Reported Earnings • May 18
Full year 2026 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2026 results: EPS: JP¥216 (up from JP¥104 in FY 2025). Revenue: JP¥55.3b (up 22% from FY 2025). Net income: JP¥3.32b (up 109% from FY 2025). Profit margin: 6.0% (up from 3.5% in FY 2025). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 3.7%. Earnings per share (EPS) missed analyst estimates by 6.2%. Revenue is forecast to stay flat during the next 2 years compared to a 7.7% growth forecast for the Consumer Services industry in Japan. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • May 15
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to JP¥2,853, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 14x in the Consumer Services industry in Japan. Total loss to shareholders of 15% over the past three years. Duyuru • May 14
PIA Corporation, Annual General Meeting, Jun 20, 2026 PIA Corporation, Annual General Meeting, Jun 20, 2026. Duyuru • May 09
PIA Corporation to Report Fiscal Year 2026 Results on May 14, 2026 PIA Corporation announced that they will report fiscal year 2026 results on May 14, 2026 Buy Or Sell Opportunity • Apr 28
Now 21% undervalued Over the last 90 days, the stock has risen 33% to JP¥3,495. The fair value is estimated to be JP¥4,415, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 18% over the last 3 years. Earnings per share has grown by 34%. Revenue is forecast to grow by 2.3% in 2 years. Earnings are forecast to decline by 16% in the next 2 years. New Risk • Apr 24
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 11% 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. This is currently the only risk that has been identified for the company. Reported Earnings • Feb 15
Third quarter 2026 earnings released: EPS: JP¥37.36 (vs JP¥20.20 in 3Q 2025) Third quarter 2026 results: EPS: JP¥37.36 (up from JP¥20.20 in 3Q 2025). Revenue: JP¥13.2b (up 23% from 3Q 2025). Net income: JP¥573.0m (up 85% from 3Q 2025). Profit margin: 4.3% (up from 2.9% 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 34% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Duyuru • Dec 27
PIA Corporation to Report Q3, 2026 Results on Feb 12, 2026 PIA Corporation announced that they will report Q3, 2026 results on Feb 12, 2026 Reported Earnings • Nov 17
Second quarter 2026 earnings released: EPS: JP¥25.90 (vs JP¥3.14 in 2Q 2025) Second quarter 2026 results: EPS: JP¥25.90 (up from JP¥3.14 in 2Q 2025). Revenue: JP¥12.6b (up 15% from 2Q 2025). Net income: JP¥397.0m (up JP¥349.0m from 2Q 2025). Profit margin: 3.2% (up from 0.4% in 2Q 2025). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Duyuru • Sep 27
PIA Corporation to Report Q2, 2026 Results on Nov 13, 2025 PIA Corporation announced that they will report Q2, 2026 results on Nov 13, 2025 Reported Earnings • Aug 15
First quarter 2026 earnings released: EPS: JP¥102 (vs JP¥39.66 in 1Q 2025) First quarter 2026 results: EPS: JP¥102 (up from JP¥39.66 in 1Q 2025). Revenue: JP¥13.7b (up 33% from 1Q 2025). Net income: JP¥1.56b (up 158% from 1Q 2025). Profit margin: 11% (up from 5.9% in 1Q 2025). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Duyuru • Jul 08
PIA Corporation to Report Q1, 2026 Results on Aug 14, 2025 PIA Corporation announced that they will report Q1, 2026 results on Aug 14, 2025 Duyuru • Jun 25
PIA Corporation Announces Changes in Executive Structure, Effective June 21, 2025 PIA CORPORATION announced that the executive structure of the Company was determined at the Board of Directors meeting held on June 21, 2025, following the Ordinary General Meeting of Shareholders. Structure of Directors, Corporate Auditors, and Executive Officers (as of June 21, 2025): Chief Executive Officer: Seiichi Someya [Promoted]; Senior Executive Officer Ken Shoji [Promoted]; Senior Executive Officer Kazuhiko Habasaki [Promoted] and Senior Executive Officer Yasufumi Tokuhisa [Promoted]. Reported Earnings • Jun 24
Full year 2025 earnings released: EPS: JP¥104 (vs JP¥73.22 in FY 2024) Full year 2025 results: EPS: JP¥104 (up from JP¥73.22 in FY 2024). Revenue: JP¥45.4b (up 15% from FY 2024). Net income: JP¥1.59b (up 42% from FY 2024). Profit margin: 3.5% (up from 2.8% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Reported Earnings • May 20
Full year 2025 earnings released: EPS: JP¥104 (vs JP¥73.22 in FY 2024) Full year 2025 results: EPS: JP¥104 (up from JP¥73.22 in FY 2024). Revenue: JP¥45.4b (up 15% from FY 2024). Net income: JP¥1.59b (up 42% from FY 2024). Profit margin: 3.5% (up from 2.8% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Duyuru • May 15
PIA Corporation, Annual General Meeting, Jun 21, 2025 PIA Corporation, Annual General Meeting, Jun 21, 2025. Valuation Update With 7 Day Price Move • Apr 14
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to JP¥2,617, the stock trades at a trailing P/E ratio of 29.2x. Average trailing P/E is 16x in the Consumer Services industry in Japan. Total loss to shareholders of 22% over the past three years. Duyuru • Mar 27
PIA Corporation to Report Fiscal Year 2025 Results on May 15, 2025 PIA Corporation announced that they will report fiscal year 2025 results on May 15, 2025 Reported Earnings • Feb 15
Third quarter 2025 earnings released: EPS: JP¥20.20 (vs JP¥12.19 loss in 3Q 2024) Third quarter 2025 results: EPS: JP¥20.20 (up from JP¥12.19 loss in 3Q 2024). Revenue: JP¥10.7b (up 19% from 3Q 2024). Net income: JP¥309.0m (up JP¥495.0m from 3Q 2024). Profit margin: 2.9% (up from net loss in 3Q 2024). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 61% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Duyuru • Jan 03
PIA Corporation to Report Q3, 2025 Results on Feb 13, 2025 PIA Corporation announced that they will report Q3, 2025 results on Feb 13, 2025 Duyuru • Sep 27
PIA Corporation to Report Q2, 2025 Results on Nov 14, 2024 PIA Corporation announced that they will report Q2, 2025 results on Nov 14, 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¥2,483, the stock trades at a trailing P/E ratio of 33.9x. Average trailing P/E is 15x in the Consumer Services industry in Japan. Total loss to shareholders of 19% over the past three years. Duyuru • Jul 10
PIA Corporation to Report Q1, 2025 Results on Aug 08, 2024 PIA Corporation announced that they will report Q1, 2025 results on Aug 08, 2024 Reported Earnings • Jun 28
Full year 2024 earnings released: EPS: JP¥73.22 (vs JP¥92.73 in FY 2023) Full year 2024 results: EPS: JP¥73.22 (down from JP¥92.73 in FY 2023). Revenue: JP¥39.6b (up 21% from FY 2023). Net income: JP¥1.12b (down 21% from FY 2023). Profit margin: 2.8% (down from 4.3% in FY 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 118% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Reported Earnings • May 11
Full year 2024 earnings released: EPS: JP¥73.22 (vs JP¥92.73 in FY 2023) Full year 2024 results: EPS: JP¥73.22 (down from JP¥92.73 in FY 2023). Revenue: JP¥39.6b (up 21% from FY 2023). Net income: JP¥1.12b (down 21% from FY 2023). Profit margin: 2.8% (down from 4.3% in FY 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 118% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Duyuru • May 11
PIA Corporation, Annual General Meeting, Jun 22, 2024 PIA Corporation, Annual General Meeting, Jun 22, 2024. Duyuru • Mar 28
PIA Corporation to Report Fiscal Year 2024 Results on May 09, 2024 PIA Corporation announced that they will report fiscal year 2024 results on May 09, 2024 Reported Earnings • Feb 10
Third quarter 2024 earnings released: JP¥12.19 loss per share (vs JP¥5.83 loss in 3Q 2023) Third quarter 2024 results: JP¥12.19 loss per share (further deteriorated from JP¥5.83 loss in 3Q 2023). Revenue: JP¥9.06b (up 8.0% from 3Q 2023). Net loss: JP¥186.0m (loss widened 109% from 3Q 2023). Over the last 3 years on average, earnings per share has increased by 115% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Duyuru • Dec 28
PIA Corporation to Report Q3, 2024 Results on Feb 08, 2024 PIA Corporation announced that they will report Q3, 2024 results on Feb 08, 2024 Reported Earnings • Nov 10
Second quarter 2024 earnings released: EPS: JP¥0.065 (vs JP¥54.85 in 2Q 2023) Second quarter 2024 results: EPS: JP¥0.065 (down from JP¥54.85 in 2Q 2023). Revenue: JP¥9.79b (up 22% from 2Q 2023). Net income: JP¥1.00m (down 100% from 2Q 2023). Profit margin: 0% (down from 10% in 2Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 107% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. New Risk • Sep 30
New major risk - Revenue and earnings growth Earnings have declined by 5.0% per year over the past 5 years. 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 declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. 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 have declined by 5.0% per year over the past 5 years. Minor Risk Large one-off items impacting financial results. Duyuru • Aug 30
PIA Corporation to Report Q2, 2024 Results on Nov 10, 2023 PIA Corporation announced that they will report Q2, 2024 results on Nov 10, 2023 Reported Earnings • Aug 12
First quarter 2024 earnings released: EPS: JP¥58.62 (vs JP¥12.59 in 1Q 2023) First quarter 2024 results: EPS: JP¥58.62 (up from JP¥12.59 in 1Q 2023). Revenue: JP¥9.88b (up 30% from 1Q 2023). Net income: JP¥895.0m (up 366% from 1Q 2023). Profit margin: 9.1% (up from 2.5% in 1Q 2023). Over the last 3 years on average, earnings per share has increased by 92% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Duyuru • Jun 28
PIA Corporation to Report Q1, 2024 Results on Aug 10, 2023 PIA Corporation announced that they will report Q1, 2024 results on Aug 10, 2023 Reported Earnings • Jun 21
Full year 2023 earnings released: EPS: JP¥92.73 (vs JP¥74.15 loss in FY 2022) Full year 2023 results: EPS: JP¥92.73 (up from JP¥74.15 loss in FY 2022). Revenue: JP¥32.8b (up 27% from FY 2022). Net income: JP¥1.42b (up JP¥2.54b from FY 2022). Profit margin: 4.3% (up from net loss in FY 2022). Over the last 3 years on average, earnings per share has increased by 64% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Reported Earnings • May 16
Full year 2023 earnings released: EPS: JP¥92.73 (vs JP¥74.15 loss in FY 2022) Full year 2023 results: EPS: JP¥92.73 (up from JP¥74.15 loss in FY 2022). Revenue: JP¥32.8b (up 27% from FY 2022). Net income: JP¥1.42b (up JP¥2.54b from FY 2022). Profit margin: 4.3% (up from net loss in FY 2022). Over the last 3 years on average, earnings per share has increased by 64% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Duyuru • May 13
PIA Corporation, Annual General Meeting, Jun 17, 2023 PIA Corporation, Annual General Meeting, Jun 17, 2023. Reported Earnings • Feb 12
Third quarter 2023 earnings released: JP¥5.83 loss per share (vs JP¥58.55 profit in 3Q 2022) Third quarter 2023 results: JP¥5.83 loss per share (down from JP¥58.55 profit in 3Q 2022). Revenue: JP¥8.39b (down 26% from 3Q 2022). Net loss: JP¥89.0m (down 110% from profit in 3Q 2022). Revenue is forecast to grow 24% p.a. on average during the next 2 years, compared to a 8.2% growth forecast for the Consumer Services industry in Japan. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Duyuru • Dec 28
PIA Corporation to Report Q3, 2023 Results on Feb 09, 2023 PIA Corporation announced that they will report Q3, 2023 results on Feb 09, 2023 Board Change • Nov 16
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 4 independent directors. 7 non-independent directors. Independent Outside Director Mitsuru Murai was the last independent director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Reported Earnings • Nov 12
Second quarter 2023 earnings released: EPS: JP¥54.85 (vs JP¥36.06 loss in 2Q 2022) Second quarter 2023 results: EPS: JP¥54.85 (up from JP¥36.06 loss in 2Q 2022). Revenue: JP¥8.02b (up 60% from 2Q 2022). Net income: JP¥837.0m (up JP¥1.39b from 2Q 2022). Profit margin: 10% (up from net loss in 2Q 2022). The move to profitability was driven by higher revenue. Revenue is forecast to grow 17% p.a. on average during the next 2 years, compared to a 9.0% growth forecast for the Consumer Services industry in Japan. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Duyuru • Nov 11
PIA Corporation to Report Q2, 2023 Results on Nov 10, 2022 PIA Corporation announced that they will report Q2, 2023 results on Nov 10, 2022 Reported Earnings • Aug 14
First quarter 2023 earnings released: EPS: JP¥12.59 (vs JP¥79.82 loss in 1Q 2022) First quarter 2023 results: EPS: JP¥12.59 (up from JP¥79.82 loss in 1Q 2022). Revenue: JP¥7.58b (up 60% from 1Q 2022). Net income: JP¥192.0m (up JP¥1.37b from 1Q 2022). Profit margin: 2.5% (up from net loss in 1Q 2022). Over the last 3 years on average, earnings per share has fallen by 33% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Duyuru • Jun 29
PIA Corporation to Report Q1, 2023 Results on Aug 12, 2022 PIA Corporation announced that they will report Q1, 2023 results on Aug 12, 2022 Reported Earnings • Jun 23
Full year 2022 earnings released: JP¥74.15 loss per share (vs JP¥479 loss in FY 2021) Full year 2022 results: JP¥74.15 loss per share (up from JP¥479 loss in FY 2021). Revenue: JP¥25.8b (down 62% from FY 2021). Net loss: JP¥1.12b (loss narrowed 83% from FY 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 52 percentage points per year, which is a significant difference in performance. Reported Earnings • May 17
Full year 2022 earnings released: JP¥74.15 loss per share (vs JP¥479 loss in FY 2021) Full year 2022 results: JP¥74.15 loss per share (up from JP¥479 loss in FY 2021). Revenue: JP¥25.8b (down 62% from FY 2021). Net loss: JP¥1.12b (loss narrowed 83% from FY 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 50 percentage points per year, which is a significant difference in performance. Duyuru • May 14
PIA Corporation, Annual General Meeting, Jun 18, 2022 PIA Corporation, Annual General Meeting, Jun 18, 2022. 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. 9 non-independent directors. Outside Independent Director Nobuyuki Miyaji was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Duyuru • Apr 08
PIA Corporation to Report Fiscal Year 2022 Results on May 12, 2022 PIA Corporation announced that they will report fiscal year 2022 results on May 12, 2022 Reported Earnings • Feb 12
Third quarter 2022 earnings: Revenues and EPS in line with analyst expectations Third quarter 2022 results: EPS: JP¥58.55 (up from JP¥54.30 loss in 3Q 2021). Revenue: JP¥11.4b (down 57% from 3Q 2021). Net income: JP¥893.0m (up JP¥1.65b from 3Q 2021). Profit margin: 7.8% (up from net loss in 3Q 2021). The move to profitability was driven by lower expenses. Revenue was in line with analyst estimates. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 81 percentage points per year, which is a significant difference in performance. Reported Earnings • Nov 12
Second quarter 2022 earnings released: JP¥36.06 loss per share (vs JP¥114 loss in 2Q 2021) The company reported a soft second quarter result with weaker revenues and control over costs, although losses reduced. Second quarter 2022 results: Revenue: JP¥5.03b (down 71% from 2Q 2021). Net loss: JP¥550.0m (loss narrowed 65% from 2Q 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 99 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 13
First quarter 2022 earnings released: JP¥79.82 loss per share (vs JP¥203 loss in 1Q 2021) The company reported a solid first quarter result with reduced losses, improved revenues and improved control over expenses. First quarter 2022 results: Revenue: JP¥4.74b (up 3.3% from 1Q 2021). Net loss: JP¥1.18b (loss narrowed 57% from 1Q 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 103 percentage points per year, which is a significant difference in performance. Reported Earnings • Jun 26
Full year 2021 earnings released: JP¥479 loss per share (vs JP¥8.88 profit in FY 2020) The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2021 results: Revenue: JP¥67.4b (down 59% from FY 2020). Net loss: JP¥6.66b (down JP¥6.79b from profit in FY 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 106 percentage points per year, which is a significant difference in performance. Duyuru • Jun 04
PIA Corporation announced that it has received ¥1.999788 billion in funding from Mitsubishi Estate Co., Ltd. On June 4, 2021, PIA Corporation (TSE:4337) closed the transaction. Reported Earnings • May 16
Full year 2021 earnings released: JP¥479 loss per share (vs JP¥8.88 profit in FY 2020) The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2021 results: Revenue: JP¥67.4b (down 59% from FY 2020). Net loss: JP¥6.66b (down JP¥6.79b from profit in FY 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 103 percentage points per year, which is a significant difference in performance. Duyuru • May 14
PIA Corporation announced that it expects to receive ¥1.999788 billion in funding from Mitsubishi Estate Co., Ltd. PIA Corporation (TSE:4337) announced a private placement of 680,200 shares at a price of ¥2,940 for gross proceeds of ¥1,999,788,000 on May 13, 2021. The transaction will include participation from new investor Mitsubishi Estate Co., Ltd. (TSE:8802) to acquire 4.44% stake in the company. The company is raising funding through third-party allotment method. The transaction has been approved by the board of directors of the company. The company will pay ¥10,000,000 for expenses and receive ¥1,989,788,000 as net proceeds in the transaction. The transaction is expected to close from May 31, 2021 to June 11, 2021. Is New 90 Day High Low • Feb 17
New 90-day high: JP¥3,370 The company is up 23% from its price of JP¥2,735 on 19 November 2020. The Japanese market is up 14% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Consumer Services industry, which is flat over the same period. Reported Earnings • Feb 14
Third quarter 2021 earnings released: JP¥54.30 loss per share (vs JP¥1.18 loss in 3Q 2020) The company reported a poor third quarter result with increased losses, weaker revenues and weaker control over costs. Third quarter 2021 results: Revenue: JP¥26.8b (down 33% from 3Q 2020). Net loss: JP¥753.0m (loss widened JP¥737.0m from 3Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 103 percentage points per year, which is a significant difference in performance. Duyuru • Dec 30
PIA Corporation to Report Q3, 2021 Results on Feb 12, 2021 PIA Corporation announced that they will report Q3, 2021 results on Feb 12, 2021 Is New 90 Day High Low • Dec 18
New 90-day low: JP¥2,659 The company is down 19% from its price of JP¥3,280 on 18 September 2020. The Japanese market is up 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Consumer Services industry, which is down 8.0% over the same period. Is New 90 Day High Low • Dec 01
New 90-day low: JP¥2,701 The company is down 12% from its price of JP¥3,060 on 02 September 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 Services industry, which is down 2.0% over the same period. Duyuru • Nov 07
PIA Corporation to Report Q2, 2021 Results on Nov 12, 2020 PIA Corporation announced that they will report Q2, 2021 results on Nov 12, 2020