New Risk • Jul 03
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 55% 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 Risk Earnings are forecast to decline by an average of 10% per year for the foreseeable future. Minor Risks High level of debt (60% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Tillkännagivande • Jun 03
Tokyo Gas Co.,Ltd. to Report Q1, 2027 Results on Jul 30, 2026 Tokyo Gas Co.,Ltd. announced that they will report Q1, 2027 results on Jul 30, 2026 Live-nyheter • May 22
Tokyo Gas Invests in AI Platform Novity to Boost Equipment Reliability and Safety Tokyo Gas, through its corporate venture arm Acario Innovation, has invested in Novity, a provider of predictive maintenance solutions for process industries.
The funding will support expansion of Novity's TruPrognostics platform, which uses a mix of AI and physics-based models to improve early fault detection and equipment reliability.
Tokyo Gas aims to apply AI-driven predictive maintenance to raise operational performance and safety across its infrastructure.
This move points to a focus on using data and software to improve asset reliability, which can matter for cost control, uptime and risk management in large utility networks.
For investors, the key question is how effectively Tokyo Gas can translate such technology-focused investments into measurable operational benefits over time. New Risk • Apr 29
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 1.7% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 9.5% per year for the foreseeable future. Minor Risks High level of debt (57% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Tillkännagivande • Apr 21
Tokyo Gas Co.,Ltd. to Report Fiscal Year 2026 Results on Apr 28, 2026 Tokyo Gas Co.,Ltd. announced that they will report fiscal year 2026 results on Apr 28, 2026 Buy Or Sell Opportunity • Apr 13
Now 21% undervalued Over the last 90 days, the stock has risen 11% to JP¥7,093. The fair value is estimated to be JP¥8,955, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 6.8% over the last 3 years. Earnings per share has declined by 19%. For the next 3 years, revenue is forecast to grow by 1.7% per annum. Earnings are forecast to decline by 9.0% per annum over the same time period. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥50.00 per share Eligible shareholders must have bought the stock before 30 March 2026. Payment date: 08 June 2026. Payout ratio is a comfortable 16% and this is well supported by cash flows. Trailing yield: 1.4%. Lower than top quartile of Japanese dividend payers (3.6%). Lower than average of industry peers (1.8%). Price Target Changed • Feb 19
Price target increased by 7.7% to JP¥6,375 Up from JP¥5,917, the current price target is an average from 6 analysts. New target price is 17% below last closing price of JP¥7,639. Stock is up 61% over the past year. The company is forecast to post earnings per share of JP¥554 for next year compared to JP¥192 last year. Reported Earnings • Jan 31
Third quarter 2026 earnings: EPS and revenues exceed analyst expectations Third quarter 2026 results: EPS: JP¥107 (up from JP¥50.49 in 3Q 2025). Revenue: JP¥692.1b (up 11% from 3Q 2025). Net income: JP¥36.6b (up 88% from 3Q 2025). Profit margin: 5.3% (up from 3.1% in 3Q 2025). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 11%. Earnings per share (EPS) also surpassed analyst estimates by 41%. Revenue is forecast to stay flat during the next 3 years compared to a 3.2% growth forecast for the Gas Utilities industry in Asia. Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has increased by 36% per year, which means it is well ahead of earnings. Tillkännagivande • Jan 31
Shizuoka Financial Group,Inc. (TSE:5831) agreed to acquire 80% stake in Tokyo Gas Lease Co., Ltd. from Tokyo Gas Co.,Ltd. (TSE:9531). Shizuoka Financial Group,Inc. (TSE:5831) agreed to acquire 80% stake in Tokyo Gas Lease Co., Ltd. from Tokyo Gas Co.,Ltd. (TSE:9531) on January 30, 2026. Shizuoka Financial Group will acquire 768 shares.
For the period ending March 31, 2025, Tokyo Gas Lease Co., Ltd. reported total revenue of ¥7.45 billion and net income of ¥463 million. As of March 31, 2025, Tokyo Gas Lease Co., Ltd. reported total assets of ¥53 billion and total common equity of ¥14.99 billion.
The expected completion of the transaction is in April 2026. Tillkännagivande • Jan 30
Tokyo Gas Co.,Ltd. Revises Consolidated Earnings Guidance for the Fiscal Year Ending March 31, 2026 Tokyo Gas Co.,Ltd. revised consolidated earnings guidance for the fiscal year ending March 31, 2026. For the year, the company expected net sales of JPY 2,839,000 million; Operating profit of JPY 185,000 million; Profit attributable to owners of parent of JPY 194,000 million; and Basic earnings per share of JPY 560.15. Price Target Changed • Dec 17
Price target increased by 9.6% to JP¥5,760 Up from JP¥5,256, the current price target is an average from 5 analysts. New target price is 8.2% below last closing price of JP¥6,275. Stock is up 44% over the past year. The company is forecast to post earnings per share of JP¥562 for next year compared to JP¥192 last year. Tillkännagivande • Dec 04
Tokyo Gas Co.,Ltd. to Report Q3, 2026 Results on Jan 30, 2026 Tokyo Gas Co.,Ltd. announced that they will report Q3, 2026 results on Jan 30, 2026 Declared Dividend • Nov 29
First half dividend of JP¥50.00 announced Shareholders will receive a dividend of JP¥50.00. Ex-date: 30th March 2026 Payment date: 8th June 2026 Dividend yield will be 1.6%, which is lower than the industry average of 2.1%. Sustainability & Growth Dividend is covered by both earnings (19% earnings payout ratio) and cash flows (61% cash payout ratio). The dividend has increased by an average of 7.2% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to decline by 12% over the next 3 years. However, it would need to fall by 79% to increase the payout ratio to a potentially unsustainable range. Buy Or Sell Opportunity • Nov 26
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 13% to JP¥6,483. The fair value is estimated to be JP¥5,370, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 5.6% over the last 3 years. Earnings per share has declined by 19%. For the next 3 years, revenue is forecast to grow by 0.2% per annum. Earnings are forecast to decline by 11% per annum over the same time period. Reported Earnings • Oct 30
Second quarter 2026 earnings: EPS and revenues exceed analyst expectations Second quarter 2026 results: EPS: JP¥80.31 (up from JP¥7.02 loss in 2Q 2025). Revenue: JP¥700.2b (up 10% from 2Q 2025). Net income: JP¥28.0b (up JP¥30.7b from 2Q 2025). Profit margin: 4.0% (up from net loss in 2Q 2025). The move to profitability was driven by higher revenue. Revenue exceeded analyst estimates by 7.2%. Earnings per share (EPS) also surpassed analyst estimates by 13%. Revenue is forecast to stay flat during the next 3 years compared to a 2.1% growth forecast for the Gas Utilities industry in Asia. Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has increased by 26% per year, which means it is well ahead of earnings. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥40.00 per share Eligible shareholders must have bought the stock before 29 September 2025. Payment date: 01 December 2025. Payout ratio is a comfortable 19% and this is well supported by cash flows. Trailing yield: 1.5%. Lower than top quartile of Japanese dividend payers (3.6%). Lower than average of industry peers (2.2%). Tillkännagivande • Sep 03
Tokyo Gas Co.,Ltd. to Report Q2, 2026 Results on Oct 29, 2025 Tokyo Gas Co.,Ltd. announced that they will report Q2, 2026 results on Oct 29, 2025 Major Estimate Revision • Aug 06
Consensus EPS estimates fall by 14% The consensus outlook for fiscal year 2026 has been updated. 2026 EPS estimate fell from JP¥538 to JP¥463. Revenue forecast unchanged from JP¥2.71t at last update. Net income forecast to grow 0.2% next year vs 8.4% growth forecast for Gas Utilities industry in Japan. Consensus price target of JP¥5,038 unchanged from last update. Share price rose 9.0% to JP¥5,459 over the past week. Reported Earnings • Jul 31
First quarter 2026 earnings released: EPS: JP¥282 (vs JP¥50.17 in 1Q 2025) First quarter 2026 results: EPS: JP¥282 (up from JP¥50.17 in 1Q 2025). Revenue: JP¥647.3b (up 10% from 1Q 2025). Net income: JP¥101.7b (up 411% from 1Q 2025). Profit margin: 16% (up from 3.4% in 1Q 2025). The increase in margin was primarily driven by higher revenue. Revenue is forecast to stay flat during the next 3 years compared to a 1.6% growth forecast for the Gas Utilities industry in Asia. Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has increased by 25% per year, which means it is well ahead of earnings. Tillkännagivande • Jul 29
Tokyo Gas Co.,Ltd. (TSE:9531) acquired an unknown majority stake in SkyDisc,Inc. Tokyo Gas Co.,Ltd. (TSE:9531) acquired an unknown majority stake in SkyDisc,Inc. on July 25, 2025. Going forward, Tokyo Gas will work with the SkyDisc's management team and shareholders to strengthen the deployment of DX solutions, including "Optimal Works" an automated production planning solution for the manufacturing industry using AI and SaaS.
Tokyo Gas Co.,Ltd. (TSE:9531) completed the acquisition of an unknown majority stake in SkyDisc,Inc. on July 25, 2025. Declared Dividend • Jul 09
Final dividend increased to JP¥40.00 Dividend of JP¥40.00 is 14% higher than last year. Ex-date: 29th September 2025 Payment date: 1st December 2025 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 (42% earnings payout ratio) and cash flows (50% cash payout ratio). The dividend has increased by an average of 4.8% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 42% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Tillkännagivande • Jul 02
Tokyo Gas Co.,Ltd. to Report Q1, 2026 Results on Jul 30, 2025 Tokyo Gas Co.,Ltd. announced that they will report Q1, 2026 results on Jul 30, 2025 Reported Earnings • Jun 29
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: EPS: JP¥192 (down from JP¥412 in FY 2024). Revenue: JP¥2.64t (down 1.0% from FY 2024). Net income: JP¥74.2b (down 56% from FY 2024). Profit margin: 2.8% (down from 6.4% in FY 2024). The decrease in margin was primarily driven by higher expenses. Revenue missed analyst estimates by 2.6%. Earnings per share (EPS) also missed analyst estimates by 5.9%. 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 fallen by 10% per year but the company’s share price has increased by 23% per year, which means it is well ahead of earnings. Major Estimate Revision • Jun 10
Consensus EPS estimates increase by 47% The consensus outlook for fiscal year 2026 has been updated. 2026 EPS estimate increased from JP¥397 to JP¥582. Revenue forecast steady at JP¥2.67t. Net income forecast to grow 156% next year vs 1.5% growth forecast for Gas Utilities industry in Japan. Consensus price target of JP¥5,038 unchanged from last update. Share price was steady at JP¥4,751 over the past week. Tillkännagivande • Jun 06
Tokyo Gas Co.,Ltd. Revises Consolidated Earnings Guidance for the Fiscal Year Ending March 31, 2026 Tokyo Gas Co.,Ltd. revised consolidated earnings guidance for the Fiscal Year Ending March 31, 2026. For the fiscal year ending March 31, 2026, on the consolidated basis, the company expects net sales to be JPY 2,754,000 million as compared to previous guidance of JPY 2,754,000 million. Operating profit is expected to be JPY 159,000 million as compared to previous guidance of JPY 159,000 million. Profit attributable to owners of parent is expected to be JPY 183,000 million as compared to previous guidance of JPY 134,000 million. Basic per share is expected to be JPY 522.09 per share as compared to previous guidance of JPY 384.49 per share.
In accordance with the decision to liquidate overseas consolidated subsidiary, Tokyo Gas Australia Pty Ltd, as disclosed in the "Notice Concerning the voluntary winding up of Tokyo Gas Australia Pty Ltd, a wholly-owned subsidiary and recording of extraordinary income" dated May 29, 2025, a gain will be recognized by reversing the foreign currency translation adjustment account related to this company. The exchange rate has now been finalized and the amount to be recorded in extraordinary income has been calculated, resulting in a forecast of JPY 68.0 billion. As a result, profit attributable to owners of parent, net of income taxes, is now expected to change from the previous forecast. Tillkännagivande • May 09
Eisai Co., Ltd. (TSE:4523) completed the acquisition of EcoNaviSta, Inc. (TSE:5585) from a group of shareholders. Eisai Co., Ltd. (TSE:4523) proposed to acquire EcoNaviSta, Inc. (TSE:5585) from a group of shareholders for ¥17 billion on March 14, 2025. As part of transaction ¥2190 per share is paid towards the common equity of EcoNaviSta, Inc. whereas ¥21,150 yen per Second Series Share Acquisition Right, ¥18,400 yen per Third Series Share Acquisition Right, ¥18,230 yen per Fourth Series Share Acquisition Right and ¥12,460 yen per Fifth Series Share Acquisition Right is paid. The transaction is subject to minimum tender. Nomura Securities Co., Ltd. acted as financial and TMI Associates acted as legal advisor to Eisai Co., Ltd. whereas Trustees Advisory K.K. acted as financial and City-Yuwa Partners acted as legal advisor to EcoNaviSta, Inc.
Eisai Co., Ltd. (TSE:4523) completed the acquisition of EcoNaviSta, Inc. (TSE:5585) from a group of shareholders on May 7, 2025. Reported Earnings • Apr 29
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: EPS: JP¥192 (down from JP¥412 in FY 2024). Revenue: JP¥2.64t (down 1.0% from FY 2024). Net income: JP¥74.2b (down 56% from FY 2024). Profit margin: 2.8% (down from 6.4% in FY 2024). The decrease in margin was primarily driven by higher expenses. Revenue missed analyst estimates by 2.6%. Earnings per share (EPS) also missed analyst estimates by 5.9%. Revenue is forecast to grow 1.9% p.a. on average during the next 3 years, compared to a 1.2% growth forecast for the Gas Utilities industry in Japan. Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has increased by 25% per year, which means it is well ahead of earnings. Tillkännagivande • Apr 28
Tokyo Gas Co.,Ltd., Annual General Meeting, Jun 27, 2025 Tokyo Gas Co.,Ltd., Annual General Meeting, Jun 27, 2025. Tillkännagivande • Mar 26
Tokyo Gas Co.,Ltd. (TSE:9531) announces an Equity Buyback for 35,000,000 shares, representing 9.36% for ¥120,000 million. Tokyo Gas Co.,Ltd. (TSE:9531) announces a share repurchase program. Under the program, the company will repurchase up to 35,000,000 shares, representing 9.36% of its total shares outstanding (excluding treasury shares), for a total of ¥120,000 million. The purpose of repurchase program is to improve capital efficiency and control equity capital. The repurchase program is valid till September 30, 2025. As of February 28, 2025, the company had 388,893,859 issued shares and had 15,025,167 shares in treasury. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥35.00 per share Eligible shareholders must have bought the stock before 28 March 2025. Payment date: 06 June 2025. Payout ratio is a comfortable 31% and this is well supported by cash flows. Trailing yield: 1.4%. Lower than top quartile of Japanese dividend payers (3.7%). Lower than average of industry peers (2.2%). Price Target Changed • Mar 18
Price target increased by 10% to JP¥4,874 Up from JP¥4,414, the current price target is an average from 5 analysts. New target price is approximately in line with last closing price of JP¥4,822. Stock is up 36% over the past year. The company is forecast to post earnings per share of JP¥204 for next year compared to JP¥412 last year. Buy Or Sell Opportunity • Mar 12
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 6.1% to JP¥4,764. The fair value is estimated to be JP¥3,918, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 5.8% over the last 3 years. Earnings per share has grown by 8.3%. For the next 3 years, revenue is forecast to grow by 1.9% per annum. Earnings are also forecast to grow by 9.1% per annum over the same time period. Tillkännagivande • Mar 04
Tokyo Gas Co.,Ltd. to Report Fiscal Year 2025 Results on Apr 28, 2025 Tokyo Gas Co.,Ltd. announced that they will report fiscal year 2025 results on Apr 28, 2025 Tillkännagivande • Feb 19
Tokyo Gas Co.,Ltd. (TSE:9531) completed the acquisition of 20% stake in FGEN LNG Corporation from First Gen LNG Holdings Corporation. Tokyo Gas Co.,Ltd. (TSE:9531) agreed to acquire 20% stake in FGEN LNG Corporation from First Gen LNG Holdings Corporation on May 21, 2024. The deal is subject to government approvals. Mike Graffagna of Morrison & Foerster LLP (Japan) and Per Lindberg of Morrison & Foerster (Singapore) LLP acted as the legal advisor to Tokyo Gas Co.,Ltd. (TSE:9531).
Tokyo Gas Co.,Ltd. (TSE:9531) completed the acquisition of 20% stake in FGEN LNG Corporation from First Gen LNG Holdings Corporation on February 19, 2025. Buy Or Sell Opportunity • Feb 17
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 20% to JP¥4,585. The fair value is estimated to be JP¥3,774, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 5.8% over the last 3 years. Earnings per share has grown by 8.3%. For the next 3 years, revenue is forecast to grow by 1.9% per annum. Earnings are also forecast to grow by 8.9% per annum over the same time period. Price Target Changed • Feb 13
Price target increased by 9.9% to JP¥3,876 Up from JP¥3,528, the current price target is an average from 5 analysts. New target price is 11% below last closing price of JP¥4,376. Stock is up 40% over the past year. The company is forecast to post earnings per share of JP¥214 for next year compared to JP¥412 last year. Reported Earnings • Feb 01
Third quarter 2025 earnings: EPS and revenues miss analyst expectations Third quarter 2025 results: EPS: JP¥50.49 (up from JP¥28.56 in 3Q 2024). Revenue: JP¥622.2b (down 1.2% from 3Q 2024). Net income: JP¥19.4b (up 68% from 3Q 2024). Profit margin: 3.1% (up from 1.8% in 3Q 2024). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 7.2%. Earnings per share (EPS) also missed analyst estimates by 43%. Revenue is forecast to grow 1.7% 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 8% per year but the company’s share price has increased by 25% per year, which means it is tracking significantly ahead of earnings growth. Tillkännagivande • Jan 31
Tokyo Gas Co.,Ltd. (TSE:9531) announces an Equity Buyback for 14,000,000 shares, representing 3.6% for ¥40,000 million. Tokyo Gas Co.,Ltd. (TSE:9531) announces a share repurchase program. Under the program, the company will repurchase up to 14,000,000 shares, representing 3.6% of its total shares outstanding (excluding treasury shares), for a total of ¥40,000 million. The purpose of repurchase program is to improve capital efficiency and control equity capital. The repurchase program is valid till March 31, 2025. As of December 31, 2024, the company had 388,893,859 shares outstanding (excluding treasury shares) and had 7,167,263 shares in treasury. Tillkännagivande • Dec 03
Tokyo Gas Co.,Ltd. to Report Q3, 2025 Results on Jan 31, 2025 Tokyo Gas Co.,Ltd. announced that they will report Q3, 2025 results on Jan 31, 2025 Declared Dividend • Nov 30
First half dividend of JP¥35.00 announced Shareholders will receive a dividend of JP¥35.00. Ex-date: 28th March 2025 Payment date: 6th June 2025 Dividend yield will be 1.6%, which is lower than the industry average of 2.1%. Sustainability & Growth Dividend is well covered by both earnings (35% earnings payout ratio) and cash flows (46% cash payout ratio). The dividend has increased by an average of 3.4% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 39% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Tillkännagivande • Nov 21
Elliott Management Corporation completed the acquisition of 5.03% stake in Tokyo Gas Co.,Ltd. (TSE:9531). Elliott Management Corporation acquired 5.03% stake in Tokyo Gas Co.,Ltd. (TSE:9531) on November 19, 2024.
Elliott Management Corporation completed the acquisition of 5.03% stake in Tokyo Gas Co.,Ltd. (TSE:9531) on November 19, 2024. Valuation Update With 7 Day Price Move • Nov 21
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to JP¥4,522, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 16x in the Gas Utilities industry in Japan. Total returns to shareholders of 142% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥2,415 per share. Tillkännagivande • Nov 21
Elliott Management Seeks to Push Tokyo Gas to Boost Shareholder Value On November 19, 2024, Elliott Management Corp. announced that it has taken a 5.03% stake in Tokyo Gas Co., Ltd. as it seeks to push the Company to boost shareholder value. Elliott Management stated that the stake was for investment purposes as well as to make important proposals depending on discussions with the Company and related companies. Elliott Management added that by divesting some assets from its extensive real estate portfolio that are non-core to main energy business, the Company could improve capital efficiency, free up capital to enhance shareholder returns, and boost investments in decarbonisation and other growth areas. Elliott Management also stated that it is expected to engage in discussions with the Company’s management to address undervaluation, rather than submitting shareholder proposals. New Risk • Nov 20
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 5.7% 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: Minor Risks High level of debt (64% net debt to equity). Share price has been volatile over the past 3 months (5.7% average weekly change). Profit margins are more than 30% lower than last year (3.2% net profit margin). Reported Earnings • Nov 01
Second quarter 2025 earnings released: JP¥7.02 loss per share (vs JP¥63.13 profit in 2Q 2024) Second quarter 2025 results: JP¥7.02 loss per share (down from JP¥63.13 profit in 2Q 2024). Revenue: JP¥634.6b (up 1.9% from 2Q 2024). Net loss: JP¥2.73b (down 110% from profit in 2Q 2024). Revenue is forecast to grow 2.6% p.a. on average 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 24% per year whereas the company’s share price has increased by 23% per year. Valuation Update With 7 Day Price Move • Oct 31
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to JP¥3,769, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 16x in the Gas Utilities industry in Japan. Total returns to shareholders of 98% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥2,314 per share. Tillkännagivande • Oct 30
Tokyo Gas Co.,Ltd. (TSE:9531) announces an Equity Buyback for 17,000,000 shares, representing 4.37% for ¥40,000 million. Tokyo Gas Co.,Ltd. (TSE:9531) announces a share repurchase program. Under the program, the company will repurchase up to 17,000,000 shares, representing 4.37% of its total shares outstanding (excluding treasury shares), for a total of ¥40,000 million. The purpose of repurchase program is to improve capital efficiency and control equity capital. The repurchase program is valid till March 31, 2025. As of October 18, 2024, the company had 388,893,859 shares outstanding (excluding treasury shares) and had 1,260,038 shares in treasury. Tillkännagivande • Oct 09
Chevron Reportedly in Talks to Offload Texas Gas Assets to Tokyo Gas for Up to $1 Billion Chevron Corporation (NYSE:CVX) is in talks to sell its east Texas natural gas assets to Tokyo Gas Co.,Ltd. (TSE:9531) for up to $1 billion, the Financial Times reported on October 08, 2024, citing three people familiar with the discussions. Talks over a potential deal for Chevron’s (CVX) portfolio in the Haynesville shale have been ongoing for months, the people said, as the Japanese utility looks to boost its access to abundant U.S. reserves of the fuel and secure supplies for its home nation, which relies on fossil fuel imports to support its energy requirements. Tokyo Gas gained access to the Haynesville basin last December through a $2.7 billion deal for Rockcliff Energy. The utility is already a key producer in the basin, generating about 1.3 billion cubic feet a day of gas there. For Chevron (CVX), a deal would mark another step in its multibillion-dollar divestment plan as it looks to close its $53 billion acquisition of Hess. The energy major is looking to unload $10 billion to $15 billion of non-core assets by 2028 in an effort to optimize its global energy portfolio. In a March filing with the Securities and Exchange Commission, the company said it was “evaluating strategic opportunities” for its Haynesville acreage. The said assets include 72,000 acres of mostly undeveloped land, but it currently remains unclear how much gas the land is believed to hold. The report comes shortly Chevron (CVX) agreed to sell some of its Alberta assets worth $6.5 billion to Canadian Natural Resources. Tillkännagivande • Sep 27
Tokyo Gas Co.,Ltd. to Report Q2, 2025 Results on Oct 30, 2024 Tokyo Gas Co.,Ltd. announced that they will report Q2, 2025 results on Oct 30, 2024 Upcoming Dividend • Sep 20
Upcoming dividend of JP¥35.00 per share Eligible shareholders must have bought the stock before 27 September 2024. Payment date: 29 November 2024. Payout ratio is a comfortable 25% and this is well supported by cash flows. Trailing yield: 2.1%. Lower than top quartile of Japanese dividend payers (3.8%). Lower than average of industry peers (2.5%). Major Estimate Revision • Aug 15
Consensus EPS estimates increase by 26% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate increased from JP¥197 to JP¥249. Revenue forecast steady at JP¥2.76t. Net income forecast to shrink 11% next year vs 2.4% decline forecast for Gas Utilities industry in Japan. Consensus price target broadly unchanged at JP¥3,396. Share price rose 3.5% to JP¥3,495 over the past week. Reported Earnings • Aug 02
First quarter 2025 earnings: EPS and revenues miss analyst expectations First quarter 2025 results: EPS: JP¥50.17 (down from JP¥181 in 1Q 2024). Revenue: JP¥586.9b (down 9.7% from 1Q 2024). Net income: JP¥19.9b (down 74% from 1Q 2024). Profit margin: 3.4% (down from 12% in 1Q 2024). Revenue missed analyst estimates by 11%. Earnings per share (EPS) also missed analyst estimates by 35%. Revenue is forecast to grow 3.0% p.a. on average 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 42% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • Aug 01
Consensus EPS estimates fall by 20% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate fell from JP¥260 to JP¥208. Revenue forecast unchanged from JP¥2.77t at last update. Net income forecast to shrink 46% next year vs 11% decline forecast for Gas Utilities industry in Japan. Consensus price target of JP¥3,360 unchanged from last update. Share price was steady at JP¥3,302 over the past week. Board Change • Jul 17
High number of new directors There are 6 new directors who have joined the board in the last 3 years. Independent Outside Director Masayuki Yamamura was the last director to join the board, commencing their role in 2024. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Declared Dividend • Jul 11
Final dividend of JP¥35.00 announced Shareholders will receive a dividend of JP¥35.00. Ex-date: 27th September 2024 Payment date: 29th November 2024 Dividend yield will be 2.1%, which is about the same as the industry average. Sustainability & Growth Dividend is well covered by both earnings (17% earnings payout ratio) and cash flows (24% cash payout ratio). The dividend has increased by an average of 3.4% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to decline by 7.1% over the next 3 years. However, it would need to fall by 81% to increase the payout ratio to a potentially unsustainable range. Tillkännagivande • Jun 28
Tokyo Gas Co.,Ltd. to Report Q1, 2025 Results on Jul 31, 2024 Tokyo Gas Co.,Ltd. announced that they will report Q1, 2025 results on Jul 31, 2024 Tillkännagivande • Apr 28
Tokyo Gas Co.,Ltd., Annual General Meeting, Jun 27, 2024 Tokyo Gas Co.,Ltd., Annual General Meeting, Jun 27, 2024. Reported Earnings • Apr 26
Full year 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2024 results: EPS: JP¥412 (down from JP¥647 in FY 2023). Revenue: JP¥2.66t (down 19% from FY 2023). Net income: JP¥169.9b (down 40% from FY 2023). Profit margin: 6.4% (down from 8.5% in FY 2023). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 3.4%. Earnings per share (EPS) exceeded analyst estimates by 7.5%. Revenue is forecast to grow 2.4% 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 57% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Tillkännagivande • Apr 26
Tokyo Gas Co.,Ltd. (TSE:9531) announces an Equity Buyback for 17,000,000 shares, representing 4.25% for ¥40,000 million. Tokyo Gas Co.,Ltd. (TSE:9531) announces a share repurchase program. Under the program, the company will repurchase up to 17,000,000 shares, representing 4.25% of its total shares outstanding (excluding treasury shares), for a total of ¥40,000 million. The purpose of repurchase program is to return profits to the shareholder based on the company’s shareholder return policy. The repurchase program is valid till March 31, 2025. As of March 31, 2024, the company had 400,452,159 shares outstanding (excluding treasury shares) and had 1,436,376 shares in treasury. Tillkännagivande • Mar 21
Tokyo Gas Co.,Ltd. to Report Fiscal Year 2024 Results on Apr 25, 2024 Tokyo Gas Co.,Ltd. announced that they will report fiscal year 2024 results on Apr 25, 2024 Upcoming Dividend • Mar 21
Upcoming dividend of JP¥37.50 per share Eligible shareholders must have bought the stock before 28 March 2024. Payment date: 06 June 2024. Payout ratio is a comfortable 12% 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%). Price Target Changed • Mar 01
Price target increased by 12% to JP¥3,386 Up from JP¥3,023, the current price target is an average from 5 analysts. New target price is approximately in line with last closing price of JP¥3,310. Stock is up 29% over the past year. The company is forecast to post earnings per share of JP¥352 for next year compared to JP¥647 last year. Major Estimate Revision • Feb 27
Consensus EPS estimates increase by 13%, revenue downgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast fell from JP¥2.84t to JP¥2.79t. EPS estimate rose from JP¥340 to JP¥384. Net income forecast to shrink 47% next year vs 45% decline forecast for Gas Utilities industry in Japan. Consensus price target up from JP¥3,023 to JP¥3,208. Share price rose 3.4% to JP¥3,361 over the past week. Reported Earnings • Feb 04
Third quarter 2024 earnings released: EPS: JP¥28.56 (vs JP¥223 in 3Q 2023) Third quarter 2024 results: EPS: JP¥28.56 (down from JP¥223 in 3Q 2023). Revenue: JP¥629.9b (down 33% from 3Q 2023). Net income: JP¥11.6b (down 88% from 3Q 2023). Profit margin: 1.8% (down from 10% in 3Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to stay flat during the next 3 years compared to a 1.4% 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 only increased by 14% per year, which means it is significantly lagging earnings growth. Tillkännagivande • Dec 24
Tokyo Gas Co.,Ltd. to Report Q3, 2024 Results on Jan 31, 2024 Tokyo Gas Co.,Ltd. announced that they will report Q3, 2024 results on Jan 31, 2024 Tillkännagivande • Nov 29
Tokyo Gas Reportedly Joins Race to Acquire Stake in Think Gas Distribution Tokyo Gas Co.,Ltd. (TSE:9531) has joined the race to acquire a minority stake in Think Gas Distribution Private Limited, Indian natural gas supplier owned by private equity fund I Squared Capital Advisors, LLC, said two people aware of the development. Tokyo Gas is doing due diligence at present, said sources. The potential investor will buy about 30% stake in Think Gas, valuing the company at $1 billion - $1.2 billion. Investment bank Barclays is advising I Squared for the stake sale. Mubadala Investment, the sovereign wealth fund of the United Arab Emirates, is the other major contender for the minority stake. Mubadala Investment and a couple of Japanese investors, including Sumitomo Corporation (TSE:8053), are among the contenders to acquire a 30% stake in Think Gas Distribution, ET first reported on May 12. Reported Earnings • Oct 28
Second quarter 2024 earnings: EPS misses analyst expectations Second quarter 2024 results: EPS: JP¥63.13 (down from JP¥76.60 in 2Q 2023). Revenue: JP¥623.0b (down 17% from 2Q 2023). Net income: JP¥26.3b (down 21% from 2Q 2023). Profit margin: 4.2% (down from 4.4% in 2Q 2023). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 20%. Revenue is expected to fall by 2.4% p.a. on average during the next 3 years compared to a 3.0% decline forecast for the Gas 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 12% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Sep 21
Upcoming dividend of JP¥32.50 per share at 1.8% yield Eligible shareholders must have bought the stock before 28 September 2023. Payment date: 29 November 2023. Payout ratio is a comfortable 8.8% and this is well supported by cash flows. Trailing yield: 1.8%. Lower than top quartile of Japanese dividend payers (3.3%). Lower than average of industry peers (2.2%). Tillkännagivande • Aug 25
CPC Reportedly Set for Dorado Stake CPC Corporation, Taiwan is being tipped as the most likely buyer of an additional stake in the Dorado oil and gas project off the coast of Western Australia. Owner Santos Limited (ASX:STO) is understood to have had four or five parties in a data room, in a process run by investment bank Goldman Sachs. Among them are believed to be Kufpec (Kuwait Foreign Petroleum Exploration Company K.S.C.) and at least one Japanese suitor, with Mitsui & Co., Ltd. (TSE:8031) and Mitsubishi Corporation (TSE:8058) likely candidates. Other likely parties are Tokyo Gas Co.,Ltd. (TSE:9531), Osaka Gas Co., Ltd. (TSE:9532) and Jadestone Energy plc (AIM:JSE). But the latest chatter in the market is that Santos is pinning its hopes on CPC investing further. CPC recently finalised a deal with Carnarvon, the other owner of the project, to buy a 10% interest in Dorado and its Pavo project for an all-up payment of $146 million. Santos has an 80% interest in Dorado and the thinking in the market is that it remains keen to reduce that exposure to about 60%. Azure Capital-advised Carnarvon Energy was the only other holder before CPC bought in. Dorado, once owned by Woodside Petroleum and later Quadrant Energy before it was purchased by Santos, is an integrated oil and gas project that will be developed in two phases. It is located in the Bedout sub-basin, about 140km off the coast of WA's Port Hedland. Tillkännagivande • Aug 18
Tokyo Gas Co.,Ltd. to Report Q2, 2024 Results on Oct 26, 2023 Tokyo Gas Co.,Ltd. announced that they will report Q2, 2024 results on Oct 26, 2023 Reported Earnings • Jul 28
First quarter 2024 earnings: EPS exceeds analyst expectations First quarter 2024 results: EPS: JP¥181 (up from JP¥88.06 in 1Q 2023). Revenue: JP¥649.7b (up 6.5% from 1Q 2023). Net income: JP¥77.7b (up 102% from 1Q 2023). Profit margin: 12% (up from 6.3% in 1Q 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 138%. Revenue is expected to fall by 2.8% 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 79% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Board Change • Jul 08
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Outside Independent Director Tsutomu Tannowa was the last director to join the board, commencing their role in 2023. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Tillkännagivande • Jun 16
Tokyo Gas Co.,Ltd. to Report Q1, 2024 Results on Jul 27, 2023 Tokyo Gas Co.,Ltd. announced that they will report Q1, 2024 results on Jul 27, 2023 Price Target Changed • May 26
Price target increased by 7.8% to JP¥3,032 Up from JP¥2,812, the current price target is an average from 5 analysts. New target price is approximately in line with last closing price of JP¥3,005. Stock is up 17% over the past year. The company is forecast to post earnings per share of JP¥329 for next year compared to JP¥647 last year. 
