well supported by cash flows. Trailing yield: 4.8%. Within top quartile of Japanese dividend payers (3.8%). Higher than average of industry peers (1.5%). Reported Earnings • Aug 18
First quarter 2025 earnings: EPS and revenues exceed analyst expectations First quarter 2025 results: EPS: JP¥35.04 (up from JP¥25.16 in 1Q 2024). Revenue: JP¥75.9b (up 4.4% from 1Q 2024). Net income: JP¥8.54b (up 36% from 1Q 2024). Profit margin: 11% (up from 8.6% in 1Q 2024). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 5.2%. Earnings per share (EPS) also surpassed analyst estimates by 109%. Revenue is forecast to grow 2.0% p.a. on average during the next 3 years, compared to a 7.1% growth forecast for the Electronic industry in Japan. Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has only increased by 27% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 22% After last week's 22% share price decline to JP¥797, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 12x in the Electronic industry in Japan. Total returns to shareholders of 107% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥1,212 per share. Buy Or Sell Opportunity • Aug 02
Now 23% undervalued after recent price drop Over the last 90 days, the stock has fallen 8.0% to JP¥935. The fair value is estimated to be JP¥1,214, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 2.1% per annum. Earnings are forecast to decline by 0.8% per annum over the same time period. Declared Dividend • Jul 11
Final dividend increased to JP¥22.50 Dividend of JP¥22.50 is 13% higher than last year. Ex-date: 27th September 2024 Payment date: 5th December 2024 Dividend yield will be 3.9%, which is higher than the industry average of 1.4%. Sustainability & Growth Dividend is covered by both earnings (43% earnings payout ratio) and cash flows (66% cash payout ratio). The dividend has increased by an average of 16% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to remain steady over the next 3 years, which should provide adequate earnings cover for the dividend. New Risk • Jun 26
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.05% per year for the foreseeable future. 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 expected to decline, then in most cases the share price will decline over time as well. 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 are forecast to decline by an average of 0.05% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Board Change • Jun 20
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. 5 non-independent directors. Independent Outside Director Katsuhiko Yoshida 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. Reported Earnings • May 16
Full year 2024 earnings: EPS and revenues exceed analyst expectations Full year 2024 results: EPS: JP¥93.60 (up from JP¥75.25 in FY 2023). Revenue: JP¥312.8b (up 3.8% from FY 2023). Net income: JP¥23.0b (up 5.1% from FY 2023). Profit margin: 7.3% (up from 7.2% in FY 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.8%. Earnings per share (EPS) also surpassed analyst estimates by 8.8%. Revenue is forecast to grow 1.6% p.a. on average during the next 3 years, compared to a 7.1% growth forecast for the Electronic industry in Japan. Over the last 3 years on average, earnings per share has increased by 64% per year but the company’s share price has only increased by 34% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • May 15
Consensus EPS estimates increase by 19% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has improved. 2025 revenue forecast increased from JP¥303.7b to JP¥308.3b. EPS estimate increased from JP¥77.32 to JP¥91.70 per share. Net income forecast to shrink 2.9% next year vs 12% growth forecast for Electronic industry in Japan . Consensus price target of JP¥964 unchanged from last update. Share price was steady at JP¥1,011 over the past week. Announcement • May 15
Citizen Watch Co., Ltd., Annual General Meeting, Jun 25, 2024 Citizen Watch Co., Ltd., Annual General Meeting, Jun 25, 2024. Announcement • Mar 30
Citizen Watch Co., Ltd. to Report Fiscal Year 2024 Results on May 13, 2024 Citizen Watch Co., Ltd. announced that they will report fiscal year 2024 results on May 13, 2024 Price Target Changed • Mar 29
Price target increased by 13% to JP¥964 Up from JP¥850, the current price target is an average from 5 analysts. New target price is approximately in line with last closing price of JP¥991. Stock is up 27% over the past year. The company is forecast to post earnings per share of JP¥85.23 for next year compared to JP¥75.25 last year. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥20.00 per share Eligible shareholders must have bought the stock before 28 March 2024. Payment date: 01 July 2024. Payout ratio is a comfortable 60% and this is well supported by cash flows. Trailing yield: 4.0%. Within top quartile of Japanese dividend payers (3.2%). Higher than average of industry peers (1.4%). Reported Earnings • Feb 14
Third quarter 2024 earnings: EPS and revenues exceed analyst expectations Third quarter 2024 results: EPS: JP¥29.95 (up from JP¥24.12 in 3Q 2023). Revenue: JP¥86.0b (up 4.2% from 3Q 2023). Net income: JP¥7.30b (up 3.5% from 3Q 2023). Profit margin: 8.5% (in line with 3Q 2023). Revenue exceeded analyst estimates by 7.3%. Earnings per share (EPS) also surpassed analyst estimates by 78%. Revenue is forecast to grow 1.2% p.a. on average during the next 3 years, compared to a 7.0% growth forecast for the Electronic industry in Japan. Over the last 3 years on average, earnings per share has increased by 87% per year but the company’s share price has only increased by 38% per year, which means it is significantly lagging earnings growth. Announcement • Nov 27
Citizen Watch Co., Ltd. to Report Q3, 2024 Results on Feb 13, 2024 Citizen Watch Co., Ltd. announced that they will report Q3, 2024 results on Feb 13, 2024 Reported Earnings • Nov 15
Second quarter 2024 earnings: EPS and revenues exceed analyst expectations Second quarter 2024 results: EPS: JP¥29.15 (up from JP¥18.42 in 2Q 2023). Revenue: JP¥80.2b (up 5.1% from 2Q 2023). Net income: JP¥7.11b (up 32% from 2Q 2023). Profit margin: 8.9% (up from 7.1% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 3.8%. Earnings per share (EPS) also surpassed analyst estimates by 67%. Revenue is forecast to grow 1.6% p.a. on average during the next 3 years, compared to a 7.1% growth forecast for the Electronic industry in Japan. Over the last 3 years on average, earnings per share has increased by 100% per year but the company’s share price has only increased by 46% per year, which means it is significantly lagging earnings growth. New Risk • Nov 14
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.07% per year for the foreseeable future. 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 expected to decline, then in most cases the share price will decline over time as well. 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 are forecast to decline by an average of 0.07% per year for the foreseeable future. Minor Risk Dividend is not well covered by cash flows (dividend per share is over 487x cash flows per share). Buying Opportunity • Nov 08
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 7.7%. The fair value is estimated to be JP¥1,113, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 1.8% per annum. Earnings is forecast to decline by 0.07% per annum over the same time period. New Risk • Oct 24
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.07% per year for the foreseeable future. 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 expected to decline, then in most cases the share price will decline over time as well. 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 are forecast to decline by an average of 0.07% per year for the foreseeable future. Minor Risk Dividend is not well covered by cash flows (dividend per share is over 487x cash flows per share). Buying Opportunity • Oct 19
Now 21% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be JP¥1,109, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 1.8% per annum. Earnings is also forecast to grow by 0.09% per annum over the same time period. Buying Opportunity • Oct 04
Now 22% undervalued Over the last 90 days, the stock is up 1.1%. The fair value is estimated to be JP¥1,146, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 1.8% per annum. Earnings is also forecast to grow by 0.008% per annum over the same time period. Upcoming Dividend • Sep 21
Upcoming dividend of JP¥20.00 per share at 4.2% yield Eligible shareholders must have bought the stock before 28 September 2023. Payment date: 06 December 2023. Payout ratio is a comfortable 46% but the company is paying out more than the cash it is generating. Trailing yield: 4.2%. Within top quartile of Japanese dividend payers (3.3%). Higher than average of industry peers (1.4%). Announcement • Aug 27
Citizen Watch Co., Ltd. to Report Q2, 2024 Results on Nov 13, 2023 Citizen Watch Co., Ltd. announced that they will report Q2, 2024 results on Nov 13, 2023 Reported Earnings • Aug 15
First quarter 2024 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2024 results: EPS: JP¥25.16. Revenue: JP¥72.7b (up 1.9% from 1Q 2023). Net income: JP¥6.28b (down 14% from 1Q 2023). Profit margin: 8.6% (down from 10% in 1Q 2023). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 1.4%. Earnings per share (EPS) exceeded analyst estimates by 77%. Revenue is forecast to grow 2.0% p.a. on average during the next 3 years, compared to a 6.6% growth forecast for the Electronic industry in Japan. Buying Opportunity • Aug 15
Now 21% undervalued Over the last 90 days, the stock is up 9.2%. The fair value is estimated to be JP¥1,108, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.3% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 1.9% per annum. Earnings is forecast to decline by 0.6% per annum over the same time period. Announcement • May 28
Citizen Watch Co., Ltd. to Report Q1, 2024 Results on Aug 14, 2023 Citizen Watch Co., Ltd. announced that they will report Q1, 2024 results on Aug 14, 2023 Reported Earnings • May 14
Full year 2023 earnings: EPS exceeds analyst expectations Full year 2023 results: EPS: JP¥75.25. Revenue: JP¥301.4b (up 7.1% from FY 2022). Net income: JP¥21.8b (down 1.4% from FY 2022). Profit margin: 7.2% (down from 7.9% in FY 2022). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 6.7%. Revenue is forecast to grow 1.1% p.a. on average during the next 3 years, compared to a 6.7% growth forecast for the Electronic industry in Japan. Announcement • May 14
Citizen Watch Co., Ltd., Annual General Meeting, Jun 28, 2023 Citizen Watch Co., Ltd., Annual General Meeting, Jun 28, 2023. Price Target Changed • Apr 11
Price target increased by 7.0% to JP¥719 Up from JP¥671, the current price target is an average from 7 analysts. New target price is 8.6% below last closing price of JP¥786. Stock is up 68% over the past year. The company is forecast to post earnings per share of JP¥70.50 for next year compared to JP¥71.38 last year. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥19.00 per share at 4.9% yield Eligible shareholders must have bought the stock before 30 March 2023. Payment date: 29 June 2023. Payout ratio is a comfortable 11% and this is well supported by cash flows. Trailing yield: 4.9%. Within top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (1.6%). Price Target Changed • Mar 03
Price target increased by 10.0% to JP¥630 Up from JP¥573, the current price target is an average from 7 analysts. New target price is 25% below last closing price of JP¥835. Stock is up 73% over the past year. The company is forecast to post earnings per share of JP¥67.03 for next year compared to JP¥71.38 last year. Reported Earnings • Feb 14
Third quarter 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2023 results: EPS: JP¥24.12. Revenue: JP¥82.5b (up 3.3% from 3Q 2022). Net income: JP¥7.05b (down 3.7% from 3Q 2022). Profit margin: 8.5% (down from 9.2% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 1.0%. Earnings per share (EPS) exceeded analyst estimates by 28%. Revenue is forecast to grow 1.2% p.a. on average during the next 3 years, compared to a 6.7% growth forecast for the Electronic industry in Japan. Announcement • Feb 14
Citizen Watch Co., Ltd. (TSE:7762) announces an Equity Buyback for 75,000,000 shares, representing 25.61% for ¥40,000 million. Citizen Watch Co., Ltd. (TSE:7762) announces a share repurchase program. Under the program, the company will repurchase 75,000,000 shares, representing 25.61% of the outstanding shares for ¥40,000 million. The purpose of the program is to enhance shareholder returns and improve capital efficiency. The program will run until February 15, 2024. As of January 31, 2023, the company had 292,855,074 shares outstanding and 1,144,926 shares in treasury. Valuation Update With 7 Day Price Move • Feb 14
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to JP¥718, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 10x in the Electronic industry in Japan. Total returns to shareholders of 59% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥651 per share. Buying Opportunity • Jan 04
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 5.5%. The fair value is estimated to be JP¥736, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 62%. For the next 3 years, revenue is forecast to grow by 1.2% per annum. Earnings is forecast to decline by 5.4% per annum over the same time period. Buying Opportunity • Dec 16
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 4.1%. The fair value is estimated to be JP¥734, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 62%. For the next 3 years, revenue is forecast to grow by 1.2% per annum. Earnings is forecast to decline by 5.4% per annum over the same time period. Announcement • Nov 27
Citizen Watch Co., Ltd. to Report Q3, 2023 Results on Feb 13, 2023 Citizen Watch Co., Ltd. announced that they will report Q3, 2023 results on Feb 13, 2023 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 Katsuhiko Yoshida was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥15.00 per share Eligible shareholders must have bought the stock before 29 September 2022. Payment date: 05 December 2022. Payout ratio is a comfortable 22% and this is well supported by cash flows. Trailing yield: 4.9%. Within top quartile of Japanese dividend payers (3.7%). Higher than average of industry peers (1.6%).