PEGASUS, listed on the TSE Standard Market, declared in its new medium-term plan that its basic dividend policy would be a DOE of at least 6%. The company indicated an annual dividend forecast of ¥80 and a yield of approximately 14%, sending its stock to the daily price limit immediately after the announcement.
On 30 October, PEGASUS, listed on the TSE Standard Market, announced a dividend policy of at least 6% DOE in its new medium-term plan for fiscal 2027 through fiscal 2029. At the same time, it set its annual dividend forecast for the current fiscal year at ¥80, implying a forecast dividend yield of approximately 14%. The stock hit its daily price limit at ¥573 immediately after the announcement and reached ¥673 on PTS that evening. The company meets the criteria of a PBR just under 0.4x and an equity ratio above 70%, prompting a strong reaction in the stock market.
A tailwind from the regulatory side is the revision of the Corporate Governance Code published by the Financial Services Agency and the TSE. Additional guidance requires boards to verify whether cash and deposits and other assets are being used for growth investment, and listed companies are expected to be required to submit response reports by July 2027. Full-year results next spring and new medium-term plans will provide opportunities to explain how capital is being deployed.
This article is said to have selected 20 stocks, focusing on companies with strong capacity for shareholder returns based on a 6% DOE, in addition to PEGASUS. The stocks must meet all 3 criteria: listing on the TSE Standard Market, a PBR of 0.5x or below, and an equity ratio above 70%. The policy is to present estimated DOE yields as 6% divided by the PBR. Among the stocks examined, the article introduces the current positions of 昭和パックス and 日亜鋼業 as specific examples.