Board Change • Jul 02
Less than half of directors are independent Following the recent departure of a director, there are only 5 independent directors on the board. The company's board is composed of: 5 independent directors. 6 non-independent directors. Independent Outside Director Yoshiko Yamayuki 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 26
Shoei Corporation to Report Q1, 2027 Results on Aug 10, 2026 Shoei Corporation announced that they will report Q1, 2027 results on Aug 10, 2026 Reported Earnings • May 20
Full year 2026 earnings released: EPS: JP¥110 (vs JP¥60.44 in FY 2025) Full year 2026 results: EPS: JP¥110 (up from JP¥60.44 in FY 2025). Revenue: JP¥19.0b (flat on FY 2025). Net income: JP¥853.0m (up 83% from FY 2025). Profit margin: 4.5% (up from 2.5% in FY 2025). Over the last 3 years on average, earnings per share has increased by 95% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Duyuru • May 15
Shoei Corporation, Annual General Meeting, Jun 25, 2026 Shoei Corporation, Annual General Meeting, Jun 25, 2026. Duyuru • May 10
Shoei Corporation to Report Fiscal Year 2026 Results on May 15, 2026 Shoei Corporation announced that they will report fiscal year 2026 results on May 15, 2026 Upcoming Dividend • Mar 23
Upcoming dividend of JP¥35.00 per share Eligible shareholders must have bought the stock before 30 March 2026. Payment date: 26 June 2026. Payout ratio is a comfortable 20% but the company is not cash flow positive. Trailing yield: 2.5%. Lower than top quartile of Japanese dividend payers (3.6%). Lower than average of industry peers (3.1%). Valuation Update With 7 Day Price Move • Feb 17
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to JP¥824, the stock trades at a trailing P/E ratio of 8.1x. Average trailing P/E is 10x in the Packaging industry in Japan. Total returns to shareholders of 61% over the past three years. Reported Earnings • Feb 11
Third quarter 2026 earnings released: EPS: JP¥39.99 (vs JP¥109 in 3Q 2025) Third quarter 2026 results: EPS: JP¥39.99 (down from JP¥109 in 3Q 2025). Revenue: JP¥5.08b (up 6.2% from 3Q 2025). Net income: JP¥309.0m (down 63% from 3Q 2025). Profit margin: 6.1% (down from 18% in 3Q 2025). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 97% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Duyuru • Dec 27
Shoei Corporation to Report Q3, 2026 Results on Feb 10, 2026 Shoei Corporation announced that they will report Q3, 2026 results on Feb 10, 2026 Reported Earnings • Nov 15
Second quarter 2026 earnings released: EPS: JP¥29.51 (vs JP¥75.97 loss in 2Q 2025) Second quarter 2026 results: EPS: JP¥29.51 (up from JP¥75.97 loss in 2Q 2025). Revenue: JP¥4.67b (down 3.9% from 2Q 2025). Net income: JP¥228.0m (up JP¥815.0m from 2Q 2025). Profit margin: 4.9% (up from net loss in 2Q 2025). Over the last 3 years on average, earnings per share has increased by 106% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Duyuru • Sep 25
Shoei Corporation to Report Q2, 2026 Results on Nov 12, 2025 Shoei Corporation announced that they will report Q2, 2026 results on Nov 12, 2025 Reported Earnings • Aug 10
First quarter 2026 earnings released: EPS: JP¥21.74 (vs JP¥17.08 in 1Q 2025) First quarter 2026 results: EPS: JP¥21.74 (up from JP¥17.08 in 1Q 2025). Revenue: JP¥4.65b (down 2.1% from 1Q 2025). Net income: JP¥168.0m (up 27% from 1Q 2025). Profit margin: 3.6% (up from 2.8% in 1Q 2025). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 75% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Duyuru • Jul 02
Shoei Corporation to Report Q1, 2026 Results on Aug 08, 2025 Shoei Corporation announced that they will report Q1, 2026 results on Aug 08, 2025 Reported Earnings • Jun 29
Full year 2025 earnings released: EPS: JP¥60.44 (vs JP¥131 in FY 2024) Full year 2025 results: EPS: JP¥60.44 (down from JP¥131 in FY 2024). Revenue: JP¥19.0b (down 2.1% from FY 2024). Net income: JP¥467.0m (down 54% from FY 2024). Profit margin: 2.5% (down from 5.2% in FY 2024). Over the last 3 years on average, earnings per share has increased by 52% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. New Risk • May 18
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. The company is paying a dividend despite having no free cash flows. Dividend yield: 3.8% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 24% per year over the past 5 years. Minor Risks High level of debt (62% net debt to equity). Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (2.5% net profit margin). Market cap is less than US$100m (JP¥4.10b market cap, or US$28.1m). Reported Earnings • May 18
Full year 2025 earnings released: EPS: JP¥60.44 (vs JP¥131 in FY 2024) Full year 2025 results: EPS: JP¥60.44 (down from JP¥131 in FY 2024). Revenue: JP¥19.0b (down 2.1% from FY 2024). Net income: JP¥467.0m (down 54% from FY 2024). Profit margin: 2.5% (down from 5.2% in FY 2024). Over the last 3 years on average, earnings per share has increased by 52% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Duyuru • May 14
Shoei Corporation, Annual General Meeting, Jun 25, 2025 Shoei Corporation, Annual General Meeting, Jun 25, 2025. Duyuru • Mar 29
Shoei Corporation to Report Fiscal Year 2025 Results on May 14, 2025 Shoei Corporation announced that they will report fiscal year 2025 results on May 14, 2025 Upcoming Dividend • Mar 21
Upcoming dividend of JP¥20.00 per share Eligible shareholders must have bought the stock before 28 March 2025. Payment date: 26 June 2025. Payout ratio is a comfortable 60% and this is well supported by cash flows. Trailing yield: 3.4%. Lower than top quartile of Japanese dividend payers (3.7%). In line with average of industry peers (3.1%). Reported Earnings • Feb 14
Third quarter 2025 earnings released: EPS: JP¥109 (vs JP¥24.85 in 3Q 2024) Third quarter 2025 results: EPS: JP¥109 (up from JP¥24.85 in 3Q 2024). Revenue: JP¥4.78b (down 4.5% from 3Q 2024). Net income: JP¥841.0m (up 338% from 3Q 2024). Profit margin: 18% (up from 3.8% in 3Q 2024). 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 4% per year, which means it is significantly lagging earnings. Duyuru • Nov 30
Shoei Corporation to Report Q3, 2025 Results on Feb 12, 2025 Shoei Corporation announced that they will report Q3, 2025 results on Feb 12, 2025 Reported Earnings • Nov 17
Second quarter 2025 earnings released: JP¥75.97 loss per share (vs JP¥48.14 profit in 2Q 2024) Second quarter 2025 results: JP¥75.97 loss per share (down from JP¥48.14 profit in 2Q 2024). Revenue: JP¥4.86b (up 2.3% from 2Q 2024). Net loss: JP¥587.0m (down 258% from profit in 2Q 2024). Over the last 3 years on average, earnings per share has fallen by 4% per year whereas the company’s share price has fallen by 8% per year. Duyuru • Aug 27
Shoei Corporation to Report Q2, 2025 Results on Nov 12, 2024 Shoei Corporation announced that they will report Q2, 2025 results on Nov 12, 2024 Buy Or Sell Opportunity • Aug 06
Now 25% overvalued Over the last 90 days, the stock has fallen 3.8% to JP¥563. The fair value is estimated to be JP¥451, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Meanwhile, the company has become profitable. Duyuru • Jun 28
Shoei Corporation to Report Q1, 2025 Results on Aug 09, 2024 Shoei Corporation announced that they will report Q1, 2025 results on Aug 09, 2024 Reported Earnings • May 19
Full year 2024 earnings released: EPS: JP¥131 (vs JP¥209 loss in FY 2023) Full year 2024 results: EPS: JP¥131 (up from JP¥209 loss in FY 2023). Revenue: JP¥19.4b (down 6.3% from FY 2023). Net income: JP¥1.01b (up JP¥2.63b from FY 2023). Profit margin: 5.2% (up from net loss in FY 2023). Over the last 3 years on average, earnings per share has fallen by 49% per year but the company’s share price has only fallen by 15% per year, which means it has not declined as severely as earnings. Duyuru • May 16
Shoei Corporation, Annual General Meeting, Jun 25, 2024 Shoei Corporation, Annual General Meeting, Jun 25, 2024. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥20.00 per share Eligible shareholders must have bought the stock before 28 March 2024. Payment date: 28 June 2024. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 3.2%. Within top quartile of Japanese dividend payers (3.2%). Higher than average of industry peers (2.7%). Reported Earnings • Feb 11
Third quarter 2024 earnings released: EPS: JP¥24.85 (vs JP¥83.47 loss in 3Q 2023) Third quarter 2024 results: EPS: JP¥24.85 (up from JP¥83.47 loss in 3Q 2023). Revenue: JP¥5.01b (down 10% from 3Q 2023). Net income: JP¥192.0m (up JP¥837.0m from 3Q 2023). Profit margin: 3.8% (up from net loss in 3Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 83 percentage points per year, which is a significant difference in performance. Duyuru • Dec 01
Shoei Corporation to Report Q3, 2024 Results on Feb 09, 2024 Shoei Corporation announced that they will report Q3, 2024 results on Feb 09, 2024 Reported Earnings • Nov 12
Second quarter 2024 earnings released: EPS: JP¥48.14 (vs JP¥8.41 in 2Q 2023) Second quarter 2024 results: EPS: JP¥48.14 (up from JP¥8.41 in 2Q 2023). Revenue: JP¥4.75b (down 11% from 2Q 2023). Net income: JP¥372.0m (up 472% from 2Q 2023). Profit margin: 7.8% (up from 1.2% in 2Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 92 percentage points per year, which is a significant difference in performance. Duyuru • Sep 22
Shoei Corporation to Report Q2, 2024 Results on Nov 10, 2023 Shoei Corporation announced that they will report Q2, 2024 results on Nov 10, 2023 Reported Earnings • Aug 11
First quarter 2024 earnings released: EPS: JP¥74.44 (vs JP¥0.78 in 1Q 2023) First quarter 2024 results: EPS: JP¥74.44 (up from JP¥0.78 in 1Q 2023). Revenue: JP¥4.98b (up 1.8% from 1Q 2023). Net income: JP¥575.0m (up JP¥569.0m from 1Q 2023). Profit margin: 12% (up from 0.1% in 1Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 93 percentage points per year, which is a significant difference in performance. Duyuru • Jun 29
Shoei Corporation to Report Q1, 2024 Results on Aug 09, 2023 Shoei Corporation announced that they will report Q1, 2024 results on Aug 09, 2023 Upcoming Dividend • Mar 23
Upcoming dividend of JP¥20.00 per share at 3.5% yield Eligible shareholders must have bought the stock before 30 March 2023. Payment date: 26 June 2023. The company is not currently making a profit but it is cash flow positive. Trailing yield: 3.5%. Lower than top quartile of Japanese dividend payers (3.6%). In line with average of industry peers (3.2%). Reported Earnings • Feb 12
Third quarter 2023 earnings released: JP¥83.47 loss per share (vs JP¥7.51 profit in 3Q 2022) Third quarter 2023 results: JP¥83.47 loss per share (down from JP¥7.51 profit in 3Q 2022). Revenue: JP¥5.58b (up 8.9% from 3Q 2022). Net loss: JP¥645.0m (down JP¥703.0m from profit in 3Q 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 56 percentage points per year, which is a significant difference in performance. Duyuru • Dec 04
Shoei Corporation to Report Q3, 2023 Results on Feb 09, 2023 Shoei Corporation announced that they will report Q3, 2023 results on Feb 09, 2023 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. 3 experienced directors. 7 highly experienced directors. No independent directors (7 non-independent directors). Director Atsushi Shibahara was the last director to join the board, commencing their role in 2013. 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
Second quarter 2023 earnings released: EPS: JP¥8.41 (vs JP¥17.60 in 2Q 2022) Second quarter 2023 results: EPS: JP¥8.41 (down from JP¥17.60 in 2Q 2022). Revenue: JP¥5.33b (up 16% from 2Q 2022). Net income: JP¥65.0m (down 52% from 2Q 2022). Profit margin: 1.2% (down from 3.0% in 2Q 2022). Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Duyuru • Aug 28
Shoei Corporation to Report Q2, 2023 Results on Nov 11, 2022 Shoei Corporation announced that they will report Q2, 2023 results on Nov 11, 2022 Reported Earnings • Aug 11
First quarter 2023 earnings released: EPS: JP¥0.78 (vs JP¥3.11 in 1Q 2022) First quarter 2023 results: EPS: JP¥0.78 (down from JP¥3.11 in 1Q 2022). Revenue: JP¥4.90b (up 5.9% from 1Q 2022). Net income: JP¥6.00m (down 75% from 1Q 2022). Profit margin: 0.1% (down from 0.5% in 1Q 2022). Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Duyuru • Jul 16
Shoei Corporation to Report Q1, 2023 Results on Aug 09, 2022 Shoei Corporation announced that they will report Q1, 2023 results on Aug 09, 2022 Reported Earnings • May 18
Full year 2022 earnings released: EPS: JP¥11.52 (vs JP¥101 in FY 2021) Full year 2022 results: EPS: JP¥11.52 (down from JP¥101 in FY 2021). Revenue: JP¥19.3b (down 6.0% from FY 2021). Net income: JP¥89.0m (down 87% from FY 2021). Profit margin: 0.5% (down from 3.3% in FY 2021). Over the last 3 years on average, earnings per share has fallen by 4% per year whereas the company’s share price has fallen by 8% per year. Duyuru • May 15
Shoei Corporation, Annual General Meeting, Jun 23, 2022 Shoei Corporation, Annual General Meeting, Jun 23, 2022. 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. 3 experienced directors. 7 highly experienced directors. No independent directors (7 non-independent directors). Director Atsushi Shibahara was the last director to join the board, commencing their role in 2013. 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 08
Shoei Corporation to Report Fiscal Year 2022 Results on May 13, 2022 Shoei Corporation announced that they will report fiscal year 2022 results on May 13, 2022 Upcoming Dividend • Mar 23
Upcoming dividend of JP¥20.00 per share Eligible shareholders must have bought the stock before 30 March 2022. Payment date: 25 June 2022. Payout ratio is a comfortable 68% but the company is not cash flow positive. Trailing yield: 3.1%. Lower than top quartile of Japanese dividend payers (3.4%). In line with average of industry peers (3.2%). Reported Earnings • Feb 18
Third quarter 2022 earnings: Revenues and EPS in line with analyst expectations Third quarter 2022 results: EPS: JP¥7.51 (down from JP¥37.77 in 3Q 2021). Revenue: JP¥5.12b (down 3.5% from 3Q 2021). Net income: JP¥58.0m (down 77% from 3Q 2021). Profit margin: 1.1% (down from 4.8% in 3Q 2021). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 15
Second quarter 2022 earnings released: EPS JP¥17.60 (vs JP¥37.70 in 2Q 2021) The company reported a poor second quarter result with weaker earnings, revenues and profit margins. Second quarter 2022 results: Revenue: JP¥4.59b (down 13% from 2Q 2021). Net income: JP¥136.0m (down 42% from 2Q 2021). Profit margin: 3.0% (down from 4.5% in 2Q 2021). The decrease in margin was driven by lower 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 3% per year, which means it is significantly lagging earnings. Duyuru • Aug 28
Shoei Corporation (TSE:9385) acquired 50.1% stake in Fine Chemetics Inc. Shoei Corporation (TSE:9385) signed a contract 50.1% stake in Fine Chemetics Inc. on August 26, 2021. As per terms of transaction, Shoei Corporation will acquire 39,078 shares. As on March 31, 2021, Fine Chemetics Inc. reported Net assets of ¥297 million, Total assets ¥1,240 million, Sales of ¥2,212 million, Ordinary profit of ¥62 million and Net income of ¥17 million. With this acquisition of shares, the Shoei Corporation will become a consolidated subsidiary of the Shoei Corporation . The impact of this matter on the Shoei Corporation consolidated financial results for the fiscal year ending March 2022 is expected to be minor.
Shoei Corporation (TSE:9385) completed the acquisition of 50.1% stake in Fine Chemetics Inc. on August 26, 2021. Reported Earnings • Jul 23
Full year 2021 earnings released: EPS JP¥101 (vs JP¥64.00 in FY 2020) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2021 results: Revenue: JP¥20.5b (up 7.3% from FY 2020). Net income: JP¥675.0m (up 66% from FY 2020). Profit margin: 3.3% (up from 2.1% in FY 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥20.00 per share Eligible shareholders must have bought the stock before 30 March 2021. Payment date: 26 June 2021. Trailing yield: 1.8%. Lower than top quartile of Japanese dividend payers (2.7%). Higher than average of industry peers (1.6%). Is New 90 Day High Low • Mar 05
New 90-day high: JP¥1,058 The company is up 5.0% from its price of JP¥1,006 on 04 December 2020. The Japanese market is up 6.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Packaging industry, which is up 9.0% over the same period. Reported Earnings • Feb 08
Third quarter 2021 earnings released: EPS JP¥37.77 (vs JP¥18.42 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: JP¥5.30b (up 10% from 3Q 2020). Net income: JP¥252.0m (up 119% from 3Q 2020). Profit margin: 4.8% (up from 2.4% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Duyuru • Jan 17
Shoei Corporation to Report Q3, 2021 Results on Feb 05, 2021 Shoei Corporation announced that they will report Q3, 2021 results on Feb 05, 2021 Is New 90 Day High Low • Dec 21
New 90-day low: JP¥1,001 The company is down 22% from its price of JP¥1,288 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 Packaging industry, which is up 1.0% over the same period. Is New 90 Day High Low • Dec 03
New 90-day low: JP¥1,011 The company is down 18% from its price of JP¥1,227 on 04 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 Packaging industry, which is flat over the same period. Duyuru • Oct 10
Shoei Corporation to Report Q2, 2021 Results on Nov 13, 2020 Shoei Corporation announced that they will report Q2, 2021 results on Nov 13, 2020 Duyuru • Jul 17
Shoei Corporation to Report Q1, 2021 Results on Aug 07, 2020 Shoei Corporation announced that they will report Q1, 2021 results on Aug 07, 2020 
