■Shareholder return policy

Hatena ＜3930＞ recognizes that return of profits to shareholders is an important management issue, and it intends to decide profit return measures by taking into account financial conditions, performance, cash flow conditions, future demand for funds, etc. However, for the time being, we believe that enhancing internal reserves, strengthening the corporate structure, prioritizing allocating funds to investments etc. for business expansion, etc., and increasing corporate value through profit expansion will lead to maximum return of profits to shareholders. Therefore, it is our policy to continue with no dividends for the time being.

The 2025/7 fiscal year and beyond is expected to turn to an increase in sales and profit, but recent stock prices have remained in the low range since listing due to the fact that earnings for the 2024/7 fiscal year are expected to decline. Net assets per share at the end of the second quarter of the fiscal year ending 2024/7 are 850 yen, and PBR continues to split by 1 (closing price of 745 yen on 2024/3/21). We believe that if stock prices continue to be sluggish in the future, there is a possibility that they will consider repurchasing treasury shares. In fact, the company first carried out treasury stock acquisition in 2022, and also acquired 60,000 shares for 57 million yen in 2023/6.

(Author: FISCO Visiting Analyst Joe Sato)