Major Estimate Revision • Jun 26
Consensus EPS estimates increase by 19% The consensus outlook for earnings per share (EPS) in fiscal year 2027 has improved. 2027 revenue forecast increased from JP¥344.0b to JP¥356.5b. EPS estimate increased from JP¥166 to JP¥197 per share. Net income forecast to shrink 13% next year vs 2.6% growth forecast for Metals and Mining industry in Japan . Consensus price target down from JP¥1,947 to JP¥1,880. Share price was steady at JP¥1,738 over the past week. Major Estimate Revision • May 21
Consensus EPS estimates fall by 40%, revenue upgraded The consensus outlook for fiscal year 2027 has been updated. 2027 revenue forecast increased from JP¥328.1b to JP¥344.0b. EPS estimate fell from JP¥274 to JP¥166 per share. Net income forecast to shrink 0.1% next year vs 0.8% growth forecast for Metals and Mining industry in Japan . Consensus price target down from JP¥2,080 to JP¥1,947. Share price was steady at JP¥1,850 over the past week. Reported Earnings • May 01
Full year 2026 earnings: EPS and revenues miss analyst expectations Full year 2026 results: EPS: JP¥227 (down from JP¥248 in FY 2025). Revenue: JP¥315.1b (down 2.4% from FY 2025). Net income: JP¥9.86b (down 8.6% from FY 2025). Profit margin: 3.1% (down from 3.3% in FY 2025). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 1.2%. Earnings per share (EPS) also missed analyst estimates by 6.4%. 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 Metals and Mining industry in Japan. Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Announcement • Apr 30
Kyoei Steel Ltd., Annual General Meeting, Jun 24, 2026 Kyoei Steel Ltd., Annual General Meeting, Jun 24, 2026. Valuation Update With 7 Day Price Move • Apr 30
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to JP¥1,899, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 13x in the Metals and Mining industry in Japan. Total returns to shareholders of 21% over the past three years. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥60.00 per share Eligible shareholders must have bought the stock before 30 March 2026. Payment date: 10 June 2026. Payout ratio is a comfortable 41% and this is well supported by cash flows. Trailing yield: 3.9%. Within top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (2.5%). Reported Earnings • Jan 31
Third quarter 2026 earnings released: EPS: JP¥57.76 (vs JP¥93.63 in 3Q 2025) Third quarter 2026 results: EPS: JP¥57.76 (down from JP¥93.63 in 3Q 2025). Revenue: JP¥78.0b (down 1.7% from 3Q 2025). Net income: JP¥2.51b (down 38% from 3Q 2025). Profit margin: 3.2% (down from 5.1% in 3Q 2025). Revenue is forecast to grow 2.5% p.a. on average during the next 3 years, compared to a 3.4% growth forecast for the Metals and Mining industry in Japan. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has increased by 20% per year, which means it is well ahead of earnings. Buy Or Sell Opportunity • Dec 08
Now 20% overvalued The stock has been flat over the last 90 days, currently trading at JP¥2,354. The fair value is estimated to be JP¥1,960, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 3.1% over the last 3 years, while earnings per share has been flat. For the next 3 years, revenue is forecast to grow by 2.4% per annum. Earnings are also forecast to grow by 4.9% per annum over the same time period. Declared Dividend • Dec 06
First half dividend of JP¥60.00 announced Dividend of JP¥60.00 is the same as last year. Ex-date: 30th March 2026 Payment date: 10th June 2026 Dividend yield will be 3.9%, which is higher than the industry average of 3.4%. Sustainability & Growth Dividend is well covered by both earnings (35% earnings payout ratio) and cash flows (17% cash payout ratio). The dividend has increased by an average of 14% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 17% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Nov 01
Second quarter 2026 earnings released: EPS: JP¥62.34 (vs JP¥56.01 in 2Q 2025) Second quarter 2026 results: EPS: JP¥62.34 (up from JP¥56.01 in 2Q 2025). Revenue: JP¥80.5b (down 2.7% from 2Q 2025). Net income: JP¥2.71b (up 11% from 2Q 2025). Profit margin: 3.4% (up from 2.9% in 2Q 2025). The increase in margin was driven by lower expenses. Revenue is forecast to grow 2.3% p.a. on average during the next 3 years, compared to a 3.0% growth forecast for the Metals and Mining industry in Japan. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has increased by 21% per year, which means it is well ahead of earnings. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥30.00 per share Eligible shareholders must have bought the stock before 29 September 2025. Payment date: 08 December 2025. Payout ratio is a comfortable 36% and this is well supported by cash flows. Trailing yield: 3.8%. Within top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (3.2%). Major Estimate Revision • Aug 13
Consensus EPS estimates fall by 10% The consensus outlook for fiscal year 2026 has been updated. 2026 EPS estimate fell from JP¥292 to JP¥262 per share. Revenue forecast steady at JP¥321.2b. Net income forecast to grow 6.9% next year vs 9.9% growth forecast for Metals and Mining industry in Japan. Consensus price target broadly unchanged at JP¥2,013. Share price rose 3.8% to JP¥2,254 over the past week. Reported Earnings • Aug 02
First quarter 2026 earnings released: EPS: JP¥62.68 (vs JP¥60.56 in 1Q 2025) First quarter 2026 results: EPS: JP¥62.68 (up from JP¥60.56 in 1Q 2025). Revenue: JP¥74.2b (down 5.3% from 1Q 2025). Net income: JP¥2.72b (up 3.5% from 1Q 2025). Profit margin: 3.7% (up from 3.4% in 1Q 2025). The increase in margin was driven by lower expenses. Revenue is forecast to grow 2.6% p.a. on average during the next 3 years, compared to a 2.5% growth forecast for the Metals and Mining industry in Japan. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has increased by 15% per year, which means it is tracking significantly ahead of earnings growth. Buy Or Sell Opportunity • Jul 31
Now 22% undervalued Over the last 90 days, the stock has risen 11% to JP¥2,172. The fair value is estimated to be JP¥2,792, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 16%. For the next 3 years, revenue is forecast to grow by 2.3% per annum. Earnings are also forecast to grow by 2.6% per annum over the same time period. Buy Or Sell Opportunity • Jul 16
Now 20% undervalued Over the last 90 days, the stock has risen 22% to JP¥2,241. The fair value is estimated to be JP¥2,802, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 16%. For the next 3 years, revenue is forecast to grow by 2.3% per annum. Earnings are also forecast to grow by 2.6% per annum over the same time period. Declared Dividend • Jul 09
Final dividend of JP¥30.00 announced Dividend of JP¥30.00 is the same as last year. Ex-date: 29th September 2025 Payment date: 8th December 2025 Dividend yield will be 4.2%, which is higher than the industry average of 3.4%. Sustainability & Growth Dividend is well covered by both earnings (40% earnings payout ratio) and cash flows (15% cash payout ratio). The dividend has increased by an average of 14% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 8.0% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Jun 30
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: EPS: JP¥248 (down from JP¥318 in FY 2024). Revenue: JP¥322.8b (flat on FY 2024). Net income: JP¥10.8b (down 22% from FY 2024). Profit margin: 3.3% (down from 4.3% in FY 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 12%. Revenue is forecast to grow 2.3% p.a. on average during the next 3 years, compared to a 2.4% growth forecast for the Metals and Mining industry in Japan. Over the last 3 years on average, earnings per share has increased by 16% per year whereas the company’s share price has increased by 13% per year. Reported Earnings • May 01
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: EPS: JP¥248 (down from JP¥318 in FY 2024). Revenue: JP¥322.8b (flat on FY 2024). Net income: JP¥10.8b (down 22% from FY 2024). Profit margin: 3.3% (down from 4.3% in FY 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 12%. Revenue is forecast to grow 2.6% p.a. on average during the next 3 years, while revenues in the Metals and Mining industry in Japan are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 16% per year whereas the company’s share price has increased by 14% per year. Announcement • Apr 30
Kyoei Steel Ltd., Annual General Meeting, Jun 25, 2025 Kyoei Steel Ltd., Annual General Meeting, Jun 25, 2025. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥60.00 per share Eligible shareholders must have bought the stock before 28 March 2025. Payment date: 10 June 2025. Payout ratio is a comfortable 40% and this is well supported by cash flows. Trailing yield: 4.5%. Within top quartile of Japanese dividend payers (3.7%). In line with average of industry peers (4.1%). Announcement • Mar 12
Kyoei Steel Ltd. to Report Fiscal Year 2025 Results on Apr 30, 2025 Kyoei Steel Ltd. announced that they will report fiscal year 2025 results on Apr 30, 2025 Reported Earnings • Feb 01
Third quarter 2025 earnings released: EPS: JP¥93.63 (vs JP¥85.35 in 3Q 2024) Third quarter 2025 results: EPS: JP¥93.63 (up from JP¥85.35 in 3Q 2024). Revenue: JP¥79.4b (down 3.2% from 3Q 2024). Net income: JP¥4.07b (up 9.7% from 3Q 2024). Profit margin: 5.1% (up from 4.5% in 3Q 2024). The increase in margin was driven by lower expenses. Revenue is forecast to grow 2.7% p.a. on average during the next 3 years, compared to a 1.5% growth forecast for the Metals and Mining industry in Japan. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 02
Second quarter 2025 earnings released: EPS: JP¥56.01 (vs JP¥90.13 in 2Q 2024) Second quarter 2025 results: EPS: JP¥56.01 (down from JP¥90.13 in 2Q 2024). Revenue: JP¥82.7b (up 4.9% from 2Q 2024). Net income: JP¥2.43b (down 38% from 2Q 2024). Profit margin: 2.9% (down from 5.0% in 2Q 2024). Revenue is forecast to grow 3.2% p.a. on average during the next 3 years, compared to a 1.9% growth forecast for the Metals and Mining industry in Japan. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Sep 20
Upcoming dividend of JP¥30.00 per share Eligible shareholders must have bought the stock before 27 September 2024. Payment date: 09 December 2024. Payout ratio is a comfortable 31% and this is well supported by cash flows. Trailing yield: 5.2%. Within top quartile of Japanese dividend payers (3.8%). Higher than average of industry peers (4.3%). Price Target Changed • Aug 07
Price target decreased by 10.0% to JP¥2,063 Down from JP¥2,293, the current price target is an average from 3 analysts. New target price is 23% above last closing price of JP¥1,681. Stock is down 13% over the past year. The company is forecast to post earnings per share of JP¥284 for next year compared to JP¥318 last year. Valuation Update With 7 Day Price Move • Aug 07
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to JP¥1,681, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 8x in the Metals and Mining industry in Japan. Total returns to shareholders of 36% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥2,354 per share. Reported Earnings • Aug 02
First quarter 2025 earnings released: EPS: JP¥60.56 (vs JP¥90.75 in 1Q 2024) First quarter 2025 results: EPS: JP¥60.56 (down from JP¥90.75 in 1Q 2024). Revenue: JP¥78.3b (up 2.2% from 1Q 2024). Net income: JP¥2.63b (down 33% from 1Q 2024). Profit margin: 3.4% (down from 5.1% in 1Q 2024). Revenue is forecast to grow 4.0% p.a. on average during the next 3 years, compared to a 3.3% growth forecast for the Metals and Mining industry in Japan. Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Aug 01
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 11% to JP¥1,911. The fair value is estimated to be JP¥2,437, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 38%. For the next 3 years, revenue is forecast to grow by 3.9% per annum. Earnings are also forecast to grow by 0.3% per annum over the same time period. Announcement • Jun 02
Kyoei Steel Ltd. to Report Q1, 2025 Results on Jul 31, 2024 Kyoei Steel Ltd. announced that they will report Q1, 2025 results on Jul 31, 2024 Reported Earnings • May 01
Full year 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2024 results: EPS: JP¥318 (up from JP¥302 in FY 2023). Revenue: JP¥321.0b (down 9.8% from FY 2023). Net income: JP¥13.8b (up 5.5% from FY 2023). Profit margin: 4.3% (up from 3.7% in FY 2023). Revenue missed analyst estimates by 2.3%. Earnings per share (EPS) exceeded analyst estimates by 2.9%. Revenue is forecast to grow 4.4% p.a. on average during the next 3 years, compared to a 3.4% growth forecast for the Metals and Mining industry in Japan. Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • May 01
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to JP¥2,164, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 10x in the Metals and Mining industry in Japan. Total returns to shareholders of 59% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥2,967 per share. Buy Or Sell Opportunity • Apr 30
Now 28% undervalued Over the last 90 days, the stock has risen 5.5% to JP¥2,253. The fair value is estimated to be JP¥3,121, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Earnings per share has grown by 27%. For the next 3 years, revenue is forecast to grow by 4.2% per annum. Earnings are forecast to decline by 6.7% per annum over the same time period. Buy Or Sell Opportunity • Apr 12
Now 21% undervalued Over the last 90 days, the stock has risen 16% to JP¥2,410. The fair value is estimated to be JP¥3,054, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Earnings per share has grown by 27%. For the next 3 years, revenue is forecast to grow by 4.2% per annum. Earnings are forecast to decline by 6.1% per annum over the same time period. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥65.00 per share Eligible shareholders must have bought the stock before 28 March 2024. Payment date: 12 June 2024. Payout ratio is a comfortable 18% and this is well supported by cash flows. Trailing yield: 3.3%. Within top quartile of Japanese dividend payers (3.2%). In line with average of industry peers (3.5%). Announcement • Mar 02
Kyoei Steel Ltd. to Report Fiscal Year 2024 Results on Apr 30, 2024 Kyoei Steel Ltd. announced that they will report fiscal year 2024 results on Apr 30, 2024 Reported Earnings • Feb 02
Third quarter 2024 earnings released: EPS: JP¥85.35 (vs JP¥49.20 in 3Q 2023) Third quarter 2024 results: EPS: JP¥85.35 (up from JP¥49.20 in 3Q 2023). Revenue: JP¥82.0b (down 7.4% from 3Q 2023). Net income: JP¥3.71b (up 74% from 3Q 2023). Profit margin: 4.5% (up from 2.4% in 3Q 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 4.1% p.a. on average during the next 3 years, compared to a 2.5% growth forecast for the Metals and Mining industry in Japan. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Jan 31
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 4.9% to JP¥2,135. The fair value is estimated to be JP¥1,761, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years. Earnings per share has grown by 14%. For the next 3 years, revenue is forecast to grow by 3.6% per annum. Earnings are forecast to decline by 4.5% per annum over the same time period. Reported Earnings • Nov 02
Second quarter 2024 earnings released: EPS: JP¥90.13 (vs JP¥46.20 in 2Q 2023) Second quarter 2024 results: EPS: JP¥90.13 (up from JP¥46.20 in 2Q 2023). Revenue: JP¥78.9b (down 14% from 2Q 2023). Net income: JP¥3.92b (up 95% from 2Q 2023). Profit margin: 5.0% (up from 2.2% in 2Q 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 4.3% p.a. on average during the next 3 years, compared to a 1.3% growth forecast for the Metals and Mining industry in Japan. Over the last 3 years on average, earnings per share has increased by 14% per year and the company’s share price has also increased by 14% per year. Upcoming Dividend • Sep 21
Upcoming dividend of JP¥15.00 per share at 3.3% yield Eligible shareholders must have bought the stock before 28 September 2023. Payment date: 07 December 2023. Payout ratio is a comfortable 22% and this is well supported by cash flows. Trailing yield: 3.3%. Within top quartile of Japanese dividend payers (3.3%). In line with average of industry peers (3.2%). Reported Earnings • Aug 01
First quarter 2024 earnings released: EPS: JP¥90.75 (vs JP¥47.15 in 1Q 2023) First quarter 2024 results: EPS: JP¥90.75 (up from JP¥47.15 in 1Q 2023). Revenue: JP¥76.6b (down 16% from 1Q 2023). Net income: JP¥3.94b (up 93% from 1Q 2023). Profit margin: 5.1% (up from 2.3% in 1Q 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 3.3% p.a. on average during the next 3 years, compared to a 1.1% growth forecast for the Metals and Mining 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 increased by 16% per year, which means it is well ahead of earnings. Major Estimate Revision • Jun 02
Consensus EPS estimates increase by 18% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate increased from JP¥184 to JP¥217. Revenue forecast steady at JP¥340.6b. Net income forecast to shrink 28% next year vs 9.2% decline forecast for Metals and Mining industry in Japan. Consensus price target up from JP¥1,634 to JP¥1,786. Share price rose 4.4% to JP¥1,889 over the past week. Price Target Changed • May 30
Price target increased by 7.8% to JP¥1,712 Up from JP¥1,588, the current price target is an average from 5 analysts. New target price is 5.7% below last closing price of JP¥1,816. Stock is up 39% over the past year. The company is forecast to post earnings per share of JP¥184 for next year compared to JP¥302 last year. Reported Earnings • Apr 29
Full year 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2023 results: EPS: JP¥302 (up from JP¥145 in FY 2022). Revenue: JP¥355.7b (up 22% from FY 2022). Net income: JP¥13.1b (up 107% from FY 2022). Profit margin: 3.7% (up from 2.2% in FY 2022). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 1.3%. Earnings per share (EPS) exceeded analyst estimates by 37%. Revenue is forecast to grow 2.9% p.a. on average during the next 3 years, while revenues in the Metals and Mining industry in Japan are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥60.00 per share at 2.5% yield Eligible shareholders must have bought the stock before 30 March 2023. Payment date: 09 June 2023. Payout ratio is a comfortable 22% but the company is not cash flow positive. Trailing yield: 2.5%. Lower than top quartile of Japanese dividend payers (3.6%). Lower than average of industry peers (4.6%). Major Estimate Revision • Mar 18
Consensus EPS estimates increase by 11% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate increased from JP¥183 to JP¥203. Revenue forecast steady at JP¥360.2b. Net income forecast to shrink 0.02% next year vs 9.3% decline forecast for Metals and Mining industry in Japan. Consensus price target of JP¥1,608 unchanged from last update. Share price fell 3.1% to JP¥1,583 over the past week. Reported Earnings • Feb 01
Third quarter 2023 earnings released: EPS: JP¥49.20 (vs JP¥26.74 in 3Q 2022) Third quarter 2023 results: EPS: JP¥49.20 (up from JP¥26.74 in 3Q 2022). Revenue: JP¥88.5b (up 31% from 3Q 2022). Net income: JP¥2.14b (up 84% from 3Q 2022). Profit margin: 2.4% (up from 1.7% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 1.8% p.a. on average during the next 3 years, while revenues in the Metals and Mining industry in Japan are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Price Target Changed • Dec 13
Price target decreased to JP¥1,492 Down from JP¥1,770, the current price target is an average from 5 analysts. New target price is 22% above last closing price of JP¥1,226. Stock is down 8.2% over the past year. The company is forecast to post earnings per share of JP¥180 for next year compared to JP¥145 last year. Announcement • Nov 26
Kyoei Steel Ltd. to Report Q3, 2023 Results on Jan 31, 2023 Kyoei Steel Ltd. announced that they will report Q3, 2023 results on Jan 31, 2023 Board Change • Nov 16
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 4 independent directors. 6 non-independent directors. Independent Outside Director Kimiko Funato was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Reported Earnings • Nov 02
Second quarter 2023 earnings released: EPS: JP¥46.21 (vs JP¥47.86 in 2Q 2022) Second quarter 2023 results: EPS: JP¥46.21 (down from JP¥47.86 in 2Q 2022). Revenue: JP¥91.8b (up 19% from 2Q 2022). Net income: JP¥2.01b (down 3.5% from 2Q 2022). Profit margin: 2.2% (down from 2.7% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 2.2% p.a. on average during the next 3 years, while revenues in the Metals and Mining industry in Japan are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 19% per year whereas the company’s share price has fallen by 16% per year. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥15.00 per share Eligible shareholders must have bought the stock before 29 September 2022. Payment date: 07 December 2022. Payout ratio is a comfortable 25% but the company is not cash flow positive. Trailing yield: 2.6%. Lower than top quartile of Japanese dividend payers (3.7%). Lower than average of industry peers (5.4%). Announcement • Sep 15
Kyoei Steel Ltd. to Report Q2, 2023 Results on Oct 31, 2022 Kyoei Steel Ltd. announced that they will report Q2, 2023 results on Oct 31, 2022 Price Target Changed • Aug 20
Price target increased to JP¥1,770 Up from JP¥1,642, the current price target is an average from 5 analysts. New target price is 23% above last closing price of JP¥1,441. Stock is up 6.1% over the past year. The company is forecast to post earnings per share of JP¥242 for next year compared to JP¥145 last year. Major Estimate Revision • Aug 05
Consensus forecasts updated The consensus outlook for 2023 has been updated. 2023 EPS estimate increased from JP¥175 to JP¥214. Revenue forecast steady at JP¥377.4b. Net income forecast to grow 31% next year vs 22% decline forecast for Metals and Mining industry in Japan. Consensus price target broadly unchanged at JP¥1,618. Share price fell 3.6% to JP¥1,420 over the past week. Reported Earnings • Jul 31
First quarter 2023 earnings released: EPS: JP¥47.15 (vs JP¥30.10 in 1Q 2022) First quarter 2023 results: EPS: JP¥47.15 (up from JP¥30.10 in 1Q 2022). Revenue: JP¥91.1b (up 40% from 1Q 2022). Net income: JP¥2.05b (up 57% from 1Q 2022). Profit margin: 2.3% (up from 2.0% in 1Q 2022). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 16%, compared to a 2,080% growth forecast for the industry in Japan. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Major Estimate Revision • Jun 30
Consensus EPS estimates increase by 12% The consensus outlook for earnings per share (EPS) in 2023 has improved. 2023 revenue forecast increased from JP¥373.2b to JP¥378.7b. EPS estimate increased from JP¥155 to JP¥173 per share. Net income forecast to grow 19% next year vs 24% decline forecast for Metals and Mining industry in Japan. Consensus price target up from JP¥1,513 to JP¥1,550. Share price rose 5.0% to JP¥1,382 over the past week. Announcement • Jun 03
Kyoei Steel Ltd. to Report Q1, 2023 Results on Jul 29, 2022 Kyoei Steel Ltd. announced that they will report Q1, 2023 results on Jul 29, 2022 Major Estimate Revision • May 10
Consensus forecasts updated The consensus outlook for 2023 has been updated. 2023 revenue forecast increased from JP¥329.5b to JP¥370.0b. EPS estimate fell from JP¥153 to JP¥150. Net income forecast to grow 2.8% next year vs 22% decline forecast for Metals and Mining industry in Japan. Consensus price target down from JP¥1,656 to JP¥1,613. Share price fell 3.7% to JP¥1,271 over the past week. Announcement • May 02
Kyoei Steel Ltd., Annual General Meeting, Jun 24, 2022 Kyoei Steel Ltd., Annual General Meeting, Jun 24, 2022. Reported Earnings • Apr 30
Full year 2022 earnings: EPS exceeds analyst expectations Full year 2022 results: EPS: JP¥145 (down from JP¥202 in FY 2021). Revenue: JP¥292.7b (up 29% from FY 2021). Net income: JP¥6.32b (down 28% from FY 2021). Profit margin: 2.2% (down from 3.9% in FY 2021). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 12%. Over the next year, revenue is forecast to grow 12%, compared to a 8.5% growth forecast for the mining 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 10% per year. Board Change • Apr 27
Less than half of directors are independent There are 6 new directors who have joined the board in the last 3 years. Of these new board members, 3 were independent directors. The company's board is composed of: 4 independent directors. 6 non-independent directors. Independent Outside Director Kimiko Funato was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Announcement • Apr 08
Kyoei Steel Ltd. to Report Fiscal Year 2022 Results on Apr 28, 2022 Kyoei Steel Ltd. announced that they will report fiscal year 2022 results on Apr 28, 2022 Upcoming Dividend • Mar 23
Upcoming dividend of JP¥25.00 per share Eligible shareholders must have bought the stock before 30 March 2022. Payment date: 10 June 2022. The company is not currently making a profit and is not cash flow positive. Trailing yield: 2.8%. Lower than top quartile of Japanese dividend payers (3.4%). Lower than average of industry peers (4.7%). Valuation Update With 7 Day Price Move • Mar 09
Investor sentiment deteriorated over the past week After last week's 18% share price decline to JP¥1,309, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 7x in the Metals and Mining industry in Japan. Total loss to shareholders of 11% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥890 per share. Reported Earnings • Feb 02
Third quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2022 results: EPS: JP¥26.74 (down from JP¥55.62 in 3Q 2021). Revenue: JP¥67.8b (up 17% from 3Q 2021). Net income: JP¥1.16b (down 52% from 3Q 2021). Profit margin: 1.7% (down from 4.2% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 12%. Earnings per share (EPS) exceeded analyst estimates by 8.9%. Over the next year, revenue is forecast to grow 12%, compared to a 10% growth forecast for the industry in Japan. Over the last 3 years on average, earnings per share has remained flat and the company’s share price has also remained flat. Reported Earnings • Oct 31
Second quarter 2022 earnings released: EPS JP¥47.86 (vs JP¥63.42 in 2Q 2021) The company reported a mediocre second quarter result with weaker earnings and profit margins, although revenues improved. Second quarter 2022 results: Revenue: JP¥77.3b (up 38% from 2Q 2021). Net income: JP¥2.08b (down 25% from 2Q 2021). Profit margin: 2.7% (down from 4.9% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥15.00 per share Eligible shareholders must have bought the stock before 29 September 2021. Payment date: 08 December 2021. Trailing yield: 2.8%. Lower than top quartile of Japanese dividend payers (3.0%). In line with average of industry peers (2.8%). Price Target Changed • Aug 11
Price target increased to JP¥1,811 Up from JP¥1,680, the current price target is an average from 4 analysts. New target price is 30% above last closing price of JP¥1,391. Stock is up 5.1% over the past year. Reported Earnings • Aug 02
First quarter 2022 earnings released: EPS JP¥30.10 (vs JP¥71.84 in 1Q 2021) The company reported a mediocre first quarter result with weaker earnings and profit margins, although revenues improved. First quarter 2022 results: Revenue: JP¥64.9b (up 31% from 1Q 2021). Net income: JP¥1.31b (down 58% from 1Q 2021). Profit margin: 2.0% (down from 6.3% in 1Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Major Estimate Revision • Jun 01
Consensus EPS estimates increase to JP¥146 The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from JP¥275.7b to JP¥279.7b. EPS estimate increased from JP¥127 to JP¥146 per share. Net income forecast to shrink 28% next year vs 37% growth forecast for Metals and Mining industry in Japan . Consensus price target up from JP¥1,583 to JP¥1,633. Share price was steady at JP¥1,453 over the past week. Price Target Changed • May 31
Price target increased to JP¥1,633 Up from JP¥1,505, the current price target is an average from 4 analysts. New target price is 15% above last closing price of JP¥1,417. Stock is up 0.3% over the past year. Major Estimate Revision • May 15
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast increased from JP¥272.2b to JP¥275.7b. EPS estimate fell from JP¥163 to JP¥127 per share. Net income forecast to shrink 37% next year vs 39% growth forecast for Metals and Mining industry in Japan . Consensus price target up from JP¥1,505 to JP¥1,583. Share price was steady at JP¥1,501 over the past week.