Reported Earnings • May 19
First quarter 2026 earnings released: EPS: JP¥47.20 (vs JP¥42.47 in 1Q 2025) First quarter 2026 results: EPS: JP¥47.20 (up from JP¥42.47 in 1Q 2025). Revenue: JP¥5.24b (up 5.2% from 1Q 2025). Net income: JP¥873.0m (up 9.0% from 1Q 2025). Profit margin: 17% (in line with 1Q 2025). Revenue is forecast to grow 4.6% p.a. on average during the next 3 years, compared to a 4.8% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. New Risk • Mar 28
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 24% 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: Minor Risks Dividend is not well covered by cash flows (167% cash payout ratio). Large one-off items impacting financial results. Reported Earnings • Feb 15
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: EPS: JP¥122 (down from JP¥145 in FY 2024). Revenue: JP¥20.5b (down 3.1% from FY 2024). Net income: JP¥2.27b (down 19% from FY 2024). Profit margin: 11% (down from 13% in FY 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 19%. Revenue is forecast to grow 3.2% p.a. on average during the next 2 years, compared to a 4.4% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Duyuru • Feb 13
KEIWA Incorporated, Annual General Meeting, Mar 25, 2026 KEIWA Incorporated, Annual General Meeting, Mar 25, 2026. Reported Earnings • Nov 19
Third quarter 2025 earnings released: EPS: JP¥45.31 (vs JP¥22.90 in 3Q 2024) Third quarter 2025 results: EPS: JP¥45.31 (up from JP¥22.90 in 3Q 2024). Revenue: JP¥5.15b (down 1.2% from 3Q 2024). Net income: JP¥838.0m (up 90% from 3Q 2024). Profit margin: 16% (up from 8.5% in 3Q 2024). Revenue is forecast to grow 1.8% p.a. on average during the next 3 years, compared to a 4.3% growth forecast for the Chemicals industry in Japan. 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 13% per year, which means it has not declined as severely as earnings. Duyuru • Oct 11
KEIWA Incorporated to Report Q3, 2025 Results on Nov 14, 2025 KEIWA Incorporated announced that they will report Q3, 2025 results on Nov 14, 2025 Price Target Changed • Aug 21
Price target decreased by 9.4% to JP¥1,450 Down from JP¥1,600, the current price target is an average from 2 analysts. New target price is 30% above last closing price of JP¥1,115. Stock is down 6.5% over the past year. The company is forecast to post earnings per share of JP¥160 for next year compared to JP¥145 last year. New Risk • Aug 15
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: 8.9% Last year net profit margin: 15% 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 Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (8.9% net profit margin). Reported Earnings • Aug 15
Second quarter 2025 earnings released: JP¥5.82 loss per share (vs JP¥38.64 profit in 2Q 2024) Second quarter 2025 results: JP¥5.82 loss per share (down from JP¥38.64 profit in 2Q 2024). Revenue: JP¥4.93b (down 2.2% from 2Q 2024). Net loss: JP¥107.7m (down 115% from profit in 2Q 2024). Revenue is forecast to grow 3.4% p.a. on average during the next 3 years, compared to a 4.2% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has only fallen by 17% per year, which means it has not declined as severely as earnings. Duyuru • Jul 10
KEIWA Incorporated to Report Q2, 2025 Results on Aug 14, 2025 KEIWA Incorporated announced that they will report Q2, 2025 results on Aug 14, 2025 Major Estimate Revision • Jun 17
Consensus EPS estimates increase by 14% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has improved. 2025 revenue forecast increased from JP¥21.3b to JP¥21.5b. EPS estimate increased from JP¥161 to JP¥184 per share. Net income forecast to grow 25% next year vs 6.7% growth forecast for Chemicals industry in Japan. Consensus price target up from JP¥1,600 to JP¥1,700. Share price rose 2.1% to JP¥1,066 over the past week. Reported Earnings • May 19
First quarter 2025 earnings released: EPS: JP¥42.43 (vs JP¥43.18 in 1Q 2024) First quarter 2025 results: EPS: JP¥42.43 (down from JP¥43.18 in 1Q 2024). Revenue: JP¥4.98b (up 8.1% from 1Q 2024). Net income: JP¥800.0m (down 3.8% from 1Q 2024). Profit margin: 16% (down from 18% in 1Q 2024). Revenue is forecast to grow 2.3% p.a. on average during the next 3 years, compared to a 4.6% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has fallen by 28% per year, which means it is performing significantly worse than earnings. Board Change • May 08
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 3 independent directors. 5 non-independent directors. Independent Outside Director Noriko Yoneda was the last independent director to join the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. New Risk • Apr 14
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: 2.8% 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: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (8.0% average weekly change). Large one-off items impacting financial results. Duyuru • Apr 08
KEIWA Incorporated to Report Q1, 2025 Results on May 14, 2025 KEIWA Incorporated announced that they will report Q1, 2025 results on May 14, 2025 New Risk • Apr 07
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: JP¥14.4b (US$98.6m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (6.7% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (JP¥14.4b market cap, or US$98.6m). Valuation Update With 7 Day Price Move • Apr 04
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to JP¥889, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 10x in the Chemicals industry in Japan. Total loss to shareholders of 61% over the past three years. New Risk • Mar 31
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Japanese stocks, typically moving 5.2% 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 Share price has been volatile over the past 3 months (5.2% average weekly change). Large one-off items impacting financial results. Valuation Update With 7 Day Price Move • Feb 21
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to JP¥1,245, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 11x in the Chemicals industry in Japan. Total loss to shareholders of 39% over the past three years. Duyuru • Feb 17
KEIWA Incorporated, Annual General Meeting, Mar 25, 2025 KEIWA Incorporated, Annual General Meeting, Mar 25, 2025. Reported Earnings • Feb 16
Full year 2024 earnings: EPS and revenues exceed analyst expectations Full year 2024 results: EPS: JP¥145 (up from JP¥103 in FY 2023). Revenue: JP¥21.1b (up 20% from FY 2023). Net income: JP¥2.79b (up 41% from FY 2023). Profit margin: 13% (up from 11% in FY 2023). Revenue exceeded analyst estimates by 4.3%. Earnings per share (EPS) also surpassed analyst estimates by 12%. Revenue is forecast to grow 1.5% p.a. on average during the next 2 years, compared to a 5.0% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has fallen by 23% per year, which means it is performing significantly worse than earnings. Duyuru • Feb 15
KEIWA Incorporated (TSE:4251) announces an Equity Buyback for 800,000 shares, representing 4.15% for ¥1,200 million. KEIWA Incorporated (TSE:4251) announces a share repurchase program. Under the program, the company will repurchase up to 800,000 shares, representing 4.15% of its share capital, for ¥1,200 million. The purpose of the program is to enhance shareholder returns and implementing a flexible capital policy and utilizing it in M&A. The program will expire on December 30, 2025. As of December 31, 2024, the company had 19,283,728 shares in issue (excluding treasury stock) and 1,424 shares in treasury. Duyuru • Jan 17
KEIWA Incorporated to Report Fiscal Year 2024 Results on Feb 14, 2025 KEIWA Incorporated announced that they will report fiscal year 2024 results on Feb 14, 2025 Upcoming Dividend • Dec 20
Upcoming dividend of JP¥35.00 per share Eligible shareholders must have bought the stock before 27 December 2024. Payment date: 26 March 2025. Payout ratio is a comfortable 18% and this is well supported by cash flows. Trailing yield: 3.5%. Lower than top quartile of Japanese dividend payers (3.8%). Higher than average of industry peers (2.6%). Reported Earnings • Nov 20
Third quarter 2024 earnings released: EPS: JP¥22.90 (vs JP¥39.60 in 3Q 2023) Third quarter 2024 results: EPS: JP¥22.90 (down from JP¥39.60 in 3Q 2023). Revenue: JP¥5.21b (up 5.3% from 3Q 2023). Net income: JP¥441.6m (down 42% from 3Q 2023). Profit margin: 8.5% (down from 15% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 3.9% p.a. on average during the next 3 years, compared to a 5.2% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has fallen by 31% per year, which means it is performing significantly worse than earnings. Duyuru • Sep 27
KEIWA Incorporated to Report Q3, 2024 Results on Nov 14, 2024 KEIWA Incorporated announced that they will report Q3, 2024 results on Nov 14, 2024 Price Target Changed • Sep 03
Price target decreased by 30% to JP¥1,400 Down from JP¥2,000, the current price target is an average from 2 analysts. New target price is 22% above last closing price of JP¥1,150. Stock is down 9.0% over the past year. The company is forecast to post earnings per share of JP¥122 for next year compared to JP¥103 last year. Major Estimate Revision • Aug 31
Consensus EPS estimates fall by 26%, revenue upgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast increased from JP¥19.3b to JP¥20.3b. EPS estimate fell from JP¥161 to JP¥119 per share. Net income forecast to shrink 9.8% next year vs 11% growth forecast for Chemicals industry in Japan . Consensus price target of JP¥1,600 unchanged from last update. Share price fell 2.7% to JP¥1,159 over the past week. Reported Earnings • Aug 19
Second quarter 2024 earnings released: EPS: JP¥38.64 (vs JP¥29.63 in 2Q 2023) Second quarter 2024 results: EPS: JP¥38.64 (up from JP¥29.63 in 2Q 2023). Revenue: JP¥5.04b (up 20% from 2Q 2023). Net income: JP¥745.0m (up 31% from 2Q 2023). Profit margin: 15% (up from 14% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 4.6% p.a. on average during the next 3 years, compared to a 5.6% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has fallen by 18% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 32% After last week's 32% share price decline to JP¥1,047, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 12x in the Chemicals industry in Japan. Total loss to shareholders of 34% over the past three years. New Risk • Jul 18
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Japanese stocks, typically moving 7.4% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. This is currently the only risk that has been identified for the company. Board Change • Jul 03
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 5 non-independent directors. Independent Outside Director Noriko Yoneda was the last independent director to join the board, commencing their role in 2023. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Duyuru • Jun 15
KEIWA Incorporated to Report Q2, 2024 Results on Aug 14, 2024 KEIWA Incorporated announced that they will report Q2, 2024 results on Aug 14, 2024 Price Target Changed • Jun 08
Price target increased by 33% to JP¥2,000 Up from JP¥1,500, the current price target is provided by 1 analyst. New target price is 18% above last closing price of JP¥1,691. Stock is up 52% over the past year. The company is forecast to post earnings per share of JP¥161 for next year compared to JP¥103 last year. Major Estimate Revision • Jun 08
Consensus EPS estimates increase by 41% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate increased from JP¥114 to JP¥161. Revenue forecast unchanged at JP¥19.3b. Net income forecast to grow 10% next year vs 11% growth forecast for Chemicals industry in Japan. Consensus price target up from JP¥1,500 to JP¥2,000. Share price rose 9.8% to JP¥1,691 over the past week. Reported Earnings • May 18
First quarter 2024 earnings released: EPS: JP¥43.18 (vs JP¥2.80 in 1Q 2023) First quarter 2024 results: EPS: JP¥43.18 (up from JP¥2.80 in 1Q 2023). Revenue: JP¥4.61b (up 44% from 1Q 2023). Net income: JP¥832.0m (up JP¥778.0m from 1Q 2023). Profit margin: 18% (up from 1.7% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 5.7% p.a. on average during the next 3 years, compared to a 5.7% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • May 15
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to JP¥1,347, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 14x in the Chemicals industry in Japan. Total returns to shareholders of 24% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥2,587 per share. Duyuru • Apr 12
KEIWA Incorporated to Report Q1, 2024 Results on May 14, 2024 KEIWA Incorporated announced that they will report Q1, 2024 results on May 14, 2024 Reported Earnings • Mar 30
Full year 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2023 results: EPS: JP¥103 (down from JP¥252 in FY 2022). Revenue: JP¥17.6b (down 17% from FY 2022). Net income: JP¥1.98b (down 59% from FY 2022). Profit margin: 11% (down from 23% in FY 2022). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 4.0%. Earnings per share (EPS) exceeded analyst estimates by 3.0%. Revenue is forecast to grow 7.8% p.a. on average during the next 3 years, compared to a 5.6% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Major Estimate Revision • Mar 08
Consensus EPS estimates fall by 10% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from JP¥20.4b to JP¥19.3b. EPS estimate also fell from JP¥127 per share to JP¥114 per share. Net income forecast to grow 11% next year vs 21% growth forecast for Chemicals industry in Japan. Consensus price target down from JP¥1,500 to JP¥1,300. Share price rose 2.9% to JP¥1,142 over the past week. Duyuru • Feb 15
KEIWA Incorporated, Annual General Meeting, Mar 25, 2024 KEIWA Incorporated, Annual General Meeting, Mar 25, 2024. Reported Earnings • Feb 15
Full year 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2023 results: EPS: JP¥103 (down from JP¥252 in FY 2022). Revenue: JP¥17.6b (down 17% from FY 2022). Net income: JP¥1.98b (down 59% from FY 2022). Profit margin: 11% (down from 23% in FY 2022). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 4.0%. Earnings per share (EPS) exceeded analyst estimates by 3.0%. Revenue is forecast to grow 10% p.a. on average during the next 2 years, compared to a 5.8% growth forecast for the Chemicals industry in Japan. 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 6% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Feb 14
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to JP¥1,161, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 13x in the Chemicals industry in Japan. Total returns to shareholders of 22% over the past three years. Duyuru • Dec 28
KEIWA Incorporated to Report Fiscal Year 2023 Results on Feb 13, 2024 KEIWA Incorporated announced that they will report fiscal year 2023 results on Feb 13, 2024 Upcoming Dividend • Dec 21
Upcoming dividend of JP¥25.00 per share at 1.0% yield Eligible shareholders must have bought the stock before 28 December 2023. Payment date: 28 March 2024. Payout ratio is a comfortable 11% and this is well supported by cash flows. Trailing yield: 1.0%. Lower than top quartile of Japanese dividend payers (3.5%). Lower than average of industry peers (2.4%). Reported Earnings • Nov 16
Third quarter 2023 earnings released: EPS: JP¥39.60 (vs JP¥73.84 in 3Q 2022) Third quarter 2023 results: EPS: JP¥39.60 (down from JP¥73.84 in 3Q 2022). Revenue: JP¥4.95b (down 13% from 3Q 2022). Net income: JP¥763.0m (down 46% from 3Q 2022). Profit margin: 15% (down from 25% in 3Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 9.6% p.a. on average during the next 3 years, compared to a 5.0% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has only increased by 22% per year, which means it is significantly lagging earnings growth. Duyuru • Nov 10
KEIWA Incorporated to Report Q3, 2023 Results on Nov 13, 2023 KEIWA Incorporated announced that they will report Q3, 2023 results on Nov 13, 2023 New Risk • Oct 05
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 5.2% 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. This is currently the only risk that has been identified for the company. Reported Earnings • Aug 16
Second quarter 2023 earnings released: EPS: JP¥29.63 (vs JP¥71.30 in 2Q 2022) Second quarter 2023 results: EPS: JP¥29.63 (down from JP¥71.30 in 2Q 2022). Revenue: JP¥4.20b (down 9.8% from 2Q 2022). Net income: JP¥571.0m (down 58% from 2Q 2022). Profit margin: 14% (down from 30% in 2Q 2022). The decrease in margin was primarily driven by higher expenses. Revenue is forecast to grow 7.8% p.a. on average during the next 3 years, compared to a 4.3% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, earnings per share has increased by 51% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Duyuru • Jul 26
KEIWA Incorporated to Report Q2, 2023 Results on Aug 14, 2023 KEIWA Incorporated announced that they will report Q2, 2023 results on Aug 14, 2023 Reported Earnings • May 17
First quarter 2023 earnings released: EPS: JP¥2.80 (vs JP¥63.76 in 1Q 2022) First quarter 2023 results: EPS: JP¥2.80 (down from JP¥63.76 in 1Q 2022). Revenue: JP¥3.20b (down 43% from 1Q 2022). Net income: JP¥54.0m (down 96% from 1Q 2022). Profit margin: 1.7% (down from 22% in 1Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 3.7% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, earnings per share has increased by 61% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • May 15
Investor sentiment deteriorates as stock falls 23% After last week's 23% share price decline to JP¥1,055, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 11x in the Chemicals industry in Japan. Total returns to shareholders of 65% over the past three years. Major Estimate Revision • May 13
Consensus revenue estimates fall by 22% The consensus outlook for revenues in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from JP¥23.8b to JP¥18.6b. EPS estimate fell from JP¥260 to JP¥255 per share. Net income forecast to grow 0.8% next year vs 1.2% growth forecast for Chemicals industry in Japan. Consensus price target of JP¥2,850 unchanged from last update. Share price fell 2.2% to JP¥1,355 over the past week. Reported Earnings • Mar 31
Full year 2022 earnings: EPS and revenues miss analyst expectations Full year 2022 results: EPS: JP¥505 (up from JP¥145 in FY 2021). Revenue: JP¥21.1b (up 16% from FY 2021). Net income: JP¥4.86b (up 89% from FY 2021). Profit margin: 23% (up from 14% in FY 2021). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 4.1%. Earnings per share (EPS) also missed analyst estimates by 1.8%. Revenue is forecast to grow 8.4% p.a. on average during the next 3 years, compared to a 3.8% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, earnings per share has increased by 81% per year but the company’s share price has only increased by 48% per year, which means it is significantly lagging earnings growth. Reported Earnings • Feb 16
Full year 2022 earnings: Revenues and EPS in line with analyst expectations Full year 2022 results: EPS: JP¥505 (up from JP¥145 in FY 2021). Revenue: JP¥21.1b (up 16% from FY 2021). Net income: JP¥4.86b (up 89% from FY 2021). Profit margin: 23% (up from 14% in FY 2021). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 10% p.a. on average during the next 2 years, compared to a 4.2% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, earnings per share has increased by 81% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Duyuru • Dec 28
KEIWA Incorporated to Report Fiscal Year 2022 Results on Feb 14, 2023 KEIWA Incorporated announced that they will report fiscal year 2022 results on Feb 14, 2023 Upcoming Dividend • Dec 22
Upcoming dividend of JP¥50.00 per share Eligible shareholders must have bought the stock before 29 December 2022. Payment date: 30 March 2023. Payout ratio is a comfortable 1.9% and this is well supported by cash flows. Trailing yield: 0.8%. Lower than top quartile of Japanese dividend payers (3.8%). Lower than average of industry peers (3.0%). Price Target Changed • Nov 16
Price target decreased to JP¥5,000 Down from JP¥6,500, the current price target is provided by 1 analyst. New target price is 47% above last closing price of JP¥3,395. Stock is down 48% over the past year. The company is forecast to post earnings per share of JP¥514 for next year compared to JP¥290 last year. Board Change • Nov 16
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. No highly experienced directors. No independent directors (3 non-independent directors). Director TakESHI KUBO was the last director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Nov 13
Third quarter 2022 earnings released: EPS: JP¥148 (vs JP¥89.81 in 3Q 2021) Third quarter 2022 results: EPS: JP¥148 (up from JP¥89.81 in 3Q 2021). Revenue: JP¥5.68b (up 22% from 3Q 2021). Net income: JP¥1.42b (up 80% from 3Q 2021). Profit margin: 25% (up from 17% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 4.3% growth forecast for the Chemicals industry in Japan. Over the last 3 years on average, earnings per share has increased by 71% per year whereas the company’s share price has increased by 66% per year. Duyuru • Oct 20
KEIWA Incorporated to Report Q3, 2022 Results on Nov 11, 2022 KEIWA Incorporated announced that they will report Q3, 2022 results on Nov 11, 2022 Valuation Update With 7 Day Price Move • Aug 31
Investor sentiment improved over the past week After last week's 17% share price gain to JP¥4,450, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 9x in the Chemicals industry in Japan. Total loss to shareholders of 7.6% over the past year. Major Estimate Revision • Aug 19
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate increased from JP¥395 to JP¥509. Revenue forecast unchanged at JP¥24.3b. Net income forecast to grow 11% next year vs 3.3% growth forecast for Chemicals industry in Japan. Consensus price target down from JP¥6,500 to JP¥5,000. Share price rose 9.8% to JP¥3,935 over the past week. Reported Earnings • Aug 15
Second quarter 2022 earnings released: EPS: JP¥143 (vs JP¥50.41 in 2Q 2021) Second quarter 2022 results: EPS: JP¥143 (up from JP¥50.41 in 2Q 2021). Revenue: JP¥4.65b (up 15% from 2Q 2021). Net income: JP¥1.37b (up 209% from 2Q 2021). Profit margin: 30% (up from 11% in 2Q 2021). The increase in margin was primarily driven by higher revenue. Over the next year, revenue is forecast to grow 23%, compared to a 8.5% growth forecast for the Chemicals industry in Japan. Duyuru • Jul 02
KEIWA Incorporated to Report Q2, 2022 Results on Aug 12, 2022 KEIWA Incorporated announced that they will report Q2, 2022 results on Aug 12, 2022 Major Estimate Revision • May 20
Consensus revenue estimates increase by 11% The consensus outlook for revenues in 2022 has improved. 2022 revenue forecast increased from JP¥21.1b to JP¥23.5b. EPS estimate increased from JP¥322 to JP¥395 per share. Net income forecast to grow 13% next year vs 4.0% growth forecast for Chemicals industry in Japan. Consensus price target of JP¥6,500 unchanged from last update. Share price was steady at JP¥4,940 over the past week. Reported Earnings • May 16
First quarter 2022 earnings: EPS and revenues exceed analyst expectations First quarter 2022 results: EPS: JP¥128 (up from JP¥37.84 in 1Q 2021). Revenue: JP¥5.56b (up 48% from 1Q 2021). Net income: JP¥1.23b (up 269% from 1Q 2021). Profit margin: 22% (up from 8.9% in 1Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 21%. Earnings per share (EPS) also surpassed analyst estimates by 17%. Over the next year, revenue is forecast to grow 8.5%, compared to a 7.9% growth forecast for the industry in Japan. Board Change • Apr 27
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. No highly experienced directors. No independent directors (3 non-independent directors). Director TakESHI KUBO was the last director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Duyuru • Apr 07
KEIWA Incorporated to Report Q1, 2022 Results on May 13, 2022 KEIWA Incorporated announced that they will report Q1, 2022 results on May 13, 2022 Valuation Update With 7 Day Price Move • Mar 22
Investor sentiment improved over the past week After last week's 16% share price gain to JP¥4,475, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 9x in the Chemicals industry in Japan. Total returns to shareholders of 114% over the past year. Reported Earnings • Feb 18
Full year 2021 earnings: EPS exceeds analyst expectations Full year 2021 results: EPS: JP¥290 (up from JP¥93.31 in FY 2020). Revenue: JP¥18.1b (up 23% from FY 2020). Net income: JP¥2.57b (up 247% from FY 2020). Profit margin: 14% (up from 5.0% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 17%. Over the next year, revenue is forecast to grow 16%, compared to a 6.5% growth forecast for the industry in Japan. Duyuru • Feb 16
KEIWA Incorporated, Annual General Meeting, Mar 29, 2022 KEIWA Incorporated, Annual General Meeting, Mar 29, 2022. Major Estimate Revision • Feb 15
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast increased from JP¥18.7b to JP¥21.0b. EPS estimate unchanged from JP¥298 at last update. Chemicals industry in Japan expected to see average net income growth of 2.0% next year. Consensus price target of JP¥6,500 unchanged from last update. Share price fell 11% to JP¥4,510 over the past week. Major Estimate Revision • Dec 29
Consensus revenue estimates increase by 12% The consensus outlook for revenues in 2021 has improved. 2021 revenue forecast increased from JP¥16.3b to JP¥18.2b. EPS estimate increased from JP¥202 to JP¥248 per share. Net income forecast to grow 60% next year vs 4.3% growth forecast for Chemicals industry in Japan. Consensus price target of JP¥6,500 unchanged from last update. Share price rose 4.5% to JP¥5,590 over the past week. Upcoming Dividend • Dec 22
Upcoming dividend of JP¥25.00 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 26 March 2022. Payout ratio is a comfortable 5.3% but the company is not cash flow positive. Trailing yield: 0.2%. Lower than top quartile of Japanese dividend payers (3.3%). Lower than average of industry peers (2.2%). Valuation Update With 7 Day Price Move • Nov 19
Investor sentiment improved over the past week After last week's 29% share price gain to JP¥6,560, the stock trades at a forward P/E ratio of 28x. Average forward P/E is 10x in the Chemicals industry in Japan. Total returns to shareholders of 366% over the past year. Simply Wall St's valuation model estimates the intrinsic value at JP¥6,156 per share. Reported Earnings • Nov 15
Third quarter 2021 earnings released: EPS JP¥89.81 (vs JP¥27.96 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: JP¥4.68b (up 25% from 3Q 2020). Net income: JP¥791.0m (up 253% from 3Q 2020). Profit margin: 17% (up from 6.0% in 3Q 2020). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Oct 19
Investor sentiment improved over the past week After last week's 16% share price gain to JP¥4,855, the stock trades at a forward P/E ratio of 24x. Average forward P/E is 11x in the Chemicals industry in Japan. Total returns to shareholders of 214% over the past year. Simply Wall St's valuation model estimates the intrinsic value at JP¥8,494 per share. Valuation Update With 7 Day Price Move • Aug 17
Investor sentiment improved over the past week After last week's 26% share price gain to JP¥4,310, the stock trades at a forward P/E ratio of 22x. Average forward P/E is 11x in the Chemicals industry in Japan. Total returns to shareholders of 232% over the past year. Valuation Update With 7 Day Price Move • May 25
Investor sentiment improved over the past week After last week's 16% share price gain to JP¥2,655, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 12x in the Chemicals industry in Japan. Total returns to shareholders of 90% over the past year. Reported Earnings • May 18
First quarter 2021 earnings released: EPS JP¥37.84 (vs JP¥33.56 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: JP¥3.76b (up 6.0% from 1Q 2020). Net income: JP¥333.0m (up 29% from 1Q 2020). Profit margin: 8.9% (up from 7.3% in 1Q 2020). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Apr 02
Investor sentiment improved over the past week After last week's 18% share price gain to JP¥2,375, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 14x in the Chemicals industry in Japan. Total returns to shareholders of 155% over the past year. Is New 90 Day High Low • Mar 16
New 90-day high: JP¥2,230 The company is up 11% from a price of JP¥2,016 on 16 December 2020. Outperformed the Japanese market which is up 10.0% over the last 90 days. Exceeded the Chemicals industry, which is up 7.0% over the same period.