Investor Relations
Dividend information
Basic capital policies
The Group establishes the following basic capital policies, including its dividend policy, for sustainable growth and enhancement of corporate value over the medium- to long-term.
- The enhancement of corporate value is defined as realization of returns exceeding shareholders’ expected rate of return (capital cost). The enhancement of ROE is positioned as one of the Group’s targets.
- The Group will deal with investment in growing business and demand for working capital with awareness at all times of the optimal capital structure and shareholders’ equity ratio based on the size and characteristics of the business.
- With respect to shareholder return, the Group will provide stable and continuous dividends based on the consolidated dividend payout ratios as indicators. The Group will decide on the acquisition of treasury stock as part of the shareholder return policy, including dividends, taking into consideration cash flow conditions, market liquidity of shares, future capital funding needs, and other factors.
Target values
(ROE)
The Group aims to provide ROE, which indicates capital efficiency, of 15% or higher in the medium term.
(Dividend Payout Ratio)
The Group aims to provide a consolidated dividend payout ratio of 40% as the standard for the time being, taking into consideration future demand for capital investment and R&D as well as trends in working capital.
Vesting dates of dividend payments (Shareholder vesting dates)
| Interim dividends | Year-end dividends | |
|---|---|---|
| Vesting date of dividend payment | September 30 | March 31 |
* Acquisition of the shares by no later than two business days prior to the vesting date is required to become shareholders entitled to receive dividends.
Stock splits
| Fiscal year | Effective date | Split ratio |
|---|---|---|
| FY ended March 31, 2024 | October 1, 2023 | 1 : 3 |
| FY ended March 31, 2014 | October 1, 2013 | 1 : 100 |
| FY ended March 31, 2005 | September 15, 2004 | 1 : 2 |
| FY ended March 31, 2004 | November 20, 2003 | 1 : 2 |
Trends in dividends per share
* TED split one share of its one share into three shares with the effective date of October 1, 2023.
| Interim dividend | Year-end dividend | Annual dividend | Remarks | |
|---|---|---|---|---|
| FY ending March 31, 2025 | (forecast) 52 yen |
(forecast) 65 yen |
(forecast) 117 yen |
|
| FY ending March 31, 2024 | 183 yen | *74 yen | - | Split 1:3 (October 1, 2023) |
| FY ending March 31, 2023 | 145 yen | 210 yen | 355 yen | |
| FY ending March 31, 2022 | 105 yen | 100 yen | 205 yen | |
| FY ending March 31, 2021 | 40 yen | 85 yen | 125 yen | |
| FY ending March 31, 2020 | 40 yen | 50 yen | 90 yen | |
| FY ending March 31, 2019 | 40 yen | 53 yen | 93 yen | |
| FY ending March 31, 2018 | 30 yen | 36 yen | 66 yen | |
| FY ending March 31, 2017 | 30 yen | 30 yen | 60 yen | |
| FY ending March 31, 2016 | 30 yen | 30 yen | 60 yen |
* TED split one share of its one share into three shares with the effective date of October 1, 2023.
Dividend Payout Ratio, Dividend Yield
- Dividend Payout Ratio %
- Dividend Yield %
* Dividend Payout Ratio = Total amount of dividends ÷ Net income
* Dividend Yield = Dividend per share ÷ Closing price at the beginning of the FY
| Dividend Payout Ratio | Dividend Yield | Closing price at the beginning of the FY | (After split adjustment) | |
|---|---|---|---|---|
| (forecast) FY ending March 31, 2025 |
40.4% | 1.8% | 6,620 Yen | （6,620 Yen） |
| FY ending March 31, 2024 | 40.5% | 4.7% | 8,660 Yen | （2,866.66 Yen） |
| FY ending March 31, 2023 | 40.1% | 7.0% | 5,100 yen | （1,700 Yen） |
| FY ended March 31, 2022 | 40.1% | 5.1% | 4,015 yen | （1,388.33 Yen） |
| FY ended March 31, 2021 | 40.0% | 5.8% | 2,151 yen | （717 Yen） |
| FY ended March 31, 2020 | 40.1% | 5.0% | 1,811 yen | （603.67 Yen） |
Shareholder benefits
The Group does not provide shareholder benefits at present.
