■Shareholder return policy for Sun Frontier Real Estate ＜8934＞

The Company Group has set “striving for long-term and stable return of profits,” “securing investment funds to actively and boldly challenge future growth,” and “maintaining the stability of the financial base” as basic policies for shareholder return. The annual dividend for the fiscal year ending 2024/3 was 58.0 yen per share (dividend payout ratio 23.6%), up 10.0 yen from the previous fiscal year. The year-end dividend was further increased by 2.0 yen from the revised forecast for 2024/2, and increased 6.0 yen (including the commemorative dividend of 2 yen) from the initial forecast for 2023/5. The company celebrated its 25th anniversary on 2024/4/8, but it has continued to increase dividends for 11 terms across the 2021/3 fiscal year when the same amount was maintained, and the improvement in corporate value due to profit growth and the policy of rewarding shareholders can be read. The fiscal year ending 2025/3 is scheduled to increase 8.0 yen per share (dividend payout ratio 22.9%) by 8.0 yen from the previous fiscal year, and it is clear that the dividend amount will continue to increase in the future and respond stably to shareholders over the long term. Also, recent net income per share has risen steadily to 152.26 yen for the fiscal year ending 2022/3, 238.98 yen for the fiscal year ending 2023/3, and 245.5 yen for the fiscal year ending 2024/3, and a further growth policy has been set out in the next medium-term management plan. Since stable dividends are continuing, we believe that there is a high probability of medium- to long-term stock price increases.

(Written by FISCO Guest Analyst Ryoji Mogi)