Buy Or Sell Opportunity • Jun 09
Now 23% overvalued Over the last 90 days, the stock has fallen 8.5% to JP¥7,034. The fair value is estimated to be JP¥5,699, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 7.5% over the last 3 years. Earnings per share has grown by 32%. For the next 3 years, revenue is forecast to grow by 5.0% per annum. Earnings are also forecast to grow by 7.4% per annum over the same time period. Announcement • May 25
Kinden Corporation (TSE:1944) proposed to acquire 48.64% stake in The Kodensha Co., Ltd. (TSE:1948) from a group of shareholders for ¥48.9 billion. Kinden Corporation (TSE:1944) proposed to acquire 48.64% stake in The Kodensha Co., Ltd. (TSE:1948) from a group of shareholders for ¥48.9 billion on November 28, 2025. A cash consideration of ¥48.86 billion valued at ¥11501 per share will be paid by Kinden Corporation. As part of consideration, ¥48.86 billion is paid towards common equity of The Kodensha Co., Ltd. The Tender Offeror has set 1,336,800 shares representing 15.31% stake as the minimum number of shares to be purchased. After successful completion of the tender offer, procedures will be implemented without delay to make Mitsubishi Electric and KINDEN the only shareholders of Kodensha. The procedures include share consolidation of Kodensha.
The transaction is subject to approval of merger agreement by target board and minimum tender. The Board of Directors of The Kodensha Co., Ltd. formed a special committee for the transaction. The expected completion of the transaction is July 6, 2026.
Mizuho Investors Securities Co., Ltd. acted as financial advisor for The Kodensha Co., Ltd. Daiwa Securities Co. Ltd. acted as financial advisor for The Kodensha Co., Ltd. KPMG FAS Co., Ltd. acted as financial advisor for Kinden Corporation. TMI Associates acted as legal advisor for The Kodensha Co., Ltd. Oh-Ebashi LPC & Partners as the legal advisor independent of any of the Tender Offer-Related Parties respectively Live News • May 25
Kinden Moves to Acquire Remaining Kodensha Shares With Tender Offer and Mitsubishi Electric Support Kinden has launched a tender offer to acquire all common shares of THE KODENSHA Co., Ltd., aiming to make Kodensha a wholly owned subsidiary.
The tender offer period is scheduled from May 26 to July 6, 2026, at an offer price of ¥11,501 per share.
Kinden has signed a master transaction agreement with Mitsubishi Electric to support restructuring and share buyback steps after the tender offer is completed.
The move to take Kodensha private points to a clearer integration plan. The Mitsubishi Electric agreement sets out a defined framework for what happens after the offer closes.
Investors may wish to monitor the progression of the tender period and any updates on post-transaction restructuring, as these developments could affect Kinden’s capital allocation priorities and group structure. Buy Or Sell Opportunity • May 21
Now 21% overvalued Over the last 90 days, the stock has fallen 16% to JP¥6,827. The fair value is estimated to be JP¥5,663, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 7.5% over the last 3 years. Earnings per share has grown by 32%. For the next 3 years, revenue is forecast to grow by 4.9% per annum. Earnings are also forecast to grow by 7.4% per annum over the same time period. Valuation Update With 7 Day Price Move • May 18
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to JP¥6,916, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 14x in the Construction industry in Japan. Total returns to shareholders of 297% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥5,636 per share. Valuation Update With 7 Day Price Move • May 04
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to JP¥8,140, the stock trades at a forward P/E ratio of 22x. Average forward P/E is 14x in the Construction industry in Japan. Total returns to shareholders of 374% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥6,019 per share. Announcement • Apr 29
Kinden Corporation (TSE:1944) announces an Equity Buyback for 33,500,000 shares, representing 16.92% for ¥223,732.1 million. Kinden Corporation (TSE:1944) announces a share repurchase program. Under the program, the company will repurchase up to 33,500,000 shares, representing 16.92% of its issued share capital, for ¥2,23,732.1 million. The shares will be repurchases at a price of ¥6,677 per share. The shares will be repurchased from The Kansai Electric Power Company, Incorporated. The purpose of program is to return profits to shareholders. The program is valid till June 23, 2026. As of march 31, 2026, there are 197,987,702 outstanding shares (excluding treasury stock) and 1,966,478 treasury shares. Reported Earnings • Apr 28
Full year 2026 earnings: EPS exceeds analyst expectations Full year 2026 results: EPS: JP¥351 (up from JP¥236 in FY 2025). Revenue: JP¥750.7b (up 6.5% from FY 2025). Net income: JP¥69.4b (up 47% from FY 2025). Profit margin: 9.3% (up from 6.7% in FY 2025). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 4.7%. Revenue is forecast to grow 4.9% p.a. on average during the next 3 years, compared to a 4.3% growth forecast for the Construction 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 increased by 63% per year, which means it is tracking significantly ahead of earnings growth. Buy Or Sell Opportunity • Apr 28
Now 32% overvalued after recent price rise Over the last 90 days, the stock has risen 6.5% to JP¥7,932. The fair value is estimated to be JP¥6,022, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 7.5% over the last 3 years. Earnings per share has grown by 32%. For the next 3 years, revenue is forecast to grow by 4.9% per annum. Earnings are also forecast to grow by 8.2% per annum over the same time period. Announcement • Apr 27
Kinden Corporation, Annual General Meeting, Jun 24, 2026 Kinden Corporation, Annual General Meeting, Jun 24, 2026. New Risk • Apr 27
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 6.8% 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 Dividend is not well covered by cash flows (dividend per share is over 9x cash flows per share). Share price has been volatile over the past 3 months (6.8% average weekly change). Announcement • Apr 21
Kinden Corporation to Report Fiscal Year 2026 Results on Apr 27, 2026 Kinden Corporation announced that they will report fiscal year 2026 results on Apr 27, 2026 Buy Or Sell Opportunity • Mar 25
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 8.3% to JP¥7,442. The fair value is estimated to be JP¥6,065, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 7.6% over the last 3 years. Earnings per share has grown by 32%. For the next 3 years, revenue is forecast to grow by 4.9% per annum. Earnings are also forecast to grow by 9.9% per annum over the same time period. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥65.00 per share Eligible shareholders must have bought the stock before 30 March 2026. Payment date: 26 June 2026. Payout ratio is a comfortable 33% but the company is paying out more than the cash it is generating. Trailing yield: 1.8%. Lower than top quartile of Japanese dividend payers (3.6%). Lower than average of industry peers (2.4%). Buy Or Sell Opportunity • Mar 10
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 12% to JP¥7,562. The fair value is estimated to be JP¥6,125, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 7.6% over the last 3 years. Earnings per share has grown by 32%. For the next 3 years, revenue is forecast to grow by 4.9% per annum. Earnings are also forecast to grow by 9.9% per annum over the same time period. Price Target Changed • Feb 19
Price target increased by 7.2% to JP¥7,186 Up from JP¥6,700, the current price target is an average from 7 analysts. New target price is 11% below last closing price of JP¥8,034. Stock is up 148% over the past year. The company is forecast to post earnings per share of JP¥329 for next year compared to JP¥236 last year. Valuation Update With 7 Day Price Move • Feb 09
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to JP¥7,855, the stock trades at a forward P/E ratio of 22x. Average forward P/E is 16x in the Construction industry in Japan. Total returns to shareholders of 487% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥5,348 per share. Reported Earnings • Jan 30
Third quarter 2026 earnings released: EPS: JP¥89.10 (vs JP¥73.21 in 3Q 2025) Third quarter 2026 results: EPS: JP¥89.10 (up from JP¥73.21 in 3Q 2025). Revenue: JP¥177.9b (up 6.8% from 3Q 2025). Net income: JP¥17.7b (up 21% from 3Q 2025). Profit margin: 9.9% (up from 8.8% in 3Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 3.3% p.a. on average during the next 3 years, compared to a 3.6% growth forecast for the Construction 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 increased by 69% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Dec 27
Kinden Corporation to Report Q3, 2026 Results on Jan 29, 2026 Kinden Corporation announced that they will report Q3, 2026 results on Jan 29, 2026 Price Target Changed • Dec 03
Price target increased by 7.3% to JP¥5,917 Up from JP¥5,517, the current price target is an average from 6 analysts. New target price is 8.9% below last closing price of JP¥6,497. Stock is up 113% over the past year. The company is forecast to post earnings per share of JP¥330 for next year compared to JP¥236 last year. Buy Or Sell Opportunity • Dec 03
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 23% to JP¥6,497. The fair value is estimated to be JP¥5,304, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 7.7% over the last 3 years. Earnings per share has grown by 30%. For the next 3 years, revenue is forecast to grow by 3.3% per annum. Earnings are also forecast to grow by 4.9% per annum over the same time period. Declared Dividend • Nov 29
First half dividend of JP¥60.00 announced Shareholders will receive a dividend of JP¥60.00. Ex-date: 30th March 2026 Payment date: 26th June 2026 Dividend yield will be 1.9%, which is lower than the industry average of 2.9%. Sustainability & Growth Dividend is covered by earnings (15% earnings payout ratio) but not covered by cash flows (dividend approximately 9x free cash flows). The dividend has increased by an average of 22% 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 18% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Oct 30
Second quarter 2026 earnings released: EPS: JP¥92.11 (vs JP¥37.82 in 2Q 2025) Second quarter 2026 results: EPS: JP¥92.11 (up from JP¥37.82 in 2Q 2025). Revenue: JP¥180.0b (up 9.2% from 2Q 2025). Net income: JP¥18.2b (up 141% from 2Q 2025). Profit margin: 10% (up from 4.6% in 2Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 2.4% p.a. on average during the next 3 years, compared to a 2.6% growth forecast for the Construction industry in Japan. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has increased by 61% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Oct 29
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 6.3% 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. Buy Or Sell Opportunity • Oct 29
Now 25% overvalued after recent price rise Over the last 90 days, the stock has risen 29% to JP¥6,158. The fair value is estimated to be JP¥4,920, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 7.6% over the last 3 years. Earnings per share has grown by 26%. For the next 3 years, revenue is forecast to grow by 2.6% per annum. Earnings are also forecast to grow by 5.6% per annum over the same time period. Announcement • Sep 26
Kinden Corporation to Report Q2, 2026 Results on Oct 28, 2025 Kinden Corporation announced that they will report Q2, 2026 results on Oct 28, 2025 Upcoming Dividend • Sep 22
Upcoming dividend of JP¥50.00 per share Eligible shareholders must have bought the stock before 29 September 2025. Payment date: 25 November 2025. Payout ratio is a comfortable 32% but the company is paying out more than the cash it is generating. Trailing yield: 1.9%. Lower than top quartile of Japanese dividend payers (3.6%). Lower than average of industry peers (2.8%). Price Target Changed • Aug 22
Price target increased by 7.1% to JP¥4,883 Up from JP¥4,558, the current price target is an average from 6 analysts. New target price is 8.7% below last closing price of JP¥5,351. Stock is up 71% over the past year. The company is forecast to post earnings per share of JP¥285 for next year compared to JP¥236 last year. Price Target Changed • Aug 03
Price target increased by 10% to JP¥4,358 Up from JP¥3,952, the current price target is an average from 6 analysts. New target price is 9.8% below last closing price of JP¥4,833. Stock is up 60% over the past year. The company is forecast to post earnings per share of JP¥274 for next year compared to JP¥236 last year. Reported Earnings • Aug 02
First quarter 2026 earnings released: EPS: JP¥22.01 (vs JP¥11.14 in 1Q 2025) First quarter 2026 results: EPS: JP¥22.01 (up from JP¥11.14 in 1Q 2025). Revenue: JP¥141.4b (up 6.1% from 1Q 2025). Net income: JP¥4.37b (up 95% from 1Q 2025). Profit margin: 3.1% (up from 1.7% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 2.3% p.a. on average during the next 3 years, compared to a 2.5% growth forecast for the Construction industry in Japan. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has increased by 47% per year, which means it is tracking significantly ahead of earnings growth. Declared Dividend • Jul 09
Final dividend of JP¥50.00 announced Shareholders will receive a dividend of JP¥50.00. Ex-date: 29th September 2025 Payment date: 25th November 2025 Dividend yield will be 2.2%, which is lower than the industry average of 2.9%. Sustainability & Growth Dividend is covered by earnings (39% earnings payout ratio) but not covered by cash flows (179% cash payout ratio). The dividend has increased by an average of 20% 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 18% 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 and revenues exceed analyst expectations Full year 2025 results: EPS: JP¥236 (up from JP¥165 in FY 2024). Revenue: JP¥705.1b (up 7.7% from FY 2024). Net income: JP¥47.3b (up 41% from FY 2024). Profit margin: 6.7% (up from 5.1% in FY 2024). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 2.7%. Earnings per share (EPS) also surpassed analyst estimates by 17%. Revenue is forecast to grow 2.4% p.a. on average during the next 3 years, compared to a 2.4% growth forecast for the Construction 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 39% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jun 26
Kinden Corporation to Report Q1, 2026 Results on Jul 31, 2025 Kinden Corporation announced that they will report Q1, 2026 results on Jul 31, 2025 New Risk • Apr 28
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. Cash payout ratio: 180% Dividend yield: 2.6% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. This is currently the only risk that has been identified for the company. Announcement • Apr 28
Kinden Corporation Announces Dividend for Year Ending March 31, 2025; Provides Dividend Guidance for Second Quarter and Full Year of 2026 KINDEN CORPORATION announced that it has resolved at a meeting of its Board of Directors held on April 25, 2025 to pay dividends of surplus with a record date of March 31, 2025. This matter is scheduled to be officially decided upon approval at the 111th Ordinary General Meeting of Shareholders of the Company to be held on June 25, 2025. The company has announced an ordinary dividend of JPY 45 per share as compared to previous guidance of JPY 37 per share. Total amount of dividend is JPY 9,937 million. Effective Date is June 26, 2025. Record date is March 31, 2025. Source of dividends is retained earnings.
For the second quarter of 2026, the company expects to pay JPY 50 per share.
For fiscal year end of 2026, the company expects to pay JPY 50 per share.
Reason: The Company will actively expand the foundation of its business, mainly by leveraging human resources, a source of competitiveness, from a long-term perspective. By doing so, they will seek to achieve sustainable growth and development. They expect that these efforts will contribute to long-term benefits for their stakeholders. They consider the distribution of profits to shareholders as one of their important management issues in the future as well. They also maintain the fundamental policy of placing top priority on stable and sustainable dividends for shareholders, with a dividend policy that also takes into account business results and financial performance. In addition, they have an interim dividend system in place to increase opportunities to distribute profits and aim to achieve shareholder-focused management by, for example, paying commemorative dividends when they reach a milestone or celebrate an anniversary. They pay interim dividends equal to half the amount of expected annual dividends, which are calculated based on full-year earnings forecasts. Meanwhile, they determine the amount of year-end dividends by subtracting the amount of interim dividends from the amount of annual dividends, which are calculated based on actual business results confirmed at fiscal year-end. Based on the aforementioned basic policy and the Company's capital policy, they had previously announced a year-end dividend of JPY 42 per share (ordinary dividend of JPY 37 per share and an 80th anniversary commemorative dividend of JPY 5 per share) for the fiscal year ended March 31, 2025. However, taking into account the performance of the current fiscal year and other factors, they have decided to increase the dividend by an additional JPY 8 per share,resulting in a total dividend of JPY 50 per share (ordinary dividend of JPY 45 per share and an 80th anniversary commemorative dividend of JPY 5 per share). As a result, the full-year dividend for the current fiscal year will be JPY 90 per share (ordinary dividend of JPY 80 and an 80th anniversary commemorative dividend of JPY 10), including an interim dividend of JPY 40 (ordinary dividend of JPY 35 and an 80th anniversary commemorative dividend of JPY 5). They plan to pay an annual dividend of JPY 100 per share for the fiscal year ending March 31, 2026. This will include an interim dividend of JPY 50 and a year-end dividend of JPY 50. Reported Earnings • Apr 26
Full year 2025 earnings: EPS and revenues exceed analyst expectations Full year 2025 results: EPS: JP¥236 (up from JP¥165 in FY 2024). Revenue: JP¥705.1b (up 7.7% from FY 2024). Net income: JP¥47.3b (up 41% from FY 2024). Profit margin: 6.7% (up from 5.1% in FY 2024). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 2.7%. Earnings per share (EPS) also surpassed analyst estimates by 17%. Revenue is forecast to grow 1.2% p.a. on average during the next 3 years, compared to a 2.3% growth forecast for the Construction 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 31% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Mar 26
Kinden Corporation to Report Fiscal Year 2025 Results on Apr 25, 2025 Kinden Corporation announced that they will report fiscal year 2025 results on Apr 25, 2025 Upcoming Dividend • Mar 21
Upcoming dividend of JP¥42.00 per share Eligible shareholders must have bought the stock before 28 March 2025. Payment date: 26 June 2025. Payout ratio is a comfortable 39% and this is well supported by cash flows. Trailing yield: 2.0%. Lower than top quartile of Japanese dividend payers (3.7%). Lower than average of industry peers (3.3%). Announcement • Mar 05
Kinden Corporation (TSE:1944) agreed to acquire KITA KOUDENSHA Corporation from Mitsubishi Electric Corporation (TSE:6503). Kinden Corporation (TSE:1944) agreed to acquire KITA KOUDENSHA Corporation from Mitsubishi Electric Corporation (TSE:6503) on March 3, 2025. The transaction is expected to close on April 1, 2025. Reported Earnings • Feb 01
Third quarter 2025 earnings released: EPS: JP¥73.21 (vs JP¥49.81 in 3Q 2024) Third quarter 2025 results: EPS: JP¥73.21 (up from JP¥49.81 in 3Q 2024). Revenue: JP¥166.5b (up 6.5% from 3Q 2024). Net income: JP¥14.6b (up 45% from 3Q 2024). Profit margin: 8.8% (up from 6.4% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to stay flat during the next 3 years compared to a 1.7% growth forecast for the Construction industry in Japan. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has increased by 25% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jan 31
Kinden Corporation (TSE:1944) announces an Equity Buyback for 4,500,000 shares, representing 2.26% for ¥10,000 million. Kinden Corporation (TSE:1944) announces a share repurchase program. Under the program, the company will repurchase up to 4,500,000 shares, representing 2.26% of its issued share capital, for ¥10,000 million. The purpose of program is to return profits to shareholders. The program is valid till December 23, 2025. As of December 31, 2024, there are 199,291,758 outstanding shares (excluding treasury stock) and 3,349,322 treasury shares. Announcement • Jan 03
Kinden Corporation to Report Q3, 2025 Results on Jan 31, 2025 Kinden Corporation announced that they will report Q3, 2025 results on Jan 31, 2025 Reported Earnings • Nov 02
Second quarter 2025 earnings released: EPS: JP¥37.82 (vs JP¥31.34 in 2Q 2024) Second quarter 2025 results: EPS: JP¥37.82 (up from JP¥31.34 in 2Q 2024). Revenue: JP¥164.8b (up 4.4% from 2Q 2024). Net income: JP¥7.58b (up 19% from 2Q 2024). Profit margin: 4.6% (up from 4.0% in 2Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to stay flat during the next 3 years compared to a 2.3% growth forecast for the Construction industry in Japan. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has increased by 18% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Sep 26
Kinden Corporation to Report Q2, 2025 Results on Oct 31, 2024 Kinden Corporation announced that they will report Q2, 2025 results on Oct 31, 2024 Upcoming Dividend • Sep 20
Upcoming dividend of JP¥40.00 per share Eligible shareholders must have bought the stock before 27 September 2024. Payment date: 27 November 2024. Payout ratio is a comfortable 37% and the cash payout ratio is 77%. Trailing yield: 2.2%. Lower than top quartile of Japanese dividend payers (3.8%). Lower than average of industry peers (3.3%). Price Target Changed • Sep 04
Price target increased by 8.0% to JP¥3,333 Up from JP¥3,086, the current price target is an average from 4 analysts. New target price is 8.1% above last closing price of JP¥3,082. Stock is up 47% over the past year. The company is forecast to post earnings per share of JP¥185 for next year compared to JP¥165 last year. Reported Earnings • Aug 01
First quarter 2025 earnings released: EPS: JP¥11.14 (vs JP¥5.51 in 1Q 2024) First quarter 2025 results: EPS: JP¥11.14 (up from JP¥5.51 in 1Q 2024). Revenue: JP¥133.2b (up 18% from 1Q 2024). Net income: JP¥2.24b (up 99% from 1Q 2024). Profit margin: 1.7% (up from 1.0% in 1Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to stay flat during the next 3 years compared to a 2.5% growth forecast for the Construction industry in Japan. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has increased by 21% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jun 27
Kinden Corporation to Report Q1, 2025 Results on Jul 30, 2024 Kinden Corporation announced that they will report Q1, 2025 results on Jul 30, 2024 Price Target Changed • Jun 25
Price target increased by 7.9% to JP¥3,086 Up from JP¥2,860, the current price target is an average from 5 analysts. New target price is 5.6% below last closing price of JP¥3,268. Stock is up 68% over the past year. The company is forecast to post earnings per share of JP¥185 for next year compared to JP¥165 last year. Price Target Changed • May 29
Price target increased by 9.0% to JP¥2,966 Up from JP¥2,720, the current price target is an average from 5 analysts. New target price is 8.3% below last closing price of JP¥3,235. Stock is up 77% over the past year. The company is forecast to post earnings per share of JP¥185 for next year compared to JP¥165 last year. Reported Earnings • Apr 25
Full year 2024 earnings: EPS and revenues exceed analyst expectations Full year 2024 results: EPS: JP¥165 (up from JP¥140 in FY 2023). Revenue: JP¥654.5b (up 7.5% from FY 2023). Net income: JP¥33.6b (up 17% from FY 2023). Profit margin: 5.1% (up from 4.7% in FY 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 3.5%. Earnings per share (EPS) also surpassed analyst estimates by 4.5%. Revenue is forecast to grow 1.0% p.a. on average during the next 3 years, compared to a 2.6% growth forecast for the Construction 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 19% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Apr 12
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to JP¥3,024, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 12x in the Construction industry in Japan. Total returns to shareholders of 70% over the past three years. Announcement • Mar 27
Kinden Corporation to Report Fiscal Year 2024 Results on Apr 24, 2024 Kinden Corporation announced that they will report fiscal year 2024 results on Apr 24, 2024 Upcoming Dividend • Mar 21
Upcoming dividend of JP¥40.00 per share Eligible shareholders must have bought the stock before 28 March 2024. Payment date: 28 June 2024. Payout ratio is a comfortable 24% and this is well supported by cash flows. Trailing yield: 1.4%. Lower than top quartile of Japanese dividend payers (3.2%). Lower than average of industry peers (2.7%). Reported Earnings • Feb 02
Third quarter 2024 earnings released: EPS: JP¥49.81 (vs JP¥27.07 in 3Q 2023) Third quarter 2024 results: EPS: JP¥49.81 (up from JP¥27.07 in 3Q 2023). Revenue: JP¥156.4b (up 8.2% from 3Q 2023). Net income: JP¥10.1b (up 82% from 3Q 2023). Profit margin: 6.4% (up from 3.8% in 3Q 2023). 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, compared to a 2.5% growth forecast for the Construction 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 14% per year, which means it is well ahead of earnings. Announcement • Feb 01
Kinden Corporation (TSE:1944) announces an Equity Buyback for 4,500,000 shares, representing 2.23% for ¥8,000 million. Kinden Corporation (TSE:1944) announces a share repurchase program. Under the program, the company will repurchase 4,500,000 shares, representing 2.23% of the outstanding shares for ¥8,000 million. The purpose of the program is to implement a flexible capital policy, to improve capital efficiency and enhance shareholder value. The program will run until December 31, 2024. As of December 31, 2023, the company had 202,187,723 shares outstanding and 2,953,357 shares in treasury. Announcement • Dec 27
Kinden Corporation to Report Q3, 2024 Results on Jan 31, 2024 Kinden Corporation announced that they will report Q3, 2024 results on Jan 31, 2024 Price Target Changed • Dec 19
Price target increased by 7.5% to JP¥2,145 Up from JP¥1,996, the current price target is an average from 4 analysts. New target price is 7.7% below last closing price of JP¥2,325. Stock is up 63% over the past year. The company is forecast to post earnings per share of JP¥147 for next year compared to JP¥140 last year. Reported Earnings • Nov 01
Second quarter 2024 earnings: EPS and revenues exceed analyst expectations Second quarter 2024 results: EPS: JP¥31.34 (up from JP¥23.80 in 2Q 2023). Revenue: JP¥157.9b (up 11% from 2Q 2023). Net income: JP¥6.37b (up 31% from 2Q 2023). Profit margin: 4.0% (up from 3.4% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 3.9%. Earnings per share (EPS) also surpassed analyst estimates by 15%. Revenue is forecast to grow 1.1% p.a. on average during the next 3 years, compared to a 2.3% growth forecast for the Construction 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 12% per year, which means it is well ahead of earnings. Price Target Changed • Sep 29
Price target increased by 15% to JP¥2,000 Up from JP¥1,745, the current price target is an average from 4 analysts. New target price is 8.1% below last closing price of JP¥2,176. Stock is up 42% over the past year. The company is forecast to post earnings per share of JP¥145 for next year compared to JP¥140 last year. Announcement • Sep 27
Kinden Corporation to Report Q2, 2024 Results on Oct 30, 2023 Kinden Corporation announced that they will report Q2, 2024 results on Oct 30, 2023 Upcoming Dividend • Sep 21
Upcoming dividend of JP¥20.00 per share at 1.8% yield Eligible shareholders must have bought the stock before 28 September 2023. Payment date: 27 November 2023. Payout ratio is a comfortable 28% but the company is paying out more than the cash it is generating. Trailing yield: 1.8%. Lower than top quartile of Japanese dividend payers (3.3%). Lower than average of industry peers (3.0%). Reported Earnings • Jul 28
First quarter 2024 earnings released: EPS: JP¥5.51 (vs JP¥2.97 in 1Q 2023) First quarter 2024 results: EPS: JP¥5.51 (up from JP¥2.97 in 1Q 2023). Revenue: JP¥112.8b (down 2.3% from 1Q 2023). Net income: JP¥1.13b (up 85% from 1Q 2023). Profit margin: 1.0% (up from 0.5% in 1Q 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 1.4% p.a. on average during the next 3 years, compared to a 2.6% growth forecast for the Construction industry in Japan. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Announcement • Jun 26
Kinden Corporation to Report Q1, 2024 Results on Jul 27, 2023 Kinden Corporation announced that they will report Q1, 2024 results on Jul 27, 2023 Price Target Changed • Jun 08
Price target increased by 8.6% to JP¥1,745 Up from JP¥1,608, the current price target is an average from 4 analysts. New target price is 8.4% below last closing price of JP¥1,904. Stock is up 24% over the past year. The company is forecast to post earnings per share of JP¥146 for next year compared to JP¥140 last year. 
