Reported Earnings • May 15
Full year 2026 earnings released: EPS: JP¥40.89 (vs JP¥38.64 in FY 2025) Full year 2026 results: EPS: JP¥40.89 (up from JP¥38.64 in FY 2025). Revenue: JP¥47.4b (up 2.8% from FY 2025). Net income: JP¥1.18b (up 5.8% from FY 2025). Profit margin: 2.5% (up from 2.4% in FY 2025). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has increased by 58% per year, which means it is tracking significantly ahead of earnings growth. Announcement • May 13
Maruwn Corporation, Annual General Meeting, Jun 30, 2026 Maruwn Corporation, Annual General Meeting, Jun 30, 2026. Announcement • May 10
Maruwn Corporation to Report Fiscal Year 2026 Results on May 13, 2026 Maruwn Corporation announced that they will report fiscal year 2026 results on May 13, 2026 Announcement • Mar 07
SENKO Group Holdings Co., Ltd. (TSE:9069) completed the acquisition of an additional 57.07% stake in Maruwn Corporation (TSE:9067) for ¥15.6 billion. SENKO Group Holdings Co., Ltd. (TSE:9069) proposed to acquire an additional 60.98% stake in Maruwn Corporation (TSE:9067) for ¥16.7 billion on November 13, 2025. A cash consideration of ¥16.72 billion valued at ¥949 per share will be paid by SENKO Group Holdings Co., Ltd. As part of consideration, ¥16.72 billion is paid towards common equity of Maruwn Corporation. In a related transaction, SENKO Group Holdings Co., Ltd. and JX Advanced Metals Corporation entered into a Non-Tender Agreement. Upon completion of the transactions, SENKO Group Holdings Co., Ltd. will hold 80% voting rights while JX Advanced Metals Corporation will hold 20% voting rights in Maruwn Corporation.
The transaction is subject to recommendation of merger agreement by the board of Maruwn Corporation, minimum tender and antitrust approval. The tender offer will be closed on February 24, 2026. As of February 18, 2026 SENKO Group Holdings Co., Ltd. confirmed that 9,553,829 shares have been tendered exceeding the minimum requirement of 3,200,400 shares. The tender offer will now be closed on March 5, 2026.
Daiwa Securities Co. Ltd. acted as tender offer agent in the transaction.
SENKO Group Holdings Co., Ltd. (TSE:9069) completed the acquisition of an additional 57.07% stake in Maruwn Corporation (TSE:9067) for ¥15.6 billion on March 5, 2026. SENKO Group Holdings Co., Ltd. acquired total of 16,484,918 shares in the tender offer and will pay ¥15.644 billion on the settlement day, SENKO Group Holdings Co., Ltd. now holds 57.86% stake in Maruwn Corporation. Reported Earnings • Feb 15
Third quarter 2026 earnings released: EPS: JP¥7.58 (vs JP¥11.60 in 3Q 2025) Third quarter 2026 results: EPS: JP¥7.58 (down from JP¥11.60 in 3Q 2025). Revenue: JP¥12.2b (up 1.7% from 3Q 2025). Net income: JP¥219.0m (down 35% from 3Q 2025). Profit margin: 1.8% (down from 2.8% in 3Q 2025). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 47% per year but the company’s share price has increased by 63% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Nov 17
Investor sentiment improves as stock rises 42% After last week's 42% share price gain to JP¥962, the stock trades at a trailing P/E ratio of 24.5x. Average trailing P/E is 12x in the Transportation industry in Japan. Total returns to shareholders of 389% over the past three years. Announcement • Nov 14
SENKO Group Holdings Co., Ltd. (TSE:9069) proposed to acquire an additional 60.98% stake in Maruwn Corporation (TSE:9067) from a group of shareholders for ¥16.7 billion. SENKO Group Holdings Co., Ltd. (TSE:9069) proposed to acquire an additional 60.98% stake in Maruwn Corporation (TSE:9067) from a group of shareholders for ¥16.7 billion on November 13, 2025. A cash consideration of ¥16.72 billion valued at ¥949 per share will be paid by SENKO Group Holdings Co., Ltd. As part of consideration, ¥16.72 billion is paid towards common equity of Maruwn Corporation. In a related transaction, SENKO Group Holdings Co., Ltd. and JX Advanced Metals Corporation entered into a Non-Tender Agreement. Upon completion of the transactions, SENKO Group Holdings Co., Ltd. will hold 80% stake while JX Advanced Metals Corporation will hold 20% stake in Maruwn Corporation.
The transaction is subject to recommendation of merger agreement by the board of Maruwn Corporation, minimum tender and antitrust approval. Reported Earnings • Nov 08
Second quarter 2026 earnings released: EPS: JP¥7.51 (vs JP¥11.15 in 2Q 2025) Second quarter 2026 results: EPS: JP¥7.51 (down from JP¥11.15 in 2Q 2025). Revenue: JP¥11.6b (up 2.7% from 2Q 2025). Net income: JP¥217.0m (down 33% from 2Q 2025). Profit margin: 1.9% (down from 2.9% in 2Q 2025). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 49% per year but the company’s share price has only increased by 43% per year, which means it is significantly lagging earnings growth. New Risk • Nov 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 5.5% 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 (5.5% average weekly change). Upcoming Dividend • Sep 22
Upcoming dividend of JP¥6.00 per share Eligible shareholders must have bought the stock before 29 September 2025. Payment date: 09 December 2025. Payout ratio is a comfortable 37% and this is well supported by cash flows. Trailing yield: 1.9%. Lower than top quartile of Japanese dividend payers (3.6%). In line with average of industry peers (1.8%). Valuation Update With 7 Day Price Move • Aug 21
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to JP¥544, the stock trades at a trailing P/E ratio of 12.7x. Average trailing P/E is 13x in the Transportation industry in Japan. Total returns to shareholders of 163% over the past three years. Reported Earnings • Aug 08
First quarter 2026 earnings released: EPS: JP¥10.66 (vs JP¥6.47 in 1Q 2025) First quarter 2026 results: EPS: JP¥10.66 (up from JP¥6.47 in 1Q 2025). Revenue: JP¥11.6b (up 2.7% from 1Q 2025). Net income: JP¥308.0m (up 65% from 1Q 2025). Profit margin: 2.7% (up from 1.7% in 1Q 2025). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 49% per year but the company’s share price has only increased by 26% per year, which means it is significantly lagging earnings growth. Board Change • Jul 11
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. Outside Independent Director Hideya Narutaki was the last independent director to join the board, commencing their role in 2024. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Declared Dividend • Jul 09
Final dividend of JP¥6.00 announced Shareholders will receive a dividend of JP¥6.00. Ex-date: 29th September 2025 Payment date: 9th December 2025 Dividend yield will be 4.8%, 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 (26% cash payout ratio). The dividend has increased by an average of 5.5% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 4.3% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Jun 29
Full year 2025 earnings released: EPS: JP¥38.64 (vs JP¥14.40 in FY 2024) Full year 2025 results: EPS: JP¥38.64 (up from JP¥14.40 in FY 2024). Revenue: JP¥46.1b (up 2.6% from FY 2024). Net income: JP¥1.12b (up 168% from FY 2024). Profit margin: 2.4% (up from 0.9% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. New Risk • May 29
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 3.0% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (JP¥11.4b market cap, or US$78.5m). Reported Earnings • May 18
Full year 2025 earnings released: EPS: JP¥38.64 (vs JP¥14.40 in FY 2024) Full year 2025 results: EPS: JP¥38.64 (up from JP¥14.40 in FY 2024). Revenue: JP¥46.1b (up 2.6% from FY 2024). Net income: JP¥1.12b (up 168% from FY 2024). Profit margin: 2.4% (up from 0.9% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Announcement • May 14
Maruwn Corporation, Annual General Meeting, Jun 25, 2025 Maruwn Corporation, Annual General Meeting, Jun 25, 2025. Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to JP¥357, the stock trades at a trailing P/E ratio of 10.2x. Average trailing P/E is 10x in the Transportation industry in Japan. Total returns to shareholders of 64% over the past three years. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥11.00 per share Eligible shareholders must have bought the stock before 28 March 2025. Payment date: 10 June 2025. Payout ratio is a comfortable 29% and this is well supported by cash flows. Trailing yield: 3.4%. Lower than top quartile of Japanese dividend payers (3.7%). Higher than average of industry peers (1.7%). Reported Earnings • Feb 15
Third quarter 2025 earnings released: EPS: JP¥11.60 (vs JP¥4.40 in 3Q 2024) Third quarter 2025 results: EPS: JP¥11.60 (up from JP¥4.40 in 3Q 2024). Revenue: JP¥12.0b (up 2.7% from 3Q 2024). Net income: JP¥335.0m (up 164% from 3Q 2024). Profit margin: 2.8% (up from 1.1% in 3Q 2024). Over the last 3 years on average, earnings per share has increased by 23% per year whereas the company’s share price has increased by 21% per year. Declared Dividend • Dec 10
First half dividend increased to JP¥8.00 Dividend of JP¥8.00 is 60% higher than last year. Ex-date: 28th March 2025 Payment date: 10th June 2025 Dividend yield will be 2.9%, which is higher than the industry average of 1.3%. Sustainability & Growth Dividend is well covered by both earnings (18% earnings payout ratio) and cash flows (24% cash payout ratio). The dividend has increased by an average of 2.3% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to decline by 80% to shift the payout ratio to a potentially unsustainable range, which is more than the 8.8% EPS decline seen over the last 5 years. Reported Earnings • Nov 10
Second quarter 2025 earnings released: EPS: JP¥11.15 (vs JP¥0.90 in 2Q 2024) Second quarter 2025 results: EPS: JP¥11.15 (up from JP¥0.90 in 2Q 2024). Revenue: JP¥11.3b (flat on 2Q 2024). Net income: JP¥322.0m (up JP¥296.0m from 2Q 2024). Profit margin: 2.9% (up from 0.2% in 2Q 2024). Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has increased by 19% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Sep 25
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: JP¥14.3b (US$99.3m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (11% average weekly change). Earnings have declined by 25% per year over the past 5 years. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (JP¥14.3b market cap, or US$99.3m). Upcoming Dividend • Sep 20
Upcoming dividend of JP¥5.00 per share Eligible shareholders must have bought the stock before 27 September 2024. Payment date: 04 December 2024. Payout ratio is a comfortable 52% and this is well supported by cash flows. Trailing yield: 1.9%. Lower than top quartile of Japanese dividend payers (3.8%). Higher than average of industry peers (1.6%). Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to JP¥386, the stock trades at a trailing P/E ratio of 26.8x. Average trailing P/E is 12x in the Transportation industry in Japan. Total returns to shareholders of 56% over the past three years. Valuation Update With 7 Day Price Move • Jul 12
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to JP¥464, the stock trades at a trailing P/E ratio of 32.2x. Average trailing P/E is 14x in the Transportation industry in Japan. Total returns to shareholders of 87% over the past three years. New Risk • Jul 11
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 7.6% 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 (7.6% average weekly change). Earnings have declined by 28% per year over the past 5 years. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (JP¥12.8b market cap, or US$79.4m). Declared Dividend • Jul 11
Final dividend of JP¥5.00 announced Shareholders will receive a dividend of JP¥5.00. Ex-date: 27th September 2024 Payment date: 4th December 2024 Dividend yield will be 2.3%, which is higher than the industry average of 1.3%. Sustainability & Growth Dividend is covered by both earnings (70% earnings payout ratio) and cash flows (29% cash payout ratio). The dividend has increased by an average of 3.6% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to decline by 22% to shift the payout ratio to a potentially unsustainable range, which is more than the 20% EPS decline seen over the last 5 years. Board Change • Jul 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 6 experienced directors. 1 highly experienced director. Independent Outside Director Kazuhiro Hori was the last director to join the board, commencing their role in 2023. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. New Risk • Jun 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 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: Major Risk Earnings have declined by 28% per year over the past 5 years. 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). Market cap is less than US$100m (JP¥10.7b market cap, or US$69.2m). Valuation Update With 7 Day Price Move • May 24
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to JP¥322, the stock trades at a trailing P/E ratio of 22.4x. Average trailing P/E is 13x in the Transportation industry in Japan. Total returns to shareholders of 35% over the past three years. Reported Earnings • May 11
Full year 2024 earnings released: EPS: JP¥14.40 (vs JP¥10.94 in FY 2023) Full year 2024 results: EPS: JP¥14.40 (up from JP¥10.94 in FY 2023). Revenue: JP¥45.0b (down 3.4% from FY 2023). Net income: JP¥416.0m (up 32% from FY 2023). Profit margin: 0.9% (up from 0.7% in FY 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Announcement • May 11
Maruwn Corporation, Annual General Meeting, Jun 26, 2024 Maruwn Corporation, Annual General Meeting, Jun 26, 2024. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥5.00 per share Eligible shareholders must have bought the stock before 28 March 2024. Payment date: 06 June 2024. Payout ratio is a comfortable 70% and this is well supported by cash flows. Trailing yield: 3.5%. Within top quartile of Japanese dividend payers (3.2%). Higher than average of industry peers (1.2%). Reported Earnings • Feb 09
Third quarter 2024 earnings released: EPS: JP¥4.40 (vs JP¥5.99 in 3Q 2023) Third quarter 2024 results: EPS: JP¥4.40 (down from JP¥5.99 in 3Q 2023). Revenue: JP¥11.7b (down 2.6% from 3Q 2023). Net income: JP¥127.0m (down 27% from 3Q 2023). Profit margin: 1.1% (down from 1.4% in 3Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Reported Earnings • Nov 09
Second quarter 2024 earnings released: EPS: JP¥0.90 (vs JP¥2.49 in 2Q 2023) Second quarter 2024 results: EPS: JP¥0.90 (down from JP¥2.49 in 2Q 2023). Revenue: JP¥11.2b (down 2.7% from 2Q 2023). Net income: JP¥26.0m (down 64% from 2Q 2023). Profit margin: 0.2% (down from 0.6% in 2Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Sep 21
Upcoming dividend of JP¥4.00 per share at 3.0% yield Eligible shareholders must have bought the stock before 28 September 2023. Payment date: 05 December 2023. Payout ratio is a comfortable 55% and this is well supported by cash flows. Trailing yield: 3.0%. Lower than top quartile of Japanese dividend payers (3.3%). Higher than average of industry peers (1.2%). Reported Earnings • Aug 11
First quarter 2024 earnings released: EPS: JP¥3.43 (vs JP¥0.17 loss in 1Q 2023) First quarter 2024 results: EPS: JP¥3.43 (up from JP¥0.17 loss in 1Q 2023). Revenue: JP¥11.0b (down 3.7% from 1Q 2023). Net income: JP¥99.0m (up JP¥104.0m from 1Q 2023). Profit margin: 0.9% (up from 0% in 1Q 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Reported Earnings • May 15
Full year 2023 earnings released: EPS: JP¥10.94 (vs JP¥16.10 in FY 2022) Full year 2023 results: EPS: JP¥10.94 (down from JP¥16.10 in FY 2022). Revenue: JP¥46.6b (flat on FY 2022). Net income: JP¥316.0m (down 32% from FY 2022). Profit margin: 0.7% (down from 1.0% in FY 2022). Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Announcement • May 13
Maruwn Corporation, Annual General Meeting, Jun 23, 2023 Maruwn Corporation, Annual General Meeting, Jun 23, 2023. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥4.00 per share at 3.5% yield Eligible shareholders must have bought the stock before 30 March 2023. Payment date: 06 June 2023. Payout ratio is a comfortable 27% and this is well supported by cash flows. Trailing yield: 3.5%. Lower than top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (1.1%). Reported Earnings • Feb 09
Third quarter 2023 earnings released: EPS: JP¥5.99 (vs JP¥3.95 in 3Q 2022) Third quarter 2023 results: EPS: JP¥5.99 (up from JP¥3.95 in 3Q 2022). Revenue: JP¥12.0b (down 1.2% from 3Q 2022). Net income: JP¥173.0m (up 52% from 3Q 2022). Profit margin: 1.4% (up from 0.9% in 3Q 2022). 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 11% per year, which means it has not declined as severely as earnings. Reported Earnings • Nov 18
Second quarter 2023 earnings released: EPS: JP¥2.49 (vs JP¥1.63 in 2Q 2022) Second quarter 2023 results: EPS: JP¥2.49 (up from JP¥1.63 in 2Q 2022). Revenue: JP¥11.5b (up 1.1% from 2Q 2022). Net income: JP¥72.0m (up 53% from 2Q 2022). Profit margin: 0.6% (up from 0.4% in 2Q 2022). Over the last 3 years on average, earnings per share has fallen by 35% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Reported Earnings • Nov 11
Second quarter 2023 earnings released: EPS: JP¥2.49 (vs JP¥1.63 in 2Q 2022) Second quarter 2023 results: EPS: JP¥2.49 (up from JP¥1.63 in 2Q 2022). Revenue: JP¥11.5b (up 1.1% from 2Q 2022). Net income: JP¥72.0m (up 53% from 2Q 2022). Profit margin: 0.6% (up from 0.4% in 2Q 2022). Over the last 3 years on average, earnings per share has fallen by 35% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥4.00 per share Eligible shareholders must have bought the stock before 29 September 2022. Payment date: 06 December 2022. Payout ratio is a comfortable 67% but the company is paying out more than the cash it is generating. Trailing yield: 3.7%. Within top quartile of Japanese dividend payers (3.7%). Higher than average of industry peers (1.2%). Reported Earnings • Aug 12
First quarter 2023 earnings released: JP¥0.17 loss per share (vs JP¥3.91 profit in 1Q 2022) First quarter 2023 results: JP¥0.17 loss per share (down from JP¥3.91 profit in 1Q 2022). Revenue: JP¥11.4b (flat on 1Q 2022). Net loss: JP¥5.00m (down 104% from profit in 1Q 2022). Profit margin: 0% (down from 1.0% in 1Q 2022). Over the last 3 years on average, earnings per share has fallen by 37% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Reported Earnings • May 13
Full year 2022 earnings released: EPS: JP¥16.10 (vs JP¥16.44 in FY 2021) Full year 2022 results: EPS: JP¥16.10 (down from JP¥16.44 in FY 2021). Revenue: JP¥46.7b (down 1.2% from FY 2021). Net income: JP¥465.0m (down 2.1% from FY 2021). Profit margin: 1.0% (in line with FY 2021). Over the last 3 years on average, earnings per share has fallen by 37% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Announcement • May 13
Maruwn Corporation, Annual General Meeting, Jun 24, 2022 Maruwn Corporation, Annual General Meeting, Jun 24, 2022. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥4.00 per share Eligible shareholders must have bought the stock before 30 March 2022. Payment date: 07 June 2022. Payout ratio is a comfortable 44% but the company is not cash flow positive. Trailing yield: 3.2%. Lower than top quartile of Japanese dividend payers (3.4%). Higher than average of industry peers (1.3%). Reported Earnings • Feb 07
Third quarter 2022 earnings: Revenues and EPS in line with analyst expectations Third quarter 2022 results: EPS: JP¥3.95 (down from JP¥8.27 in 3Q 2021). Revenue: JP¥12.1b (down 2.2% from 3Q 2021). Net income: JP¥114.0m (down 52% from 3Q 2021). Profit margin: 0.9% (down from 1.9% in 3Q 2021). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has fallen by 36% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Reported Earnings • Nov 05
Second quarter 2022 earnings released: EPS JP¥1.63 (vs JP¥0.35 in 2Q 2021) The company reported a solid second quarter result with improved earnings and profit margins, although revenues were flat. Second quarter 2022 results: Revenue: JP¥11.4b (flat on 2Q 2021). Net income: JP¥47.0m (up 370% from 2Q 2021). Profit margin: 0.4% (up from 0.1% in 2Q 2021). 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 7% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥4.00 per share Eligible shareholders must have bought the stock before 29 September 2021. Payment date: 04 December 2021. Trailing yield: 2.9%. Lower than top quartile of Japanese dividend payers (3.0%). Higher than average of industry peers (1.2%). Reported Earnings • Aug 05
First quarter 2022 earnings released: EPS JP¥3.91 (vs JP¥0.90 loss in 1Q 2021) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2022 results: Revenue: JP¥11.4b (up 3.0% from 1Q 2021). Net income: JP¥113.0m (up JP¥139.0m from 1Q 2021). Profit margin: 1.0% (up from net loss in 1Q 2021). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Reported Earnings • May 14
Full year 2021 earnings released: EPS JP¥16.44 (vs JP¥31.33 in FY 2020) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2021 results: Revenue: JP¥47.3b (down 6.7% from FY 2020). Net income: JP¥475.0m (down 48% from FY 2020). Profit margin: 1.0% (down from 1.8% 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 20% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥4.00 per share Eligible shareholders must have bought the stock before 30 March 2021. Payment date: 05 June 2021. Trailing yield: 2.6%. Lower than top quartile of Japanese dividend payers (2.7%). Higher than average of industry peers (1.1%). Announcement • Mar 20
Maruwn Corporation to Report Q3, 2022 Results on Feb 04, 2022 Maruwn Corporation announced that they will report Q3, 2022 results on Feb 04, 2022 Valuation Update With 7 Day Price Move • Mar 17
Investor sentiment improved over the past week After last week's 37% share price gain to JP¥353, the stock trades at a trailing P/E ratio of 20.9x. Average trailing P/E is 12x in the Transportation industry in Japan. Total returns to shareholders of 13% over the past three years. Is New 90 Day High Low • Mar 15
New 90-day high: JP¥264 The company is up 2.0% from a price of JP¥260 on 15 December 2020. Underperformed the Japanese market, which is up 9.0% over the last 90 days. Lagged the Transportation industry, which is up 10.0% over the same period. Reported Earnings • Feb 07
Third quarter 2021 earnings released: EPS JP¥8.27 (vs JP¥11.18 in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: JP¥12.4b (down 4.9% from 3Q 2020). Net income: JP¥239.0m (down 26% from 3Q 2020). Profit margin: 1.9% (down from 2.5% in 3Q 2020). The decrease in margin was driven by lower revenue. 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 8% per year.