Reported Earnings • May 01
Full year 2026 earnings: EPS exceeds analyst expectations Full year 2026 results: EPS: JP¥327 (up from JP¥260 in FY 2025). Revenue: JP¥2.25t (down 4.7% from FY 2025). Net income: JP¥154.5b (up 26% from FY 2025). Profit margin: 6.9% (up from 5.2% in FY 2025). The increase in margin was driven by lower expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 6.4%. Revenue is forecast to stay flat during the next 3 years, in line with the revenue forecast for the Electric Utilities industry in Japan. Over the last 3 years on average, earnings per share has increased by 28% per year whereas the company’s share price has increased by 27% per year. Announcement • Apr 30
Kyushu Electric Power Company, Incorporated, Annual General Meeting, Jun 25, 2026 Kyushu Electric Power Company, Incorporated, Annual General Meeting, Jun 25, 2026. Announcement • Mar 27
Kyushu Electric Power Company, Incorporated to Report Fiscal Year 2026 Results on Apr 30, 2026 Kyushu Electric Power Company, Incorporated announced that they will report fiscal year 2026 results on Apr 30, 2026 Upcoming Dividend • Mar 23
Upcoming dividend of JP¥25.00 per share Eligible shareholders must have bought the stock before 30 March 2026. Payment date: 29 June 2026. Payout ratio is a comfortable 13% and this is well supported by cash flows. Trailing yield: 2.9%. Lower than top quartile of Japanese dividend payers (3.6%). In line with average of industry peers (3.1%). Reported Earnings • Jan 31
Third quarter 2026 earnings released: EPS: JP¥86.19 (vs JP¥73.16 in 3Q 2025) Third quarter 2026 results: EPS: JP¥86.19 (up from JP¥73.16 in 3Q 2025). Revenue: JP¥521.5b (down 7.6% from 3Q 2025). Net income: JP¥40.7b (up 18% from 3Q 2025). Profit margin: 7.8% (up from 6.1% in 3Q 2025). The increase in margin was driven by lower expenses. Revenue is forecast to decline by 1.3% p.a. on average during the next 3 years, while revenues in the Electric Utilities industry in Japan are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 50% per year but the company’s share price has only increased by 33% per year, which means it is significantly lagging earnings growth. Price Target Changed • Dec 23
Price target increased by 7.8% to JP¥2,083 Up from JP¥1,933, the current price target is an average from 4 analysts. New target price is 25% above last closing price of JP¥1,667. Stock is up 20% over the past year. The company is forecast to post earnings per share of JP¥287 for next year compared to JP¥260 last year. Announcement • Dec 17
Kyushu Electric Power Company, Incorporated to Report Q3, 2026 Results on Jan 30, 2026 Kyushu Electric Power Company, Incorporated announced that they will report Q3, 2026 results on Jan 30, 2026 Declared Dividend • Dec 04
First half dividend of JP¥25.00 announced Dividend of JP¥25.00 is the same as last year. Ex-date: 30th March 2026 Payment date: 29th June 2026 Dividend yield will be 3.1%, which is higher than the industry average of 2.6%. Sustainability & Growth Dividend is well covered by both earnings (7% earnings payout ratio) and cash flows (18% cash payout ratio). The dividend has increased by an average of 26% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to decline by 19% over the next 3 years. However, it would need to fall by 92% to increase the payout ratio to a potentially unsustainable range. Buy Or Sell Opportunity • Nov 04
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 15% to JP¥1,572. The fair value is estimated to be JP¥1,300, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 3.5% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to decline by 1.6% per annum. Earnings are also forecast to decline by 5.9% per annum over the same time period. Reported Earnings • Nov 01
Second quarter 2026 earnings released: EPS: JP¥162 (vs JP¥73.49 in 2Q 2025) Second quarter 2026 results: EPS: JP¥162 (up from JP¥73.49 in 2Q 2025). Revenue: JP¥629.5b (down 3.2% from 2Q 2025). Net income: JP¥76.5b (up 120% from 2Q 2025). Profit margin: 12% (up from 5.3% in 2Q 2025). The increase in margin was driven by lower expenses. Revenue is forecast to decline by 1.6% p.a. on average during the next 3 years, while revenues in the Electric Utilities industry in Japan are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 64% per year but the company’s share price has only increased by 28% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥25.00 per share Eligible shareholders must have bought the stock before 29 September 2025. Payment date: 03 December 2025. Payout ratio is a comfortable 18% and this is well supported by cash flows. Trailing yield: 3.3%. Lower than top quartile of Japanese dividend payers (3.6%). In line with average of industry peers (3.1%). Announcement • Sep 18
Kyushu Electric Power Company, Incorporated to Report Q2, 2026 Results on Oct 31, 2025 Kyushu Electric Power Company, Incorporated announced that they will report Q2, 2026 results on Oct 31, 2025 Price Target Changed • Aug 30
Price target increased by 9.9% to JP¥1,890 Up from JP¥1,720, the current price target is an average from 4 analysts. New target price is 21% above last closing price of JP¥1,557. Stock is up 0.8% over the past year. The company is forecast to post earnings per share of JP¥255 for next year compared to JP¥260 last year. New Risk • Aug 01
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.02% 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 (13% operating cash flow to total debt). Earnings are forecast to decline by an average of 0.02% 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. New Risk • Jul 11
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 5.2% Last year net profit margin: 7.6% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (12% operating cash flow to total debt). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (5.2% net profit margin). Declared Dividend • Jul 09
Final dividend of JP¥25.00 announced Dividend of JP¥25.00 is the same as last year. Ex-date: 29th September 2025 Payment date: 3rd December 2025 Dividend yield will be 3.9%, which is higher than the industry average of 2.6%. Sustainability & Growth Dividend is well covered by both earnings (27% earnings payout ratio) and cash flows (30% cash payout ratio). The dividend has increased by an average of 29% per year over the past 9 years. However, payments have been volatile during that time. EPS is expected to remain steady over the next 3 years, which should provide adequate earnings cover for the dividend. Reported Earnings • Jul 01
Full year 2025 earnings: EPS and revenues exceed analyst expectations Full year 2025 results: EPS: JP¥272 (down from JP¥342 in FY 2024). Revenue: JP¥2.36t (up 10% from FY 2024). Net income: JP¥128.8b (down 20% from FY 2024). Profit margin: 5.5% (down from 7.6% in FY 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 3.7%. Earnings per share (EPS) also surpassed analyst estimates by 21%. Revenue is forecast to decline by 1.8% p.a. on average during the next 3 years, while revenues in the Electric Utilities industry in Japan are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 75% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Announcement • Jun 26
Marubeni Corporation (TSE:8002) acquired an additional 20% stake in Senoko Energy Pte Ltd. from The Kansai Electric Power Company, Incorporated (TSE:9503), Kyushu Electric Power Company, Incorporated (TSE:9508) and Japan Bank for International Cooperation, Investment Arm. Marubeni Corporation (TSE:8002) acquired an additional 20% stake in Senoko Energy Pte Ltd. from The Kansai Electric Power Company, Incorporated (TSE:9503), Kyushu Electric Power Company, Incorporated (TSE:9508) and Japan Bank for International Cooperation, Investment Arm on June 25, 2025.
Marubeni Corporation (TSE:8002) completed the acquisition of an additional 20% stake in Senoko Energy Pte Ltd. from The Kansai Electric Power Company, Incorporated (TSE:9503), Kyushu Electric Power Company, Incorporated (TSE:9508) and Japan Bank for International Cooperation, Investment Arm on June 25, 2025. Announcement • Jun 18
Kyushu Electric Power Company, Incorporated to Report Q1, 2026 Results on Jul 31, 2025 Kyushu Electric Power Company, Incorporated announced that they will report Q1, 2026 results on Jul 31, 2025 Major Estimate Revision • Jun 03
Consensus EPS estimates increase by 13% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has improved. 2026 revenue forecast increased from JP¥2.14t to JP¥2.23t. EPS estimate increased from JP¥219 to JP¥247 per share. Net income forecast to shrink 0.3% next year vs 22% decline forecast for Electric Utilities industry in Japan. Consensus price target up from JP¥1,766 to JP¥1,834. Share price fell 2.1% to JP¥1,222 over the past week. New Risk • May 03
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 5.2% Last year net profit margin: 7.6% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (13% operating cash flow to total debt). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (5.2% net profit margin). Reported Earnings • May 01
Full year 2025 earnings: EPS and revenues exceed analyst expectations Full year 2025 results: EPS: JP¥272 (down from JP¥342 in FY 2024). Revenue: JP¥2.36t (up 10% from FY 2024). Net income: JP¥128.8b (down 20% from FY 2024). Profit margin: 5.5% (down from 7.6% in FY 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 3.7%. Earnings per share (EPS) also surpassed analyst estimates by 21%. Revenue is forecast to decline by 1.6% p.a. on average during the next 3 years, while revenues in the Electric Utilities industry in Japan are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 75% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Announcement • Apr 30
Kyushu Electric Power Company, Incorporated, Annual General Meeting, Jun 26, 2025 Kyushu Electric Power Company, Incorporated, Annual General Meeting, Jun 26, 2025. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥25.00 per share Eligible shareholders must have bought the stock before 28 March 2025. Payment date: 27 June 2025. Payout ratio is a comfortable 27% and this is well supported by cash flows. Trailing yield: 3.6%. Lower than top quartile of Japanese dividend payers (3.7%). Higher than average of industry peers (3.1%). Announcement • Mar 18
Kyushu Electric Power Company, Incorporated to Report Fiscal Year 2025 Results on Apr 30, 2025 Kyushu Electric Power Company, Incorporated announced that they will report fiscal year 2025 results on Apr 30, 2025 Reported Earnings • Feb 01
Third quarter 2025 earnings: EPS and revenues exceed analyst expectations Third quarter 2025 results: EPS: JP¥79.30 (up from JP¥75.57 in 3Q 2024). Revenue: JP¥564.2b (up 13% from 3Q 2024). Net income: JP¥37.5b (up 4.9% from 3Q 2024). Profit margin: 6.6% (down from 7.2% in 3Q 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 7.7%. Earnings per share (EPS) also surpassed analyst estimates by 113%. Revenue is forecast to stay flat during the next 3 years, in line with the revenue forecast for the Electric Utilities industry in Japan. Over the last 3 years on average, earnings per share has increased by 76% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Announcement • Jan 31
Kyushu Electric Power Co. Inc. Provides Dividend Guidance for the Year Ending March 31, 2025 Kyushu Electric Power Co. Inc. provided dividend guidance for the year ending March 31, 2025. For the year, the company expected to pay JPY 25.00 per share against JPY 25.00 per share for the previous period. Announcement • Dec 17
Kyushu Electric Power Company, Incorporated to Report Q3, 2025 Results on Jan 31, 2025 Kyushu Electric Power Company, Incorporated announced that they will report Q3, 2025 results on Jan 31, 2025 Declared Dividend • Dec 04
First half dividend of JP¥25.00 announced Shareholders will receive a dividend of JP¥25.00. Ex-date: 28th March 2025 Payment date: 27th June 2025 Dividend yield will be 3.3%, which is higher than the industry average of 2.6%. Sustainability & Growth Dividend is well covered by both earnings (28% earnings payout ratio) and cash flows (24% cash payout ratio). The dividend has increased by an average of 29% per year over the past 9 years. However, payments have been volatile during that time. EPS is expected to grow by 20% over the next 3 years, which should provide support to the dividend and adequate earnings cover. New Risk • Nov 14
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Japanese stocks, typically moving 5.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (17% operating cash flow to total debt). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (5.6% average weekly change). Profit margins are more than 30% lower than last year (4.1% net profit margin). New Risk • Nov 02
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 4.0% Last year net profit margin: 6.0% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (17% operating cash flow to total debt). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (4.0% net profit margin). Reported Earnings • Nov 02
Second quarter 2025 earnings: EPS and revenues exceed analyst expectations Second quarter 2025 results: EPS: JP¥79.62 (down from JP¥163 in 2Q 2024). Revenue: JP¥650.0b (up 10% from 2Q 2024). Net income: JP¥37.6b (down 51% from 2Q 2024). Profit margin: 5.8% (down from 13% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 13%. Earnings per share (EPS) also surpassed analyst estimates by 16%. Revenue is forecast to stay flat during the next 3 years, in line with the revenue forecast for the Electric Utilities industry in Japan. Over the last 3 years on average, earnings per share has increased by 78% per year but the company’s share price has only increased by 26% per year, which means it is significantly lagging earnings growth. New Risk • Oct 17
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.6% 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 (17% operating cash flow to total debt). Earnings are forecast to decline by an average of 0.6% 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. Price Target Changed • Oct 17
Price target increased by 13% to JP¥1,840 Up from JP¥1,634, the current price target is an average from 5 analysts. New target price is 5.6% above last closing price of JP¥1,743. Stock is up 81% over the past year. The company is forecast to post earnings per share of JP¥167 for next year compared to JP¥342 last year. Announcement • Sep 18
Kyushu Electric Power Company, Incorporated to Report Q2, 2025 Results on Oct 31, 2024 Kyushu Electric Power Company, Incorporated announced that they will report Q2, 2025 results on Oct 31, 2024 Reported Earnings • Aug 02
First quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2025 results: EPS: JP¥77.49 (down from JP¥150 in 1Q 2024). Revenue: JP¥501.2b (flat on 1Q 2024). Net income: JP¥36.6b (down 48% from 1Q 2024). Profit margin: 7.3% (down from 14% in 1Q 2024). Revenue exceeded analyst estimates by 11%. Earnings per share (EPS) missed analyst estimates by 6.2%. Revenue is forecast to stay flat during the next 3 years, in line with the revenue forecast for the Electric Utilities industry in Japan. Over the last 3 years on average, earnings per share has increased by 74% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Announcement • Jun 20
Kyushu Electric Power Company, Incorporated to Report Q1, 2025 Results on Jul 31, 2024 Kyushu Electric Power Company, Incorporated announced that they will report Q1, 2025 results on Jul 31, 2024 Major Estimate Revision • Jun 06
Consensus EPS estimates increase by 12% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate increased from JP¥176 to JP¥196. Revenue forecast steady at JP¥2.11t. Net income forecast to shrink 41% next year vs 39% decline forecast for Electric Utilities industry in Japan. Consensus price target up from JP¥1,338 to JP¥1,793. Share price rose 2.2% to JP¥1,831 over the past week. Price Target Changed • May 29
Price target increased by 21% to JP¥1,338 Up from JP¥1,103, the current price target is an average from 4 analysts. New target price is 29% below last closing price of JP¥1,881. Stock is up 115% over the past year. The company is forecast to post earnings per share of JP¥184 for next year compared to JP¥352 last year. Reported Earnings • May 01
Full year 2024 earnings: EPS exceeds analyst expectations Full year 2024 results: EPS: JP¥352 (up from JP¥124 loss in FY 2023). Revenue: JP¥2.14t (down 3.7% from FY 2023). Net income: JP¥166.4b (up JP¥225.0b from FY 2023). Profit margin: 7.8% (up from net loss in FY 2023). The move to profitability was driven by lower expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 13%. Revenue is forecast to stay flat during the next 3 years compared to a 1.6% decline forecast for the Electric Utilities industry in Japan. Over the last 3 years on average, earnings per share has increased by 63% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Announcement • May 01
Kyushu Electric Power Company, Incorporated, Annual General Meeting, Jun 26, 2024 Kyushu Electric Power Company, Incorporated, Annual General Meeting, Jun 26, 2024. Valuation Update With 7 Day Price Move • Apr 15
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to JP¥1,668, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 7x in the Electric Utilities industry in Japan. Total returns to shareholders of 77% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥933 per share. Announcement • Mar 17
Kyushu Electric Power Company, Incorporated to Report Fiscal Year 2024 Results on Apr 30, 2024 Kyushu Electric Power Company, Incorporated announced that they will report fiscal year 2024 results on Apr 30, 2024 Reported Earnings • Feb 02
Third quarter 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2024 results: EPS: JP¥82.22 (up from JP¥89.43 loss in 3Q 2023). Revenue: JP¥498.1b (down 11% from 3Q 2023). Net income: JP¥38.9b (up JP¥81.2b from 3Q 2023). Profit margin: 7.8% (up from net loss in 3Q 2023). The move to profitability was driven by lower expenses. Revenue missed analyst estimates by 5.0%. Earnings per share (EPS) exceeded analyst estimates. Revenue is expected to fall by 1.9% p.a. on average during the next 3 years compared to a 2.9% decline forecast for the Electric Utilities industry in Japan. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Announcement • Jan 10
Kyushu Electric May Invest in Lake Charles LNG Project in US Kyushu Electric Power Company, Incorporated (TSE:9508) is considering investing in the U.S. Lake Charles liquefied natural gas (LNG) project of Energy Transfer (ET.N), among other projects, to secure a stable supply of the fuel, a company spokesperson said. The comment partially confirms a Sunday report by the Nikkei business daily that Kyushu Electric may buy a stake of about 10% in the Lake Charles project and sign a 20-year contract, importing about 1.6 million metric tons a year on behalf of other Japanese utilities. "It is true that we are considering the possibility of taking on LNG from new U.S. LNG projects, including the Lake Charles, as a potential source of future LNG procurement, as well as making an equity participation," a Kyushu Electric spokesperson said. But the utility declined to elaborate, saying that nothing has been decided at the moment, and that there may be future negotiations. The Nikkei said the Japanese government plans to support the move through state-backed organizations such as the Japan Bank for International Cooperation (JBIC) and the Japan Organization for Metals and Energy Security (JOGMEC). U.S. pipeline operator and LNG developer Energy Transfer in August requested a new and expedited export license for its proposed Lake Charles LNG plant, according to a filing with the U.S. Department of Energy (DOE). The DOE in May had refused a three-year extension to Energy Transfer's earlier license, saying the request did not meet the criteria for a second extension. Energy Transfer has been pursuing the multibillion-dollar Lake Charles LNG project since 2012. Announcement • Dec 14
Kyushu Electric Power Company, Incorporated to Report Q3, 2024 Results on Jan 31, 2024 Kyushu Electric Power Company, Incorporated announced that they will report Q3, 2024 results on Jan 31, 2024 Major Estimate Revision • Dec 12
Consensus EPS estimates increase by 14% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate increased from JP¥229 to JP¥261. Revenue forecast steady at JP¥2.15t. Net income forecast to shrink 26% next year vs 23% decline forecast for Electric Utilities industry in Japan. Consensus price target up from JP¥1,068 to JP¥1,102. Share price rose 6.7% to JP¥1,053 over the past week. Price Target Changed • Nov 28
Price target increased by 7.0% to JP¥1,068 Up from JP¥998, the current price target is an average from 5 analysts. New target price is 8.4% above last closing price of JP¥986. Stock is up 36% over the past year. The company is forecast to post earnings per share of JP¥229 next year compared to a net loss per share of JP¥124 last year. Announcement • Nov 10
Kibo Investment, L.P, managed by Yokohama Capital Co., Ltd, Sony Innovation Fund 3 L.P. managed by Sony Ventures Corporation, The Chugoku Electric Power Co., Inc. and Kyushu Electric Power Company, Incorporated acquired an unknown minority stake in iXs Co., Ltd. from INCJ, Ltd. Kibo Investment, L.P, managed by Yokohama Capital Co., Ltd, Sony Innovation Fund 3 L.P. managed by Sony Ventures Corporation, The Chugoku Electric Power Co., Inc. and Kyushu Electric Power Company, Incorporated acquired an unknown minority stake in iXs Co., Ltd. from INCJ, Ltd. in November 2023.Kibo Investment, L.P, managed by Yokohama Capital Co., Ltd, Sony Innovation Fund 3 L.P. managed by Sony Ventures Corporation, The Chugoku Electric Power Co., Inc. and Kyushu Electric Power Company, Incorporated completed the acquisition of an unknown minority stake in iXs Co., Ltd. from INCJ, Ltd. in November 2023. Reported Earnings • Nov 02
Second quarter 2024 earnings: EPS exceeds analyst expectations Second quarter 2024 results: EPS: JP¥166 (up from JP¥28.32 loss in 2Q 2023). Revenue: JP¥588.8b (up 2.6% from 2Q 2023). Net income: JP¥78.4b (up JP¥91.8b from 2Q 2023). Profit margin: 13% (up from net loss in 2Q 2023). The move to profitability was primarily driven by lower expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 182%. Revenue is expected to fall by 3.3% p.a. on average during the next 3 years compared to a 2.1% decline forecast for the Electric Utilities industry in Japan. Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Announcement • Sep 08
Kyushu Electric Power Company, Incorporated to Report Q2, 2024 Results on Oct 31, 2023 Kyushu Electric Power Company, Incorporated announced that they will report Q2, 2024 results on Oct 31, 2023 New Risk • Aug 16
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 25% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.9x net interest cover). Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Minor Risk Large one-off items impacting financial results. Reported Earnings • Aug 01
First quarter 2024 earnings: EPS and revenues exceed analyst expectations First quarter 2024 results: EPS: JP¥151 (up from JP¥74.75 loss in 1Q 2023). Revenue: JP¥496.5b (up 14% from 1Q 2023). Net income: JP¥71.5b (up JP¥106.8b from 1Q 2023). Profit margin: 14% (up from net loss in 1Q 2023). Revenue exceeded analyst estimates by 3.6%. Earnings per share (EPS) also surpassed analyst estimates by 173%. Revenue is expected to fall by 1.6% p.a. on average during the next 3 years compared to a 1.6% decline forecast for the Electric Utilities industry in Japan. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 79 percentage points per year, which is a significant difference in performance. Announcement • Jun 23
Kyushu Electric Power Company, Incorporated to Report Q1, 2024 Results on Jul 31, 2023 Kyushu Electric Power Company, Incorporated announced that they will report Q1, 2024 results on Jul 31, 2023 Price Target Changed • Jun 08
Price target increased by 7.6% to JP¥932 Up from JP¥866, the current price target is an average from 5 analysts. New target price is approximately in line with last closing price of JP¥904. Stock is up 8.1% over the past year. The company is forecast to post earnings per share of JP¥205 next year compared to a net loss per share of JP¥119 last year. Reported Earnings • Apr 29
Full year 2023 earnings: EPS and revenues exceed analyst expectations Full year 2023 results: JP¥119 loss per share (down from JP¥10.09 profit in FY 2022). Revenue: JP¥2.22t (up 27% from FY 2022). Net loss: JP¥56.4b (down JP¥61.2b from profit in FY 2022). Revenue exceeded analyst estimates by 1.1%. Earnings per share (EPS) also surpassed analyst estimates by 29%. Revenue is forecast to stay flat during the next 3 years, in line with the revenue forecast for the Electric Utilities industry in Japan. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 101 percentage points per year, which is a significant difference in performance. Announcement • Feb 01
Kyushu Electric Power Company, Incorporated Revises Consolidated Earnings Guidance for the Fiscal Year Ending March 31, 2023 Kyushu Electric Power Company, Incorporated revised consolidated earnings guidance for the fiscal year ending March 31, 2023. For the year, the company expects sales of JPY 2,250,000 million, operating loss of JPY 90,000 million and loss attributable to owners of parent of JPY 75,000 million. LPS to be JPY 158.66 per share. Reported Earnings • Feb 01
Third quarter 2023 earnings: EPS and revenues exceed analyst expectations Third quarter 2023 results: JP¥86.10 loss per share (further deteriorated from JP¥21.09 loss in 3Q 2022). Revenue: JP¥556.8b (up 31% from 3Q 2022). Net loss: JP¥40.7b (loss widened 308% from 3Q 2022). Revenue exceeded analyst estimates by 2.1%. Earnings per share (EPS) also surpassed analyst estimates by 9.4%. Revenue is forecast to stay flat during the next 3 years, in line with the revenue forecast for the Electric Utilities industry in Japan. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 91 percentage points per year, which is a significant difference in performance. Major Estimate Revision • Jan 07
Consensus forecasts updated The consensus outlook for 2023 has been updated. 2023 losses forecast to reduce from -JP¥264 to -JP¥214 per share. Revenue forecast unchanged from JP¥2.14t at last update. Electric Utilities industry in Japan expected to see average net income growth of 13% next year. Consensus price target of JP¥945 unchanged from last update. Share price fell 2.3% to JP¥727 over the past week. Announcement • Dec 28
Kyushu Electric Power Company, Incorporated to Report Q3, 2023 Results on Jan 31, 2023 Kyushu Electric Power Company, Incorporated announced that they will report Q3, 2023 results on Jan 31, 2023 Price Target Changed • Dec 14
Price target decreased to JP¥945 Down from JP¥1,123, the current price target is an average from 4 analysts. New target price is 36% above last closing price of JP¥695. Stock is down 20% over the past year. The company is forecast to post a net loss per share of JP¥264 compared to earnings per share of JP¥10.09 last year. Major Estimate Revision • Nov 30
Consensus forecasts updated The consensus outlook for 2023 has been updated. 2023 revenue forecast increased from JP¥2.03t to JP¥2.08t. Forecast EPS reduced from -JP¥179 to -JP¥246 per share. Electric Utilities industry in Japan expected to see average net income growth of 8.5% next year. Consensus price target broadly unchanged at JP¥1,123. Share price fell 3.1% to JP¥717 over the past week. Reported Earnings • Nov 16
Second quarter 2023 earnings: EPS and revenues exceed analyst expectations Second quarter 2023 results: JP¥26.10 loss per share (down from JP¥61.39 profit in 2Q 2022). Revenue: JP¥574.0b (up 36% from 2Q 2022). Net loss: JP¥12.3b (down 143% from profit in 2Q 2022). Revenue exceeded analyst estimates by 1.7%. Earnings per share (EPS) also surpassed analyst estimates by 69%. Revenue is forecast to stay flat during the next 3 years, in line with the revenue forecast for the Electric Utilities industry in Japan. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 64 percentage points per year, which is a significant difference in performance. Reported Earnings • Nov 02
Second quarter 2023 earnings: EPS and revenues exceed analyst expectations Second quarter 2023 results: JP¥26.10 loss per share (down from JP¥61.39 profit in 2Q 2022). Revenue: JP¥574.0b (up 36% from 2Q 2022). Net loss: JP¥12.3b (down 143% from profit in 2Q 2022). Revenue exceeded analyst estimates by 1.7%. Earnings per share (EPS) also surpassed analyst estimates by 69%. Revenue is forecast to stay flat during the next 3 years, in line with the revenue forecast for the Electric Utilities industry in Japan. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 62 percentage points per year, which is a significant difference in performance. Major Estimate Revision • Aug 26
Consensus forecasts updated The consensus outlook for 2023 has been updated. 2023 revenue forecast increased from JP¥1.98t to JP¥2.03t. Forecast EPS reduced from -JP¥102 to -JP¥195 per share. Electric Utilities industry in Japan expected to see average net income growth of 16% next year. Consensus price target broadly unchanged at JP¥1,115. Share price was steady at JP¥840 over the past week. Reported Earnings • Jul 31
First quarter 2023 earnings released: JP¥73.64 loss per share (vs JP¥32.32 profit in 1Q 2022) First quarter 2023 results: JP¥73.64 loss per share (down from JP¥32.32 profit in 1Q 2022). Revenue: JP¥436.7b (up 25% from 1Q 2022). Net loss: JP¥34.8b (down 328% from profit in 1Q 2022). Over the next year, revenue is forecast to grow 8.9%, compared to a 17% growth forecast for the industry in Japan. Over the last 3 years on average, earnings per share has fallen by 43% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Major Estimate Revision • Jul 16
Consensus forecasts updated The consensus outlook for 2023 has been updated. 2023 expected loss increased from -JP¥80.79 to -JP¥113 per share. Revenue forecast of JP¥1.96t unchanged since last update. Electric Utilities industry in Japan expected to see average net income growth of 32% next year. Consensus price target of JP¥1,130 unchanged from last update. Share price rose 4.3% to JP¥917 over the past week. Major Estimate Revision • Jun 24
Consensus forecasts updated The consensus outlook for 2023 has been updated. 2023 expected loss increased from -JP¥45.93 to -JP¥80.79 per share. Revenue forecast unchanged at JP¥1.96t. Electric Utilities industry in Japan expected to see average net income growth of 29% next year. Consensus price target broadly unchanged at JP¥1,130. Share price was steady at JP¥847 over the past week. Major Estimate Revision • Jun 15
Consensus forecasts updated The consensus outlook for 2023 has been updated. Expected to report loss instead of -JP¥45.93 instead of JP¥1.06 per share profit previously forecast. . Revenue forecast unchanged at JP¥1.95t Electric Utilities industry in Japan expected to see average net income growth of 243% next year. Consensus price target broadly unchanged at JP¥1,135. Share price fell 2.2% to JP¥830 over the past week. Major Estimate Revision • Jun 03
Consensus forecasts updated The consensus outlook for 2023 has been updated. Forecast profits in 2023 with EPS up from -JP¥14.73 to JP¥1.06 per share. Revenue forecast unchanged from last update at JP¥1.94t. Electric Utilities industry in Japan expected to see average net income decline 0.4% next year. Consensus price target of JP¥1,130 unchanged from last update. Share price fell 2.2% to JP¥836 over the past week. Major Estimate Revision • May 24
Consensus forecasts updated The consensus outlook for 2023 has been updated. Expected to report loss instead of -JP¥26.95 instead of JP¥73.00 per share profit previously forecast. . Revenue forecast unchanged at JP¥1.90t Electric Utilities industry in Japan expected to see average net income growth of 229% next year. Consensus price target down from JP¥1,178 to JP¥1,130. Share price fell 2.4% to JP¥839 over the past week. Buying Opportunity • May 12
Now 20% undervalued Over the last 90 days, the stock is up 3.8%. The fair value is estimated to be JP¥1,102, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 3.8% over the last 3 years. Earnings per share has declined by 8.6%. For the next 3 years, revenue is forecast to decline by 0.07% per annum. Earnings is forecast to grow by 35% per annum over the same time period. Reported Earnings • Apr 30
Full year 2022 earnings: EPS misses analyst expectations Full year 2022 results: EPS: JP¥14.54 (down from JP¥68.00 in FY 2021). Revenue: JP¥1.74t (down 18% from FY 2021). Net income: JP¥6.87b (down 79% from FY 2021). Profit margin: 0.4% (down from 1.5% in FY 2021). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 78%. Over the next year, revenue is forecast to grow 9.5%, compared to a 7.1% growth forecast for the industry in Japan. Over the last 3 years on average, earnings per share has fallen by 9% per year and the company’s share price has also fallen by 9% per year. Price Target Changed • Apr 27
Price target increased to JP¥1,178 Up from JP¥1,094, the current price target is an average from 5 analysts. New target price is 45% above last closing price of JP¥811. Stock is down 20% over the past year. The company is forecast to post earnings per share of JP¥46.37 for next year compared to JP¥68.00 last year. 
