Declared Dividend • 22h
First half dividend of JP¥36.00 announced Shareholders will receive a dividend of JP¥36.00. Ex-date: 27th November 2026 Payment date: 27th February 2027 Dividend yield will be 3.9%, which is higher than the industry average of 2.0%. Sustainability & Growth Dividend is covered by both earnings (85% earnings payout ratio) and cash flows (39% cash payout ratio). The dividend has increased by an average of 18% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 27% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Duyuru • Aug 03
Morito Co., Ltd. to Report Q3, 2026 Results on Oct 14, 2026 Morito Co., Ltd. announced that they will report Q3, 2026 results on Oct 14, 2026 New Risk • Jul 16
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 3.4% Last year net profit margin: 7.0% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by cash flows (90% cash payout ratio). Profit margins are more than 30% lower than last year (3.4% net profit margin). Reported Earnings • Jul 16
Second quarter 2026 earnings released: EPS: JP¥39.23 (vs JP¥67.08 in 2Q 2025) Second quarter 2026 results: EPS: JP¥39.23 (down from JP¥67.08 in 2Q 2025). Revenue: JP¥16.4b (up 20% from 2Q 2025). Net income: JP¥984.7m (down 44% from 2Q 2025). Profit margin: 6.0% (down from 13% in 2Q 2025). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 4.7% p.a. on average during the next 3 years, compared to a 8.6% growth forecast for the Luxury industry in Japan. Over the last 3 years on average, earnings per share has increased by 13% per year whereas the company’s share price has increased by 16% per year. Upcoming Dividend • May 21
Upcoming dividend of JP¥36.00 per share Eligible shareholders must have bought the stock before 28 May 2026. Payment date: 07 August 2026. Payout ratio is a comfortable 61% and the cash payout ratio is 91%. Trailing yield: 3.9%. Within top quartile of Japanese dividend payers (3.8%). Higher than average of industry peers (1.7%). Buy Or Sell Opportunity • Apr 17
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 9.9% to JP¥1,934. The fair value is estimated to be JP¥1,598, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 6.0% over the last 3 years. Earnings per share has grown by 20%. Revenue is forecast to grow by 7.9% in 2 years. Earnings are forecast to decline by 6.6% in the next 2 years. Reported Earnings • Apr 15
First quarter 2026 earnings released: EPS: JP¥25.96 (vs JP¥22.94 in 1Q 2025) First quarter 2026 results: EPS: JP¥25.96 (up from JP¥22.94 in 1Q 2025). Revenue: JP¥16.7b (up 37% from 1Q 2025). Net income: JP¥660.0m (up 9.8% from 1Q 2025). Profit margin: 4.0% (down from 4.9% in 1Q 2025). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 3.8% p.a. on average during the next 3 years, compared to a 8.3% growth forecast for the Luxury industry in Japan. Over the last 3 years on average, earnings per share has increased by 20% per year whereas the company’s share price has increased by 22% per year. Duyuru • Apr 07
Morito Co., Ltd. to Report Q1, 2026 Results on Apr 14, 2026 Morito Co., Ltd. announced that they will report Q1, 2026 results on Apr 14, 2026 Declared Dividend • Mar 21
Final dividend of JP¥36.00 announced Shareholders will receive a dividend of JP¥36.00. Ex-date: 28th May 2026 Payment date: 7th August 2026 Dividend yield will be 3.8%, which is higher than the industry average of 2.0%. Sustainability & Growth Dividend is covered by earnings (63% earnings payout ratio) but not adequately covered by cash flows (91% cash payout ratio). The dividend has increased by an average of 18% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to remain steady over the next 3 years, which should provide adequate earnings cover for the dividend. Reported Earnings • Jan 15
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: EPS: JP¥112 (up from JP¥97.12 in FY 2024). Revenue: JP¥56.9b (up 17% from FY 2024). Net income: JP¥2.92b (up 13% from FY 2024). Profit margin: 5.1% (down from 5.3% in FY 2024). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 1.7%. Revenue is forecast to grow 6.3% p.a. on average during the next 2 years, compared to a 8.0% growth forecast for the Luxury industry in Japan. Over the last 3 years on average, earnings per share has increased by 23% per year whereas the company’s share price has increased by 22% per year. Upcoming Dividend • Nov 20
Upcoming dividend of JP¥36.00 per share Eligible shareholders must have bought the stock before 27 November 2025. Payment date: 02 March 2026. Payout ratio is a comfortable 48% and this is well supported by cash flows. Trailing yield: 4.1%. Within top quartile of Japanese dividend payers (3.7%). Higher than average of industry peers (1.8%). Duyuru • Nov 07
Morito Co., Ltd. to Report Fiscal Year 2025 Results on Jan 14, 2026 Morito Co., Ltd. announced that they will report fiscal year 2025 results on Jan 14, 2026 Reported Earnings • Oct 11
Third quarter 2025 earnings released: EPS: JP¥25.04 (vs JP¥19.89 in 3Q 2024) Third quarter 2025 results: EPS: JP¥25.04 (up from JP¥19.89 in 3Q 2024). Revenue: JP¥14.8b (up 25% from 3Q 2024). Net income: JP¥654.0m (up 24% from 3Q 2024). Profit margin: 4.4% (in line with 3Q 2024). Revenue is forecast to grow 7.9% p.a. on average during the next 3 years, compared to a 7.0% growth forecast for the Luxury 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 29% per year. Declared Dividend • Aug 08
First half dividend of JP¥36.00 announced Shareholders will receive a dividend of JP¥36.00. Ex-date: 27th November 2025 Payment date: 2nd March 2026 Dividend yield will be 4.5%, which is higher than the industry average of 2.0%. Sustainability & Growth Dividend is covered by both earnings (50% earnings payout ratio) and cash flows (71% cash payout ratio). The dividend has increased by an average of 19% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to decline by 37% over the next 3 years. However, it would need to fall by 45% to increase the payout ratio to a potentially unsustainable range. Duyuru • Jul 31
Morito Co., Ltd. to Report Q3, 2025 Results on Oct 10, 2025 Morito Co., Ltd. announced that they will report Q3, 2025 results on Oct 10, 2025 Reported Earnings • Jul 14
Second quarter 2025 earnings released: EPS: JP¥67.08 (vs JP¥31.20 in 2Q 2024) Second quarter 2025 results: EPS: JP¥67.08 (up from JP¥31.20 in 2Q 2024). Revenue: JP¥13.6b (up 14% from 2Q 2024). Net income: JP¥1.76b (up 112% from 2Q 2024). Profit margin: 13% (up from 6.9% in 2Q 2024). Revenue is forecast to grow 9.1% p.a. on average during the next 3 years, compared to a 6.6% growth forecast for the Luxury industry in Japan. Over the last 3 years on average, earnings per share has increased by 21% per year whereas the company’s share price has increased by 26% per year. Upcoming Dividend • May 22
Upcoming dividend of JP¥33.00 per share Eligible shareholders must have bought the stock before 29 May 2025. Payment date: 08 August 2025. Payout ratio is a comfortable 64% and this is well supported by cash flows. Trailing yield: 4.7%. Within top quartile of Japanese dividend payers (4.0%). Higher than average of industry peers (1.8%). Duyuru • May 01
Morito Co., Ltd. to Report Q2, 2025 Results on Jul 11, 2025 Morito Co., Ltd. announced that they will report Q2, 2025 results on Jul 11, 2025 Reported Earnings • Apr 12
First quarter 2025 earnings released: EPS: JP¥22.93 (vs JP¥21.22 in 1Q 2024) First quarter 2025 results: EPS: JP¥22.93 (up from JP¥21.22 in 1Q 2024). Revenue: JP¥12.2b (up 3.6% from 1Q 2024). Net income: JP¥601.0m (up 6.6% from 1Q 2024). Profit margin: 4.9% (up from 4.8% in 1Q 2024). Revenue is forecast to grow 6.1% p.a. on average during the next 3 years, compared to a 6.9% growth forecast for the Luxury industry in Japan. Over the last 3 years on average, earnings per share has increased by 17% per year whereas the company’s share price has increased by 22% per year. Duyuru • Apr 11
Morito Co., Ltd. Revises Consolidated Earnings Guidance for the Fiscal Year Ending November 30, 2025 Morito Co., Ltd. revised consolidated earnings guidance for the fiscal Year Ending November 30, 2025. For the year, the company now expects Net Sales to be JPY 56,000 million as compared to JPY 53,000 million previously, operating profit to be JPY 3,200 million as compared to JPY 3,100 million previously, profit attributable to owners of the parent to be JPY 2,800 million as compared to JPY 2,700 million previously, basic earnings per share to be JPY 104.82 as compared to 102.82 previously. Reason for revision: As announced in "Notice of Acquisition of Shares of Mitsuboshi Corporation released on January 24, 2025, the Company acquired shares of Mitsuboshi Corporation and made it a consolidated subsidiary. The Company has revised its financial results forecast upward as the financial results are expected to reach the figures mentioned above as a result of adding net sales and profit that are forecast to be generated by the business activities of Mitsuboshi Corporation by the end of the fiscal year ending November 30, 2025. Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to JP¥1,276, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 11x in the Luxury industry in Japan. Total returns to shareholders of 94% over the past three years. Declared Dividend • Mar 08
Final dividend of JP¥33.00 announced Shareholders will receive a dividend of JP¥33.00. Ex-date: 29th May 2025 Payment date: 8th August 2025 Dividend yield will be 4.4%, which is higher than the industry average of 2.0%. Sustainability & Growth Dividend is covered by both earnings (63% earnings payout ratio) and cash flows (43% cash payout ratio). The dividend has increased by an average of 19% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to decline by 9.8% over the next 3 years. However, it would need to fall by 30% to increase the payout ratio to a potentially unsustainable range. Reported Earnings • Mar 04
Full year 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2024 results: EPS: JP¥97.12 (up from JP¥83.01 in FY 2023). Revenue: JP¥48.5b (flat on FY 2023). Net income: JP¥2.57b (up 16% from FY 2023). Profit margin: 5.3% (up from 4.6% in FY 2023). Revenue missed analyst estimates by 1.1%. Earnings per share (EPS) exceeded analyst estimates by 4.2%. Revenue is forecast to grow 6.0% p.a. on average during the next 3 years, compared to a 6.4% growth forecast for the Luxury industry in Japan. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has increased by 30% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Mar 01
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 3.6% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 3.6% per year for the foreseeable future. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Duyuru • Feb 05
Morito Co., Ltd. to Report Q1, 2025 Results on Apr 11, 2025 Morito Co., Ltd. announced that they will report Q1, 2025 results on Apr 11, 2025 Reported Earnings • Jan 15
Full year 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2024 results: EPS: JP¥97.12 (up from JP¥83.01 in FY 2023). Revenue: JP¥48.5b (flat on FY 2023). Net income: JP¥2.57b (up 16% from FY 2023). Profit margin: 5.3% (up from 4.6% in FY 2023). Revenue missed analyst estimates by 1.1%. Earnings per share (EPS) exceeded analyst estimates by 4.2%. Revenue is forecast to grow 4.9% p.a. on average during the next 2 years, compared to a 5.7% growth forecast for the Luxury industry in Japan. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has increased by 34% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Nov 21
Upcoming dividend of JP¥29.00 per share Eligible shareholders must have bought the stock before 28 November 2024. Payment date: 28 February 2025. Payout ratio is a comfortable 63% and this is well supported by cash flows. Trailing yield: 3.9%. Within top quartile of Japanese dividend payers (3.8%). Higher than average of industry peers (1.6%). Duyuru • Nov 20
Morito Co., Ltd. (TSE:9837) signed a letter of intent to acquire MS.ID Co., Ltd. from Try Hard Investments Co., Ltd. Morito Co., Ltd. (TSE:9837) signed a letter of intent to acquire MS.ID Co., Ltd. from Try Hard Investments Co., Ltd. on November 19, 2024.
For the period ending August 31, 2024, MS.ID Co., Ltd. reported total revenue of ¥3.4 billion, EBIT of ¥461 million and net income of ¥301 million. As of August 31, 2024, MS.ID Co., Ltd. reported total assets of ¥1.79 billion and total common equity of ¥1.17 billion.
The expected completion of the transaction is December 25, 2024. Duyuru • Nov 01
Morito Co., Ltd. to Report Fiscal Year 2024 Results on Jan 14, 2025 Morito Co., Ltd. announced that they will report fiscal year 2024 results on Jan 14, 2025 Reported Earnings • Oct 13
Third quarter 2024 earnings released: EPS: JP¥19.89 (vs JP¥15.76 in 3Q 2023) Third quarter 2024 results: EPS: JP¥19.89 (up from JP¥15.76 in 3Q 2023). Revenue: JP¥11.9b (up 4.1% from 3Q 2023). Net income: JP¥526.1m (up 25% from 3Q 2023). Profit margin: 4.4% (up from 3.7% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 4.3% p.a. on average during the next 3 years, compared to a 5.1% growth forecast for the Luxury industry in Japan. Over the last 3 years on average, earnings per share has increased by 22% per year whereas the company’s share price has increased by 27% per year. Duyuru • Oct 12
Morito Co., Ltd. Provides Dividend Guidance for the Fiscal Year 2024 Morito Co., Ltd. provided dividend guidance of JPY 29.00 per share for the fiscal year 2024 against JPY 28.00 per share for the previous period. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 21% After last week's 21% share price decline to JP¥1,172, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 16x in the Luxury industry in Japan. Total returns to shareholders of 112% over the past three years. Duyuru • Jul 30
Morito Co., Ltd. to Report Q3, 2024 Results on Oct 11, 2024 Morito Co., Ltd. announced that they will report Q3, 2024 results on Oct 11, 2024 Declared Dividend • Jul 15
First half dividend of JP¥29.00 announced Shareholders will receive a dividend of JP¥29.00. Ex-date: 28th November 2024 Payment date: 28th February 2025 Dividend yield will be 4.0%, which is higher than the industry average of 2.0%. Sustainability & Growth Dividend is well covered by both earnings (32% earnings payout ratio) and cash flows (40% cash payout ratio). The dividend has increased by an average of 20% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 19% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Jul 14
Second quarter 2024 earnings released: EPS: JP¥31.19 (vs JP¥29.60 in 2Q 2023) Second quarter 2024 results: EPS: JP¥31.19 (up from JP¥29.60 in 2Q 2023). Revenue: JP¥12.0b (down 2.7% from 2Q 2023). Net income: JP¥829.0m (up 4.7% from 2Q 2023). Profit margin: 6.9% (up from 6.4% in 2Q 2023). Revenue is forecast to grow 4.8% p.a. on average during the next 3 years, compared to a 6.0% growth forecast for the Luxury industry in Japan. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has increased by 34% per year, which means it is tracking significantly ahead of earnings growth. Duyuru • Jul 12
Morito Co., Ltd. Announces Second Quarter-End Dividend for the Period Ending May 31, 2024, Payable on August 8, 2024 Morito Co., Ltd. announced second quarter-end dividend for the period ending May 31, 2024. For the period, the company announced second quarter-end dividend of JPY 29.00 per share against JPY 27.00 per share a year ago. Dividend payable date is August 8, 2024. Upcoming Dividend • May 23
Upcoming dividend of JP¥29.00 per share Eligible shareholders must have bought the stock before 30 May 2024. Payment date: 08 August 2024. Payout ratio is a comfortable 65% and this is well supported by cash flows. Trailing yield: 3.9%. Within top quartile of Japanese dividend payers (3.4%). Higher than average of industry peers (1.7%). Duyuru • Apr 29
Morito Co., Ltd. to Report Q2, 2024 Results on Jul 12, 2024 Morito Co., Ltd. announced that they will report Q2, 2024 results on Jul 12, 2024 Reported Earnings • Apr 14
First quarter 2024 earnings released: EPS: JP¥21.22 (vs JP¥19.30 in 1Q 2023) First quarter 2024 results: EPS: JP¥21.22 (up from JP¥19.30 in 1Q 2023). Revenue: JP¥11.7b (flat on 1Q 2023). Net income: JP¥564.0m (up 9.3% from 1Q 2023). Profit margin: 4.8% (up from 4.4% in 1Q 2023). Revenue is forecast to grow 4.5% p.a. on average during the next 3 years, compared to a 5.8% growth forecast for the Luxury industry in Japan. Over the last 3 years on average, earnings per share has increased by 33% per year whereas the company’s share price has increased by 36% per year. Declared Dividend • Mar 04
Final dividend of JP¥29.00 announced Shareholders will receive a dividend of JP¥29.00. Ex-date: 30th May 2024 Payment date: 8th August 2024 Dividend yield will be 4.0%, which is higher than the industry average of 2.0%. Sustainability & Growth Dividend is well covered by both earnings (23% earnings payout ratio) and cash flows (40% cash payout ratio). The dividend has increased by an average of 20% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 15% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Duyuru • Feb 28
Morito Co., Ltd. (TSE:9837) announces an Equity Buyback for 500,000 shares, representing 1.85% for ¥800 million. Morito Co., Ltd. (TSE:9837) announces a share repurchase program. Under the program, the company will repurchase up to 500,000 shares, representing 1.85% of its issued share capital (excluding treasury stock) for ¥800 million. The company will repurchase its shares as a part of flexible capital policy implementation and shareholder return measures in response to changes in the business environment. The share repurchase program will run until January 14, 2025. As of January 31, 2024, the company had 27,098,826 shares outstanding (excluding treasury shares) and 2,901,174 shares in treasury. Duyuru • Jan 28
Morito Co., Ltd. to Report Q1, 2024 Results on Apr 12, 2024 Morito Co., Ltd. announced that they will report Q1, 2024 results on Apr 12, 2024 Reported Earnings • Jan 14
Full year 2023 earnings: EPS in line with expectations, revenues disappoint Full year 2023 results: EPS: JP¥83.01 (up from JP¥62.23 in FY 2022). Revenue: JP¥48.5b (flat on FY 2022). Net income: JP¥2.22b (up 32% from FY 2022). Profit margin: 4.6% (up from 3.5% in FY 2022). Revenue missed analyst estimates by 2.9%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 5.4% p.a. on average during the next 2 years, compared to a 5.8% growth forecast for the Luxury industry in Japan. Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has only increased by 29% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Nov 22
Upcoming dividend of JP¥28.00 per share at 3.3% yield Eligible shareholders must have bought the stock before 29 November 2023. Payment date: 27 February 2024. Payout ratio is a comfortable 23% and this is well supported by cash flows. Trailing yield: 3.3%. Lower than top quartile of Japanese dividend payers (3.4%). Higher than average of industry peers (1.8%). Duyuru • Nov 01
Morito Co., Ltd. to Report Fiscal Year 2023 Results on Jan 12, 2024 Morito Co., Ltd. announced that they will report fiscal year 2023 results on Jan 12, 2024 Reported Earnings • Oct 15
Third quarter 2023 earnings released: EPS: JP¥15.76 (vs JP¥13.57 in 3Q 2022) Third quarter 2023 results: EPS: JP¥15.76 (up from JP¥13.57 in 3Q 2022). Revenue: JP¥11.4b (down 4.7% from 3Q 2022). Net income: JP¥421.0m (up 16% from 3Q 2022). Profit margin: 3.7% (up from 3.0% in 3Q 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has only increased by 24% per year, which means it is significantly lagging earnings growth. Duyuru • Oct 14
Morito Co., Ltd. Provides Earnings Guidance for the Full Year November 2023 Morito Co., Ltd. provided earnings guidance for the full year November 2023. The company expected net sales to be JPY 50,000 million, operating profit to be JPY 2,400 million, profit attributable to owners of parent to be JPY 2,200 million or JPY 82.29 per basic share. New Risk • Aug 06
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.0% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Shareholders have been diluted in the past year (2.0% increase in shares outstanding). Duyuru • Aug 04
Morito Co., Ltd. to Report Q3, 2023 Results on Oct 13, 2023 Morito Co., Ltd. announced that they will report Q3, 2023 results on Oct 13, 2023 Reported Earnings • Jul 15
Second quarter 2023 earnings released: EPS: JP¥29.60 (vs JP¥15.96 in 2Q 2022) Second quarter 2023 results: EPS: JP¥29.60 (up from JP¥15.96 in 2Q 2022). Revenue: JP¥12.3b (up 6.0% from 2Q 2022). Net income: JP¥792.0m (up 84% from 2Q 2022). Profit margin: 6.4% (up from 3.7% 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 41% per year but the company’s share price has only increased by 22% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • May 23
Upcoming dividend of JP¥27.00 per share at 5.0% yield Eligible shareholders must have bought the stock before 30 May 2023. Payment date: 09 August 2023. Payout ratio is a comfortable 49% but the company is paying out more than the cash it is generating. Trailing yield: 5.0%. Within top quartile of Japanese dividend payers (3.5%). Higher than average of industry peers (1.8%). Reported Earnings • Apr 15
First quarter 2023 earnings released: EPS: JP¥19.30 (vs JP¥16.52 in 1Q 2022) First quarter 2023 results: EPS: JP¥19.30 (up from JP¥16.52 in 1Q 2022). Revenue: JP¥11.8b (up 2.1% from 1Q 2022). Net income: JP¥516.0m (up 15% from 1Q 2022). Profit margin: 4.4% (up from 3.9% in 1Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 04
Full year 2022 earnings released: EPS: JP¥62.23 (vs JP¥51.40 in FY 2021) Full year 2022 results: EPS: JP¥62.23 (up from JP¥51.40 in FY 2021). Revenue: JP¥48.5b (up 11% from FY 2021). Net income: JP¥1.67b (up 19% from FY 2021). Profit margin: 3.5% (up from 3.2% in FY 2021). The increase in margin was driven by higher revenue. 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 15% per year, which means it is significantly lagging earnings growth. Duyuru • Feb 01
Morito Co., Ltd. to Report Q1, 2023 Results on Apr 13, 2023 Morito Co., Ltd. announced that they will report Q1, 2023 results on Apr 13, 2023 Valuation Update With 7 Day Price Move • Jan 20
Investor sentiment improved over the past week After last week's 33% share price gain to JP¥960, the stock trades at a trailing P/E ratio of 15.3x. Average trailing P/E is 11x in the Luxury industry in Japan. Total returns to shareholders of 37% over the past three years. Reported Earnings • Jan 14
Full year 2022 earnings released: EPS: JP¥62.23 (vs JP¥51.40 in FY 2021) Full year 2022 results: EPS: JP¥62.23 (up from JP¥51.40 in FY 2021). Revenue: JP¥48.5b (up 11% from FY 2021). Net income: JP¥1.67b (up 19% from FY 2021). Profit margin: 3.5% (up from 3.2% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Duyuru • Jan 13
Morito Co., Ltd., Annual General Meeting, Feb 24, 2023 Morito Co., Ltd., Annual General Meeting, Feb 24, 2023. Upcoming Dividend • Nov 22
Upcoming dividend of JP¥15.50 per share Eligible shareholders must have bought the stock before 29 November 2022. Payment date: 28 February 2023. Payout ratio is a comfortable 44% and this is well supported by cash flows. Trailing yield: 3.7%. Within top quartile of Japanese dividend payers (3.7%). Higher than average of industry peers (1.9%). Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. 2 highly experienced directors. 2 independent directors (3 non-independent directors). Independent Outside Director Motoo Matsuzawa was the last independent director to join the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Duyuru • Nov 02
Morito Co., Ltd. to Report Fiscal Year 2022 Results on Jan 13, 2023 Morito Co., Ltd. announced that they will report fiscal year 2022 results on Jan 13, 2023 Reported Earnings • Oct 17
Third quarter 2022 earnings released: EPS: JP¥13.57 (vs JP¥8.18 in 3Q 2021) Third quarter 2022 results: EPS: JP¥13.57 (up from JP¥8.18 in 3Q 2021). Revenue: JP¥12.0b (up 13% from 3Q 2021). Net income: JP¥363.0m (up 62% from 3Q 2021). Profit margin: 3.0% (up from 2.1% in 3Q 2021). Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Duyuru • Jul 31
Morito Co., Ltd. to Report Q3, 2022 Results on Oct 14, 2022 Morito Co., Ltd. announced that they will report Q3, 2022 results on Oct 14, 2022 Reported Earnings • Jul 15
Second quarter 2022 earnings released: EPS: JP¥15.96 (vs JP¥8.95 in 2Q 2021) Second quarter 2022 results: EPS: JP¥15.96 (up from JP¥8.95 in 2Q 2021). Revenue: JP¥11.6b (up 9.9% from 2Q 2021). Net income: JP¥430.0m (up 76% from 2Q 2021). Profit margin: 3.7% (up from 2.3% in 2Q 2021). Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings.