（執筆：フィスコ客員アナリスト 佐藤 譲）Shareholder return strategy: No. 1<3562> changed its shareholder return policy along with the publication of the new mid-term management plan "Evolution 2027" and showed the direction of significantly strengthening shareholder return. So far, we have aimed for stable dividends (30% dividend payout ratio as a guide), but in the future, we plan to implement stable and continuous shareholder dividends based on a policy of aiming for a 30% dividend payout ratio, regardless of changes in annual performance. A notable feature is that we have set a minimum dividend of the previous year's annual dividend per share and will continue to increase dividends, which is a significant enhancement of shareholder return and can also be evaluated as a expression of confidence in profit growth. Moreover, we have a policy of "flexibly implementing under financial discipline" for acquiring our own shares, showing a more proactive stance.* *Considering the gap between our own perception of the stock price and the market evaluation, ROE, capital efficiency, and CF level, we have a policy of implementing it flexibly. Dividends for the fiscal year ending February 2024 will increase by 1 yen from the previous year, as expected at the beginning of the period, to 33 yen per share (mid-term dividend of 16.5 yen and year-end dividend of 16.5 yen). We also acquired 340,000 shares of our own stock (with a purchase price of 397 million yen). Despite the anticipated decline in profits for the fiscal year ending February 2025, we are expected to follow the policy of increasing dividends every period and issue a dividend of 1 yen per share (a commemorative dividend for the 35th anniversary of our founding), with an expected increase of 2 yen from the previous year to 35 yen per share (mid-term dividend of 17.5 yen and year-end dividend of 17.5 yen).
Advance Create <8798> is evaluated as a company that actively promotes shareholder returns. The dividend policy is to "strive to enhance shareholder value by improving the internal reserves that will be the source of future growth strategies and implementing dividends according to performance," and aims for a dividend payout ratio of 50% or more. The planned dividend for the September 2024 fiscal year is 35.0 yen per share (dividend payout ratio: 85.3%), which is the same as the previous fiscal year.
They have also introduced a shareholder benefit program and are offering a card-type catalog gift (general sales price: 2,700 yen (tax excluded)) and the right to use the welfare service "Insurance Market Club Off" to shareholders who own 100 or more shares as of the end of September. Calculating the total investment yield per unit at the current stock price level (closing price on June 20, 2024: 1,062 yen) results in a level of around 5% on a base excluding welfare services.
(Written by FISCO guest analyst, Jo Sato)