Valuation Update With 7 Day Price Move • Jun 02
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to JP¥873, the stock trades at a trailing P/E ratio of 7.1x. Average trailing P/E is 10x in the Consumer Durables industry in Japan. Total returns to shareholders of 23% over the past three years. Upcoming Dividend • May 21
Upcoming dividend of JP¥46.00 per share Eligible shareholders must have bought the stock before 28 May 2026. Payment date: 27 August 2026. Payout ratio is a comfortable 34% but the company is not cash flow positive. Trailing yield: 4.5%. Within top quartile of Japanese dividend payers (3.8%). Higher than average of industry peers (1.7%). Reported Earnings • Apr 16
Third quarter 2026 earnings released: EPS: JP¥31.86 (vs JP¥14.65 in 3Q 2025) Third quarter 2026 results: EPS: JP¥31.86 (up from JP¥14.65 in 3Q 2025). Revenue: JP¥8.73b (up 16% from 3Q 2025). Net income: JP¥382.0m (up 118% from 3Q 2025). Profit margin: 4.4% (up from 2.3% in 3Q 2025). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 7% per year and the company’s share price has also increased by 7% per year. Duyuru • Apr 03
First-corporation Inc. to Report Q3, 2026 Results on Apr 14, 2026 First-corporation Inc. announced that they will report Q3, 2026 results on Apr 14, 2026 Declared Dividend • Jan 16
Dividend increased to JP¥44.00 Dividend of JP¥44.00 is 4.8% higher than last year. Ex-date: 28th May 2026 Payment date: 27th August 2026 Dividend yield will be 4.2%, which is higher than the industry average of 1.6%. Sustainability & Growth Dividend is covered by earnings (40% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 12% per year over the past 3 years and payments have been stable during that time. The company's earnings per share (EPS) would need to decline by 56% to shift the payout ratio to a potentially unsustainable range, which is more than the 1.7% EPS decline seen over the last 5 years. New Risk • Jan 15
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 13% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. 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). Revenue has declined by 26% over the past year. Minor Risk Market cap is less than US$100m (JP¥12.3b market cap, or US$77.7m). Reported Earnings • Jan 15
Second quarter 2026 earnings released: EPS: JP¥27.72 (vs JP¥55.16 in 2Q 2025) Second quarter 2026 results: EPS: JP¥27.72 (down from JP¥55.16 in 2Q 2025). Revenue: JP¥7.84b (down 60% from 2Q 2025). Net income: JP¥332.0m (down 50% from 2Q 2025). Profit margin: 4.2% (up from 3.4% in 2Q 2025). The increase in margin was driven by lower expenses. Duyuru • Nov 27
First-corporation Inc. to Report Q2, 2026 Results on Jan 14, 2026 First-corporation Inc. announced that they will report Q2, 2026 results on Jan 14, 2026 Reported Earnings • Oct 15
First quarter 2026 earnings released: EPS: JP¥23.69 (vs JP¥30.55 in 1Q 2025) First quarter 2026 results: EPS: JP¥23.69 (down from JP¥30.55 in 1Q 2025). Revenue: JP¥7.42b (down 3.5% from 1Q 2025). Net income: JP¥283.0m (down 23% from 1Q 2025). Profit margin: 3.8% (down from 4.7% in 1Q 2025). The decrease in margin was driven by lower revenue. Reported Earnings • Sep 02
Full year 2025 earnings released: EPS: JP¥140 (vs JP¥79.07 in FY 2024) Full year 2025 results: EPS: JP¥140 (up from JP¥79.07 in FY 2024). Revenue: JP¥43.2b (up 52% from FY 2024). Net income: JP¥1.67b (up 77% from FY 2024). Profit margin: 3.9% (up from 3.3% in FY 2024). The increase in margin was driven by higher revenue. Duyuru • Aug 27
First-corporation Inc. to Report Q1, 2026 Results on Oct 14, 2025 First-corporation Inc. announced that they will report Q1, 2026 results on Oct 14, 2025 Reported Earnings • Jul 17
Full year 2025 earnings released Full year 2025 results: Net income: (down JP¥944.0m from profit in FY 2024). Duyuru • Jul 15
First-corporation Inc., Annual General Meeting, Aug 26, 2025 First-corporation Inc., Annual General Meeting, Aug 26, 2025. Duyuru • Jul 07
First-corporation Inc. to Report Fiscal Year 2025 Results on Jul 15, 2025 First-corporation Inc. announced that they will report fiscal year 2025 results on Jul 15, 2025 Upcoming Dividend • May 22
Upcoming dividend of JP¥42.00 per share Eligible shareholders must have bought the stock before 29 May 2025. Payment date: 26 August 2025. Payout ratio is a comfortable 29% but the company is not cash flow positive. Trailing yield: 4.4%. Within top quartile of Japanese dividend payers (4.0%). Higher than average of industry peers (1.7%). Reported Earnings • Apr 15
Third quarter 2025 earnings released: EPS: JP¥14.65 (vs JP¥6.70 in 3Q 2024) Third quarter 2025 results: EPS: JP¥14.65 (up from JP¥6.70 in 3Q 2024). Revenue: JP¥7.54b (flat on 3Q 2024). Net income: JP¥175.0m (up 119% from 3Q 2024). Profit margin: 2.3% (up from 1.1% in 3Q 2024). Duyuru • Feb 27
First-corporation Inc. to Report Q3, 2025 Results on Apr 14, 2025 First-corporation Inc. announced that they will report Q3, 2025 results on Apr 14, 2025 Declared Dividend • Jan 16
Dividend of JP¥42.00 announced Shareholders will receive a dividend of JP¥42.00. Ex-date: 29th May 2025 Payment date: 26th August 2025 Dividend yield will be 5.1%, which is higher than the industry average of 1.6%. Sustainability & Growth Dividend is covered by earnings (24% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 11% per year over the past 2 years and payments have been stable during that time. Earnings per share has grown by 2.1% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Jan 15
Second quarter 2025 earnings released: EPS: JP¥55.16 (vs JP¥6.70 in 2Q 2024) Second quarter 2025 results: EPS: JP¥55.16 (up from JP¥6.70 in 2Q 2024). Revenue: JP¥19.5b (up 158% from 2Q 2024). Net income: JP¥659.0m (up JP¥579.0m from 2Q 2024). Profit margin: 3.4% (up from 1.1% in 2Q 2024). The increase in margin was driven by higher revenue. Duyuru • Nov 29
First-corporation Inc. to Report Q2, 2025 Results on Jan 14, 2025 First-corporation Inc. announced that they will report Q2, 2025 results on Jan 14, 2025 New Risk • Oct 18
New major risk - Financial position The company's debt is not well covered by operating cash flow. Currently running at an operating cash loss. This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (currently running at an operating cash loss). Minor Risks Less than 3 years of financial data is available. Paying a dividend despite having no free cash flows. Market cap is less than US$100m (JP¥9.95b market cap, or US$66.4m). Reported Earnings • Oct 18
First quarter 2025 earnings released First quarter 2025 results: EPS: JP¥30.55. Net income: JP¥365.0m (up JP¥365.0m from 1Q 2024). Duyuru • Aug 29
First-corporation Inc. to Report Q1, 2025 Results on Oct 15, 2024 First-corporation Inc. announced that they will report Q1, 2025 results on Oct 15, 2024 Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to JP¥643, the stock trades at a trailing P/E ratio of 8.1x. Average trailing P/E is 12x in the Consumer Durables industry in Japan. Total loss to shareholders of 4.4% over the past three years. Duyuru • Jul 13
First-corporation Inc., Annual General Meeting, Aug 23, 2024 First-corporation Inc., Annual General Meeting, Aug 23, 2024. Upcoming Dividend • May 23
Upcoming dividend of JP¥31.00 per share Eligible shareholders must have bought the stock before 30 May 2024. Payment date: 28 August 2024. Trailing yield: 4.3%. Within top quartile of Japanese dividend payers (3.4%). Higher than average of industry peers (1.7%). Duyuru • May 18
First-corporation Inc. to Report Fiscal Year 2024 Results on Jul 12, 2024 First-corporation Inc. announced that they will report fiscal year 2024 results on Jul 12, 2024 Duyuru • Mar 31
First-corporation Inc. to Report Q3, 2024 Results on Apr 12, 2024 First-corporation Inc. announced that they will report Q3, 2024 results on Apr 12, 2024 New Risk • Oct 06
New minor risk - Financial data availability Less than 3 years of financial data is available. This is considered a minor risk. If the company has been trading for less than 3 years, then it has not had the opportunity to establish a long-term track record. This makes it difficult for investors to assess the true growth potential, sustainability and resilience of the business under different economic conditions. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (52% accrual ratio). Minor Risks Less than 3 years of financial data is available. Market cap is less than US$100m (JP¥9.15b market cap, or US$61.6m). Duyuru • Aug 30
First-corporation Inc. to Report Q1, 2024 Results on Oct 13, 2023 First-corporation Inc. announced that they will report Q1, 2024 results on Oct 13, 2023 New Risk • Jul 20
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 30% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 0.3% per year over the past 5 years. High level of non-cash earnings (30% accrual ratio). Minor Risk Market cap is less than US$100m (JP¥8.74b market cap, or US$62.6m). Reported Earnings • Jul 16
Full year 2023 earnings released: EPS: JP¥115 (vs JP¥106 in FY 2022) Full year 2023 results: EPS: JP¥115 (up from JP¥106 in FY 2022). Revenue: JP¥25.5b (down 15% from FY 2022). Net income: JP¥1.36b (up 7.5% from FY 2022). Profit margin: 5.3% (up from 4.2% in FY 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Duyuru • Jul 15
First-corporation Inc., Annual General Meeting, Aug 25, 2023 First-corporation Inc., Annual General Meeting, Aug 25, 2023. Duyuru • Jun 18
First-corporation Inc. to Report Fiscal Year 2023 Results on Jul 14, 2023 First-corporation Inc. announced that they will report fiscal year 2023 results on Jul 14, 2023 Upcoming Dividend • May 23
Inaugural dividend of JP¥35.00 per share Eligible shareholders must have bought the stock before 30 May 2023. Payment date: 29 August 2023. This is the first dividend for First-corporation since going public. The average dividend yield among industry peers is 1.6%. Reported Earnings • Apr 08
Third quarter 2023 earnings released: EPS: JP¥39.27 (vs JP¥19.27 in 3Q 2022) Third quarter 2023 results: EPS: JP¥39.27 (up from JP¥19.27 in 3Q 2022). Revenue: JP¥7.65b (up 4.0% from 3Q 2022). Net income: JP¥468.0m (up 102% from 3Q 2022). Profit margin: 6.1% (up from 3.2% in 3Q 2022). Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has increased by 28% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Jan 08
Second quarter 2023 earnings released: EPS: JP¥23.16 (vs JP¥10.36 in 2Q 2022) Second quarter 2023 results: EPS: JP¥23.16 (up from JP¥10.36 in 2Q 2022). Revenue: JP¥5.45b (up 21% from 2Q 2022). Net income: JP¥275.0m (up 120% from 2Q 2022). Profit margin: 5.0% (up from 2.8% in 2Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 8 non-independent directors. Independent Outside Director Takaaki Morohashi was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Oct 09
First quarter 2023 earnings released: EPS: JP¥14.36 (vs JP¥36.10 in 1Q 2022) First quarter 2023 results: EPS: JP¥14.36 (down from JP¥36.10 in 1Q 2022). Revenue: JP¥4.73b (down 53% from 1Q 2022). Net income: JP¥170.0m (down 61% from 1Q 2022). Profit margin: 3.6% (down from 4.3% in 1Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Reported Earnings • Sep 04
Full year 2022 earnings released: EPS: JP¥106 (vs JP¥90.17 in FY 2021) Full year 2022 results: EPS: JP¥106 (up from JP¥90.17 in FY 2021). Revenue: JP¥30.2b (up 44% from FY 2021). Net income: JP¥1.27b (up 13% from FY 2021). Profit margin: 4.2% (down from 5.4% in FY 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Duyuru • Jul 10
First-corporation Inc., Annual General Meeting, Aug 26, 2022 First-corporation Inc., Annual General Meeting, Aug 26, 2022. Reported Earnings • Jul 10
Full year 2022 earnings released: EPS: JP¥106 (vs JP¥90.17 in FY 2021) Full year 2022 results: EPS: JP¥106 (up from JP¥90.17 in FY 2021). Revenue: JP¥30.2b (up 44% from FY 2021). Net income: JP¥1.27b (up 13% from FY 2021). Profit margin: 4.2% (down from 5.4% in FY 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Duyuru • May 29
First-corporation Inc. to Report Fiscal Year 2022 Results on Jul 08, 2022 First-corporation Inc. announced that they will report fiscal year 2022 results on Jul 08, 2022 Upcoming Dividend • May 23
Inaugural dividend of JP¥30.00 per share Eligible shareholders must have bought the stock before 30 May 2022. Payment date: 29 August 2022. This is the first dividend for First-corporation since going public. The average dividend yield among industry peers is 1.7%. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 8 non-independent directors. Independent Outside Director Takaaki Morohashi was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Apr 10
Third quarter 2022 earnings released: EPS: JP¥19.27 (vs JP¥7.86 in 3Q 2021) Third quarter 2022 results: EPS: JP¥19.27 (up from JP¥7.86 in 3Q 2021). Revenue: JP¥7.35b (up 65% from 3Q 2021). Net income: JP¥232.0m (up 139% from 3Q 2021). Profit margin: 3.2% (up from 2.2% in 3Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Duyuru • Apr 09
First-corporation Inc. to Report Q3, 2022 Results on Apr 08, 2022 First-corporation Inc. announced that they will report Q3, 2022 results on Apr 08, 2022 Duyuru • Feb 16
First-corporation Inc. (TSE:1430) announces an Equity Buyback for 250,000 shares, representing 1.87% for ¥176.25 million. First-corporation Inc. (TSE:1430) announces a share repurchase program. Under the program, the company will repurchase 250,000 shares, representing 1.87% of its share capital, at ¥705 per share for ¥176.25 million. The company will repurchase its shares in order to enable the implementation of a flexible capital policy in response to changes in the business environment, along with aiming to expand shareholder returns and improve capital efficiency. As of January 31, 2022, the company had 13,363,509 shares outstanding (excluding treasury shares) and 1,000,031 shares in treasury. Reported Earnings • Jan 09
Second quarter 2022 earnings: Revenues and EPS in line with analyst expectations Second quarter 2022 results: EPS: JP¥10.36 (up from JP¥6.51 in 2Q 2021). Revenue: JP¥4.49b (up 14% from 2Q 2021). Net income: JP¥125.0m (up 52% from 2Q 2021). Profit margin: 2.8% (up from 2.1% in 2Q 2021). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 4% per year whereas the company’s share price has increased by 1% per year. Reported Earnings • Oct 09
First quarter 2022 earnings released: EPS JP¥36.10 (vs JP¥5.05 in 1Q 2021) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2022 results: Revenue: JP¥10.1b (up 169% from 1Q 2021). Net income: JP¥435.0m (up JP¥370.0m from 1Q 2021). Profit margin: 4.3% (up from 1.7% in 1Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 9% per year whereas the company’s share price has fallen by 10% per year. Reported Earnings • Jul 12
Full year 2021 earnings released: EPS JP¥90.17 (vs JP¥66.60 in FY 2020) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2021 results: Revenue: JP¥20.9b (down 11% from FY 2020). Net income: JP¥1.13b (up 29% from FY 2020). Profit margin: 5.4% (up from 3.7% in FY 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has only fallen by 11% per year, which means it has not declined as severely as earnings. Upcoming Dividend • May 22
Inaugural dividend of JP¥32.00 per share Eligible shareholders must have bought the stock before 28 May 2021. Payment date: 27 August 2021. This is the first dividend for First-corporation since going public. The average dividend yield among industry peers is 1.4%. Reported Earnings • Apr 11
Third quarter 2021 earnings released: EPS JP¥7.86 (vs JP¥3.84 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: JP¥4.46b (up 16% from 3Q 2020). Net income: JP¥97.0m (up 94% from 3Q 2020). Profit margin: 2.2% (up from 1.3% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has only fallen by 11% per year, which means it has not declined as severely as earnings. Duyuru • Feb 26
First-corporation Inc. to Report Q3, 2021 Results on Apr 09, 2021 First-corporation Inc. announced that they will report Q3, 2021 results on Apr 09, 2021 Is New 90 Day High Low • Feb 26
New 90-day low: JP¥681 The company is down 5.0% from its price of JP¥714 on 27 November 2020. The Japanese market is up 8.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Consumer Durables industry, which is up 16% over the same period. Reported Earnings • Jan 09
Second quarter 2021 earnings released: EPS JP¥6.51 The company reported a soft second quarter result with weaker earnings and profit margins, although revenues were improved. Second quarter 2021 results: Revenue: JP¥3.93b (up 4.9% from 2Q 2020). Net income: JP¥82.0m (down 8.9% from 2Q 2020). Profit margin: 2.1% (down from 2.4% in 2Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 24% per year and the company’s share price has also fallen by 24% per year. Is New 90 Day High Low • Jan 03
New 90-day low: JP¥688 The company is down 3.0% from its price of JP¥707 on 05 October 2020. The Japanese market is up 12% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Consumer Durables industry, which is up 24% over the same period. Duyuru • Nov 28
First-corporation Inc. to Report Q2, 2021 Results on Jan 08, 2021 First-corporation Inc. announced that they will report Q2, 2021 results on Jan 08, 2021 Duyuru • Aug 31
First-corporation Inc. to Report Q1, 2021 Results on Oct 09, 2020 First-corporation Inc. announced that they will report Q1, 2021 results on Oct 09, 2020 