Reported Earnings • 9h
Full year 2026 earnings: EPS exceeds analyst expectations Full year 2026 results: EPS: JP¥96.85 (up from JP¥89.89 in FY 2025). Revenue: JP¥20.3b (up 3.4% from FY 2025). Net income: JP¥4.68b (up 6.5% from FY 2025). Profit margin: 23% (in line with FY 2025). Revenue is forecast to grow 2.8% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the Real Estate industry in Japan. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has increased by 23% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • May 28
Price target increased by 8.1% to JP¥1,925 Up from JP¥1,780, the current price target is an average from 2 analysts. New target price is 11% below last closing price of JP¥2,165. Stock is up 42% over the past year. The company is forecast to post earnings per share of JP¥99.20 for next year compared to JP¥96.85 last year. Reported Earnings • May 15
Full year 2026 earnings: EPS exceeds analyst expectations Full year 2026 results: EPS: JP¥96.85 (up from JP¥89.89 in FY 2025). Revenue: JP¥20.3b (up 3.4% from FY 2025). Net income: JP¥4.68b (up 6.5% from FY 2025). Profit margin: 23% (in line with FY 2025). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 3.5%. Revenue is forecast to grow 3.4% p.a. on average during the next 2 years, compared to a 4.6% growth forecast for the Real Estate industry in Japan. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has increased by 24% per year, which means it is tracking significantly ahead of earnings growth. Announcement • May 14
Keihanshin Building Co., Ltd., Annual General Meeting, Jun 19, 2026 Keihanshin Building Co., Ltd., Annual General Meeting, Jun 19, 2026. 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: 23 June 2026. Payout ratio is a comfortable 44% and this is well supported by cash flows. Trailing yield: 2.2%. Lower than top quartile of Japanese dividend payers (3.6%). In line with average of industry peers (2.2%). Reported Earnings • Jan 31
Third quarter 2026 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2026 results: EPS: JP¥33.08 (down from JP¥39.57 in 3Q 2025). Revenue: JP¥5.07b (up 2.0% from 3Q 2025). Net income: JP¥1.59b (down 18% from 3Q 2025). Profit margin: 31% (down from 39% in 3Q 2025). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 1.1%. Earnings per share (EPS) exceeded analyst estimates by 41%. Revenue is forecast to grow 3.5% p.a. on average during the next 3 years, compared to a 4.6% growth forecast for the Real Estate industry in Japan. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has increased by 14% per year, which means it is tracking significantly ahead of earnings growth. Declared Dividend • Dec 06
First half dividend of JP¥20.00 announced Shareholders will receive a dividend of JP¥20.00. Ex-date: 30th March 2026 Payment date: 23rd June 2026 Dividend yield will be 2.2%, which is lower than the industry average of 2.5%. Sustainability & Growth Dividend is covered by both earnings (41% earnings payout ratio) and cash flows (58% 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 3.6% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Nov 27
Keihanshin Building Co., Ltd. to Report Q3, 2026 Results on Jan 30, 2026 Keihanshin Building Co., Ltd. announced that they will report Q3, 2026 results on Jan 30, 2026 Reported Earnings • Nov 01
Second quarter 2026 earnings: EPS and revenues exceed analyst expectations Second quarter 2026 results: EPS: JP¥28.22 (up from JP¥17.22 in 2Q 2025). Revenue: JP¥5.16b (up 4.6% from 2Q 2025). Net income: JP¥1.37b (up 63% from 2Q 2025). Profit margin: 27% (up from 17% in 2Q 2025). Revenue exceeded analyst estimates by 1.4%. Earnings per share (EPS) also surpassed analyst estimates by 103%. Revenue is forecast to grow 3.3% p.a. on average during the next 3 years, compared to a 4.3% growth forecast for the Real Estate industry in Japan. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Announcement • Oct 31
Keihanshin Building Co., Ltd. (TSE:8818) announces an Equity Buyback for 1,000,000 shares, representing 2.05% for ¥1,733 million. Keihanshin Building Co., Ltd. (TSE:8818) announces a share repurchase program. Under the program, the company will repurchase up to 1,000,000 shares, representing 2.05% of its issued share capital, for ¥1,733 million. The shares will be repurchased at a price of ¥1,733 per share. The purpose of the program is to improve capital efficiency and implement a flexible capital policy in response to changes in the business environment. The program is valid till November 4, 2025. As of September 30, 2025, there are 48,697,121 outstanding shares (excluding treasury stock) and 114,377 treasury shares. Announcement • Oct 10
Keihanshin Building Co., Ltd. (TSE:8818) and Tokyu Land Corporation reached an agreement to acquire 25% stake in Healthcare Asset Management Co., Ltd. from NEC Capital Solutions Limited (TSE:8793). Keihanshin Building Co., Ltd. (TSE:8818) and Tokyu Land Corporation reached an agreement to acquire 25% stake in Healthcare Asset Management Co., Ltd. from NEC Capital Solutions Limited (TSE:8793) on September 30, 2025. NEC Capital Solutions Limited will transfer 300 shares (5% of the total issued shares) of its 2,000 shares in HAM to the Company, and 1,200 shares (20% of the total issued shares) to TOKYU LAND.
The transaction has been approved by the board of Keihanshin Building Co., Ltd. The expected completion of the transaction is October 14, 2025. Announcement • Sep 03
Keihanshin Building Co., Ltd. to Report Q2, 2026 Results on Oct 31, 2025 Keihanshin Building Co., Ltd. announced that they will report Q2, 2026 results on Oct 31, 2025 Reported Earnings • Aug 02
First quarter 2026 earnings: EPS exceeds analyst expectations First quarter 2026 results: EPS: JP¥22.09 (up from JP¥19.44 in 1Q 2025). Revenue: JP¥5.02b (up 3.4% from 1Q 2025). Net income: JP¥1.07b (up 13% from 1Q 2025). Profit margin: 21% (up from 20% in 1Q 2025). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 7.3%. Revenue is forecast to grow 3.3% p.a. on average during the next 3 years, compared to a 4.4% growth forecast for the Real Estate industry in Japan. Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Declared Dividend • Jul 09
Final dividend increased to JP¥20.00 Dividend of JP¥20.00 is 8.1% higher than last year. Ex-date: 29th September 2025 Payment date: 5th December 2025 Dividend yield will be 2.7%, which is higher than the industry average of 2.5%. Sustainability & Growth Dividend is covered by both earnings (41% earnings payout ratio) and cash flows (58% 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 12% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Jun 25
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: EPS: JP¥89.89 (up from JP¥77.46 in FY 2024). Revenue: JP¥19.6b (up 1.4% from FY 2024). Net income: JP¥4.39b (up 16% from FY 2024). Profit margin: 22% (up from 20% in FY 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 1.0%. Revenue is forecast to grow 3.4% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the Real Estate industry in Japan. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Announcement • Jun 05
Keihanshin Building Co., Ltd. to Report Q1, 2026 Results on Jul 31, 2025 Keihanshin Building Co., Ltd. announced that they will report Q1, 2026 results on Jul 31, 2025 Reported Earnings • May 20
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: EPS: JP¥89.89 (up from JP¥77.46 in FY 2024). Revenue: JP¥19.6b (up 1.4% from FY 2024). Net income: JP¥4.39b (up 16% from FY 2024). Profit margin: 22% (up from 20% in FY 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 1.0%. Revenue is forecast to grow 2.2% p.a. on average during the next 3 years, compared to a 4.1% growth forecast for the Real Estate industry in Japan. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Announcement • May 15
Keihanshin Building Co., Ltd., Annual General Meeting, Jun 20, 2025 Keihanshin Building Co., Ltd., Annual General Meeting, Jun 20, 2025. 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¥1,429, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 11x in the Real Estate industry in Japan. Total returns to shareholders of 13% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at JP¥646 per share. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥21.50 per share Eligible shareholders must have bought the stock before 28 March 2025. Payment date: 24 June 2025. Payout ratio is a comfortable 41% and this is well supported by cash flows. Trailing yield: 2.8%. Lower than top quartile of Japanese dividend payers (3.7%). In line with average of industry peers (2.6%). Announcement • Feb 28
Keihanshin Building Co., Ltd. Announces Management Changes Keihanshin Building Co., Ltd. announced that the Board of Directors meeting approved a resolution on February 28, 2025 to transition from being a company with a board of company auditors to being a company with an audit and supervisory committee, in order to further strengthen corporate governance, subject to shareholder approval of the transition at the 102th Annual General Meeting of Shareholders scheduled to be held on June 20, 2025. The directors scheduled to retire include Koichi Minami, who is currently the Chairman of the Board, and Takashi Yoshida, an Outside Director. Additionally, Shigeru Nishida, currently an Audit & Supervisory Board Member (Standing), Hideharu Nagasawa, an Outside Audit & Supervisory Board Member, and Hideyuki Kamijo, also an Outside Audit & Supervisory Board Member, are scheduled to retire. Furthermore, Shinji Yamamoto, who is currently a Senior Managing Executive Officer, is also scheduled to retire effective June 20, 2025. The company announced changes in its executive officers, effective April 1, 2025. Shinji Yamamoto will continue as a Senior Managing Executive Officer transitioning from his current role as Senior Managing Executive Officer responsible for Business Promotion Division. Junichi Tada will be promoted to Senior Managing Executive Officer responsible for Business Execution and Investment Promotion Department, transitioning from his current role as Managing Executive Officer responsible for Administration. Takao Matsumoto will be elevated to Senior Executive Officer responsible for Business Promotion Division and General Manager of Business Department, moving from his current position as Executive Officer, General Manager of Business Department, and Head of Tokyo Branch Office. Takao Hori will become Senior Executive Officer responsible for Administration, General Manager of Corporate Planning Department, and Head of Sustainability Promotion Group, advancing from his role as Executive Officer and General Manager of Corporate Planning Department and Head of Sustainability Promotion Group. Tsutomu Kamiya will appoint as Head of Tokyo Branch Office, effective April 1, 2025. Announcement • Feb 04
Keihanshin Building Co., Ltd. to Report Fiscal Year 2025 Results on May 15, 2025 Keihanshin Building Co., Ltd. announced that they will report fiscal year 2025 results on May 15, 2025 Reported Earnings • Feb 01
Third quarter 2025 earnings: EPS exceeds analyst expectations Third quarter 2025 results: EPS: JP¥39.55 (up from JP¥18.48 in 3Q 2024). Revenue: JP¥4.97b (up 3.7% from 3Q 2024). Net income: JP¥1.93b (up 114% from 3Q 2024). Profit margin: 39% (up from 19% in 3Q 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 92%. Revenue is forecast to grow 2.0% p.a. on average during the next 3 years, compared to a 4.0% growth forecast for the Real Estate industry in Japan. Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Announcement • Feb 01
Keihanshin Building Co., Ltd. Updates Consolidated Earnings Guidance for the Full Year Ending March 31, 2025 Keihanshin Building Co., Ltd. updated consolidated earnings guidance for the full year ending March 31, 2025. For the full year, the company expects net sales of JPY 19,700 million, operating profit of JPY 4,900 against JPY 5,600 million as previously forecasted, profit attributable to owners of parent of JPY 4,300 against JPY 3,800 million as previously forecasted and basic earnings per share of JPY 88.09 against JPY 77.60 as previously forecasted. Announcement • Jan 31
Keihanshin Building Co., Ltd. Updates Dividend Guidance for the Fiscal Year Ending March 31, 2025 Keihanshin Building Co., Ltd. announced that the Company has a dividend payout ratio target of approximately 45%, and its basic policy is a progressive dividend system that is focused on providing stable dividends and increasing them through growth in earnings per share. Based on this policy, the year-end dividend for the fiscal year ending March 31, 2025 has been revised to JPY 21.50 per share, an increase of JPY 3 from the previous forecast of JPY 18.50 per share, in light of the revision to the consolidated financial results forecasts. As a result, the company plan to pay an annual dividend of JPY 40 per share against JPY 37 per share as previously planned. Declared Dividend • Dec 06
First half dividend of JP¥18.50 announced Shareholders will receive a dividend of JP¥18.50. Ex-date: 28th March 2025 Payment date: 24th June 2025 Dividend yield will be 2.3%, which is lower than the industry average of 2.5%. Sustainability & Growth Dividend is covered by both earnings (79% earnings payout ratio) and cash flows (24% cash payout ratio). The dividend has increased by an average of 10% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 32% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Nov 30
Keihanshin Building Co., Ltd. to Report Q3, 2025 Results on Jan 31, 2025 Keihanshin Building Co., Ltd. announced that they will report Q3, 2025 results on Jan 31, 2025 Reported Earnings • Nov 01
Second quarter 2025 earnings: EPS in line with analyst expectations despite revenue beat Second quarter 2025 results: EPS: JP¥17.22 (down from JP¥21.66 in 2Q 2024). Revenue: JP¥4.93b (flat on 2Q 2024). Net income: JP¥843.0m (down 21% from 2Q 2024). Profit margin: 17% (down from 22% in 2Q 2024). Revenue exceeded analyst estimates by 2.1%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 3.1% p.a. on average during the next 3 years, compared to a 4.0% growth forecast for the Real Estate industry in Japan. Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Announcement • Oct 30
Keihanshin Building Co., Ltd. (TSE:8818) announces an Equity Buyback for 400,000 shares, representing 0.82% for ¥700 million. Keihanshin Building Co., Ltd. (TSE:8818) announces a share repurchase program. Under the program, the company will repurchase up to 400,000 shares, representing 0.82% of its issued share capital, for ¥700 million. The purpose of the program is to improve capital efficiency and implement flexible capital policies in response to changes in the business environment. The program is valid till December 27, 2024. As of September 30, 2024, there are 48,969,790 outstanding shares (excluding treasury stock) and 241,708 treasury shares. Upcoming Dividend • Sep 20
Upcoming dividend of JP¥18.50 per share Eligible shareholders must have bought the stock before 27 September 2024. Payment date: 05 December 2024. Payout ratio is a comfortable 49% but the company is paying out more than the cash it is generating. Trailing yield: 2.4%. Lower than top quartile of Japanese dividend payers (3.8%). In line with average of industry peers (2.6%). Announcement • Aug 28
Keihanshin Building Co., Ltd. to Report Q2, 2025 Results on Oct 30, 2024 Keihanshin Building Co., Ltd. announced that they will report Q2, 2025 results on Oct 30, 2024 Valuation Update With 7 Day Price Move • Aug 06
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to JP¥1,500, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 9x in the Real Estate industry in Japan. Total returns to shareholders of 12% over the past three years. New Risk • Aug 02
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 Debt is not well covered by operating cash flow (11% operating cash flow to total debt). Minor Risks Dividend is not well covered by cash flows (144% cash payout ratio). Share price has been volatile over the past 3 months (5.5% average weekly change). Reported Earnings • Aug 01
First quarter 2025 earnings released: EPS: JP¥21.66 (vs JP¥26.06 in 1Q 2024) First quarter 2025 results: EPS: JP¥21.66 (down from JP¥26.06 in 1Q 2024). Revenue: JP¥4.77b (down 3.9% from 1Q 2024). Net income: JP¥1.06b (down 17% from 1Q 2024). Profit margin: 22% (down from 26% in 1Q 2024). Revenue is forecast to grow 4.0% p.a. on average during the next 3 years, compared to a 4.4% growth forecast for the Real Estate industry in Japan. Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Declared Dividend • Jul 11
Final dividend increased to JP¥18.50 Dividend of JP¥18.50 is 2.8% higher than last year. Ex-date: 27th September 2024 Payment date: 5th December 2024 Dividend yield will be 2.1%, which is lower than the industry average of 2.5%. Sustainability & Growth Dividend is covered by earnings (46% earnings payout ratio) but not covered by cash flows (144% cash payout ratio). The dividend has increased by an average of 11% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 9.6% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Board Change • Jul 05
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Outside Director Chiho Takeda was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Jun 02
Keihanshin Building Co., Ltd. to Report Q1, 2025 Results on Jul 30, 2024 Keihanshin Building Co., Ltd. announced that they will report Q1, 2025 results on Jul 30, 2024 Reported Earnings • May 18
Full year 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2024 results: EPS: JP¥77.46 (down from JP¥84.65 in FY 2023). Revenue: JP¥19.3b (up 2.3% from FY 2023). Net income: JP¥3.79b (down 9.4% from FY 2023). Profit margin: 20% (down from 22% in FY 2023). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 2.8%. Earnings per share (EPS) exceeded analyst estimates by 4.9%. Revenue is forecast to grow 3.9% p.a. on average during the next 3 years, compared to a 4.1% growth forecast for the Real Estate industry in Japan. Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Announcement • Mar 27
Keihanshin Building Co., Ltd. Announces Changes of Officers, Effective April 1, 2024 Keihanshin Building Co., Ltd. hereby announces that it has decided to make the following changes of Officers at the meeting of the Board of Directors held on March 27, 2024. Changes of Officers (Effective as of April 1, 2024): Takao Matsumoto: (New position) Executive Officer, General Manager of Business Department and Head of Tokyo Branch. (Current position) Executive Officer, and General Manager of Business Department. Kazuma Ohashi: (New position) Executive Officer, and General Manager of Investment Promotion Department. (Current position) Executive Officer, General Manager of Investment Promotion Department and Head of Tokyo Branch. Price Target Changed • Mar 23
Price target increased by 7.0% to JP¥1,595 Up from JP¥1,490, the current price target is an average from 2 analysts. New target price is approximately in line with last closing price of JP¥1,552. Stock is up 32% over the past year. The company is forecast to post earnings per share of JP¥73.85 for next year compared to JP¥84.65 last year. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥19.00 per share Eligible shareholders must have bought the stock before 28 March 2024. Payment date: 21 June 2024. Payout ratio is a comfortable 46% but the company is not cash flow positive. Trailing yield: 2.3%. Lower than top quartile of Japanese dividend payers (3.2%). In line with average of industry peers (2.2%). Announcement • Mar 02
Keihanshin Building Co., Ltd. to Report Fiscal Year 2024 Results on May 14, 2024 Keihanshin Building Co., Ltd. announced that they will report fiscal year 2024 results on May 14, 2024 Announcement • Feb 22
Keihanshin Building Co., Ltd., Annual General Meeting, Jun 21, 2024 Keihanshin Building Co., Ltd., Annual General Meeting, Jun 21, 2024. Reported Earnings • Feb 02
Third quarter 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2024 results: EPS: JP¥18.48 (up from JP¥17.99 in 3Q 2023). Revenue: JP¥4.79b (up 1.1% from 3Q 2023). Net income: JP¥904.0m (up 2.4% from 3Q 2023). Profit margin: 19% (in line with 3Q 2023). Revenue missed analyst estimates by 5.8%. Earnings per share (EPS) exceeded analyst estimates by 14%. Revenue is forecast to grow 5.2% p.a. on average during the next 3 years, compared to a 4.1% growth forecast for the Real Estate industry in Japan. Over the last 3 years on average, earnings per share has fallen by 19% 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. Announcement • Dec 01
Keihanshin Building Co., Ltd. to Report Q3, 2024 Results on Jan 31, 2024 Keihanshin Building Co., Ltd. announced that they will report Q3, 2024 results on Jan 31, 2024 Reported Earnings • Oct 29
Second quarter 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2024 results: EPS: JP¥21.65 (up from JP¥20.48 in 2Q 2023). Revenue: JP¥4.90b (up 3.0% from 2Q 2023). Net income: JP¥1.06b (up 4.6% from 2Q 2023). Profit margin: 22% (in line with 2Q 2023). Revenue missed analyst estimates by 1.5%. Earnings per share (EPS) exceeded analyst estimates by 18%. Revenue is forecast to grow 4.4% p.a. on average during the next 3 years, compared to a 4.1% growth forecast for the Real Estate industry in Japan. Over the last 3 years on average, earnings per share has fallen by 10% per year whereas the company’s share price has fallen by 11% per year. Announcement • Oct 28
Keihanshin Building Co., Ltd. Provides Commemorative Dividend for the Year-End Fiscal Year Ending March 31, 2024 Keihanshin Building Co., Ltd. provided commemorative dividend for the year-end fiscal year ending March 31, 2024. For the year-end, company revised Commemorative dividend JPY 1.00 per share. Announcement • Sep 28
Keihanshin Building Co., Ltd. (TSE:8818) announces an Equity Buyback for 120,000 shares, representing 0.24% of its issued share capital for ¥167.64 million. Keihanshin Building Co., Ltd. (TSE:8818) announces a share repurchase program. Under the program, the company will repurchase up to 120,000 shares, representing 0.24% of its issued share capital (excluding treasury stock), for a total purchase price of ¥167.64 million. The shares will be repurchased at a price of ¥1,397 per share. The purpose of the program is to enable the implementation of agile capital policies that flexibly respond to changes in the business environment. As of August 31, 2023, the company had 49,048,406 issued shares (excluding treasury stock) and had 163,092 treasury shares. Announcement • Sep 27
Keihanshin Building Co., Ltd. Appoints Kazuma Ohashi as Executive Officer, Head of Investment Promotion Department and Tokyo Branch, Effective as of October 1, 2023 Keihanshin Building Co., Ltd. at its board meeting held on September 26, 2023, approved appointment of Kazuma Ohashi as Executive Officer, Head of Investment Promotion Department and Tokyo Branch, effective as of October 1, 2023. His current position is Executive Officer, Head of Tokyo Branch and Investment Promotion Group. Upcoming Dividend • Sep 21
Upcoming dividend of JP¥18.00 per share at 2.6% yield Eligible shareholders must have bought the stock before 28 September 2023. Payment date: 05 December 2023. Payout ratio is a comfortable 47% but the company is not cash flow positive. Trailing yield: 2.6%. Lower than top quartile of Japanese dividend payers (3.3%). In line with average of industry peers (2.6%). Announcement • Aug 30
Keihanshin Building Co., Ltd. to Report Q2, 2024 Results on Oct 27, 2023 Keihanshin Building Co., Ltd. announced that they will report Q2, 2024 results on Oct 27, 2023 New Risk • Jul 30
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 19% Last year net profit margin: 35% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (12% operating cash flow to total debt). Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (19% net profit margin). Reported Earnings • Jul 29
First quarter 2024 earnings released: EPS: JP¥26.05 (vs JP¥34.53 in 1Q 2023) First quarter 2024 results: EPS: JP¥26.05 (down from JP¥34.53 in 1Q 2023). Revenue: JP¥4.96b (up 8.5% from 1Q 2023). Net income: JP¥1.28b (down 26% from 1Q 2023). Profit margin: 26% (down from 38% in 1Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 4.3% p.a. on average during the next 3 years, compared to a 3.8% growth forecast for the Real Estate industry in Japan. Over the last 3 years on average, earnings per share has fallen by 2% per year and the company’s share price has also fallen by 2% per year. New Risk • Jul 05
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 3.7% 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 Risks Debt is not well covered by operating cash flow (13% operating cash flow to total debt). Earnings are forecast to decline by an average of 3.7% per year for the foreseeable future. Minor Risk Paying a dividend despite having no free cash flows. Price Target Changed • Jul 04
Price target decreased by 7.3% to JP¥1,390 Down from JP¥1,500, the current price target is an average from 2 analysts. New target price is 21% above last closing price of JP¥1,150. Stock is down 10% over the past year. The company is forecast to post earnings per share of JP¥65.73 for next year compared to JP¥84.65 last year. Announcement • Jun 16
Keihanshin Building Co., Ltd. to Report Q1, 2024 Results on Jul 28, 2023 Keihanshin Building Co., Ltd. announced that they will report Q1, 2024 results on Jul 28, 2023 Price Target Changed • Jun 14
Price target decreased by 8.5% to JP¥1,427 Down from JP¥1,560, the current price target is an average from 3 analysts. New target price is 19% above last closing price of JP¥1,203. Stock is down 3.4% over the past year. The company is forecast to post earnings per share of JP¥67.75 for next year compared to JP¥84.66 last year. Major Estimate Revision • Jun 13
Consensus EPS estimates fall by 11%, revenue upgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast increased from JP¥19.4b to JP¥19.8b. EPS estimate fell from JP¥76.00 to JP¥67.75 per share. Net income forecast to shrink 20% next year vs 8.7% growth forecast for Real Estate industry in Japan . Consensus price target of JP¥1,500 unchanged from last update. Share price was steady at JP¥1,188 over the past week. Reported Earnings • May 17
Full year 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2023 results: EPS: JP¥84.65 (down from JP¥102 in FY 2022). Revenue: JP¥18.9b (up 6.0% from FY 2022). Net income: JP¥4.19b (down 19% from FY 2022). Profit margin: 22% (down from 29% in FY 2022). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.4%. Earnings per share (EPS) missed analyst estimates by 2.2%. Revenue is forecast to grow 2.5% p.a. on average during the next 3 years, compared to a 3.4% growth forecast for the Real Estate industry in Japan. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Announcement • May 13
Keihanshin Building Co., Ltd., Annual General Meeting, Jun 20, 2023 Keihanshin Building Co., Ltd., Annual General Meeting, Jun 20, 2023. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥18.00 per share at 3.1% yield Eligible shareholders must have bought the stock before 30 March 2023. Payment date: 22 June 2023. Payout ratio is a comfortable 33% and this is well supported by cash flows. Trailing yield: 3.1%. Lower than top quartile of Japanese dividend payers (3.6%). In line with average of industry peers (3.1%). Reported Earnings • Jan 28
Third quarter 2023 earnings: EPS and revenues exceed analyst expectations Third quarter 2023 results: EPS: JP¥17.99 (down from JP¥36.73 in 3Q 2022). Revenue: JP¥4.74b (up 5.4% from 3Q 2022). Net income: JP¥883.0m (down 52% from 3Q 2022). Profit margin: 19% (down from 41% in 3Q 2022). Revenue exceeded analyst estimates by 2.7%. Earnings per share (EPS) also surpassed analyst estimates by 15%. Revenue is forecast to grow 3.2% p.a. on average during the next 3 years, compared to a 3.5% growth forecast for the Real Estate industry in Japan. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Announcement • Nov 27
Keihanshin Building Co., Ltd. to Report Q3, 2023 Results on Jan 27, 2023 Keihanshin Building Co., Ltd. announced that they will report Q3, 2023 results on Jan 27, 2023 Board Change • Nov 16
Less than half of directors are independent There are 6 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 6 new directors. 4 experienced directors. No highly experienced directors. 3 independent directors (4 non-independent directors). Chairman Koichi Minami is the most experienced director on the board, commencing their role in 2018. Independent Outside Director Takashi Tsuji was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Announcement • Oct 30
Keihanshin Building Co., Ltd. Provides Consolidated Earnings Guidance for the Fiscal Year Ending March 31, 2023 Keihanshin Building Co., Ltd. provided consolidated financial guidance for the fiscal year ending March 31, 2023. For the year, company expects Net sales to be JPY 18,700 million, Operating profit to be JPY 5,200 million, Profit attributable to owners of parent to be JPY 4,300 million and Basic earnings per share JPY 87.44. Reported Earnings • Oct 30
Second quarter 2023 earnings: EPS and revenues exceed analyst expectations Second quarter 2023 results: EPS: JP¥20.47 (up from JP¥19.26 in 2Q 2022). Revenue: JP¥4.76b (up 5.5% from 2Q 2022). Net income: JP¥1.02b (up 4.6% from 2Q 2022). Profit margin: 21% (in line with 2Q 2022). Revenue exceeded analyst estimates by 1.9%. Earnings per share (EPS) also surpassed analyst estimates by 28%. Revenue is forecast to grow 3.5% p.a. on average during the next 3 years, compared to a 3.6% growth forecast for the Real Estate industry in Japan. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Announcement • Oct 29
Keihanshin Building Co., Ltd. (TSE:8818) announces an Equity Buyback for 200,000 shares, representing 0.41% for ¥300 million. Keihanshin Building Co., Ltd. (TSE:8818) announces a share repurchase program. Under the program, the company will repurchase up to 200,000 shares, representing 0.41% of its issued share capital, for ¥300 million. The purpose of the program is to secure treasury stock to be delivered to allotters based on the restricted stock compensation plan. The program will run until December 30, 2022. As of October 11, 2022, the company had 49,175,026 shares in issue (excluding treasury stock) and 36,472 shares in treasury. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥18.00 per share Eligible shareholders must have bought the stock before 29 September 2022. Payment date: 05 December 2022. Payout ratio is a comfortable 26% but the company is not cash flow positive. Trailing yield: 2.8%. Lower than top quartile of Japanese dividend payers (3.7%). In line with average of industry peers (2.6%). Announcement • Sep 04
Keihanshin Building Co., Ltd. to Report Q2, 2023 Results on Oct 28, 2022 Keihanshin Building Co., Ltd. announced that they will report Q2, 2023 results on Oct 28, 2022 Reported Earnings • Jul 31
First quarter 2023 earnings released: EPS: JP¥34.53 (vs JP¥11.71 in 1Q 2022) First quarter 2023 results: EPS: JP¥34.53 (up from JP¥11.71 in 1Q 2022). Revenue: JP¥4.57b (up 6.0% from 1Q 2022). Net income: JP¥1.73b (up 189% from 1Q 2022). Profit margin: 38% (up from 14% in 1Q 2022). Over the next year, revenue is forecast to grow 3.0%, compared to a 3.4% growth forecast for the 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 only increased by 2% per year, which means it is significantly lagging earnings growth. Announcement • Jul 22
Keihanshin Building Co., Ltd. Announces Change of Officer Keihanshin Building Co., Ltd. recognizes that, in promoting its Mid-Term Business Plan, real estate investments are an important management issue. Accordingly, the company hereby announced that the Board of Directors' meeting held on June 21, 2022 passed a resolution to establish the "Investment Promotion Department" and make a change of an officer, effective July 1, 2022, to further promote the company's investment strategies. Going forward, the company will continue to strive in providing valuable commercial space and aim to expand assets that will be carried over to the next generation. Change of Officer (Effective July 1, 2022). Kazuma Ohashi - (New position) Executive Officer, Head of Tokyo Branch & Investment Promotion Department, - (Current position) Executive Officer, Head of Tokyo Branch. Board Change • Jul 14
Less than half of directors are independent There are 6 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 6 new directors. 4 experienced directors. No highly experienced directors. 3 independent directors (4 non-independent directors). Chairman Koichi Minami is the most experienced director on the board, commencing their role in 2018. Independent Outside Director Takashi Tsuji was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. 
