Price Target Changed • Jun 18
Price target decreased by 8.0% to JP¥1,973 Down from JP¥2,145, the current price target is an average from 4 analysts. New target price is 20% above last closing price of JP¥1,647. Stock is up 54% over the past year. The company is forecast to post earnings per share of JP¥284 for next year compared to JP¥209 last year. Announcement • Jun 05
Japan Petroleum Exploration Co., Ltd. to Report Q1, 2027 Results on Aug 06, 2026 Japan Petroleum Exploration Co., Ltd. announced that they will report Q1, 2027 results on Aug 06, 2026 New Risk • May 14
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 3.3% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 3.3% per year for the foreseeable future. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (8.8% average weekly change). Reported Earnings • May 14
Full year 2026 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2026 results: EPS: JP¥209 (down from JP¥315 in FY 2025). Revenue: JP¥340.3b (down 13% from FY 2025). Net income: JP¥53.4b (down 34% from FY 2025). Profit margin: 16% (down from 21% in FY 2025). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 2.2%. Earnings per share (EPS) exceeded analyst estimates by 14%. Revenue is forecast to grow 6.7% p.a. on average during the next 3 years, compared to a 1.9% growth forecast for the Oil and Gas industry in Japan. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has increased by 33% per year, which means it is tracking significantly ahead of earnings growth. Announcement • May 13
Japan Petroleum Exploration Co., Ltd., Annual General Meeting, Jun 23, 2026 Japan Petroleum Exploration Co., Ltd., Annual General Meeting, Jun 23, 2026. Buy Or Sell Opportunity • Apr 20
Now 25% undervalued Over the last 90 days, the stock has risen 16% to JP¥2,171. The fair value is estimated to be JP¥2,883, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.9% over the last 3 years, while earnings per share has been flat. For the next 3 years, revenue is forecast to grow by 6.6% per annum. Earnings are also forecast to grow by 1.1% per annum over the same time period. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥20.00 per share Eligible shareholders must have bought the stock before 30 March 2026. Payment date: 26 June 2026. Payout ratio is a comfortable 15% and this is well supported by cash flows. Trailing yield: 1.6%. Lower than top quartile of Japanese dividend payers (3.6%). Lower than average of industry peers (2.4%). Announcement • Mar 14
Japan Petroleum Exploration Co., Ltd. to Report Fiscal Year 2026 Results on May 13, 2026 Japan Petroleum Exploration Co., Ltd. announced that they will report fiscal year 2026 results on May 13, 2026 Buy Or Sell Opportunity • Mar 04
Now 24% undervalued Over the last 90 days, the stock has risen 67% to JP¥2,384. The fair value is estimated to be JP¥3,151, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.9% over the last 3 years, while earnings per share has been flat. For the next 3 years, revenue is forecast to grow by 1.7% per annum. Earnings are forecast to decline by 3.2% per annum over the same time period. New Risk • Mar 02
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Japanese stocks, typically moving 8.7% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (8.7% average weekly change). Earnings are forecast to decline by an average of 8.2% per year for the foreseeable future. Minor Risk Profit margins are more than 30% lower than last year (12% net profit margin). Price Target Changed • Feb 28
Price target increased by 22% to JP¥1,523 Up from JP¥1,248, the current price target is an average from 4 analysts. New target price is 36% below last closing price of JP¥2,385. Stock is up 110% over the past year. The company is forecast to post earnings per share of JP¥164 for next year compared to JP¥315 last year. Major Estimate Revision • Feb 28
Consensus EPS estimates increase by 13% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has improved. 2026 revenue forecast increased from JP¥339.9b to JP¥350.1b. EPS estimate increased from JP¥145 to JP¥164 per share. Net income forecast to grow 5.3% next year vs 38% growth forecast for Oil and Gas industry in Japan. Consensus price target up from JP¥1,248 to JP¥1,523. Share price was steady at JP¥2,385 over the past week. Reported Earnings • Feb 14
Third quarter 2026 earnings: EPS and revenues exceed analyst expectations Third quarter 2026 results: EPS: JP¥49.71 (down from JP¥208 in 3Q 2025). Revenue: JP¥92.2b (up 1.1% from 3Q 2025). Net income: JP¥12.7b (down 76% from 3Q 2025). Profit margin: 14% (down from 58% in 3Q 2025). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 26%. Earnings per share (EPS) also surpassed analyst estimates by 88%. Revenue is forecast to decline by 7.8% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Japan are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 32% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Feb 12
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to JP¥2,365, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 12x in the Oil and Gas industry in Japan. Total returns to shareholders of 182% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥3,818 per share. Valuation Update With 7 Day Price Move • Jan 13
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to JP¥1,913, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 10x in the Oil and Gas industry in Japan. Total returns to shareholders of 186% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥3,695 per share. Major Estimate Revision • Jan 08
Consensus EPS estimates increase by 16% The consensus outlook for fiscal year 2026 has been updated. 2026 EPS estimate increased from JP¥138 to JP¥160. Revenue forecast unchanged at JP¥339.9b. Net income forecast to shrink 55% next year vs 12% growth forecast for Oil and Gas industry in Japan . Consensus price target of JP¥1,248 unchanged from last update. Share price rose 7.1% to JP¥1,681 over the past week. New Risk • Dec 19
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 5.5% 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: Major Risk Earnings are forecast to decline by an average of 33% per year for the foreseeable future. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (5.5% average weekly change). Large one-off items impacting financial results. Declared Dividend • Dec 13
First half dividend of JP¥20.00 announced Shareholders will receive a dividend of JP¥20.00. Ex-date: 30th March 2026 Payment date: 26th June 2026 Dividend yield will be 2.8%, which is lower than the industry average of 3.6%. Sustainability & Growth Dividend is well covered by both earnings (15% earnings payout ratio) and cash flows (14% cash payout ratio). The dividend has increased by an average of 15% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to decline by 72% over the next 3 years. However, it would need to fall by 84% to increase the payout ratio to a potentially unsustainable range. Announcement • Dec 06
Japan Petroleum Exploration Co., Ltd. to Report Q3, 2026 Results on Feb 12, 2026 Japan Petroleum Exploration Co., Ltd. announced that they will report Q3, 2026 results on Feb 12, 2026 Price Target Changed • Dec 03
Price target increased by 12% to JP¥1,200 Up from JP¥1,072, the current price target is an average from 4 analysts. New target price is 15% below last closing price of JP¥1,408. Stock is up 28% over the past year. The company is forecast to post earnings per share of JP¥140 for next year compared to JP¥315 last year. Announcement • Nov 27
PT Energi Mega Persada Tbk (IDX:ENRG) acquired remaining 25% stake in Kangean Energy Indonesia Ltd. from Japan Petroleum Exploration Co., Ltd. (TSE:1662). PT Energi Mega Persada Tbk (IDX:ENRG) acquired remaining 25% stake in Kangean Energy Indonesia Ltd. from Japan Petroleum Exploration Co., Ltd. (TSE:1662) on November 25, 2025. PT Energi Mega Persada Tbk is holds 100% of Kangean Energy Indonesia Ltd. and it will operate the block through its subsidiary.
PT Energi Mega Persada Tbk (IDX:ENRG) completed the acquisition of remaining 25% stake in Kangean Energy Indonesia Ltd. from Japan Petroleum Exploration Co., Ltd. (TSE:1662) on November 25, 2025. Reported Earnings • Nov 14
Second quarter 2026 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2026 results: EPS: JP¥44.31 (up from JP¥37.51 in 2Q 2025). Revenue: JP¥85.3b (down 9.4% from 2Q 2025). Net income: JP¥11.3b (up 18% from 2Q 2025). Profit margin: 13% (up from 10% in 2Q 2025). Revenue missed analyst estimates by 5.5%. Earnings per share (EPS) exceeded analyst estimates by 33%. Revenue is expected to fall by 8.1% p.a. on average during the next 3 years compared to a 2.1% decline forecast for the Oil and Gas industry in Japan. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 18% per year, which means it is well ahead of earnings. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥20.00 per share Eligible shareholders must have bought the stock before 29 September 2025. Payment date: 12 December 2025. Payout ratio is a comfortable 17% and this is well supported by cash flows. Trailing yield: 3.0%. Lower than top quartile of Japanese dividend payers (3.6%). Lower than average of industry peers (3.5%). Announcement • Sep 04
Japan Petroleum Exploration Co., Ltd. to Report Q2, 2026 Results on Nov 12, 2025 Japan Petroleum Exploration Co., Ltd. announced that they will report Q2, 2026 results at 2:00 PM, Tokyo Standard Time on Nov 12, 2025 Reported Earnings • Aug 08
First quarter 2026 earnings: EPS exceeds analyst expectations First quarter 2026 results: EPS: JP¥61.40 (up from JP¥43.88 in 1Q 2025). Revenue: JP¥82.8b (down 7.4% from 1Q 2025). Net income: JP¥15.7b (up 37% from 1Q 2025). Profit margin: 19% (up from 13% in 1Q 2025). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 90%. Revenue is expected to fall by 8.7% p.a. on average during the next 3 years compared to a 3.4% decline forecast for the Oil and Gas 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 18% per year. Declared Dividend • Jul 09
Final dividend of JP¥20.00 announced Shareholders will receive a dividend of JP¥20.00. Ex-date: 29th September 2025 Payment date: 12th December 2025 Dividend yield will be 4.8%, which is higher than the industry average of 3.6%. Sustainability & Growth Dividend is well covered by both earnings (17% earnings payout ratio) and cash flows (26% cash payout ratio). The dividend has increased by an average of 15% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to decline by 79% over the next 3 years. However, it would need to fall by 81% to increase the payout ratio to a potentially unsustainable range. Reported Earnings • Jun 27
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: EPS: JP¥315 (up from JP¥199 in FY 2024). Revenue: JP¥389.1b (up 19% from FY 2024). Net income: JP¥81.2b (up 51% from FY 2024). Profit margin: 21% (up from 17% in FY 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 9.2%. Revenue is expected to fall by 8.3% p.a. on average during the next 3 years compared to a 3.4% decline forecast for the Oil and Gas industry in Japan. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Announcement • Jun 25
Japan Petroleum Exploration Co., Ltd. Announces Independent Committee Changes Japan Petroleum Exploration Co., Ltd. announced that a meeting of its Board of Directors held resolved to appoint one of three members of the Independent Committee established under the measures to prevent the large-scale acquisition of shares of JAPEX (takeover defense measures). This is due to the resignation of Mr. ITO Tetsuo from the Independent Committee member following retirement from Outside Director at the time ending the 55th Ordinary General Meeting of the Shareholders held today. Details of a new member are as follows: Career Summary of WADA Masaki: Born December 21, 1961, April 1987: Appointed prosecutor, July 2014: Chief Public Prosecutor of Hakodate District Public Prosecutors Office, Jan. 2017: Director-General of the Immigration Bureau, Ministry of Justice, Jan. 2019: Director of Trial Department, Supreme Public Prosecutors Office, May 2020: Director-General of Public Security Intelligence Agency, Jan. 2023: Superintending Prosecutor of Hiroshima High District Public Prosecutors Office, Mar. 2025: Recorded attorney (Daiichi Tokyo Bar Association) (up to the present date), Mar. 2025: Attorney at HANZOMON SOGO LAW OFFICE (up to the present date), June 2025: Director at JAPEX (up to the present date). Term: Up to the close of the Ordinary General Meeting of the Shareholders to be held in June 2026. Therefore, the three members of the Independent Committee will be Mr. WADA Masaki, Ms. YAMASHITA Yukari (Outside Director of JAPEX), and Mr. KAWAKITA Chikara (Outside Audit & Supervisory Board Member of JAPEX) . Announcement • Jun 07
Japan Petroleum Exploration Co., Ltd. to Report Q1, 2026 Results on Aug 07, 2025 Japan Petroleum Exploration Co., Ltd. announced that they will report Q1, 2026 results on Aug 07, 2025 Price Target Changed • Jun 06
Price target decreased by 8.7% to JP¥1,044 Down from JP¥1,144, the current price target is an average from 5 analysts. New target price is 5.0% above last closing price of JP¥994. Stock is down 21% over the past year. The company is forecast to post earnings per share of JP¥140 for next year compared to JP¥315 last year. Announcement • May 29
Astomos Energy Corporation agreed to acquire 90% stake in Japex Energy Corporation from Japan Petroleum Exploration Co., Ltd. (TSE:1662) for approximately ¥100 million. Astomos Energy Corporation agreed to acquire 90% stake in Japex Energy Corporation from Japan Petroleum Exploration Co., Ltd. (TSE:1662) for approximately ¥100 million on May 29, 2025. A cash consideration of ¥101 million will be paid by Astomos Energy Corporation. As part of consideration, ¥101 million is paid towards common equity of Japex Energy Corporation.
Under the terms of the transaction, the first transfer, 334 shares is expected to be completed on June 25, 2025 and the second transfer, 566 shares is expected to be completed on December 25, 2025. Announcement • May 23
Japan Petroleum Exploration Co., Ltd. (TSE:1662) acquired 50% stake in EMP Gebang Ltd. Japan Petroleum Exploration Co., Ltd. (TSE:1662) acquired 50% stake in EMP Gebang Ltd on May 23, 2025.
In conjunction with this acquisition, JAPEX will transfer all of our share in Energi Mega Pratama Inc. through which we participate in the Indonesia Kangean Project to Energi Mega Persada Tbk the parent company of Energi Mega Pratama Inc. Furthermore, by transferring all Energi Mega Pratama Inc. shares, it will be removed from and by acquiring EMP Gebang Ltd shares, EMP Gebang Ltd will be added to the list of equity-method affiliates of JAPEX.
Japan Petroleum Exploration Co., Ltd. (TSE:1662) completed the acquisition of 50% stake in EMP Gebang Ltd on May 23, 2025. Reported Earnings • May 15
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: EPS: JP¥315 (up from JP¥199 in FY 2024). Revenue: JP¥389.1b (up 19% from FY 2024). Net income: JP¥81.2b (up 51% from FY 2024). Profit margin: 21% (up from 17% in FY 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 9.2%. Revenue is forecast to decline by 3.5% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Japan are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 28% per year whereas the company’s share price has increased by 24% per year. 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¥946, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 7x in the Oil and Gas industry in Japan. Total returns to shareholders of 114% over the past three years. Announcement • Mar 25
Ithaca Energy plc (LSE:ITH) has signed a sale and purchase agreement to acquire 15% stake in Japex Uk E&P Limited from Japan Petroleum Exploration Co., Ltd. (TSE:1662) in a transaction valued at approximately $190 million. Ithaca Energy plc (LSE:ITH) has signed a sale and purchase agreement to acquire Japex Uk E&P Limited from Japan Petroleum Exploration Co., Ltd. (TSE:1662) in a transaction valued at approximately $190 million on March 25, 2025. he Transaction, which is subject to the satisfaction of certain conditions including regulatory approval, will increase Ithaca Energy's WI in Seagull from 35% to 50%, equalling bp's interest as the field operator. The transaction is expected to be completed on June 30, 2025. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥25.00 per share Eligible shareholders must have bought the stock before 28 March 2025. Payment date: 27 June 2025. Payout ratio is a comfortable 17% and this is well supported by cash flows. Trailing yield: 4.0%. Within top quartile of Japanese dividend payers (3.7%). Higher than average of industry peers (3.6%). Announcement • Mar 06
Japan Petroleum Exploration Co., Ltd. to Report Fiscal Year 2025 Results on May 13, 2025 Japan Petroleum Exploration Co., Ltd. announced that they will report fiscal year 2025 results on May 13, 2025 Major Estimate Revision • Mar 01
Consensus EPS estimates increase by 22% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has improved. 2025 revenue forecast increased from JP¥366.8b to JP¥383.7b. EPS estimate increased from JP¥280 to JP¥341 per share. Net income forecast to shrink 44% next year vs 7.2% growth forecast for Oil and Gas industry in Japan . Consensus price target up from JP¥1,138 to JP¥1,180. Share price was steady at JP¥1,137 over the past week. New Risk • Feb 13
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 68% 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. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 32% per year for the foreseeable future. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Reported Earnings • Feb 13
Third quarter 2025 earnings: EPS and revenues exceed analyst expectations Third quarter 2025 results: EPS: JP¥208 (up from JP¥32.33 in 3Q 2024). Revenue: JP¥91.2b (up 15% from 3Q 2024). Net income: JP¥53.3b (up JP¥44.6b from 3Q 2024). Profit margin: 58% (up from 11% in 3Q 2024). Revenue exceeded analyst estimates by 10%. Earnings per share (EPS) also surpassed analyst estimates significantly. Revenue is expected to fall by 1.8% p.a. on average during the next 3 years compared to a 2.3% decline forecast for the Oil and Gas industry in Japan. Over the last 3 years on average, earnings per share has increased by 50% per year but the company’s share price has only increased by 27% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • Dec 14
Consensus EPS estimates increase by 18% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate increased from JP¥239 to JP¥280. Revenue forecast steady at JP¥366.8b. Net income forecast to grow 16% next year vs 13% growth forecast for Oil and Gas industry in Japan. Consensus price target down from JP¥1,168 to JP¥1,138. Share price was steady at JP¥1,110 over the past week. Announcement • Dec 07
Japan Petroleum Exploration Co., Ltd. to Report Q3, 2025 Results on Feb 12, 2025 Japan Petroleum Exploration Co., Ltd. announced that they will report Q3, 2025 results on Feb 12, 2025 Major Estimate Revision • Nov 26
Consensus EPS estimates increase by 22% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate increased from JP¥179 to JP¥219. Revenue forecast steady at JP¥368.3b. Net income forecast to grow 1.2% next year vs 3.0% growth forecast for Oil and Gas industry in Japan. Consensus price target down from JP¥1,326 to JP¥1,198. Share price fell 2.8% to JP¥1,079 over the past week. Reported Earnings • Nov 15
Second quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2025 results: EPS: JP¥37.51 (down from JP¥54.47 in 2Q 2024). Revenue: JP¥94.1b (up 5.3% from 2Q 2024). Net income: JP¥9.65b (down 35% from 2Q 2024). Profit margin: 10% (down from 17% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 18%. Earnings per share (EPS) missed analyst estimates by 43%. Revenue is forecast to stay flat during the next 3 years compared to a 1.6% decline forecast for the Oil and Gas industry in Japan. Over the last 3 years on average, earnings per share has increased by 68% per year but the company’s share price has only increased by 35% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Sep 20
Upcoming dividend of JP¥125 per share Eligible shareholders must have bought the stock before 27 September 2024. Payment date: 12 December 2024. Payout ratio is a comfortable 31% and the cash payout ratio is 77%. Trailing yield: 4.7%. Within top quartile of Japanese dividend payers (3.8%). Higher than average of industry peers (3.5%). Announcement • Aug 27
Japan Petroleum Exploration Co., Ltd. to Report Q2, 2025 Results on Nov 13, 2024 Japan Petroleum Exploration Co., Ltd. announced that they will report Q2, 2025 results at 2:00 PM, Tokyo Standard Time on Nov 13, 2024 Price Target Changed • Aug 21
Price target increased by 7.1% to JP¥6,790 Up from JP¥6,338, the current price target is an average from 4 analysts. New target price is 20% above last closing price of JP¥5,650. Stock is up 21% over the past year. The company is forecast to post earnings per share of JP¥873 for next year compared to JP¥994 last year. Reported Earnings • Aug 12
First quarter 2025 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2025 results: EPS: JP¥219 (down from JP¥240 in 1Q 2024). Revenue: JP¥89.5b (up 46% from 1Q 2024). Net income: JP¥11.5b (down 12% from 1Q 2024). Profit margin: 13% (down from 21% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 1.6%. Earnings per share (EPS) exceeded analyst estimates by 31%. Revenue is forecast to decline by 1.1% p.a. on average during the next 3 years, while revenues in the Oil and Gas 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 only increased by 45% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to JP¥5,100, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 8x in the Oil and Gas industry in Japan. Total returns to shareholders of 225% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥9,828 per share. Announcement • Jun 18
Japan Petroleum Exploration Co., Ltd. (TSE:1662) share purchase agreement to acquire remaining 50.1% stake in Longboat Energy Norge As from Longboat Energy plc (AIM:LBE) for $2.5 million on June 17, 2024. Japan Petroleum Exploration Co., Ltd. (TSE:1662) share purchase agreement to acquire remaining 50.1% stake in Longboat Energy Norge As from Longboat Energy plc (AIM:LBE) for $2.5 million on June 17, 2024. cash consideration of $2.5 million payable on completion plus the assumption of the entire debt drawn by LJN under the Acquisition Bridge Facility provided to the joint venture by JAPEX. Net drawings to Longboat under the Acquisition Facility are currently $8.5 million. JAPEX will also assume all financial obligations associated with LJN including all staff and running costs going forward and has amended the Acquisition Facility pre-completion to allow further drawings to manage the immediate working capital needs at LJN. The Management Services Agreement providing for transitional services between LJN and the Company will remain in-place until 30 September 2024 resulting in an estimated net outflow. As detailed in its Report and Accounts to 31 December 2023, Longboat now equity accounts for the LJN joint venture in its financial statements and therefore the Transaction is not anticipated to have an impact on its future profitability. Longboat intends to use the proceeds from the Transaction to fund its working capital requirements and ongoing operations in Malaysia as part of the Company's plan to pivot its efforts to building a business in Southeast Asia. The Transaction consideration, along with ongoing efforts to cut Longboat's cost base, are forecast to provide capital to run the Company through the end of Q1-25. The change in geographic focus is detailed in a separate press release made by the Company today. The reduction in value in Longboat's investment into LJN is directly attributable to the performance of the underlying assets and certain restrictive provisions in the Shareholder Agreement which limit the marketability of the LJN shares. Due to the equity accounting of the joint venture, Longboat does not book oil & gas reserves related to LJN and the previous production guidance range detailed on 29 May 2024 should now be disregarded. As of December 2023, Longboat Energy Norge As as net assets of $18.25 million, total assets are $6.22 million, total revenue is $0.77 million. The Transaction remains subject to regulatory approvals in Norway, approval by the lenders under the Exploration Finance Facility and the transfer of any third-party contracts. In the period prior to completion, Longboat has agreed to vote in favor of certain resolutions put to the LJN board as instructed by JAPEX. Completion of the Transaction is anticipated during Q3 2024. Price Target Changed • Jun 15
Price target increased by 7.3% to JP¥6,338 Up from JP¥5,905, the current price target is an average from 4 analysts. New target price is approximately in line with last closing price of JP¥6,550. Stock is up 51% over the past year. The company is forecast to post earnings per share of JP¥788 for next year compared to JP¥994 last year. Price Target Changed • Jun 13
Price target increased by 7.8% to JP¥6,163 Up from JP¥5,718, the current price target is an average from 4 analysts. New target price is approximately in line with last closing price of JP¥6,470. Stock is up 51% over the past year. The company is forecast to post earnings per share of JP¥758 for next year compared to JP¥994 last year. Announcement • Jun 08
Japan Petroleum Exploration Co., Ltd. to Report Q1, 2025 Results on Aug 08, 2024 Japan Petroleum Exploration Co., Ltd. announced that they will report Q1, 2025 results on Aug 08, 2024 Reported Earnings • May 17
Full year 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2024 results: EPS: JP¥994 (down from JP¥1,237 in FY 2023). Revenue: JP¥325.9b (down 3.2% from FY 2023). Net income: JP¥53.7b (down 20% from FY 2023). Profit margin: 17% (down from 20% in FY 2023). The decrease in margin was primarily driven by lower revenue. Revenue missed analyst estimates by 1.2%. Earnings per share (EPS) exceeded analyst estimates by 18%. Revenue is forecast to stay flat during the next 3 years, in line with the revenue forecast for the Oil and Gas industry in Japan. Over the last 3 years on average, earnings per share has increased by 74% per year but the company’s share price has only increased by 49% per year, which means it is significantly lagging earnings growth. Announcement • May 16
Japan Petroleum Exploration Co., Ltd., Annual General Meeting, Jun 26, 2024 Japan Petroleum Exploration Co., Ltd., Annual General Meeting, Jun 26, 2024. Buy Or Sell Opportunity • Apr 10
Now 20% undervalued Over the last 90 days, the stock has risen 24% to JP¥6,880. The fair value is estimated to be JP¥8,607, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Earnings per share has grown by 74%. For the next 3 years, revenue is forecast to grow by 0.6% per annum. Earnings are forecast to decline by 17% per annum over the same time period. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥125 per share Eligible shareholders must have bought the stock before 28 March 2024. Payment date: 28 June 2024. Payout ratio is a comfortable 31% and this is well supported by cash flows. Trailing yield: 3.7%. Within top quartile of Japanese dividend payers (3.2%). Higher than average of industry peers (3.1%). Price Target Changed • Mar 01
Price target increased by 13% to JP¥5,618 Up from JP¥4,980, the current price target is an average from 4 analysts. New target price is 8.2% below last closing price of JP¥6,120. Stock is up 19% over the past year. The company is forecast to post earnings per share of JP¥853 for next year compared to JP¥1,237 last year. Announcement • Feb 29
Japan Petroleum Exploration Co., Ltd. to Report Fiscal Year 2024 Results on May 14, 2024 Japan Petroleum Exploration Co., Ltd. announced that they will report fiscal year 2024 results on May 14, 2024 Reported Earnings • Feb 10
Third quarter 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2024 results: EPS: JP¥162 (down from JP¥219 in 3Q 2023). Revenue: JP¥79.2b (down 24% from 3Q 2023). Net income: JP¥8.75b (down 26% from 3Q 2023). Profit margin: 11% (in line with 3Q 2023). Revenue missed analyst estimates by 10%. Earnings per share (EPS) exceeded analyst estimates by 91%. Revenue is forecast to decline by 2.1% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Japan are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 74% per year but the company’s share price has only increased by 36% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Dec 08
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 2.3%. The fair value is estimated to be JP¥6,544, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Earnings per share has grown by 70%. For the next 3 years, revenue is forecast to decline by 1.6% per annum. Earnings is also forecast to decline by 14% per annum over the same time period. Announcement • Nov 30
Japan Petroleum Exploration Co., Ltd. to Report Q3, 2024 Results on Feb 09, 2024 Japan Petroleum Exploration Co., Ltd. announced that they will report Q3, 2024 results on Feb 09, 2024 Price Target Changed • Nov 30
Price target increased by 7.6% to JP¥5,084 Up from JP¥4,724, the current price target is an average from 5 analysts. New target price is 11% below last closing price of JP¥5,690. Stock is up 34% over the past year. The company is forecast to post earnings per share of JP¥840 for next year compared to JP¥1,237 last year. Reported Earnings • Nov 12
Second quarter 2024 earnings: EPS and revenues exceed analyst expectations Second quarter 2024 results: EPS: JP¥272 (down from JP¥290 in 2Q 2023). Revenue: JP¥89.4b (up 44% from 2Q 2023). Net income: JP¥14.8b (down 6.5% from 2Q 2023). Profit margin: 17% (down from 25% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 25%. Earnings per share (EPS) also surpassed analyst estimates by 93%. Revenue is forecast to decline by 2.6% p.a. on average during the next 3 years, while revenues in the Oil and Gas 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 only increased by 46% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Oct 25
Now 20% undervalued Over the last 90 days, the stock is up 5.9%. The fair value is estimated to be JP¥6,403, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.6% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to decline by 0.9% per annum. Earnings is also forecast to decline by 16% per annum over the same time period. New Risk • Oct 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 5.6% 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. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 16% per year for the foreseeable future. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (5.6% average weekly change). Valuation Update With 7 Day Price Move • Oct 05
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to JP¥4,880, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 6x in the Oil and Gas industry in Asia. Total returns to shareholders of 214% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥6,320 per share. Buying Opportunity • Oct 04
Now 21% undervalued Over the last 90 days, the stock is up 15%. The fair value is estimated to be JP¥6,319, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.6% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to decline by 0.9% per annum. Earnings is also forecast to decline by 16% per annum over the same time period. Upcoming Dividend • Sep 21
Upcoming dividend of JP¥100.00 per share at 3.6% yield Eligible shareholders must have bought the stock before 28 September 2023. Payment date: 12 December 2023. Payout ratio is a comfortable 31% and this is well supported by cash flows. Trailing yield: 3.6%. Within top quartile of Japanese dividend payers (3.3%). In line with average of industry peers (3.3%). Announcement • Sep 01
Japan Petroleum Exploration Co., Ltd. to Report Q2, 2024 Results on Nov 10, 2023 Japan Petroleum Exploration Co., Ltd. announced that they will report Q2, 2024 results on Nov 10, 2023 Reported Earnings • Aug 10
First quarter 2024 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2024 results: EPS: JP¥240 (down from JP¥284 in 1Q 2023). Revenue: JP¥61.3b (up 4.6% from 1Q 2023). Net income: JP¥13.0b (down 17% from 1Q 2023). Profit margin: 21% (down from 27% in 1Q 2023). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 11%. Earnings per share (EPS) exceeded analyst estimates by 102%. Revenue is expected to fall by 2.3% p.a. on average during the next 3 years compared to a 1.9% decline forecast for the Oil and Gas industry in Japan. Over the last 3 years on average, earnings per share has increased by 63% per year but the company’s share price has only increased by 38% per year, which means it is significantly lagging earnings growth. Announcement • May 31
Japan Petroleum Exploration Co., Ltd. to Report Q1, 2024 Results on Aug 09, 2023 Japan Petroleum Exploration Co., Ltd. announced that they will report Q1, 2024 results at 2:00 PM, Tokyo Standard Time on Aug 09, 2023 Reported Earnings • May 18
Full year 2023 earnings: EPS and revenues exceed analyst expectations Full year 2023 results: EPS: JP¥1,237 (up from JP¥546 loss in FY 2022). Revenue: JP¥336.5b (up 35% from FY 2022). Net income: JP¥67.4b (up JP¥98.4b from FY 2022). Profit margin: 20% (up from net loss in FY 2022). The move to profitability was primarily driven by higher revenue. Revenue exceeded analyst estimates by 6.3%. Earnings per share (EPS) also surpassed analyst estimates by 13%. Revenue is expected to fall by 3.8% p.a. on average during the next 3 years compared to a 2.9% decline forecast for the Oil and Gas industry in Japan. Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has only increased by 27% per year, which means it is significantly lagging earnings growth. Announcement • May 14
Japan Petroleum Exploration Co., Ltd., Annual General Meeting, Jun 27, 2023 Japan Petroleum Exploration Co., Ltd., Annual General Meeting, Jun 27, 2023. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥180 per share at 7.9% yield Eligible shareholders must have bought the stock before 30 March 2023. Payment date: 29 June 2023. Payout ratio is a comfortable 9.9% and this is well supported by cash flows. Trailing yield: 7.9%. Within top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (4.4%). 
