I uploaded my Orix write up on 5/12. Before I did that, I should have checked their earnings update on 5/11/22 (JST). Their FYE 3/22 earnings were in line with the guidance and shown below:

(Source: the CompanyP

However, there was a notable change in Orix’s shareholder benefit program.

They have announced the cancellation of shareholder benefit card and program after sending the gifts to shareholders of record as of 3/31/24. The specific reason is not provided, but the following two reasons are likely ones. : 1) the existing shareholder benefit programs are only available for individual shareholders with registered Japanese addresses. Therefore, foreign and institutional investors have been unfairly treated, and 2) It is costly to manage shareholder benefit programs.

Orix has stated that their shareholder returns will be in the forms of dividends and share buy backs.

I believe that the cancelation of shareholder benefit programs has not changed Orix’s investment merits substantially, since their generous dividends (around 33% payout) will be continued.

Incidentally, I wonder if other companies may follow Orix’s example and cancel their shareholder benefit programs. Then, WILLS whose main business model is to handle shareholder benefits program of the clients will be forced to evolve?

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