Reported Earnings • Aug 15
Second quarter 2025 earnings released: EPS: JP¥25.38 (vs JP¥42.91 in 2Q 2024) Second quarter 2025 results: EPS: JP¥25.38 (down from JP¥42.91 in 2Q 2024). Revenue: JP¥4.21b (down 9.3% from 2Q 2024). Net income: JP¥352.0m (down 41% from 2Q 2024). Profit margin: 8.4% (down from 13% in 2Q 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 11% p.a. on average during the next 3 years, while revenues in the Shipping industry in Japan are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has increased by 19% per year, which means it is well ahead of earnings. Announcement • Aug 14
Godo Kaisha JSHD and management of Nippon Concept completed the acquisition of 58.60% stake in Nippon Concept Corporation (TSE:9386) from Takayoshi Matsumoto, M and M Co.,Ltd. and others for ¥24.9 billion. Godo Kaisha JSHD and management of Nippon Concept proposed to acquire 71% stake in Nippon Concept Corporation (TSE:9386) from Takayoshi Matsumoto, M and M Co.,Ltd. and others for ¥30.1 billion on June 30, 2025. Godo Kaisha JSHD intends to make Nippon Concept Corporation a wholly owned subsidiary through the Tender Offer and a series of procedures scheduled thereafter and that the Nippon Concept Corporation shares are scheduled to be delisted. As per the terms Godo Kaisha JSHD will pay ¥3060 per share for 9.845975 million shares.
The tender offer is subject to minimum tender of 5,223,400 shares. The offer period will end on August 13, 2025.
Yebisu Matsumoto Law Office and Nishimura & Asahi acted as legal advisor to Nippon Concept Corporation. Akasaka International Tax & Co., Investment Banking Arm, AGS Consulting Co., Ltd. and WithCore acted as financial advisor to Nippon Concept Corporation. Takayoshi Matsumoto appointed Aoyama Zaisan Networks Co., Ltd. and Aozora Bank as a financial advisor, and TMI Associates as a legal advisor.
Godo Kaisha JSHD and management of Nippon Concept completed the acquisition of 58.60% stake in Nippon Concept Corporation (TSE:9386) from Takayoshi Matsumoto, M and M Co.,Ltd. and others for ¥24.9 billion on August 13, 2025. New Risk • Jul 17
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. Cash payout ratio: 0% Dividend yield: 2.6% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. 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: Major Risk Shares are highly illiquid. Minor Risk Dividend is not well covered by cash flows (0% cash payout ratio). New Risk • Jul 01
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Japanese stocks, typically moving 4.9% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • Jul 01
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to JP¥2,731, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 8x in the Shipping industry in Japan. Total returns to shareholders of 116% over the past three years. Upcoming Dividend • Jun 20
Upcoming dividend of JP¥40.00 per share Eligible shareholders must have bought the stock before 27 June 2025. Payment date: 02 September 2025. Payout ratio is a comfortable 56% and this is well supported by cash flows. Trailing yield: 3.7%. Lower than top quartile of Japanese dividend payers (4.0%). Lower than average of industry peers (4.4%). Announcement • Jun 03
Nippon Concept Corporation to Report First Half, 2025 Results on Aug 13, 2025 Nippon Concept Corporation announced that they will report first half, 2025 results on Aug 13, 2025 Reported Earnings • May 21
First quarter 2025 earnings released: EPS: JP¥17.16 (vs JP¥31.66 in 1Q 2024) First quarter 2025 results: EPS: JP¥17.16 (down from JP¥31.66 in 1Q 2024). Revenue: JP¥4.51b (up 11% from 1Q 2024). Net income: JP¥238.0m (down 46% from 1Q 2024). Profit margin: 5.3% (down from 11% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 9.1% p.a. on average during the next 3 years, while revenues in the Shipping industry in Japan are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Declared Dividend • May 20
Final dividend of JP¥40.00 announced Shareholders will receive a dividend of JP¥40.00. Ex-date: 27th June 2025 Payment date: 2nd September 2025 Dividend yield will be 4.8%, which is higher than the industry average of 3.0%. Sustainability & Growth Dividend is covered by both earnings (50% earnings payout ratio) and cash flows (59% cash payout ratio). The dividend has increased by an average of 18% 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 grow by 42% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to JP¥1,572, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 8x in the Shipping industry in Asia. Total returns to shareholders of 21% over the past three years. Announcement • Mar 13
Nippon Concept Corporation to Report Q1, 2025 Results on May 15, 2025 Nippon Concept Corporation announced that they will report Q1, 2025 results on May 15, 2025 Reported Earnings • Feb 15
Full year 2024 earnings: EPS misses analyst expectations Full year 2024 results: EPS: JP¥139 (down from JP¥175 in FY 2023). Revenue: JP¥18.2b (up 5.4% from FY 2023). Net income: JP¥1.93b (down 21% from FY 2023). Profit margin: 11% (down from 14% in FY 2023). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 2.0%. Revenue is forecast to grow 8.7% p.a. on average during the next 2 years, compared to a 2.1% decline forecast for the Shipping industry in Asia. Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Announcement • Feb 13
Nippon Concept Corporation, Annual General Meeting, Mar 27, 2025 Nippon Concept Corporation, Annual General Meeting, Mar 27, 2025. Upcoming Dividend • Dec 20
Upcoming dividend of JP¥40.00 per share Eligible shareholders must have bought the stock before 27 December 2024. Payment date: 28 March 2025. Payout ratio is a comfortable 19% and this is well supported by cash flows. Trailing yield: 3.3%. Lower than top quartile of Japanese dividend payers (3.8%). Lower than average of industry peers (5.1%). Announcement • Dec 13
Nippon Concept Corporation to Report Fiscal Year 2024 Results on Feb 13, 2025 Nippon Concept Corporation announced that they will report fiscal year 2024 results on Feb 13, 2025 Announcement • Sep 04
Nippon Concept Corporation to Report Nine Months, 2024 Results on Nov 13, 2024 Nippon Concept Corporation announced that they will report nine months, 2024 results on Nov 13, 2024 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¥1,445, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 9x in the Shipping industry in Asia. Total loss to shareholders of 31% over the past three years. Major Estimate Revision • Jun 22
Consensus EPS estimates fall by 12% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from JP¥19.4b to JP¥18.3b. EPS estimate also fell from JP¥168 per share to JP¥149 per share. Net income forecast to grow 3.1% next year vs 37% growth forecast for Shipping industry in Japan. Consensus price target down from JP¥2,800 to JP¥2,500. Share price fell 3.9% to JP¥1,842 over the past week. Price Target Changed • Jun 21
Price target decreased by 17% to JP¥2,500 Down from JP¥3,000, the current price target is provided by 1 analyst. New target price is 36% above last closing price of JP¥1,842. Stock is up 4.0% over the past year. The company is forecast to post earnings per share of JP¥149 for next year compared to JP¥175 last year. Upcoming Dividend • Jun 20
Upcoming dividend of JP¥55.00 per share Eligible shareholders must have bought the stock before 27 June 2024. Payment date: 28 August 2024. Payout ratio is a comfortable 33% and this is well supported by cash flows. Trailing yield: 3.1%. Lower than top quartile of Japanese dividend payers (3.4%). Lower than average of industry peers (3.6%). Announcement • Jun 18
Nippon Concept Corporation to Report First Half, 2024 Results on Aug 13, 2024 Nippon Concept Corporation announced that they will report first half, 2024 results on Aug 13, 2024 Reported Earnings • May 18
First quarter 2024 earnings released: EPS: JP¥31.66 (vs JP¥56.97 in 1Q 2023) First quarter 2024 results: EPS: JP¥31.66 (down from JP¥56.97 in 1Q 2023). Revenue: JP¥4.05b (down 16% from 1Q 2023). Net income: JP¥439.0m (down 44% from 1Q 2023). Profit margin: 11% (down from 16% in 1Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 14% p.a. on average during the next 3 years, while revenues in the Shipping industry in Asia are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Announcement • Mar 15
Nippon Concept Corporation to Report Q1, 2024 Results on May 14, 2024 Nippon Concept Corporation announced that they will report Q1, 2024 results on May 14, 2024 Announcement • Feb 15
Nippon Concept Corporation, Annual General Meeting, Mar 27, 2024 Nippon Concept Corporation, Annual General Meeting, Mar 27, 2024. Reported Earnings • Feb 15
Full year 2023 earnings: EPS in line with expectations, revenues disappoint Full year 2023 results: EPS: JP¥175 (down from JP¥235 in FY 2022). Revenue: JP¥17.3b (down 25% from FY 2022). Net income: JP¥2.43b (down 26% from FY 2022). Profit margin: 14% (in line with FY 2022). Revenue missed analyst estimates by 6.5%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 15% p.a. on average during the next 2 years, compared to a 2.8% decline forecast for the Shipping industry in Asia. Over the last 3 years on average, earnings per share has increased by 30% 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 • Dec 21
Upcoming dividend of JP¥25.00 per share at 3.0% yield Eligible shareholders must have bought the stock before 28 December 2023. Payment date: 29 March 2024. Payout ratio is a comfortable 21% and this is well supported by cash flows. Trailing yield: 3.0%. Lower than top quartile of Japanese dividend payers (3.5%). In line with average of industry peers (3.3%). Announcement • Nov 27
Nippon Concept Corporation to Report Fiscal Year 2023 Results on Feb 13, 2024 Nippon Concept Corporation announced that they will report fiscal year 2023 results on Feb 13, 2024 Reported Earnings • Nov 18
Third quarter 2023 earnings released: EPS: JP¥42.62 (vs JP¥62.88 in 3Q 2022) Third quarter 2023 results: EPS: JP¥42.62 (down from JP¥62.88 in 3Q 2022). Revenue: JP¥4.17b (down 30% from 3Q 2022). Net income: JP¥591.0m (down 32% from 3Q 2022). Profit margin: 14% (in line with 3Q 2022). Revenue is forecast to grow 9.0% p.a. on average during the next 3 years, compared to a 2.9% decline forecast for the Shipping industry in Asia. Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Announcement • Sep 01
Nippon Concept Corporation to Report Nine Months, 2023 Results on Nov 14, 2023 Nippon Concept Corporation announced that they will report nine months, 2023 results on Nov 14, 2023 Reported Earnings • Aug 16
Second quarter 2023 earnings released: EPS: JP¥48.24 (vs JP¥65.40 in 2Q 2022) Second quarter 2023 results: EPS: JP¥48.24 (down from JP¥65.40 in 2Q 2022). Revenue: JP¥4.22b (down 29% from 2Q 2022). Net income: JP¥669.0m (down 26% from 2Q 2022). Profit margin: 16% (in line with 2Q 2022). Revenue is forecast to grow 7.5% p.a. on average during the next 3 years, compared to a 9.9% decline forecast for the Shipping industry in Asia. Over the last 3 years on average, earnings per share has increased by 42% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. New Risk • Jul 19
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 5.3% 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. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • Jul 13
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to JP¥2,094, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 8x in the Shipping industry in Asia. Total returns to shareholders of 77% over the past three years. Upcoming Dividend • Jun 22
Upcoming dividend of JP¥25.00 per share at 2.9% yield Eligible shareholders must have bought the stock before 29 June 2023. Payment date: 29 August 2023. Payout ratio is a comfortable 15% and this is well supported by cash flows. Trailing yield: 2.9%. Lower than top quartile of Japanese dividend payers (3.5%). Lower than average of industry peers (5.0%). Announcement • Jun 02
Nippon Concept Corporation to Report Q2, 2023 Results on Aug 14, 2023 Nippon Concept Corporation announced that they will report Q2, 2023 results on Aug 14, 2023 Reported Earnings • May 19
First quarter 2023 earnings released: EPS: JP¥56.97 (vs JP¥56.82 in 1Q 2022) First quarter 2023 results: EPS: JP¥56.97 (up from JP¥56.82 in 1Q 2022). Revenue: JP¥4.80b (down 8.4% from 1Q 2022). Net income: JP¥790.0m (flat on 1Q 2022). Profit margin: 16% (up from 15% in 1Q 2022). The increase in margin was driven by lower expenses. Revenue is forecast to grow 4.1% p.a. on average during the next 2 years, compared to a 12% decline forecast for the Shipping industry in Asia. 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. Reported Earnings • Mar 31
Full year 2022 earnings: EPS and revenues exceed analyst expectations Full year 2022 results: EPS: JP¥235 (up from JP¥138 in FY 2021). Revenue: JP¥23.1b (up 36% from FY 2021). Net income: JP¥3.26b (up 70% from FY 2021). Profit margin: 14% (up from 11% in FY 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 4.9%. Earnings per share (EPS) also surpassed analyst estimates by 4.3%. Revenue is forecast to grow 2.4% p.a. on average during the next 2 years, compared to a 19% decline forecast for the Shipping industry in Asia. Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Reported Earnings • Feb 16
Full year 2022 earnings: EPS and revenues exceed analyst expectations Full year 2022 results: EPS: JP¥235 (up from JP¥138 in FY 2021). Revenue: JP¥23.1b (up 36% from FY 2021). Net income: JP¥3.26b (up 70% from FY 2021). Profit margin: 14% (up from 11% in FY 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 4.9%. Earnings per share (EPS) also surpassed analyst estimates by 4.3%. Revenue is forecast to grow 2.4% p.a. on average during the next 2 years, compared to a 17% decline forecast for the Shipping industry in Asia. Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Announcement • Dec 26
Nippon Concept Corporation to Report Fiscal Year 2022 Results on Feb 14, 2023 Nippon Concept Corporation announced that they will report fiscal year 2022 results on Feb 14, 2023 Upcoming Dividend • Dec 22
Upcoming dividend of JP¥17.50 per share Eligible shareholders must have bought the stock before 29 December 2022. Payment date: 31 March 2023. Payout ratio is a comfortable 15% and this is well supported by cash flows. Trailing yield: 2.3%. Lower than top quartile of Japanese dividend payers (3.8%). Lower than average of industry peers (14%). Reported Earnings • Nov 16
Third quarter 2022 earnings released: EPS: JP¥62.88 (vs JP¥42.18 in 3Q 2021) Third quarter 2022 results: EPS: JP¥62.88 (up from JP¥42.18 in 3Q 2021). Revenue: JP¥5.98b (up 31% from 3Q 2021). Net income: JP¥872.0m (up 49% from 3Q 2021). Profit margin: 15% (up from 13% in 3Q 2021). 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 16% decline forecast for the Shipping industry in Asia. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 5 non-independent directors. Independent Outside Director Osamu Sakurada was the last independent director to join the board, commencing their role in 2018. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Aug 31
Nippon Concept Corporation to Report Q3, 2022 Results on Nov 14, 2022 Nippon Concept Corporation announced that they will report Q3, 2022 results on Nov 14, 2022 Reported Earnings • Aug 12
Second quarter 2022 earnings released: EPS: JP¥65.40 (vs JP¥33.32 in 2Q 2021) Second quarter 2022 results: EPS: JP¥65.40 (up from JP¥33.32 in 2Q 2021). Revenue: JP¥5.97b (up 54% from 2Q 2021). Net income: JP¥907.0m (up 96% from 2Q 2021). Profit margin: 15% (up from 12% in 2Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to stay flat compared to a 2.5% growth forecast for the industry in Japan. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jun 22
Upcoming dividend of JP¥17.50 per share Eligible shareholders must have bought the stock before 29 June 2022. Payment date: 30 August 2022. Payout ratio is a comfortable 18% and this is well supported by cash flows. Trailing yield: 2.1%. Lower than top quartile of Japanese dividend payers (3.8%). Lower than average of industry peers (9.0%). Announcement • Jun 02
Nippon Concept Corporation to Report Q2, 2022 Results on Aug 10, 2022 Nippon Concept Corporation announced that they will report Q2, 2022 results on Aug 10, 2022 Reported Earnings • May 17
First quarter 2022 earnings: EPS and revenues exceed analyst expectations First quarter 2022 results: EPS: JP¥56.82 (up from JP¥24.09 in 1Q 2021). Revenue: JP¥5.24b (up 43% from 1Q 2021). Net income: JP¥788.0m (up 136% from 1Q 2021). Profit margin: 15% (up from 9.1% in 1Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 15%. Earnings per share (EPS) also surpassed analyst estimates by 6.7%. Over the next year, revenue is forecast to grow 1.4%, compared to a 3.8% growth forecast for the industry in Japan. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 5 non-independent directors. Independent Outside Director Osamu Sakurada was the last independent director to join the board, commencing their role in 2018. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Feb 26
Nippon Concept Corporation to Report Q1, 2022 Results on May 12, 2022 Nippon Concept Corporation announced that they will report Q1, 2022 results on May 12, 2022 Reported Earnings • Feb 16
Full year 2021 earnings: EPS and revenues exceed analyst expectations Full year 2021 results: EPS: JP¥138 (up from JP¥74.20 in FY 2020). Revenue: JP¥17.0b (up 39% from FY 2020). Net income: JP¥1.92b (up 87% from FY 2020). Profit margin: 11% (up from 8.4% in FY 2020). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.8%. Earnings per share (EPS) also surpassed analyst estimates by 6.7%. Over the next year, revenue is forecast to grow 4.4%, compared to a 16% growth forecast for the industry in Japan. 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 11% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Feb 16
Nippon Concept Corporation, Annual General Meeting, Mar 30, 2022 Nippon Concept Corporation, Annual General Meeting, Mar 30, 2022. Valuation Update With 7 Day Price Move • Jan 25
Investor sentiment deteriorated over the past week After last week's 16% share price decline to JP¥1,317, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 6x in the Shipping industry in Asia. Total returns to shareholders of 40% over the past three years. 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: 29 March 2022. Payout ratio is a comfortable 13% and this is well supported by cash flows. Trailing yield: 1.8%. Lower than top quartile of Japanese dividend payers (3.3%). Lower than average of industry peers (7.9%). Reported Earnings • Nov 12
Third quarter 2021 earnings released: EPS JP¥42.18 (vs JP¥20.62 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: JP¥4.57b (up 49% from 3Q 2020). Net income: JP¥585.0m (up 105% from 3Q 2020). Profit margin: 13% (up from 9.4% in 3Q 2020). The increase in margin was driven by higher revenue. 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 20% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Oct 05
Investor sentiment deteriorated over the past week After last week's 19% share price decline to JP¥1,677, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 9x in the Shipping industry in Asia. Total returns to shareholders of 50% over the past three years. Valuation Update With 7 Day Price Move • Sep 20
Investor sentiment improved over the past week After last week's 16% share price gain to JP¥2,347, the stock trades at a forward P/E ratio of 24x. Average forward P/E is 10x in the Shipping industry in Asia. Total returns to shareholders of 111% over the past three years. Reported Earnings • Aug 13
Second quarter 2021 earnings released: EPS JP¥33.32 (vs JP¥18.32 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: JP¥3.88b (up 33% from 2Q 2020). Net income: JP¥462.0m (up 82% from 2Q 2020). Profit margin: 12% (up from 8.7% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 21% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Jul 30
Investor sentiment improved over the past week After last week's 18% share price gain to JP¥2,380, the stock trades at a forward P/E ratio of 25x. Average forward P/E is 10x in the Shipping industry in Asia. Total returns to shareholders of 92% over the past three years. Upcoming Dividend • Jun 22
Upcoming dividend of JP¥15.00 per share Eligible shareholders must have bought the stock before 29 June 2021. Payment date: 31 August 2021. Trailing yield: 1.8%. Lower than top quartile of Japanese dividend payers (3.0%). Lower than average of industry peers (3.5%). Reported Earnings • May 16
First quarter 2021 earnings released: EPS JP¥24.09 (vs JP¥18.60 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: JP¥3.68b (up 17% from 1Q 2020). Net income: JP¥334.0m (up 30% from 1Q 2020). Profit margin: 9.1% (up from 8.2% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Reported Earnings • Apr 01
Full year 2020 earnings released: EPS JP¥74.20 (vs JP¥101 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: JP¥12.3b (down 3.4% from FY 2019). Net income: JP¥1.03b (down 27% from FY 2019). Profit margin: 8.4% (down from 11% in FY 2019). Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Announcement • Mar 03
Nippon Concept Corporation to Report Q1, 2021 Results on May 13, 2021 Nippon Concept Corporation announced that they will report Q1, 2021 results on May 13, 2021 Is New 90 Day High Low • Mar 01
New 90-day high: JP¥1,821 The company is up 2.0% from its price of JP¥1,787 on 01 December 2020. The Japanese market is up 6.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Shipping industry, which is up 23% over the same period. Reported Earnings • Feb 14
Full year 2020 earnings released: EPS JP¥74.20 (vs JP¥101 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: JP¥12.3b (down 3.4% from FY 2019). Net income: JP¥1.03b (down 27% from FY 2019). Profit margin: 8.4% (down from 11% in FY 2019). Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Analyst Estimate Surprise Post Earnings • Feb 14
Revenue beats expectations, earnings disappoint Revenue exceeded analyst estimates by 0.6%. Earnings per share (EPS) missed analyst estimates by 4.7%. Over the next year, revenue is forecast to grow 3.9%, compared to a 14% growth forecast for the Shipping industry in Japan. Announcement • Feb 12
Nippon Concept Corporation, Annual General Meeting, Mar 26, 2021 Nippon Concept Corporation, Annual General Meeting, Mar 26, 2021. Is New 90 Day High Low • Jan 20
New 90-day low: JP¥1,462 The company is down 2.0% from its price of JP¥1,486 on 22 October 2020. The Japanese market is up 13% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Shipping industry, which is up 25% over the same period. Upcoming Dividend • Dec 22
Upcoming Dividend of JP¥15.00 Per Share Will be paid on the 27th of March to those who are registered shareholders by the 29th of December. The trailing yield of 1.7% is below the top quartile of Japanese dividend payers (3.0%), but is in line with industry peers (1.8%). Announcement • Dec 19
Nippon Concept Corporation to Report Fiscal Year 2020 Results on Feb 10, 2021 Nippon Concept Corporation announced that they will report fiscal year 2020 results on Feb 10, 2021 Announcement • Aug 30
Nippon Concept Corporation to Report Q3, 2020 Results on Nov 12, 2020 Nippon Concept Corporation announced that they will report Q3, 2020 results on Nov 12, 2020