Announcement • Jun 30
Heiwa Real Estate Co., Ltd. to Report Q1, 2027 Results on Jul 31, 2026 Heiwa Real Estate Co., Ltd. announced that they will report Q1, 2027 results on Jul 31, 2026 Board Change • Jun 16
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 6 experienced directors. 1 highly experienced director. Senior Managing Executive Officer & Director Akehiko Tomita was the last director to join the board, commencing their role in 2025. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Major Estimate Revision • May 07
Consensus revenue estimates increase by 25% The consensus outlook for revenues in fiscal year 2027 has improved. 2027 revenue forecast increased from JP¥51.2b to JP¥63.8b. EPS estimate increased from JP¥164 to JP¥174 per share. Net income forecast to grow 4.2% next year vs 9.5% growth forecast for Real Estate industry in Japan. Consensus price target of JP¥2,670 unchanged from last update. Share price was steady at JP¥2,455 over the past week. Price Target Changed • May 03
Price target increased by 9.7% to JP¥2,670 Up from JP¥2,433, the current price target is an average from 3 analysts. New target price is 9.1% above last closing price of JP¥2,448. Stock is up 5.1% over the past year. The company is forecast to post earnings per share of JP¥174 for next year compared to JP¥166 last year. New Risk • May 02
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 4.9% 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 (5.0% operating cash flow to total debt). Earnings are forecast to decline by an average of 4.9% per year for the foreseeable future. Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Reported Earnings • May 01
Full year 2026 earnings: EPS and revenues exceed analyst expectations Full year 2026 results: EPS: JP¥166 (up from JP¥142 in FY 2025). Revenue: JP¥50.9b (up 21% from FY 2025). Net income: JP¥11.0b (up 15% from FY 2025). Profit margin: 22% (down from 23% in FY 2025). Revenue exceeded analyst estimates by 2.2%. Earnings per share (EPS) also surpassed analyst estimates by 1.4%. Revenue is forecast to grow 4.0% p.a. on average during the next 3 years, compared to a 4.2% growth forecast for the Real Estate industry in Japan. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has increased by 9% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Apr 30
Heiwa Real Estate Co., Ltd., Annual General Meeting, Jun 25, 2026 Heiwa Real Estate Co., Ltd., Annual General Meeting, Jun 25, 2026. Announcement • Apr 21
Heiwa Real Estate Co., Ltd. to Report Fiscal Year 2026 Results on Apr 30, 2026 Heiwa Real Estate Co., Ltd. announced that they will report fiscal year 2026 results on Apr 30, 2026 Upcoming Dividend • Mar 23
Upcoming dividend of JP¥57.00 per share Eligible shareholders must have bought the stock before 30 March 2026. Payment date: 02 June 2026. Payout ratio is a comfortable 47% but the company is not cash flow positive. Trailing yield: 4.0%. Within top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (2.2%). Announcement • Feb 11
Heiwa Real Estate REIT, Inc. (TSE:8966) executed an agreement to acquire 70% stake in Nagoya Heiwa Building from Heiwa Real Estate Co., Ltd. (TSE:8803) for ¥5.1 billion. Heiwa Real Estate REIT, Inc. (TSE:8966) executed an agreement to acquire 70% stake in Nagoya Heiwa Building from Heiwa Real Estate Co., Ltd. (TSE:8803) for ¥5.1 billion on February 10, 2026. A cash consideration of ¥5.11 billion will be paid by Heiwa Real Estate REIT, Inc. As part of consideration, ¥5.11 billion is paid towards Nagoya Heiwa Building. The transaction will be funded through cash on hand and borrowings.
The transaction is subject to approval of offer by acquirer board. The deal has been unanimously approved by the board of Heiwa Real Estate REIT, Inc. The expected completion of the transaction is March 2, 2026. Reported Earnings • Jan 31
Third quarter 2026 earnings: EPS and revenues exceed analyst expectations Third quarter 2026 results: EPS: JP¥27.32 (up from JP¥22.58 in 3Q 2025). Revenue: JP¥11.0b (up 34% from 3Q 2025). Net income: JP¥1.82b (up 21% from 3Q 2025). Profit margin: 17% (down from 18% in 3Q 2025). Revenue exceeded analyst estimates by 3.5%. Earnings per share (EPS) also surpassed analyst estimates by 4.3%. Revenue is forecast to grow 4.3% p.a. on average during the next 3 years, compared to a 4.6% growth forecast for the Real Estate industry in Japan. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 9% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jan 30
Heiwa Real Estate Co., Ltd. (TSE:8803) announces an Equity Buyback for 500,000 shares, representing 0.75% for ¥1,000 million. Heiwa Real Estate Co., Ltd. (TSE:8803) announces a share repurchase program. Under the program, the company will repurchase up to 500,000 shares, representing 0.75% of its issued share capital (excluding treasury stock), for a total purchase price of ¥1,000 million. The purpose of the program is to strengthen capital policy and shareholder return. As of December 31, 2025, the company has 67,109,543 issued shares (excluding treasury stock) and 10,610,449 treasury shares. Announcement • Dec 02
Heiwa Real Estate Co., Ltd. to Report Q3, 2026 Results on Jan 30, 2026 Heiwa Real Estate Co., Ltd. announced that they will report Q3, 2026 results on Jan 30, 2026 Declared Dividend • Dec 02
First half dividend of JP¥52.00 announced Shareholders will receive a dividend of JP¥52.00. Ex-date: 30th March 2026 Payment date: 2nd June 2026 Dividend yield will be 4.0%, which is higher than the industry average of 2.5%. Sustainability & Growth Dividend is covered by earnings (48% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 23% 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 6.8% over the next 3 years. However, it would need to fall by 47% to increase the payout ratio to a potentially unsustainable range. Reported Earnings • Nov 01
Second quarter 2026 earnings: EPS and revenues exceed analyst expectations Second quarter 2026 results: EPS: JP¥31.27 (up from JP¥20.04 in 2Q 2025). Revenue: JP¥8.70b (up 6.3% from 2Q 2025). Net income: JP¥2.09b (up 56% from 2Q 2025). Profit margin: 24% (up from 16% in 2Q 2025). Revenue exceeded analyst estimates by 3.2%. Earnings per share (EPS) also surpassed analyst estimates by 24%. Revenue is forecast to grow 5.3% p.a. on average during the next 3 years, compared to a 4.3% growth forecast for the Real Estate industry in Japan. Over the last 3 years on average, earnings per share has remained flat whereas the company’s share price has increased by 5% per year. New Risk • Sep 09
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.0009% 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 (6.5% operating cash flow to total debt). Earnings are forecast to decline by an average of 0.0009% per year for the foreseeable future. Minor Risk Paying a dividend despite having no free cash flows. Announcement • Sep 01
Heiwa Real Estate Co., Ltd. to Report Q2, 2026 Results on Oct 31, 2025 Heiwa Real Estate Co., Ltd. announced that they will report Q2, 2026 results on Oct 31, 2025 Reported Earnings • Aug 02
First quarter 2026 earnings: EPS and revenues exceed analyst expectations First quarter 2026 results: EPS: JP¥67.63 (up from JP¥29.91 in 1Q 2025). Revenue: JP¥13.1b (up 24% from 1Q 2025). Net income: JP¥2.26b (up 7.9% from 1Q 2025). Profit margin: 17% (down from 20% in 1Q 2025). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 19%. Earnings per share (EPS) also surpassed analyst estimates by 19%. Revenue is forecast to grow 5.4% p.a. on average during the next 3 years, compared to a 4.4% growth forecast for the Real Estate 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 6% per year, which means it is well ahead of earnings. Board Change • Jul 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. 3 highly experienced directors. Independent External Director Eiji Yamada was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Jun 27
Heiwa Real Estate Co., Ltd. to Report Q1, 2026 Results on Jul 31, 2025 Heiwa Real Estate Co., Ltd. announced that they will report Q1, 2026 results on Jul 31, 2025 Reported Earnings • Jun 27
Full year 2025 earnings: EPS and revenues exceed analyst expectations Full year 2025 results: EPS: JP¥283 (up from JP¥236 in FY 2024). Revenue: JP¥42.1b (down 5.3% from FY 2024). Net income: JP¥9.57b (up 13% from FY 2024). Profit margin: 23% (up from 19% in FY 2024). The increase in margin was driven by lower expenses. Revenue exceeded analyst estimates by 1.2%. Earnings per share (EPS) also surpassed analyst estimates by 3.2%. Revenue is forecast to grow 6.7% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the Real Estate industry in Japan. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. New Risk • May 01
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.8% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (4.0% operating cash flow to total debt). Earnings are forecast to decline by an average of 0.8% per year for the foreseeable future. Minor Risk Paying a dividend despite having no free cash flows. Reported Earnings • May 01
Full year 2025 earnings: EPS and revenues exceed analyst expectations Full year 2025 results: EPS: JP¥283 (up from JP¥236 in FY 2024). Revenue: JP¥42.1b (down 5.3% from FY 2024). Net income: JP¥9.57b (up 13% from FY 2024). Profit margin: 23% (up from 19% in FY 2024). The increase in margin was driven by lower expenses. Revenue exceeded analyst estimates by 1.2%. Earnings per share (EPS) also surpassed analyst estimates by 3.2%. Revenue is forecast to grow 6.0% p.a. on average during the next 3 years, compared to a 4.2% growth forecast for the Real Estate industry in Japan. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Announcement • Apr 30
Heiwa Real Estate Co., Ltd., Annual General Meeting, Jun 24, 2025 Heiwa Real Estate Co., Ltd., Annual General Meeting, Jun 24, 2025. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥107 per share Eligible shareholders must have bought the stock before 28 March 2025. Payment date: 03 June 2025. Payout ratio is a comfortable 72% but the company is not cash flow positive. Trailing yield: 2.6%. Lower than top quartile of Japanese dividend payers (3.7%). In line with average of industry peers (2.6%). Announcement • Mar 18
Heiwa Real Estate Co., Ltd. to Report Fiscal Year 2025 Results on Apr 30, 2025 Heiwa Real Estate Co., Ltd. announced that they will report fiscal year 2025 results on Apr 30, 2025 Reported Earnings • Feb 01
Third quarter 2025 earnings: EPS and revenues miss analyst expectations Third quarter 2025 results: EPS: JP¥45.16 (up from JP¥26.68 in 3Q 2024). Revenue: JP¥8.19b (up 8.8% from 3Q 2024). Net income: JP¥1.51b (up 58% from 3Q 2024). Profit margin: 18% (up from 13% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 12%. Earnings per share (EPS) also missed analyst estimates by 19%. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 4.0% growth forecast for the Real Estate industry in Japan. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Announcement • Dec 04
Heiwa Real Estate Co., Ltd. to Report Q3, 2025 Results on Jan 31, 2025 Heiwa Real Estate Co., Ltd. announced that they will report Q3, 2025 results on Jan 31, 2025 Declared Dividend • Dec 03
First half dividend of JP¥63.00 announced Shareholders will receive a dividend of JP¥63.00. Ex-date: 28th March 2025 Payment date: 3rd June 2025 Dividend yield will be 2.9%, which is higher than the industry average of 2.5%. Sustainability & Growth Dividend is covered by earnings (39% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 19% 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 67% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Nov 02
Second quarter 2025 earnings: EPS and revenues miss analyst expectations Second quarter 2025 results: EPS: JP¥40.07 (down from JP¥46.32 in 2Q 2024). Revenue: JP¥8.18b (down 38% from 2Q 2024). Net income: JP¥1.34b (down 19% from 2Q 2024). Profit margin: 16% (up from 13% in 2Q 2024). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 23%. Earnings per share (EPS) also missed analyst estimates by 45%. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 4.0% growth forecast for the Real Estate 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 7% per year, which means it is well ahead of earnings. Upcoming Dividend • Sep 20
Upcoming dividend of JP¥63.00 per share Eligible shareholders must have bought the stock before 27 September 2024. Payment date: 02 December 2024. Payout ratio is a comfortable 74% but the company is paying out more than the cash it is generating. Trailing yield: 3.1%. Lower than top quartile of Japanese dividend payers (3.8%). Higher than average of industry peers (2.6%). Announcement • Sep 04
Heiwa Real Estate Co., Ltd. to Report Q2, 2025 Results on Oct 31, 2024 Heiwa Real Estate Co., Ltd. announced that they will report Q2, 2025 results on Oct 31, 2024 Reported Earnings • Aug 02
First quarter 2025 earnings released: EPS: JP¥59.82 (vs JP¥140 in 1Q 2024) First quarter 2025 results: EPS: JP¥59.82 (down from JP¥140 in 1Q 2024). Revenue: JP¥10.6b (down 30% from 1Q 2024). Net income: JP¥2.09b (down 58% from 1Q 2024). Profit margin: 20% (down from 33% in 1Q 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 6.5% p.a. on average during the next 3 years, compared to a 4.4% growth forecast for the Real Estate industry in Japan. Over the last 3 years on average, earnings per share has increased by 5% per year whereas the company’s share price has remained flat. Declared Dividend • Jul 11
Final dividend of JP¥63.00 announced Shareholders will receive a dividend of JP¥63.00. Ex-date: 27th September 2024 Payment date: 2nd December 2024 Dividend yield will be 4.3%, which is higher than the industry average of 2.5%. Sustainability & Growth Dividend is covered by earnings (36% earnings payout ratio) but not covered by cash flows (304% cash payout ratio). The dividend has increased by an average of 18% 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 17% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Jul 10
Heiwa Real Estate Co., Ltd. to Report Q1, 2025 Results on Jul 31, 2024 Heiwa Real Estate Co., Ltd. announced that they will report Q1, 2025 results on Jul 31, 2024 Reported Earnings • Jun 28
Full year 2024 earnings: Revenues and EPS in line with analyst expectations Full year 2024 results: EPS: JP¥236 (down from JP¥254 in FY 2023). Revenue: JP¥44.4b (flat on FY 2023). Net income: JP¥8.45b (down 7.5% from FY 2023). Profit margin: 19% (down from 21% in FY 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 2.9% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the Real Estate 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 fallen by 2% per year, which means it is significantly lagging earnings. Announcement • Jun 08
Heiwa Real Estate Co., Ltd. (TSE:8803) announces an Equity Buyback for 2,400,000 shares, representing 6.67% for ¥9,048 million. Heiwa Real Estate Co., Ltd. (TSE:8803) announces a share repurchase program. Under the program, the company will repurchase up to 2,400,000 shares, representing 6.67% of its issued share capital (excluding treasury stock), for a total purchase price of ¥9,048 million. The shares will be repurchased at a price of ¥3,770 per share. The purpose of the program is to improve earnings per share (EPS) and return on equity (ROE), and to strengthen shareholder returns. As of March 31, 2024, the company has 35,958,652 issued shares (excluding treasury stock) and 2,901,344 treasury shares. Reported Earnings • May 01
Full year 2024 earnings: Revenues and EPS in line with analyst expectations Full year 2024 results: EPS: JP¥236 (down from JP¥254 in FY 2023). Revenue: JP¥44.4b (flat on FY 2023). Net income: JP¥8.45b (down 7.5% from FY 2023). Profit margin: 19% (down from 21% in FY 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 2.7% p.a. on average during the next 3 years, compared to a 4.3% growth forecast for the Real Estate 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 only increased by 2% per year, which means it is significantly lagging earnings growth. Announcement • Mar 28
Heiwa Real Estate Co., Ltd. to Report Fiscal Year 2024 Results on Apr 30, 2024 Heiwa Real Estate Co., Ltd. announced that they will report fiscal year 2024 results on Apr 30, 2024 Upcoming Dividend • Mar 21
Upcoming dividend of JP¥58.00 per share Eligible shareholders must have bought the stock before 28 March 2024. Payment date: 05 June 2024. Payout ratio is a comfortable 36% but the company is not cash flow positive. Trailing yield: 2.9%. Lower than top quartile of Japanese dividend payers (3.2%). Higher than average of industry peers (2.2%). Reported Earnings • Feb 02
Third quarter 2024 earnings: EPS exceeds analyst expectations Third quarter 2024 results: EPS: JP¥26.68 (down from JP¥39.93 in 3Q 2023). Revenue: JP¥7.52b (up 4.8% from 3Q 2023). Net income: JP¥955.0m (down 33% from 3Q 2023). Profit margin: 13% (down from 20% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 6.3%. Revenue is forecast to stay flat during the next 3 years compared to a 4.1% growth forecast for the Real Estate industry in Japan. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Announcement • Nov 30
Heiwa Real Estate Co., Ltd. to Report Q3, 2024 Results on Jan 31, 2024 Heiwa Real Estate Co., Ltd. announced that they will report Q3, 2024 results on Jan 31, 2024 Reported Earnings • Nov 02
Second quarter 2024 earnings: EPS and revenues exceed analyst expectations Second quarter 2024 results: EPS: JP¥46.32 (down from JP¥57.28 in 2Q 2023). Revenue: JP¥13.2b (up 74% from 2Q 2023). Net income: JP¥1.66b (down 19% from 2Q 2023). Profit margin: 13% (down from 27% in 2Q 2023). Revenue exceeded analyst estimates by 12%. Earnings per share (EPS) also surpassed analyst estimates by 7.1%. Revenue is forecast to stay flat during the next 3 years compared to a 4.2% growth forecast for the Real Estate 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 only increased by 6% per year, which means it is significantly lagging earnings growth. Announcement • Sep 27
Heiwa Real Estate Co., Ltd. to Report Q2, 2024 Results on Oct 31, 2023 Heiwa Real Estate Co., Ltd. announced that they will report Q2, 2024 results on Oct 31, 2023 Upcoming Dividend • Sep 21
Upcoming dividend of JP¥58.00 per share at 2.8% yield Eligible shareholders must have bought the stock before 28 September 2023. Payment date: 01 December 2023. Payout ratio is a comfortable 31% but the company is not cash flow positive. Trailing yield: 2.8%. Lower than top quartile of Japanese dividend payers (3.3%). In line with average of industry peers (2.6%). Reported Earnings • Aug 01
First quarter 2024 earnings: EPS and revenues exceed analyst expectations First quarter 2024 results: EPS: JP¥140 (up from JP¥60.21 in 1Q 2023). Revenue: JP¥15.0b (down 14% from 1Q 2023). Net income: JP¥5.00b (up 129% from 1Q 2023). Profit margin: 33% (up from 13% in 1Q 2023). Revenue exceeded analyst estimates by 5.5%. Earnings per share (EPS) also surpassed analyst estimates by 69%. Revenue is forecast to grow 3.5% p.a. on average during the next 3 years, compared to a 4.0% growth forecast for the Real Estate industry in Japan. Over the last 3 years on average, earnings per share has increased by 13% per year whereas the company’s share price has increased by 14% per year. Announcement • Jul 24
Heiwa Real Estate Co., Ltd. to Report Q1, 2024 Results on Jul 31, 2023 Heiwa Real Estate Co., Ltd. announced that they will report Q1, 2024 results on Jul 31, 2023 Reported Earnings • Jun 28
Full year 2023 earnings: EPS and revenues exceed analyst expectations Full year 2023 results: EPS: JP¥254 (up from JP¥237 in FY 2022). Revenue: JP¥44.5b (down 23% from FY 2022). Net income: JP¥9.14b (up 5.0% from FY 2022). Profit margin: 21% (up from 15% in FY 2022). Revenue exceeded analyst estimates by 5.8%. Earnings per share (EPS) also surpassed analyst estimates by 3.2%. Revenue is forecast to grow 1.7% p.a. on average during the next 3 years, compared to a 3.8% growth forecast for the Real Estate industry in Japan. Over the last 3 years on average, earnings per share has increased by 8% per year whereas the company’s share price has increased by 9% per year. Reported Earnings • Apr 29
Full year 2023 earnings: EPS and revenues exceed analyst expectations Full year 2023 results: EPS: JP¥254 (up from JP¥237 in FY 2022). Revenue: JP¥44.5b (down 23% from FY 2022). Net income: JP¥9.14b (up 5.0% from FY 2022). Profit margin: 21% (up from 15% in FY 2022). Revenue exceeded analyst estimates by 5.8%. Earnings per share (EPS) also surpassed analyst estimates by 3.2%. Revenue is forecast to grow 2.4% p.a. on average during the next 2 years, compared to a 3.5% growth forecast for the Real Estate industry in Japan. Over the last 3 years on average, earnings per share has increased by 8% per year whereas the company’s share price has increased by 9% per year. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥50.00 per share at 2.7% yield Eligible shareholders must have bought the stock before 30 March 2023. Payment date: 27 June 2023. Payout ratio is a comfortable 47% but the company is not cash flow positive. Trailing yield: 2.7%. Lower than top quartile of Japanese dividend payers (3.6%). Lower than average of industry peers (3.1%). Reported Earnings • Feb 01
Third quarter 2023 earnings: EPS and revenues miss analyst expectations Third quarter 2023 results: EPS: JP¥39.93 (down from JP¥44.54 in 3Q 2022). Revenue: JP¥7.18b (up 1.0% from 3Q 2022). Net income: JP¥1.43b (down 12% from 3Q 2022). Profit margin: 20% (down from 23% in 3Q 2022). Revenue missed analyst estimates by 3.9%. Earnings per share (EPS) also missed analyst estimates by 23%. Revenue is forecast to grow 5.5% p.a. on average during the next 3 years, compared to a 3.6% growth forecast for the Real Estate industry in Japan. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Announcement • Nov 30
Heiwa Real Estate Co., Ltd. to Report Q3, 2023 Results on Jan 31, 2023 Heiwa Real Estate Co., Ltd. announced that they will report Q3, 2023 results on Jan 31, 2023 Reported Earnings • Nov 16
Second quarter 2023 earnings: EPS and revenues exceed analyst expectations Second quarter 2023 results: EPS: JP¥57.28 (up from JP¥43.96 in 2Q 2022). Revenue: JP¥7.57b (up 1.7% from 2Q 2022). Net income: JP¥2.05b (up 27% from 2Q 2022). Profit margin: 27% (up from 22% in 2Q 2022). Revenue exceeded analyst estimates by 2.9%. Earnings per share (EPS) also surpassed analyst estimates by 1.4%. Revenue is forecast to grow 5.8% p.a. on average during the next 3 years, compared to a 3.4% growth forecast for the Real Estate industry in Japan. Over the last 3 years on average, earnings per share has increased by 11% per year whereas the company’s share price has increased by 14% per year. Board Change • Nov 16
High number of new directors There are 6 new directors who have joined the board in the last 3 years. Executive Officer, GM of Real Estate Investment Department & Director Takahisa Aoyama was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 02
Second quarter 2023 earnings: EPS and revenues exceed analyst expectations Second quarter 2023 results: EPS: JP¥57.28 (up from JP¥43.96 in 2Q 2022). Revenue: JP¥7.57b (up 1.7% from 2Q 2022). Net income: JP¥2.05b (up 27% from 2Q 2022). Profit margin: 27% (up from 22% in 2Q 2022). Revenue exceeded analyst estimates by 2.9%. Earnings per share (EPS) also surpassed analyst estimates by 1.4%. Revenue is forecast to grow 5.8% p.a. on average during the next 3 years, compared to a 3.5% growth forecast for the Real Estate industry in Japan. Over the last 3 years on average, earnings per share has increased by 11% per year whereas the company’s share price has increased by 14% per year. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥50.00 per share Eligible shareholders must have bought the stock before 29 September 2022. Payment date: 01 December 2022. Payout ratio is a comfortable 45% and this is well supported by cash flows. Trailing yield: 2.5%. Lower than top quartile of Japanese dividend payers (3.7%). In line with average of industry peers (2.6%). Board Change • Aug 01
High number of new directors There are 6 new directors who have joined the board in the last 3 years. Executive Officer, GM of Real Estate Investment Department & Director Takahisa Aoyama was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Jul 31
First quarter 2023 earnings released: EPS: JP¥60.21 (vs JP¥84.80 in 1Q 2022) First quarter 2023 results: EPS: JP¥60.21 (down from JP¥84.80 in 1Q 2022). Revenue: JP¥17.4b (down 49% from 1Q 2022). Net income: JP¥2.19b (down 31% from 1Q 2022). Profit margin: 13% (up from 9.3% in 1Q 2022). The increase in margin was driven by lower expenses. Over the next year, revenue is forecast to grow 2.4%, compared to a 3.4% growth forecast for the 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 20% per year, which means it is tracking significantly ahead of earnings growth. Board Change • Jul 17
High number of new directors There are 6 new directors who have joined the board in the last 3 years. Executive Officer, GM of Real Estate Investment Department & Director Takahisa Aoyama was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Major Estimate Revision • May 05
Consensus forecasts updated The consensus outlook for 2023 has been updated. 2023 revenue forecast fell from JP¥46.6b to JP¥41.6b. EPS estimate unchanged at JP¥245 per share. Net income forecast to grow 1.1% next year vs 10% growth forecast for Real Estate industry in Japan. Consensus price target broadly unchanged at JP¥4,497. Share price fell 5.8% to JP¥3,840 over the past week. Reported Earnings • Apr 30
Full year 2022 earnings: EPS and revenues exceed analyst expectations Full year 2022 results: EPS: JP¥237 (up from JP¥190 in FY 2021). Revenue: JP¥57.8b (up 65% from FY 2021). Net income: JP¥8.71b (up 22% from FY 2021). Profit margin: 15% (down from 20% in FY 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.1%. Earnings per share (EPS) also surpassed analyst estimates by 3.4%. Over the next year, revenue is expected to shrink by 28% compared to a 5.9% growth forecast for the 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 24% per year, which means it is tracking significantly ahead of earnings growth. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 5 non-independent directors. External Independent Director Takahiro Moriguchi was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥49.00 per share Eligible shareholders must have bought the stock before 30 March 2022. Payment date: 25 June 2022. Payout ratio is a comfortable 41% and this is well supported by cash flows. Trailing yield: 2.2%. Lower than top quartile of Japanese dividend payers (3.4%). Lower than average of industry peers (2.6%). Reported Earnings • Feb 02
Third quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2022 results: EPS: JP¥44.53 (up from JP¥38.68 in 3Q 2021). Revenue: JP¥7.11b (up 8.5% from 3Q 2021). Net income: JP¥1.63b (up 13% from 3Q 2021). Profit margin: 23% (in line with 3Q 2021). Revenue exceeded analyst estimates by 9.0%. Earnings per share (EPS) missed analyst estimates by 6.3%. Over the next year, revenue is expected to shrink by 12% compared to a 5.6% growth forecast for the 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 25% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Oct 31
Second quarter 2022 earnings released: EPS JP¥43.95 (vs JP¥85.16 in 2Q 2021) The company reported a poor second quarter result with weaker earnings and revenues, although profit margins were flat. Second quarter 2022 results: Revenue: JP¥7.44b (down 51% from 2Q 2021). Net income: JP¥1.62b (down 49% from 2Q 2021). Profit margin: 22% (in line with 2Q 2021). 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 21% per year. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥41.00 per share Eligible shareholders must have bought the stock before 29 September 2021. Payment date: 01 December 2021. Trailing yield: 2.0%. Lower than top quartile of Japanese dividend payers (3.0%). Lower than average of industry peers (2.3%). Reported Earnings • Aug 03
First quarter 2022 earnings released: EPS JP¥84.80 (vs JP¥29.32 in 1Q 2021) The company reported a solid first quarter result with improved earnings and revenues, although profit margins were weaker. First quarter 2022 results: Revenue: JP¥33.8b (up 431% from 1Q 2021). Net income: JP¥3.15b (up 184% from 1Q 2021). Profit margin: 9.3% (down from 17% 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 16% per year but the company’s share price has increased by 27% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Jun 27
Full year 2021 earnings released: EPS JP¥190 (vs JP¥185 in FY 2020) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2021 results: Revenue: JP¥35.0b (down 25% from FY 2020). Net income: JP¥7.12b (up 1.0% from FY 2020). Profit margin: 20% (up from 15% in FY 2020). The increase in margin was driven by lower expenses. 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 29% per year, which means it is tracking significantly ahead of earnings growth. Major Estimate Revision • Jun 04
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast increased from JP¥46.9b to JP¥56.3b. EPS estimate unchanged at JP¥204. Net income forecast to grow 5.2% next year vs 11% growth forecast for Real Estate industry in Japan. Consensus price target of JP¥4,330 unchanged from last update. Share price was steady at JP¥4,215 over the past week. Major Estimate Revision • May 07
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast increased from JP¥41.0b to JP¥46.9b. EPS estimate unchanged at JP¥202. Net income forecast to grow 3.5% next year vs 9.7% growth forecast for Real Estate industry in Japan. Consensus price target broadly unchanged at JP¥4,280. Share price rose 3.8% to JP¥3,855 over the past week. Reported Earnings • May 02
Full year 2021 earnings released: EPS JP¥190 (vs JP¥185 in FY 2020) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2021 results: Revenue: JP¥35.0b (down 25% from FY 2020). Net income: JP¥7.12b (up 1.0% from FY 2020). Profit margin: 20% (up from 15% in FY 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 14% per year whereas the company’s share price has increased by 15% per year. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥32.00 per share Eligible shareholders must have bought the stock before 30 March 2021. Payment date: 25 June 2021. Trailing yield: 1.8%. Lower than top quartile of Japanese dividend payers (2.7%). Lower than average of industry peers (2.1%). Is New 90 Day High Low • Mar 05
New 90-day low: JP¥3,350 The company is down 5.0% from its price of JP¥3,520 on 04 December 2020. The Japanese market is up 6.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Real Estate industry, which is up 4.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is JP¥652 per share. Price Target Changed • Feb 10
Price target raised to JP¥4,160 Up from JP¥3,650, the current price target is an average from 3 analysts. The new target price is 12% above the current share price of JP¥3,720. As of last close, the stock is up 7.8% over the past year. Reported Earnings • Feb 01
Third quarter 2021 earnings released: EPS JP¥38.67 (vs JP¥39.61 in 3Q 2020) The company reported a poor third quarter result with weaker earnings and revenues, although profit margins were flat. Third quarter 2021 results: Revenue: JP¥6.55b (down 1.3% from 3Q 2020). Net income: JP¥1.45b (down 3.3% from 3Q 2020). Profit margin: 22% (in line with 3Q 2020). 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 20% per year, which means it is tracking significantly ahead of earnings growth. Analyst Estimate Surprise Post Earnings • Feb 01
Earnings beat expectations, revenue disappoints Revenue missed analyst estimates by 14%. Earnings per share (EPS) exceeded analyst estimates by 151%. Over the next year, revenue is forecast to grow 5.1%, compared to a 3.4% growth forecast for the Real Estate industry in Japan. Is New 90 Day High Low • Jan 06
New 90-day high: JP¥3,765 The company is up 22% from its price of JP¥3,095 on 08 October 2020. The Japanese market is up 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Real Estate industry, which is up 3.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is JP¥711 per share. Is New 90 Day High Low • Dec 17
New 90-day high: JP¥3,590 The company is up 23% from its price of JP¥2,919 on 18 September 2020. The Japanese market is up 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Real Estate industry, which is up 10.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is JP¥683 per share. Is New 90 Day High Low • Dec 02
New 90-day high: JP¥3,495 The company is up 24% from its price of JP¥2,810 on 03 September 2020. The Japanese market is up 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Real Estate industry, which is up 14% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is JP¥680 per share.