Valuation Update With 7 Day Price Move • Jun 09
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to JP¥2,255, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 13x in the Banks industry in Japan. Total returns to shareholders of 341% over the past three years. Live News • May 15
Shiga Bank Profit Surges Over 50% With Higher Dividend and New Leadership in 2026 Shiga Bank reported a more than 50% surge in ordinary profit for FY2026, supported by higher interest income and stronger margins, alongside growth in total assets, equity and cash reserves.
The bank raised its year-end dividend to ¥75 per share for FY2026, lifting the full-year payout to ¥140 per share, and has committed to a dividend payout ratio of around 40% through March 2029, supported by flexible share buybacks from FY2026.
Management increased its ROE target under the 8th Medium-Term Plan to 8% by 2029 and announced a leadership reshuffle effective June 2026, with Hidekazu Toda set to become Representative Director and Senior Managing Executive Officer as part of efforts to strengthen governance and corporate value.
Taken together, the profit growth, higher ROE ambition and increased focus on dividends and buybacks point to a clearer emphasis on capital efficiency and shareholder returns over the coming years.
Investors may want to watch how the new leadership executes on regional growth, digitalization and sustainable finance priorities while maintaining the balance between financial stability, investment and higher payouts. Reported Earnings • May 15
Full year 2026 earnings: EPS and revenues exceed analyst expectations Full year 2026 results: EPS: JP¥92.27 (up from JP¥79.94 in FY 2025). Revenue: JP¥130.7b (up 28% from FY 2025). Net income: JP¥21.3b (up 14% from FY 2025). Profit margin: 16% (down from 18% in FY 2025). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 2.4%. Earnings per share (EPS) also surpassed analyst estimates by 2.6%. Revenue is forecast to grow 26% p.a. on average during the next 2 years, compared to a 4.0% growth forecast for the Banks 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 55% per year, which means it is tracking significantly ahead of earnings growth. Announcement • May 13
The Shiga Bank, Ltd., Annual General Meeting, Jun 24, 2026 The Shiga Bank, Ltd., Annual General Meeting, Jun 24, 2026. Announcement • May 10
The Shiga Bank, Ltd. to Report Fiscal Year 2026 Results on May 13, 2026 The Shiga Bank, Ltd. announced that they will report fiscal year 2026 results on May 13, 2026 New Risk • Mar 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 6.6% 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. 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 26% but the company is not cash flow positive. Trailing yield: 1.6%. Lower than top quartile of Japanese dividend payers (3.6%). Lower than average of industry peers (2.7%). Reported Earnings • Jan 30
Third quarter 2026 earnings released: EPS: JP¥122 (vs JP¥152 in 3Q 2025) Third quarter 2026 results: EPS: JP¥122 (down from JP¥152 in 3Q 2025). Revenue: JP¥33.8b (down 2.5% from 3Q 2025). Net income: JP¥5.63b (down 21% from 3Q 2025). Profit margin: 17% (down from 21% in 3Q 2025). Revenue is forecast to grow 25% p.a. on average during the next 3 years, compared to a 5.4% growth forecast for the Banks 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 43% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jan 29
The Shiga Bank, Ltd. (TSE:8366) announces an Equity Buyback for 417,000 shares, representing 0.9% for ¥2,500 million. The Shiga Bank, Ltd. (TSE:8366) announces a share repurchase program. Under the program, the company will repurchase up to 417,000 shares, representing 0.9% of its issued share capital, for ¥2,500 million. The purpose of the program is to increase shareholder value through returning profits to shareholders. The program will run until March 24, 2026. As of December 31, 2025, the company had 46, 278,346 shares in issue (excluding treasury stock) and 6,811,735 shares in treasury. Announcement • Jan 08
The Shiga Bank, Ltd. to Report Q3, 2026 Results on Jan 29, 2026 The Shiga Bank, Ltd. announced that they will report Q3, 2026 results on Jan 29, 2026 Declared Dividend • Dec 12
First half dividend of JP¥65.00 announced Shareholders will receive a dividend of JP¥65.00. Ex-date: 30th March 2026 Payment date: 26th June 2026 Dividend yield will be 1.8%, which is lower 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 112% 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. Valuation Update With 7 Day Price Move • Dec 01
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to JP¥7,120, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 12x in the Banks industry in Japan. Total returns to shareholders of 212% over the past three years. New Risk • Nov 18
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 30% 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. Reported Earnings • Nov 18
Second quarter 2026 earnings released: EPS: JP¥101 (vs JP¥64.82 in 2Q 2025) Second quarter 2026 results: EPS: JP¥101 (up from JP¥64.82 in 2Q 2025). Revenue: JP¥37.4b (up 84% from 2Q 2025). Net income: JP¥4.65b (up 53% from 2Q 2025). Profit margin: 12% (down from 15% in 2Q 2025). Revenue is forecast to grow 23% p.a. on average during the next 3 years, compared to a 4.0% growth 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 33% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥65.00 per share Eligible shareholders must have bought the stock before 29 September 2025. Payment date: 03 December 2025. Payout ratio is a comfortable 21% but the company is not cash flow positive. Trailing yield: 2.0%. Lower than top quartile of Japanese dividend payers (3.6%). Lower than average of industry peers (3.1%). Announcement • Sep 05
The Shiga Bank, Ltd. to Report Q2, 2026 Results on Nov 14, 2025 The Shiga Bank, Ltd. announced that they will report Q2, 2026 results on Nov 14, 2025 Buy Or Sell Opportunity • Jul 31
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 11% to JP¥6,110. The fair value is estimated to be JP¥5,044, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Declared Dividend • Jul 09
Final dividend of JP¥65.00 announced Shareholders will receive a dividend of JP¥65.00. Ex-date: 29th September 2025 Payment date: 3rd December 2025 Dividend yield will be 1.8%, which is lower 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. Earnings per share has grown by 11% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. New Risk • Jul 08
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 36% 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. Buy Or Sell Opportunity • Jul 01
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 12% to JP¥5,950. The fair value is estimated to be JP¥4,927, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 4.9%. Buy Or Sell Opportunity • Jun 13
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 24% to JP¥5,930. The fair value is estimated to be JP¥4,934, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 4.9%. Announcement • Jun 03
The Shiga Bank, Ltd. to Report Q1, 2026 Results on Jul 30, 2025 The Shiga Bank, Ltd. announced that they will report Q1, 2026 results on Jul 30, 2025 Buy Or Sell Opportunity • May 29
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 29% to JP¥6,110. The fair value is estimated to be JP¥5,005, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 4.9%. Buy Or Sell Opportunity • May 14
Now 24% overvalued after recent price rise Over the last 90 days, the stock has risen 35% to JP¥6,390. The fair value is estimated to be JP¥5,159, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 4.9%. Reported Earnings • May 10
Full year 2025 earnings released: EPS: JP¥400 (vs JP¥336 in FY 2024) Full year 2025 results: EPS: JP¥400 (up from JP¥336 in FY 2024). Revenue: JP¥105.9b (up 6.8% from FY 2024). Net income: JP¥18.7b (up 17% from FY 2024). Profit margin: 18% (up from 16% in FY 2024). 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 35% per year, which means it is well ahead of earnings. Announcement • May 09
The Shiga Bank, Ltd., Annual General Meeting, Jun 25, 2025 The Shiga Bank, Ltd., Annual General Meeting, Jun 25, 2025. New Risk • Apr 21
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 7.2% 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. Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to JP¥4,265, the stock trades at a trailing P/E ratio of 14x. Average trailing P/E is 9x in the Banks industry in Japan. Total returns to shareholders of 99% over the past three years. Announcement • Mar 27
KYB Corporation (TSE:7242) completed the acquisition of 84.28% stake in Chita Kogyo Co., Ltd. (NSE:5993) from a group of sellers. KYB Corporation (TSE:7242) proposed to acquire remaining 88.4% stake in Chita Kogyo Co., Ltd. (NSE:5993) from group of sellers for ¥17 billion on November 11, 2024. A cash consideration valued at ¥2010 per share will be paid by KYB Corporation. The deal is subject to minimum tender. As of January 28, 2025, the Japan Fair Trade Commission has approved the transaction under the Antimonopoly Act. The tender offer will commence around early February 2025.
The Board of Directors of Chita Kogyo Co., Ltd. formed a special committee for the transaction. Tender offer period is February 7, 2025 to March 25, 2025.
Mizuho Securities Co., Ltd. acted as financial advisor for KYB Corporation. Nishimura & Asahi acted as legal advisor for KYB Corporation. PwC Advisory LLC acted as financial advisor for KYB Corporation. PwC Tax Japan acted as accountant for KYB Corporation. SMBC Nikko Securities Inc. acted as financial advisor for Chita Kogyo Co., Ltd. Mori Hamada & Matsumoto LPC acted as legal advisor for Chita Kogyo Co., Ltd. Tokyo Kyodo Accounting Office Co., Ltd. acted as accountant for Chita Kogyo Co., Ltd. E&E Solutions Inc. acted as environmental advisor for KYB Corporation.
KYB Corporation (TSE:7242) completed the acquisition of 84.28% stake in Chita Kogyo Co., Ltd. (NSE:5993) from a group of sellers on March 25, 2025. Announcement • Mar 04
The Shiga Bank, Ltd. to Report Fiscal Year 2024 Results on May 09, 2025 The Shiga Bank, Ltd. announced that they will report fiscal year 2024 results at 3:00 PM, Tokyo Standard Time on May 09, 2025 Reported Earnings • Feb 01
Third quarter 2025 earnings released: EPS: JP¥152 (vs JP¥111 in 3Q 2024) Third quarter 2025 results: EPS: JP¥152 (up from JP¥111 in 3Q 2024). Revenue: JP¥28.9b (up 9.9% from 3Q 2024). Net income: JP¥7.15b (up 35% from 3Q 2024). Profit margin: 25% (up from 20% in 3Q 2024). Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has increased by 26% per year, which means it is well ahead of earnings. Announcement • Jan 31
The Shiga Bank, Ltd. (TSE:8366) announces an Equity Buyback for 1,150,000 shares, representing 2.45% for ¥4,000 million. The Shiga Bank, Ltd. (TSE:8366) announces a share repurchase program. Under the program, the company will repurchase up to 1,150,000 shares, representing 2.45% of its issued share capital, for ¥4,000 million. The purpose of the program is to increase shareholder value through returning profits to shareholders. The program will run until March 24, 2025. As of December 31, 2024 the company had 46,933,622 shares in issue (excluding treasury stock) and 6,156,459 shares in treasury. Declared Dividend • Dec 04
First half dividend of JP¥45.00 announced Shareholders will receive a dividend of JP¥45.00. Ex-date: 28th March 2025 Payment date: 27th June 2025 Dividend yield will be 2.3%, which is lower than the industry average of 3.2%. 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. The company's earnings per share (EPS) would need to decline by 83% to shift the payout ratio to a potentially unsustainable range, which is more than the 1.8% EPS decline seen over the last 5 years. Reported Earnings • Nov 14
Second quarter 2025 earnings released: EPS: JP¥64.82 (vs JP¥59.71 in 2Q 2024) Second quarter 2025 results: EPS: JP¥64.82 (up from JP¥59.71 in 2Q 2024). Revenue: JP¥24.1b (up 24% from 2Q 2024). Net income: JP¥3.04b (up 7.3% from 2Q 2024). Profit margin: 13% (down from 15% in 2Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has increased by 24% per year, which means it is well ahead of earnings. Announcement • Nov 11
KYB Corporation (TSE:7242) proposed to acquire an additional 88.4% stake in Chita Kogyo Co., Ltd. (NSE:5993) from group of sellers for ¥17.0 billion in a tender offer transaction. KYB Corporation (TSE:7242) proposed to acquire an additional 88.4% stake in Chita Kogyo Co., Ltd. (NSE:5993) from group of sellers for ¥17.0 billion in a tender offer transaction on November 11, 2024. A cash consideration valued at ¥2010 per share will be paid by KYB Corporation.
The Board of Directors of Chita Kogyo Co., Ltd. formed a special committee for the transaction.
Mizuho Securities Co., Ltd. acted as financial advisor for KYB Corporation. Nishimura & Asahi acted as legal advisor for KYB Corporation. PwC Advisory LLC acted as financial advisor for KYB Corporation. PwC Tax Japan acted as accountant for KYB Corporation. SMBC Nikko Securities Inc. acted as financial advisor for Chita Kogyo Co., Ltd. Mori Hamada & Matsumoto LPC acted as legal advisor for Chita Kogyo Co., Ltd. Tokyo Kyodo Accounting Office Co., Ltd. acted as accountant for Chita Kogyo Co., Ltd. Announcement • Oct 10
The Shiga Bank, Ltd. to Report Q2, 2025 Results on Nov 11, 2024 The Shiga Bank, Ltd. announced that they will report Q2, 2025 results on Nov 11, 2024 Upcoming Dividend • Sep 20
Upcoming dividend of JP¥45.00 per share Eligible shareholders must have bought the stock before 27 September 2024. Payment date: 05 December 2024. Payout ratio is a comfortable 32% and this is well supported by cash flows. Trailing yield: 2.7%. Lower than top quartile of Japanese dividend payers (3.8%). Lower than average of industry peers (3.5%). 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 6.3% 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. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 25% After last week's 25% share price decline to JP¥3,115, the stock trades at a trailing P/E ratio of 12.2x. Average forward P/E is 11x in the Banks industry in Japan. Total returns to shareholders of 82% over the past three years. Reported Earnings • Jul 28
First quarter 2025 earnings released: EPS: JP¥122 (vs JP¥204 in 1Q 2024) First quarter 2025 results: EPS: JP¥122 (down from JP¥204 in 1Q 2024). Revenue: JP¥25.2b (down 12% from 1Q 2024). Net income: JP¥5.71b (down 41% from 1Q 2024). Profit margin: 23% (down from 34% in 1Q 2024). The decrease in margin was primarily driven by lower revenue. Revenue is forecast to grow 26% p.a. on average during the next 2 years, while revenues in the Banks industry in Japan are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has increased by 30% per year, which means it is well ahead of earnings. Buy Or Sell Opportunity • Jul 26
Now 20% undervalued The stock has been flat over the last 90 days, currently trading at JP¥4,060. The fair value is estimated to be JP¥5,095, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.9% over the last 3 years. Earnings per share has grown by 3.6%. Revenue is forecast to grow by 63% in 2 years. Earnings are forecast to grow by 19% in the next 2 years. Declared Dividend • Jul 11
Final dividend of JP¥45.00 announced Shareholders will receive a dividend of JP¥45.00. Ex-date: 27th September 2024 Payment date: 5th December 2024 Dividend yield will be 2.1%, which is lower than the industry average of 3.2%. 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 remain steady over the next year, which should provide adequate earnings cover for the dividend. Buy Or Sell Opportunity • Jul 05
Now 20% undervalued Over the last 90 days, the stock has risen 1.5% to JP¥4,040. The fair value is estimated to be JP¥5,073, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.9% over the last 3 years. Earnings per share has grown by 3.6%. Revenue is forecast to grow by 63% in 2 years. Earnings are forecast to grow by 19% in the next 2 years. Reported Earnings • Jun 16
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: EPS: JP¥336 (up from JP¥311 in FY 2023). Revenue: JP¥99.1b (down 4.2% from FY 2023). Net income: JP¥15.9b (up 7.3% from FY 2023). Profit margin: 16% (up from 14% in FY 2023). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 19%. Earnings per share (EPS) also missed analyst estimates by 1.8%. Revenue is forecast to grow 22% p.a. on average during the next 2 years, compared to a 2.2% decline forecast for the Banks industry in Japan. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has increased by 28% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jun 02
The Shiga Bank, Ltd. to Report Q1, 2025 Results on Jul 26, 2024 The Shiga Bank, Ltd. announced that they will report Q1, 2025 results on Jul 26, 2024 Buy Or Sell Opportunity • May 13
Now 21% undervalued Over the last 90 days, the stock has risen 3.0% to JP¥4,005. The fair value is estimated to be JP¥5,042, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.1% over the last 3 years. Earnings per share has grown by 3.6%. Revenue is forecast to grow by 60% in 2 years. Earnings are forecast to grow by 19% in the next 2 years. Reported Earnings • May 12
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: EPS: JP¥336 (up from JP¥311 in FY 2023). Revenue: JP¥101.1b (down 2.3% from FY 2023). Net income: JP¥15.9b (up 7.3% from FY 2023). Profit margin: 16% (up from 14% in FY 2023). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 19%. Earnings per share (EPS) also missed analyst estimates by 1.8%. Revenue is forecast to grow 22% p.a. on average during the next 2 years, compared to a 4.2% growth forecast for the Banks industry in Japan. Over the last 3 years on average, earnings per share has increased by 4% 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 • May 12
The Shiga Bank, Ltd., Annual General Meeting, Jun 26, 2024 The Shiga Bank, Ltd., Annual General Meeting, Jun 26, 2024. Announcement • Apr 20
The Shiga Bank, Ltd. to Report Q4, 2024 Results on May 10, 2024 The Shiga Bank, Ltd. announced that they will report Q4, 2024 results on May 10, 2024 Buy Or Sell Opportunity • Apr 16
Now 20% undervalued Over the last 90 days, the stock has risen 16% to JP¥3,890. The fair value is estimated to be JP¥4,878, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.1% over the last 3 years. Earnings per share has grown by 7.0%. Revenue is forecast to grow by 65% in 2 years. Earnings are forecast to grow by 5.2% in the next 2 years. 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 21% and this is well supported by cash flows. Trailing yield: 1.8%. Lower than top quartile of Japanese dividend payers (3.2%). Lower than average of industry peers (2.9%). Reported Earnings • Jan 27
Third quarter 2024 earnings released: EPS: JP¥111 (vs JP¥62.32 in 3Q 2023) Third quarter 2024 results: EPS: JP¥111 (up from JP¥62.32 in 3Q 2023). Revenue: JP¥29.3b (up 26% from 3Q 2023). Net income: JP¥5.29b (up 78% from 3Q 2023). Profit margin: 18% (up from 13% in 3Q 2023). The increase in margin was driven by higher revenue. 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 22% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jan 24
The Shiga Bank, Ltd. to Report Q3, 2024 Results on Jan 26, 2024 The Shiga Bank, Ltd. announced that they will report Q3, 2024 results on Jan 26, 2024 Reported Earnings • Nov 12
Second quarter 2024 earnings released: EPS: JP¥59.70 (vs JP¥60.37 in 2Q 2023) Second quarter 2024 results: EPS: JP¥59.70 (down from JP¥60.37 in 2Q 2023). Revenue: JP¥21.3b (down 11% from 2Q 2023). Net income: JP¥2.84b (down 1.9% from 2Q 2023). Profit margin: 13% (up from 12% in 2Q 2023). The increase in margin was driven by lower expenses. 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 19% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Oct 01
The Shiga Bank, Ltd. to Report Q2, 2024 Results on Nov 10, 2023 The Shiga Bank, Ltd. announced that they will report Q2, 2024 results on Nov 10, 2023 Buying Opportunity • Sep 28
Now 20% undervalued Over the last 90 days, the stock is up 33%. The fair value is estimated to be JP¥4,506, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 14%. Upcoming Dividend • Sep 21
Upcoming dividend of JP¥50.00 per share at 2.3% yield Eligible shareholders must have bought the stock before 28 September 2023. Payment date: 06 December 2023. Payout ratio is a comfortable 25% but the company is not cash flow positive. Trailing yield: 2.3%. 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¥204 (vs JP¥187 in 1Q 2023) First quarter 2024 results: EPS: JP¥204 (up from JP¥187 in 1Q 2023). Revenue: JP¥28.8b (down 14% from 1Q 2023). Net income: JP¥9.68b (up 7.1% from 1Q 2023). Profit margin: 34% (up from 27% in 1Q 2023). 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 only increased by 9% per year, which means it is significantly lagging earnings growth. Announcement • Jul 06
The Shiga Bank, Ltd. to Report Q1, 2024 Results on Jul 28, 2023 The Shiga Bank, Ltd. announced that they will report Q1, 2024 results on Jul 28, 2023 Reported Earnings • Jun 16
Full year 2023 earnings released: EPS: JP¥311 (vs JP¥359 in FY 2022) Full year 2023 results: EPS: JP¥311 (down from JP¥359 in FY 2022). Revenue: JP¥103.5b (up 15% from FY 2022). Net income: JP¥14.9b (down 16% from FY 2022). Profit margin: 14% (down from 20% in FY 2022). 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 only increased by 2% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 17
Full year 2023 earnings released: EPS: JP¥311 (vs JP¥359 in FY 2022) Full year 2023 results: EPS: JP¥311 (down from JP¥359 in FY 2022). Revenue: JP¥105.5b (up 17% from FY 2022). Net income: JP¥14.9b (down 16% from FY 2022). Profit margin: 14% (down from 20% in FY 2022). 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 only increased by 7% per year, which means it is significantly lagging earnings growth. Announcement • May 14
The Shiga Bank, Ltd., Annual General Meeting, Jun 27, 2023 The Shiga Bank, Ltd., Annual General Meeting, Jun 27, 2023. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥40.00 per share at 3.0% yield Eligible shareholders must have bought the stock before 30 March 2023. Payment date: 27 June 2023. Payout ratio is a comfortable 21% but the company is not cash flow positive. Trailing yield: 3.0%. Lower than top quartile of Japanese dividend payers (3.6%). Lower than average of industry peers (4.0%). Reported Earnings • Jan 28
Third quarter 2023 earnings released: EPS: JP¥62.32 (vs JP¥147 in 3Q 2022) Third quarter 2023 results: EPS: JP¥62.32 (down from JP¥147 in 3Q 2022). Revenue: JP¥25.4b (flat on 3Q 2022). Net income: JP¥2.97b (down 59% from 3Q 2022). Profit margin: 12% (down from 28% in 3Q 2022). Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Announcement • Dec 24
The Shiga Bank, Ltd. Provides Consolidated and Non-Consolidated Earnings Guidance for the Full Year Ending March 1, 2023 The Shiga Bank, Ltd. provided consolidated and non-consolidated earnings guidance for the full year ending March 1, 2023. For the period, the company expects consolidated Net income attributable to owners of the parent of JPY 14,800 million and Net income per share of JPY 309.21.For the year, the company expected non-consolidated Net income attributable to owners of the parent of JPY 14,500 million and Net income per share of JPY 302.94. Announcement • Dec 22
The Shiga Bank, Ltd. Provides Dividend Guidance for the Fiscal Year Ending March 31, 2023 The Shiga Bank, Ltd. provided dividend guidance for the fiscal year ending March 31, 2023. For the period, Company expects to pay dividend of JPY 40.00 per share against JPY 62.50 per share paid a year ago. Announcement • Dec 02
The Shiga Bank, Ltd. to Report Q3, 2023 Results on Jan 27, 2023 The Shiga Bank, Ltd. announced that they will report Q3, 2023 results on Jan 27, 2023 Reported Earnings • Nov 16
Second quarter 2023 earnings released: EPS: JP¥60.37 (vs JP¥108 in 2Q 2022) Second quarter 2023 results: EPS: JP¥60.37 (down from JP¥108 in 2Q 2022). Revenue: JP¥24.9b (up 19% from 2Q 2022). Net income: JP¥2.89b (down 46% from 2Q 2022). Profit margin: 12% (down from 25% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 1.9% p.a. on average during the next 3 years, while revenues in the Banks industry in Japan are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Board Change • Nov 16
Less than half of directors are independent There are 6 new directors who have joined the board in the last 3 years. Of these new board members, 3 were independent directors. The company's board is composed of: 3 independent directors. 6 non-independent directors. Independent Outside Director Sawaichiro Kamata was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Reported Earnings • Nov 13
Second quarter 2023 earnings released: EPS: JP¥60.37 (vs JP¥108 in 2Q 2022) Second quarter 2023 results: EPS: JP¥60.37 (down from JP¥108 in 2Q 2022). Revenue: JP¥24.9b (up 19% from 2Q 2022). Net income: JP¥2.89b (down 46% from 2Q 2022). Profit margin: 12% (down from 25% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 1.9% p.a. on average during the next 3 years, while revenues in the Banks industry in Japan are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Announcement • Nov 12
The Shiga Bank, Ltd. (TSE:8366) announces an Equity Buyback for 500,000 shares, representing 1.04% for ¥1,000 million. The Shiga Bank, Ltd. (TSE:8366) announces a share repurchase program. Under the program, the company will repurchase up to 500,000 shares, representing 1.04% of its issued share capital, for ¥1,000 million. The purpose of the program is to improve shareholder value by returning profits to our shareholders. The program will run until January 16, 2023. As of September 30, 2022, the company had 47,864,334 shares in issue (excluding treasury stock) and 5,225,747 shares in treasury. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥40.00 per share Eligible shareholders must have bought the stock before 29 September 2022. Payment date: 07 December 2022. Payout ratio is a comfortable 8.5% but the company is not cash flow positive. Trailing yield: 3.1%. Lower than top quartile of Japanese dividend payers (3.7%). Lower than average of industry peers (4.4%). Reported Earnings • Jul 30
First quarter 2023 earnings released: EPS: JP¥187 (vs JP¥133 in 1Q 2022) First quarter 2023 results: EPS: JP¥187 (up from JP¥133 in 1Q 2022). Revenue: JP¥34.2b (up 28% from 1Q 2022). Net income: JP¥9.04b (up 37% from 1Q 2022). Profit margin: 26% (up from 25% in 1Q 2022). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 2.0%, compared to a 6.1% growth forecast for the industry in Japan. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Announcement • Jun 05
The Shiga Bank, Ltd. to Report Q1, 2023 Results on Jul 28, 2022 The Shiga Bank, Ltd. announced that they will report Q1, 2023 results on Jul 28, 2022 Valuation Update With 7 Day Price Move • May 31
Investor sentiment improved over the past week After last week's 17% share price gain to JP¥2,765, the stock trades at a trailing P/E ratio of 7.6x. Average trailing P/E is 7x in the Banks industry in Japan. Total returns to shareholders of 14% over the past three years. 