Live News • Jun 18
Toho Holdings Stock Faces Governance Tension as 3D Criticizes Poison Pill Proposal 3D Investment Partners, which holds about 24% of Toho Holdings’ voting rights, has published detailed views criticizing the company’s responses to shareholder FAQs.
The shareholder argues that Toho Holdings has not adequately addressed its disclosures and is concealing important information related to its Poison Pill measure.
3D is urging other shareholders to vote against Proposal No. 4 at the upcoming Annual General Meeting, claiming the Poison Pill serves to entrench current management rather than protect corporate value.
This development highlights a clear governance dispute at Toho Holdings, centered on shareholder rights and the use of anti-takeover defenses.
Investors may want to pay close attention to the outcome of the AGM vote on Proposal No. 4 and any subsequent changes in the company’s governance approach or shareholder relations. Announcement • Jun 17
3D Investment Partners Pte. Ltd. Urges Shareholders of Toho Holdings Co., Ltd. On June 16, 2026, 3D Investment Partners Pte. Ltd. announced its urged shareholders to vote against Proposal No. 4, highlighting concerns related to corporate governance, transparency, and the potential negative impact of the Poison Pill on shareholder value at Toho Holdings Co., Ltd.'s upcoming annual general meeting. 3D Investment Partners published comprehensive materials that addressed and refuted the Company’s claims regarding the implementation of a Poison Pill, asserting that the company's actions were intended to entrench management rather than protect shareholder interests. 3D Investment Partners aims to influence the outcome of a significant shareholder vote and promote improvements in the Company's governance practices. Live News • Jun 10
Glass Lewis and Major Shareholder Oppose Toho Holdings Poison Pill Proposal Glass Lewis has recommended that Toho Holdings shareholders vote against Proposal 4, which concerns a gratis allotment of stock acquisition rights often described as a poison pill.
The proxy adviser cited what it views as insufficient rationale and disproportionate measures in the proposal, concluding it may not align with shareholder interests.
Shareholder 3D Investment Partners is also urging investors to oppose the poison pill, arguing it could entrench management and weaken accountability.
This pushback from both a major proxy adviser and a significant shareholder highlights ongoing tension around Toho Holdings' governance structure and management control.
For you, the key risk to watch is how the AGM vote outcome affects future engagement between management and shareholders on capital allocation, governance and potential corporate actions. Announcement • Jun 09
Toho Holdings Co., Ltd. Urging Shareholders to Vote Against Poison Pill Proposal On June 9, 2026, 3D Investment Partners Pte. Ltd., announced that Glass Lewis, recommended shareholders vote against Proposal 4 the Poison Pill Proposal at the upcoming AGM on June 26, 2026. Glass Lewis cited substantial governance concerns and insufficient rationale for the poison pill, while 3D stated that its approval would entrench management and reduce accountability, especially as the Company’s performance has deteriorated and the board lacks a majority of independent directors. 3D urges shareholders to oppose the proposal to protect long-term value creation. Live News • Jun 01
3D Investment Urges Toho Holdings Shareholders to Reject Board’s Poison Pill Plan at AGM 3D Investment Partners has published a white paper, manga, and a dedicated website urging Toho Holdings shareholders to vote against the proposed Poison Pill at the June 2026 AGM.
The investor argues the Poison Pill is unnecessary, does not address any specific takeover threat, and would mainly serve to entrench existing management.
3D also claims Toho Holdings’ board lacks sufficient independence and that approval of the Poison Pill could undermine corporate value and shareholder interests.
This pushback highlights a clear governance dispute, putting board independence and shareholder rights at the center of the upcoming AGM.
Investors may want to review both Toho Holdings’ official rationale for the Poison Pill and 3D’s materials before the vote, since the outcome could influence how much say shareholders have in future corporate decisions. Announcement • May 30
Toho Holdings Co., Ltd. to Report Q1, 2027 Results on Aug 05, 2026 Toho Holdings Co., Ltd. announced that they will report Q1, 2027 results on Aug 05, 2026 Price Target Changed • May 18
Price target decreased by 8.3% to JP¥4,525 Down from JP¥4,933, the current price target is an average from 2 analysts. New target price is 7.1% above last closing price of JP¥4,224. Stock is down 12% over the past year. The company is forecast to post earnings per share of JP¥202 for next year compared to JP¥271 last year. Reported Earnings • May 14
Full year 2026 earnings: EPS exceeds analyst expectations Full year 2026 results: EPS: JP¥271 (down from JP¥313 in FY 2025). Revenue: JP¥1.55t (up 2.3% from FY 2025). Net income: JP¥17.3b (down 13% from FY 2025). Profit margin: 1.1% (down from 1.3% in FY 2025). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 1.4%. Revenue is forecast to grow 2.5% p.a. on average during the next 3 years, compared to a 3.6% growth forecast for the Healthcare 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 • Apr 24
Toho Holdings Co., Ltd. to Report Fiscal Year 2026 Results on May 13, 2026 Toho Holdings Co., Ltd. announced that they will report fiscal year 2026 results on May 13, 2026 Announcement • Mar 25
MP-2605 K.K. proposed to acquire 65.36% stake in Solasto Corporation (TSE:6197) from Toho Holdings Co., Ltd. (TSE:8129), Goldman Sachs International, JPMorgan Securities Japan Co., Ltd., Medical Concierge Co., Ltd., The Master Trust Bank of Japan, Ltd., Custody Bank of Japan, Ltd. and others. MP-2605 K.K. proposed to acquire 65.36% stake in Solasto Corporation (TSE:6197) from Toho Holdings Co., Ltd. (TSE:8129), Goldman Sachs International, JPMorgan Securities Japan Co., Ltd., Medical Concierge Co., Ltd., The Master Trust Bank of Japan, Ltd., Custody Bank of Japan, Ltd. and others on March 24, 2026. A cash consideration will be paid by MP-2605 K.K. The Transaction Agreement relates to Daito Trust not tendering any of the Solasto shares it holds in the tender offer to be conducted by the Tender Offeror for shares in Solasto, after the completion of the Tender Offer, implementing procedures to make the shareholders of Solasto only Daito Trust Construction and the MP-2605 K.K. if the Employees’ Shareholding Association agrees, by the last day of the purchase period for the Tender Offer, to the arrangement for continuing to hold its Solasto shares) and including a consolidation of Solasto shares and transferring all Solasto shares Daito Trust Construction holds through a share buyback conducted by Solasto. As a result of the Share Transfer, Daito Trust Construction will transfer all Solasto shares it holds, upon which Solasto will cease to be an equity method affiliate of Daito Trust Construction. As part of these transactions, Daito Trust will transfer 31,805,100 shares for ¥24,680 million.
The expected completion of the transaction is around August 2026. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥75.00 per share Eligible shareholders must have bought the stock before 30 March 2026. Payment date: 08 June 2026. Payout ratio is a comfortable 22% but the company is paying out more than the cash it is generating. Trailing yield: 3.4%. Lower than top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (2.7%). Reported Earnings • Feb 14
Third quarter 2026 earnings released: EPS: JP¥126 (vs JP¥75.29 in 3Q 2025) Third quarter 2026 results: EPS: JP¥126 (up from JP¥75.29 in 3Q 2025). Revenue: JP¥415.3b (up 2.0% from 3Q 2025). Net income: JP¥8.20b (up 69% from 3Q 2025). Profit margin: 2.0% (up from 1.2% in 3Q 2025). Revenue is forecast to grow 2.4% p.a. on average during the next 3 years, compared to a 3.7% growth forecast for the Healthcare 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 30% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Feb 10
3D Investment Partners Submits Response to Toho Holdings’ Request to Provide Information Under the Takeover Défense Measures On February 9, 2026, 3D Investment Partners Pte. Ltd. announced that it has submitted its written response to the notice on request to provide information on large-scale purchases of share certificates, from Toho Holdings Co., Ltd. In addition, 3D Investment Partners stated its purpose is not to obtain control of Company’s management, but pure investment, and expressed concerns regarding an unfair process and an artificially created emergency phase. Further, 3D Investment Partners disclosed a letter sent on January 29, 2026, to Company’s Nomination and Compensation Committee requesting the proper implementation of the next CEO nomination process, transparent disclosure to shareholders, and meetings to engage in constructive dialogue aimed at restoring sound governance. Announcement • Dec 02
Toho Holdings Co., Ltd. to Report Q3, 2026 Results on Feb 12, 2026 Toho Holdings Co., Ltd. announced that they will report Q3, 2026 results on Feb 12, 2026 Declared Dividend • Dec 02
First half dividend of JP¥45.00 announced Shareholders will receive a dividend of JP¥45.00. Ex-date: 30th March 2026 Payment date: 8th June 2026 Dividend yield will be 2.0%, which is lower than the industry average of 2.2%. Sustainability & Growth Dividend is covered by earnings (12% earnings payout ratio) but not covered by cash flows (212% cash payout ratio). The dividend has increased by an average of 14% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 7.4% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Nov 14
Second quarter 2026 earnings released: EPS: JP¥45.56 (vs JP¥56.94 in 2Q 2025) Second quarter 2026 results: EPS: JP¥45.56 (down from JP¥56.94 in 2Q 2025). Revenue: JP¥392.1b (up 2.7% from 2Q 2025). Net income: JP¥2.89b (down 19% from 2Q 2025). Profit margin: 0.7% (down from 0.9% in 2Q 2025). Revenue is forecast to grow 2.3% p.a. on average during the next 3 years, compared to a 4.3% growth forecast for the Healthcare 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 32% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Oct 17
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. The company is paying a dividend despite having no free cash flows. Dividend yield: 1.8% 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. Currently, the following risks have been identified for the company: Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥45.00 per share Eligible shareholders must have bought the stock before 29 September 2025. Payment date: 02 December 2025. Payout ratio is a comfortable 19% 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 (2.6%). Announcement • Sep 02
Toho Holdings Co., Ltd. to Report Q2, 2026 Results on Nov 12, 2025 Toho Holdings Co., Ltd. announced that they will report Q2, 2026 results on Nov 12, 2025 Reported Earnings • Aug 06
First quarter 2026 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2026 results: EPS: JP¥53.61 (up from JP¥28.74 in 1Q 2025). Revenue: JP¥375.8b (flat on 1Q 2025). Net income: JP¥3.35b (up 86% from 1Q 2025). Profit margin: 0.9% (up from 0.5% in 1Q 2025). Revenue missed analyst estimates by 2.2%. Earnings per share (EPS) exceeded analyst estimates by 86%. Revenue is forecast to grow 2.6% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the Healthcare industry in Japan. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has increased by 41% per year, which means it is tracking significantly ahead of earnings growth. Declared Dividend • Jul 09
Final dividend of JP¥45.00 announced Shareholders will receive a dividend of JP¥45.00. Ex-date: 29th September 2025 Payment date: 2nd December 2025 Dividend yield will be 1.8%, which is lower than the industry average of 2.2%. Sustainability & Growth Dividend is covered by earnings (16% 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 14% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 7.2% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Jul 01
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: EPS: JP¥313 (down from JP¥320 in FY 2024). Revenue: JP¥1.52t (up 2.8% from FY 2024). Net income: JP¥19.8b (down 3.9% from FY 2024). Profit margin: 1.3% (down from 1.4% in FY 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 12%. Revenue is forecast to grow 2.5% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the Healthcare industry in Japan. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has increased by 30% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jun 27
Toho Holdings Co., Ltd. to Report Q1, 2026 Results on Aug 05, 2025 Toho Holdings Co., Ltd. announced that they will report Q1, 2026 results on Aug 05, 2025 Reported Earnings • May 19
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: EPS: JP¥313 (down from JP¥320 in FY 2024). Revenue: JP¥1.52t (up 2.8% from FY 2024). Net income: JP¥19.8b (down 3.9% from FY 2024). Profit margin: 1.3% (down from 1.4% in FY 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 12%. Revenue is forecast to grow 2.2% p.a. on average during the next 3 years, compared to a 4.4% growth forecast for the Healthcare industry in Japan. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has increased by 34% per year, which means it is tracking significantly ahead of earnings growth. Announcement • May 14
Toho Holdings Co., Ltd., Annual General Meeting, Jun 27, 2025 Toho Holdings Co., Ltd., Annual General Meeting, Jun 27, 2025. Major Estimate Revision • Apr 23
Consensus EPS estimates increase by 21% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has improved. 2025 revenue forecast increased from JP¥1.49t to JP¥1.52t. EPS estimate increased from JP¥230 to JP¥278 per share. Net income forecast to shrink 1.0% next year vs 1.0% growth forecast for Healthcare industry in Japan . Consensus price target up from JP¥4,580 to JP¥4,880. Share price was steady at JP¥4,859 over the past week. Valuation Update With 7 Day Price Move • Apr 14
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to JP¥4,874, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 12x in the Healthcare industry in Japan. Total returns to shareholders of 150% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥6,758 per share. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥40.00 per share Eligible shareholders must have bought the stock before 28 March 2025. Payment date: 06 June 2025. Payout ratio is a comfortable 16% but the company is not cash flow positive. Trailing yield: 1.9%. Lower than top quartile of Japanese dividend payers (3.7%). Lower than average of industry peers (2.7%). Announcement • Mar 01
Toho Holdings Co., Ltd. to Report Fiscal Year 2025 Results on May 14, 2025 Toho Holdings Co., Ltd. announced that they will report fiscal year 2025 results on May 14, 2025 Reported Earnings • Feb 08
Third quarter 2025 earnings released: EPS: JP¥75.29 (vs JP¥73.15 in 3Q 2024) Third quarter 2025 results: EPS: JP¥75.29 (up from JP¥73.15 in 3Q 2024). Revenue: JP¥407.1b (up 5.8% from 3Q 2024). Net income: JP¥4.87b (up 3.9% from 3Q 2024). Profit margin: 1.2% (in line with 3Q 2024). Revenue is forecast to grow 1.1% p.a. on average during the next 3 years, compared to a 4.7% growth forecast for the Healthcare industry in Japan. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has increased by 29% per year, which means it is tracking significantly ahead of earnings growth. Major Estimate Revision • Jan 24
Consensus EPS estimates increase by 43% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate increased from JP¥181 to JP¥258. Revenue forecast steady at JP¥1.49t. Net income forecast to shrink 10% next year vs 9.4% growth forecast for Healthcare industry in Japan . Consensus price target of JP¥4,507 unchanged from last update. Share price was steady at JP¥4,278 over the past week. Price Target Changed • Dec 18
Price target increased by 10% to JP¥4,507 Up from JP¥4,080, the current price target is an average from 3 analysts. New target price is 6.5% above last closing price of JP¥4,232. Stock is up 30% over the past year. The company is forecast to post earnings per share of JP¥181 for next year compared to JP¥320 last year. Declared Dividend • Dec 03
First half dividend of JP¥40.00 announced Shareholders will receive a dividend of JP¥40.00. Ex-date: 28th March 2025 Payment date: 6th June 2025 Dividend yield will be 1.5%, which is lower than the industry average of 2.2%. Sustainability & Growth Dividend is covered by earnings (7% 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 17% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 18% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Nov 30
Toho Holdings Co., Ltd. to Report Q3, 2025 Results on Feb 07, 2025 Toho Holdings Co., Ltd. announced that they will report Q3, 2025 results on Feb 07, 2025 Major Estimate Revision • Nov 15
Consensus EPS estimates fall by 16% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate fell from JP¥214 to JP¥181. Revenue forecast unchanged from JP¥1.46t at last update. Net income forecast to shrink 24% next year vs 12% growth forecast for Healthcare industry in Japan . Consensus price target broadly unchanged at JP¥4,055. Share price was steady at JP¥4,321 over the past week. Reported Earnings • Nov 09
Second quarter 2025 earnings released: EPS: JP¥56.94 (vs JP¥112 in 2Q 2024) Second quarter 2025 results: EPS: JP¥56.94 (down from JP¥112 in 2Q 2024). Revenue: JP¥381.9b (flat on 2Q 2024). Net income: JP¥3.58b (down 51% from 2Q 2024). Profit margin: 0.9% (down from 1.9% in 2Q 2024). Revenue is forecast to grow 1.6% p.a. on average during the next 3 years, compared to a 5.3% growth forecast for the Healthcare industry in Japan. Over the last 3 years on average, earnings per share has increased by 30% per year whereas the company’s share price has increased by 34% per year. Major Estimate Revision • Oct 10
Consensus EPS estimates increase by 14% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate increased from JP¥188 to JP¥214. Revenue forecast steady at JP¥1.46t. Net income forecast to shrink 39% next year vs 12% growth forecast for Healthcare industry in Japan . Consensus price target up from JP¥3,955 to JP¥4,080. Share price rose 6.2% to JP¥4,969 over the past week. Upcoming Dividend • Sep 20
Upcoming dividend of JP¥25.00 per share Eligible shareholders must have bought the stock before 27 September 2024. Payment date: 02 December 2024. Payout ratio is a comfortable 11% and this is well supported by cash flows. Trailing yield: 1.1%. Lower than top quartile of Japanese dividend payers (3.8%). Lower than average of industry peers (2.3%). Announcement • Aug 27
Toho Holdings Co., Ltd. to Report Q2, 2025 Results on Nov 08, 2024 Toho Holdings Co., Ltd. announced that they will report Q2, 2025 results on Nov 08, 2024 Reported Earnings • Aug 08
First quarter 2025 earnings released: EPS: JP¥28.74 (vs JP¥23.06 in 1Q 2024) First quarter 2025 results: EPS: JP¥28.74 (up from JP¥23.06 in 1Q 2024). Revenue: JP¥373.0b (up 6.2% from 1Q 2024). Net income: JP¥1.80b (up 18% from 1Q 2024). Profit margin: 0.5% (up from 0.4% in 1Q 2024). Revenue is forecast to grow 1.4% p.a. on average during the next 3 years, compared to a 5.4% growth forecast for the Healthcare industry in Japan. Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has only increased by 30% per year, which means it is significantly lagging earnings growth. Announcement • Aug 06
Toho Holdings Co., Ltd. (TSE:8129) announces an Equity Buyback for 5,000,000 shares, representing 7.96% for ¥15,000 million. Toho Holdings Co., Ltd. (TSE:8129) announces a share repurchase program. Under the program, the company will repurchase up to 5,000,000 shares, representing 7.96% of its total shares outstanding (excluding treasury shares), for a total of ¥15,000 million. The purpose of repurchase program is to enhance shareholder returns and improve capital efficiency. The repurchase program is valid till March 31, 2025. As of July 31, 2024, the company had 62,779,517 shares outstanding (excluding treasury shares) and had 13,651,825 shares in treasury. Declared Dividend • Jul 11
Final dividend of JP¥25.00 announced Shareholders will receive a dividend of JP¥25.00. Ex-date: 27th September 2024 Payment date: 2nd December 2024 Dividend yield will be 1.1%, which is lower than the industry average of 2.2%. Sustainability & Growth Dividend is well covered by both earnings (12% earnings payout ratio) and cash flows (6% cash payout ratio). The dividend has increased by an average of 9.6% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 4.8% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Price Target Changed • Jul 08
Price target increased by 11% to JP¥3,910 Up from JP¥3,528, the current price target is an average from 4 analysts. New target price is 9.3% below last closing price of JP¥4,313. Stock is up 63% over the past year. The company is forecast to post earnings per share of JP¥194 for next year compared to JP¥320 last year. Announcement • Jun 28
Toho Holdings Co., Ltd. to Report Q1, 2025 Results on Aug 06, 2024 Toho Holdings Co., Ltd. announced that they will report Q1, 2025 results on Aug 06, 2024 Reported Earnings • May 12
Full year 2024 earnings: EPS exceeds analyst expectations Full year 2024 results: EPS: JP¥320 (up from JP¥197 in FY 2023). Revenue: JP¥1.48t (up 6.3% from FY 2023). Net income: JP¥20.7b (up 52% from FY 2023). Profit margin: 1.4% (up from 1.0% in FY 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 21%. Revenue is forecast to stay flat during the next 3 years compared to a 5.4% growth forecast for the Healthcare industry in Japan. Over the last 3 years on average, earnings per share has increased by 42% per year but the company’s share price has only increased by 31% per year, which means it is significantly lagging earnings growth. Announcement • May 12
Toho Holdings Co., Ltd., Annual General Meeting, Jun 27, 2024 Toho Holdings Co., Ltd., Annual General Meeting, Jun 27, 2024. Major Estimate Revision • May 11
Consensus EPS estimates fall by 11% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate fell from JP¥192 to JP¥171. Revenue forecast unchanged from JP¥1.43t at last update. Net income forecast to shrink 28% next year vs 12% growth forecast for Healthcare industry in Japan . Consensus price target up from JP¥3,528 to JP¥3,685. Share price was steady at JP¥4,060 over the past week. Major Estimate Revision • May 01
Consensus EPS estimates increase by 53% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has improved. 2024 revenue forecast increased from JP¥1.41t to JP¥1.48t. EPS estimate increased from JP¥205 to JP¥314 per share. Net income forecast to shrink 36% next year vs 13% growth forecast for Healthcare industry in Japan . Consensus price target up from JP¥3,153 to JP¥3,378. Share price rose 4.9% to JP¥3,904 over the past week. Price Target Changed • Apr 27
Price target increased by 7.1% to JP¥3,378 Up from JP¥3,153, the current price target is an average from 4 analysts. New target price is 10% below last closing price of JP¥3,760. Stock is up 39% over the past year. The company is forecast to post earnings per share of JP¥224 for next year compared to JP¥197 last year. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥22.00 per share Eligible shareholders must have bought the stock before 28 March 2024. Payment date: 10 June 2024. Payout ratio is a comfortable 12% and this is well supported by cash flows. Trailing yield: 1.3%. Lower than top quartile of Japanese dividend payers (3.2%). Lower than average of industry peers (2.2%). Announcement • Mar 02
Toho Holdings Co., Ltd. to Report Fiscal Year 2024 Results on May 10, 2024 Toho Holdings Co., Ltd. announced that they will report fiscal year 2024 results on May 10, 2024 Reported Earnings • Feb 10
Third quarter 2024 earnings released: EPS: JP¥73.15 (vs JP¥85.91 in 3Q 2023) Third quarter 2024 results: EPS: JP¥73.15 (down from JP¥85.91 in 3Q 2023). Revenue: JP¥384.7b (up 1.7% from 3Q 2023). Net income: JP¥4.69b (down 21% from 3Q 2023). Profit margin: 1.2% (down from 1.6% in 3Q 2023). Revenue is forecast to stay flat during the next 3 years compared to a 5.3% growth forecast for the Healthcare industry in Japan. Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Announcement • Nov 30
Toho Holdings Co., Ltd. to Report Q3, 2024 Results on Feb 08, 2024 Toho Holdings Co., Ltd. announced that they will report Q3, 2024 results on Feb 08, 2024 Reported Earnings • Nov 11
Second quarter 2024 earnings released: EPS: JP¥112 (vs JP¥21.79 in 2Q 2023) Second quarter 2024 results: EPS: JP¥112 (up from JP¥21.79 in 2Q 2023). Revenue: JP¥383.7b (up 7.7% from 2Q 2023). Net income: JP¥7.25b (up 372% from 2Q 2023). Profit margin: 1.9% (up from 0.4% in 2Q 2023). Revenue is forecast to stay flat during the next 3 years compared to a 5.9% growth forecast for the Healthcare industry in Japan. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. 
