Reported Earnings • May 13
Full year 2026 earnings: EPS and revenues exceed analyst expectations Full year 2026 results: EPS: JP¥168 (up from JP¥136 in FY 2025). Revenue: JP¥344.9b (up 31% from FY 2025). Net income: JP¥90.5b (up 21% from FY 2025). Profit margin: 26% (down from 28% in FY 2025). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 136%. Earnings per share (EPS) also surpassed analyst estimates by 1.6%. Revenue is expected to decline by 5.8% p.a. on average during the next 3 years, while revenues in the Banks industry in Japan are expected to grow by 6.2%. Over the last 3 years on average, earnings per share has increased by 23% 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 12
Shizuoka Financial Group,Inc., Annual General Meeting, Jun 19, 2026 Shizuoka Financial Group,Inc., Annual General Meeting, Jun 19, 2026. Live News • May 12
Shizuoka Financial Group Sees Profit Rise Raises Dividend and Plans Regional Foundation Funding Shizuoka Financial Group reported stronger FY2026 earnings, with higher profits and improved capital metrics, and raised its annual dividend.
Management has provided guidance indicating an expectation of double-digit profit growth for the next fiscal year, alongside plans for further shareholder returns despite volatile cash flows.
The group plans to dispose of 4 million treasury shares via a third-party allotment to fund the new Shizuoka Mirai Cocreation Foundation, focused on regional industry, new businesses, and human capital, pending shareholder approval.
The combination of higher profits, a larger dividend and guidance for further profit growth indicates that management currently considers its earnings capacity sufficient to support both shareholder returns and new regional initiatives.
The planned use of treasury stock to fund the foundation links corporate activities with regional development, although it also introduces potential dilution that investors may wish to weigh against the potential long-term benefits associated with stronger local economic activity. Announcement • May 09
Shizuoka Financial Group,Inc. to Report Fiscal Year 2026 Results on May 12, 2026 Shizuoka Financial Group,Inc. announced that they will report fiscal year 2026 results on May 12, 2026 Buy Or Sell Opportunity • Apr 17
Now 21% undervalued Over the last 90 days, the stock has risen 6.7% to JP¥2,819. The fair value is estimated to be JP¥3,555, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.5% over the last 3 years. Earnings per share has grown by 25%. For the next 3 years, revenue is forecast to grow by 0.1% per annum. Earnings are also forecast to grow by 10% per annum over the same time period. New Risk • Mar 30
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Japanese stocks, typically moving 6.7% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Price Target Changed • Mar 28
Price target increased by 9.9% to JP¥3,074 Up from JP¥2,796, the current price target is an average from 7 analysts. New target price is 8.9% above last closing price of JP¥2,824. Stock is up 70% over the past year. The company is forecast to post earnings per share of JP¥162 for next year compared to JP¥136 last year. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥41.00 per share Eligible shareholders must have bought the stock before 30 March 2026. Payment date: 23 June 2026. Payout ratio is a comfortable 44% but the company is not cash flow positive. Trailing yield: 3.3%. Lower than top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (2.7%). Buy Or Sell Opportunity • Mar 09
Now 20% undervalued Over the last 90 days, the stock has risen 11% to JP¥2,616. The fair value is estimated to be JP¥3,288, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.5% over the last 3 years. Earnings per share has grown by 25%. Revenue is forecast to decline by 20% in 2 years. Earnings are forecast to grow by 21% in the next 2 years. Price Target Changed • Mar 07
Price target increased by 7.9% to JP¥2,896 Up from JP¥2,684, the current price target is an average from 8 analysts. New target price is approximately in line with last closing price of JP¥2,778. Stock is up 75% over the past year. The company is forecast to post earnings per share of JP¥164 for next year compared to JP¥136 last year. Price Target Changed • Feb 24
Price target increased by 11% to JP¥2,796 Up from JP¥2,530, the current price target is an average from 8 analysts. New target price is 9.2% below last closing price of JP¥3,079. Stock is up 97% over the past year. The company is forecast to post earnings per share of JP¥162 for next year compared to JP¥136 last year. Reported Earnings • Feb 14
Third quarter 2026 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2026 results: EPS: JP¥42.89 (up from JP¥32.33 in 3Q 2025). Revenue: JP¥90.4b (up 50% from 3Q 2025). Net income: JP¥23.2b (up 31% from 3Q 2025). Profit margin: 26% (down from 30% in 3Q 2025). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 28%. Earnings per share (EPS) exceeded analyst estimates by 26%. Revenue is expected to decline by 6.5% p.a. on average during the next 3 years, while revenues in the Banks industry in Japan are expected to grow by 5.7%. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has increased by 41% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Feb 12
Price target increased by 7.6% to JP¥2,574 Up from JP¥2,391, the current price target is an average from 8 analysts. New target price is 15% below last closing price of JP¥3,044. Stock is up 107% over the past year. The company is forecast to post earnings per share of JP¥162 for next year compared to JP¥136 last year. Announcement • Feb 12
Shizuoka Financial Group,Inc. (TSE:5831) announces an Equity Buyback for 5,000,000 shares, representing 0.93% for ¥10,000 million. Shizuoka Financial Group,Inc. (TSE:5831) announces a share repurchase program. Under the program, the company will repurchase up to 5,000,000 shares, representing 0.93% of its issued share capital, for ¥10,000 million. The purpose of program is to improve capital efficiency even further. The program will expire on March 24, 2026. As of December 31, 2025, the company had 536,630,833 shares issued (excluding treasury shares) and 43,498,236 shares in treasury. Valuation Update With 7 Day Price Move • Feb 09
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to JP¥2,878, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 14x in the Banks industry in Japan. Total returns to shareholders of 192% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥3,102 per share. Announcement • Jan 31
Shizuoka Financial Group,Inc. (TSE:5831) agreed to acquire 80% stake in Tokyo Gas Lease Co., Ltd. from Tokyo Gas Co.,Ltd. (TSE:9531). Shizuoka Financial Group,Inc. (TSE:5831) agreed to acquire 80% stake in Tokyo Gas Lease Co., Ltd. from Tokyo Gas Co.,Ltd. (TSE:9531) on January 30, 2026. Shizuoka Financial Group will acquire 768 shares.
For the period ending March 31, 2025, Tokyo Gas Lease Co., Ltd. reported total revenue of ¥7.45 billion and net income of ¥463 million. As of March 31, 2025, Tokyo Gas Lease Co., Ltd. reported total assets of ¥53 billion and total common equity of ¥14.99 billion.
The expected completion of the transaction is in April 2026. Announcement • Dec 25
Shizuoka Financial Group,Inc. to Report Q3, 2026 Results on Feb 12, 2026 Shizuoka Financial Group,Inc. announced that they will report Q3, 2026 results on Feb 12, 2026 Declared Dividend • Dec 11
First half dividend of JP¥39.00 announced Shareholders will receive a dividend of JP¥39.00. Ex-date: 30th March 2026 Payment date: 23rd June 2026 Dividend yield will be 3.4%, which is higher than the industry average of 3.2%. Sustainability & Growth 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 27% over the next 3 years, which should provide support to the dividend and adequate earnings cover. New Risk • Dec 05
New major risk - Revenue size The company makes less than US$1m in revenue. This is considered a major risk. Companies with a small amount of revenue are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. This is currently the only risk that has been identified for the company. Buy Or Sell Opportunity • Dec 03
Now 20% undervalued Over the last 90 days, the stock has risen 19% to JP¥2,310. The fair value is estimated to be JP¥2,889, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.2% over the last 3 years. Earnings per share has grown by 24%. Revenue is forecast to decline by 21% in 2 years. Earnings are forecast to grow by 14% in the next 2 years. Announcement • Nov 10
Shizuoka Financial Group,Inc. (TSE:5831) announces an Equity Buyback for 10,000,000 shares, representing 1.84% for ¥20,000 million. Shizuoka Financial Group,Inc. (TSE:5831) announces a share repurchase program. Under the program, the company will repurchase up to 10,000,000 shares, representing 1.84% of its issued share capital, for ¥20,000 million. The program will expire on February 16, 2026. As of September 30, 2025, the company had 542,434,747 shares issued (excluding treasury shares) and 37,694,322 shares in treasury. Reported Earnings • Nov 08
Second quarter 2026 earnings released: EPS: JP¥44.11 (vs JP¥25.21 in 2Q 2025) Second quarter 2026 results: EPS: JP¥44.11 (up from JP¥25.21 in 2Q 2025). Revenue: JP¥78.3b (up 33% from 2Q 2025). Net income: JP¥23.9b (up 73% from 2Q 2025). Profit margin: 31% (up from 24% in 2Q 2025). The increase in margin was driven by higher revenue. Revenue is expected to decline by 5.3% p.a. on average during the next 3 years, while revenues in the Banks industry in Japan are expected to grow by 3.8%. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has increased by 31% per year, which means it is tracking significantly ahead of earnings growth. Board Change • Nov 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 8 experienced directors. 3 highly experienced directors. Independent Outside Director & Advisory Board member Kumi Fujisawa was the last director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥36.00 per share Eligible shareholders must have bought the stock before 29 September 2025. Payment date: 10 December 2025. Payout ratio is a comfortable 43% but the company is not cash flow positive. Trailing yield: 3.6%. Within top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (3.1%). Announcement • Sep 11
Shizuoka Financial Group,Inc. to Report Q2, 2026 Results on Nov 07, 2025 Shizuoka Financial Group,Inc. announced that they will report Q2, 2026 results on Nov 07, 2025 Reported Earnings • Aug 08
First quarter 2026 earnings released: EPS: JP¥41.66 (vs JP¥38.16 in 1Q 2025) First quarter 2026 results: EPS: JP¥41.66 (up from JP¥38.16 in 1Q 2025). Revenue: JP¥71.5b (up 12% from 1Q 2025). Net income: JP¥22.6b (up 7.7% from 1Q 2025). Profit margin: 32% (down from 33% in 1Q 2025). The decrease in margin was driven by higher expenses. Revenue is expected to decline by 4.3% p.a. on average during the next 3 years, while revenues in the Banks industry in Japan are expected to grow by 4.5%. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has increased by 31% per year, which means it is tracking significantly ahead of earnings growth. Declared Dividend • Jul 09
Final dividend of JP¥36.00 announced Shareholders will receive a dividend of JP¥36.00. Ex-date: 29th September 2025 Payment date: 10th December 2025 Dividend yield will be 4.3%, which is higher than the industry average of 3.2%. Sustainability & Growth 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 30% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Jun 24
Shizuoka Financial Group,Inc. to Report Q1, 2026 Results on Aug 07, 2025 Shizuoka Financial Group,Inc. announced that they will report Q1, 2026 results at 12:00 PM, Tokyo Standard Time on Aug 07, 2025 Reported Earnings • Jun 20
Full year 2025 earnings: EPS and revenues exceed analyst expectations Full year 2025 results: EPS: JP¥136 (up from JP¥104 in FY 2024). Revenue: JP¥262.8b (flat on FY 2024). Net income: JP¥74.6b (up 29% from FY 2024). Profit margin: 28% (up from 22% in FY 2024). Revenue exceeded analyst estimates by 88%. Earnings per share (EPS) also surpassed analyst estimates by 1.8%. Revenue is expected to fall by 3.2% p.a. on average during the next 3 years compared to a 2.3% decline forecast for the Banks industry in Japan. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has increased by 29% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • May 11
Full year 2025 earnings: EPS and revenues exceed analyst expectations Full year 2025 results: EPS: JP¥136 (up from JP¥104 in FY 2024). Revenue: JP¥262.8b (flat on FY 2024). Net income: JP¥74.6b (up 29% from FY 2024). Profit margin: 28% (up from 22% in FY 2024). Revenue exceeded analyst estimates by 88%. Earnings per share (EPS) also surpassed analyst estimates by 1.8%. Revenue is expected to decline by 4.2% p.a. on average during the next 3 years, while revenues in the Banks industry in Japan are expected to grow by 2.5%. Over the last 3 years on average, earnings per share has increased by 22% per year whereas the company’s share price has increased by 25% per year. Announcement • May 09
Shizuoka Financial Group,Inc., Annual General Meeting, Jun 20, 2025 Shizuoka Financial Group,Inc., Annual General Meeting, Jun 20, 2025. New Risk • Apr 07
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Japanese stocks, typically moving 5.5% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Price Target Changed • Apr 05
Price target increased by 8.5% to JP¥1,844 Up from JP¥1,700, the current price target is an average from 8 analysts. New target price is 33% above last closing price of JP¥1,392. Stock is down 1.9% over the past year. The company is forecast to post earnings per share of JP¥130 for next year compared to JP¥104 last year. Valuation Update With 7 Day Price Move • Apr 04
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to JP¥1,400, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 11x in the Banks industry in Japan. Total returns to shareholders of 86% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥2,775 per share. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥35.00 per share Eligible shareholders must have bought the stock before 28 March 2025. Payment date: 17 June 2025. Payout ratio is a comfortable 17% but the company is not cash flow positive. Trailing yield: 2.9%. Lower than top quartile of Japanese dividend payers (3.7%). In line with average of industry peers (3.1%). Announcement • Mar 15
Shizuoka Financial Group,Inc. to Report Fiscal Year 2025 Results on May 09, 2025 Shizuoka Financial Group,Inc. announced that they will report fiscal year 2025 results on May 09, 2025 Price Target Changed • Mar 11
Price target increased by 8.0% to JP¥1,738 Up from JP¥1,609, the current price target is an average from 8 analysts. New target price is 16% above last closing price of JP¥1,496. Stock is up 2.8% over the past year. The company is forecast to post earnings per share of JP¥127 for next year compared to JP¥104 last year. Price Target Changed • Mar 04
Price target increased by 7.6% to JP¥1,700 Up from JP¥1,580, the current price target is an average from 8 analysts. New target price is 10.0% above last closing price of JP¥1,546. Stock is up 4.5% over the past year. The company is forecast to post earnings per share of JP¥125 for next year compared to JP¥104 last year. Reported Earnings • Feb 14
Third quarter 2025 earnings released: EPS: JP¥32.33 (vs JP¥27.61 in 3Q 2024) Third quarter 2025 results: EPS: JP¥32.33 (up from JP¥27.61 in 3Q 2024). Revenue: JP¥60.1b (up 5.9% from 3Q 2024). Net income: JP¥17.7b (up 16% from 3Q 2024). Profit margin: 30% (up from 27% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue is expected to decline by 5.0% p.a. on average during the next 3 years, while revenues in the Banks industry in Japan are expected to grow by 1.8%. Over the last 3 years on average, earnings per share has increased by 18% per year whereas the company’s share price has increased by 19% per year. Announcement • Feb 13
Shizuoka Financial Group,Inc. Revises Consolidated Earnings Guidance for the Year Ending March 31, 2025 Shizuoka Financial Group,Inc. revised consolidated earnings guidance for the year ending March 31, 2025. For the quarter, the company expects Ordinary profit of ¥100,000 million, profit attributable to owners of parent of ¥73,000 million and Basic earnings per share of JPY 133.41 against pervious guidance of Ordinary profit of ¥96,000 million, profit attributable to owners of parent of ¥66,000 million and Basic earnings per share of JPY 120.25. The forecasts of full-year consolidated financial results for the year ending March 31, 2025 will be revised upward in response to factors including higher net interest income and net gains (losses) on equity securities than the initial forecast.
. Announcement • Feb 12
Shizuoka Financial Group,Inc. Increases Dividend Forecast for the Year Ending March 31, 2025 Shizuoka Financial Group,Inc. increased dividend forecast for the year ending March 31, 2025. For the year, the company now expects to pay a dividend of JPY 35.00 per share, against JPY 25.00 per share a year ago. Announcement • Jan 03
Shizuoka Financial Group,Inc. to Report Q3, 2025 Results on Feb 12, 2025 Shizuoka Financial Group,Inc. announced that they will report Q3, 2025 results on Feb 12, 2025 Declared Dividend • Dec 11
First half dividend of JP¥25.00 announced Shareholders will receive a dividend of JP¥25.00. Ex-date: 28th March 2025 Payment date: 17th June 2025 Dividend yield will be 3.7%, which is higher than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 13% 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 24% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Buy Or Sell Opportunity • Nov 28
Now 21% undervalued The stock has been flat over the last 90 days, currently trading at JP¥1,295. The fair value is estimated to be JP¥1,633, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.6% over the last 3 years. Earnings per share has grown by 15%. Revenue is forecast to decline by 19% in 2 years. Earnings are forecast to grow by 5.3% in the next 2 years. Reported Earnings • Nov 09
Second quarter 2025 earnings released: EPS: JP¥25.21 (vs JP¥27.61 in 2Q 2024) Second quarter 2025 results: EPS: JP¥25.21 (down from JP¥27.61 in 2Q 2024). Revenue: JP¥58.8b (up 3.6% from 2Q 2024). Net income: JP¥13.8b (down 9.6% from 2Q 2024). Profit margin: 24% (down from 27% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to stay flat during the next 3 years compared to a 1.4% growth forecast for the Banks industry in Japan. Over the last 3 years on average, earnings per share has increased by 15% per year whereas the company’s share price has increased by 14% per year. Announcement • Nov 08
Shizuoka Financial Group,Inc. (TSE:5831) announces an Equity Buyback for 8,000,000 shares, representing 1.46% for ¥10,000 million. Shizuoka Financial Group,Inc. (TSE:5831) announces a share repurchase program. Under the program, the company will repurchase up to 8,000,000 shares, representing 1.46% of its issued share capital, for ¥10,000 million. The program will expire on March 14, 2025. As of September 30, 2024, the company had 549,438,785 shares issued (excluding treasury shares) and 30,690,284 shares in treasury. Buy Or Sell Opportunity • Oct 22
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 16% to JP¥1,263. The fair value is estimated to be JP¥1,583, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.2% over the last 3 years. Earnings per share has grown by 12%. For the next 3 years, revenue is forecast to decline by 3.2% per annum. Earnings are forecast to grow by 8.5% per annum over the same time period. Announcement • Sep 25
Shizuoka Financial Group,Inc. to Report Q2, 2025 Results on Nov 08, 2024 Shizuoka Financial Group,Inc. announced that they will report Q2, 2025 results on Nov 08, 2024 Buy Or Sell Opportunity • Sep 24
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 17% to JP¥1,237. The fair value is estimated to be JP¥1,572, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.2% over the last 3 years. Earnings per share has grown by 12%. For the next 3 years, revenue is forecast to decline by 4.0% per annum. Earnings are forecast to grow by 7.6% per annum over the same time period. Upcoming Dividend • Sep 20
Upcoming dividend of JP¥24.00 per share Eligible shareholders must have bought the stock before 27 September 2024. Payment date: 09 December 2024. Payout ratio is a comfortable 35% and this is well supported by cash flows. Trailing yield: 3.8%. Within top quartile of Japanese dividend payers (3.8%). In line with average of industry peers (3.5%). Buy Or Sell Opportunity • Sep 09
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 17% to JP¥1,265. The fair value is estimated to be JP¥1,600, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.2% over the last 3 years. Earnings per share has grown by 12%. For the next 3 years, revenue is forecast to decline by 3.6% per annum. Earnings are forecast to grow by 7.2% per annum over the same time period. New Risk • Aug 05
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Japanese stocks, typically moving 6.4% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (6.4% average weekly change). Large one-off items impacting financial results. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 23% After last week's 23% share price decline to JP¥1,155, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 11x in the Banks industry in Japan. Total returns to shareholders of 51% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥2,181 per share. Declared Dividend • Jul 11
Final dividend of JP¥24.00 announced Shareholders will receive a dividend of JP¥24.00. Ex-date: 27th September 2024 Payment date: 9th December 2024 Dividend yield will be 3.1%, which is about the same as the industry average. Sustainability & Growth The dividend has increased by an average of 12% 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 27% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Buy Or Sell Opportunity • Jul 05
Now 20% undervalued Over the last 90 days, the stock has risen 7.7% to JP¥1,528. The fair value is estimated to be JP¥1,913, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.4% over the last 3 years. Earnings per share has grown by 9.6%. For the next 3 years, revenue is forecast to decline by 5.8% per annum. Earnings are forecast to grow by 7.3% per annum over the same time period. Announcement • Jun 27
Shizuoka Financial Group,Inc. to Report Q1, 2025 Results on Aug 07, 2024 Shizuoka Financial Group,Inc. announced that they will report Q1, 2025 results on Aug 07, 2024 Reported Earnings • Jun 21
Full year 2024 earnings: EPS and revenues exceed analyst expectations Full year 2024 results: EPS: JP¥104 (up from JP¥92.93 in FY 2023). Revenue: JP¥263.8b (up 8.7% from FY 2023). Net income: JP¥57.8b (up 10% from FY 2023). Profit margin: 22% (in line with FY 2023). Revenue exceeded analyst estimates by 63%. Earnings per share (EPS) also surpassed analyst estimates by 2.3%. Revenue is forecast to grow 7.2% p.a. on average during the next 3 years, compared to a 1.7% decline forecast for the Banks 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 18% per year, which means it is tracking significantly ahead of earnings growth. Buy Or Sell Opportunity • Jun 13
Now 21% undervalued Over the last 90 days, the stock has risen 2.6% to JP¥1,479. The fair value is estimated to be JP¥1,865, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.4% over the last 3 years. Earnings per share has grown by 9.6%. For the next 3 years, revenue is forecast to decline by 1.1% per annum. Earnings are forecast to grow by 7.0% per annum over the same time period. Announcement • May 15
Shizuoka Financial Group,Inc., Annual General Meeting, Jun 14, 2024 Shizuoka Financial Group,Inc., Annual General Meeting, Jun 14, 2024. Buy Or Sell Opportunity • May 07
Now 21% undervalued Over the last 90 days, the stock has risen 1.9% to JP¥1,432. The fair value is estimated to be JP¥1,813, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.8% over the last 3 years. Earnings per share has grown by 8.0%. For the next 3 years, revenue is forecast to grow by 7.8% per annum. Earnings are also forecast to grow by 7.8% per annum over the same time period. Buy Or Sell Opportunity • Apr 16
Now 21% undervalued Over the last 90 days, the stock has risen 14% to JP¥1,439. The fair value is estimated to be JP¥1,830, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.8% over the last 3 years. Earnings per share has grown by 8.0%. For the next 3 years, revenue is forecast to grow by 7.8% per annum. Earnings are also forecast to grow by 7.8% per annum over the same time period. Buy Or Sell Opportunity • Apr 01
Now 21% undervalued Over the last 90 days, the stock has risen 19% to JP¥1,419. The fair value is estimated to be JP¥1,797, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.8% over the last 3 years. Earnings per share has grown by 8.0%. For the next 3 years, revenue is forecast to grow by 11% per annum. Earnings are also forecast to grow by 5.0% per annum over the same time period. Announcement • Mar 21
Shizuoka Financial Group,Inc. to Report Fiscal Year 2024 Results on May 10, 2024 Shizuoka Financial Group,Inc. announced that they will report fiscal year 2024 results on May 10, 2024 Upcoming Dividend • Mar 21
Upcoming dividend of JP¥22.00 per share Eligible shareholders must have bought the stock before 28 March 2024. Payment date: 19 June 2024. Trailing yield: 2.2%. Lower than top quartile of Japanese dividend payers (3.2%). Lower than average of industry peers (2.9%). Announcement • Mar 15
Shizuoka Financial Group,Inc. (TSE:5831) announces an Equity Buyback for 5,000,000 shares, representing 0.9% for ¥7,000 million. Shizuoka Financial Group,Inc. (TSE:5831) announces a share repurchase program. Under the program, the company will repurchase up to 5,000,000 shares , representing 0.9% of its issued share capital, for ¥7,000 million. The program is valid till March 22, 2024. New Risk • Feb 03
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 21% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. This is currently the only risk that has been identified for the company. Announcement • Dec 27
Shizuoka Financial Group,Inc. to Report Q3, 2024 Results on Feb 01, 2024 Shizuoka Financial Group,Inc. announced that they will report Q3, 2024 results on Feb 01, 2024 Major Estimate Revision • Dec 09
Consensus revenue estimates decrease by 28% The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast fell from JP¥301.0b to JP¥217.1b. EPS estimate unchanged at JP¥101 per share. Net income forecast to grow 7.7% next year vs 8.5% growth forecast for Banks industry in Japan. Consensus price target broadly unchanged at JP¥1,371. Share price rose 2.8% to JP¥1,247 over the past week. Price Target Changed • Nov 11
Price target increased by 8.0% to JP¥1,363 Up from JP¥1,261, the current price target is an average from 8 analysts. New target price is 11% above last closing price of JP¥1,230. Stock is up 33% over the past year. The company is forecast to post earnings per share of JP¥103 for next year compared to JP¥92.93 last year. Announcement • Sep 23
Shizuoka Financial Group,Inc. to Report Q2, 2024 Results on Nov 10, 2023 Shizuoka Financial Group,Inc. announced that they will report Q2, 2024 results on Nov 10, 2023 Upcoming Dividend • Sep 21
Upcoming dividend of JP¥17.00 per share at 2.7% yield Eligible shareholders must have bought the stock before 28 September 2023. Payment date: 12 December 2023. Payout ratio is a comfortable 31% but the company is not cash flow positive. Trailing yield: 2.7%. Lower than top quartile of Japanese dividend payers (3.3%). Lower than average of industry peers (3.2%). Reported Earnings • Jul 29
First quarter 2024 earnings released: EPS: JP¥29.64 (vs JP¥25.59 in 1Q 2023) First quarter 2024 results: EPS: JP¥29.64 (up from JP¥25.59 in 1Q 2023). Revenue: JP¥63.4b (down 5.7% from 1Q 2023). Net income: JP¥16.5b (up 14% from 1Q 2023). Profit margin: 26% (up from 22% in 1Q 2023). The increase in margin was driven by lower expenses. Revenue is expected to fall by 9.2% p.a. on average during the next 3 years compared to a 2.8% decline forecast for the Banks 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 19% per year, which means it is tracking significantly ahead of earnings growth. Buying Opportunity • Jul 05
Now 21% undervalued Over the last 90 days, the stock is up 10%. The fair value is estimated to be JP¥1,334, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.0% over the last 3 years. Earnings per share has grown by 6.0%. For the next 3 years, revenue is forecast to decline by 9.8% per annum. Earnings is forecast to grow by 3.5% per annum over the same time period. Major Estimate Revision • Jun 30
Consensus revenue estimates increase by 14% The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast increased from JP¥168.5b to JP¥192.3b. EPS estimate unchanged at JP¥100. Net income forecast to grow 6.7% next year vs 9.2% growth forecast for Banks industry in Japan. Consensus price target broadly unchanged at JP¥1,084. Share price was steady at JP¥1,039 over the past week. 
