Live News • May 17
Toho Gas Sets FY2026 Dividend at ¥90 and Announces Four-for-One Stock Split Toho Gas plans to raise its total annual dividend for the fiscal year ending March 31, 2026 to 90 yen per share, with a year-end dividend of 45 yen.
The company links this higher dividend level to its Medium-Term Management Plan, which emphasizes progressive shareholder returns alongside profit growth.
Toho Gas will conduct a four-for-one stock split effective April 1, 2026, and post-split it forecasts a dividend of 22.50 yen per share for FY2026.
The combination of a higher total dividend and a stock split signals that management is aligning its capital policy with the Medium-Term Management Plan focus on shareholder returns while keeping the per-share payout consistent after the split.
For you, the key things to watch are how the split affects liquidity and investor interest, and whether future earnings and cash flows support maintaining or adjusting this indicated dividend level. Reported Earnings • May 01
Full year 2026 earnings: EPS and revenues exceed analyst expectations Full year 2026 results: EPS: JP¥335 (up from JP¥62.95 in FY 2025). Revenue: JP¥651.1b (flat on FY 2025). Net income: JP¥31.4b (up 24% from FY 2025). Profit margin: 4.8% (up from 3.9% in FY 2025). Revenue exceeded analyst estimates by 3.4%. Earnings per share (EPS) also surpassed analyst estimates by 9.8%. Revenue is forecast to stay flat during the next 3 years, in line with the revenue forecast for the Gas Utilities industry in Japan. Over the last 3 years on average, earnings per share has increased by 25% per year and the company’s share price has also increased by 25% per year. Announcement • Apr 30
Toho Gas Co., Ltd., Annual General Meeting, Jun 25, 2026 Toho Gas Co., Ltd., Annual General Meeting, Jun 25, 2026. Announcement • Mar 31
Toho Gas Co., Ltd. (TSE:9533) announces an Equity Buyback for 4,000,000 shares, representing 4.4% for ¥15,000 million. Toho Gas Co., Ltd. (TSE:9533) announces a share repurchase program. Under the program, the company will repurchase up to 4,000,000 shares, representing 4.4% of its share capital, for ¥15,000 million. The company will repurchase its shares in order to implement flexible capital policies. The share repurchase program will run until September 30, 2026. As of March 30, 2026, the company had 90,992,130 shares outstanding (excluding treasury shares) and 7,227,955 shares in treasury. Price Target Changed • Mar 28
Price target increased by 9.4% to JP¥4,273 Up from JP¥3,907, the current price target is an average from 3 analysts. New target price is 12% below last closing price of JP¥4,862. Stock is up 15% over the past year. The company is forecast to post earnings per share of JP¥305 for next year compared to JP¥252 last year. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥45.00 per share Eligible shareholders must have bought the stock before 30 March 2026. Payment date: 26 June 2026. Payout ratio is a comfortable 30% and this is well supported by cash flows. Trailing yield: 1.9%. Lower than top quartile of Japanese dividend payers (3.6%). In line with average of industry peers (1.8%). Reported Earnings • Jan 31
Third quarter 2026 earnings released: EPS: JP¥41.13 (vs JP¥40.59 in 3Q 2025) Third quarter 2026 results: EPS: JP¥41.13. Revenue: JP¥158.2b (down 5.4% from 3Q 2025). Net income: JP¥3.82b (down 5.7% from 3Q 2025). Profit margin: 2.4% (in line with 3Q 2025). Revenue is expected to decline by 1.7% p.a. on average during the next 3 years, while revenues in the Gas Utilities industry in Asia are expected to grow by 3.2%. Announcement • Jan 30
Toho Gas Co., Ltd. to Report Fiscal Year 2026 Results on Apr 30, 2026 Toho Gas Co., Ltd. announced that they will report fiscal year 2026 results on Apr 30, 2026 Announcement • Dec 03
Toho Gas Co., Ltd. to Report Q3, 2026 Results on Jan 30, 2026 Toho Gas Co., Ltd. announced that they will report Q3, 2026 results on Jan 30, 2026 Declared Dividend • Nov 29
First half dividend of JP¥45.00 announced Shareholders will receive a dividend of JP¥45.00. Ex-date: 30th March 2026 Payment date: 26th June 2026 Dividend yield will be 1.8%, which is lower than the industry average of 2.1%. Sustainability & Growth Dividend is well covered by both earnings (14% earnings payout ratio) and cash flows (20% cash payout ratio). The dividend has increased by an average of 7.2% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to decline by 12% over the next 3 years. However, it would need to fall by 84% to increase the payout ratio to a potentially unsustainable range. Reported Earnings • Oct 30
Second quarter 2026 earnings released: EPS: JP¥38.28 (vs JP¥42.37 in 2Q 2025) Second quarter 2026 results: EPS: JP¥38.28 (down from JP¥42.37 in 2Q 2025). Revenue: JP¥145.7b (down 1.1% from 2Q 2025). Net income: JP¥3.62b (down 16% from 2Q 2025). Profit margin: 2.5% (down from 2.9% in 2Q 2025). Revenue is expected to decline by 2.2% p.a. on average during the next 3 years, while revenues in the Gas Utilities industry in Asia are expected to grow by 2.1%. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has increased by 20% per year, which means it is well ahead of earnings. Announcement • Sep 30
Toho Gas Co., Ltd. (TSE:9533) announces an Equity Buyback for 5,000,000 shares, representing 5.31% for ¥15,000 million. Toho Gas Co., Ltd. (TSE:9533) announces a share repurchase program. Under the program, the company will repurchase up to 5,000,000 shares, representing 5.31% of its share capital, for ¥15,000 million. The company will repurchase its shares in order to implement flexible capital policies. The share repurchase program will run until March 31, 2026. As of September 29, 2025, the company had 94,073,506 shares outstanding (excluding treasury shares) and 4,146,579 shares in treasury. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥45.00 per share Eligible shareholders must have bought the stock before 29 September 2025. Payment date: 01 December 2025. Payout ratio is a comfortable 28% and this is well supported by cash flows. Trailing yield: 2.1%. Lower than top quartile of Japanese dividend payers (3.6%). In line with average of industry peers (2.2%). Price Target Changed • Aug 22
Price target decreased by 19% to JP¥3,350 Down from JP¥4,130, the current price target is an average from 2 analysts. New target price is 27% below last closing price of JP¥4,611. Stock is up 5.7% over the past year. The company is forecast to post earnings per share of JP¥296 for next year compared to JP¥252 last year. Reported Earnings • Jul 31
First quarter 2026 earnings released: EPS: JP¥172 (vs JP¥131 in 1Q 2025) First quarter 2026 results: EPS: JP¥172 (up from JP¥131 in 1Q 2025). Revenue: JP¥161.5b (up 11% from 1Q 2025). Net income: JP¥16.6b (up 22% from 1Q 2025). Profit margin: 10% (in line with 1Q 2025). Revenue is expected to decline by 2.5% p.a. on average during the next 3 years, while revenues in the Gas Utilities industry in Asia are expected to grow by 1.6%. 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 11% per year, which means it is well ahead of earnings. Announcement • Jul 31
Toho Gas Co., Ltd. to Report Q2, 2026 Results on Oct 28, 2025 Toho Gas Co., Ltd. announced that they will report Q2, 2026 results on Oct 28, 2025 Declared Dividend • Jul 09
Final dividend of JP¥45.00 announced Shareholders will receive a dividend of JP¥45.00. Ex-date: 29th September 2025 Payment date: 1st December 2025 Dividend yield will be 2.0%, which is about the same as the industry average. Sustainability & Growth Dividend is well covered by both earnings (34% earnings payout ratio) and cash flows (22% cash payout ratio). The dividend has increased by an average of 7.2% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to decline by 2.6% over the next 3 years. However, it would need to fall by 62% to increase the payout ratio to a potentially unsustainable range. Reported Earnings • Jun 29
Full year 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2025 results: EPS: JP¥252 (down from JP¥260 in FY 2024). Revenue: JP¥656.0b (up 3.6% from FY 2024). Net income: JP¥25.5b (down 6.8% from FY 2024). Profit margin: 3.9% (down from 4.3% in FY 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 3.0%. Earnings per share (EPS) missed analyst estimates by 2.8%. Revenue is forecast to stay flat during the next 3 years, in line with the revenue forecast for the Gas Utilities industry in Japan. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has increased by 11% per year, which means it is tracking significantly ahead of earnings growth. Major Estimate Revision • May 21
Consensus EPS estimates increase by 20%, revenue downgraded The consensus outlook for fiscal year 2026 has been updated. 2026 revenue forecast fell from JP¥632.0b to JP¥624.6b. EPS estimate rose from JP¥207 to JP¥248. Net income forecast to shrink 8.5% next year vs 3.8% decline forecast for Gas Utilities industry in Japan. Consensus price target broadly unchanged at JP¥4,097. Share price fell 3.2% to JP¥4,063 over the past week. Announcement • May 14
Toho Gas Co., Ltd. to Report Q1, 2026 Results on Jul 30, 2025 Toho Gas Co., Ltd. announced that they will report Q1, 2026 results on Jul 30, 2025 Reported Earnings • May 01
Full year 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2025 results: EPS: JP¥252 (down from JP¥260 in FY 2024). Revenue: JP¥656.0b (up 3.6% from FY 2024). Net income: JP¥25.5b (down 6.8% from FY 2024). Profit margin: 3.9% (down from 4.3% in FY 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 3.0%. Earnings per share (EPS) missed analyst estimates by 2.8%. Revenue is forecast to stay flat during the next 3 years compared to a 1.3% growth forecast for the Gas Utilities industry in Japan. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has increased by 13% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Apr 30
Toho Gas Co., Ltd., Annual General Meeting, Jun 25, 2025 Toho Gas Co., Ltd., Annual General Meeting, Jun 25, 2025. Announcement • Mar 27
Toho Gas Co., Ltd. (TSE:9533) announces an Equity Buyback for 5,000,000 shares, representing 5.12% for ¥15,000 million. Toho Gas Co., Ltd. (TSE:9533) announces a share repurchase program. Under the program, the company will repurchase up to 5,000,000 shares, representing 5.12% of its share capital, for ¥15,000 million. The company will repurchase its shares in order to implement flexible capital policies. The share repurchase program will run until September 30, 2025. As of March 26, 2025, the company had 105,97,595,853 shares outstanding (excluding treasury shares) and 7,660,432 shares in treasury. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥40.00 per share Eligible shareholders must have bought the stock before 28 March 2025. Payment date: 26 June 2025. Payout ratio is a comfortable 34% and this is well supported by cash flows. Trailing yield: 1.9%. Lower than top quartile of Japanese dividend payers (3.7%). Lower than average of industry peers (2.2%). Announcement • Feb 03
Toho Gas Co., Ltd. to Report Fiscal Year 2025 Results on Apr 30, 2025 Toho Gas Co., Ltd. announced that they will report fiscal year 2025 results on Apr 30, 2025 Reported Earnings • Jan 31
Third quarter 2025 earnings released: EPS: JP¥40.59 (vs JP¥8.34 in 3Q 2024) Third quarter 2025 results: EPS: JP¥40.59 (up from JP¥8.34 in 3Q 2024). Revenue: JP¥167.2b (up 13% from 3Q 2024). Net income: JP¥4.05b (up 362% from 3Q 2024). Profit margin: 2.4% (up from 0.6% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to stay flat during the next 3 years, in line with the revenue forecast for the Gas Utilities 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. Buy Or Sell Opportunity • Jan 24
Now 20% undervalued Over the last 90 days, the stock has risen 3.8% to JP¥3,871. The fair value is estimated to be JP¥4,843, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 2.3% in 2 years. Earnings are forecast to grow by 12% in the next 2 years. Buy Or Sell Opportunity • Dec 04
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 9.3% to JP¥3,820. The fair value is estimated to be JP¥4,859, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 2.3% in 2 years. Earnings are forecast to grow by 12% in the next 2 years. Declared Dividend • Nov 30
First half dividend of JP¥40.00 announced Shareholders will receive a dividend of JP¥40.00. Ex-date: 28th March 2025 Payment date: 26th June 2025 Dividend yield will be 2.0%, which is about the same as the industry average. Sustainability & Growth Dividend is covered by both earnings (20% earnings payout ratio) and cash flows (73% cash payout ratio). The dividend has increased by an average of 5.9% 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 25% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Buy Or Sell Opportunity • Nov 19
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 9.6% to JP¥3,872. The fair value is estimated to be JP¥4,859, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 2.3% in 2 years. Earnings are forecast to grow by 4.5% in the next 2 years. New Risk • Nov 15
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.09% 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 Risk Earnings are forecast to decline by an average of 0.09% per year for the foreseeable future. Minor Risk Profit margins are more than 30% lower than last year (3.3% net profit margin). Announcement • Nov 05
Toho Gas Co., Ltd. to Report Q3, 2025 Results on Jan 30, 2025 Toho Gas Co., Ltd. announced that they will report Q3, 2025 results on Jan 30, 2025 Reported Earnings • Nov 01
Second quarter 2025 earnings released: EPS: JP¥42.37 (vs JP¥57.07 in 2Q 2024) Second quarter 2025 results: EPS: JP¥42.37 (down from JP¥57.07 in 2Q 2024). Revenue: JP¥147.3b (up 1.1% from 2Q 2024). Net income: JP¥4.33b (down 28% from 2Q 2024). Profit margin: 2.9% (down from 4.1% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to stay flat during the next 3 years compared to a 1.5% growth forecast for the Gas Utilities industry in Japan. Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Oct 17
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 4.5% to JP¥3,842. The fair value is estimated to be JP¥4,825, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Earnings per share has grown by 52%. Revenue is forecast to grow by 2.5% in 2 years. Earnings are forecast to decline by 3.4% in the next 2 years. Upcoming Dividend • Sep 20
Upcoming dividend of JP¥40.00 per share Eligible shareholders must have bought the stock before 27 September 2024. Payment date: 02 December 2024. Payout ratio is a comfortable 33% and this is well supported by cash flows. Trailing yield: 1.9%. Lower than top quartile of Japanese dividend payers (3.8%). Lower than average of industry peers (2.5%). Price Target Changed • Aug 20
Price target increased by 42% to JP¥4,120 Up from JP¥2,905, the current price target is an average from 2 analysts. New target price is approximately in line with last closing price of JP¥4,334. Stock is up 72% over the past year. The company is forecast to post earnings per share of JP¥220 for next year compared to JP¥260 last year. Price Target Changed • Aug 13
Price target increased by 7.9% to JP¥2,945 Up from JP¥2,730, the current price target is an average from 2 analysts. New target price is 31% below last closing price of JP¥4,283. Stock is up 71% over the past year. The company is forecast to post earnings per share of JP¥214 for next year compared to JP¥260 last year. Reported Earnings • Aug 02
First quarter 2025 earnings released: EPS: JP¥131 (vs JP¥177 in 1Q 2024) First quarter 2025 results: EPS: JP¥131 (down from JP¥177 in 1Q 2024). Revenue: JP¥146.1b (down 5.9% from 1Q 2024). Net income: JP¥13.7b (down 27% from 1Q 2024). Profit margin: 9.4% (down from 12% in 1Q 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to stay flat during the next 3 years compared to a 1.5% growth forecast for the Gas Utilities industry in Japan. Over the last 3 years on average, earnings per share has increased by 52% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Announcement • Aug 01
Toho Gas Co., Ltd. to Report Q2, 2025 Results on Oct 30, 2024 Toho Gas Co., Ltd. announced that they will report Q2, 2025 results on Oct 30, 2024 New Risk • Jul 31
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 5.4% 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 Risk Earnings are forecast to decline by an average of 7.5% per year for the foreseeable future. Minor Risk Share price has been volatile over the past 3 months (5.4% average weekly change). Valuation Update With 7 Day Price Move • Jul 31
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to JP¥4,648, the stock trades at a forward P/E ratio of 22x. Average forward P/E is 15x in the Gas Utilities industry in Japan. Total loss to shareholders of 9.1% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥1,887 per share. Declared Dividend • Jul 11
Final dividend of JP¥40.00 announced Shareholders will receive a dividend of JP¥40.00. Ex-date: 27th September 2024 Payment date: 2nd December 2024 Dividend yield will be 2.1%, which is about the same as the industry average. Sustainability & Growth Dividend is covered by both earnings (15% earnings payout ratio) and cash flows (84% cash payout ratio). The dividend has increased by an average of 5.9% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to decline by 12% over the next 3 years. However, it would need to fall by 83% to increase the payout ratio to a potentially unsustainable range. Announcement • Jun 08
Toho Gas Co., Ltd. to Report Q1, 2025 Results on Jul 31, 2024 Toho Gas Co., Ltd. announced that they will report Q1, 2025 results on Jul 31, 2024 Major Estimate Revision • May 15
Consensus EPS estimates increase by 17%, revenue downgraded The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast fell from JP¥661.8b to JP¥640.0b. EPS estimate rose from JP¥180 to JP¥211. Net income forecast to shrink 20% next year vs 14% decline forecast for Gas Utilities industry in Japan. Consensus price target up from JP¥2,730 to JP¥2,905. Share price fell 5.1% to JP¥3,840 over the past week. Announcement • Apr 27
Toho Gas Co., Ltd., Annual General Meeting, Jun 25, 2024 Toho Gas Co., Ltd., Annual General Meeting, Jun 25, 2024. Reported Earnings • Apr 26
Full year 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2024 results: EPS: JP¥260 (down from JP¥321 in FY 2023). Revenue: JP¥633.0b (down 10% from FY 2023). Net income: JP¥27.3b (down 19% from FY 2023). Profit margin: 4.3% (down from 4.8% in FY 2023). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 4.6%. Earnings per share (EPS) exceeded analyst estimates by 1.1%. Revenue is forecast to grow 2.3% p.a. on average during the next 2 years, while revenues in the Gas 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 fallen by 12% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Apr 26
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to JP¥4,135, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 14x in the Gas Utilities industry in Japan. Total loss to shareholders of 28% over the past three years. Announcement • Mar 29
Toho Gas Co., Ltd. (TSE:9533) announces an Equity Buyback for 4,000,000 shares, representing 3.8% for ¥10,000 million. Toho Gas Co., Ltd. (TSE:9533) announces a share repurchase program. Under the program, the company will repurchase up to 4,000,000 shares, representing 3.8% of its share capital, for ¥10,000 million. The company will repurchase its shares in order to execute timely and flexible capital policy measures. The share repurchase program will run until September 30, 2024. As of February 29, 2024, the company had 105,141,299 shares outstanding (excluding treasury shares) and 114,986 shares in treasury. 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: 01 July 2024. Payout ratio is a comfortable 15% and this is well supported by cash flows. Trailing yield: 1.8%. Lower than top quartile of Japanese dividend payers (3.2%). Lower than average of industry peers (2.0%). Announcement • Feb 01
Toho Gas Co., Ltd. to Report Fiscal Year 2024 Results on Apr 25, 2024 Toho Gas Co., Ltd. announced that they will report fiscal year 2024 results on Apr 25, 2024 Reported Earnings • Feb 01
Third quarter 2024 earnings released: EPS: JP¥8.34 (vs JP¥98.45 in 3Q 2023) Third quarter 2024 results: EPS: JP¥8.34 (down from JP¥98.45 in 3Q 2023). Revenue: JP¥148.7b (down 19% from 3Q 2023). Net income: JP¥877.0m (down 92% from 3Q 2023). Profit margin: 0.6% (down from 5.6% in 3Q 2023). The decrease in margin was driven by lower revenue. Revenue is expected to fall by 5.7% p.a. on average during the next 3 years compared to a 1.5% decline forecast for the Gas Utilities industry in Japan. Over the last 3 years on average, earnings per share has increased by 70% per year but the company’s share price has fallen by 23% per year, which means it is significantly lagging earnings. Price Target Changed • Dec 16
Price target increased by 33% to JP¥2,860 Up from JP¥2,145, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of JP¥2,724. Stock is up 5.5% over the past year. The company is forecast to post earnings per share of JP¥220 for next year compared to JP¥321 last year. Announcement • Nov 09
Toho Gas Co., Ltd. to Report Q3, 2024 Results on Jan 30, 2024 Toho Gas Co., Ltd. announced that they will report Q3, 2024 results on Jan 30, 2024 Reported Earnings • Nov 02
Second quarter 2024 earnings released: EPS: JP¥57.07 (vs JP¥32.63 loss in 2Q 2023) Second quarter 2024 results: EPS: JP¥57.07 (up from JP¥32.63 loss in 2Q 2023). Revenue: JP¥145.6b (down 8.0% from 2Q 2023). Net income: JP¥6.00b (up JP¥9.43b from 2Q 2023). Profit margin: 4.1% (up from net loss in 2Q 2023). The move to profitability was driven by lower expenses. Revenue is expected to fall by 4.1% p.a. on average during the next 3 years compared to a 2.6% decline forecast for the Gas Utilities industry in Japan. Over the last 3 years on average, earnings per share has increased by 68% per year but the company’s share price has fallen by 22% per year, which means it is significantly lagging earnings. Upcoming Dividend • Sep 21
Upcoming dividend of JP¥30.00 per share at 2.2% yield Eligible shareholders must have bought the stock before 28 September 2023. Payment date: 30 November 2023. Payout ratio is a comfortable 15% and this is well supported by cash flows. Trailing yield: 2.2%. Lower than top quartile of Japanese dividend payers (3.3%). In line with average of industry peers (2.2%). Announcement • Jul 29
Toho Gas Co., Ltd. to Report Q2, 2024 Results on Oct 31, 2023 Toho Gas Co., Ltd. announced that they will report Q2, 2024 results on Oct 31, 2023 Reported Earnings • Jul 28
First quarter 2024 earnings released: EPS: JP¥177 (vs JP¥98.20 in 1Q 2023) First quarter 2024 results: EPS: JP¥177 (up from JP¥98.20 in 1Q 2023). Revenue: JP¥155.3b (up 7.4% from 1Q 2023). Net income: JP¥18.6b (up 80% from 1Q 2023). Profit margin: 12% (up from 7.1% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue is expected to fall by 1.1% p.a. on average during the next 3 years compared to a 2.5% decline forecast for the Gas Utilities industry in Japan. Over the last 3 years on average, earnings per share has increased by 58% per year but the company’s share price has fallen by 17% per year, which means it is significantly lagging earnings. Announcement • May 15
Toho Gas Co., Ltd. to Report Q1, 2024 Results on Jul 27, 2023 Toho Gas Co., Ltd. announced that they will report Q1, 2024 results on Jul 27, 2023 Major Estimate Revision • May 10
Consensus EPS estimates increase by 10% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has improved. 2024 revenue forecast increased from JP¥611.4b to JP¥621.4b. EPS estimate increased from JP¥165 to JP¥183 per share. Net income forecast to shrink 44% next year vs 11% growth forecast for Gas Utilities industry in Japan . Consensus price target of JP¥1,280 unchanged from last update. Share price was steady at JP¥2,560 over the past week. Price Target Changed • May 03
Price target decreased by 35% to JP¥1,280 Down from JP¥1,955, the current price target is provided by 1 analyst. New target price is 50% below last closing price of JP¥2,543. Stock is down 13% over the past year. The company is forecast to post earnings per share of JP¥165 for next year compared to JP¥321 last year. Reported Earnings • Apr 29
Full year 2023 earnings: EPS and revenues exceed analyst expectations Full year 2023 results: EPS: JP¥321 (up from JP¥147 in FY 2022). Revenue: JP¥706.1b (up 37% from FY 2022). Net income: JP¥33.7b (up 118% from FY 2022). Profit margin: 4.8% (up from 3.0% in FY 2022). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 3.8%. Earnings per share (EPS) also surpassed analyst estimates by 61%. Revenue is expected to fall by 1.9% p.a. on average during the next 3 years compared to a 2.4% decline forecast for the Gas Utilities industry in Japan. 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 23% per year, which means it is significantly lagging earnings. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥30.00 per share at 2.4% yield Eligible shareholders must have bought the stock before 30 March 2023. Payment date: 30 June 2023. Payout ratio is a comfortable 11% but the company is not cash flow positive. Trailing yield: 2.4%. Lower than top quartile of Japanese dividend payers (3.6%). Lower than average of industry peers (2.7%). Major Estimate Revision • Feb 12
Consensus EPS estimates increase by 24% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has improved. 2023 revenue forecast increased from JP¥630.0b to JP¥670.0b. EPS estimate increased from JP¥162 to JP¥200 per share. Net income forecast to shrink 37% next year vs 5.0% growth forecast for Gas Utilities industry in Japan . Consensus price target broadly unchanged at JP¥1,945. Share price was steady at JP¥2,484 over the past week. Reported Earnings • Jan 28
Third quarter 2023 earnings: EPS and revenues exceed analyst expectations Third quarter 2023 results: EPS: JP¥98.45 (up from JP¥9.32 in 3Q 2022). Revenue: JP¥183.2b (up 43% from 3Q 2022). Net income: JP¥10.3b (up JP¥9.37b from 3Q 2022). Profit margin: 5.6% (up from 0.8% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 26%. Earnings per share (EPS) also surpassed analyst estimates significantly. Revenue is forecast to decline by 6.1% p.a. on average during the next 3 years, while revenues in the Gas Utilities industry in Japan are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 17% per year, which means it is significantly lagging earnings. Announcement • Jan 27
Toho Gas Co., Ltd. to Report Fiscal Year 2023 Results on Apr 27, 2023 Toho Gas Co., Ltd. announced that they will report fiscal year 2023 results on Apr 27, 2023 Major Estimate Revision • Dec 01
Consensus EPS estimates increase by 21% The consensus outlook for earnings per share (EPS) in 2023 has improved. 2023 revenue forecast increased from JP¥600.0b to JP¥630.0b. EPS estimate increased from JP¥133 to JP¥162 per share. Net income forecast to shrink 12% next year vs 13% growth forecast for Gas Utilities industry in Japan . Consensus price target of JP¥1,955 unchanged from last update. Share price fell 3.8% to JP¥2,675 over the past week. Announcement • Nov 30
Toho Gas Co., Ltd. to Report Q3, 2023 Results on Jan 27, 2023 Toho Gas Co., Ltd. announced that they will report Q3, 2023 results on Jan 27, 2023 Reported Earnings • Nov 16
Second quarter 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2023 results: JP¥32.63 loss per share (further deteriorated from JP¥22.75 loss in 2Q 2022). Revenue: JP¥158.3b (up 51% from 2Q 2022). Net loss: JP¥3.43b (loss widened 43% from 2Q 2022). Revenue exceeded analyst estimates by 13%. Earnings per share (EPS) missed analyst estimates. Revenue is forecast to decline by 2.6% p.a. on average during the next 3 years, while revenues in the Gas Utilities industry in Japan are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has only fallen by 13% per year, which means it has not declined as severely as earnings. Board Change • Nov 16
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 3 independent directors. 6 non-independent directors. Independent Outside Director Taku Oshima was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Reported Earnings • Oct 28
Second quarter 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2023 results: JP¥32.63 loss per share (further deteriorated from JP¥22.75 loss in 2Q 2022). Revenue: JP¥158.3b (up 51% from 2Q 2022). Net loss: JP¥3.43b (loss widened 43% from 2Q 2022). Revenue exceeded analyst estimates by 13%. Earnings per share (EPS) missed analyst estimates. Revenue is forecast to decline by 3.6% p.a. on average during the next 3 years, while revenues in the Gas Utilities industry in Japan are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has only fallen by 13% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥30.00 per share Eligible shareholders must have bought the stock before 29 September 2022. Payment date: 30 November 2022. Payout ratio is a comfortable 30% but the company is not cash flow positive. Trailing yield: 2.0%. Lower than top quartile of Japanese dividend payers (3.7%). Lower than average of industry peers (2.6%). Major Estimate Revision • Aug 31
Consensus forecasts updated The consensus outlook for 2023 has been updated. 2023 revenue forecast fell from JP¥615.0b to JP¥607.5b. EPS estimate rose from JP¥133 to JP¥162. Net income forecast to shrink 17% next year vs 12% decline forecast for Gas Utilities industry in Japan. Consensus price target of JP¥1,300 unchanged from last update. Share price fell 2.3% to JP¥3,125 over the past week. Reported Earnings • Jul 30
First quarter 2023 earnings released: EPS: JP¥98.20 (vs JP¥50.42 in 1Q 2022) First quarter 2023 results: EPS: JP¥98.20 (up from JP¥50.42 in 1Q 2022). Revenue: JP¥144.5b (up 41% from 1Q 2022). Net income: JP¥10.3b (up 94% from 1Q 2022). Profit margin: 7.1% (up from 5.2% in 1Q 2022). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 4.8%, compared to a 22% growth forecast for the industry in Japan. Over the last 3 years on average, earnings per share has fallen by 36% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Jun 09
Investor sentiment improved over the past week After last week's 16% share price gain to JP¥3,270, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 12x in the Gas Utilities industry in Japan. Total loss to shareholders of 20% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥3,036 per share.