Upcoming Dividend • Jun 22
Upcoming dividend of JP¥84.30 per share Eligible shareholders must have bought the stock before 29 June 2026. Payment date: 29 September 2026. Payout ratio is a comfortable 24% and this is well supported by cash flows. Trailing yield: 3.9%. Within top quartile of Japanese dividend payers (3.9%). Higher than average of industry peers (2.4%). Announcement • Jun 03
ZERO Co., Ltd. to Report Fiscal Year 2026 Results on Aug 06, 2026 ZERO Co., Ltd. announced that they will report fiscal year 2026 results on Aug 06, 2026 Reported Earnings • May 18
Third quarter 2026 earnings released: EPS: JP¥121 (vs JP¥115 in 3Q 2025) Third quarter 2026 results: EPS: JP¥121 (up from JP¥115 in 3Q 2025). Revenue: JP¥46.1b (up 4.6% from 3Q 2025). Net income: JP¥2.05b (up 5.5% from 3Q 2025). Profit margin: 4.5% (up from 4.4% in 3Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 3.8% p.a. on average during the next 3 years, compared to a 3.3% growth forecast for the Transportation industry in Japan. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has increased by 40% per year, which means it is tracking significantly ahead of earnings growth. Declared Dividend • Mar 14
First half dividend of JP¥84.30 announced Shareholders will receive a dividend of JP¥84.30. Ex-date: 29th June 2026 Payment date: 29th September 2026 Dividend yield will be 4.0%, which is higher than the industry average of 1.3%. Sustainability & Growth Dividend is well covered by both earnings (24% earnings payout ratio) and cash flows (20% cash payout ratio). The dividend has increased by an average of 20% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 29% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 16
Second quarter 2026 earnings released: EPS: JP¥76.03 (vs JP¥95.57 in 2Q 2025) Second quarter 2026 results: EPS: JP¥76.03 (down from JP¥95.57 in 2Q 2025). Revenue: JP¥30.4b (down 12% from 2Q 2025). Net income: JP¥1.29b (down 20% from 2Q 2025). Profit margin: 4.2% (down from 4.7% in 2Q 2025). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 3.9% p.a. on average during the next 3 years, compared to a 2.3% growth forecast for the Transportation industry in Japan. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has increased by 42% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Feb 13
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Japanese stocks, typically moving 6.0% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks 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 (6.0% average weekly change). Upcoming Dividend • Dec 22
Upcoming dividend of JP¥56.00 per share Eligible shareholders must have bought the stock before 29 December 2025. Payment date: 16 March 2026. Payout ratio is a comfortable 34% 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 (1.8%). Announcement • Nov 29
ZERO Co., Ltd. to Report Q2, 2026 Results on Feb 12, 2026 ZERO Co., Ltd. announced that they will report Q2, 2026 results on Feb 12, 2026 Reported Earnings • Nov 17
First quarter 2026 earnings released: EPS: JP¥103 (vs JP¥112 in 1Q 2025) First quarter 2026 results: EPS: JP¥103 (down from JP¥112 in 1Q 2025). Revenue: JP¥35.5b (up 3.3% from 1Q 2025). Net income: JP¥1.75b (down 7.4% from 1Q 2025). Profit margin: 4.9% (down from 5.5% in 1Q 2025). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 1.8% p.a. on average during the next 3 years, compared to a 2.2% growth forecast for the Transportation industry in Japan. Over the last 3 years on average, earnings per share has increased by 34% per year whereas the company’s share price has increased by 36% per year. Declared Dividend • Oct 06
Final dividend of JP¥56.00 announced Shareholders will receive a dividend of JP¥56.00. Ex-date: 29th December 2025 Payment date: 16th March 2026 Dividend yield will be 4.9%, which is higher than the industry average of 1.3%. Sustainability & Growth Dividend is well covered by both earnings (23% earnings payout ratio) and cash flows (24% cash payout ratio). The dividend has increased by an average of 20% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 16% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Oct 04
Full year 2025 earnings: EPS in line with analyst expectations despite revenue beat Full year 2025 results: EPS: JP¥424 (up from JP¥246 in FY 2024). Revenue: JP¥147.8b (up 5.0% from FY 2024). Net income: JP¥7.18b (up 73% from FY 2024). Profit margin: 4.9% (up from 2.9% in FY 2024). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 2.0%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 1.8% p.a. on average during the next 3 years, compared to a 2.2% growth forecast for the Transportation industry in Japan. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has increased by 43% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Sep 01
ZERO Co., Ltd. to Report Q1, 2026 Results on Nov 13, 2025 ZERO Co., Ltd. announced that they will report Q1, 2026 results on Nov 13, 2025 Reported Earnings • Aug 08
Full year 2025 earnings: EPS in line with analyst expectations despite revenue beat Full year 2025 results: EPS: JP¥424 (up from JP¥246 in FY 2024). Revenue: JP¥147.8b (up 5.0% from FY 2024). Net income: JP¥7.18b (up 73% from FY 2024). Profit margin: 4.9% (up from 2.9% in FY 2024). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 2.0%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 2.4% p.a. on average during the next 2 years, compared to a 2.1% growth forecast for the Transportation industry in Japan. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has increased by 45% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Aug 07
ZERO Co., Ltd., Annual General Meeting, Sep 26, 2025 ZERO Co., Ltd., Annual General Meeting, Sep 26, 2025. Upcoming Dividend • Jun 20
Upcoming dividend of JP¥95.40 per share Eligible shareholders must have bought the stock before 27 June 2025. Payment date: 27 September 2025. Payout ratio is a comfortable 23% and this is well supported by cash flows. Trailing yield: 4.3%. Within top quartile of Japanese dividend payers (4.0%). Higher than average of industry peers (2.0%). Announcement • Jun 03
ZERO Co., Ltd. to Report Fiscal Year 2025 Results on Aug 07, 2025 ZERO Co., Ltd. announced that they will report fiscal year 2025 results on Aug 07, 2025 Reported Earnings • May 20
Third quarter 2025 earnings released: EPS: JP¥115 (vs JP¥88.63 in 3Q 2024) Third quarter 2025 results: EPS: JP¥115 (up from JP¥88.63 in 3Q 2024). Revenue: JP¥44.1b (up 7.0% from 3Q 2024). Net income: JP¥1.95b (up 30% from 3Q 2024). Profit margin: 4.4% (up from 3.6% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 2.5% p.a. on average during the next 3 years, compared to a 2.3% growth forecast for the Transportation industry in Japan. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has increased by 43% per year, which means it is tracking significantly ahead of earnings growth. 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 7.3% 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 (7.3% average weekly change). New Risk • Apr 07
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 5.6% 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 (5.6% average weekly change). Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to JP¥2,310, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 11x in the Transportation industry in Japan. Total returns to shareholders of 157% over the past three years. Declared Dividend • Mar 15
First half dividend of JP¥64.40 announced Shareholders will receive a dividend of JP¥64.40. Ex-date: 27th June 2025 Payment date: 27th September 2025 Dividend yield will be 3.9%, which is higher than the industry average of 1.3%. Sustainability & Growth Dividend is well covered by both earnings (29% earnings payout ratio) and cash flows (19% cash payout ratio). The dividend has increased by an average of 21% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 15% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Mar 01
ZERO Co., Ltd. to Report Q3, 2025 Results on May 15, 2025 ZERO Co., Ltd. announced that they will report Q3, 2025 results on May 15, 2025 Reported Earnings • Feb 15
Second quarter 2025 earnings released: EPS: JP¥95.57 (vs JP¥44.46 in 2Q 2024) Second quarter 2025 results: EPS: JP¥95.57 (up from JP¥44.46 in 2Q 2024). Revenue: JP¥34.6b (up 5.8% from 2Q 2024). Net income: JP¥1.62b (up 115% from 2Q 2024). Profit margin: 4.7% (up from 2.3% in 2Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has increased by 38% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Dec 20
Upcoming dividend of JP¥43.00 per share Eligible shareholders must have bought the stock before 27 December 2024. Payment date: 11 March 2025. Payout ratio is a comfortable 19% and this is well supported by cash flows. Trailing yield: 4.2%. Within top quartile of Japanese dividend payers (3.8%). Higher than average of industry peers (1.8%). Announcement • Dec 03
ZERO Co., Ltd. to Report Q2, 2025 Results on Feb 13, 2025 ZERO Co., Ltd. announced that they will report Q2, 2025 results on Feb 13, 2025 Reported Earnings • Nov 09
First quarter 2025 earnings released: EPS: JP¥112 (vs JP¥42.01 in 1Q 2024) First quarter 2025 results: EPS: JP¥112 (up from JP¥42.01 in 1Q 2024). Revenue: JP¥34.3b (up 8.3% from 1Q 2024). Net income: JP¥1.89b (up 166% from 1Q 2024). Profit margin: 5.5% (up from 2.2% in 1Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has increased by 35% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Nov 08
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to JP¥2,720, the stock trades at a trailing P/E ratio of 10.9x. Average trailing P/E is 12x in the Transportation industry in Japan. Total returns to shareholders of 177% over the past three years. Declared Dividend • Oct 10
Final dividend of JP¥43.00 announced Shareholders will receive a dividend of JP¥43.00. Ex-date: 27th December 2024 Payment date: 11th March 2025 Dividend yield will be 3.7%, which is higher than the industry average of 1.3%. Sustainability & Growth Dividend is well covered by both earnings (22% earnings payout ratio) and cash flows (21% cash payout ratio). The dividend has increased by an average of 21% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 20% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Oct 03
Full year 2024 earnings released: EPS: JP¥246 (vs JP¥204 in FY 2023) Full year 2024 results: EPS: JP¥246 (up from JP¥204 in FY 2023). Revenue: JP¥140.8b (up 5.9% from FY 2023). Net income: JP¥4.15b (up 21% from FY 2023). Profit margin: 2.9% (up from 2.6% in FY 2023). The increase in margin was driven by higher revenue. 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 25% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Aug 27
ZERO Co., Ltd. to Report Q1, 2025 Results on Nov 07, 2024 ZERO Co., Ltd. announced that they will report Q1, 2025 results on Nov 07, 2024 Announcement • Aug 08
ZERO Co., Ltd., Annual General Meeting, Sep 26, 2024 ZERO Co., Ltd., Annual General Meeting, Sep 26, 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 6.8% 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: 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 (6.8% average weekly change). Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 26% After last week's 26% share price decline to JP¥1,379, the stock trades at a trailing P/E ratio of 5.9x. Average trailing P/E is 12x in the Transportation industry in Japan. Total returns to shareholders of 24% over the past three years. Upcoming Dividend • Jun 20
Upcoming dividend of JP¥39.80 per share Eligible shareholders must have bought the stock before 27 June 2024. Payment date: 28 September 2024. Payout ratio is a comfortable 16% and this is well supported by cash flows. Trailing yield: 3.0%. Lower than top quartile of Japanese dividend payers (3.4%). Higher than average of industry peers (1.7%). Announcement • Jun 05
ZERO Co., Ltd. to Report Fiscal Year 2024 Results on Aug 08, 2024 ZERO Co., Ltd. announced that they will report fiscal year 2024 results on Aug 08, 2024 Reported Earnings • May 11
Third quarter 2024 earnings released: EPS: JP¥88.09 (vs JP¥61.76 in 3Q 2023) Third quarter 2024 results: EPS: JP¥88.09 (up from JP¥61.76 in 3Q 2023). Revenue: JP¥41.2b (up 12% from 3Q 2023). Net income: JP¥1.49b (up 43% from 3Q 2023). Profit margin: 3.6% (up from 2.8% 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 7% per year but the company’s share price has increased by 13% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Feb 28
ZERO Co., Ltd. to Report Q3, 2024 Results on May 09, 2024 ZERO Co., Ltd. announced that they will report Q3, 2024 results on May 09, 2024 Reported Earnings • Feb 10
Second quarter 2024 earnings released: EPS: JP¥44.99 (vs JP¥38.36 in 2Q 2023) Second quarter 2024 results: EPS: JP¥44.99 (up from JP¥38.36 in 2Q 2023). Revenue: JP¥32.7b (up 7.5% from 2Q 2023). Net income: JP¥760.0m (up 18% from 2Q 2023). Profit margin: 2.3% (up from 2.1% 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 5% per year but the company’s share price has increased by 15% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Dec 21
Upcoming dividend of JP¥15.00 per share at 3.9% yield Eligible shareholders must have bought the stock before 28 December 2023. Payment date: 11 March 2024. Payout ratio is a comfortable 26% and this is well supported by cash flows. Trailing yield: 3.9%. Within top quartile of Japanese dividend payers (3.5%). Higher than average of industry peers (1.3%). Announcement • Nov 27
ZERO Co., Ltd. to Report Q2, 2024 Results on Feb 08, 2024 ZERO Co., Ltd. announced that they will report Q2, 2024 results on Feb 08, 2024 Reported Earnings • Nov 10
First quarter 2024 earnings released: EPS: JP¥42.01 (vs JP¥48.11 in 1Q 2023) First quarter 2024 results: EPS: JP¥42.01 (down from JP¥48.11 in 1Q 2023). Revenue: JP¥31.7b (down 6.3% from 1Q 2023). Net income: JP¥709.0m (down 13% from 1Q 2023). Profit margin: 2.2% (down from 2.4% in 1Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has increased by 13% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Sep 01
ZERO Co., Ltd. to Report Q1, 2024 Results on Nov 09, 2023 ZERO Co., Ltd. announced that they will report Q1, 2024 results on Nov 09, 2023 Reported Earnings • Aug 12
Full year 2023 earnings released: EPS: JP¥204 (vs JP¥151 in FY 2022) Full year 2023 results: EPS: JP¥204 (up from JP¥151 in FY 2022). Revenue: JP¥132.9b (up 24% from FY 2022). Net income: JP¥3.44b (up 36% from FY 2022). Profit margin: 2.6% (up from 2.4% 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 5% per year but the company’s share price has increased by 15% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Aug 11
ZERO Co., Ltd., Annual General Meeting, Sep 27, 2023 ZERO Co., Ltd., Annual General Meeting, Sep 27, 2023. Upcoming Dividend • Jun 22
Upcoming dividend of JP¥25.80 per share at 3.1% yield Eligible shareholders must have bought the stock before 29 June 2023. Payment date: 29 September 2023. Payout ratio is a comfortable 20% and this is well supported by cash flows. Trailing yield: 3.1%. Lower than top quartile of Japanese dividend payers (3.5%). Higher than average of industry peers (1.2%). Announcement • Jun 03
ZERO Co., Ltd. to Report Q4, 2023 Results on Aug 10, 2023 ZERO Co., Ltd. announced that they will report Q4, 2023 results on Aug 10, 2023 Reported Earnings • May 16
Third quarter 2023 earnings released: EPS: JP¥61.81 (vs JP¥64.51 in 3Q 2022) Third quarter 2023 results: EPS: JP¥61.81 (down from JP¥64.51 in 3Q 2022). Revenue: JP¥36.8b (up 22% from 3Q 2022). Net income: JP¥1.04b (down 3.8% from 3Q 2022). Profit margin: 2.8% (down from 3.6% 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 2% per year but the company’s share price has increased by 14% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Feb 12
Second quarter 2023 earnings released: EPS: JP¥38.42 (vs JP¥25.53 in 2Q 2022) Second quarter 2023 results: EPS: JP¥38.42 (up from JP¥25.53 in 2Q 2022). Revenue: JP¥30.5b (up 23% from 2Q 2022). Net income: JP¥647.0m (up 51% from 2Q 2022). Profit margin: 2.1% (up from 1.7% in 2Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has remained flat whereas the company’s share price has increased by 5% per year. Upcoming Dividend • Dec 22
Upcoming dividend of JP¥15.00 per share Eligible shareholders must have bought the stock before 29 December 2022. Payment date: 13 March 2023. Payout ratio is a comfortable 21% but the company is not cash flow positive. Trailing yield: 3.5%. Lower than top quartile of Japanese dividend payers (3.8%). Higher than average of industry peers (1.2%). Announcement • Nov 27
ZERO Co., Ltd. to Report Q2, 2023 Results on Feb 09, 2023 ZERO Co., Ltd. announced that they will report Q2, 2023 results on Feb 09, 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. 5 experienced directors. 7 highly experienced directors. No independent directors (10 non-independent directors). Standing Corporate Auditor Tomoyuki Shioya was the last director to join the board, commencing their role in 2019. 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 • Nov 12
First quarter 2023 earnings released: EPS: JP¥48.11 (vs JP¥23.33 in 1Q 2022) First quarter 2023 results: EPS: JP¥48.11 (up from JP¥23.33 in 1Q 2022). Revenue: JP¥33.8b (up 56% from 1Q 2022). Net income: JP¥810.0m (up 107% from 1Q 2022). Profit margin: 2.4% (up from 1.8% in 1Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has remained flat and the company’s share price has also remained flat. Announcement • Sep 01
ZERO Co., Ltd. to Report Q1, 2023 Results on Nov 10, 2022 ZERO Co., Ltd. announced that they will report Q1, 2023 results on Nov 10, 2022 Announcement • Aug 12
ZERO Co., Ltd., Annual General Meeting, Sep 28, 2022 ZERO Co., Ltd., Annual General Meeting, Sep 28, 2022. Reported Earnings • Aug 12
Full year 2022 earnings released: EPS: JP¥151 (vs JP¥217 in FY 2021) Full year 2022 results: EPS: JP¥151 (down from JP¥217 in FY 2021). Revenue: JP¥107.0b (up 16% from FY 2021). Net income: JP¥2.54b (down 30% from FY 2021). Profit margin: 2.4% (down from 3.9% in FY 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 5% per year whereas the company’s share price has increased by 4% per year. Upcoming Dividend • Jun 22
Upcoming dividend of JP¥25.20 per share Eligible shareholders must have bought the stock before 29 June 2022. Payment date: 29 September 2022. Payout ratio is a comfortable 35% and this is well supported by cash flows. Trailing yield: 3.6%. Lower than top quartile of Japanese dividend payers (3.8%). Higher than average of industry peers (1.4%). Announcement • Jun 09
ZERO Co., Ltd. announced that it has received ¥100 million in funding ZERO Co., Ltd. announced that it has received ¥100 million in a round of funding on June 8, 2022. The transaction included participation from individual investors. Announcement • Jun 03
ZERO Co., Ltd. to Report Fiscal Year 2022 Results on Aug 10, 2022 ZERO Co., Ltd. announced that they will report fiscal year 2022 results on Aug 10, 2022 Reported Earnings • May 16
Third quarter 2022 earnings released: EPS: JP¥64.50 (vs JP¥67.49 in 3Q 2021) Third quarter 2022 results: EPS: JP¥64.50 (down from JP¥67.49 in 3Q 2021). Revenue: JP¥30.1b (up 20% from 3Q 2021). Net income: JP¥1.08b (down 4.1% from 3Q 2021). Profit margin: 3.6% (down from 4.5% in 3Q 2021). 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 whereas the company’s share price has increased by 8% per year. Board Change • Apr 27
No independent directors There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 6 experienced directors. 5 highly experienced directors. No independent directors (10 non-independent directors). Standing Corporate Auditor Tomoyuki Shioya was the last director to join the board, commencing their role in 2019. 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
ZERO Co., Ltd. to Report Q3, 2022 Results on May 12, 2022 ZERO Co., Ltd. announced that they will report Q3, 2022 results on May 12, 2022 Reported Earnings • Feb 12
Second quarter 2022 earnings: Revenues and EPS in line with analyst expectations Second quarter 2022 results: EPS: JP¥25.59 (down from JP¥40.19 in 2Q 2021). Revenue: JP¥24.8b (up 11% from 2Q 2021). Net income: JP¥430.0m (down 36% from 2Q 2021). Profit margin: 1.7% (down from 3.0% in 2Q 2021). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Dec 22
Upcoming dividend of JP¥15.00 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 11 March 2022. Payout ratio is a comfortable 31% and this is well supported by cash flows. Trailing yield: 4.7%. Within top quartile of Japanese dividend payers (3.3%). Higher than average of industry peers (1.3%). Reported Earnings • Nov 12
First quarter 2022 earnings released: EPS JP¥23.33 (vs JP¥65.76 in 1Q 2021) The company reported a poor first quarter result with weaker earnings and profit margins, although revenues were flat. First quarter 2022 results: Revenue: JP¥21.6b (flat on 1Q 2021). Net income: JP¥392.0m (down 64% from 1Q 2021). Profit margin: 1.8% (down from 5.1% in 1Q 2021). Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Reported Earnings • Oct 05
Full year 2021 earnings released: EPS JP¥217 (vs JP¥142 in FY 2020) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2021 results: Revenue: JP¥92.2b (up 3.0% from FY 2020). Net income: JP¥3.63b (up 53% from FY 2020). Profit margin: 3.9% (up from 2.7% in FY 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 06
Full year 2021 earnings released: EPS JP¥217 (vs JP¥142 in FY 2020) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2021 results: Revenue: JP¥92.2b (up 3.0% from FY 2020). Net income: JP¥3.63b (up 53% from FY 2020). Profit margin: 3.9% (up from 2.7% in FY 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Aug 06
Investor sentiment deteriorated over the past week After last week's 15% share price decline to JP¥1,241, the stock trades at a trailing P/E ratio of 6.9x. Average trailing P/E is 12x in the Transportation industry in Japan. Total returns to shareholders of 25% over the past three years. Upcoming Dividend • Jun 22
Upcoming dividend of JP¥41.70 per share Eligible shareholders must have bought the stock before 29 June 2021. Payment date: 30 September 2021. Trailing yield: 4.2%. Within top quartile of Japanese dividend payers (3.0%). Higher than average of industry peers (1.2%). Reported Earnings • May 15
Third quarter 2021 earnings released: EPS JP¥67.54 (vs JP¥55.56 in 3Q 2020) The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2021 results: Revenue: JP¥25.2b (down 1.4% from 3Q 2020). Net income: JP¥1.13b (up 22% from 3Q 2020). Profit margin: 4.5% (up from 3.6% in 3Q 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Mar 01
New 90-day high: JP¥1,051 The company is up 8.0% from its price of JP¥972 on 01 December 2020. The Japanese market is up 6.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Transportation industry, which is up 12% over the same period.