Announcement • Jun 17
Hikari Tsushin, Inc. to Report Q1, 2027 Results on Aug 13, 2026 Hikari Tsushin, Inc. announced that they will report Q1, 2027 results on Aug 13, 2026 Announcement • Jun 13
Warburg Pincus LLC proposed to acquire J.S.B.Co.,Ltd. (TSE:3480) from Oka Family and Hikari Tsushin, Inc. (TSE:9435) for approximately ¥190 billion. Warburg Pincus LLC proposed to acquire J.S.B.Co.,Ltd. (TSE:3480) from Oka Family and Hikari Tsushin, Inc. (TSE:9435) for approximately ¥190 billion on June 12, 2026. A cash consideration valued at ¥9,000 per share and ¥1,735,000 per stock option will be paid by Warburg Pincus LLC. Oka Family will sell 39.20% and Hikari Tsushin, Inc 19.27% in J.S.B.Co.,Ltd. Following the Transaction, the Oka Family is expected to remain a long-term shareholder through a planned re-investment, reflecting a shared commitment to the Company’s long-term growth strategy.
The transaction is approved by board of J.S.B.Co.,Ltd. The Tender Offer is expected to commence on June 15, 2026, and to continue until July 27, 2026. Declared Dividend • Jun 13
Fourth quarter dividend of JP¥195 announced Shareholders will receive a dividend of JP¥195. Ex-date: 29th June 2026 Payment date: 14th September 2026 Dividend yield will be 2.1%, which is higher than the industry average of 1.4%. Sustainability & Growth Dividend is covered by earnings (22% earnings payout ratio) but not adequately covered by cash flows (91% cash payout ratio). 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 remain steady over the next 3 years, which should provide adequate earnings cover for the dividend. New Risk • Jun 08
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 Risks Debt is not well covered by operating cash flow (5.2% operating cash flow to total debt). Earnings are forecast to decline by an average of 0.2% per year for the foreseeable future. Minor Risk Dividend is not well covered by cash flows (91% cash payout ratio). Announcement • May 29
Hikari Tsushin, Inc. announces Quarterly dividend, payable on September 14, 2026 Hikari Tsushin, Inc. announced Quarterly dividend of JPY 195.0000 per share payable on September 14, 2026, ex-date on June 29, 2026 and record date on June 30, 2026. Reported Earnings • May 14
Full year 2026 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2026 results: EPS: JP¥3,440 (up from JP¥2,671 in FY 2025). Revenue: JP¥734.8b (up 7.0% from FY 2025). Net income: JP¥151.0b (up 28% from FY 2025). Profit margin: 21% (up from 17% in FY 2025). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 4.0%. Earnings per share (EPS) exceeded analyst estimates by 22%. Revenue is forecast to grow 4.4% p.a. on average during the next 3 years, compared to a 5.9% growth forecast for the Industrials industry in Japan. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has increased by 22% per year, which means it is tracking significantly ahead of earnings growth. Announcement • May 14
Hikari Tsushin, Inc., Annual General Meeting, Jun 27, 2026 Hikari Tsushin, Inc., Annual General Meeting, Jun 27, 2026. Announcement • May 13
Hikari Tsushin, Inc. (TSE:9435) announces an Equity Buyback for 350,000 shares, representing 0.8% for ¥10,000 million. Hikari Tsushin, Inc. (TSE:9435) announces a share repurchase program. Under the program, the company will repurchase up to 350,000 shares, representing 0.79% of its total shares outstanding excluding treasury shares, for a total of ¥10,000 million. The purpose of repurchase program is to implement a flexible capital policy and further enhance shareholder returns. The repurchase program is valid till June 30, 2027. As of April 30, 2026, the company had 43,791,764 shares outstanding excluding treasury shares and had 197,878 shares in treasury. Announcement • May 09
Hikari Tsushin, Inc. to Report Fiscal Year 2026 Results on May 13, 2026 Hikari Tsushin, Inc. announced that they will report fiscal year 2026 results at 3:00 PM, Tokyo Standard Time on May 13, 2026 Announcement • Apr 01
Hikari Tsushin, Inc. (TSE:9435) entered into a share exchange agreement to acquire remaining 27.40% stake in FTGroup Co., Ltd. (TSE:2763) from a group of shareholders for ¥14.4 billion. Hikari Tsushin, Inc. (TSE:9435) entered into a share exchange agreement to acquire remaining 27.40% stake in FTGroup Co., Ltd. (TSE:2763) from a group of shareholders for ¥14.4 billion on March 31, 2026. The consideration consists of ¥14.44 billion based on 0.36 million common equity of Hikari Tsushin, Inc. at a ratio of 0.03 per common equity of FTGroup Co., Ltd. As part of consideration, ¥14.44 billion is paid towards common equity of FTGroup Co., Ltd. Upon completion, Hikari Tsushin, Inc. will own 100% stake in FTGroup Co., Ltd.
The transaction is subject to approval of offer by FTGroup Co., Ltd. shareholders. The expected completion of the transaction is August 1, 2026. Declared Dividend • Mar 14
Third quarter dividend of JP¥190 announced Shareholders will receive a dividend of JP¥190. Ex-date: 30th March 2026 Payment date: 15th June 2026 Dividend yield will be 1.8%, which is higher than the industry average of 1.4%. Sustainability & Growth Dividend is covered by both earnings (25% earnings payout ratio) and cash flows (67% cash payout ratio). The dividend has increased by an average of 17% 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 9.8% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 13
Third quarter 2026 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2026 results: EPS: JP¥964 (down from JP¥1,244 in 3Q 2025). Revenue: JP¥180.8b (up 4.5% from 3Q 2025). Net income: JP¥42.3b (down 22% from 3Q 2025). Profit margin: 23% (down from 32% in 3Q 2025). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 4.9%. Earnings per share (EPS) exceeded analyst estimates by 109%. Revenue is forecast to grow 5.2% p.a. on average during the next 3 years, compared to a 7.0% growth forecast for the Industrials industry in Japan. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has increased by 28% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Feb 12
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.3% 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 (7.9% operating cash flow to total debt). Earnings are forecast to decline by an average of 0.3% per year for the foreseeable future. Announcement • Jan 21
Money Forward Cloud Corporate Performance Management Consulting Co., Ltd. completed the acquisition of remaining 31.52% stake in Outlook Consulting Co., Ltd. (TSE:5596) from group of shareholders. Money Forward Cloud Corporate Performance Management Consulting Co., Ltd. proposed to acquire remaining 31.52% stake in Outlook Consulting Co., Ltd. (TSE:5596) from group of shareholders for ¥1.8 billion on November 12, 2025. Under the terms of the offer ¥1800 in cash per share will be paid by Money Forward Cloud Corporate Performance Management Consulting Co., Ltd. The tender offer will commence on November 13, 2025 and will close on December 25, 2025. The Tender Offeror has not set a minimum number of shares to be purchased. Upon completion, if Upon completion, if Money Forward is not able to purchase all the shares of Outlook Consulting Co., Ltd, Money Forward will execute the Squeeze-Out Procedure. Money Forward Cloud Corporate Performance Management Consulting Co., Ltd. will own 100% stake and will the shares of Outlook Consulting Co., Ltd. will be delisted from the TSE Growth Market.
The transaction is subject to approval of offer by target shareholders. The deal has been approved by the board of directors of Outlook Consulting Co., Ltd and has expressed its opinion in favor of the Tender Offer, to recommend the Outlook Consulting Co., Ltd’s shareholders and the holders of the First Series of Share Acquisition Rights to tender their shares. The transaction is expected to close on December 25, 2025. The Tender offer has been commenced on November 13, 2025 and is expected to close on January 20, 2026. Tokyo International Law Office acted as legal advisor to Money Forward Cloud Corporate Performance Management Consulting Co., Ltd. Mizuho Securities Co., Ltd. acted as financial advisor and fairness opinion provider to Money Forward Cloud Corporate Performance Management Consulting Co., Ltd.
Money Forward Cloud Corporate Performance Management Consulting Co., Ltd. completed the acquisition of remaining 31.52% stake in Outlook Consulting Co., Ltd. (TSE:5596) from group of shareholders on January 20, 2026. Announcement • Dec 24
Hikari Tsushin, Inc. to Report Q3, 2026 Results on Feb 12, 2026 Hikari Tsushin, Inc. announced that they will report Q3, 2026 results on Feb 12, 2026 Declared Dividend • Dec 13
Second quarter dividend of JP¥185 announced Shareholders will receive a dividend of JP¥185. Ex-date: 29th December 2025 Payment date: 16th March 2026 Dividend yield will be 1.7%, which is higher than the industry average of 1.4%. Sustainability & Growth Dividend is covered by both earnings (22% earnings payout ratio) and cash flows (55% cash payout ratio). The dividend has increased by an average of 17% 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 1.7% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Nov 14
Money Forward Cloud Corporate Performance Management Consulting Co., Ltd. proposed to acquire remaining 31.52% stake in Outlook Consulting Co., Ltd. (TSE:5596) from group of shareholders for ¥1.8 billion. Money Forward Cloud Corporate Performance Management Consulting Co., Ltd. proposed to acquire remaining 31.52% stake in Outlook Consulting Co., Ltd. (TSE:5596) from group of shareholders for ¥1.8 billion on November 12, 2025. Under the terms of the offer ¥1800 in cash per share will be paid by Money Forward Cloud Corporate Performance Management Consulting Co., Ltd. The tender offer will commence on November 13, 2025 and will close on December 25, 2025. The Tender Offeror has not set a minimum number of shares to be purchased. Upon completion, if Upon completion, if Money Forward is not able to purchase all the shares of Outlook Consulting Co., Ltd, Money Forward will execute the Squeeze-Out Procedure. Money Forward Cloud Corporate Performance Management Consulting Co., Ltd. will own 100% stake and will the shares of Outlook Consulting Co., Ltd. will be delisted from the TSE Growth Market.
The transaction is subject to approval of offer by target shareholders. The deal has been approved by the board of directors of Outlook Consulting Co., Ltd and has expressed its opinion in favor of the Tender Offer, to recommend the Outlook Consulting Co., Ltd’s shareholders and the holders of the First Series of Share Acquisition Rights to tender their shares. The transaction is expected to close on December 25, 2025. Tokyo International Law Office acted as legal advisor to Money Forward Cloud Corporate Performance Management Consulting Co., Ltd. Mizuho Securities Co., Ltd. acted as financial advisor and fairness opinion provider to Money Forward Cloud Corporate Performance Management Consulting Co., Ltd. New Risk • Nov 13
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.3% 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 (7.9% operating cash flow to total debt). Earnings are forecast to decline by an average of 0.3% per year for the foreseeable future. Reported Earnings • Nov 12
Second quarter 2026 earnings released: EPS: JP¥960 (vs JP¥52.23 in 2Q 2025) Second quarter 2026 results: EPS: JP¥960 (up from JP¥52.23 in 2Q 2025). Revenue: JP¥194.5b (up 8.3% from 2Q 2025). Net income: JP¥42.1b (up JP¥39.8b from 2Q 2025). Profit margin: 22% (up from 1.3% in 2Q 2025). The increase in margin was primarily driven by lower expenses. Revenue is forecast to grow 5.6% p.a. on average during the next 3 years, compared to a 6.7% growth forecast for the Industrials 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 30% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Sep 25
Taiheiyo Cement Corporation (TSE:5233) completed the acquisition of remaining 34.3% stake in Pacific Systems Corporation (TSE:3847) from a group of shareholders. Taiheiyo Cement Corporation (TSE:5233) proposed to acquire remaining 34.3% stake in Pacific Systems Corporation (TSE:3847) from a group of shareholders for ¥3.5 billion on August 8, 2025. A cash consideration valued at ¥6850 per share will be paid by Taiheiyo Cement Corporation. Upon completion, Taiheiyo Cement Corporation will own 100% stake in Pacific Systems Corporation. Tender Offeror aims to acquire all of the Target Company Shares and make the Target Company a wholly owned subsidiary company of the Tender Offeror. the Tender Offeror has not set a maximum number of shares to be purchased in the Tender Offer, so the Target Company Shares might be delisted through prescribed procedures in accordance with delisting criteria set out by the Tokyo Stock Exchange depending on the result of the Tender Offer. In addition, even if they do not fall under those criteria at the time of conclusion of the Tender Offer, the Tender Offeror plans to carry out the Squeeze-Out Procedures.
The transaction is subject to minimum tender. The minimum number of shares to be purchased has been set as 14,400 shares. If the total number of the Tendered Shares is less than the minimum number of shares to be purchased the purchase, etc. of all of the Tendered Shares will not be carried out. The expected completion of the transaction is September 24, 2025.
Taiheiyo Cement Corporation (TSE:5233) completed the acquisition of remaining 34.3% stake in Pacific Systems Corporation (TSE:3847) from a group of shareholders on September 24, 2025. Announcement • Sep 18
Hikari Tsushin, Inc. to Report Q2, 2026 Results on Nov 11, 2025 Hikari Tsushin, Inc. announced that they will report Q2, 2026 results on Nov 11, 2025 Declared Dividend • Sep 13
First quarter dividend of JP¥181 announced Shareholders will receive a dividend of JP¥181. Ex-date: 29th September 2025 Payment date: 8th December 2025 Dividend yield will be 1.7%, which is higher than the industry average of 1.4%. Sustainability & Growth Dividend is well covered by both earnings (28% earnings payout ratio) and cash flows (43% cash payout ratio). The dividend has increased by an average of 15% 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. Announcement • Aug 14
Hikari Tsushin, Inc. announces Quarterly dividend, payable on December 08, 2025 Hikari Tsushin, Inc. announced Quarterly dividend of JPY 181.0000 per share payable on December 08, 2025, ex-date on September 29, 2025 and record date on September 30, 2025. Reported Earnings • Aug 14
First quarter 2026 earnings: EPS in line with expectations, revenues disappoint First quarter 2026 results: EPS: JP¥642 (down from JP¥1,040 in 1Q 2025). Revenue: JP¥167.2b (up 14% from 1Q 2025). Net income: JP¥28.2b (down 39% from 1Q 2025). Profit margin: 17% (down from 31% in 1Q 2025). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 1.9%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 5.4% p.a. on average during the next 3 years, compared to a 6.4% growth forecast for the Industrials 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 increased by 33% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Aug 08
Taiheiyo Cement Corporation (TSE:5233) proposed to acquire remaining 34.31% stake in Pacific Systems Corporation (TSE:3847) from from a group of shareholders for ¥3.5 billion. Taiheiyo Cement Corporation (TSE:5233) proposed to acquire remaining 34.31% stake in Pacific Systems Corporation (TSE:3847) from from a group of shareholders for ¥3.5 billion on August 8, 2025. A cash consideration valued at ¥6850 per share will be paid by Taiheiyo Cement Corporation. Upon completion, Taiheiyo Cement Corporation will own 100% stake in Pacific Systems Corporation. Tender Offeror aims to acquire all of the Target Company Shares and make the Target Company a wholly owned subsidiary company of the Tender Offeror. the Tender Offeror has not set a maximum number of shares to be purchased in the Tender Offer, so the Target Company Shares might be delisted through prescribed procedures in accordance with delisting criteria set out by the Tokyo Stock Exchange depending on the result of the Tender Offer. In addition, even if they do not fall under those criteria at the time of conclusion of the Tender Offer, the Tender Offeror plans to carry out the Squeeze-Out Procedures.
The transaction is subject to minimum tender. The minimum number of shares to be purchased has been set as 14,400 shares. If the total number of the Tendered Shares is less than the minimum number of shares to be purchased the purchase, etc. of all of the Tendered Shares will not be carried out. The expected completion of the transaction is September 24, 2025. Reported Earnings • Jul 04
Full year 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2025 results: EPS: JP¥2,672 (down from JP¥2,754 in FY 2024). Revenue: JP¥686.6b (up 14% from FY 2024). Net income: JP¥117.5b (down 3.8% from FY 2024). Profit margin: 17% (down from 20% in FY 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 2.4%. Earnings per share (EPS) missed analyst estimates by 3.0%. Revenue is forecast to grow 5.2% p.a. on average during the next 3 years, compared to a 6.1% growth forecast for the Industrials industry in Japan. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has increased by 43% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jun 27
Hikari Tsushin, Inc. to Report Q1, 2026 Results on Aug 13, 2025 Hikari Tsushin, Inc. announced that they will report Q1, 2026 results on Aug 13, 2025 Declared Dividend • Jun 14
Fourth quarter dividend of JP¥177 announced Shareholders will receive a dividend of JP¥177. Ex-date: 27th June 2025 Payment date: 8th September 2025 Dividend yield will be 1.7%, which is higher than the industry average of 1.4%. Sustainability & Growth Dividend is well covered by both earnings (25% earnings payout ratio) and cash flows (49% cash payout ratio). 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 15% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Jun 04
Hikari Tsushin, Inc. announces Quarterly dividend, payable on September 08, 2025 Hikari Tsushin, Inc. announced Quarterly dividend of JPY 177.0000 per share payable on September 08, 2025, ex-date on June 27, 2025 and record date on June 30, 2025. Reported Earnings • May 15
Full year 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2025 results: EPS: JP¥2,671 (down from JP¥2,754 in FY 2024). Revenue: JP¥686.6b (up 14% from FY 2024). Net income: JP¥117.5b (down 3.9% from FY 2024). Profit margin: 17% (down from 20% in FY 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 2.4%. Earnings per share (EPS) missed analyst estimates by 3.0%. Revenue is forecast to grow 3.4% p.a. on average during the next 3 years, compared to a 4.2% growth forecast for the Industrials industry in Japan. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has increased by 40% per year, which means it is tracking significantly ahead of earnings growth. Announcement • May 14
Hikari Tsushin, Inc., Annual General Meeting, Jun 28, 2025 Hikari Tsushin, Inc., Annual General Meeting, Jun 28, 2025. Announcement • Mar 27
Hikari Tsushin, Inc. to Report Fiscal Year 2025 Results on May 14, 2025 Hikari Tsushin, Inc. announced that they will report fiscal year 2025 results on May 14, 2025 Declared Dividend • Mar 15
Third quarter dividend of JP¥167 announced Shareholders will receive a dividend of JP¥167. Ex-date: 28th March 2025 Payment date: 9th June 2025 Dividend yield will be 1.7%, which is higher than the industry average of 1.4%. Sustainability & Growth Dividend is well covered by both earnings (19% earnings payout ratio) and cash flows (43% cash payout ratio). The dividend has increased by an average of 15% 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 decline by 11% over the next 3 years. However, it would need to fall by 79% to increase the payout ratio to a potentially unsustainable range. Major Estimate Revision • Feb 22
Consensus EPS estimates increase by 31% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has improved. 2025 revenue forecast increased from JP¥644.8b to JP¥667.9b. EPS estimate increased from JP¥2,367 to JP¥3,110 per share. Net income forecast to shrink 27% next year vs 0.8% decline forecast for Industrials industry in Japan. Consensus price target up from JP¥36,167 to JP¥37,100. Share price fell 2.6% to JP¥36,840 over the past week. Reported Earnings • Feb 13
Third quarter 2025 earnings: EPS and revenues exceed analyst expectations Third quarter 2025 results: EPS: JP¥1,244 (up from JP¥273 in 3Q 2024). Revenue: JP¥173.0b (up 15% from 3Q 2024). Net income: JP¥54.6b (up 352% from 3Q 2024). Profit margin: 32% (up from 8.0% in 3Q 2024). The increase in margin was primarily driven by higher revenue. Revenue exceeded analyst estimates by 5.2%. Earnings per share (EPS) also surpassed analyst estimates by 61%. Revenue is forecast to grow 4.9% p.a. on average during the next 3 years, compared to a 5.2% growth forecast for the Industrials 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 increased by 37% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Jan 27
Price target increased by 8.0% to JP¥36,167 Up from JP¥33,473, the current price target is an average from 3 analysts. New target price is approximately in line with last closing price of JP¥35,370. Stock is up 39% over the past year. The company is forecast to post earnings per share of JP¥2,367 for next year compared to JP¥2,754 last year. Announcement • Jan 17
Hikari Tsushin, Inc. to Report Q3, 2025 Results on Feb 12, 2025 Hikari Tsushin, Inc. announced that they will report Q3, 2025 results on Feb 12, 2025 Upcoming Dividend • Dec 21
Upcoming dividend of JP¥161 per share Eligible shareholders must have bought the stock before 27 December 2024. Payment date: 10 March 2025. Payout ratio is a comfortable 25% and this is well supported by cash flows. Trailing yield: 1.9%. Lower than top quartile of Japanese dividend payers (3.8%). Higher than average of industry peers (1.3%). Price Target Changed • Dec 13
Price target increased by 7.0% to JP¥35,000 Up from JP¥32,707, the current price target is an average from 3 analysts. New target price is approximately in line with last closing price of JP¥34,940. Stock is up 51% over the past year. The company is forecast to post earnings per share of JP¥2,268 for next year compared to JP¥2,754 last year. Declared Dividend • Dec 07
Second quarter dividend of JP¥161 announced Shareholders will receive a dividend of JP¥161. Ex-date: 27th December 2024 Payment date: 10th March 2025 Dividend yield will be 2.0%, which is higher than the industry average of 1.4%. Sustainability & Growth Dividend is well covered by both earnings (25% earnings payout ratio) and cash flows (40% cash payout ratio). 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 6.9% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Nov 22
BCJ-81 completed the acquisition of the remaining unknown majority stake in T-Gaia Corporation (TSE:3738) from a group of shareholders for approximately ¥32 million. BCJ-81 proposed to acquire unknown minority stake in T-Gaia Corporation (TSE:3738) from a group of shareholders on September 30, 2024. A cash consideration valued at ¥2,670 yen per common share will be paid by Bain Capital Private Equity, LP. Bain Capital Private Equity, LP intends to make a squeeze out merger. The transaction is subject to minimum tender. The Board of Directors of T-Gaia Corporation formed a special committee for the transaction. The expected completion of the transaction is November 20, 2024.
BCJ-81 completed the acquisition of 20.98% stake in T-Gaia Corporation (TSE:3738) from a group of shareholders for approximately ¥32 million on November 20, 2024. As a result of the Tender Offer, 11,718,929 shares of the Company's stock were applied for, and the total number of shares of the Company applied for the Tender Offer exceeded the minimum number of shares to be purchased (7,076,300 shares), and the Tender Offer was completed, and therefore all of the shares were acquired. As a result, if the Tender Offer is settled, the ratio of the number of voting rights held by the Offeror to the number of voting rights of all shareholders of the Company will exceed 20% on November 27, 2024 (the commencement date of settlement of the Tender Offer), and the Offeror will newly become one of the Company's other affiliates and major shareholders. The Purchase Period commenced on October 1, 2024 and closed on November 20, 2024 (35 business days). Reported Earnings • Nov 15
First half 2025 earnings: EPS and revenues exceed analyst expectations First half 2025 results: EPS: JP¥1,092 (down from JP¥1,386 in 1H 2024). Revenue: JP¥325.8b (up 9.9% from 1H 2024). Net income: JP¥48.2b (down 22% from 1H 2024). Profit margin: 15% (down from 21% in 1H 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 8.6%. Earnings per share (EPS) also surpassed analyst estimates. Revenue is forecast to grow 5.1% p.a. on average during the next 3 years, compared to a 5.1% growth forecast for the Industrials industry in Japan. Over the last 3 years on average, earnings per share has increased by 17% per year whereas the company’s share price has increased by 20% per year. Announcement • Nov 01
Fuji Electric Co., Ltd. (TSE:6504) agreed to acquire remaining 53.61% stake in Fuji Furukawa Engineering & Construction Co.Ltd. (TSE:1775) from a group of shareholders. Fuji Electric Co., Ltd. (TSE:6504) agreed to acquire remaining 53.61% stake in Fuji Furukawa Engineering & Construction Co.Ltd. (TSE:1775) from a group of shareholders on October 31, 2024. The consideration consists of 4.5 million common equity of Fuji Electric Co., Ltd. at a ratio of 0.93 per common equity of Fuji Furukawa Engineering & Construction Co.Ltd. As part of consideration, an undisclosed value is paid towards common equity of Fuji Furukawa Engineering & Construction Co.Ltd. Upon completion, Fuji Electric Co., Ltd. will own 99.85% stake in Fuji Furukawa Engineering & Construction Co.Ltd.
The transaction is subject to approval of merger agreement by target board and approval of offer by acquirer board. The Board of Directors of Fuji Furukawa Engineering & Construction Co.Ltd. formed a special committee for the transaction. The deal has been approved by the board. The expected completion of the transaction is February 3, 2025.
SMBC Nikko Securities Inc. acted as financial advisor for Fuji Electric Co., Ltd. Anderson Mori & Tomotsune LPC acted as legal advisor for Fuji Electric Co., Ltd. Mizuho Securities Co., Ltd. acted as financial advisor for Fuji Furukawa Engineering & Construction Co.Ltd. TMI Associates acted as legal advisor for Fuji Furukawa Engineering & Construction Co.Ltd. Announcement • Oct 30
Daito Trust Construction Co.,Ltd. (TSE:1878) agreed to acquire remaining 47.64% stake in Housecom Corporation (TSE:3275) from Hikari Tsushin, Employee Stock Association of Housecom, Katsumi Tada, Kei Tamura, Mitsutoshi Taura, UH Partners 2, The Master Trust Bank of Japan, Ltd., Masanori Adachi, Hideki Asano, Hitoshi Kadouchi and Sumitomo Life Insurance Company for JPY 4.97 billion. Daito Trust Construction Co.,Ltd. (TSE:1878) agreed to acquire remaining 47.64% stake in Housecom Corporation (TSE:3275) from Hikari Tsushin, Inc., Employee Stock Association of Housecom, Katsumi Tada, Kei Tamura, Mitsutoshi Taura, UH Partners 2, Inc., The Master Trust Bank of Japan, Ltd. (Trust Account), Masanori Adachi, Hideki Asano, Hitoshi Kadouchi and Sumitomo Life Insurance Company for JPY 4.97 billion on October 29, 2024. Upon completion, Daito Trust Construction Co.,Ltd. will own 100% stake in Housecom Corporation. Daito Trust Construction Co.,Ltd. will issue 0.296 million shares. The exchange ratio for the deal is 12.5. The transaction is subject to approval of merger agreement by target board. The Board of Directors of Housecom Corporation formed a special committee for the transaction. The deal has been unanimously approved by the board. The expected completion of the transaction is February 1, 2025. The ordinary shares of Housecom Corporation will be delisted from the Standard Market of Tokyo Stock Exchange, Inc. Nomura Securities Co., Ltd. acted as financial advisor for Daito Trust Construction Co.,Ltd. Anderson Mori & Tomotsune LPC acted as legal advisor for Daito Trust Construction Co.,Ltd. Daiwa Securities Co. Ltd. acted as financial advisor for Housecom Corporation. Nishimura & Asahi acted as legal advisor for Housecom Corporation. Announcement • Oct 02
BCJ-81 proposed to acquire remaining unknown majority stake in T-Gaia Corporation (TSE:3738) from a group of shareholders. BCJ-81 proposed to acquire remaining unknown majority stake in T-Gaia Corporation (TSE:3738) from a group of shareholders on September 30, 2024. A cash consideration valued at ¥2045 per share will be paid by Bain Capital Private Equity, LP. Bain Capital Private Equity, LP intends to make a squeeze out merger.
The transaction is subject to minimum tender. The Board of Directors of T-Gaia Corporation formed a special committee for the transaction. The expected completion of the transaction is November 20, 2024. Announcement • Sep 27
Hikari Tsushin, Inc. to Report Q2, 2025 Results on Nov 12, 2024 Hikari Tsushin, Inc. announced that they will report Q2, 2025 results on Nov 12, 2024 Upcoming Dividend • Sep 20
Upcoming dividend of JP¥156 per share Eligible shareholders must have bought the stock before 27 September 2024. Payment date: 09 December 2024. Payout ratio is a comfortable 20% and this is well supported by cash flows. Trailing yield: 1.9%. Lower than top quartile of Japanese dividend payers (3.8%). Higher than average of industry peers (1.2%). New Risk • Aug 29
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 13% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (13% operating cash flow to total debt). Earnings are forecast to decline by an average of 9.3% per year for the foreseeable future. Price Target Changed • Aug 26
Price target increased by 11% to JP¥30,007 Up from JP¥27,113, the current price target is an average from 3 analysts. New target price is approximately in line with last closing price of JP¥29,760. Stock is up 26% over the past year. The company is forecast to post earnings per share of JP¥1,989 for next year compared to JP¥2,754 last year. Reported Earnings • Aug 18
First quarter 2025 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2025 results: EPS: JP¥1,040 (up from JP¥733 in 1Q 2024). Revenue: JP¥146.2b (up 4.3% from 1Q 2024). Net income: JP¥45.9b (up 40% from 1Q 2024). Profit margin: 31% (up from 23% in 1Q 2024). The increase in margin was primarily driven by lower expenses. Revenue missed analyst estimates by 5.7%. Earnings per share (EPS) exceeded analyst estimates by 148%. Revenue is forecast to grow 4.3% p.a. on average during the next 3 years, compared to a 5.1% growth forecast for the Industrials industry in Japan. Over the last 3 years on average, earnings per share has increased by 21% per year whereas the company’s share price has increased by 17% per year. Announcement • Aug 15
Hikari Tsushin, Inc. (TSE:9435) announces an Equity Buyback for 500,000 shares, representing 1.13% for ¥10,000 million. Hikari Tsushin, Inc. (TSE:9435) announces a share repurchase program. Under the program, the company will repurchase up to 500,000 shares, representing 1.13% of its total shares outstanding excluding treasury shares, for a total of ¥10,000 million. The purpose of repurchase program is to implement a flexible capital policy and promote further return of profits to shareholders. The repurchase program is valid till November 30, 2024. As of July 31, 2024, the company had 44,153,146 shares outstanding excluding treasury shares and had 116,496 shares in treasury. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to JP¥22,235, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 12x in the Industrials industry in Japan. Total returns to shareholders of 28% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥13,150 per share. Upcoming Dividend • Jun 20
Upcoming dividend of JP¥153 per share Eligible shareholders must have bought the stock before 27 June 2024. Payment date: 09 September 2024. Payout ratio is a comfortable 21% 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 (1.3%). Announcement • Jun 19
Hikari Tsushin, Inc. to Report Q1, 2025 Results on Aug 13, 2024 Hikari Tsushin, Inc. announced that they will report Q1, 2025 results on Aug 13, 2024 Announcement • May 25
NTT DATA JAPAN Corporation completed the acquisition of JASTEC Co., Ltd. (TSE:9717) from Shigeru Kamiyama and Sasuyama Ltd and others. NTT DATA JAPAN Corporation made an offer to acquire JASTEC Co., Ltd. (TSE:9717) from Shigeru Kamiyama and Sasuyama Ltd and others for ¥34.2 billion in a tender offer transaction on April 5, 2024. consideration is made for ¥1,940 per share of common stock.After the completion of the Tender Offer, a series of squeeze out procedures will be carried out to make NTT DATA only shareholder of JASTEC and make JASTEC a wholly-owned subsidiary of NTT DATA. Transaction has been approved by JASTEC board of director's. Transaction is expected to complete on May 23, 2024. Daiwa Securities Co. Ltd. acted as financial advisor to NTT Data Japan Corporation. Nagashima Ohno & Tsunematsu acted as legal advisor to NTT Data Japan Corporation. Kataoka Sogo Law Office acted as legal advisor to JASTEC Co., Ltd. SMBC Nikko Securities Inc. acted as financial advisor to JASTEC Co., Ltd.
NTT DATA JAPAN Corporation completed the acquisition of JASTEC Co., Ltd. (TSE:9717) from Shigeru Kamiyama and Sasuyama Ltd and others on May 23, 2024. Settlement Commencement will be on May 30, 2024. Purchase price will be paid in cash. The purchase price for the Share Certificates that have been purchased will, as designated by the Tendering Shareholders, be remitted by the Tender Offer Agent to the places designated by the Tendering Shareholders or be paid to the accounts of the Tendering Shareholders used by the Tender Offer Agent to accept the tender, without delay on or after the settlement commencement date. Hereof, after such procedures are implemented, the Target Company Shares will be delisted pursuant to the prescribed procedures in accordance with the delisting criteria of the Tokyo Stock Exchange. The Target Company Shares cannot be traded at the Tokyo Stock Exchange if they are delisted. Reported Earnings • May 19
Full year 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2024 results: EPS: JP¥2,754 (up from JP¥2,038 in FY 2023). Revenue: JP¥601.9b (down 6.5% from FY 2023). Net income: JP¥122.2b (up 34% from FY 2023). Profit margin: 20% (up from 14% in FY 2023). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 4.0%. Earnings per share (EPS) exceeded analyst estimates by 35%. Revenue is forecast to grow 5.3% p.a. on average during the next 2 years, compared to a 2.6% growth forecast for the Industrials 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 only increased by 3% per year, which means it is significantly lagging earnings growth. Announcement • May 18
Hikari Tsushin, Inc., Annual General Meeting, Jun 22, 2024 Hikari Tsushin, Inc., Annual General Meeting, Jun 22, 2024. Announcement • Apr 26
Elecom Co., Ltd. (TSE:6750) entered into non-binding Memorandum of Understanding to acquire Nippon Antenna Co.,Ltd. (TSE:6930) from Resona Bank, Limited, Hikari Tsushin, Inc. (TSE:9435), Custody Bank of Japan, Ltd. (Trust Account), UH Partners 3 Co., Ltd. and UH Partners 2 Co.,Ltd. Elecom Co., Ltd. (TSE:6750) entered into non-binding Memorandum of Understanding to acquire Nippon Antenna Co.,Ltd. (TSE:6930) from Resona Bank, Limited, Hikari Tsushin, Inc. (TSE:9435), Custody Bank of Japan, Ltd. (Trust Account), UH Partners 3 Co., Ltd. and UH Partners 2 Co.,Ltd. on April 25, 2024. Transaction is expected to complete on October-November 2024. Announcement • Mar 23
Hikari Tsushin, Inc. to Report Fiscal Year 2024 Results on May 15, 2024 Hikari Tsushin, Inc. announced that they will report fiscal year 2024 results on May 15, 2024 Upcoming Dividend • Mar 21
Upcoming dividend of JP¥147 per share Eligible shareholders must have bought the stock before 28 March 2024. Payment date: 10 June 2024. Payout ratio is a comfortable 26% 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 (1.3%). Reported Earnings • Feb 14
Third quarter 2024 earnings: EPS and revenues miss analyst expectations Third quarter 2024 results: EPS: JP¥273 (up from JP¥150 in 3Q 2023). Revenue: JP¥150.2b (down 6.4% from 3Q 2023). Net income: JP¥12.1b (up 79% from 3Q 2023). Profit margin: 8.0% (up from 4.2% in 3Q 2023). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 3.6%. Earnings per share (EPS) also missed analyst estimates by 32%. Revenue is forecast to grow 3.6% p.a. on average during the next 3 years, while revenues in the Industrials industry in Japan are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Dec 21
Upcoming dividend of JP¥145 per share at 2.5% yield Eligible shareholders must have bought the stock before 28 December 2023. Payment date: 11 March 2024. Payout ratio is a comfortable 27% and this is well supported by cash flows. Trailing yield: 2.5%. Lower than top quartile of Japanese dividend payers (3.5%). Higher than average of industry peers (1.7%). Announcement • Dec 17
Hikari Tsushin, Inc. to Report Q3, 2024 Results on Feb 13, 2024 Hikari Tsushin, Inc. announced that they will report Q3, 2024 results on Feb 13, 2024 Announcement • Nov 15
Hikari Tsushin, Inc. (TSE:9435) announces an Equity Buyback for 350,000 shares, representing 0.79% for ¥5,000 million. Hikari Tsushin, Inc. (TSE:9435) announces a share repurchase program. Under the program, the company will repurchase up to 350,000 shares, representing 0.79% of its total shares outstanding excluding treasury shares, for a total of ¥5,000 million. The purpose of repurchase program is to implement a flexible capital policy and acquire treasury stock to promote further return of profits to shareholders. The repurchase program is valid till January 31, 2024. As of October 31, 2023, the company had 44,342,846 shares outstanding excluding treasury shares and had 706,796 shares in treasury. Reported Earnings • Nov 15
Second quarter 2024 earnings: EPS and revenues exceed analyst expectations Second quarter 2024 results: EPS: JP¥653 (down from JP¥719 in 2Q 2023). Revenue: JP¥156.3b (down 6.1% from 2Q 2023). Net income: JP¥29.0b (down 9.9% from 2Q 2023). Profit margin: 19% (in line with 2Q 2023). Revenue exceeded analyst estimates by 3.3%. Earnings per share (EPS) also surpassed analyst estimates by 67%. Revenue is forecast to grow 2.1% p.a. on average during the next 3 years, while revenues in the Industrials industry in Japan are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. 