Broadcasting System of Niigata est une société nippone de radio-télévision fondée en 1952. En parallèle à ses activités de production et de diffusion de ses programmes, elle est aussi active dans l'hôtellerie, la restauration, la construction et l'real estate.
The stock is heavily undervalued, with a price-to-earnings ratio of 8.7 and a price-to-book ratio of just 0.4.
Le rendement des dividendes n'est pas monstrueux, avec 1.08, mais avec un distribution ratio inférieur à 10%. Le dividende est resté stable entre 2013 et 2016 et il vient d'être augmenté en 2017. On n'est pas dans un titre classique payeur de growing dividends (qui augmente chaque année ses distributions), mais non seulement le trend est haussier, mais surtout le dividende possède un sacré potentiel d'accroissement vu la progression des bénéfices et le très faible taux distribution actuel.
In addition to the favorable impact on dividends, the growth in profits also translates positively into cash reserves and asset values, which demonstrates that the company is managing to create value over the long term.
Liquidity reserves are very good, with a current ratio of 2.3 (increasing) and a liquidity ratio of 2.2. This allows BSN to meet its short-term financial obligations without any problems. These reserves are ideal, i.e. sufficient for everyday life, but not excessive (which would demonstrate poor use of current assets).
Les flux de trésorerie d'exploitation sont positifs, par contre la gross margin est légèrement en baisse (27.6% à 25.8%). Quant au rendement des actifs, il est lui aussi positif, mais également légèrement baisse (23.89% à 23.59%). Le taux d'endettement est en baisse et le nombre d'actions ordinaires en circulation est stable.
BNS already has a fairly long history that speaks in its favor. Despite the strong price increase since 2012, the stock is still clearly undervalued, having only just started to recover from the Japanese market crash of 1990... At the current price of JPY 908, I believe that the price can triple in the coming years and that the dividend will follow suit, at least in an equivalent manner.
I just took a position on this stock.
Discover more from dividendes
Subscribe to get the latest posts sent to your email.
Hello, is the stock listed on the NSE? On which stock exchange can it be purchased? Postfinance does not provide access to the Japanese market. Thank you.
Hello Vincent,
No unfortunately not on NSE. Indeed with Postfinance impossible, they do not provide access to the Japanese market. I had to go through Interactive Brokers.
It's really a shame that most traditional financial intermediaries don't give access to Tokyo... it's still the 2nd largest stock market in the world! What a shame. Especially when you think that it's the only market that's still undervalued.
Thank you Jérôme for thinking outside the box of US dividend growers.
It was nothing;-)
After reading your portfolio and the Japanese companies it includes, I became interested in NISSHIN FUDOSAN CO LTD. My buy order (IB) has not been executed yet. It is difficult to find information, except via FT.com on these Japanese companies.
I'm not surprised you're interested in this one... it's one of my favorites... +27% in a few months.
A quick little in-house analysis here:
https://www.dividendes.ch/wp-content/uploads/2017/10/Nisshin.png