Board Change • Jun 08
Less than half of directors are independent Following the recent departure of a director, there are only 5 independent directors on the board. The company's board is composed of: 5 independent directors. 6 non-independent directors. Independent Outside Director Takashi Ito was the last independent director to join the board, commencing their role in 2025. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • May 20
Full year 2026 earnings: EPS exceeds analyst expectations Full year 2026 results: EPS: JP¥230 (up from JP¥148 in FY 2025). Revenue: JP¥3.10t (up 4.8% from FY 2025). Net income: JP¥41.7b (up 52% from FY 2025). Profit margin: 1.3% (up from 0.9% in FY 2025). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 13%. Revenue is forecast to grow 2.1% p.a. on average during the next 3 years, compared to a 3.6% growth forecast for the Healthcare industry in Japan. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • May 19
Consensus EPS estimates fall by 17% The consensus outlook for fiscal year 2027 has been updated. 2027 EPS estimate fell from JP¥157 to JP¥130 per share. Revenue forecast steady at JP¥3.16t. Net income forecast to shrink 16% next year vs 5.8% growth forecast for Healthcare industry in Japan . Consensus price target broadly unchanged at JP¥2,500. Share price was steady at JP¥2,326 over the past week. Live News • May 18
Alfresa Holdings Approves ¥15b Buyback to Reduce Share Float by 3.5% Alfresa Holdings has approved a share repurchase of up to 6,307,800 common shares, equal to about 3.5% of its outstanding stock.
The total size of the buyback is approximately ¥15b, to be executed via the Tokyo Stock Exchange’s ToSTNeT-3 off-auction system.
A large portion of the program will use a fully committed accelerated share repurchase structure with Nomura Securities, which is expected to reduce the free float immediately.
The move points to management prioritising capital efficiency and returning cash to shareholders through a smaller share base.
Investors may want to watch how the reduced float affects trading liquidity and how the company balances this buyback with future investment needs and balance sheet strength. Price Target Changed • Apr 15
Price target increased by 8.4% to JP¥2,475 Up from JP¥2,283, the current price target is an average from 2 analysts. New target price is approximately in line with last closing price of JP¥2,485. Stock is up 18% over the past year. The company is forecast to post earnings per share of JP¥204 for next year compared to JP¥148 last year. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥34.00 per share Eligible shareholders must have bought the stock before 30 March 2026. Payment date: 03 June 2026. Payout ratio is a comfortable 36% but the company is paying out more than the cash it is generating. Trailing yield: 2.9%. Lower than top quartile of Japanese dividend payers (3.6%). In line with average of industry peers (2.7%). New Risk • Mar 17
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 Risk Earnings are forecast to decline by an average of 0.5% per year for the foreseeable future. Minor Risks Dividend is not well covered by cash flows (149% cash payout ratio). Large one-off items impacting financial results. Announcement • Mar 10
Alfresa Holdings Corporation to Report Fiscal Year 2026 Results on May 15, 2026 Alfresa Holdings Corporation announced that they will report fiscal year 2026 results on May 15, 2026 Reported Earnings • Feb 11
Third quarter 2026 earnings released: EPS: JP¥113 (vs JP¥62.68 in 3Q 2025) Third quarter 2026 results: EPS: JP¥113 (up from JP¥62.68 in 3Q 2025). Revenue: JP¥833.3b (up 3.4% from 3Q 2025). Net income: JP¥20.5b (up 76% from 3Q 2025). Profit margin: 2.5% (up from 1.4% in 3Q 2025). Revenue is forecast to grow 2.2% p.a. on average during the next 3 years, compared to a 3.8% growth forecast for the Healthcare industry in Japan. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has increased by 17% per year, which means it is tracking significantly ahead of earnings growth. Declared Dividend • Dec 06
First half dividend of JP¥34.00 announced Shareholders will receive a dividend of JP¥34.00. Ex-date: 30th March 2026 Payment date: 3rd June 2026 Dividend yield will be 2.9%, which is higher than the industry average of 2.2%. Sustainability & Growth Dividend is covered by earnings (49% earnings payout ratio) but not covered by cash flows (149% cash payout ratio). The dividend has increased by an average of 9.3% 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 15% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Nov 08
Second quarter 2026 earnings released: EPS: JP¥35.83 (vs JP¥51.55 in 2Q 2025) Second quarter 2026 results: EPS: JP¥35.83 (down from JP¥51.55 in 2Q 2025). Revenue: JP¥771.6b (up 5.1% from 2Q 2025). Net income: JP¥6.52b (down 32% from 2Q 2025). Profit margin: 0.8% (down from 1.3% in 2Q 2025). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 2.3% p.a. on average during the next 3 years, compared to a 4.3% growth forecast for the Healthcare industry in Japan. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has increased by 12% per year, which means it is tracking significantly ahead of earnings growth. Buy Or Sell Opportunity • Oct 03
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 5.6% to JP¥2,094. The fair value is estimated to be JP¥1,737, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 4.7% over the last 3 years. Earnings per share has grown by 4.5%. For the next 3 years, revenue is forecast to grow by 2.4% per annum. Earnings are also forecast to grow by 3.9% per annum over the same time period. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥34.00 per share Eligible shareholders must have bought the stock before 29 September 2025. Payment date: 05 December 2025. Payout ratio is a comfortable 42% but the company is not cash flow positive. Trailing yield: 3.1%. Lower than top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (2.6%). Reported Earnings • Aug 07
First quarter 2026 earnings released: EPS: JP¥27.52 (vs JP¥23.71 in 1Q 2025) First quarter 2026 results: EPS: JP¥27.52 (up from JP¥23.71 in 1Q 2025). Revenue: JP¥758.1b (up 4.9% from 1Q 2025). Net income: JP¥5.00b (up 13% from 1Q 2025). Profit margin: 0.7% (up from 0.6% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 2.4% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the Healthcare 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 10% per year. Declared Dividend • Jul 09
Final dividend of JP¥34.00 announced Shareholders will receive a dividend of JP¥34.00. Ex-date: 29th September 2025 Payment date: 5th December 2025 Dividend yield will be 3.3%, which is higher than the industry average of 2.2%. Sustainability & Growth Dividend is covered by earnings (43% 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 9.3% 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 14% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Jun 29
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: EPS: JP¥148 (down from JP¥154 in FY 2024). Revenue: JP¥2.96t (up 3.6% from FY 2024). Net income: JP¥27.4b (down 7.3% from FY 2024). Profit margin: 0.9% (down from 1.0% in FY 2024). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 11%. Revenue is forecast to grow 2.5% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the Healthcare 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 3% per year. Reported Earnings • May 20
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: EPS: JP¥148 (down from JP¥154 in FY 2024). Revenue: JP¥2.96t (up 3.6% from FY 2024). Net income: JP¥27.4b (down 7.3% from FY 2024). Profit margin: 0.9% (down from 1.0% in FY 2024). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 11%. Revenue is forecast to grow 2.5% p.a. on average during the next 3 years, compared to a 4.4% growth forecast for the Healthcare 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 • May 15
Alfresa Holdings Corporation, Annual General Meeting, Jun 25, 2025 Alfresa Holdings Corporation, Annual General Meeting, Jun 25, 2025. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥32.00 per share Eligible shareholders must have bought the stock before 28 March 2025. Payment date: 04 June 2025. Payout ratio is a comfortable 34% but the company is paying out more than the cash it is generating. Trailing yield: 3.0%. Lower than top quartile of Japanese dividend payers (3.7%). Higher than average of industry peers (2.7%). Announcement • Mar 06
Alfresa Holdings Corporation to Report Q3, 2026 Results on Feb 10, 2026 Alfresa Holdings Corporation announced that they will report Q3, 2026 results on Feb 10, 2026 Announcement • Feb 26
Alfresa Holdings Corporation Announces Change of Representative Directors, Effective April 1, 2025 Alfresa Holdings Corporation announced at the Board of Directors' meeting held on February 26, 2025, the Company resolved to change its Representative Directors. . Reason for change: Retirement upon completion of term. Name: Seiichi Kishida. Current title: Representative Director & Executive Vice President, Assistant to the President, General Affairs, Financial Planning, Corporate Communication, Distribution Quality Supervision, Compliance & Risk Management. New title: Director. Effective date: April 1, 2025. Reported Earnings • Feb 11
Third quarter 2025 earnings released: EPS: JP¥62.68 (vs JP¥48.23 in 3Q 2024) Third quarter 2025 results: EPS: JP¥62.68 (up from JP¥48.23 in 3Q 2024). Revenue: JP¥806.0b (up 7.2% from 3Q 2024). Net income: JP¥11.7b (up 29% from 3Q 2024). Profit margin: 1.4% (up from 1.2% in 3Q 2024). Revenue is forecast to grow 1.0% p.a. on average during the next 3 years, compared to a 4.7% growth forecast for the Healthcare 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 6% per year. Announcement • Feb 10
Alfresa Holdings Corporation Provides Consolidated Earning Guidance for the Full Year Ending March 31, 2025 Alfresa Holdings Corporation provided consolidated earning guidance for the full year ending March 31, 2025. For the year, the company expects net sales of JPY 2,965,000 million; Operating income of JPY 37,300 million; Profit attributable to owners of the parent of JPY 28,000 million; Basic earnings per share of JPY 150.84. Declared Dividend • Dec 06
First half dividend of JP¥32.00 announced Shareholders will receive a dividend of JP¥32.00. Ex-date: 28th March 2025 Payment date: 4th June 2025 Dividend yield will be 2.9%, which is higher than the industry average of 2.2%. Sustainability & Growth Dividend is covered by earnings (36% earnings payout ratio) but not covered by cash flows (141% cash payout ratio). The dividend has increased by an average of 10% 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 4.0% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Nov 09
Second quarter 2025 earnings released: EPS: JP¥51.55 (vs JP¥40.58 in 2Q 2024) Second quarter 2025 results: EPS: JP¥51.55 (up from JP¥40.58 in 2Q 2024). Revenue: JP¥734.0b (up 2.1% from 2Q 2024). Net income: JP¥9.63b (up 24% from 2Q 2024). Profit margin: 1.3% (up from 1.1% in 2Q 2024). Revenue is forecast to grow 1.2% p.a. on average during the next 3 years, compared to a 5.3% growth forecast for the Healthcare 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 9% per year. Announcement • Nov 07
Alfresa Holdings Corporation (TSE:2784) announces an Equity Buyback for 6,000,000 shares, representing 3.2% for ¥11,000 million. Alfresa Holdings Corporation (TSE:2784) announces a share repurchase program. Under the program, the company will repurchase up to 6,000,000 shares, representing 3.2% of its issued share capital, for ¥11,000 million. The purpose of the buyback is to enhance capital efficiency and improve shareholder returns. As of September 30, 2024, the company had 187,317,770 total issued shares (excluding treasury stock) and 15,522,230 treasury shares. Buy Or Sell Opportunity • Nov 05
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 4.9% to JP¥2,215. The fair value is estimated to be JP¥1,803, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 4.0% over the last 3 years. Earnings per share has grown by 12%. For the next 3 years, revenue is forecast to grow by 1.4% per annum. Earnings are also forecast to grow by 2.3% per annum over the same time period. Upcoming Dividend • Sep 20
Upcoming dividend of JP¥31.00 per share Eligible shareholders must have bought the stock before 27 September 2024. Payment date: 05 December 2024. Payout ratio is a comfortable 38% and this is well supported by cash flows. Trailing yield: 2.8%. Lower than top quartile of Japanese dividend payers (3.8%). Higher than average of industry peers (2.3%). Reported Earnings • Aug 07
First quarter 2025 earnings released: EPS: JP¥23.71 (vs JP¥20.15 in 1Q 2024) First quarter 2025 results: EPS: JP¥23.71 (up from JP¥20.15 in 1Q 2024). Revenue: JP¥722.4b (up 1.9% from 1Q 2024). Net income: JP¥4.43b (up 9.4% from 1Q 2024). Profit margin: 0.6% (in line with 1Q 2024). Revenue is forecast to stay flat during the next 3 years compared to a 5.3% growth forecast for the Healthcare industry in Japan. Over the last 3 years on average, earnings per share has increased by 12% per year whereas the company’s share price has increased by 7% per year. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to JP¥2,004, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 15x in the Healthcare industry in Japan. Total returns to shareholders of 30% over the past three years. Declared Dividend • Jul 11
Final dividend of JP¥31.00 announced Shareholders will receive a dividend of JP¥31.00. Ex-date: 27th September 2024 Payment date: 5th December 2024 Dividend yield will be 3.0%, which is higher than the industry average of 2.2%. Sustainability & Growth Dividend is well covered by both earnings (36% earnings payout ratio) and cash flows (17% cash payout ratio). The dividend has increased by an average of 9.9% 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 5.7% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • May 18
Full year 2024 earnings: EPS exceeds analyst expectations Full year 2024 results: EPS: JP¥154 (up from JP¥127 in FY 2023). Revenue: JP¥2.86t (up 6.0% from FY 2023). Net income: JP¥29.6b (up 15% from FY 2023). Profit margin: 1.0% (in line with FY 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 4.7%. Revenue is forecast to stay flat during the next 3 years compared to a 5.6% growth forecast for the Healthcare industry in Japan. Over the last 3 years on average, earnings per share has increased by 12% per year whereas the company’s share price has increased by 8% per year. Announcement • May 16
Alfresa Holdings Corporation, Annual General Meeting, Jun 26, 2024 Alfresa Holdings Corporation, Annual General Meeting, Jun 26, 2024. New Risk • May 01
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.8% 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. This is currently the only risk that has been identified for the company. Major Estimate Revision • May 01
Consensus EPS estimates increase by 23% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate increased from JP¥125 to JP¥154. Revenue forecast steady at JP¥2.81t. Net income forecast to shrink 16% next year vs 13% growth forecast for Healthcare industry in Japan . Consensus price target up from JP¥2,200 to JP¥2,288. Share price rose 5.2% to JP¥2,351 over the past week. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥35.00 per share Eligible shareholders must have bought the stock before 28 March 2024. Payment date: 06 June 2024. Payout ratio is a comfortable 36% and this is well supported by cash flows. Trailing yield: 2.6%. Lower than top quartile of Japanese dividend payers (3.2%). Higher than average of industry peers (2.2%). Reported Earnings • Feb 10
Third quarter 2024 earnings released: EPS: JP¥48.23 (vs JP¥38.65 in 3Q 2023) Third quarter 2024 results: EPS: JP¥48.23 (up from JP¥38.65 in 3Q 2023). Revenue: JP¥751.9b (up 5.1% from 3Q 2023). Net income: JP¥9.02b (up 15% from 3Q 2023). Profit margin: 1.2% (up from 1.1% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to stay flat during the next 3 years compared to a 5.3% growth forecast for the Healthcare 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 only increased by 1% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 08
Second quarter 2024 earnings released: EPS: JP¥40.58 (vs JP¥24.10 in 2Q 2023) Second quarter 2024 results: EPS: JP¥40.58 (up from JP¥24.10 in 2Q 2023). Revenue: JP¥718.8b (up 6.4% from 2Q 2023). Net income: JP¥7.80b (up 60% from 2Q 2023). Profit margin: 1.1% (up from 0.7% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to stay flat during the next 3 years compared to a 5.6% growth forecast for the Healthcare industry in Japan. Over the last 3 years on average, earnings per share has increased by 4% per year whereas the company’s share price has increased by 5% per year. Price Target Changed • Oct 18
Price target increased by 12% to JP¥2,150 Up from JP¥1,917, the current price target is an average from 2 analysts. New target price is 7.2% below last closing price of JP¥2,317. Stock is up 37% over the past year. The company is forecast to post earnings per share of JP¥114 for next year compared to JP¥127 last year. Upcoming Dividend • Sep 21
Upcoming dividend of JP¥34.00 per share at 2.3% yield Eligible shareholders must have bought the stock before 28 September 2023. Payment date: 06 December 2023. Payout ratio is a comfortable 42% but the company is not cash flow positive. Trailing yield: 2.3%. Lower than top quartile of Japanese dividend payers (3.3%). In line with average of industry peers (2.1%). Reported Earnings • Aug 09
First quarter 2024 earnings released: EPS: JP¥20.15 (vs JP¥10.50 in 1Q 2023) First quarter 2024 results: EPS: JP¥20.15 (up from JP¥10.50 in 1Q 2023). Revenue: JP¥709.1b (up 7.9% from 1Q 2023). Net income: JP¥4.05b (up 91% from 1Q 2023). Profit margin: 0.6% (up from 0.3% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to stay flat during the next 3 years compared to a 5.6% growth forecast for the Healthcare industry in Japan. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. New Risk • Jul 14
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.2% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.2% per year for the foreseeable future. Minor Risk Paying a dividend despite having no free cash flows. Announcement • Jun 17
Alfresa Holdings Corporation to Report Q1, 2024 Results on Aug 08, 2023 Alfresa Holdings Corporation announced that they will report Q1, 2024 results on Aug 08, 2023 Announcement • Jun 02
Alfresa Holdings Corporation to Report Q3, 2024 Results on Feb 08, 2024 Alfresa Holdings Corporation announced that they will report Q3, 2024 results on Feb 08, 2024 Reported Earnings • May 17
Full year 2023 earnings: Revenues and EPS in line with analyst expectations Full year 2023 results: EPS: JP¥127 (down from JP¥154 in FY 2022). Revenue: JP¥2.70t (up 4.3% from FY 2022). Net income: JP¥25.8b (down 20% from FY 2022). Profit margin: 1.0% (down from 1.2% in FY 2022). 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 stay flat during the next 3 years compared to a 5.2% growth forecast for the Healthcare industry in Japan. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Price Target Changed • May 10
Price target increased by 7.1% to JP¥1,763 Up from JP¥1,647, the current price target is an average from 3 analysts. New target price is 13% below last closing price of JP¥2,017. Stock is up 12% over the past year. The company is forecast to post earnings per share of JP¥127 for next year compared to JP¥154 last year. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥29.00 per share at 3.5% yield Eligible shareholders must have bought the stock before 30 March 2023. Payment date: 07 June 2023. Payout ratio is a comfortable 40% but the company is paying out more than the cash it is generating. Trailing yield: 3.5%. Lower than top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (2.3%). Reported Earnings • Feb 08
Third quarter 2023 earnings released: EPS: JP¥38.65 (vs JP¥55.97 in 3Q 2022) Third quarter 2023 results: EPS: JP¥38.65 (down from JP¥55.97 in 3Q 2022). Revenue: JP¥715.5b (up 5.7% from 3Q 2022). Net income: JP¥7.82b (down 34% from 3Q 2022). Profit margin: 1.1% (down from 1.7% in 3Q 2022). Revenue is forecast to stay flat during the next 3 years compared to a 5.7% growth forecast for the Healthcare industry in Japan. Over the last 3 years on average, earnings per share has fallen by 8% per year whereas the company’s share price has fallen by 9% per year. Announcement • Feb 07
Alfresa Holdings Corporation Provides Dividend Guidance for the Year Ending March 31, 2023 Alfresa Holdings Corporation provided dividend guidance for the Year Ending March 31, 2023. For the year, the company expects dividend of JPY 29.00 per share against JPY 27.00 per share a year ago. 
