Reported Earnings • May 18
Full year 2026 earnings released: EPS: JP¥99.70 (vs JP¥107 in FY 2025) Full year 2026 results: EPS: JP¥99.70 (down from JP¥107 in FY 2025). Revenue: JP¥52.8b (up 14% from FY 2025). Net income: JP¥6.94b (down 7.9% from FY 2025). Profit margin: 13% (down from 16% in FY 2025). The decrease in margin was driven by higher expenses. 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 23% per year, which means it is significantly lagging earnings. Duyuru • May 15
CHANGE Holdings,Inc. (TSE:3962) announces an Equity Buyback for 2,500,000 shares, representing 3.59% for ¥2,000 million. CHANGE Holdings,Inc. (TSE:3962) announces a share repurchase program. Under the program, the company will repurchase up to 2,500,000 shares, representing 3.59% of its share capital, for ¥2,000 million. The company will repurchase its shares in order to increase shareholder returns and implement flexible investment strategies,such as M&A and alliances, and capital policies.The share repurchase program will run until November 30, 2026. As of March 31, 2026, the company had 69,578,947 shares outstanding (excluding treasury shares) and 4,273,415 shares in treasury. Duyuru • May 14
CHANGE Holdings,Inc., Annual General Meeting, Jun 25, 2026 CHANGE Holdings,Inc., Annual General Meeting, Jun 25, 2026. Duyuru • May 09
CHANGE Holdings,Inc. to Report Fiscal Year 2026 Results on May 14, 2026 CHANGE Holdings,Inc. announced that they will report fiscal year 2026 results at 9:00 AM, Tokyo Standard Time on May 14, 2026 Upcoming Dividend • Mar 23
Upcoming dividend of JP¥23.00 per share Eligible shareholders must have bought the stock before 30 March 2026. Payment date: 29 June 2026. Payout ratio is a comfortable 23% and this is well supported by cash flows. Trailing yield: 2.5%. Lower than top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (1.8%). Reported Earnings • Feb 15
Third quarter 2026 earnings released: EPS: JP¥76.47 (vs JP¥88.48 in 3Q 2025) Third quarter 2026 results: EPS: JP¥76.47 (down from JP¥88.48 in 3Q 2025). Revenue: JP¥19.3b (up 4.5% from 3Q 2025). Net income: JP¥5.32b (down 14% from 3Q 2025). Profit margin: 28% (down from 33% 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 14% per year but the company’s share price has fallen by 27% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 17
Second quarter 2026 earnings released: EPS: JP¥15.69 (vs JP¥9.65 in 2Q 2025) Second quarter 2026 results: EPS: JP¥15.69 (up from JP¥9.65 in 2Q 2025). Revenue: JP¥12.4b (up 48% from 2Q 2025). Net income: JP¥1.09b (up 63% from 2Q 2025). Profit margin: 8.8% (up from 8.0% in 2Q 2025). The increase in margin was driven by higher revenue. Declared Dividend • Nov 15
Dividend of JP¥23.00 announced Shareholders will receive a dividend of JP¥23.00. Ex-date: 30th March 2026 Payment date: 29th June 2026 Dividend yield will be 2.2%, which is higher than the industry average of 1.4%. Sustainability & Growth Dividend is well covered by both earnings (21% earnings payout ratio) and cash flows (19% cash payout ratio). The dividend has increased by an average of 50% per year over the past 4 years and payments have been stable during that time. Earnings per share has grown by 32% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Duyuru • Oct 04
CHANGE Holdings,Inc. to Report Q2, 2026 Results on Nov 13, 2025 CHANGE Holdings,Inc. announced that they will report Q2, 2026 results on Nov 13, 2025 Reported Earnings • Aug 15
First quarter 2026 earnings released: EPS: JP¥6.74 (vs JP¥20.03 in 1Q 2025) First quarter 2026 results: EPS: JP¥6.74 (down from JP¥20.03 in 1Q 2025). Revenue: JP¥9.91b (up 22% from 1Q 2025). Net income: JP¥469.0m (down 67% from 1Q 2025). Profit margin: 4.7% (down from 18% in 1Q 2025). The decrease in margin was driven by higher expenses. Buy Or Sell Opportunity • Aug 15
Now 24% overvalued The stock has been flat over the last 90 days, currently trading at JP¥1,243. The fair value is estimated to be JP¥1,005, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 25% over the last year. Earnings per share has grown by 80%. Board Change • Jul 13
Less than half of directors are independent There are 4 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 new directors. 2 experienced directors. 2 highly experienced directors. 2 independent directors (3 non-independent directors). Executive VP & Director Akira Itoh is the most experienced director on the board, commencing their role in 2003. Independent Outside Director Takeshi Matsumoto 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 experienced directors. Duyuru • Jul 08
CHANGE Holdings,Inc. to Report Q1, 2026 Results on Aug 14, 2025 CHANGE Holdings,Inc. announced that they will report Q1, 2026 results on Aug 14, 2025 Valuation Update With 7 Day Price Move • May 22
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to JP¥1,193, the stock trades at a trailing P/E ratio of 11x. Average trailing P/E is 17x in the IT industry in Japan. Total loss to shareholders of 26% over the past three years. Reported Earnings • May 20
Full year 2025 earnings released: EPS: JP¥107 (vs JP¥59.78 in FY 2024) Full year 2025 results: EPS: JP¥107 (up from JP¥59.78 in FY 2024). Revenue: JP¥46.4b (up 25% from FY 2024). Net income: JP¥7.53b (up 74% from FY 2024). Profit margin: 16% (up from 12% 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 14% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Duyuru • May 15
CHANGE Holdings,Inc., Annual General Meeting, Jun 26, 2025 CHANGE Holdings,Inc., Annual General Meeting, Jun 26, 2025. Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to JP¥1,002, the stock trades at a trailing P/E ratio of 12.4x. Average trailing P/E is 15x in the IT industry in Japan. Total loss to shareholders of 46% over the past three years. Duyuru • Mar 27
CHANGE Holdings,Inc. to Report Fiscal Year 2025 Results on May 15, 2025 CHANGE Holdings,Inc. announced that they will report fiscal year 2025 results on May 15, 2025 Upcoming Dividend • Mar 21
Upcoming dividend of JP¥14.50 per share Eligible shareholders must have bought the stock before 28 March 2025. Payment date: 27 June 2025. Payout ratio is a comfortable 15% and this is well supported by cash flows. Trailing yield: 1.0%. Lower than top quartile of Japanese dividend payers (3.7%). Lower than average of industry peers (1.4%). Reported Earnings • Feb 15
Third quarter 2025 earnings released: EPS: JP¥88.48 (vs JP¥53.22 in 3Q 2024) Third quarter 2025 results: EPS: JP¥88.48 (up from JP¥53.22 in 3Q 2024). Revenue: JP¥18.4b (up 30% from 3Q 2024). Net income: JP¥6.16b (up 60% from 3Q 2024). Profit margin: 33% (up from 27% in 3Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 7% per year 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 • Jan 10
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to JP¥1,403, the stock trades at a trailing P/E ratio of 29.6x. Average trailing P/E is 18x in the IT industry in Japan. Total loss to shareholders of 8.0% over the past three years. Duyuru • Jan 03
CHANGE Holdings,Inc. to Report Q3, 2025 Results on Feb 13, 2025 CHANGE Holdings,Inc. announced that they will report Q3, 2025 results on Feb 13, 2025 Valuation Update With 7 Day Price Move • Dec 25
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to JP¥1,200, the stock trades at a trailing P/E ratio of 25.3x. Average trailing P/E is 18x in the IT industry in Japan. Total loss to shareholders of 37% over the past three years. Duyuru • Dec 19
CHANGE Holdings,Inc. (TSE:3962) agreed to acquire FUNDBOOK, Inc. for ¥15.5 billion. CHANGE Holdings,Inc. (TSE:3962) agreed to acquire FUNDBOOK, Inc. for ¥15.5 billion on December 17, 2024. The transaction will be financed through senior debt of ¥15.5 billion.
For the period ending March 31, 2024, FUNDBOOK, Inc. reported total revenue of ¥5.76 billion, EBIT of ¥1.46 billion and net income of ¥635 million. As of March 31, 2024, FUNDBOOK, Inc. reported total assets of ¥4.57 billion and total common equity of ¥2.4 billion.
The expected completion of the transaction is December 23, 2024. Declared Dividend • Nov 15
Dividend of JP¥14.50 announced Shareholders will receive a dividend of JP¥14.50. Ex-date: 28th March 2025 Payment date: 27th June 2025 Dividend yield will be 1.1%, which is lower than the industry average of 1.4%. Sustainability & Growth Dividend is well covered by both earnings (26% earnings payout ratio) and cash flows (14% cash payout ratio). The dividend has increased by an average of 48% per year over the past 3 years and payments have been stable during that time. Earnings per share has grown by 49% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Duyuru • Oct 04
CHANGE Holdings,Inc. to Report Q2, 2025 Results on Nov 13, 2024 CHANGE Holdings,Inc. announced that they will report Q2, 2025 results on Nov 13, 2024 Valuation Update With 7 Day Price Move • Oct 01
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to JP¥1,450, the stock trades at a trailing P/E ratio of 20.6x. Average trailing P/E is 18x in the IT industry in Japan. Total loss to shareholders of 28% over the past three years. Valuation Update With 7 Day Price Move • Aug 21
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to JP¥1,294, the stock trades at a trailing P/E ratio of 18.3x. Average trailing P/E is 17x in the IT industry in Japan. Total loss to shareholders of 41% over the past three years. Reported Earnings • Aug 17
First quarter 2025 earnings released: EPS: JP¥20.03 (vs JP¥11.82 in 1Q 2024) First quarter 2025 results: EPS: JP¥20.03 (up from JP¥11.82 in 1Q 2024). Revenue: JP¥8.14b (up 59% from 1Q 2024). Net income: JP¥1.43b (up 68% from 1Q 2024). Profit margin: 18% (in line with 1Q 2024). Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 20% per year, which means it is significantly lagging earnings. Duyuru • Aug 15
CHANGE Holdings,Inc. (TSE:3962) acquired remaining majority stake Toko Computer Service K.K. from SBI Regional Business Succession Investment Co., Ltd. and others. CHANGE Holdings,Inc. (TSE:3962) acquired remaining majority stake Toko Computer Service K.K. from SBI Regional Business Succession Investment Co., Ltd. and others on August 14, 2024. On January 31, 2024, SBI Regional Business Succession Investment invested in Toko Holding and in March of the same year, we acquired 14.5% of the issued shares.
CHANGE Holdings,Inc. (TSE:3962) completed the acquisition of remaining majority stake Toko Computer Service K.K. from SBI Regional Business Succession Investment Co., Ltd. and others on August 14, 2024. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 28% After last week's 28% share price decline to JP¥828, the stock trades at a trailing P/E ratio of 13.3x. Average trailing P/E is 17x in the IT industry in Japan. Total loss to shareholders of 66% over the past three years. Duyuru • Jun 29
CHANGE Holdings,Inc. to Report Q1, 2025 Results on Aug 14, 2024 CHANGE Holdings,Inc. announced that they will report Q1, 2025 results on Aug 14, 2024 Reported Earnings • May 19
Full year 2024 earnings released: EPS: JP¥59.78 (vs JP¥53.31 in FY 2023) Full year 2024 results: EPS: JP¥59.78 (up from JP¥53.31 in FY 2023). Revenue: JP¥37.0b (up 85% from FY 2023). Net income: JP¥4.33b (up 12% from FY 2023). Profit margin: 12% (down from 19% in FY 2023). Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has fallen by 26% per year, which means it is significantly lagging earnings. Duyuru • May 17
CHANGE Holdings,Inc., Annual General Meeting, Jun 26, 2024 CHANGE Holdings,Inc., Annual General Meeting, Jun 26, 2024. Duyuru • Mar 28
CHANGE Holdings,Inc. to Report Fiscal Year 2024 Results on May 15, 2024 CHANGE Holdings,Inc. announced that they will report fiscal year 2024 results on May 15, 2024 Upcoming Dividend • Mar 21
Upcoming dividend of JP¥12.50 per share Eligible shareholders must have bought the stock before 28 March 2024. Payment date: 28 June 2024. Payout ratio is a comfortable 7.0% and this is well supported by cash flows. Trailing yield: 0.9%. Lower than top quartile of Japanese dividend payers (3.2%). Lower than average of industry peers (1.4%). Valuation Update With 7 Day Price Move • Mar 11
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to JP¥1,152, the stock trades at a trailing P/E ratio of 11.6x. Average trailing P/E is 20x in the IT industry in Japan. Total loss to shareholders of 62% over the past three years. Reported Earnings • Feb 16
Third quarter 2024 earnings released: EPS: JP¥53.22 (vs JP¥3.22 in 3Q 2023) Third quarter 2024 results: EPS: JP¥53.22 (up from JP¥3.22 in 3Q 2023). Revenue: JP¥14.1b (up 214% from 3Q 2023). Net income: JP¥3.85b (up JP¥3.62b from 3Q 2023). Profit margin: 27% (up from 5.2% in 3Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has fallen by 24% per year, which means it is significantly lagging earnings. Duyuru • Jan 09
CHANGE Holdings,Inc. to Report Q3, 2024 Results on Feb 14, 2024 CHANGE Holdings,Inc. announced that they will report Q3, 2024 results on Feb 14, 2024 Reported Earnings • Nov 17
Second quarter 2024 earnings released: EPS: JP¥31.46 (vs JP¥3.22 in 2Q 2023) Second quarter 2024 results: EPS: JP¥31.46 (up from JP¥3.22 in 2Q 2023). Revenue: JP¥9.54b (up 112% from 2Q 2023). Net income: JP¥2.28b (up JP¥2.04b from 2Q 2023). Profit margin: 24% (up from 5.2% in 2Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has fallen by 27% per year, which means it is significantly lagging earnings. Duyuru • Sep 28
CHANGE Holdings,Inc. to Report Q2, 2024 Results on Nov 14, 2023 CHANGE Holdings,Inc. announced that they will report Q2, 2024 results on Nov 14, 2023 Reported Earnings • Aug 15
First quarter 2024 earnings released: EPS: JP¥11.82 (vs JP¥2.38 loss in 1Q 2023) First quarter 2024 results: EPS: JP¥11.82 (up from JP¥2.38 loss in 1Q 2023). Revenue: JP¥5.12b (up 132% from 1Q 2023). Net income: JP¥855.0m (up JP¥1.03b from 1Q 2023). Profit margin: 17% (up from net loss in 1Q 2023). The move to profitability was driven by higher revenue. Revenue is forecast to grow 29% p.a. on average during the next 2 years, compared to a 6.0% growth forecast for the IT 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 fallen by 13% per year, which means it is significantly lagging earnings. Duyuru • Aug 04
CHANGE Holdings,Inc. (TSE:3962) made an offer to acquire a 41.59% stake in E-Guardian Inc. (TSE:6050) for ¥3000 per share CHANGE Holdings,Inc. (TSE:3962) made an offer to acquire a 41.59% stake in E-Guardian Inc. (TSE:6050) for ¥3000 per share on August 2, 2023. The tender offer will close on October 2, 2023. SBI Securities Co. Ltd. acted as financial advisor, Tsunematsu Law Office acted as legal advisor and AGS Consulting Co., Ltd. acted as due diligence provider. Duyuru • Jun 30
CHANGE Holdings,Inc. to Report Q1, 2024 Results on Aug 14, 2023 CHANGE Holdings,Inc. announced that they will report Q1, 2024 results on Aug 14, 2023 Duyuru • May 16
CHANGE Holdings,Inc., Annual General Meeting, Jun 27, 2023 CHANGE Holdings,Inc., Annual General Meeting, Jun 27, 2023. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥7.00 per share at 0.3% yield Eligible shareholders must have bought the stock before 30 March 2023. Payment date: 28 June 2023. Payout ratio is a comfortable 17% and this is well supported by cash flows. Trailing yield: 0.3%. Lower than top quartile of Japanese dividend payers (3.6%). Lower than average of industry peers (1.7%). Valuation Update With 7 Day Price Move • Feb 20
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to JP¥2,604, the stock trades at a forward P/E ratio of 33x. Average forward P/E is 17x in the IT industry in Japan. Total returns to shareholders of 154% over the past three years. Duyuru • Jan 12
Change Inc. to Report Q3, 2023 Results on Feb 14, 2023 Change Inc. announced that they will report Q3, 2023 results on Feb 14, 2023 Price Target Changed • Nov 16
Price target increased to JP¥2,800 Up from JP¥2,600, the current price target is provided by 1 analyst. New target price is 30% above last closing price of JP¥2,155. Stock is down 10% over the past year. The company posted earnings per share of JP¥58.78 last year. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 4 non-independent directors. Independent Outside Director Eriko Hayashi was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Duyuru • Nov 12
Change Inc. Provides Consolidated Earnings Guidance for the Fiscal Year Ending March 31, 2023 Change Inc. provided consolidated earnings guidance for the fiscal year ending March 31, 2023. For the period, the company expects net sales to be JPY 21,000 million, Operating profit to be JPY 7,000 million, Profit attributable to owners of the parent to be JPY 4,669 million, net profit to be JPY 4,806 million and basic profit per share to be JPY 64.54. Duyuru • Oct 08
Change Inc. to Report Q2, 2023 Results on Nov 11, 2022 Change Inc. announced that they will report Q2, 2023 results on Nov 11, 2022 Reported Earnings • Aug 17
Third quarter 2022 earnings released: EPS: JP¥0.70 (vs JP¥4.13 in 3Q 2021) Third quarter 2022 results: EPS: JP¥0.70 (down from JP¥4.13 in 3Q 2021). Revenue: JP¥2.76b (up 5.8% from 3Q 2021). Net income: JP¥51.0m (down 83% from 3Q 2021). Profit margin: 1.8% (down from 12% in 3Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 38%, compared to a 12% growth forecast for the IT industry in Japan. Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has increased by 65% per year, which means it is tracking significantly ahead of earnings growth. Duyuru • Aug 16
Change Inc. (TSE:3962) agreed to acquire an unknown minority stake in DFA Robotics Co., Ltd. from Masaaki Hatano. Change Inc. (TSE:3962) agreed to acquire an unknown minority stake in DFA Robotics Co., Ltd. from Masaaki Hatano on August 15, 2022. Duyuru • Jun 30
Change Inc. to Report Q1, 2023 Results on Aug 15, 2022 Change Inc. announced that they will report Q1, 2023 results on Aug 15, 2022 Valuation Update With 7 Day Price Move • Jun 28
Investor sentiment improved over the past week After last week's 23% share price gain to JP¥2,166, the stock trades at a forward P/E ratio of 34x. Average forward P/E is 18x in the IT industry in Japan. Total returns to shareholders of 239% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥3,244 per share. Valuation Update With 7 Day Price Move • Jun 09
Investor sentiment improved over the past week After last week's 18% share price gain to JP¥1,961, the stock trades at a forward P/E ratio of 30x. Average forward P/E is 19x in the IT industry in Japan. Total returns to shareholders of 192% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥3,213 per share. Reported Earnings • May 16
Second quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2022 results: JP¥2.38 loss per share (down from JP¥6.71 profit in 2Q 2021). Revenue: JP¥2.21b (down 10% from 2Q 2021). Net loss: JP¥172.0m (down 138% from profit in 2Q 2021). Revenue missed analyst estimates by 1.5%. Earnings per share (EPS) were also behind analyst expectations. Over the next year, revenue is forecast to grow 24%, compared to a 8.2% growth forecast for the industry in Japan. Price Target Changed • Apr 27
Price target decreased to JP¥2,850 Down from JP¥3,200, the current price target is an average from 2 analysts. New target price is 54% above last closing price of JP¥1,851. Stock is down 47% over the past year. The company posted earnings per share of JP¥58.78 last year. Board Change • Apr 27
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. 5 experienced directors. 4 highly experienced directors. 2 independent directors (4 non-independent directors). Independent Outside Director Eriko Hayashi was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Buying Opportunity • Apr 19
Now 20% undervalued Over the last 90 days, the stock is up 24%. The fair value is estimated to be JP¥2,347, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last year, while earnings per share has been flat. For the next 3 years, revenue is forecast to grow by 23% per annum. Earnings is also forecast to grow by 24% per annum over the same time period. Duyuru • Apr 08
Change Inc. to Report Fiscal Year 2022 Results on May 13, 2022 Change Inc. announced that they will report fiscal year 2022 results on May 13, 2022 Price Target Changed • Mar 22
Price target decreased to JP¥2,850 Down from JP¥3,200, the current price target is an average from 2 analysts. New target price is 54% above last closing price of JP¥1,849. Stock is down 45% over the past year. The company is forecast to post earnings per share of JP¥67.14 for next year compared to JP¥58.78 last year. Buying Opportunity • Mar 22
Now 20% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be JP¥2,317, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last year. Earnings per share has been flat over the last year. Valuation Update With 7 Day Price Move • Mar 17
Investor sentiment improved over the past week After last week's 16% share price gain to JP¥1,897, the stock trades at a forward P/E ratio of 30x. Average forward P/E is 18x in the IT industry in Japan. Total returns to shareholders of 102% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥2,334 per share. Reported Earnings • Feb 12
First quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2022 results: EPS: JP¥45.24 (up from JP¥45.12 in 1Q 2021). Revenue: JP¥7.93b (up 1.7% from 1Q 2021). Net income: JP¥3.27b (up 8.3% from 1Q 2021). Profit margin: 41% (up from 39% in 1Q 2021). The increase in margin was primarily driven by lower expenses. Revenue missed analyst estimates by 100%. Earnings per share (EPS) exceeded analyst estimates by 6.1%. Over the next year, revenue is forecast to grow 23%, compared to a 7.3% growth forecast for the industry in Japan. Duyuru • Feb 11
Change Inc. Provides Earning Guidance for the Fiscal Year Ending September 30, 2022 Change Inc. provided earning guidance for the Fiscal Year Ending September 30, 2022. Revenue to be JPY 11,000 million, Operating profit to be JPY 5,000 million, Net profit to be JPY 3,441 million, Basic profit per share to be JPY 48.42. Duyuru • Feb 02
Change Inc. to Report Q1, 2022 Results on Feb 10, 2022 Change Inc. announced that they will report Q1, 2022 results on Feb 10, 2022 Price Target Changed • Dec 21
Price target decreased to JP¥3,200 Down from JP¥3,475, the current price target is provided by 1 analyst. New target price is 81% above last closing price of JP¥1,768. Stock is down 52% over the past year. The company is forecast to post earnings per share of JP¥63.56 for next year compared to JP¥58.78 last year. Valuation Update With 7 Day Price Move • Dec 20
Investor sentiment deteriorated over the past week After last week's 16% share price decline to JP¥1,736, the stock trades at a forward P/E ratio of 27x. Average forward P/E is 23x in the IT industry in Japan. Total returns to shareholders of 97% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥2,944 per share. Duyuru • Dec 15
Change Inc. Revises Earnings Guidance for the Year Ending March 31, 2022 Change Inc. revised earnings guidance for the year ending March 31, 2022. For the period, the company now expects revenue of ¥11,000 million against previous guidance of ¥18,200 million; Operating profit of ¥5,000 million against previous guidance of ¥6,800 million; Net profit of ¥3,441 million or ¥48.42 per share against previous guidance of ¥4,647 million or ¥62.76 per share. Reported Earnings • Nov 17
Full year 2021 earnings released: EPS JP¥58.78 (vs JP¥32.52 in FY 2020) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2021 results: Revenue: JP¥15.7b (up 49% from FY 2020). Net income: JP¥4.10b (up 100% from FY 2020). Profit margin: 26% (up from 19% in FY 2020). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Nov 17
Investor sentiment improved over the past week After last week's 27% share price gain to JP¥2,403, the stock trades at a forward P/E ratio of 39x. Average forward P/E is 25x in the IT industry in Japan. Total returns to shareholders of 214% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥1,560 per share.