Buy Or Sell Opportunity • Aug 21
Now 24% overvalued after recent price rise Over the last 90 days, the stock has risen 6.9% to JP¥5,200. The fair value is estimated to be JP¥4,209, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 6.7% over the last 3 years. Earnings per share has grown by 6.1%. Revenue is forecast to grow by 9.0% in 2 years. Earnings are forecast to decline by 17% in the next 2 years. Declared Dividend • Aug 10
Dividend of JP¥120 announced Shareholders will receive a dividend of JP¥120. Ex-date: 29th December 2026 Payment date: 15th March 2027 Dividend yield will be 2.4%, which is lower than the industry average of 2.7%. Sustainability & Growth Dividend is well covered by both earnings (18% earnings payout ratio) and cash flows (21% cash payout ratio). The dividend has increased by an average of 14% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to decline by 7.5% over the next 3 years. However, it would need to fall by 80% to increase the payout ratio to a potentially unsustainable range. Reported Earnings • Aug 08
Second quarter 2026 earnings released: EPS: JP¥65.14 (vs JP¥40.99 in 2Q 2025) Second quarter 2026 results: EPS: JP¥65.14 (up from JP¥40.99 in 2Q 2025). Revenue: JP¥140.9b (up 22% from 2Q 2025). Net income: JP¥2.59b (up 59% from 2Q 2025). Profit margin: 1.8% (up from 1.4% in 2Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 3.9% p.a. on average during the next 3 years, compared to a 3.8% growth forecast for the Logistics industry in Japan. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has increased by 14% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • May 20
First quarter 2026 earnings released: EPS: JP¥209 (vs JP¥28.50 in 1Q 2025) First quarter 2026 results: EPS: JP¥209 (up from JP¥28.50 in 1Q 2025). Revenue: JP¥153.4b (up 36% from 1Q 2025). Net income: JP¥8.31b (up JP¥7.18b from 1Q 2025). Profit margin: 5.4% (up from 1.0% in 1Q 2025). 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 3.5% growth forecast for the Logistics 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 increased by 15% per year, which means it is well ahead of earnings. Duyuru • May 17
SBS Holdings, Inc. to Report Q2, 2026 Results on Aug 07, 2026 SBS Holdings, Inc. announced that they will report Q2, 2026 results on Aug 07, 2026 Buy Or Sell Opportunity • Mar 31
Now 23% undervalued Over the last 90 days, the stock has risen 12% to JP¥4,230. The fair value is estimated to be JP¥5,484, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 20%. For the next 3 years, revenue is forecast to grow by 6.5% per annum. Earnings are also forecast to grow by 11% per annum over the same time period. Duyuru • Mar 31
SBS Holdings, Inc. Announces Appointment and Assignment of Duties for Executive Officers, Effective March 30, 2026 SBS Holdings, Inc. announced the appointment and assignment of duties for eleven executive officers as the current executive officers have expired at the end of the Ordinary General Meeting of Shareholders held on March 30, 2026. Masato Taiji has been appointed as Managing Executive Officer, responsible for Internal Audit, Sustainability, Human Resources, General Affairs and Quality & Safety Management. Yasuhito Tanaka has been appointed as Managing Executive Officer, responsible for Corporate Planning, Business Development and Legal Office. Katsuhisa Wakamatsu has been appointed as Executive Officer, responsible for Business Strategy, Representative Director and Executive Officer of SBS NEXTHIRD CO., LTD. Satoshi Akuzawa has been appointed as Executive Officer, responsible for IT Planning, Information Communication System 1-3, IT Infrastructure and LT Planning. Kimihiro Sato has been appointed as Executive Officer, Representative Director, Chairperson & CEO of SBS Toshiba Logistics Corporation. Yasushi Kanazawa has been appointed as Executive Officer, Representative Director, President & COO of SBS Toshiba Logistics Corporation. Mitsugu Kakushi has been appointed as Executive Officer, Representative Director, President & COO of SBS Flec Co. Ltd. Yasuhiko Ueda has been appointed as Executive Officer, Representative Director of SBS Asset Management Co. Ltd. Yoshihiro Miyoshi has been appointed as Executive Officer, President, Representative Director of Bridgestone Logistics Co. Ltd. Effective date: March 30, 2026. Reported Earnings • Mar 29
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: EPS: JP¥297 (up from JP¥242 in FY 2024). Revenue: JP¥490.3b (up 9.4% from FY 2024). Net income: JP¥11.8b (up 23% from FY 2024). Profit margin: 2.4% (up from 2.1% in FY 2024). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 3.1%. Revenue is forecast to grow 6.5% p.a. on average during the next 3 years, compared to a 3.9% growth forecast for the Logistics industry in Japan. Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Buy Or Sell Opportunity • Mar 10
Now 25% overvalued after recent price rise Over the last 90 days, the stock has risen 9.5% to JP¥4,140. The fair value is estimated to be JP¥3,323, 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. Earnings per share has declined by 20%. For the next 3 years, revenue is forecast to grow by 7.6% per annum. Earnings are also forecast to grow by 9.3% per annum over the same time period. Reported Earnings • Feb 14
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: EPS: JP¥297 (up from JP¥242 in FY 2024). Revenue: JP¥490.3b (up 9.4% from FY 2024). Net income: JP¥11.8b (up 23% from FY 2024). Profit margin: 2.4% (up from 2.1% in FY 2024). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 3.1%. Revenue is forecast to grow 8.6% p.a. on average during the next 2 years, compared to a 3.7% growth forecast for the Logistics industry in Japan. Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Duyuru • Feb 13
SBS Holdings, Inc., Annual General Meeting, Mar 30, 2026 SBS Holdings, Inc., Annual General Meeting, Mar 30, 2026. Upcoming Dividend • Dec 22
Upcoming dividend of JP¥85.00 per share Eligible shareholders must have bought the stock before 29 December 2025. Payment date: 10 March 2026. Payout ratio is a comfortable 24% and the cash payout ratio is 76%. Trailing yield: 2.2%. Lower than top quartile of Japanese dividend payers (3.6%). Lower than average of industry peers (2.8%). Duyuru • Dec 03
SBS Holdings, Inc. to Report Fiscal Year 2025 Results on Feb 13, 2026 SBS Holdings, Inc. announced that they will report fiscal year 2025 results on Feb 13, 2026 Reported Earnings • Nov 15
Third quarter 2025 earnings released: EPS: JP¥173 (vs JP¥27.62 in 3Q 2024) Third quarter 2025 results: EPS: JP¥173 (up from JP¥27.62 in 3Q 2024). Revenue: JP¥135.8b (up 25% from 3Q 2024). Net income: JP¥6.87b (up JP¥5.77b from 3Q 2024). Profit margin: 5.1% (up from 1.0% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 7.6% p.a. on average during the next 3 years, compared to a 4.0% growth forecast for the Logistics industry in Japan. Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Price Target Changed • Sep 04
Price target increased by 20% to JP¥3,433 Up from JP¥2,867, the current price target is an average from 3 analysts. New target price is approximately in line with last closing price of JP¥3,495. Stock is up 38% over the past year. The company is forecast to post earnings per share of JP¥282 for next year compared to JP¥242 last year. Duyuru • Aug 15
SBS Holdings, Inc. to Report Q3, 2025 Results on Nov 12, 2025 SBS Holdings, Inc. announced that they will report Q3, 2025 results on Nov 12, 2025 Declared Dividend • Aug 10
Dividend increased to JP¥85.00 Dividend of JP¥85.00 is 21% higher than last year. Ex-date: 29th December 2025 Payment date: 10th March 2026 Dividend yield will be 2.5%, which is lower than the industry average of 2.7%. Sustainability & Growth Dividend is covered by earnings (47% earnings payout ratio) but not covered by cash flows (125% cash payout ratio). The dividend has increased by an average of 18% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 86% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Aug 09
Second quarter 2025 earnings released: EPS: JP¥40.99 (vs JP¥39.55 in 2Q 2024) Second quarter 2025 results: EPS: JP¥40.99 (up from JP¥39.55 in 2Q 2024). Revenue: JP¥115.7b (up 7.2% from 2Q 2024). Net income: JP¥1.63b (up 3.6% from 2Q 2024). Profit margin: 1.4% (in line with 2Q 2024). Revenue is forecast to grow 5.6% p.a. on average during the next 3 years, compared to a 4.3% growth forecast for the Logistics industry in Japan. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Duyuru • Jun 30
SBS Holdings, Inc. (TSE:2384) agreed to acquire 66.60% stake in Bridgestone Logistics Co., Ltd. from Bridgestone Corporation (TSE:5108) for ¥8.0 billion. SBS Holdings, Inc. (TSE:2384) agreed to acquire 66.60% stake in Bridgestone Logistics Co., Ltd. from Bridgestone Corporation (TSE:5108) for ¥8.0 billion on June 30, 2025.
For the period ending December 31, 2024, Bridgestone Logistics Co., Ltd. reported total revenue of ¥50.73 billion, EBIT of ¥686 million and net income of ¥471 million. As of December 31, 2024, Bridgestone Logistics Co., Ltd. reported total assets of ¥14.46 billion and total common equity of ¥6.77 billion.
The share acquisition is scheduled to be completed on October 1, 2025, subject to approval from the relevant authorities. New Risk • May 22
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: 1.3% Last year net profit margin: 1.9% 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: Major Risk Debt is not well covered by operating cash flow (14% operating cash flow to total debt). Minor Risks Dividend is not well covered by cash flows (125% cash payout ratio). Profit margins are more than 30% lower than last year (1.3% net profit margin). Duyuru • May 18
SBS Holdings, Inc. to Report First Half, 2025 Results on Aug 08, 2025 SBS Holdings, Inc. announced that they will report first half, 2025 results on Aug 08, 2025 Reported Earnings • Mar 28
Full year 2024 earnings: EPS and revenues exceed analyst expectations Full year 2024 results: EPS: JP¥242 (down from JP¥253 in FY 2023). Revenue: JP¥448.1b (up 3.8% from FY 2023). Net income: JP¥9.62b (down 4.3% from FY 2023). Profit margin: 2.1% (down from 2.3% in FY 2023). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.0%. Earnings per share (EPS) also surpassed analyst estimates by 5.7%. Revenue is forecast to grow 5.1% p.a. on average during the next 3 years, compared to a 4.6% growth forecast for the Logistics industry in Japan. Over the last 3 years on average, earnings per share has fallen by 1% per year whereas the company’s share price has fallen by 5% per year. Duyuru • Mar 25
SBS Holdings, Inc. Appoints Executive Officers SBS Holdings, Inc. announced that the company has appointed executive officers and decided to allocate their duties as follows as the current executive officers have expired at the end of March 25, 2025's Ordinary General Meeting of Shareholders. Satoshi Akuzawa as Executive Officer, Duties (As of April 1, 2025): Responsible for IT Planning, IT Solution, Information Commuication System 1-3, IT Infrastructure and LT Planning, General Manager of IT Solution and Information Commuication System 1. Mitsugu Kakushi as Executive Officer Representative Director, Duties (As of April 1, 2025): President & COO of SBS Flec Co. Ltd. Yasuhiko Ueda as Executive Officer Duties (As of April 1, 2025): Representative Director of SBS Asset Management Co. Ltd. Duyuru • Mar 20
SBS Holdings, Inc. (TSE:2384) acquired 77% stake in PT TANGGUH JAYA PRATAMA. SBS Holdings, Inc. (TSE:2384) acquired 77% stake in PT TANGGUH JAYA PRATAMA on February 28, 2025.
SBS Holdings, Inc. (TSE:2384) completed the acquisition of 77% stake in PT TANGGUH JAYA PRATAMA on February 28, 2025. Price Target Changed • Mar 15
Price target increased by 8.9% to JP¥2,867 Up from JP¥2,633, the current price target is an average from 3 analysts. New target price is approximately in line with last closing price of JP¥2,813. Stock is up 19% over the past year. The company is forecast to post earnings per share of JP¥272 for next year compared to JP¥242 last year. Reported Earnings • Feb 16
Full year 2024 earnings: EPS and revenues exceed analyst expectations Full year 2024 results: EPS: JP¥242 (down from JP¥253 in FY 2023). Revenue: JP¥448.1b (up 3.8% from FY 2023). Net income: JP¥9.62b (down 4.3% from FY 2023). Profit margin: 2.1% (down from 2.3% in FY 2023). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.0%. Earnings per share (EPS) also surpassed analyst estimates by 5.7%. Revenue is forecast to grow 5.3% p.a. on average during the next 2 years, compared to a 4.5% growth forecast for the Logistics industry in Japan. Over the last 3 years on average, earnings per share has fallen by 1% per year whereas the company’s share price has fallen by 5% per year. Upcoming Dividend • Dec 20
Upcoming dividend of JP¥70.00 per share Eligible shareholders must have bought the stock before 27 December 2024. Payment date: 11 March 2025. Payout ratio is a comfortable 31% but the company is not cash flow positive. Trailing yield: 3.0%. Lower than top quartile of Japanese dividend payers (3.8%). In line with average of industry peers (3.2%). Duyuru • Dec 03
SBS Holdings, Inc. to Report Fiscal Year 2024 Results on Feb 14, 2025 SBS Holdings, Inc. announced that they will report fiscal year 2024 results on Feb 14, 2025 Reported Earnings • Nov 15
Third quarter 2024 earnings released: EPS: JP¥27.62 (vs JP¥30.16 in 3Q 2023) Third quarter 2024 results: EPS: JP¥27.62 (down from JP¥30.16 in 3Q 2023). Revenue: JP¥108.5b (up 6.0% from 3Q 2023). Net income: JP¥1.10b (down 8.4% from 3Q 2023). Profit margin: 1.0% (down from 1.2% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 5.7% p.a. on average during the next 3 years, compared to a 3.9% growth forecast for the Logistics industry in Japan. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Price Target Changed • Oct 01
Price target decreased by 7.8% to JP¥2,675 Down from JP¥2,900, the current price target is an average from 4 analysts. New target price is approximately in line with last closing price of JP¥2,770. Stock is up 1.0% over the past year. The company is forecast to post earnings per share of JP¥258 for next year compared to JP¥253 last year. Declared Dividend • Aug 10
Dividend of JP¥70.00 announced Shareholders will receive a dividend of JP¥70.00. Ex-date: 27th December 2024 Payment date: 11th March 2025 Dividend yield will be 2.8%, which is about the same as the industry average. Sustainability & Growth Dividend is covered by both earnings (32% earnings payout ratio) and cash flows (65% cash payout ratio). The dividend has increased by an average of 21% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 51% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Duyuru • Aug 09
SBS Holdings, Inc. to Report Q3, 2024 Results on Nov 12, 2024 SBS Holdings, Inc. announced that they will report Q3, 2024 results on Nov 12, 2024 Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to JP¥2,338, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 12x in the Logistics industry in Japan. Total loss to shareholders of 23% over the past three years. Duyuru • May 13
SBS Holdings, Inc. to Report Q2, 2024 Results on Aug 08, 2024 SBS Holdings, Inc. announced that they will report Q2, 2024 results on Aug 08, 2024 Reported Earnings • May 12
First quarter 2024 earnings released: EPS: JP¥123 (vs JP¥171 in 1Q 2023) First quarter 2024 results: EPS: JP¥123 (down from JP¥171 in 1Q 2023). Revenue: JP¥113.8b (down 4.4% from 1Q 2023). Net income: JP¥4.89b (down 28% from 1Q 2023). Profit margin: 4.3% (down from 5.7% in 1Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 4.7% p.a. on average during the next 3 years, compared to a 3.9% growth forecast for the Logistics industry in Japan. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Price Target Changed • Mar 23
Price target decreased by 12% to JP¥2,900 Down from JP¥3,310, the current price target is an average from 4 analysts. New target price is 17% above last closing price of JP¥2,480. Stock is down 23% over the past year. The company is forecast to post earnings per share of JP¥271 for next year compared to JP¥253 last year. New Risk • Feb 18
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 15% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (15% operating cash flow to total debt). Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Duyuru • Feb 16
SBS Holdings, Inc. to Report Q1, 2024 Results on May 10, 2024 SBS Holdings, Inc. announced that they will report Q1, 2024 results on May 10, 2024 Reported Earnings • Feb 16
Full year 2023 earnings: EPS misses analyst expectations Full year 2023 results: EPS: JP¥253 (down from JP¥295 in FY 2022). Revenue: JP¥431.9b (down 5.2% from FY 2022). Net income: JP¥10.1b (down 14% from FY 2022). Profit margin: 2.3% (down from 2.6% in FY 2022). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 9.0%. Revenue is forecast to grow 5.7% p.a. on average during the next 2 years, compared to a 4.1% growth forecast for the Logistics industry in Japan. 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 4% per year, which means it is significantly lagging earnings. Duyuru • Feb 14
SBS Holdings, Inc., Annual General Meeting, Mar 27, 2024 SBS Holdings, Inc., Annual General Meeting, Mar 27, 2024. Price Target Changed • Jan 23
Price target decreased by 8.2% to JP¥3,360 Down from JP¥3,660, the current price target is an average from 4 analysts. New target price is 33% above last closing price of JP¥2,519. Stock is down 14% over the past year. The company is forecast to post earnings per share of JP¥278 for next year compared to JP¥295 last year. Upcoming Dividend • Dec 21
Upcoming dividend of JP¥65.00 per share at 2.7% yield Eligible shareholders must have bought the stock before 28 December 2023. Payment date: 10 March 2024. Payout ratio is a comfortable 14% and this is well supported by cash flows. Trailing yield: 2.7%. Lower than top quartile of Japanese dividend payers (3.5%). In line with average of industry peers (2.7%). Duyuru • Dec 05
SBS Holdings, Inc. to Report Fiscal Year 2023 Results on Feb 14, 2024 SBS Holdings, Inc. announced that they will report fiscal year 2023 results on Feb 14, 2024 Reported Earnings • Nov 11
Third quarter 2023 earnings released: EPS: JP¥30.16 (vs JP¥62.62 in 3Q 2022) Third quarter 2023 results: EPS: JP¥30.16 (down from JP¥62.62 in 3Q 2022). Revenue: JP¥102.4b (down 9.6% from 3Q 2022). Net income: JP¥1.20b (down 52% from 3Q 2022). Profit margin: 1.2% (down from 2.2% in 3Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 3.7% p.a. on average during the next 3 years, compared to a 2.2% growth forecast for the Logistics industry in Japan. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Price Target Changed • Sep 07
Price target decreased by 8.3% to JP¥3,690 Down from JP¥4,023, the current price target is an average from 3 analysts. New target price is 24% above last closing price of JP¥2,975. Stock is up 2.7% over the past year. The company is forecast to post earnings per share of JP¥297 for next year compared to JP¥295 last year. New Risk • Aug 12
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 4.7% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 4.7% per year for the foreseeable future. Minor Risks High level of debt (53% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Duyuru • Aug 12
SBS Holdings, Inc. to Report Q3, 2023 Results on Nov 10, 2023 SBS Holdings, Inc. announced that they will report Q3, 2023 results on Nov 10, 2023 Reported Earnings • Aug 11
Second quarter 2023 earnings released: EPS: JP¥34.62 (vs JP¥32.10 loss in 2Q 2022) Second quarter 2023 results: EPS: JP¥34.62 (up from JP¥32.10 loss in 2Q 2022). Revenue: JP¥103.6b (down 5.0% from 2Q 2022). Net income: JP¥1.38b (up JP¥2.65b from 2Q 2022). Profit margin: 1.3% (up from net loss in 2Q 2022). The move to profitability was driven by lower expenses. Revenue is forecast to grow 3.2% p.a. on average during the next 3 years, compared to a 2.2% growth forecast for the Logistics industry in Japan. 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 12% per year, which means it is significantly lagging earnings growth. Duyuru • Jul 14
Sbs Holdings, Inc. Announces Management Changes At the Board of Directors meeting of SBS Holdings, Inc. held on July 14, 2023, appointed executive officers and changed the nomination and compensation committee members as follows: Hidekazu Hoshi: Senior managing director. Responsibilities In charge of the President's Office and Internal Audit Division. Upon the appointment of Hidekazu Hoshi as Senior Managing Executive Officer of the Board of Directors, the Company will no longer satisfy the requirements for independent directors. Accordingly, the Company will change the nomination and remuneration committee members as follows. Dismissal: Hidekazu Hoshi. Appointment: Yoshinobu kosugi. Date of election: July 14, 2023. Reported Earnings • May 16
First quarter 2023 earnings released: EPS: JP¥171 (vs JP¥79.81 in 1Q 2022) First quarter 2023 results: EPS: JP¥171 (up from JP¥79.81 in 1Q 2022). Revenue: JP¥119.1b (up 11% from 1Q 2022). Net income: JP¥6.81b (up 115% from 1Q 2022). Profit margin: 5.7% (up from 2.9% in 1Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 3.2% p.a. on average during the next 3 years, compared to a 1.2% growth forecast for the Logistics industry in Japan. Over the last 3 years on average, earnings per share has increased by 19% per year whereas the company’s share price has increased by 20% per year. Duyuru • May 14
SBS Holdings, Inc. to Report Q2, 2023 Results on Aug 09, 2023 SBS Holdings, Inc. announced that they will report Q2, 2023 results on Aug 09, 2023 Reported Earnings • Mar 31
Full year 2022 earnings: EPS exceeds analyst expectations Full year 2022 results: EPS: JP¥295 (up from JP¥272 in FY 2021). Revenue: JP¥455.5b (up 13% from FY 2021). Net income: JP¥11.7b (up 8.7% from FY 2021). Profit margin: 2.6% (down from 2.7% in FY 2021). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 28%. Revenue is forecast to grow 3.0% p.a. on average during the next 3 years, compared to a 1.1% growth forecast for the Logistics 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 increased by 27% per year, which means it is tracking significantly ahead of earnings growth. Major Estimate Revision • Mar 03
Consensus EPS estimates fall by 11% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate fell from JP¥336 to JP¥298 per share. Revenue forecast steady at JP¥453.1b. Net income forecast to grow 0.7% next year vs 2.1% growth forecast for Logistics industry in Japan. Consensus price target broadly unchanged at JP¥4,023. Share price was steady at JP¥3,220 over the past week. Duyuru • Feb 15
SBS Holdings, Inc. to Report Q1, 2023 Results on May 12, 2023 SBS Holdings, Inc. announced that they will report Q1, 2023 results on May 12, 2023 Reported Earnings • Feb 12
Full year 2022 earnings: EPS exceeds analyst expectations Full year 2022 results: EPS: JP¥295 (up from JP¥272 in FY 2021). Revenue: JP¥455.5b (up 13% from FY 2021). Net income: JP¥11.7b (up 8.7% from FY 2021). Profit margin: 2.6% (down from 2.7% in FY 2021). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 28%. Revenue is forecast to grow 2.6% p.a. on average during the next 2 years, compared to a 2.1% growth forecast for the Logistics industry in Japan. Over the last 3 years on average, earnings per share has increased by 13% per year whereas the company’s share price has increased by 16% per year. Duyuru • Feb 12
SBS Holdings, Inc., Annual General Meeting, Mar 28, 2023 SBS Holdings, Inc., Annual General Meeting, Mar 28, 2023. Upcoming Dividend • Dec 22
Upcoming dividend of JP¥59.00 per share Eligible shareholders must have bought the stock before 29 December 2022. Payment date: 08 March 2023. Payout ratio is a comfortable 40% but the company is not cash flow positive. Trailing yield: 2.1%. Lower than top quartile of Japanese dividend payers (3.8%). Lower than average of industry peers (3.3%). Duyuru • Dec 06
SBS Holdings, Inc. to Report Fiscal Year 2022 Results on Feb 10, 2023 SBS Holdings, Inc. announced that they will report fiscal year 2022 results on Feb 10, 2023 Major Estimate Revision • Nov 19
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate fell from JP¥260 to JP¥227 per share. Revenue forecast steady at JP¥453.0b. Net income forecast to grow 111% next year vs 14% growth forecast for Logistics industry in Japan. Consensus price target broadly unchanged at JP¥4,030. Share price was steady at JP¥2,963 over the past week. Board Change • Nov 16
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. 6 non-independent directors. Independent Outside Director Shuichi Hoshi 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. Reported Earnings • Nov 12
Third quarter 2022 earnings released: EPS: JP¥62.62 (vs JP¥49.35 in 3Q 2021) Third quarter 2022 results: EPS: JP¥62.62 (up from JP¥49.35 in 3Q 2021). Revenue: JP¥113.3b (up 16% from 3Q 2021). Net income: JP¥2.49b (up 27% from 3Q 2021). Profit margin: 2.2% (up from 2.0% in 3Q 2021). Revenue is forecast to grow 3.2% p.a. on average during the next 3 years, compared to a 1.6% growth forecast for the Logistics industry in Japan. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has increased by 14% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Oct 08
Price target decreased to JP¥4,080 Down from JP¥4,400, the current price target is an average from 3 analysts. New target price is 42% above last closing price of JP¥2,876. Stock is down 27% over the past year. The company is forecast to post earnings per share of JP¥260 for next year compared to JP¥272 last year. Major Estimate Revision • Aug 24
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast increased from JP¥435.6b to JP¥440.0b. EPS estimate fell from JP¥335 to JP¥234 per share. Net income forecast to grow 123% next year vs 26% growth forecast for Logistics industry in Japan. Consensus price target down from JP¥4,400 to JP¥4,275. Share price was steady at JP¥2,846 over the past week. Duyuru • Aug 10
SBS Holdings, Inc. to Report Q3, 2022 Results on Nov 10, 2022 SBS Holdings, Inc. announced that they will report Q3, 2022 results on Nov 10, 2022 Reported Earnings • Aug 07
Second quarter 2022 earnings released: JP¥32.10 loss per share (vs JP¥141 profit in 2Q 2021) Second quarter 2022 results: JP¥32.10 loss per share (down from JP¥141 profit in 2Q 2021). Revenue: JP¥109.1b (flat on 2Q 2021). Net loss: JP¥1.28b (down 123% from profit in 2Q 2021). Over the next year, revenue is forecast to grow 5.9% while the industry in Japan is not expected to grow. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has increased by 20% per year, which means it is tracking significantly ahead of earnings growth.