Announcement • May 18
Credit Saison Co., Ltd., Annual General Meeting, Jun 17, 2026 Credit Saison Co., Ltd., Annual General Meeting, Jun 17, 2026. Reported Earnings • May 17
Full year 2026 earnings: EPS and revenues exceed analyst expectations Full year 2026 results: EPS: JP¥432. Revenue: JP¥546.3b (up 11% from FY 2025). Net income: JP¥62.8b (down 5.5% from FY 2025). Profit margin: 12% (down from 14% in FY 2025). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 15%. Earnings per share (EPS) also surpassed analyst estimates by 2.2%. Revenue is forecast to grow 2.8% p.a. on average during the next 3 years, compared to a 5.6% growth forecast for the Consumer Finance industry in Japan. Announcement • Apr 04
Credit Saison Co., Ltd. to Report Fiscal Year 2026 Results on May 15, 2026 Credit Saison Co., Ltd. announced that they will report fiscal year 2026 results at 3:30 PM, Tokyo Standard Time on May 15, 2026 Upcoming Dividend • Mar 23
Upcoming dividend of JP¥130 per share Eligible shareholders must have bought the stock before 30 March 2026. Payment date: 26 June 2026. Payout ratio is a comfortable 31% but the company is not cash flow positive. Trailing yield: 3.1%. Lower than top quartile of Japanese dividend payers (3.6%). Lower than average of industry peers (3.7%). Reported Earnings • Feb 16
Third quarter 2026 earnings: EPS and revenues exceed analyst expectations Third quarter 2026 results: EPS: JP¥149 (down from JP¥188 in 3Q 2025). Revenue: JP¥148.7b (up 3.8% from 3Q 2025). Net income: JP¥21.5b (down 26% from 3Q 2025). Profit margin: 14% (down from 20% in 3Q 2025). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.3%. Earnings per share (EPS) also surpassed analyst estimates by 49%. Revenue is forecast to grow 2.0% p.a. on average during the next 3 years, compared to a 5.2% growth forecast for the Consumer Finance industry in Japan. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has increased by 35% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Dec 17
GMO Product Platform, Inc. (TSE:3695) agreed to acquire 53.60% stake in STOCK POINT Inc. from Credit Saison Co., Ltd. (TSE:8253), KITS Co., Ltd and Kiyomi Tsuchiya for approximately ¥360 million. GMO Product Platform, Inc. (TSE:3695) agreed to acquire 53.60% stake in STOCK POINT Inc. from Credit Saison Co., Ltd. (TSE:8253), KITS Co., Ltd and Kiyomi Tsuchiya for approximately ¥360 million on December 15, 2025. A cash consideration of ¥361 million will be paid by GMO Product Platform, Inc. The scheduled contract execution date is December 16, 2025. Prior to the share transfer execution date, we may acquire additional shares of STOCK POINT Inc. held by other individuals and corporations. In this case, the maximum acquisition price will be ¥564 million, and the maximum number of shares to be acquired will be 1,324 shares and the maximum ownership ratio will be 82.5%. Additional disclosure is planned once the acquisition price and number of shares for the additional acquisition are finalized.
For the period ending March 31, 2025, STOCK POINT Inc. reported total revenue of ¥374.18 million, operating loss of ¥231.81 million and net income of ¥200.21 million. As of March 31, 2025, STOCK POINT Inc. reported total assets of ¥2.28 billion and total common equity of ¥214.51 million.
The expected completion of the transaction is December 26, 2025. Reported Earnings • Nov 18
Second quarter 2026 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2026 results: EPS: JP¥77.52. Revenue: JP¥139.9b (up 28% from 2Q 2025). Net income: JP¥11.3b (down 5.0% from 2Q 2025). Profit margin: 8.0% (down from 11% in 2Q 2025). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 41%. Earnings per share (EPS) missed analyst estimates by 37%. Revenue is forecast to grow 2.4% p.a. on average during the next 3 years, compared to a 5.3% growth forecast for the Consumer Finance industry in Japan. Declared Dividend • Nov 16
Dividend of JP¥130 announced Shareholders will receive a dividend of JP¥130. Ex-date: 30th March 2026 Payment date: 26th June 2026 Dividend yield will be 3.3%, which is about the same as the industry average. Sustainability & Growth Dividend is covered by earnings (28% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 16% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 29% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Aug 16
First quarter 2026 earnings released: EPS: JP¥109 (vs JP¥102 in 1Q 2025) First quarter 2026 results: EPS: JP¥109. Revenue: JP¥122.8b (up 6.3% from 1Q 2025). Net income: JP¥16.1b (down 3.0% from 1Q 2025). Profit margin: 13% (down from 14% in 1Q 2025). 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 5.6% growth forecast for the Consumer Finance industry in Japan. Price Target Changed • Jul 19
Price target increased by 7.8% to JP¥4,440 Up from JP¥4,119, the current price target is an average from 8 analysts. New target price is 12% above last closing price of JP¥3,947. Stock is up 14% over the past year. The company is forecast to post earnings per share of JP¥471 for next year compared to JP¥423 last year. Reported Earnings • Jun 29
Full year 2025 earnings: EPS and revenues exceed analyst expectations Full year 2025 results: EPS: JP¥423 (down from JP¥453 in FY 2024). Revenue: JP¥492.2b (up 17% from FY 2024). Net income: JP¥66.4b (down 9.0% from FY 2024). Profit margin: 14% (down from 17% in FY 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 17%. Earnings per share (EPS) also surpassed analyst estimates by 12%. Revenue is forecast to grow 3.8% p.a. on average during the next 3 years, compared to a 5.5% growth forecast for the Consumer Finance industry in Japan. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has increased by 35% per year, which means it is tracking significantly ahead of earnings growth. New Risk • May 16
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 7.8% 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: Major Risk Interest payments are not well covered by earnings (3.0x net interest cover). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (7.8% average weekly change). Reported Earnings • May 16
Full year 2025 earnings: EPS and revenues exceed analyst expectations Full year 2025 results: EPS: JP¥423 (down from JP¥453 in FY 2024). Revenue: JP¥492.2b (up 17% from FY 2024). Net income: JP¥66.4b (down 9.0% from FY 2024). Profit margin: 14% (down from 17% in FY 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 17%. Earnings per share (EPS) also surpassed analyst estimates by 12%. Revenue is forecast to grow 2.4% p.a. on average during the next 3 years, compared to a 5.3% growth forecast for the Consumer Finance industry in Japan. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has increased by 37% per year, which means it is tracking significantly ahead of earnings growth. Announcement • May 15
Credit Saison Co., Ltd., Annual General Meeting, Jun 25, 2025 Credit Saison Co., Ltd., Annual General Meeting, Jun 25, 2025. Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to JP¥2,854, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 10x in the Consumer Finance industry in Japan. Total returns to shareholders of 145% over the past three years. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥110 per share Eligible shareholders must have bought the stock before 28 March 2025. Payment date: 20 June 2025. Payout ratio is a comfortable 24% but the company is not cash flow positive. Trailing yield: 2.8%. Lower than top quartile of Japanese dividend payers (3.7%). Lower than average of industry peers (3.3%). Reported Earnings • Feb 16
Third quarter 2025 earnings released: EPS: JP¥188 (vs JP¥111 in 3Q 2024) Third quarter 2025 results: EPS: JP¥188 (up from JP¥111 in 3Q 2024). Revenue: JP¥143.2b (up 36% from 3Q 2024). Net income: JP¥29.2b (up 62% from 3Q 2024). Profit margin: 20% (up from 17% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 3.6% p.a. on average during the next 3 years, compared to a 5.8% growth forecast for the Consumer Finance industry in Japan. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has increased by 37% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Nov 15
Second quarter 2025 earnings released: EPS: JP¥74.60 (vs JP¥167 in 2Q 2024) Second quarter 2025 results: EPS: JP¥74.60 (down from JP¥167 in 2Q 2024). Revenue: JP¥109.5b (up 1.1% from 2Q 2024). Net income: JP¥11.9b (down 56% from 2Q 2024). Profit margin: 11% (down from 25% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 5.6% p.a. on average during the next 3 years, compared to a 6.0% growth forecast for the Consumer Finance industry in Japan. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has increased by 40% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Aug 10
First quarter 2025 earnings released: EPS: JP¥102 (vs JP¥108 in 1Q 2024) First quarter 2025 results: EPS: JP¥102 (down from JP¥108 in 1Q 2024). Revenue: JP¥115.6b (up 17% from 1Q 2024). Net income: JP¥16.6b (down 2.1% from 1Q 2024). Profit margin: 14% (down from 17% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 4.6% p.a. on average during the next 3 years, compared to a 6.1% growth forecast for the Consumer Finance industry in Japan. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has increased by 32% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 23% After last week's 23% share price decline to JP¥2,617, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 12x in the Consumer Finance industry in Japan. Total returns to shareholders of 125% over the past three years. Announcement • Aug 01
Sony Music Entertainment (Japan) Inc. acquired an unknown minority stake in Eplus, Inc. from Credit Saison Co., Ltd. (TSE:8253). Sony Music Entertainment (Japan) Inc. acquired an unknown minority stake in Eplus, Inc. from Credit Saison Co., Ltd. (TSE:8253) on July 31, 2024. Post the acquisition, Sony Music now owns 51% of ePlus shares.
Sony Music Entertainment (Japan) Inc. completed the acquisition of an unknown minority stake in Eplus, Inc. from Credit Saison Co., Ltd. (TSE:8253) on July 31, 2024. Reported Earnings • Jun 23
Full year 2024 earnings: EPS and revenues exceed analyst expectations Full year 2024 results: EPS: JP¥453 (up from JP¥279 in FY 2023). Revenue: JP¥420.3b (up 9.9% from FY 2023). Net income: JP¥73.0b (up 67% from FY 2023). Profit margin: 17% (up from 11% in FY 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 19%. Earnings per share (EPS) also surpassed analyst estimates by 15%. Revenue is forecast to grow 5.4% p.a. on average during the next 3 years, compared to a 5.9% growth forecast for the Consumer Finance industry in Japan. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has increased by 33% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Jun 06
Price target increased by 13% to JP¥3,407 Up from JP¥3,025, the current price target is an average from 6 analysts. New target price is approximately in line with last closing price of JP¥3,367. Stock is up 69% over the past year. The company is forecast to post earnings per share of JP¥335 for next year compared to JP¥453 last year. New Risk • Jun 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 5.6% 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: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Earnings are forecast to decline by an average of 1.9% per year for the foreseeable future. Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (5.6% average weekly change). Shareholders have been diluted in the past year (4.8% increase in shares outstanding). Major Estimate Revision • Jun 04
Consensus revenue estimates increase by 15%, EPS downgraded The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast increased from JP¥382.3b to JP¥440.1b. EPS estimate fell from JP¥317 to JP¥313. Net income forecast to shrink 30% next year vs 15% growth forecast for Consumer Finance industry in Japan . Consensus price target up from JP¥2,925 to JP¥3,123. Share price was steady at JP¥3,371 over the past week. Announcement • May 17
Credit Saison Co., Ltd., Annual General Meeting, Jun 19, 2024 Credit Saison Co., Ltd., Annual General Meeting, Jun 19, 2024. Reported Earnings • May 16
Full year 2024 earnings: EPS and revenues exceed analyst expectations Full year 2024 results: EPS: JP¥453 (up from JP¥279 in FY 2023). Revenue: JP¥420.3b (up 9.9% from FY 2023). Net income: JP¥73.0b (up 67% from FY 2023). Profit margin: 17% (up from 11% in FY 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 19%. Earnings per share (EPS) also surpassed analyst estimates by 15%. Revenue is forecast to stay flat during the next 3 years compared to a 5.5% growth forecast for the Consumer Finance industry in Japan. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has increased by 33% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Apr 09
Price target increased by 10% to JP¥2,900 Up from JP¥2,636, the current price target is an average from 7 analysts. New target price is 5.4% below last closing price of JP¥3,064. Stock is up 75% over the past year. The company is forecast to post earnings per share of JP¥398 for next year compared to JP¥279 last year. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥100.00 per share Eligible shareholders must have bought the stock before 28 March 2024. Payment date: 24 June 2024. Payout ratio is a comfortable 18% but the company is not cash flow positive. Trailing yield: 2.5%. Lower than top quartile of Japanese dividend payers (3.2%). Lower than average of industry peers (3.0%). Reported Earnings • Feb 14
Third quarter 2024 earnings: EPS and revenues exceed analyst expectations Third quarter 2024 results: EPS: JP¥111. Revenue: JP¥105.2b (up 1.0% from 3Q 2023). Net income: JP¥18.0b (up 1.6% from 3Q 2023). Profit margin: 17% (in line with 3Q 2023). Revenue exceeded analyst estimates by 13%. Earnings per share (EPS) also surpassed analyst estimates by 59%. Revenue is forecast to grow 1.4% p.a. on average during the next 3 years, compared to a 5.2% growth forecast for the Consumer Finance industry in Japan. Price Target Changed • Dec 16
Price target decreased by 7.1% to JP¥2,283 Down from JP¥2,458, the current price target is an average from 8 analysts. New target price is 7.3% below last closing price of JP¥2,462. Stock is up 43% over the past year. The company is forecast to post earnings per share of JP¥353 for next year compared to JP¥279 last year. New Risk • Nov 11
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.5% 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 Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Earnings are forecast to decline by an average of 0.5% per year for the foreseeable future. Minor Risks Paying a dividend despite having no free cash flows. Shareholders have been diluted in the past year (4.4% increase in shares outstanding). Reported Earnings • Nov 11
Second quarter 2024 earnings: EPS and revenues exceed analyst expectations Second quarter 2024 results: EPS: JP¥167 (up from JP¥78.82 in 2Q 2023). Revenue: JP¥108.3b (up 16% from 2Q 2023). Net income: JP¥27.1b (up 120% from 2Q 2023). Profit margin: 25% (up from 13% in 2Q 2023). Revenue exceeded analyst estimates by 23%. Earnings per share (EPS) also surpassed analyst estimates by 144%. Revenue is forecast to stay flat during the next 3 years compared to a 5.2% growth forecast for the Consumer Finance industry in Japan. Over the last 3 years on average, earnings per share has increased by 22% per year and the company’s share price has also increased by 22% per year. Price Target Changed • Sep 15
Price target increased by 10% to JP¥2,204 Up from JP¥2,003, the current price target is an average from 7 analysts. New target price is 11% below last closing price of JP¥2,466. Stock is up 40% over the past year. The company is forecast to post earnings per share of JP¥315 for next year compared to JP¥279 last year. Reported Earnings • Aug 11
First quarter 2024 earnings released: EPS: JP¥108 (vs JP¥97.11 in 1Q 2023) First quarter 2024 results: EPS: JP¥108 (up from JP¥97.11 in 1Q 2023). Revenue: JP¥99.0b (up 7.8% from 1Q 2023). Net income: JP¥17.0b (up 12% from 1Q 2023). Profit margin: 17% (in line with 1Q 2023). Revenue is expected to decline by 4.3% p.a. on average during the next 3 years, while revenues in the Consumer Finance industry in Japan are expected to grow by 4.3%. Over the last 3 years on average, earnings per share has increased by 20% per year whereas the company’s share price has increased by 25% per year. Reported Earnings • Jun 25
Full year 2023 earnings: EPS exceeds analyst expectations Full year 2023 results: EPS: JP¥279 (up from JP¥226 in FY 2022). Revenue: JP¥382.5b (up 5.4% from FY 2022). Net income: JP¥43.6b (up 23% from FY 2022). Profit margin: 11% (up from 9.7% in FY 2022). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 2.7%. Revenue is expected to decline by 2.7% p.a. on average during the next 3 years, while revenues in the Consumer Finance industry in Japan are expected to grow by 4.3%. Over the last 3 years on average, earnings per share has increased by 22% per year whereas the company’s share price has increased by 17% per year. Price Target Changed • Jun 24
Price target increased by 11% to JP¥1,921 Up from JP¥1,727, the current price target is an average from 7 analysts. New target price is 7.9% below last closing price of JP¥2,086. Stock is up 33% over the past year. The company is forecast to post earnings per share of JP¥288 for next year compared to JP¥279 last year. Price Target Changed • May 23
Price target increased by 7.4% to JP¥1,828 Up from JP¥1,702, the current price target is an average from 8 analysts. New target price is 7.0% below last closing price of JP¥1,965. Stock is up 31% over the past year. The company is forecast to post earnings per share of JP¥269 for next year compared to JP¥279 last year. Announcement • May 20
Credit Saison Co., Ltd. announced that it expects to receive ¥15.4953348 billion in funding from Suruga Bank Ltd. Credit Saison Co., Ltd. announced a private placement of 8,224,700 common shares at the price of ¥1,884 per share for gross proceed of ¥15,495,334,800 on May 18, 2023. The transaction included the participation from Suruga Bank Ltd. The company will issue shares through third party allotment. The shareholders of the company approved the transaction. The transaction was approved at the annual general meeting of shareholders and approval from director under the Banking Act. The transaction is expected to closing on July 3, 2023 to September 29, 2023. Announcement • May 18
Credit Saison Reportedly to Acquire Stake in Suruga Bank Credit Saison Co., Ltd. (TSE:8253) plans to acquire a stake of around 15% in Suruga Bank Ltd. (TSE:8358), people familiar with the matter said 17 May 2023. The Japanese lender, for its part, will acquire a stake of about 5% in Credit Saison, the people said. The cross-shareholding deal comes as an effort by Nojima Corp, a Japanese electronics retailer, to help rebuild the struggling bank had fallen through. Reported Earnings • May 17
Full year 2023 earnings: EPS in line with expectations, revenues disappoint Full year 2023 results: EPS: JP¥279 (up from JP¥226 in FY 2022). Revenue: JP¥382.5b (up 5.4% from FY 2022). Net income: JP¥43.6b (up 23% from FY 2022). Profit margin: 11% (up from 9.7% in FY 2022). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 3.1%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to stay flat during the next 3 years compared to a 4.8% growth forecast for the Consumer Finance industry in Japan. Over the last 3 years on average, earnings per share has increased by 22% per year whereas the company’s share price has increased by 20% per year. Announcement • May 16
Credit Saison Co., Ltd., Annual General Meeting, Jun 21, 2023 Credit Saison Co., Ltd., Annual General Meeting, Jun 21, 2023. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥60.00 per share at 3.6% yield Eligible shareholders must have bought the stock before 30 March 2023. Payment date: 23 June 2023. Payout ratio is a comfortable 19% but the company is not cash flow positive. Trailing yield: 3.6%. Within top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (3.0%). Major Estimate Revision • Feb 16
Consensus EPS estimates increase by 10% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has improved. 2023 revenue forecast increased from JP¥327.6b to JP¥336.1b. EPS estimate increased from JP¥257 to JP¥283 per share. Net income forecast to shrink 8.2% next year vs 14% growth forecast for Consumer Finance industry in Japan . Consensus price target up from JP¥1,702 to JP¥1,755. Share price rose 4.7% to JP¥1,792 over the past week. Reported Earnings • Feb 10
Third quarter 2023 earnings: EPS and revenues exceed analyst expectations Third quarter 2023 results: EPS: JP¥114 (up from JP¥92.14 in 3Q 2022). Revenue: JP¥104.1b (up 12% from 3Q 2022). Net income: JP¥17.8b (up 23% from 3Q 2022). Profit margin: 17% (up from 16% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 26%. Earnings per share (EPS) also surpassed analyst estimates by 68%. Revenue is forecast to grow 3.2% p.a. on average during the next 3 years, compared to a 4.9% growth forecast for the Consumer Finance industry in Japan. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Board Change • Nov 16
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was an independent director. The company's board is composed of: 1 new director. 7 experienced directors. 4 highly experienced directors. 3 independent directors (6 non-independent directors). Independent Outside Director Hitoshi Yokokura was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Nov 12
Second quarter 2023 earnings: EPS and revenues exceed analyst expectations Second quarter 2023 results: EPS: JP¥78.82 (up from JP¥66.01 in 2Q 2022). Revenue: JP¥93.5b (down 1.4% from 2Q 2022). Net income: JP¥12.3b (up 19% from 2Q 2022). Profit margin: 13% (up from 11% in 2Q 2022). The increase in margin was driven by lower expenses. Revenue exceeded analyst estimates by 1.6%. Earnings per share (EPS) also surpassed analyst estimates by 38%. Revenue is forecast to grow 2.7% p.a. on average during the next 3 years, compared to a 4.4% growth forecast for the Consumer Finance industry in Japan. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 12
First quarter 2023 earnings released: EPS: JP¥97.10 (vs JP¥71.91 in 1Q 2022) First quarter 2023 results: EPS: JP¥97.10 (up from JP¥71.91 in 1Q 2022). Revenue: JP¥91.8b (flat on 1Q 2022). Net income: JP¥15.2b (up 35% from 1Q 2022). Profit margin: 17% (up from 12% in 1Q 2022). Over the next year, revenue is expected to shrink by 13% compared to a 1.7% growth forecast for the 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 14% per year. Reported Earnings • Jun 26
Full year 2022 earnings: Revenues exceed analyst expectations Full year 2022 results: Revenue: JP¥363.0b (up 12% from FY 2021). Net income: JP¥35.4b (down 2.1% from FY 2021). Profit margin: 9.7% (down from 11% in FY 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 24%. Over the next year, revenue is expected to shrink by 16% compared to a 1.5% growth forecast for the industry in Japan. Over the last 3 years on average, earnings per share has increased by 11% per year whereas the company’s share price has increased by 7% per year. Reported Earnings • May 16
Full year 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2022 results: EPS: JP¥226 (down from JP¥231 in FY 2021). Revenue: JP¥363.0b (up 12% from FY 2021). Net income: JP¥35.4b (down 2.1% from FY 2021). Profit margin: 9.7% (down from 11% in FY 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 24%. Earnings per share (EPS) missed analyst estimates by 1.5%. Over the next year, revenue is forecast to decline by 19% while the industry in Japan is not expected to grow. Over the last 3 years on average, earnings per share has increased by 11% per year whereas the company’s share price has increased by 8% per year. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 6 non-independent directors. Independent Outside Director Hitoshi Yokokura was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Apr 18
Investor sentiment improved over the past week After last week's 25% share price gain to JP¥1,614, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 9x in the Consumer Finance industry in Japan. Total returns to shareholders of 24% over the past three years. Announcement • Apr 08
Credit Saison Co., Ltd. to Report Q3, 2023 Results on Feb 09, 2023 Credit Saison Co., Ltd. announced that they will report Q3, 2023 results on Feb 09, 2023 Upcoming Dividend • Mar 23
Upcoming dividend of JP¥45.00 per share Eligible shareholders must have bought the stock before 30 March 2022. Payment date: 24 June 2022. Payout ratio is a comfortable 18% but the company is not cash flow positive. Trailing yield: 3.4%. Within top quartile of Japanese dividend payers (3.4%). Higher than average of industry peers (2.2%). Reported Earnings • Feb 10
Third quarter 2022 earnings: EPS and revenues exceed analyst expectations Third quarter 2022 results: EPS: JP¥92.14 (up from JP¥83.19 in 3Q 2021). Revenue: JP¥93.0b (up 11% from 3Q 2021). Net income: JP¥14.4b (up 11% from 3Q 2021). Profit margin: 16% (in line with 3Q 2021). Revenue exceeded analyst estimates by 22%. Earnings per share (EPS) also surpassed analyst estimates by 91%. Over the next year, revenue is expected to shrink by 17% compared to a 2.4% growth forecast for the industry in Japan. 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 4% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 10
Second quarter 2022 earnings released: EPS JP¥66.01 (vs JP¥58.52 in 2Q 2021) The company reported a solid second quarter result with improved earnings and revenues, although profit margins were flat. Second quarter 2022 results: Revenue: JP¥94.8b (up 14% from 2Q 2021). Net income: JP¥10.3b (up 13% from 2Q 2021). Profit margin: 11% (in line with 2Q 2021). 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 8% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 09
First quarter 2022 earnings released: EPS JP¥71.91 (vs JP¥72.02 in 1Q 2021) The company reported a mediocre first quarter result with weaker profit margins, although earnings were flat and revenues improved. First quarter 2022 results: Revenue: JP¥91.8b (up 18% from 1Q 2021). Net income: JP¥11.2b (flat on 1Q 2021). Profit margin: 12% (down from 14% in 1Q 2021). Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Reported Earnings • Jun 27
Full year 2021 earnings released: EPS JP¥231 (vs JP¥143 in FY 2020) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2021 results: Revenue: JP¥325.4b (down 18% from FY 2020). Net income: JP¥36.1b (up 58% from FY 2020). Profit margin: 11% (up from 5.8% in FY 2020). The increase in margin was driven by lower expenses. 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 7% per year. Reported Earnings • May 16
Full year 2021 earnings released: EPS JP¥231 (vs JP¥143 in FY 2020) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2021 results: Revenue: JP¥325.4b (down 18% from FY 2020). Net income: JP¥36.1b (up 58% from FY 2020). Profit margin: 11% (up from 5.8% in FY 2020). Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has fallen by 14% per year, which means it is performing significantly worse than earnings. Upcoming Dividend • Mar 24
Upcoming dividend of JP¥45.00 per share Eligible shareholders must have bought the stock before 30 March 2021. Payment date: 19 June 2021. Trailing yield: 3.3%. Within top quartile of Japanese dividend payers (2.7%). Higher than average of industry peers (1.8%). Is New 90 Day High Low • Mar 09
New 90-day high: JP¥1,401 The company is up 10.0% from its price of JP¥1,278 on 09 December 2020. The Japanese market is up 7.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Consumer Finance industry, which is up 14% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is JP¥1,582 per share. Executive Departure • Mar 02
Exe. President, COO, Head of Public Relations Office & Director Masahiro Yamashita has left the company On the 28th of February, Masahiro Yamashita's tenure as Exe. President, COO, Head of Public Relations Office & Director ended after 10.8 years in the role. As of December 2020, Masahiro personally held 20.90k shares (JP¥25m worth at the time). A total of 4 executives have left over the last 12 months. Reported Earnings • Feb 11
Third quarter 2021 earnings released: EPS JP¥83.19 (vs JP¥97.91 in 3Q 2020) The company reported a poor third quarter result with weaker earnings and revenues, although profit margins were flat. Third quarter 2021 results: Revenue: JP¥84.0b (down 16% from 3Q 2020). Net income: JP¥13.0b (down 16% from 3Q 2020). Profit margin: 16% (in line with 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 12% per year whereas the company’s share price has fallen by 9% per year. Analyst Estimate Surprise Post Earnings • Feb 11
Revenue and earnings beat expectations Revenue exceeded analyst estimates by 14%. Earnings per share (EPS) also surpassed analyst estimates by 293%. Over the next year, revenue is forecast to decline by -10% while the Consumer Finance industry in Japan is not expected to grow. 
