Valuation Update With 7 Day Price Move • Jun 09
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to JP¥3,939, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 15x in the Food industry in Japan. Total returns to shareholders of 105% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥7,637 per share. New Risk • May 31
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 1.8% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Minor Risks High level of debt (91% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Valuation Update With 7 Day Price Move • May 19
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to JP¥3,668, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 15x in the Food industry in Japan. Total returns to shareholders of 90% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥5,323 per share. Live News • May 14
Fuji Oil Sees Record Profits in FY2025 With Industrial Chocolate Driving Next Growth Phase Fuji Oil Holdings reported record profits for FY2025, supported by the Vegetable Oils and Fats segment and lower cocoa-related expenses.
The company forecasts profit growth for FY2026, with the Industrial Chocolate segment and new facilities expected to play a central role.
Management plans to raise the dividend per share, while highlighting risks tied to raw material price swings and geopolitical factors.
The focus on Industrial Chocolate and new facilities points to a business mix where capacity and product mix decisions could be key drivers of future earnings quality and stability.
At the same time, exposure to volatile raw material markets and geopolitics means you may want to pay close attention to how Fuji Oil manages sourcing, hedging, and pricing power before relying on these trends in your own portfolio decisions. Reported Earnings • May 13
Full year 2026 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2026 results: EPS: JP¥130 (up from JP¥25.94 in FY 2025). Revenue: JP¥772.3b (up 15% from FY 2025). Net income: JP¥11.1b (up 400% from FY 2025). Profit margin: 1.4% (up from 0.3% in FY 2025). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 9.4%. Earnings per share (EPS) missed analyst estimates by 43%. Revenue is forecast to grow 2.3% p.a. on average during the next 3 years, compared to a 3.9% growth forecast for the Food industry in Japan. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has increased by 17% per year, which means it is tracking significantly ahead of earnings growth. Announcement • May 12
Fuji Oil Co., Ltd., Annual General Meeting, Jun 23, 2026 Fuji Oil Co., Ltd., Annual General Meeting, Jun 23, 2026. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥26.00 per share Eligible shareholders must have bought the stock before 30 March 2026. Payment date: 30 June 2026. Payout ratio is a comfortable 22% but the company is not cash flow positive. Trailing yield: 1.5%. Lower than top quartile of Japanese dividend payers (3.6%). Lower than average of industry peers (2.0%). Reported Earnings • Feb 11
Third quarter 2026 earnings: EPS and revenues exceed analyst expectations Third quarter 2026 results: EPS: JP¥91.15 (up from JP¥49.28 loss in 3Q 2025). Revenue: JP¥207.1b (up 18% from 3Q 2025). Net income: JP¥7.84b (up JP¥12.1b from 3Q 2025). Profit margin: 3.8% (up from net loss in 3Q 2025). The move to profitability was driven by higher revenue. Revenue exceeded analyst estimates by 2.2%. Earnings per share (EPS) also surpassed analyst estimates by 11%. Revenue is forecast to grow 2.4% p.a. on average during the next 3 years, compared to a 3.4% growth forecast for the Food industry in Japan. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has increased by 28% per year, which means it is well ahead of earnings. Announcement • Feb 10
Fuji Oil Co., Ltd. to Report Fiscal Year 2026 Results on May 12, 2026 Fuji Oil Co., Ltd. announced that they will report fiscal year 2026 results on May 12, 2026 Declared Dividend • Dec 11
First half dividend of JP¥26.00 announced Dividend of JP¥26.00 is the same as last year. Ex-date: 30th March 2026 Payment date: 30th June 2026 Dividend yield will be 1.5%, which is lower than the industry average of 1.7%. Sustainability & Growth Dividend is covered by earnings (46% 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 7.2% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 72% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Nov 15
Fuji Oil Co., Ltd. to Report Q3, 2026 Results on Feb 10, 2026 Fuji Oil Co., Ltd. announced that they will report Q3, 2026 results on Feb 10, 2026 Reported Earnings • Nov 13
Second quarter 2026 earnings: Revenues and EPS in line with analyst expectations Second quarter 2026 results: EPS: JP¥61.54 (up from JP¥42.59 loss in 2Q 2025). Revenue: JP¥193.9b (up 19% from 2Q 2025). Net income: JP¥5.29b (up JP¥8.95b from 2Q 2025). Profit margin: 2.7% (up from net loss in 2Q 2025). The move to profitability was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 4.0% p.a. on average during the next 3 years, compared to a 3.3% growth forecast for the Food industry in Japan. Over the last 3 years on average, earnings per share has fallen by 45% per year but the company’s share price has increased by 18% per year, which means it is well ahead of earnings. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥26.00 per share Eligible shareholders must have bought the stock before 29 September 2025. Payment date: 10 December 2025. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 1.5%. Lower than top quartile of Japanese dividend payers (3.6%). Lower than average of industry peers (2.1%). Announcement • Aug 11
Fuji Oil Co., Ltd. to Report Q2, 2026 Results on Nov 11, 2025 Fuji Oil Co., Ltd. announced that they will report Q2, 2026 results on Nov 11, 2025 Reported Earnings • Aug 09
First quarter 2026 earnings: EPS exceeds analyst expectations First quarter 2026 results: EPS: JP¥37.78 (down from JP¥54.30 in 1Q 2025). Revenue: JP¥181.8b (up 19% from 1Q 2025). Net income: JP¥3.25b (down 30% from 1Q 2025). Profit margin: 1.8% (down from 3.1% in 1Q 2025). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 160%. Revenue is forecast to grow 3.9% p.a. on average during the next 3 years, compared to a 3.3% growth forecast for the Food industry in Japan. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 70 percentage points per year, which is a significant difference in performance. New Risk • Jul 10
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. The company is paying a dividend despite being loss-making. The company is paying a dividend despite having no free cash flows. Dividend yield: 1.9% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.8x net interest cover). Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Minor Risk Profit margins are more than 30% lower than last year (0.3% net profit margin). Declared Dividend • Jul 09
Final dividend of JP¥26.00 announced Dividend of JP¥26.00 is the same as last year. Ex-date: 29th September 2025 Payment date: 10th December 2025 Dividend yield will be 1.9%, which is higher than the industry average of 1.7%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months and having 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 7.2% per year over the past 10 years. However, payments have been volatile during that time. Announcement • May 15
Fuji Oil Co., Ltd. to Report Q1, 2026 Results on Aug 08, 2025 Fuji Oil Co., Ltd. announced that they will report Q1, 2026 results on Aug 08, 2025 Reported Earnings • May 13
Full year 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2025 results: EPS: JP¥25.94 (down from JP¥75.89 in FY 2024). Revenue: JP¥671.2b (up 19% from FY 2024). Net income: JP¥2.23b (down 66% from FY 2024). Profit margin: 0.3% (down from 1.2% in FY 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 2.3%. Earnings per share (EPS) missed analyst estimates by 28%. Revenue is forecast to grow 4.1% p.a. on average during the next 3 years, compared to a 3.2% growth forecast for the Food industry in Japan. Over the last 3 years on average, earnings per share has fallen by 57% per year but the company’s share price has increased by 17% per year, which means it is well ahead of earnings. Announcement • May 12
Fuji Oil Co., Ltd., Annual General Meeting, Jun 27, 2025 Fuji Oil Co., Ltd., Annual General Meeting, Jun 27, 2025. Announcement • Apr 25
Fuji Oil Co., Ltd. (TSE:2607) agreed to acquire Provence Huiles SA from ITOCHU Corporation (TSE:8001) and Itochu France. Fuji Oil Co., Ltd. (TSE:2607) agreed to acquire Provence Huiles SA from ITOCHU Corporation (TSE:8001) and Itochu France on April 25, 2025. The consideration consists of common equity of Fuji Oil Co., Ltd. to be issued for common equity of Provence Huiles SA. As part of consideration, an undisclosed value is paid towards common equity of Provence Huiles SA.
The transaction is subject to approval of offer by acquirer board. The deal has been approved by the board. The expected completion of the transaction is April 28, 2025. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥26.00 per share Eligible shareholders must have bought the stock before 28 March 2025. Payment date: 30 June 2025. The company is not currently making a profit and is not cash flow positive. Trailing yield: 1.8%. Lower than top quartile of Japanese dividend payers (3.7%). Lower than average of industry peers (2.6%). Announcement • Feb 26
Fuji Oil Holdings Inc. (TSE:2607) agreed to acquire 20% stake in Fuji Oil International, Inc. from ITOCHU International Inc. Fuji Oil Holdings Inc. (TSE:2607) agreed to acquire 20% stake in Fuji Oil International, Inc. from ITOCHU International Inc. on February 25, 2025. With this transaction, Fuji Oil Holdings Inc. will make Fuji Oil International Inc. a wholly owned subsidiary. Fuji Oil Holdings Inc. will hold a 20% stake, while its subsidiary, Fuji Specialties Inc., will own the remaining 80% stake in Fuji Oil International Inc. The company Fuji Oil International, Inc. was originally established as a joint venture with ITOCHU International Inc.
The transaction is subject to approval of offer by acquirer board and has been approved by the board, with the Date of share acquisition being March 14th, 2025. New Risk • Feb 10
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. The company is paying a dividend despite being loss-making. Cash payout ratio: 98% Dividend yield: 1.9% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.3x net interest cover). Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Cash payout ratio: 98% Announcement • Feb 09
Fuji Oil Holdings Inc. to Report Q4, 2025 Results on May 12, 2025 Fuji Oil Holdings Inc. announced that they will report Q4, 2025 results on May 12, 2025 Reported Earnings • Feb 08
Third quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2025 results: JP¥49.28 loss per share (improved from JP¥86.00 loss in 3Q 2024). Revenue: JP¥175.9b (up 17% from 3Q 2024). Net loss: JP¥4.24b (loss narrowed 43% from 3Q 2024). Revenue exceeded analyst estimates by 5.1%. Earnings per share (EPS) missed analyst estimates. Revenue is forecast to grow 3.0% p.a. on average during the next 3 years, compared to a 4.0% growth forecast for the Food industry in Japan. Over the last 3 years on average, earnings per share has fallen by 53% per year but the company’s share price has increased by 13% per year, which means it is well ahead of earnings. Declared Dividend • Dec 11
First half dividend of JP¥26.00 announced Dividend of JP¥26.00 is the same as last year. Ex-date: 28th March 2025 Payment date: 30th June 2025 Dividend yield will be 1.5%, which is lower than the industry average of 1.7%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months. The dividend is also not adequately covered by cash flows (98% cash payout ratio). The dividend has increased by an average of 7.2% per year over the past 10 years. However, payments have been volatile during that time. Announcement • Nov 15
Fuji Oil Holdings Inc. to Report Q3, 2025 Results on Feb 07, 2025 Fuji Oil Holdings Inc. announced that they will report Q3, 2025 results on Feb 07, 2025 Reported Earnings • Nov 13
Second quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2025 results: JP¥42.59 loss per share (down from JP¥38.33 profit in 2Q 2024). Revenue: JP¥163.6b (up 17% from 2Q 2024). Net loss: JP¥3.66b (down 211% from profit in 2Q 2024). Revenue exceeded analyst estimates by 1.4%. Earnings per share (EPS) missed analyst estimates. Revenue is forecast to grow 2.8% p.a. on average during the next 3 years, compared to a 3.7% growth forecast for the Food industry in Japan. Over the last 3 years on average, earnings per share has fallen by 41% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Upcoming Dividend • Sep 20
Upcoming dividend of JP¥26.00 per share Eligible shareholders must have bought the stock before 27 September 2024. Payment date: 11 December 2024. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 1.6%. Lower than top quartile of Japanese dividend payers (3.8%). Lower than average of industry peers (2.4%). Price Target Changed • Sep 09
Price target increased by 9.3% to JP¥3,520 Up from JP¥3,220, the current price target is an average from 5 analysts. New target price is 5.5% above last closing price of JP¥3,336. Stock is up 44% over the past year. The company is forecast to post earnings per share of JP¥142 for next year compared to JP¥75.89 last year. Price Target Changed • Aug 29
Price target increased by 9.2% to JP¥3,220 Up from JP¥2,950, the current price target is an average from 5 analysts. New target price is approximately in line with last closing price of JP¥3,234. Stock is up 38% over the past year. The company is forecast to post earnings per share of JP¥136 for next year compared to JP¥75.89 last year. Reported Earnings • Aug 12
First quarter 2025 earnings: EPS and revenues exceed analyst expectations First quarter 2025 results: EPS: JP¥54.30 (down from JP¥106 in 1Q 2024). Revenue: JP¥152.4b (up 16% from 1Q 2024). Net income: JP¥4.67b (down 49% from 1Q 2024). Profit margin: 3.1% (down from 6.9% in 1Q 2024). Revenue exceeded analyst estimates by 7.3%. Earnings per share (EPS) also surpassed analyst estimates by 108%. Revenue is forecast to grow 2.0% p.a. on average during the next 3 years, compared to a 3.4% growth forecast for the Food industry in Japan. Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Announcement • Aug 12
Fuji Oil Holdings Inc. to Report Q2, 2025 Results on Nov 11, 2024 Fuji Oil Holdings Inc. announced that they will report Q2, 2025 results on Nov 11, 2024 Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to JP¥2,623, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 16x in the Food industry in Japan. Total returns to shareholders of 12% over the past three years. Declared Dividend • Jul 11
Final dividend of JP¥26.00 announced Dividend of JP¥26.00 is the same as last year. Ex-date: 27th September 2024 Payment date: 11th December 2024 Dividend yield will be 1.7%, which is about the same as the industry average. Sustainability & Growth Dividend is covered by both earnings (74% earnings payout ratio) and cash flows (14% cash payout ratio). The dividend has increased by an average of 7.2% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 66% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Price Target Changed • Jun 18
Price target increased by 8.1% to JP¥2,940 Up from JP¥2,720, the current price target is an average from 5 analysts. New target price is approximately in line with last closing price of JP¥2,819. Stock is up 43% over the past year. The company is forecast to post earnings per share of JP¥130 for next year compared to JP¥75.89 last year. Price Target Changed • Jun 13
Price target increased by 7.1% to JP¥2,740 Up from JP¥2,558, the current price target is an average from 5 analysts. New target price is 8.2% above last closing price of JP¥2,532. Stock is up 25% over the past year. The company is forecast to post earnings per share of JP¥131 for next year compared to JP¥75.89 last year. Announcement • May 12
Fuji Oil Holdings Inc. to Report Q1, 2025 Results on Aug 09, 2024 Fuji Oil Holdings Inc. announced that they will report Q1, 2025 results on Aug 09, 2024 Reported Earnings • May 11
Full year 2024 earnings: EPS misses analyst expectations Full year 2024 results: EPS: JP¥75.89 (up from JP¥71.26 in FY 2023). Revenue: JP¥564.1b (up 1.2% from FY 2023). Net income: JP¥6.52b (up 6.5% from FY 2023). Profit margin: 1.2% (up from 1.1% in FY 2023). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 29%. Revenue is forecast to stay flat during the next 3 years compared to a 3.8% growth forecast for the Food industry in Japan. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Announcement • May 11
Fuji Oil Holdings Inc., Annual General Meeting, Jun 27, 2024 Fuji Oil Holdings Inc., Annual General Meeting, Jun 27, 2024. Announcement • Mar 28
Fuji Oil Holdings Inc. to Report Fiscal Year 2024 Results on May 09, 2024 Fuji Oil Holdings Inc. announced that they will report fiscal year 2024 results on May 09, 2024 Major Estimate Revision • Mar 28
Consensus EPS estimates fall by 21% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate fell from JP¥152 to JP¥119 per share. Revenue forecast steady at JP¥557.8b. Net income forecast to grow 87% next year vs 3.7% growth forecast for Food industry in Japan. Consensus price target up from JP¥2,558 to JP¥2,625. Share price fell 3.7% to JP¥2,368 over the past week. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥26.00 per share Eligible shareholders must have bought the stock before 28 March 2024. Payment date: 01 July 2024. Payout ratio is a comfortable 74% and this is well supported by cash flows. Trailing yield: 2.1%. Lower than top quartile of Japanese dividend payers (3.2%). Higher than average of industry peers (1.7%). Major Estimate Revision • Feb 21
Consensus EPS estimates fall by 13% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate fell from JP¥195 to JP¥169. Revenue forecast unchanged from JP¥557.2b at last update. Net income forecast to grow 115% next year vs 1.3% growth forecast for Food industry in Japan. Consensus price target of JP¥2,590 unchanged from last update. Share price was steady at JP¥2,366 over the past week. Reported Earnings • Feb 10
Third quarter 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2024 results: JP¥86.00 loss per share (down from JP¥21.35 profit in 3Q 2023). Revenue: JP¥150.5b (up 1.5% from 3Q 2023). Net loss: JP¥7.39b (down JP¥9.23b from profit in 3Q 2023). Revenue exceeded analyst estimates by 1.9%. Earnings per share (EPS) missed analyst estimates. Revenue is forecast to grow 2.1% p.a. on average during the next 3 years, compared to a 3.7% growth forecast for the Food industry in Japan. Over the last 3 years on average, earnings per share has fallen by 9% per year whereas the company’s share price has fallen by 10% per year. Price Target Changed • Dec 11
Price target increased by 8.7% to JP¥2,492 Up from JP¥2,292, the current price target is an average from 6 analysts. New target price is 5.3% above last closing price of JP¥2,366. Stock is up 15% over the past year. The company is forecast to post earnings per share of JP¥202 for next year compared to JP¥71.26 last year. Announcement • Dec 07
Fuji Oil Holdings Inc. to Report Q3, 2024 Results on Feb 08, 2024 Fuji Oil Holdings Inc. announced that they will report Q3, 2024 results on Feb 08, 2024 Reported Earnings • Nov 08
Second quarter 2024 earnings released: EPS: JP¥38.33 (vs JP¥15.93 in 2Q 2023) Second quarter 2024 results: EPS: JP¥38.33 (up from JP¥15.93 in 2Q 2023). Revenue: JP¥140.0b (flat on 2Q 2023). Net income: JP¥3.30b (up 141% from 2Q 2023). Profit margin: 2.4% (up from 1.0% in 2Q 2023). Revenue is forecast to grow 2.0% p.a. on average during the next 3 years, compared to a 4.0% growth forecast for the Food industry in Japan. Over the last 3 years on average, earnings per share has fallen by 7% per year whereas the company’s share price has fallen by 9% per year. Announcement • Sep 28
Fuji Oil Holdings Inc. to Report Q2, 2024 Results on Nov 07, 2023 Fuji Oil Holdings Inc. announced that they will report Q2, 2024 results on Nov 07, 2023 Upcoming Dividend • Sep 21
Upcoming dividend of JP¥26.00 per share at 2.3% yield Eligible shareholders must have bought the stock before 28 September 2023. Payment date: 12 December 2023. Payout ratio is a comfortable 34% but the company is not cash flow positive. Trailing yield: 2.3%. Lower than top quartile of Japanese dividend payers (3.3%). Higher than average of industry peers (1.6%). New Risk • Aug 10
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 1.5% 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 (9.7% operating cash flow to total debt). Earnings are forecast to decline by an average of 1.5% per year for the foreseeable future. Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Reported Earnings • Aug 09
First quarter 2024 earnings released: EPS: JP¥106 (vs JP¥21.61 in 1Q 2023) First quarter 2024 results: EPS: JP¥106 (up from JP¥21.61 in 1Q 2023). Revenue: JP¥131.1b (up 2.4% from 1Q 2023). Net income: JP¥9.07b (up 388% from 1Q 2023). Profit margin: 6.9% (up from 1.5% in 1Q 2023). Revenue is forecast to grow 1.6% p.a. on average during the next 3 years, compared to a 3.9% growth forecast for the Food industry in Japan. Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. Announcement • Jun 28
Fuji Oil Holdings Inc. to Report Q1, 2024 Results on Aug 08, 2023 Fuji Oil Holdings Inc. announced that they will report Q1, 2024 results on Aug 08, 2023 Major Estimate Revision • May 18
Consensus EPS estimates increase by 12% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate increased from JP¥117 to JP¥130. Revenue forecast steady at JP¥555.1b. Net income forecast to grow 83% next year vs 4.6% growth forecast for Food industry in Japan. Consensus price target of JP¥2,067 unchanged from last update. Share price was steady at JP¥2,071 over the past week. Reported Earnings • May 12
Full year 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2023 results: EPS: JP¥71.26 (down from JP¥134 in FY 2022). Revenue: JP¥557.4b (up 28% from FY 2022). Net income: JP¥6.13b (down 47% from FY 2022). Profit margin: 1.1% (down from 2.7% in FY 2022). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.1%. Earnings per share (EPS) missed analyst estimates by 23%. Revenue is forecast to grow 1.9% p.a. on average during the next 3 years, compared to a 4.0% growth forecast for the Food industry in Japan. Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Announcement • May 10
Fuji Oil Holdings Inc., Annual General Meeting, Jun 28, 2023 Fuji Oil Holdings Inc., Annual General Meeting, Jun 28, 2023. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥26.00 per share at 2.8% yield Eligible shareholders must have bought the stock before 30 March 2023. Payment date: 22 June 2023. Payout ratio is a comfortable 62% but the company is not cash flow positive. Trailing yield: 2.8%. Lower than top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (1.7%). Reported Earnings • Feb 09
Third quarter 2023 earnings: EPS and revenues exceed analyst expectations Third quarter 2023 results: EPS: JP¥21.35 (down from JP¥39.01 in 3Q 2022). Revenue: JP¥148.3b (up 28% from 3Q 2022). Net income: JP¥1.84b (down 45% from 3Q 2022). Profit margin: 1.2% (down from 2.9% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 5.4%. Earnings per share (EPS) also surpassed analyst estimates by 7.5%. Revenue is forecast to grow 1.3% p.a. on average during the next 3 years, compared to a 3.5% growth forecast for the Food industry in Japan. Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has only fallen by 11% per year, which means it has not declined as severely as earnings. Announcement • Dec 26
Fuji Oil Holdings Inc. to Report Q3, 2023 Results on Feb 08, 2023 Fuji Oil Holdings Inc. announced that they will report Q3, 2023 results on Feb 08, 2023 Buying Opportunity • Dec 05
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 11%. The fair value is estimated to be JP¥2,600, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.1% over the last 3 years. Earnings per share has declined by 15%. For the next 3 years, revenue is forecast to grow by 1.5% per annum. Earnings is also forecast to grow by 10% per annum over the same time period. Board Change • Nov 16
High number of new directors There are 7 new directors who have joined the board in the last 3 years. Independent Outside Director Tomoko Tsuji was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 11
Second quarter 2023 earnings: Revenues exceed analyst expectations Second quarter 2023 results: Revenue: JP¥140.5b (up 33% from 2Q 2022). Net income: JP¥1.37b (down 45% from 2Q 2022). Profit margin: 1.0% (down from 2.3% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 4.4%. Revenue is forecast to grow 2.0% p.a. on average during the next 3 years, compared to a 3.3% growth forecast for the Food industry in Japan. Over the last 3 years on average, earnings per share has fallen by 13% per year and the company’s share price has also fallen by 13% per year. Buying Opportunity • Nov 10
Now 23% undervalued after recent price drop Over the last 90 days, the stock is down 8.9%. The fair value is estimated to be JP¥2,666, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.3% over the last 3 years. Earnings per share has declined by 13%. For the next 3 years, revenue is forecast to grow by 2.7% per annum. Earnings is also forecast to grow by 9.7% per annum over the same time period. 
