Valuation Update With 7 Day Price Move • Jun 10
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to JP¥2,014, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 12x in the Industrials industry in Japan. Total returns to shareholders of 96% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥3,639 per share. Major Estimate Revision • May 19
Consensus EPS estimates increase by 12% The consensus outlook for fiscal year 2026 has been updated. 2026 EPS estimate increased from JP¥110 to JP¥123. Revenue forecast steady at JP¥517.2b. Net income forecast to grow 76% next year vs 4.2% growth forecast for Industrials industry in Japan. Consensus price target up from JP¥2,050 to JP¥2,100. Share price rose 4.4% to JP¥2,325 over the past week. Reported Earnings • May 13
First quarter 2026 earnings released: EPS: JP¥83.17 (vs JP¥97.65 in 1Q 2025) First quarter 2026 results: EPS: JP¥83.17 (down from JP¥97.65 in 1Q 2025). Revenue: JP¥147.7b (down 2.3% from 1Q 2025). Net income: JP¥13.0b (down 15% from 1Q 2025). Profit margin: 8.8% (down from 10% in 1Q 2025). Revenue is forecast to grow 3.7% p.a. on average during the next 3 years, compared to a 6.0% growth forecast for the Industrials industry in Japan. Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has only increased by 32% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Apr 20
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to JP¥1,958, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 13x in the Industrials industry in Japan. Total returns to shareholders of 111% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥2,574 per share. Buy Or Sell Opportunity • Apr 16
Now 30% overvalued after recent price rise Over the last 90 days, the stock has risen 28% to JP¥1,845. The fair value is estimated to be JP¥1,423, 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 grown by 19%. For the next 3 years, revenue is forecast to grow by 3.4% per annum. Earnings are also forecast to grow by 16% per annum over the same time period. Announcement • Apr 15
Nisshinbo Holdings Inc. to Report Q1, 2026 Results on May 12, 2026 Nisshinbo Holdings Inc. announced that they will report Q1, 2026 results on May 12, 2026 Declared Dividend • Apr 11
Final dividend of JP¥18.00 announced Dividend of JP¥18.00 is the same as last year. Ex-date: 29th June 2026 Payment date: 7th September 2026 Dividend yield will be 2.2%, which is higher than the industry average of 1.4%. Sustainability & Growth Dividend is well covered by both earnings (40% earnings payout ratio) and cash flows (17% cash payout ratio). The dividend has increased by an average of 1.8% 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 56% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Major Estimate Revision • Mar 19
Consensus EPS estimates fall by 13% The consensus outlook for fiscal year 2026 has been updated. 2026 EPS estimate fell from JP¥131 to JP¥114 per share. Revenue forecast steady at JP¥514.5b. Net income forecast to grow 32% next year vs 6.4% growth forecast for Industrials industry in Japan. Consensus price target of JP¥1,300 unchanged from last update. Share price fell 5.3% to JP¥1,515 over the past week. Reported Earnings • Feb 11
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: EPS: JP¥89.06 (up from JP¥65.40 in FY 2024). Revenue: JP¥502.3b (up 1.5% from FY 2024). Net income: JP¥13.9b (up 35% from FY 2024). Profit margin: 2.8% (up from 2.1% in FY 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 27%. Revenue is forecast to grow 3.7% p.a. on average during the next 3 years, compared to a 7.0% growth forecast for the Industrials industry in Japan. Over the last 3 years on average, earnings per share has increased by 19% per year whereas the company’s share price has increased by 16% per year. Announcement • Feb 10
Nisshinbo Holdings Inc., Annual General Meeting, Mar 27, 2026 Nisshinbo Holdings Inc., Annual General Meeting, Mar 27, 2026. New Risk • Feb 10
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Japanese stocks, typically moving 5.7% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks High level of debt (42% net debt to equity). Share price has been volatile over the past 3 months (5.7% average weekly change). Buy Or Sell Opportunity • Feb 09
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 38% to JP¥1,731. The fair value is estimated to be JP¥1,420, 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 5.9%. For the next 3 years, revenue is forecast to grow by 3.1% per annum. Earnings are also forecast to grow by 12% per annum over the same time period. Valuation Update With 7 Day Price Move • Feb 03
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to JP¥1,620, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 14x in the Industrials industry in Japan. Total returns to shareholders of 87% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥1,392 per share. Announcement • Jan 30
Nisshinbo Holdings Inc. Revises Consolidated Earnings Guidance for the Fiscal Year Ending December 31, 2025 Nisshinbo Holdings Inc. revised consolidated earnings guidance for the fiscal year ending December 31, 2025. For the year, the company now expects net sales of JPY 502,000 million, operating profit of JPY 26,400 million, profit attributable to owners of parent of JPY 13,900 million and Basic earnings per share of JPY 88.99 against previous guidance of net sales of JPY 506,000 million, operating profit of JPY 19,700 million, profit attributable to owners of parent of JPY 11,000 million and Basic earnings per share of JPY 70.38. Reasons for the revision: The Nisshinbo Group expects operating profit and ordinary profit to significantly exceed the previous forecast due to the strong performance of the Wireless and Communications business. Net sales are expected to be slightly below the previous forecast. This is because the Micro Devices business will see a decrease in sales. However, the Japan Radio Group's large-scale projects for municipal disaster prevention systems and marine communications equipment performed well, leading to increased sales. The KOKUSAI DENKI Electric Group also saw increased sales due to rising demand for products for mobile phone carriers. Operating profit, Ordinary profit, and Profit attributable to owners of parent are expected to exceed the previous forecast. This is due to increased profits from higher sales in the Wireless and Communications business, along with reductions in fixed costs. Upcoming Dividend • Dec 22
Upcoming dividend of JP¥18.00 per share Eligible shareholders must have bought the stock before 29 December 2025. Payment date: 12 March 2026. Payout ratio is a comfortable 27% and this is well supported by cash flows. Trailing yield: 2.8%. Lower than top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (1.2%). Announcement • Dec 03
Nisshinbo Holdings Inc. to Report Fiscal Year 2025 Results on Feb 10, 2026 Nisshinbo Holdings Inc. announced that they will report fiscal year 2025 results on Feb 10, 2026 New Risk • Nov 08
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 42% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. This is currently the only risk that has been identified for the company. Reported Earnings • Nov 08
Third quarter 2025 earnings released: EPS: JP¥14.89 (vs JP¥38.07 loss in 3Q 2024) Third quarter 2025 results: EPS: JP¥14.89 (up from JP¥38.07 loss in 3Q 2024). Revenue: JP¥109.8b (flat on 3Q 2024). Net income: JP¥2.33b (up JP¥8.31b from 3Q 2024). Profit margin: 2.1% (up from net loss in 3Q 2024). Revenue is forecast to grow 3.1% p.a. on average during the next 3 years, compared to a 6.7% growth forecast for the Industrials 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 8% per year, which means it is well ahead of earnings. Announcement • Sep 27
Nisshinbo Holdings Inc. to Report Q3, 2025 Results on Nov 07, 2025 Nisshinbo Holdings Inc. announced that they will report Q3, 2025 results on Nov 07, 2025 Declared Dividend • Sep 06
First half dividend of JP¥18.00 announced Dividend of JP¥18.00 is the same as last year. Ex-date: 29th December 2025 Payment date: 12th March 2026 Dividend yield will be 3.1%, which is higher than the industry average of 1.4%. Sustainability & Growth Dividend is well covered by both earnings (44% earnings payout ratio) and cash flows (12% cash payout ratio). The dividend has increased by an average of 9.1% 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 61% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Major Estimate Revision • Aug 21
Consensus EPS estimates fall by 35% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from JP¥500.0b to JP¥495.0b. EPS estimate also fell from JP¥107 per share to JP¥70.00 per share. Net income forecast to grow 32% next year vs 14% growth forecast for Industrials industry in Japan. Consensus price target of JP¥1,300 unchanged from last update. Share price rose 5.1% to JP¥1,071 over the past week. Reported Earnings • Aug 07
Second quarter 2025 earnings released: JP¥24.30 loss per share (vs JP¥6.63 profit in 2Q 2024) Second quarter 2025 results: JP¥24.30 loss per share (down from JP¥6.63 profit in 2Q 2024). Revenue: JP¥103.6b (down 5.2% from 2Q 2024). Net loss: JP¥3.80b (down 465% from profit in 2Q 2024). Revenue is forecast to grow 4.2% p.a. on average during the next 3 years, compared to a 6.4% growth forecast for the Industrials industry in Japan. Over the last 3 years on average, earnings per share has fallen by 32% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Jun 20
Upcoming dividend of JP¥18.00 per share Eligible shareholders must have bought the stock before 27 June 2025. Payment date: 08 September 2025. Payout ratio is a comfortable 32% but the company is paying out more than the cash it is generating. Trailing yield: 3.9%. Lower than top quartile of Japanese dividend payers (4.0%). Higher than average of industry peers (1.3%). Major Estimate Revision • Jun 07
Consensus EPS estimates fall by 32% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from JP¥540.0b to JP¥506.0b. EPS estimate also fell from JP¥157 per share to JP¥107 per share. Net income forecast to shrink 1.7% next year vs 0.5% growth forecast for Industrials industry in Japan . Consensus price target of JP¥1,300 unchanged from last update. Share price was steady at JP¥910 over the past week. Announcement • May 31
Nisshinbo Holdings Inc. to Report Q2, 2025 Results on Aug 06, 2025 Nisshinbo Holdings Inc. announced that they will report Q2, 2025 results on Aug 06, 2025 Reported Earnings • May 13
First quarter 2025 earnings released: EPS: JP¥97.65 (vs JP¥50.25 in 1Q 2024) First quarter 2025 results: EPS: JP¥97.65 (up from JP¥50.25 in 1Q 2024). Revenue: JP¥151.2b (up 16% from 1Q 2024). Net income: JP¥15.3b (up 94% from 1Q 2024). Profit margin: 10% (up from 6.0% in 1Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 4.8% p.a. on average during the next 3 years, compared to a 4.1% growth forecast for the Industrials industry in Japan. Over the last 3 years on average, earnings per share has fallen by 50% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Board Change • Apr 17
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Full-time Audit & Supervisory Board Member Kazunori Baba was the last director to join the board, commencing their role in 2024. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Declared Dividend • Apr 11
Final dividend of JP¥18.00 announced Dividend of JP¥18.00 is the same as last year. Ex-date: 27th June 2025 Payment date: 8th September 2025 Dividend yield will be 4.5%, which is higher than the industry average of 1.4%. Sustainability & Growth Dividend is covered by earnings (55% earnings payout ratio) but not covered by cash flows (160% cash payout ratio). The dividend has increased by an average of 9.1% 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 52% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to JP¥756, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 12x in the Industrials industry in Japan. Total loss to shareholders of 17% over the past three years. Announcement • Mar 01
Nisshinbo Holdings Inc. to Report Q1, 2025 Results on May 12, 2025 Nisshinbo Holdings Inc. announced that they will report Q1, 2025 results on May 12, 2025 Reported Earnings • Feb 13
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: EPS: JP¥65.40 (up from JP¥128 loss in FY 2023). Revenue: JP¥494.7b (down 8.6% from FY 2023). Net income: JP¥10.3b (up JP¥30.3b from FY 2023). Profit margin: 2.1% (up from net loss in FY 2023). The move to profitability was driven by lower expenses. Revenue missed analyst estimates by 3.0%. Earnings per share (EPS) also missed analyst estimates by 47%. Revenue is forecast to grow 5.4% p.a. on average during the next 3 years, compared to a 5.2% growth forecast for the Industrials industry in Japan. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 68 percentage points per year, which is a significant difference in performance. Upcoming Dividend • Dec 20
Upcoming dividend of JP¥18.00 per share Eligible shareholders must have bought the stock before 27 December 2024. Payment date: 11 March 2025. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 4.2%. Within top quartile of Japanese dividend payers (3.8%). Higher than average of industry peers (1.3%). Announcement • Dec 03
Nisshinbo Holdings Inc. to Report Fiscal Year 2024 Results on Feb 12, 2025 Nisshinbo Holdings Inc. announced that they will report fiscal year 2024 results on Feb 12, 2025 Reported Earnings • Nov 09
Third quarter 2024 earnings released: JP¥38.07 loss per share (vs JP¥197 loss in 3Q 2023) Third quarter 2024 results: JP¥38.07 loss per share (improved from JP¥197 loss in 3Q 2023). Revenue: JP¥109.8b (down 15% from 3Q 2023). Net loss: JP¥5.98b (loss narrowed 81% from 3Q 2023). Revenue is forecast to grow 5.1% p.a. on average during the next 3 years, compared to a 5.2% growth forecast for the Industrials industry in Japan. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 84 percentage points per year, which is a significant difference in performance. Announcement • Aug 27
Nisshinbo Holdings Inc. to Report Q3, 2024 Results on Nov 07, 2024 Nisshinbo Holdings Inc. announced that they will report Q3, 2024 results on Nov 07, 2024 Declared Dividend • Aug 09
Dividend of JP¥18.00 announced Shareholders will receive a dividend of JP¥18.00. Ex-date: 27th December 2024 Payment date: 11th March 2025 Dividend yield will be 3.8%, which is higher than the industry average of 1.4%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months and having 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 9.1% 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. Buy Or Sell Opportunity • Jul 22
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 6.4% to JP¥1,084. The fair value is estimated to be JP¥1,358, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.8% over the last 3 years. Meanwhile, the company became loss making. Buy Or Sell Opportunity • Jul 05
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 9.9% to JP¥1,077. The fair value is estimated to be JP¥1,365, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.8% over the last 3 years. Meanwhile, the company became loss making. Announcement • Jun 02
Nisshinbo Holdings Inc. to Report Q2, 2024 Results on Aug 07, 2024 Nisshinbo Holdings Inc. announced that they will report Q2, 2024 results on Aug 07, 2024 Board Change • May 17
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Full-time Audit & Supervisory Board Member Kazunori Baba was the last director to join the board, commencing their role in 2024. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • May 11
First quarter 2024 earnings released: EPS: JP¥50.25 (vs JP¥74.54 in 1Q 2023) First quarter 2024 results: EPS: JP¥50.25 (down from JP¥74.54 in 1Q 2023). Revenue: JP¥130.8b (down 9.2% from 1Q 2023). Net income: JP¥7.90b (down 33% from 1Q 2023). Profit margin: 6.0% (down from 8.1% in 1Q 2023). Revenue is forecast to grow 3.4% p.a. on average during the next 3 years, compared to a 2.6% growth forecast for the Industrials industry in Japan. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 76 percentage points per year, which is a significant difference in performance. Declared Dividend • Apr 11
Final dividend of JP¥18.00 announced Dividend of JP¥18.00 is the same as last year. Ex-date: 27th June 2024 Payment date: 6th September 2024 Dividend yield will be 3.0%, which is higher than the industry average of 1.4%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months and having 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 9.1% 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. Announcement • Mar 28
Nisshinbo Holdings Inc. to Report Q1, 2024 Results on May 09, 2024 Nisshinbo Holdings Inc. announced that they will report Q1, 2024 results on May 09, 2024 New Risk • Feb 10
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 7.6% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (7.6% operating cash flow to total debt). Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Upcoming Dividend • Dec 21
Upcoming dividend of JP¥18.00 per share at 3.3% yield Eligible shareholders must have bought the stock before 28 December 2023. Payment date: 11 March 2024. The company is not currently making a profit and is not cash flow positive. Trailing yield: 3.3%. Lower than top quartile of Japanese dividend payers (3.5%). Higher than average of industry peers (1.7%). Announcement • Dec 05
Nisshinbo Holdings Inc. to Report Fiscal Year 2023 Results on Feb 09, 2024 Nisshinbo Holdings Inc. announced that they will report fiscal year 2023 results on Feb 09, 2024 Reported Earnings • Nov 10
Third quarter 2023 earnings released: JP¥197 loss per share (vs JP¥10.66 profit in 3Q 2022) Third quarter 2023 results: JP¥197 loss per share (down from JP¥10.66 profit in 3Q 2022). Revenue: JP¥128.6b (up 3.0% from 3Q 2022). Net loss: JP¥31.0b (down JP¥32.7b from profit in 3Q 2022). Revenue is forecast to stay flat during the next 3 years, in line with the revenue forecast for the Industrials industry in Japan. 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 15% per year, which means it is well ahead of earnings. Major Estimate Revision • Aug 30
Consensus EPS estimates have been downgraded. The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from JP¥560.0b to JP¥540.0b. Now expected to report a loss of JP¥120 per share instead of JP¥130 per share profit previously forecast. Industrials industry in Japan expected to see average net income growth of 6.4% next year. Consensus price target down from JP¥1,500 to JP¥1,250. Share price was steady at JP¥1,069 over the past week. Announcement • Aug 27
Nisshinbo Holdings Inc. to Report Q3, 2023 Results on Nov 09, 2023 Nisshinbo Holdings Inc. announced that they will report Q3, 2023 results on Nov 09, 2023 Announcement • Aug 24
AEQUITA SE & Co KGaA agreed to acquire TMD Friction Group S.A. from Nisshinbo Holdings Inc. (TSE:3105). AEQUITA SE & Co KGaA agreed to acquire TMD Friction Group S.A. from Nisshinbo Holdings Inc. (TSE:3105) on August 22, 2023. TMD Friction Group had total assets of €505 million and operating profit of €42 million. The Transaction is subject to the completion of customary authorization procedures in accordance with domestic and foreign competition laws and other relevant legal imperatives. Reported Earnings • Aug 09
Second quarter 2023 earnings released: JP¥0.50 loss per share (vs JP¥9.34 profit in 2Q 2022) Second quarter 2023 results: JP¥0.50 loss per share (down from JP¥9.34 profit in 2Q 2022). Revenue: JP¥125.4b (up 6.3% from 2Q 2022). Net loss: JP¥78.0m (down 105% from profit in 2Q 2022). Revenue is forecast to grow 5.6% p.a. on average during the next 3 years, compared to a 1.4% decline forecast for the Industrials industry in Japan. Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Price Target Changed • Jun 28
Price target increased by 50% to JP¥1,500 Up from JP¥1,000, the current price target is provided by 1 analyst. New target price is 31% above last closing price of JP¥1,141. Stock is up 9.6% over the past year. The company is forecast to post earnings per share of JP¥130 for next year compared to JP¥121 last year. Upcoming Dividend • Jun 22
Upcoming dividend of JP¥18.00 per share at 3.2% yield Eligible shareholders must have bought the stock before 29 June 2023. Payment date: 05 September 2023. Payout ratio is a comfortable 28% but the company is not cash flow positive. Trailing yield: 3.2%. Lower than top quartile of Japanese dividend payers (3.5%). Higher than average of industry peers (1.8%). Announcement • May 31
Nisshinbo Holdings Inc. to Report Q2, 2023 Results on Aug 08, 2023 Nisshinbo Holdings Inc. announced that they will report Q2, 2023 results on Aug 08, 2023 Reported Earnings • May 13
First quarter 2023 earnings released: EPS: JP¥74.54 (vs JP¥69.96 in 1Q 2022) First quarter 2023 results: EPS: JP¥74.54 (up from JP¥69.96 in 1Q 2022). Revenue: JP¥144.0b (up 3.7% from 1Q 2022). Net income: JP¥11.7b (flat on 1Q 2022). Profit margin: 8.1% (down from 8.4% in 1Q 2022). Revenue is forecast to grow 5.3% p.a. on average during the next 3 years, compared to a 2.0% decline forecast for the Industrials industry in Japan. Over the last 3 years on average, earnings per share has increased by 53% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • Feb 23
Consensus EPS estimates increase by 26% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has improved. 2023 revenue forecast increased from JP¥528.0b to JP¥550.0b. EPS estimate increased from JP¥95.90 to JP¥121 per share. Net income forecast to shrink 3.7% next year vs 4.2% growth forecast for Industrials industry in Japan . Consensus price target up from JP¥1,000 to JP¥1,050. Share price was steady at JP¥994 over the past week. Reported Earnings • Feb 12
Full year 2022 earnings: EPS and revenues exceed analyst expectations Full year 2022 results: EPS: JP¥121 (down from JP¥149 in FY 2021). Revenue: JP¥516.1b (up 1.1% from FY 2021). Net income: JP¥19.7b (down 21% from FY 2021). Profit margin: 3.8% (down from 4.9% in FY 2021). Revenue exceeded analyst estimates by 1.2%. Earnings per share (EPS) also surpassed analyst estimates by 9.4%. Revenue is forecast to grow 4.4% p.a. on average during the next 3 years, while revenues in the Industrials industry in Japan are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 70% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Announcement • Feb 12
Nisshinbo Holdings Inc., Annual General Meeting, Mar 30, 2023 Nisshinbo Holdings Inc., Annual General Meeting, Mar 30, 2023. Price Target Changed • Jan 20
Price target decreased to JP¥1,000 Down from JP¥1,200, the current price target is provided by 1 analyst. New target price is 6.3% above last closing price of JP¥941. The company is forecast to post earnings per share of JP¥111 for next year compared to JP¥149 last year. Upcoming Dividend • Dec 22
Upcoming dividend of JP¥17.00 per share Eligible shareholders must have bought the stock before 29 December 2022. Payment date: 09 March 2023. Payout ratio is a comfortable 21% and the cash payout ratio is 75%. Trailing yield: 3.4%. Lower than top quartile of Japanese dividend payers (3.8%). Higher than average of industry peers (3.0%). Announcement • Dec 06
Nisshinbo Holdings Inc. to Report Fiscal Year 2022 Results on Feb 10, 2023 Nisshinbo Holdings Inc. announced that they will report fiscal year 2022 results on Feb 10, 2023 Price Target Changed • Nov 16
Price target increased to JP¥1,200 Up from JP¥1,050, the current price target is provided by 1 analyst. New target price is 20% above last closing price of JP¥1,001. Stock is up 16% over the past year. The company is forecast to post earnings per share of JP¥106 for next year compared to JP¥149 last year. Board Change • Nov 16
Less than half of directors are independent There are 5 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: 5 independent directors. 7 non-independent directors. Independent Outside Director Naoko Tani 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 12
Third quarter 2022 earnings released: EPS: JP¥10.66 (vs JP¥16.11 loss in 3Q 2021) Third quarter 2022 results: EPS: JP¥10.66 (up from JP¥16.11 loss in 3Q 2021). Revenue: JP¥125.0b (up 6.8% from 3Q 2021). Net income: JP¥1.73b (up JP¥4.41b from 3Q 2021). Profit margin: 1.4% (up from net loss in 3Q 2021). The move to profitability was driven by higher revenue. Revenue is forecast to grow 4.9% p.a. on average during the next 3 years, while revenues in the Industrials industry in Japan are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 83% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 11
Second quarter 2022 earnings released: EPS: JP¥9.34 (vs JP¥28.07 in 2Q 2021) Second quarter 2022 results: EPS: JP¥9.34 (down from JP¥28.07 in 2Q 2021). Revenue: JP¥118.0b (up 1.1% from 2Q 2021). Net income: JP¥1.55b (down 67% from 2Q 2021). Profit margin: 1.3% (down from 4.0% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 4.4% compared to a 6.4% decline forecast for the industry in Japan. Upcoming Dividend • Jun 22
Upcoming dividend of JP¥17.00 per share Eligible shareholders must have bought the stock before 29 June 2022. Payment date: 05 September 2022. Payout ratio is a comfortable 21% and this is well supported by cash flows. Trailing yield: 3.2%. Lower than top quartile of Japanese dividend payers (3.8%). Higher than average of industry peers (2.8%). Price Target Changed • Jun 14
Price target increased to JP¥1,200 Up from JP¥1,000, the current price target is an average from 2 analysts. New target price is 10% above last closing price of JP¥1,090. Stock is up 18% over the past year. The company is forecast to post earnings per share of JP¥106 for next year compared to JP¥149 last year. Reported Earnings • May 15
First quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2022 results: EPS: JP¥69.96 (down from JP¥74.66 in 1Q 2021). Revenue: JP¥138.9b (down 5.8% from 1Q 2021). Net income: JP¥11.6b (down 6.3% from 1Q 2021). Profit margin: 8.4% (in line with 1Q 2021). Revenue missed analyst estimates by 5.5%. Earnings per share (EPS) exceeded analyst estimates by 65%. Over the next year, revenue is forecast to grow 4.6% compared to a 5.2% decline forecast for the industry in Japan. Board Change • Apr 27
Less than half of directors are independent There are 5 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: 5 independent directors. 7 non-independent directors. Independent Outside Director Naoko Tani 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 • Feb 10
Full year 2021 earnings: EPS and revenues exceed analyst expectations Full year 2021 results: EPS: JP¥149 (up from JP¥81.37 in FY 2020). Revenue: JP¥510.6b (up 12% from FY 2020). Net income: JP¥24.8b (up 83% from FY 2020). Profit margin: 4.9% (up from 3.0% in FY 2020). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 4.2%. Earnings per share (EPS) also surpassed analyst estimates by 65%. Over the next year, revenue is forecast to stay flat compared to a 3.2% decline forecast for the industry in Japan. Over the last 3 years on average, earnings per share has increased by 98% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Dec 22
Upcoming dividend of JP¥15.00 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 09 March 2022. Payout ratio is a comfortable 23% and this is well supported by cash flows. Trailing yield: 3.4%. Within top quartile of Japanese dividend payers (3.3%). Higher than average of industry peers (1.9%). Reported Earnings • Nov 12
Third quarter 2021 earnings released: JP¥16.11 loss per share (vs JP¥2.52 profit in 3Q 2020) The company reported a soft third quarter result with weaker earnings and weaker control over costs, although revenues improved. Third quarter 2021 results: Revenue: JP¥117.0b (up 12% from 3Q 2020). Net loss: JP¥2.68b (down JP¥3.10b from profit in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 60% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 05
Second quarter 2021 earnings released: EPS JP¥28.07 (vs JP¥23.27 loss in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: JP¥116.6b (up 32% from 2Q 2020). Net income: JP¥4.67b (up JP¥8.54b from 2Q 2020). Profit margin: 4.0% (up from net loss in 2Q 2020). Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Upcoming Dividend • Jun 22
Upcoming dividend of JP¥15.00 per share Eligible shareholders must have bought the stock before 29 June 2021. Payment date: 04 September 2021. Trailing yield: 3.3%. Within top quartile of Japanese dividend payers (3.0%). Higher than average of industry peers (1.8%). Major Estimate Revision • Jun 19
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 EPS estimate increased from JP¥52.30 to JP¥78.70. Revenue forecast steady at JP¥510.0b. Net income forecast to shrink 17% next year vs 2.7% growth forecast for Industrials industry in Japan . Consensus price target up from JP¥860 to JP¥1,000. Share price was steady at JP¥908 over the past week. 
