Announcement • Jun 23
Mitsubishi Logistics Corporation to Report Nine Months, 2027 Results on Jan 29, 2027 Mitsubishi Logistics Corporation announced that they will report nine months, 2027 results on Jan 29, 2027 Announcement • May 30
Mitsubishi Logistics Corporation Announces Organizational Reforms Mitsubishi Logistics Corporation announced that at the meeting of the Board of Directors held on May 29, 2026, the Company resolved organizational reforms and personnel changes. Toward the realization of our growth strategies (“Leap of the Logistics Business” and “Expansion of overseas business”) set forth in the Business Plan (2025–2030), company will establish a “Global Account Sales Division” responsible for making proposals regarding integrated domestic and international logistics services and supporting expansion of our clients’ overseas business. Furthermore, Company will transfer the sales and operations from the International Transportation Business Division to the Overseas Business Division. To clearly demonstrate commitment to strengthening initiatives for new digital strategies, including AI and data utilization, Company will change the name of the “Information Systems Division” to the “Digital & IT Division”. Announcement • May 18
Mitsubishi Logistics Corporation to Report Q2, 2027 Results on Oct 30, 2026 Mitsubishi Logistics Corporation announced that they will report Q2, 2027 results at 3:30 PM, Tokyo Standard Time on Oct 30, 2026 Announcement • May 17
Mitsubishi Logistics Corporation to Report Q1, 2027 Results on Jul 31, 2026 Mitsubishi Logistics Corporation announced that they will report Q1, 2027 results at 3:30 PM, Tokyo Standard Time on Jul 31, 2026 Live News • May 13
Mitsubishi Logistics Net Profit Surges as Asset Sales Drive Outlook for Growth and Higher Dividends Mitsubishi Logistics reported a 72% rise in net profit, mainly driven by asset sales, even as revenue and operating profit declined for FY2025.
The company’s latest business plan points to overseas expansion and higher asset turnover as core areas of focus.
Management also outlined an entry into grid electricity storage and is projecting moderate growth and higher dividend payouts for FY2026.
The heavy reliance on asset sales for profit highlights a gap between headline earnings and underlying operating trends. It is therefore worth focusing on how core logistics and real estate operations evolve from here.
The planned overseas push, greater asset turnover and move into grid storage introduce new opportunities, but also bring execution and capital allocation risks that you should weigh against the company’s higher dividend ambitions. Announcement • Apr 30
Mitsubishi Logistics Corporation, Annual General Meeting, Jun 26, 2026 Mitsubishi Logistics Corporation, Annual General Meeting, Jun 26, 2026. Announcement • Feb 27
Mitsubishi Logistics Corporation (TSE:9301) announces an Equity Buyback for 11,000,000 shares, representing 3.18% for ¥10,000 million. Mitsubishi Logistics Corporation (TSE:9301) announces a share repurchase program. Under the program, the company will repurchase 11,000,000 shares, representing 3.18% of its share capital, for ¥10,000 million. The company will repurchase its shares to flexibly enhance shareholder returns and improve capital efficiency. The repurchased shares will be cancelled. The program will run until October 31, 2026. As of January 31, 2026, the company had 345,596,261 shares outstanding (excluding treasury shares) and 33,286,034 shares in treasury. Reported Earnings • Jan 31
Third quarter 2026 earnings released: EPS: JP¥27.03 (vs JP¥16.19 in 3Q 2025) Third quarter 2026 results: EPS: JP¥27.03 (up from JP¥16.19 in 3Q 2025). Revenue: JP¥69.0b (down 13% from 3Q 2025). Net income: JP¥9.43b (up 58% from 3Q 2025). Profit margin: 14% (up from 7.5% in 3Q 2025). Revenue is forecast to grow 4.1% p.a. on average during the next 3 years, compared to a 7.0% growth forecast for the Infrastructure industry in Asia. Over the last 3 years on average, earnings per share has increased by 26% per year whereas the company’s share price has increased by 29% per year. Announcement • Jan 30
Mitsubishi Logistics Corporation Revises Consolidated Earnings Guidance for the Fiscal Year Ending March 31, 2026 Mitsubishi Logistics Corporation revised consolidated earnings guidance for the fiscal year ending March 31, 2026. for the year, the company expects revenue of JPY 280,000 million, Operating profit of JPY 16,000 million, Profit attributable to owners of parent of JPY 50,000 million and Basic earnings per share of JPY 142.16 against revenue of JPY 280,000 million, Operating profit of JPY 16,000 million, Profit attributable to owners of parent of JPY 45,000 million and Basic earnings per share of JPY 128.07 expected previously. Reason for revision: For the nine months ended December 31, 2026, revenue, operating profit, business profit, and ordinary profit generally progressed in line with the previously announced forecast. With regard to profit attributable to owners of parent, the Company decided to move forward with a plan to reduce its cross-shareholdings as announced in the "Notice Concerning Sale of Investment Securities" released today. The Company expects to record a gain on sale of investment securities as extraordinary income in the fourth quarter of the current consolidated fiscal year. Meanwhile, the Cavalier Logistics Group, a subsidiary that provides logistic services for pharmaceutical and healthcare products and logistic services for U.S. government, suffered changes in the management environment, such as a decline in cargo handling resulting from changes in the business environment caused by policies of the new U.S. administration and a delay in commencement of cargo handling at warehouses that began operating in the current fiscal year. After reviewing future business plans, the Company expects to record impairment losses on goodwill, etc. of approximately ¥5.0 billion as extraordinary losses in the fourth quarter of the current fiscal year. Accordingly, the Company has revised its financial results forecasts as described above. Note that the gain on sale of investment securities and impairment losses on goodwill, etc. (approximately ¥5.0 billion) are estimated values. The Company will release another notice if matters that should be disclosed arise. Announcement • Dec 13
Mitsubishi Logistics Corporation to Report Fiscal Year 2026 Results on Apr 30, 2026 Mitsubishi Logistics Corporation announced that they will report fiscal year 2026 results at 3:30 PM, Tokyo Standard Time on Apr 30, 2026 Declared Dividend • Dec 02
First half dividend of JP¥18.00 announced Shareholders will receive a dividend of JP¥18.00. Ex-date: 30th March 2026 Payment date: 30th June 2026 Dividend yield will be 3.1%, which is higher than the industry average of 2.2%. Sustainability & Growth Dividend is covered by earnings (12% earnings payout ratio) but not covered by cash flows (259% cash payout ratio). The dividend has increased by an average of 22% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to decline by 44% over the next 3 years. However, it would need to fall by 87% to increase the payout ratio to a potentially unsustainable range. Reported Earnings • Nov 01
Second quarter 2026 earnings released: EPS: JP¥40.42 (vs JP¥9.56 in 2Q 2025) Second quarter 2026 results: EPS: JP¥40.42 (up from JP¥9.56 in 2Q 2025). Revenue: JP¥67.6b (down 2.1% from 2Q 2025). Net income: JP¥14.3b (up 299% from 2Q 2025). Profit margin: 21% (up from 5.2% in 2Q 2025). Revenue is forecast to grow 3.6% p.a. on average during the next 3 years, compared to a 6.5% growth forecast for the Infrastructure industry in Asia. Over the last 3 years on average, earnings per share has increased by 21% per year whereas the company’s share price has increased by 19% per year. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥18.00 per share Eligible shareholders must have bought the stock before 29 September 2025. Payment date: 02 December 2025. Payout ratio is a comfortable 31% but the company is paying out more than the cash it is generating. Trailing yield: 3.0%. Lower than top quartile of Japanese dividend payers (3.6%). In line with average of industry peers (3.0%). Reported Earnings • Aug 02
First quarter 2026 earnings released: EPS: JP¥51.80 (vs JP¥33.77 in 1Q 2025) First quarter 2026 results: EPS: JP¥51.80 (up from JP¥33.77 in 1Q 2025). Revenue: JP¥68.6b (up 4.1% from 1Q 2025). Net income: JP¥18.6b (up 45% from 1Q 2025). Profit margin: 27% (up from 19% in 1Q 2025). Revenue is forecast to grow 3.5% p.a. on average during the next 3 years, compared to a 5.9% growth forecast for the Infrastructure industry in Asia. Over the last 3 years on average, earnings per share has increased by 16% per year whereas the company’s share price has increased by 18% per year. Declared Dividend • Jul 09
Final dividend of JP¥18.00 announced Shareholders will receive a dividend of JP¥18.00. Ex-date: 29th September 2025 Payment date: 2nd December 2025 Dividend yield will be 2.9%, which is higher than the industry average of 2.2%. Sustainability & Growth Dividend is covered by both earnings (44% earnings payout ratio) and cash flows (78% cash payout ratio). The dividend has increased by an average of 22% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to decline by 10% over the next 3 years. However, it would need to fall by 51% to increase the payout ratio to a potentially unsustainable range. Reported Earnings • Jul 01
Full year 2025 earnings: EPS and revenues exceed analyst expectations Full year 2025 results: EPS: JP¥85.92 (up from JP¥71.89 in FY 2024). Revenue: JP¥284.1b (up 12% from FY 2024). Net income: JP¥31.9b (up 15% from FY 2024). Profit margin: 11% (in line with FY 2024). Revenue exceeded analyst estimates by 3.6%. Earnings per share (EPS) also surpassed analyst estimates by 2.1%. Revenue is forecast to grow 3.5% p.a. on average during the next 3 years, compared to a 5.8% growth forecast for the Infrastructure industry in Asia. Over the last 3 years on average, earnings per share has increased by 17% per year whereas the company’s share price has increased by 21% per year. Reported Earnings • May 01
Full year 2025 earnings: EPS and revenues exceed analyst expectations Full year 2025 results: EPS: JP¥85.92 (up from JP¥71.89 in FY 2024). Revenue: JP¥284.1b (up 12% from FY 2024). Net income: JP¥31.9b (up 15% from FY 2024). Profit margin: 11% (in line with FY 2024). Revenue exceeded analyst estimates by 3.6%. Earnings per share (EPS) also surpassed analyst estimates by 2.1%. Revenue is forecast to stay flat during the next 3 years compared to a 6.1% growth forecast for the Infrastructure industry in Asia. Over the last 3 years on average, earnings per share has increased by 17% per year and the company’s share price has also increased by 17% per year. Announcement • Apr 30
Mitsubishi Logistics Corporation, Annual General Meeting, Jun 27, 2025 Mitsubishi Logistics Corporation, Annual General Meeting, Jun 27, 2025. Announcement • Apr 01
Mitsubishi Logistics Corporation(TSE:9301) dropped from Nikkei 225 Index Mistusbishi logistics Corporation has been dropped from the Nikkei 225 Index. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥16.00 per share Eligible shareholders must have bought the stock before 28 March 2025. Payment date: 30 June 2025. Payout ratio is a comfortable 21% and this is well supported by cash flows. Trailing yield: 3.1%. Lower than top quartile of Japanese dividend payers (3.7%). Higher than average of industry peers (2.8%). Announcement • Mar 04
Mitsubishi Logistics Corporation to Report Fiscal Year 2025 Results on Apr 30, 2025 Mitsubishi Logistics Corporation announced that they will report fiscal year 2025 results at 3:00 PM, Tokyo Standard Time on Apr 30, 2025 Reported Earnings • Feb 01
Third quarter 2025 earnings released: EPS: JP¥16.19 (vs JP¥39.31 in 3Q 2024) Third quarter 2025 results: EPS: JP¥16.19 (down from JP¥39.31 in 3Q 2024). Revenue: JP¥79.4b (up 19% from 3Q 2024). Net income: JP¥5.96b (down 61% from 3Q 2024). Profit margin: 7.5% (down from 23% in 3Q 2024). Revenue is forecast to grow 2.3% p.a. on average during the next 3 years, compared to a 6.7% growth forecast for the Infrastructure industry in Asia. Over the last 3 years on average, earnings per share has increased by 19% 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 • Dec 03
Mitsubishi Logistics Corporation to Report Q3, 2025 Results on Jan 31, 2025 Mitsubishi Logistics Corporation announced that they will report Q3, 2025 results on Jan 31, 2025 Reported Earnings • Nov 02
Second quarter 2025 earnings released Second quarter 2025 results: Revenue: JP¥69.0b (up 10% from 2Q 2024). Net income: JP¥3.58b (down 11% from 2Q 2024). Profit margin: 5.2% (down from 6.4% in 2Q 2024). Revenue is forecast to grow 2.8% p.a. on average during the next 3 years, compared to a 7.4% growth forecast for the Infrastructure industry in Asia. Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Sep 20
Upcoming dividend of JP¥80.00 per share Eligible shareholders must have bought the stock before 27 September 2024. Payment date: 02 December 2024. Payout ratio is a comfortable 26% and this is well supported by cash flows. Trailing yield: 3.0%. Lower than top quartile of Japanese dividend payers (3.8%). Higher than average of industry peers (2.7%). Announcement • Aug 28
Mitsubishi Logistics Corporation to Report Q2, 2025 Results on Oct 31, 2024 Mitsubishi Logistics Corporation announced that they will report Q2, 2025 results on Oct 31, 2024 Valuation Update With 7 Day Price Move • Aug 07
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to JP¥4,291, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 16x in the Infrastructure industry in Asia. Total returns to shareholders of 45% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥2,200 per share. Reported Earnings • Aug 02
First quarter 2025 earnings released: EPS: JP¥169 (vs JP¥69.56 in 1Q 2024) First quarter 2025 results: EPS: JP¥169 (up from JP¥69.56 in 1Q 2024). Revenue: JP¥65.9b (up 4.2% from 1Q 2024). Net income: JP¥12.8b (up 135% from 1Q 2024). Profit margin: 19% (up from 8.6% in 1Q 2024). Revenue is forecast to grow 3.1% p.a. on average during the next 3 years, compared to a 7.8% growth forecast for the Infrastructure industry in Asia. Over the last 3 years on average, earnings per share has increased by 11% per year whereas the company’s share price has increased by 14% per year. Price Target Changed • Jun 26
Price target increased by 10% to JP¥6,000 Up from JP¥5,450, the current price target is an average from 5 analysts. New target price is 12% above last closing price of JP¥5,339. Stock is up 49% over the past year. The company is forecast to post earnings per share of JP¥503 for next year compared to JP¥359 last year. Announcement • Jun 06
Mitsubishi Logistics Corporation to Report Q1, 2025 Results on Jul 31, 2024 Mitsubishi Logistics Corporation announced that they will report Q1, 2025 results on Jul 31, 2024 Price Target Changed • Jun 06
Price target increased by 22% to JP¥5,450 Up from JP¥4,450, the current price target is an average from 4 analysts. New target price is approximately in line with last closing price of JP¥5,417. Stock is up 58% over the past year. The company is forecast to post earnings per share of JP¥497 for next year compared to JP¥359 last year. Major Estimate Revision • Jun 01
Consensus EPS estimates increase by 10%, revenue downgraded The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast fell from JP¥271.9b to JP¥265.4b. EPS estimate rose from JP¥349 to JP¥386. Net income forecast to grow 3.8% next year vs 11% growth forecast for Infrastructure industry in Japan. Consensus price target up from JP¥4,450 to JP¥4,625. Share price was steady at JP¥5,171 over the past week. Announcement • May 25
Mitsubishi Logistics Corporation (TSE:9301) announces an Equity Buyback for 3,000,000 shares, representing 3.96% for ¥10,000 million. Mitsubishi Logistics Corporation (TSE:9301) announces a share repurchase program. Under the program, the company will repurchase 3,000,000 shares, representing 3.96% of its share capital, for ¥10,000 million. The company will repurchase its shares to flexibly enhance shareholder returns and improve capital efficiency. The program will run until October 31, 2024. As of April 30, 2024, the company had 75,833,722 shares outstanding (excluding treasury shares) and 3,750,517 shares in treasury. Announcement • May 16
Senko Group Responses Rumors to Acquire Logistics Subsidiary from Mitsubishi Electric SENKO Group Holdings Co., Ltd. (TSE:9069) said not considering purchasing Mitsubishi Logistics Corporation (TSE:9301) at this moment, in response to media report it plans to acquire the logistic subsidiary from Mitsubishi Electric Corporation (TSE:6503). Reported Earnings • May 01
Full year 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2024 results: EPS: JP¥359 (up from JP¥342 in FY 2023). Revenue: JP¥254.5b (down 15% from FY 2023). Net income: JP¥27.8b (up 2.1% from FY 2023). Profit margin: 11% (up from 9.1% in FY 2023). Revenue missed analyst estimates by 3.0%. Earnings per share (EPS) exceeded analyst estimates by 2.8%. Revenue is forecast to grow 4.7% p.a. on average during the next 3 years, compared to a 8.6% growth forecast for the Infrastructure industry in Asia. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 18% per year, which means it is well ahead of earnings. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥60.00 per share Eligible shareholders must have bought the stock before 28 March 2024. Payment date: 01 July 2024. Payout ratio is a comfortable 25% and this is well supported by cash flows. Trailing yield: 2.0%. Lower than top quartile of Japanese dividend payers (3.2%). In line with average of industry peers (2.1%). Announcement • Mar 02
Mitsubishi Logistics Corporation to Report Fiscal Year 2024 Results on Apr 30, 2024 Mitsubishi Logistics Corporation announced that they will report fiscal year 2024 results on Apr 30, 2024 Price Target Changed • Feb 29
Price target increased by 12% to JP¥4,350 Up from JP¥3,900, the current price target is an average from 2 analysts. New target price is 5.3% below last closing price of JP¥4,595. Stock is up 45% over the past year. The company is forecast to post earnings per share of JP¥337 for next year compared to JP¥342 last year. Reported Earnings • Feb 02
Third quarter 2024 earnings released: EPS: JP¥197 (vs JP¥108 in 3Q 2023) Third quarter 2024 results: EPS: JP¥197 (up from JP¥108 in 3Q 2023). Revenue: JP¥66.7b (down 14% from 3Q 2023). Net income: JP¥15.1b (up 77% from 3Q 2023). Profit margin: 23% (up from 11% in 3Q 2023). Revenue is forecast to grow 2.3% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Infrastructure industry in Asia. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has increased by 13% per year, which means it is well ahead of earnings. Announcement • Dec 08
Mitsubishi Logistics Corporation to Report Q3, 2024 Results on Jan 31, 2024 Mitsubishi Logistics Corporation announced that they will report Q3, 2024 results on Jan 31, 2024 Reported Earnings • Nov 02
Second quarter 2024 earnings released: EPS: JP¥51.66 (vs JP¥57.01 in 2Q 2023) Second quarter 2024 results: EPS: JP¥51.66 (down from JP¥57.01 in 2Q 2023). Revenue: JP¥62.5b (down 20% from 2Q 2023). Net income: JP¥4.03b (down 12% from 2Q 2023). Profit margin: 6.4% (up from 5.8% in 2Q 2023). Revenue is forecast to grow 1.1% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Infrastructure industry in Asia. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has increased by 13% per year, which means it is well ahead of earnings. Upcoming Dividend • Sep 21
Upcoming dividend of JP¥50.00 per share at 2.4% yield Eligible shareholders must have bought the stock before 28 September 2023. Payment date: 01 December 2023. Payout ratio is a comfortable 29% and this is well supported by cash flows. Trailing yield: 2.4%. Lower than top quartile of Japanese dividend payers (3.3%). Higher than average of industry peers (2.1%). Announcement • Aug 31
Mitsubishi Logistics Corporation to Report Q2, 2024 Results on Oct 31, 2023 Mitsubishi Logistics Corporation announced that they will report Q2, 2024 results on Oct 31, 2023 Reported Earnings • Aug 01
First quarter 2024 earnings released: EPS: JP¥69.56 (vs JP¥104 in 1Q 2023) First quarter 2024 results: EPS: JP¥69.56 (down from JP¥104 in 1Q 2023). Revenue: JP¥63.2b (down 17% from 1Q 2023). Net income: JP¥5.44b (down 36% from 1Q 2023). Profit margin: 8.6% (down from 11% in 1Q 2023). Revenue is expected to decline by 1.0% p.a. on average during the next 3 years, while revenues in the Infrastructure industry in Asia are expected to grow by 15%. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Announcement • Aug 01
Mitsubishi Logistics Corporation (TSE:9301) announces an Equity Buyback for 3,500,000 shares, representing 4.48% for ¥10,000 million. Mitsubishi Logistics Corporation (TSE:9301) announces a share repurchase program. Under the program, the company will repurchase 3,500,000 shares, representing 4.48% of its share capital, for ¥10,000 million. The company will repurchase its shares to flexibly enhance shareholder returns and improve capital efficiency. The program will run until March 29, 2023. As of June 30, 2023, the company had 78,180,323 shares outstanding (excluding treasury shares) and 3,780,416 shares in treasury. Announcement • Jun 10
Mitsubishi Logistics Corporation to Report Q1, 2024 Results on Jul 31, 2023 Mitsubishi Logistics Corporation announced that they will report Q1, 2024 results on Jul 31, 2023 Major Estimate Revision • Jun 03
Consensus EPS estimates increase by 11% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate increased from JP¥283 to JP¥315. Revenue forecast steady at JP¥264.8b. Net income forecast to shrink 10% next year vs 15% growth forecast for Infrastructure industry in Japan . Consensus price target of JP¥3,567 unchanged from last update. Share price was steady at JP¥3,410 over the past week. Reported Earnings • Apr 29
Full year 2023 earnings: EPS and revenues exceed analyst expectations Full year 2023 results: EPS: JP¥342 (up from JP¥219 in FY 2022). Revenue: JP¥300.6b (up 17% from FY 2022). Net income: JP¥27.2b (up 52% from FY 2022). Profit margin: 9.1% (up from 7.0% in FY 2022). Revenue exceeded analyst estimates by 3.0%. Earnings per share (EPS) also surpassed analyst estimates by 2.7%. Revenue is expected to decline by 8.1% p.a. on average during the next 2 years, while revenues in the Infrastructure industry in Japan are expected to grow by 6.5%. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has increased by 13% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥45.00 per share at 2.9% yield Eligible shareholders must have bought the stock before 30 March 2023. Payment date: 30 June 2023. Payout ratio is a comfortable 12% and this is well supported by cash flows. Trailing yield: 2.9%. Lower than top quartile of Japanese dividend payers (3.6%). Lower than average of industry peers (3.4%). Reported Earnings • Feb 01
Third quarter 2023 earnings released: EPS: JP¥108 (vs JP¥61.80 in 3Q 2022) Third quarter 2023 results: EPS: JP¥108 (up from JP¥61.80 in 3Q 2022). Revenue: JP¥77.7b (up 16% from 3Q 2022). Net income: JP¥8.57b (up 71% from 3Q 2022). Profit margin: 11% (up from 7.5% in 3Q 2022). Revenue is expected to decline by 5.9% p.a. on average during the next 3 years, while revenues in the Infrastructure industry in Japan are expected to grow by 11%. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Announcement • Nov 30
Mitsubishi Logistics Corporation to Report Q3, 2023 Results on Jan 31, 2023 Mitsubishi Logistics Corporation announced that they will report Q3, 2023 results on Jan 31, 2023 Reported Earnings • Nov 18
Second quarter 2023 earnings released: EPS: JP¥57.01 (vs JP¥43.58 in 2Q 2022) Second quarter 2023 results: EPS: JP¥57.01 (up from JP¥43.58 in 2Q 2022). Revenue: JP¥78.1b (up 29% from 2Q 2022). Net income: JP¥4.56b (up 29% from 2Q 2022). Profit margin: 5.8% (in line with 2Q 2022). Revenue is expected to decline by 4.7% p.a. on average during the next 3 years, while revenues in the Infrastructure industry in Japan are expected to grow by 9.9%. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 02
Second quarter 2023 earnings released: EPS: JP¥57.01 (vs JP¥43.58 in 2Q 2022) Second quarter 2023 results: EPS: JP¥57.01 (up from JP¥43.58 in 2Q 2022). Revenue: JP¥78.1b (up 29% from 2Q 2022). Net income: JP¥4.56b (up 29% from 2Q 2022). Profit margin: 5.8% (in line with 2Q 2022). Revenue is expected to decline by 4.7% p.a. on average during the next 3 years, while revenues in the Infrastructure industry in Japan are expected to grow by 10%. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥41.00 per share Eligible shareholders must have bought the stock before 29 September 2022. Payment date: 01 December 2022. Payout ratio is a comfortable 28% and this is well supported by cash flows. Trailing yield: 2.3%. Lower than top quartile of Japanese dividend payers (3.7%). Lower than average of industry peers (3.0%). Major Estimate Revision • Aug 05
Consensus revenue estimates increase by 20% The consensus outlook for revenues in 2023 has improved. 2023 revenue forecast increased from JP¥246.0b to JP¥295.6b. EPS estimate increased from JP¥228 to JP¥333 per share. Net income forecast to grow 9.5% next year vs 12% growth forecast for Infrastructure industry in Japan. Consensus price target up from JP¥3,333 to JP¥3,467. Share price rose 3.5% to JP¥3,680 over the past week. Reported Earnings • Jul 31
First quarter 2023 earnings released: EPS: JP¥104 (vs JP¥39.71 in 1Q 2022) First quarter 2023 results: EPS: JP¥104 (up from JP¥39.71 in 1Q 2022). Revenue: JP¥76.2b (up 34% from 1Q 2022). Net income: JP¥8.45b (up 158% from 1Q 2022). Profit margin: 11% (up from 5.7% in 1Q 2022). The increase in margin was driven by higher revenue. Over the next year, revenue is expected to shrink by 4.0% compared to a 54% growth forecast for the industry in Japan. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • Jun 14
Consensus forecasts updated The consensus outlook for 2023 has been updated. 2023 EPS estimate increased from JP¥203 to JP¥228. Revenue forecast steady at JP¥246.0b. Net income forecast to grow 3.2% next year vs 12% growth forecast for Infrastructure industry in Japan. Consensus price target up from JP¥3,250 to JP¥3,350. Share price rose 2.9% to JP¥3,185 over the past week. Reported Earnings • Apr 30
Full year 2022 earnings: EPS and revenues exceed analyst expectations Full year 2022 results: EPS: JP¥219 (down from JP¥462 in FY 2021). Revenue: JP¥257.2b (up 20% from FY 2021). Net income: JP¥17.9b (down 54% from FY 2021). Profit margin: 7.0% (down from 18% in FY 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 4.0%. Earnings per share (EPS) also surpassed analyst estimates by 6.4%. Over the next year, revenue is expected to shrink by 5.7% compared to a 49% growth forecast for the industry in Japan. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥39.00 per share Eligible shareholders must have bought the stock before 30 March 2022. Payment date: 30 June 2022. Payout ratio is a comfortable 14% but the company is not cash flow positive. Trailing yield: 2.7%. Lower than top quartile of Japanese dividend payers (3.4%). In line with average of industry peers (3.0%). Reported Earnings • Feb 02
Third quarter 2022 earnings: EPS exceeds analyst expectations Third quarter 2022 results: EPS: JP¥61.80 (up from JP¥28.63 in 3Q 2021). Revenue: JP¥66.9b (up 25% from 3Q 2021). Net income: JP¥5.02b (up 108% from 3Q 2021). Profit margin: 7.5% (up from 4.5% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 3.3%. Over the next year, revenue is expected to shrink by 2.3% compared to a 42% growth forecast for the industry in Japan. Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • Feb 02
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 consensus EPS increased from JP¥185 to JP¥205. Revenues were reaffirmed at JP¥242.2b. Net income forecast to shrink 4.0% next year vs 14% growth forecast for Infrastructure industry in Japan . Consensus price target of JP¥3,267 unchanged from last update. Share price rose 2.1% to JP¥2,767 over the past week. Reported Earnings • Oct 31
Second quarter 2022 earnings released: EPS JP¥43.58 (vs JP¥336 in 2Q 2021) The company reported a soft second quarter result with weaker earnings and profit margins, although revenues improved. Second quarter 2022 results: Revenue: JP¥60.7b (up 19% from 2Q 2021). Net income: JP¥3.55b (down 88% from 2Q 2021). Profit margin: 5.8% (down from 56% in 2Q 2021). 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 only increased by 6% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥39.00 per share Eligible shareholders must have bought the stock before 29 September 2021. Payment date: 01 December 2021. Trailing yield: 2.4%. Lower than top quartile of Japanese dividend payers (3.0%). In line with average of industry peers (2.6%). Reported Earnings • Aug 04
First quarter 2022 earnings released: EPS JP¥39.71 (vs JP¥18.96 in 1Q 2021) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2022 results: Revenue: JP¥56.9b (up 13% from 1Q 2021). Net income: JP¥3.27b (up 101% from 1Q 2021). Profit margin: 5.7% (up from 3.2% in 1Q 2021). Over the last 3 years on average, earnings per share has increased by 58% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 04
Full year 2021 earnings released: EPS JP¥462 (vs JP¥137 in FY 2020) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2021 results: Revenue: JP¥213.7b (down 6.7% from FY 2020). Net income: JP¥39.2b (up 230% from FY 2020). Profit margin: 18% (up from 5.2% in FY 2020). Over the last 3 years on average, earnings per share has increased by 53% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥30.00 per share Eligible shareholders must have bought the stock before 30 March 2021. Payment date: 29 June 2021. Trailing yield: 1.7%. Lower than top quartile of Japanese dividend payers (2.7%). Lower than average of industry peers (2.2%). Is New 90 Day High Low • Feb 24
New 90-day high: JP¥3,450 The company is up 13% from its price of JP¥3,055 on 26 November 2020. The Japanese market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Infrastructure industry, which is down 3.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is JP¥925 per share. Is New 90 Day High Low • Feb 08
New 90-day high: JP¥3,230 The company is up 1.0% from its price of JP¥3,185 on 10 November 2020. The Japanese market is up 12% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Infrastructure industry, which is up 8.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is JP¥946 per share. Reported Earnings • Feb 03
Third quarter 2021 earnings released: EPS JP¥28.63 (vs JP¥38.38 in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: JP¥53.4b (down 4.0% from 3Q 2020). Net income: JP¥2.41b (down 27% from 3Q 2020). Profit margin: 4.5% (down from 5.9% in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 43% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Analyst Estimate Surprise Post Earnings • Feb 03
Revenue and earnings miss expectations Revenue missed analyst estimates by 1.1%. Earnings per share (EPS) also missed analyst estimates by 5.4%. Over the next year, revenue is forecast to grow 4.8%, compared to a 11% growth forecast for the Infrastructure industry in Japan. Is New 90 Day High Low • Jan 14
New 90-day high: JP¥3,205 The company is up 10.0% from its price of JP¥2,905 on 16 October 2020. The Japanese market is up 13% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Infrastructure industry, which is up 13% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is JP¥951 per share.