New Risk • Jun 30
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.06% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (8.8% operating cash flow to total debt). Earnings are forecast to decline by an average of 0.06% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Board Change • Jun 25
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 5 non-independent directors. Independent Outside Director Hitoshi Tsunekage was the last independent director to join the board, commencing their role in 2025. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Jun 03
Ichinen Holdings Co.,Ltd. to Report Q1, 2027 Results on Aug 05, 2026 Ichinen Holdings Co.,Ltd. announced that they will report Q1, 2027 results at 3:00 PM, Tokyo Standard Time on Aug 05, 2026 Reported Earnings • May 06
Full year 2026 earnings: EPS exceeds analyst expectations Full year 2026 results: EPS: JP¥323 (up from JP¥280 in FY 2025). Revenue: JP¥162.3b (up 4.7% from FY 2025). Net income: JP¥7.65b (up 15% from FY 2025). Profit margin: 4.7% (up from 4.3% in FY 2025). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 18%. Revenue is forecast to grow 3.3% p.a. on average during the next 2 years, compared to a 2.5% growth forecast for the Transportation industry in Japan. 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 17% per year, which means it is well ahead of earnings. Announcement • May 01
Ichinen Holdings Co.,Ltd., Annual General Meeting, Jun 17, 2026 Ichinen Holdings Co.,Ltd., Annual General Meeting, Jun 17, 2026. Announcement • Apr 22
Ichinen Holdings Co.,Ltd. to Report Fiscal Year 2026 Results on May 01, 2026 Ichinen Holdings Co.,Ltd. announced that they will report fiscal year 2026 results on May 01, 2026 Upcoming Dividend • Mar 23
Upcoming dividend of JP¥42.00 per share Eligible shareholders must have bought the stock before 30 March 2026. Payment date: 18 June 2026. Payout ratio is a comfortable 23% but the company is paying out more than the cash it is generating. Trailing yield: 4.1%. Within top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (1.9%). Reported Earnings • Feb 10
Third quarter 2026 earnings released: EPS: JP¥74.54 (vs JP¥74.27 in 3Q 2025) Third quarter 2026 results: EPS: JP¥74.54 (up from JP¥74.27 in 3Q 2025). Revenue: JP¥40.6b (up 5.3% from 3Q 2025). Net income: JP¥1.77b (flat on 3Q 2025). Profit margin: 4.3% (down from 4.5% in 3Q 2025). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 3.5% p.a. on average during the next 3 years, compared to a 2.2% growth forecast for the Transportation industry in Japan. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has increased by 20% per year, which means it is tracking significantly ahead of earnings growth. Declared Dividend • Nov 29
First half dividend of JP¥35.00 announced Shareholders will receive a dividend of JP¥35.00. Ex-date: 30th March 2026 Payment date: 18th June 2026 Dividend yield will be 3.5%, which is higher than the industry average of 1.3%. Sustainability & Growth Dividend is covered by earnings (23% earnings payout ratio) but not covered by cash flows (242% cash payout ratio). The dividend has increased by an average of 12% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 5.0% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Nov 08
Ichinen Holdings Co.,Ltd. to Report Q3, 2026 Results on Feb 09, 2026 Ichinen Holdings Co.,Ltd. announced that they will report Q3, 2026 results on Feb 09, 2026 Reported Earnings • Nov 06
Second quarter 2026 earnings released: EPS: JP¥78.93 (vs JP¥65.76 in 2Q 2025) Second quarter 2026 results: EPS: JP¥78.93 (up from JP¥65.76 in 2Q 2025). Revenue: JP¥39.5b (up 3.8% from 2Q 2025). Net income: JP¥1.87b (up 19% from 2Q 2025). Profit margin: 4.7% (up from 4.1% in 2Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 2.4% p.a. on average during the next 3 years, compared to a 2.1% growth forecast for the Transportation industry in Japan. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has increased by 18% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥38.00 per share Eligible shareholders must have bought the stock before 29 September 2025. Payment date: 01 December 2025. Payout ratio is a comfortable 23% and the cash payout ratio is 88%. Trailing yield: 3.5%. Lower than top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (1.8%). Announcement • Aug 20
Ichinen Holdings Co.,Ltd. to Report Q2, 2026 Results on Nov 04, 2025 Ichinen Holdings Co.,Ltd. announced that they will report Q2, 2026 results on Nov 04, 2025 Reported Earnings • Aug 09
First quarter 2026 earnings released: EPS: JP¥105 (vs JP¥94.50 in 1Q 2025) First quarter 2026 results: EPS: JP¥105 (up from JP¥94.50 in 1Q 2025). Revenue: JP¥41.1b (up 4.1% from 1Q 2025). Net income: JP¥2.47b (up 8.7% from 1Q 2025). Profit margin: 6.0% (up from 5.8% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 3.8% p.a. on average during the next 3 years, compared to a 2.1% growth forecast for the Transportation industry in Japan. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Declared Dividend • Jul 09
Final dividend increased to JP¥35.00 Dividend of JP¥35.00 is 6.1% higher than last year. Ex-date: 29th September 2025 Payment date: 1st December 2025 Dividend yield will be 4.4%, which is higher than the industry average of 1.3%. Sustainability & Growth Dividend is covered by both earnings (20% earnings payout ratio) and cash flows (87% cash payout ratio). The dividend has increased by an average of 11% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 9.5% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Jun 20
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: EPS: JP¥280 (down from JP¥509 in FY 2024). Revenue: JP¥154.9b (up 12% from FY 2024). Net income: JP¥6.66b (down 46% from FY 2024). Profit margin: 4.3% (down from 8.9% in FY 2024). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 3.4%. Earnings per share (EPS) also missed analyst estimates by 1.5%. Revenue is forecast to grow 3.9% p.a. on average during the next 3 years, compared to a 1.9% growth forecast for the Transportation 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 9% per year, which means it is significantly lagging earnings growth. Announcement • Jun 19
Ichinen Holdings Co.,Ltd. to Report Q1, 2026 Results on Aug 08, 2025 Ichinen Holdings Co.,Ltd. announced that they will report Q1, 2026 results on Aug 08, 2025 Reported Earnings • May 03
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: EPS: JP¥280 (down from JP¥509 in FY 2024). Revenue: JP¥154.9b (up 12% from FY 2024). Net income: JP¥6.66b (down 46% from FY 2024). Profit margin: 4.3% (down from 8.9% in FY 2024). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 3.4%. Earnings per share (EPS) also missed analyst estimates by 1.5%. Revenue is forecast to grow 4.8% p.a. on average during the next 2 years, compared to a 2.4% growth forecast for the Transportation 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 10% per year, which means it is significantly lagging earnings growth. Announcement • Apr 01
Ichinen Holdings Co.,Ltd. (TSE:9619) acquired Glass Product Manufacturing and Sales Business of Nisseki Glass Kogyo Co., Ltd. from Nisseki Glass Kogyo Co., Ltd. Ichinen Holdings Co.,Ltd. (TSE:9619) agreed to acquire Glass Product Manufacturing and Sales Business of Nisseki Glass Kogyo Co., Ltd. from Nisseki Glass Kogyo Co., Ltd. on February 10, 2025. For the period ending October 31, 2024, Glass Product Manufacturing and Sales Business of Nisseki Glass Kogyo Co., Ltd. reported total revenue of ¥674 million, EBIT of ¥68 million and net income of ¥50 million. The expected completion of the transaction is March 31, 2025.
Ichinen Holdings Co.,Ltd. (TSE:9619) completed the acquisition of Glass Product Manufacturing and Sales Business of Nisseki Glass Kogyo Co., Ltd. from Nisseki Glass Kogyo Co., Ltd. on March 31, 2025. Announcement • Mar 25
Ichinen Holdings Co.,Ltd. to Report Fiscal Year 2025 Results on May 02, 2025 Ichinen Holdings Co.,Ltd. announced that they will report fiscal year 2025 results on May 02, 2025 Reported Earnings • Feb 06
Third quarter 2025 earnings released: EPS: JP¥74.27 (vs JP¥307 in 3Q 2024) Third quarter 2025 results: EPS: JP¥74.27 (down from JP¥307 in 3Q 2024). Revenue: JP¥38.6b (up 4.0% from 3Q 2024). Net income: JP¥1.75b (down 76% from 3Q 2024). Profit margin: 4.5% (down from 20% in 3Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 4.2% p.a. on average during the next 3 years, compared to a 2.6% growth forecast for the Transportation industry in Japan. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Announcement • Dec 04
Ichinen Holdings Co.,Ltd. to Report Q3, 2025 Results on Feb 05, 2025 Ichinen Holdings Co.,Ltd. announced that they will report Q3, 2025 results on Feb 05, 2025 Declared Dividend • Nov 30
First half dividend of JP¥30.00 announced Shareholders will receive a dividend of JP¥30.00. Ex-date: 28th March 2025 Payment date: 19th June 2025 Dividend yield will be 3.4%, which is higher than the industry average of 1.3%. Sustainability & Growth Dividend is well covered by both earnings (6% earnings payout ratio) and cash flows (21% cash payout ratio). The dividend has increased by an average of 10% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to decline by 47% over the next 3 years. However, it would need to fall by 94% to increase the payout ratio to a potentially unsustainable range. 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 6.4% 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 Risks Debt is not well covered by operating cash flow (7.9% operating cash flow to total debt). Earnings are forecast to decline by an average of 23% per year for the foreseeable future. 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 (6.4% average weekly change). Large one-off items impacting financial results. Reported Earnings • Nov 02
Second quarter 2025 earnings released: EPS: JP¥65.75 (vs JP¥64.03 in 2Q 2024) Second quarter 2025 results: EPS: JP¥65.75 (up from JP¥64.03 in 2Q 2024). Revenue: JP¥38.1b (up 21% from 2Q 2024). Net income: JP¥1.57b (up 1.7% from 2Q 2024). Profit margin: 4.1% (down from 4.9% in 2Q 2024). Revenue is forecast to grow 4.4% p.a. on average during the next 3 years, compared to a 2.8% growth forecast for the Transportation industry in Japan. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Sep 10
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 7.6% to JP¥1,752. The fair value is estimated to be JP¥1,429, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 6.8% over the last 3 years. Earnings per share has grown by 36%. Revenue is forecast to grow by 15% in 2 years. Earnings are forecast to decline by 51% in the next 2 years. Announcement • Aug 28
Ichinen Holdings Co.,Ltd. to Report Q2, 2025 Results on Oct 31, 2024 Ichinen Holdings Co.,Ltd. announced that they will report Q2, 2025 results on Oct 31, 2024 Announcement • Aug 09
Ichinen Holdings Co.,Ltd. (TSE:9619) announces an Equity Buyback for 500,000 shares, representing 2.08% for ¥1,000 million. Ichinen Holdings Co., Ltd. (TSE:9619) announces a share repurchase program. Under the program, the company will repurchase 500,000 shares, representing 2.08% of its share capital, for ¥1,000 million. The company will repurchase its shares in order to enhance shareholder returns and improve capital efficiency, while also managing capital flexibly in response to changes in the business environment and to enable company to implement its policies. The program will run through December 13, 2024. As of July 31, 2024, the company had 24,052,551 shares outstanding (excluding treasury shares) and 209,676 shares in treasury. Buy Or Sell Opportunity • Aug 09
Now 30% overvalued Over the last 90 days, the stock has fallen 1.5% to JP¥1,667. The fair value is estimated to be JP¥1,282, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 6.0% over the last 3 years. Earnings per share has grown by 35%. For the next 3 years, revenue is forecast to grow by 6.7% per annum. Earnings are forecast to decline by 21% per annum over the same time period. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 23% After last week's 23% share price decline to JP¥1,313, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 13x in the Transportation industry in Japan. Total returns to shareholders of 18% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥1,282 per share. Declared Dividend • Jul 11
Final dividend of JP¥30.00 announced Dividend of JP¥30.00 is the same as last year. Ex-date: 27th September 2024 Payment date: 2nd December 2024 Dividend yield will be 3.5%, which is higher than the industry average of 1.3%. Sustainability & Growth Dividend is well covered by both earnings (11% earnings payout ratio) and cash flows (39% cash payout ratio). The dividend has increased by an average of 9.6% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to decline by 52% 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 • Jun 21
Full year 2024 earnings: EPS and revenues exceed analyst expectations Full year 2024 results: EPS: JP¥509 (up from JP¥247 in FY 2023). Revenue: JP¥138.3b (up 8.2% from FY 2023). Net income: JP¥12.3b (up 107% from FY 2023). Profit margin: 8.9% (up from 4.6% in FY 2023). Revenue exceeded analyst estimates by 2.8%. Earnings per share (EPS) also surpassed analyst estimates by 2.8%. Revenue is forecast to grow 8.0% p.a. on average during the next 3 years, compared to a 3.3% growth forecast for the Transportation industry in Japan. Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Announcement • Jun 14
Ichinen Holdings Co.,Ltd. to Report Q1, 2025 Results on Aug 08, 2024 Ichinen Holdings Co.,Ltd. announced that they will report Q1, 2025 results on Aug 08, 2024 Major Estimate Revision • May 10
Consensus revenue estimates increase by 15%, EPS downgraded The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast increased from JP¥141.0b to JP¥162.5b. EPS estimate fell from JP¥270 to JP¥249. Net income forecast to shrink 51% next year vs 4.4% growth forecast for Transportation industry in Japan . Consensus price target of JP¥2,450 unchanged from last update. Share price was steady at JP¥1,692 over the past week. Reported Earnings • May 04
Full year 2024 earnings: EPS and revenues exceed analyst expectations Full year 2024 results: EPS: JP¥509 (up from JP¥247 in FY 2023). Revenue: JP¥138.3b (up 8.2% from FY 2023). Net income: JP¥12.3b (up 107% from FY 2023). Profit margin: 8.9% (up from 4.6% in FY 2023). Revenue exceeded analyst estimates by 2.8%. Earnings per share (EPS) also surpassed analyst estimates by 2.8%. Revenue is forecast to grow 3.4% p.a. on average during the next 2 years, compared to a 3.5% growth forecast for the Transportation industry in Japan. 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 10% per year, which means it is significantly lagging earnings growth. Announcement • May 01
Ichinen Holdings Co.,Ltd., Annual General Meeting, Jun 18, 2024 Ichinen Holdings Co.,Ltd., Annual General Meeting, Jun 18, 2024. Announcement • Mar 28
Ichinen Holdings Co.,Ltd. to Report Fiscal Year 2024 Results on May 01, 2024 Ichinen Holdings Co.,Ltd. announced that they will report fiscal year 2024 results on May 01, 2024 Upcoming Dividend • Mar 21
Upcoming dividend of JP¥30.00 per share Eligible shareholders must have bought the stock before 28 March 2024. Payment date: 21 June 2024. Payout ratio is a comfortable 5.1% and this is well supported by cash flows. Trailing yield: 3.1%. Lower than top quartile of Japanese dividend payers (3.2%). Higher than average of industry peers (1.2%). Reported Earnings • Feb 10
Third quarter 2024 earnings released: EPS: JP¥307 (vs JP¥61.57 in 3Q 2023) Third quarter 2024 results: EPS: JP¥307 (up from JP¥61.57 in 3Q 2023). Revenue: JP¥37.1b (up 12% from 3Q 2023). Net income: JP¥7.38b (up 398% from 3Q 2023). Profit margin: 20% (up from 4.5% in 3Q 2023). Revenue is forecast to grow 4.7% p.a. on average during the next 3 years, compared to a 2.9% growth forecast for the Transportation industry in Japan. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Announcement • Dec 16
Ichinen Holdings Co.,Ltd. to Report Q3, 2024 Results on Feb 09, 2024 Ichinen Holdings Co.,Ltd. announced that they will report Q3, 2024 results on Feb 09, 2024 Reported Earnings • Nov 07
Second quarter 2024 earnings released: EPS: JP¥64.02 (vs JP¥71.95 in 2Q 2023) Second quarter 2024 results: EPS: JP¥64.02 (down from JP¥71.95 in 2Q 2023). Revenue: JP¥31.5b (flat on 2Q 2023). Net income: JP¥1.54b (down 11% from 2Q 2023). Profit margin: 4.9% (down from 5.5% in 2Q 2023). Revenue is forecast to grow 5.2% p.a. on average during the next 3 years, compared to a 3.1% growth forecast for the Transportation industry in Japan. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Announcement • Sep 28
Ichinen Holdings Co.,Ltd. to Report Q2, 2024 Results on Nov 06, 2023 Ichinen Holdings Co.,Ltd. announced that they will report Q2, 2024 results on Nov 06, 2023 Upcoming Dividend • Sep 21
Upcoming dividend of JP¥25.00 per share at 3.5% yield Eligible shareholders must have bought the stock before 28 September 2023. Payment date: 30 November 2023. Payout ratio is a comfortable 20% but the company is paying out more than the cash it is generating. Trailing yield: 3.5%. Within top quartile of Japanese dividend payers (3.3%). Higher than average of industry peers (1.2%). Reported Earnings • Aug 02
First quarter 2024 earnings released: EPS: JP¥65.81 (vs JP¥62.56 in 1Q 2023) First quarter 2024 results: EPS: JP¥65.81 (up from JP¥62.56 in 1Q 2023). Revenue: JP¥32.0b (up 5.7% from 1Q 2023). Net income: JP¥1.58b (up 5.7% from 1Q 2023). Profit margin: 4.9% (in line with 1Q 2023). Revenue is forecast to grow 4.8% p.a. on average during the next 3 years, compared to a 3.6% growth forecast for the Transportation 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 7% per year, which means it is significantly lagging earnings growth. Reported Earnings • Jun 22
Full year 2023 earnings: EPS and revenues exceed analyst expectations Full year 2023 results: EPS: JP¥247 (up from JP¥234 in FY 2022). Revenue: JP¥127.8b (up 5.9% from FY 2022). Net income: JP¥5.92b (up 4.9% from FY 2022). Profit margin: 4.6% (down from 4.7% in FY 2022). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.4%. Earnings per share (EPS) also surpassed analyst estimates by 3.3%. Revenue is forecast to grow 4.9% p.a. on average during the next 3 years, compared to a 3.6% growth forecast for the Transportation industry in Japan. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Announcement • Jun 07
Ichinen Holdings Co.,Ltd. to Report Q1, 2024 Results on Aug 01, 2023 Ichinen Holdings Co.,Ltd. announced that they will report Q1, 2024 results on Aug 01, 2023 Reported Earnings • May 05
Full year 2023 earnings: EPS and revenues exceed analyst expectations Full year 2023 results: EPS: JP¥247 (up from JP¥234 in FY 2022). Revenue: JP¥127.8b (up 5.9% from FY 2022). Net income: JP¥5.92b (up 4.9% from FY 2022). Profit margin: 4.6% (down from 4.7% in FY 2022). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.4%. Earnings per share (EPS) also surpassed analyst estimates by 3.3%. Revenue is forecast to grow 4.6% p.a. on average during the next 2 years, compared to a 3.2% growth forecast for the Transportation industry in Japan. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥25.00 per share at 3.9% yield Eligible shareholders must have bought the stock before 30 March 2023. Payment date: 20 June 2023. Payout ratio is a comfortable 21% but the company is paying out more than the cash it is generating. Trailing yield: 3.9%. Within top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (1.2%). Reported Earnings • Feb 04
Third quarter 2023 earnings released: EPS: JP¥61.57 (vs JP¥74.58 in 3Q 2022) Third quarter 2023 results: EPS: JP¥61.57 (down from JP¥74.58 in 3Q 2022). Revenue: JP¥33.2b (up 4.8% from 3Q 2022). Net income: JP¥1.48b (down 17% from 3Q 2022). Profit margin: 4.5% (down from 5.6% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 5.2% p.a. on average during the next 3 years, compared to a 4.1% growth forecast for the Transportation industry in Japan. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Announcement • Dec 28
Ichinen Holdings Co., Ltd. to Report Q3, 2023 Results on Feb 03, 2023 Ichinen Holdings Co., Ltd. announced that they will report Q3, 2023 results on Feb 03, 2023 Reported Earnings • Nov 18
Second quarter 2023 earnings released: EPS: JP¥71.94 (vs JP¥64.97 in 2Q 2022) Second quarter 2023 results: EPS: JP¥71.94 (up from JP¥64.97 in 2Q 2022). Revenue: JP¥31.5b (up 7.0% from 2Q 2022). Net income: JP¥1.73b (up 10.0% from 2Q 2022). Profit margin: 5.5% (up from 5.3% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 5.3% p.a. on average during the next 3 years, compared to a 4.4% growth forecast for the Transportation industry in Japan. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Price Target Changed • Nov 16
Price target increased to JP¥1,830 Up from JP¥1,580, the current price target is provided by 1 analyst. New target price is 49% above last closing price of JP¥1,227. Stock is down 16% over the past year. The company is forecast to post earnings per share of JP¥222 for next year compared to JP¥234 last year. Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. 5 highly experienced directors. 3 independent directors (6 non-independent directors). Independent Outside Director Guntaro Kawamura was the last independent director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Nov 02
Second quarter 2023 earnings released: EPS: JP¥71.94 (vs JP¥64.97 in 2Q 2022) Second quarter 2023 results: EPS: JP¥71.94 (up from JP¥64.97 in 2Q 2022). Revenue: JP¥31.5b (up 7.0% from 2Q 2022). Net income: JP¥1.73b (up 10.0% from 2Q 2022). Profit margin: 5.5% (up from 5.3% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 5.3% p.a. on average during the next 3 years, compared to a 4.9% growth forecast for the Transportation industry in Japan. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥25.00 per share Eligible shareholders must have bought the stock before 29 September 2022. Payment date: 30 November 2022. Payout ratio is a comfortable 20% and this is well supported by cash flows. Trailing yield: 3.7%. Within top quartile of Japanese dividend payers (3.7%). Higher than average of industry peers (1.2%). Announcement • Sep 01
Ichinen Holdings Co., Ltd. to Report Q2, 2023 Results on Oct 31, 2022 Ichinen Holdings Co., Ltd. announced that they will report Q2, 2023 results on Oct 31, 2022 Reported Earnings • Aug 02
First quarter 2023 earnings released: EPS: JP¥62.55 (vs JP¥61.45 in 1Q 2022) First quarter 2023 results: EPS: JP¥62.55 (up from JP¥61.45 in 1Q 2022). Revenue: JP¥30.3b (up 2.2% from 1Q 2022). Net income: JP¥1.50b (flat on 1Q 2022). Profit margin: 4.9% (down from 5.0% in 1Q 2022). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 3.8%, compared to a 20% growth forecast for the industry in Japan. 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 5% per year, which means it is significantly lagging earnings growth. Announcement • Jun 30
Ichinen Holdings Co., Ltd. to Report Q1, 2023 Results on Aug 01, 2022 Ichinen Holdings Co., Ltd. announced that they will report Q1, 2023 results on Aug 01, 2022 Reported Earnings • Jun 22
Full year 2022 earnings: EPS and revenues exceed analyst expectations Full year 2022 results: EPS: JP¥234 (up from JP¥124 in FY 2021). Revenue: JP¥120.6b (up 7.1% from FY 2021). Net income: JP¥5.65b (up 87% from FY 2021). Profit margin: 4.7% (up from 2.7% in FY 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.4%. Earnings per share (EPS) also surpassed analyst estimates by 4.3%. Over the next year, revenue is forecast to grow 2.8%, compared to a 24% growth forecast for the industry in Japan. Over the last 3 years on average, earnings per share has increased by 4% per year whereas the company’s share price has increased by 3% per year. Reported Earnings • May 04
Full year 2022 earnings: EPS and revenues exceed analyst expectations Full year 2022 results: EPS: JP¥234 (up from JP¥124 in FY 2021). Revenue: JP¥120.6b (up 7.1% from FY 2021). Net income: JP¥5.65b (up 87% from FY 2021). Profit margin: 4.7% (up from 2.7% in FY 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.4%. Earnings per share (EPS) also surpassed analyst estimates by 4.3%. Over the next year, revenue is forecast to grow 2.8%, compared to a 23% growth forecast for the industry in Japan. Over the last 3 years on average, earnings per share has increased by 4% per year whereas the company’s share price has increased by 3% per year. Announcement • May 03
Ichinen Holdings Co., Ltd., Annual General Meeting, Jun 17, 2022 Ichinen Holdings Co., Ltd., Annual General Meeting, Jun 17, 2022. Price Target Changed • Apr 27
Price target increased to JP¥1,830 Up from JP¥1,580, the current price target is provided by 1 analyst. New target price is 48% above last closing price of JP¥1,234. Stock is down 3.2% over the past year. The company is forecast to post earnings per share of JP¥225 for next year compared to JP¥124 last year. Board Change • Apr 27
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 7 experienced directors. 4 highly experienced directors. 3 independent directors (6 non-independent directors). Independent Outside Director Guntaro Kawamura was the last independent director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Announcement • Apr 08
Ichinen Holdings Co., Ltd. to Report Fiscal Year 2022 Results on May 02, 2022 Ichinen Holdings Co., Ltd. announced that they will report fiscal year 2022 results on May 02, 2022 Upcoming Dividend • Mar 23
Upcoming dividend of JP¥23.00 per share Eligible shareholders must have bought the stock before 30 March 2022. Payment date: 18 June 2022. Payout ratio is a comfortable 18% but the company is paying out more than the cash it is generating. 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: EPS exceeds analyst expectations Third quarter 2022 results: EPS: JP¥74.58 (up from JP¥52.31 in 3Q 2021). Revenue: JP¥31.7b (up 7.8% from 3Q 2021). Net income: JP¥1.79b (up 41% from 3Q 2021). Profit margin: 5.6% (up from 4.3% 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 9.4%. Over the next year, revenue is forecast to grow 2.5%, compared to a 20% growth forecast for the industry in Japan. Over the last 3 years on average, earnings per share has fallen by 3% per year whereas the company’s share price has increased by 1% per year. Major Estimate Revision • Dec 17
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate increased from JP¥196 to JP¥225. Revenue forecast unchanged at JP¥119.0b. Net income forecast to shrink 1.3% next year vs 4.0% growth forecast for Transportation industry in Japan . Consensus price target of JP¥1,830 unchanged from last update. Share price was steady at JP¥1,345 over the past week. Reported Earnings • Oct 31
Second quarter 2022 earnings released: EPS JP¥64.96 (vs JP¥8.36 loss in 2Q 2021) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2022 results: Revenue: JP¥29.4b (up 8.3% from 2Q 2021). Net income: JP¥1.57b (up JP¥1.77b from 2Q 2021). Profit margin: 5.3% (up from net loss in 2Q 2021). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥23.00 per share Eligible shareholders must have bought the stock before 29 September 2021. Payment date: 30 November 2021. Trailing yield: 3.0%. Within top quartile of Japanese dividend payers (3.0%). Higher than average of industry peers (1.2%). 
