Reported Earnings • May 18
Full year 2026 earnings: Revenues and EPS in line with analyst expectations Full year 2026 results: EPS: JP¥140 (down from JP¥167 in FY 2025). Revenue: JP¥340.2b (up 5.5% from FY 2025). Net income: JP¥17.3b (down 17% from FY 2025). Profit margin: 5.1% (down from 6.5% in FY 2025). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 3.1% 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 2% per year whereas the company’s share price has increased by 1% per year. Live News • May 15
Calbee Shifts to Monochrome Packaging as Supply Disruptions Challenge Global Growth Plans Calbee will temporarily shift 14 snack products to black-and-white packaging from May 25 due to ink shortages linked to disruptions in petroleum-based materials such as naphtha.
The company cites instability in the Middle East, including issues around the Strait of Hormuz and U.S.-Israeli hostilities, as factors affecting imports and printing ink supply.
Calbee has set a goal to become a leading global snacking company by 2035, targeting 7% annual sales growth and aiming for overseas and new category sales to reach 50% of total sales by fiscal year 2036, alongside efficiency efforts to support profitability.
The temporary packaging change highlights Calbee’s exposure to geopolitical supply risks at the same time it is planning a larger push into global markets and new product categories.
Investors may want to watch how effectively the company manages operational disruptions while pursuing its long-term international and product diversification goals. Announcement • May 14
Calbee, Inc., Annual General Meeting, Jun 24, 2026 Calbee, Inc., Annual General Meeting, Jun 24, 2026. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥66.00 per share Eligible shareholders must have bought the stock before 30 March 2026. Payment date: 26 June 2026. Payout ratio is a comfortable 45% and the cash payout ratio is 88%. Trailing yield: 2.2%. Lower than top quartile of Japanese dividend payers (3.6%). In line with average of industry peers (2.0%). Announcement • Feb 05
Calbee, Inc. to Report Fiscal Year 2026 Results on May 14, 2026 Calbee, Inc. announced that they will report fiscal year 2026 results at 3:00 PM, Tokyo Standard Time on May 14, 2026 Reported Earnings • Feb 03
Third quarter 2026 earnings: EPS misses analyst expectations Third quarter 2026 results: EPS: JP¥55.25 (down from JP¥61.78 in 3Q 2025). Revenue: JP¥91.0b (up 4.9% from 3Q 2025). Net income: JP¥6.83b (down 12% from 3Q 2025). Profit margin: 7.5% (down from 8.9% in 3Q 2025). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 3.0%. Revenue is forecast to grow 3.2% 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 increased by 5% per year whereas the company’s share price has increased by 1% per year. Declared Dividend • Nov 07
Dividend of JP¥66.00 announced Shareholders will receive a dividend of JP¥66.00. Ex-date: 30th March 2026 Payment date: 26th June 2026 Dividend yield will be 2.2%, which is higher than the industry average of 1.7%. Sustainability & Growth Dividend is covered by both earnings (43% earnings payout ratio) and cash flows (56% cash payout ratio). The dividend has increased by an average of 6.2% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 28% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Nov 07
Second quarter 2026 earnings: EPS misses analyst expectations Second quarter 2026 results: EPS: JP¥25.95 (down from JP¥28.51 in 2Q 2025). Revenue: JP¥83.5b (up 5.2% from 2Q 2025). Net income: JP¥3.24b (down 9.0% from 2Q 2025). Profit margin: 3.9% (down from 4.5% in 2Q 2025). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 32%. Revenue is forecast to grow 3.0% 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 increased by 7% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Announcement • Nov 05
Calbee, Inc. (TSE:2229) announces an Equity Buyback for 4,000,000 shares, representing 3.2% for ¥10,000 million. Calbee, Inc. (TSE:2229) announces a share repurchase program. Under the program, the company will repurchase 4,000,000 shares, representing 3.2% of its share capital, for ¥10,000 million. The company will repurchase its shares in order to return profits to shareholders and improve capital efficiency. The program will run until March 31, 2026. As of September 30, 2025, the company had 124,974,154 shares outstanding (excluding treasury shares) and 8,955,646 shares in treasury. Announcement • Sep 12
Calbee, Inc. (TSE:2229) and Sagamiya Foods Co., Ltd. acquired 68% stake in Hodo, Inc. Calbee, Inc. (TSE:2229) and Sagamiya Foods Co., Ltd. acquired 68% stake in Hodo, Inc. on September 11, 2025. Under the terms, Calbee acquired as 58% stake in Hodo, while Sagamiya Foods Co acquired a 10% stake.
For the period ending December 31, 2024, Hodo, Inc. reported total revenue of $23.5 million. As of December 31, 2024, Hodo, Inc. reported total common equity of $8.2 million.
Calbee, Inc. (TSE:2229) and Sagamiya Foods Co., Ltd. completed the acquisition of 68% stake in Hodo, Inc. on September 11, 2025. Reported Earnings • Aug 02
First quarter 2026 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2026 results: EPS: JP¥28.37 (down from JP¥56.62 in 1Q 2025). Revenue: JP¥82.2b (up 5.9% from 1Q 2025). Net income: JP¥3.55b (down 50% from 1Q 2025). Profit margin: 4.3% (down from 9.1% in 1Q 2025). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.3%. Earnings per share (EPS) missed analyst estimates by 28%. Revenue is forecast to grow 3.0% 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 increased by 9% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Board Change • Jul 31
High number of new and inexperienced directors There are 7 new directors who have joined the board in the last 3 years. The company's board is composed of: 7 new directors. 3 experienced directors. 2 highly experienced directors. Independent Outside Audit & Supervisory Board Member Shuko Ohe is the most experienced director on the board, commencing their role in 2016. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Reported Earnings • Jun 25
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: EPS: JP¥167 (up from JP¥159 in FY 2024). Revenue: JP¥322.6b (up 6.4% from FY 2024). Net income: JP¥20.9b (up 5.0% from FY 2024). Profit margin: 6.5% (down from 6.6% in FY 2024). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 3.6%. Revenue is forecast to grow 3.2% p.a. on average during the next 3 years, compared to a 3.1% growth forecast for the Food industry in Japan. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Reported Earnings • May 13
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: EPS: JP¥167 (up from JP¥159 in FY 2024). Revenue: JP¥322.6b (up 6.4% from FY 2024). Net income: JP¥20.9b (up 5.0% from FY 2024). Profit margin: 6.5% (down from 6.6% in FY 2024). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 3.6%. Revenue is forecast to grow 3.0% 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 increased by 11% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Announcement • May 12
Calbee, Inc., Annual General Meeting, Jun 25, 2025 Calbee, Inc., Annual General Meeting, Jun 25, 2025. Announcement • Mar 27
Calbee, Inc. Announces Retirement of Directors Calbee, Inc. announced retirement of directors namely: Yuzaburo Mogi (currently Outside Director); Atsuko Fukushima (currently Outside Director); Wern Yuen Tan (currently Outside Director). Upcoming Dividend • Mar 21
Upcoming dividend of JP¥58.00 per share Eligible shareholders must have bought the stock before 28 March 2025. Payment date: 26 June 2025. Payout ratio is a comfortable 33% but the company is not cash flow positive. Trailing yield: 2.0%. Lower than top quartile of Japanese dividend payers (3.7%). Lower than average of industry peers (2.6%). Announcement • Feb 10
Calbee, Inc. to Report Fiscal Year 2025 Results on May 12, 2025 Calbee, Inc. announced that they will report fiscal year 2025 results on May 12, 2025 Reported Earnings • Feb 07
Third quarter 2025 earnings: EPS and revenues exceed analyst expectations Third quarter 2025 results: EPS: JP¥61.78 (up from JP¥50.46 in 3Q 2024). Revenue: JP¥86.7b (up 8.0% from 3Q 2024). Net income: JP¥7.72b (up 23% from 3Q 2024). Profit margin: 8.9% (up from 7.8% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 2.4%. Earnings per share (EPS) also surpassed analyst estimates by 19%. Revenue is forecast to grow 3.2% 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 increased by 9% per year whereas the company’s share price has increased by 5% per year. Declared Dividend • Nov 04
Dividend of JP¥58.00 announced Shareholders will receive a dividend of JP¥58.00. Ex-date: 28th March 2025 Payment date: 26th June 2025 Dividend yield will be 1.8%, which is higher than the industry average of 1.7%. Sustainability & Growth Dividend is covered by earnings (36% 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 12% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 15% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Board Change • Aug 29
High number of new directors There are 6 new directors who have joined the board in the last 3 years. Senior Managing Executive Officer, CSO & Director Keiei Sho was the last director to join the board, commencing their role in 2024. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 05
First quarter 2025 earnings: EPS exceeds analyst expectations First quarter 2025 results: EPS: JP¥56.62 (up from JP¥50.05 in 1Q 2024). Revenue: JP¥77.7b (up 6.2% from 1Q 2024). Net income: JP¥7.07b (up 13% from 1Q 2024). Profit margin: 9.1% (up from 8.5% in 1Q 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 43%. Revenue is forecast to grow 3.8% p.a. on average during the next 3 years, compared to a 3.6% growth forecast for the Food industry in Japan. Over the last 3 years on average, earnings per share has increased by 5% per year whereas the company’s share price has increased by 4% per year. Announcement • Jun 02
Calbee, Inc. to Report Q1, 2025 Results on Aug 02, 2024 Calbee, Inc. announced that they will report Q1, 2025 results on Aug 02, 2024 Reported Earnings • May 11
Full year 2024 earnings: EPS exceeds analyst expectations Full year 2024 results: EPS: JP¥159 (up from JP¥115 in FY 2023). Revenue: JP¥303.0b (up 8.5% from FY 2023). Net income: JP¥19.9b (up 35% from FY 2023). Profit margin: 6.6% (up from 5.3% in FY 2023). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 1.5%. Revenue is forecast to grow 3.3% p.a. on average 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 increased by 3% per year whereas the company’s share price has increased by 7% per year. Announcement • May 11
Calbee, Inc., Annual General Meeting, Jun 25, 2024 Calbee, Inc., Annual General Meeting, Jun 25, 2024. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥56.00 per share Eligible shareholders must have bought the stock before 28 March 2024. Payment date: 24 June 2024. Payout ratio is a comfortable 34% but the company is not cash flow positive. Trailing yield: 1.6%. Lower than top quartile of Japanese dividend payers (3.2%). In line with average of industry peers (1.7%). Price Target Changed • Mar 08
Price target increased by 13% to JP¥3,320 Up from JP¥2,950, the current price target is an average from 6 analysts. New target price is approximately in line with last closing price of JP¥3,363. Stock is up 26% over the past year. The company is forecast to post earnings per share of JP¥155 for next year compared to JP¥115 last year. Price Target Changed • Mar 05
Price target increased by 8.0% to JP¥3,150 Up from JP¥2,917, the current price target is an average from 6 analysts. New target price is approximately in line with last closing price of JP¥3,219. Stock is up 20% over the past year. The company is forecast to post earnings per share of JP¥153 for next year compared to JP¥115 last year. Announcement • Feb 08
Calbee, Inc. to Report Fiscal Year 2024 Results on May 09, 2024 Calbee, Inc. announced that they will report fiscal year 2024 results on May 09, 2024 Reported Earnings • Feb 08
Third quarter 2024 earnings: EPS exceeds analyst expectations Third quarter 2024 results: EPS: JP¥50.46 (up from JP¥32.83 in 3Q 2023). Revenue: JP¥80.3b (up 6.6% from 3Q 2023). Net income: JP¥6.30b (up 49% from 3Q 2023). Profit margin: 7.8% (up from 5.6% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 20%. Revenue is forecast to grow 2.7% 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 increased by 1% per year whereas the company’s share price has remained flat. Announcement • Dec 08
Calbee, Inc. to Report Q3, 2024 Results on Feb 06, 2024 Calbee, Inc. announced that they will report Q3, 2024 results on Feb 06, 2024 Reported Earnings • Nov 02
Second quarter 2024 earnings: EPS exceeds analyst expectations Second quarter 2024 results: EPS: JP¥36.92 (up from JP¥29.10 in 2Q 2023). Revenue: JP¥73.9b (up 8.9% from 2Q 2023). Net income: JP¥4.61b (up 23% from 2Q 2023). Profit margin: 6.2% (up from 5.5% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 24%. Revenue is forecast to grow 2.9% 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 1% per year whereas the company’s share price has fallen by 5% per year. Buying Opportunity • Nov 01
Now 25% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be JP¥3,550, however this is not to be taken as a buy recommendation but rather should be used as a guide only. For the next 3 years, revenue is forecast to grow by 3.1% per annum. Earnings is also forecast to grow by 5.1% per annum over the same time period. Buying Opportunity • Oct 02
Now 22% undervalued Over the last 90 days, the stock is up 1.5%. The fair value is estimated to be JP¥3,550, however this is not to be taken as a buy recommendation but rather should be used as a guide only. For the next 3 years, revenue is forecast to grow by 3.1% per annum. Earnings is also forecast to grow by 5.0% per annum over the same time period. Announcement • Aug 30
Calbee, Inc. to Report Q2, 2024 Results on Oct 31, 2023 Calbee, Inc. announced that they will report Q2, 2024 results on Oct 31, 2023 Buying Opportunity • Aug 10
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 3.1%. The fair value is estimated to be JP¥3,416, however this is not to be taken as a buy recommendation but rather should be used as a guide only. For the next 3 years, revenue is forecast to grow by 3.2% per annum. Earnings is also forecast to grow by 4.1% per annum over the same time period. Reported Earnings • Aug 04
First quarter 2024 earnings: EPS and revenues exceed analyst expectations First quarter 2024 results: EPS: JP¥50.05 (up from JP¥35.26 in 1Q 2023). Revenue: JP¥73.2b (up 12% from 1Q 2023). Net income: JP¥6.25b (up 37% from 1Q 2023). Profit margin: 8.5% (up from 7.0% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 4.5%. Earnings per share (EPS) also surpassed analyst estimates by 49%. Revenue is forecast to grow 3.2% 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 1% per year but the company’s share price has fallen by 7% per year, which means it is performing significantly worse than earnings. Board Change • Jul 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. 5 highly experienced directors. Independent Outside Director Sylvia Dong was the last 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: Insufficient board refreshment. Reported Earnings • Jun 28
Full year 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2023 results: EPS: JP¥115 (down from JP¥136 in FY 2022). Revenue: JP¥279.3b (up 14% from FY 2022). Net income: JP¥14.8b (down 18% from FY 2022). Profit margin: 5.3% (down from 7.4% in FY 2022). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 2.2%. Earnings per share (EPS) missed analyst estimates by 4.9%. Revenue is forecast to grow 3.6% 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 1% per year whereas the company’s share price has fallen by 2% per year. Announcement • May 28
Calbee, Inc. to Report Q1, 2024 Results on Aug 03, 2023 Calbee, Inc. announced that they will report Q1, 2024 results on Aug 03, 2023 Reported Earnings • May 11
Full year 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2023 results: EPS: JP¥115 (down from JP¥136 in FY 2022). Revenue: JP¥279.3b (up 14% from FY 2022). Net income: JP¥14.8b (down 18% from FY 2022). Profit margin: 5.3% (down from 7.4% in FY 2022). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 2.2%. Earnings per share (EPS) missed analyst estimates by 4.9%. Revenue is forecast to grow 3.1% 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 1% per year whereas the company’s share price has fallen by 6% per year. Buying Opportunity • May 02
Now 21% undervalued Over the last 90 days, the stock is up 4.1%. The fair value is estimated to be JP¥3,771, however this is not to be taken as a buy recommendation but rather should be used as a guide only. For the next 3 years, revenue is forecast to grow by 3.8% per annum. Earnings is also forecast to grow by 7.5% per annum over the same time period. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥52.00 per share at 1.9% yield Eligible shareholders must have bought the stock before 30 March 2023. Payment date: 23 June 2023. Payout ratio is a comfortable 42% but the company is paying out more than the cash it is generating. Trailing yield: 1.9%. Lower than top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (1.7%). Buying Opportunity • Feb 15
Now 21% undervalued Over the last 90 days, the stock is up 1.9%. The fair value is estimated to be JP¥3,668, however this is not to be taken as a buy recommendation but rather should be used as a guide only. For the next 3 years, revenue is forecast to grow by 3.3% per annum. Earnings is also forecast to grow by 7.8% per annum over the same time period. Reported Earnings • Feb 07
Third quarter 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2023 results: EPS: JP¥32.83 (down from JP¥41.58 in 3Q 2022). Revenue: JP¥75.3b (up 16% from 3Q 2022). Net income: JP¥4.22b (down 24% from 3Q 2022). Profit margin: 5.6% (down from 8.5% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 3.7%. Earnings per share (EPS) missed analyst estimates by 7.4%. Revenue is forecast to grow 3.3% p.a. on average during the next 3 years, compared to a 3.6% growth forecast for the Food 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 3% per year. Reported Earnings • Nov 16
Second quarter 2023 earnings: EPS and revenues exceed analyst expectations Second quarter 2023 results: EPS: JP¥29.10 (down from JP¥31.61 in 2Q 2022). Revenue: JP¥67.9b (up 12% from 2Q 2022). Net income: JP¥3.76b (down 11% from 2Q 2022). Profit margin: 5.5% (down from 7.0% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 2.6%. Earnings per share (EPS) also surpassed analyst estimates by 6.2%. Revenue is forecast to grow 2.8% 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 remained flat but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 09
Second quarter 2023 earnings: EPS and revenues exceed analyst expectations Second quarter 2023 results: EPS: JP¥29.10 (down from JP¥31.61 in 2Q 2022). Revenue: JP¥67.9b (up 12% from 2Q 2022). Net income: JP¥3.76b (down 11% from 2Q 2022). Profit margin: 5.5% (down from 7.0% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 2.6%. Earnings per share (EPS) also surpassed analyst estimates by 6.2%. Revenue is forecast to grow 2.7% p.a. on average during the next 3 years, compared to a 3.6% growth forecast for the Food 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 8% per year, which means it is significantly lagging earnings. Price Target Changed • Sep 12
Price target increased to JP¥2,944 Up from JP¥2,719, the current price target is an average from 8 analysts. New target price is 6.5% above last closing price of JP¥2,763. Stock is down 3.8% over the past year. The company is forecast to post earnings per share of JP¥126 for next year compared to JP¥136 last year. Reported Earnings • Aug 03
First quarter 2023 earnings: EPS and revenues exceed analyst expectations First quarter 2023 results: EPS: JP¥35.26 (down from JP¥37.06 in 1Q 2022). Revenue: JP¥65.3b (up 9.1% from 1Q 2022). Net income: JP¥4.55b (down 8.1% from 1Q 2022). Profit margin: 7.0% (down from 8.3% in 1Q 2022). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 8.6%. Earnings per share (EPS) also surpassed analyst estimates by 56%. Over the next year, revenue is forecast to grow 6.6%, compared to a 7.2% growth forecast for the 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 2% per year. Buying Opportunity • May 27
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 6.2%. The fair value is estimated to be JP¥2,976, however this is not to be taken as a buy recommendation but rather should be used as a guide only. For the next 3 years, revenue is forecast to grow by 3.0% per annum. Earnings is also forecast to grow by 0.07% per annum over the same time period. Reported Earnings • May 11
Full year 2022 earnings: EPS exceeds analyst expectations Full year 2022 results: EPS: JP¥136 (up from JP¥132 in FY 2021). Revenue: JP¥245.4b (down 8.0% from FY 2021). Net income: JP¥18.1b (up 2.1% from FY 2021). Profit margin: 7.4% (up from 6.6% in FY 2021). The increase in margin was driven by lower expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 4.1%. Over the next year, revenue is forecast to grow 1.5%, compared to a 2.9% growth forecast for the industry in Japan. Over the last 3 years on average, earnings per share has fallen by 2% per year whereas the company’s share price has fallen by 6% per year. Buying Opportunity • Mar 30
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 10%. The fair value is estimated to be JP¥3,062, however this is not to be taken as a buy recommendation but rather should be used as a guide only. For the next 3 years, revenue is forecast to grow by 2.8% per annum. Earnings is also forecast to grow by 1.5% per annum over the same time period. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥52.00 per share Eligible shareholders must have bought the stock before 30 March 2022. Payment date: 24 June 2022. Payout ratio is a comfortable 36% and this is well supported by cash flows. Trailing yield: 2.1%. Lower than top quartile of Japanese dividend payers (3.4%). Higher than average of industry peers (1.6%). Reported Earnings • Feb 02
Third quarter 2022 earnings: EPS and revenues exceed analyst expectations Third quarter 2022 results: EPS: JP¥41.58 (down from JP¥43.59 in 3Q 2021). Revenue: JP¥65.0b (down 7.4% from 3Q 2021). Net income: JP¥5.52b (down 5.2% from 3Q 2021). Profit margin: 8.5% (up from 8.3% in 3Q 2021). The increase in margin was driven by lower expenses. Revenue exceeded analyst estimates by 5.5%. Earnings per share (EPS) also surpassed analyst estimates by 12%. Over the next year, revenue is expected to shrink by 3.0% compared to a 3.1% growth forecast for the industry in Japan. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has fallen by 9% per year, which means it is performing significantly worse than earnings. Reported Earnings • Oct 31
Second quarter 2022 earnings released: EPS JP¥31.61 (vs JP¥31.22 in 2Q 2021) The company reported a decent second quarter result with improved earnings and profit margins, although revenues were weaker. Second quarter 2022 results: Revenue: JP¥60.5b (down 9.0% from 2Q 2021). Net income: JP¥4.23b (up 1.2% from 2Q 2021). Profit margin: 7.0% (up from 6.3% in 2Q 2021). 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 • Aug 13
First quarter 2022 earnings released: EPS JP¥37.06 (vs JP¥30.30 in 1Q 2021) The company reported a decent first quarter result with improved earnings and profit margins, although revenues were weaker. First quarter 2022 results: Revenue: JP¥59.9b (down 7.0% from 1Q 2021). Net income: JP¥4.95b (up 22% from 1Q 2021). Profit margin: 8.3% (up from 6.3% in 1Q 2021). 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 but the company’s share price has fallen by 10% per year, which means it is performing significantly worse than earnings. Board Change • Jul 31
High number of new directors Independent Outside Director Sylvia Dong was the last director to join the board, commencing their role in 2020. Reported Earnings • Jun 29
Full year 2021 earnings released: EPS JP¥132 (vs JP¥131 in FY 2020) The company reported a mediocre full year result with weaker profit margins, although earnings were flat and revenues improved. Full year 2021 results: Revenue: JP¥266.7b (up 4.2% from FY 2020). Net income: JP¥17.7b (flat on FY 2020). Profit margin: 6.6% (down from 6.9% in FY 2020). The decrease in margin was driven by higher expenses. 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 13% per year, which means it is performing significantly worse than earnings. Major Estimate Revision • May 26
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast fell from JP¥272.3b to JP¥239.5b. EPS estimate unchanged from JP¥137 per share at last update. Food industry in Japan expected to see average net income decline 0.2% next year. Consensus price target down from JP¥3,188 to JP¥3,088. Share price was steady at JP¥2,536 over the past week. 
