Pigeon Corporation (TSE: 7956)
Price (as of March 31, 2024): ¥1,453.5 (retroactively adjusted) P/E (forward): 22.9 EPS (CE): ¥63.54
Sector: Manufacturing of baby and mother care products
The accounting standard for revenue recognition has been changed from FY 2021/12. See the notes for details.

Business Profile
Fundamentals

March 2024

Market Cap (￥M)
PE Forward (times)
Dividend Yield (%)

176,823
22.9－March 2024

Net Sales (￥M)
Operating Income (￥M)
Net Income (￥M)

23,7492,697
1,906
March 2024

Total Assets (￥M)
Total Shareholders' Equity (￥M)
Interest-Bearing Debt (￥M)
Retained Earnings (￥M)

102,492

Key Financial Indicators

March 2024

Gross Profit/Net Sales (%)
Operating Income/Net Sales (%)
Net Income/Net Sales (%)
SG&A/Net Sales (%)
Equity Ratio (%)

65,231
56,388

49.0
11.4
8.0
37.6
75.4

Segment Information

March 2024

Japan Business (￥M)
China Business (￥M)
Singapore Business (￥M)
Lansinoh Business (￥M)

8,734

Shareholder Profile
Financial Institutions (%)
Individuals and Others (%)
Non-Japanese Corporations (%)
Japanese Corporations (%)
Treasury Stock (%)

Global #1 market share for Nursing Bottles. For more than 60 years since its
establishment, the Pigeon Group has continued conducting intensive R&D withthe aim of bringing happiness to babies and their families. We offer highly
competitive products and services and are now expanding our business over 90
markets around the world.
We are promoting the "8th Mid-Term Business Plan" starting in 2023 to flexibly
respond to the rapidly changing global business environment and to ensuresustainable growth. In addition to sustained growth in existing business areas, weare aggressively restructuring our business structure by focusing on exploring andnurturing new growth areas where we can leverage our knowledge and expertise.

Performance Overview (1st Quarter)
Business results during the consolidated first quarter under review reflected anumber of challenges. In net sales, several developments weighed on revenues:
Exports from the Japan Business declined amid the impact of the controversy overrelease of water treated with the Advanced Liquid Processing System (ALPS), as
well as decreased sales in mainland China and continuing shipping adjustments in
the Singapore Business. However, yen depreciation and growing sales in theLansinoh Business helped to offset these reverses. Net sales were little changed at¥23,749 million (up 0.6% YOY). In earnings, higher revenues boosted gross profit
margin, but operating income fell to ¥2,697 million (down 20.8% YOY), ordinary
income declined to ¥2,963 million (down 21.8% YOY) and net income attributableto owners of parent dropped to ¥1,906 million (down 21.8% YOY), as personnel
expenses rose and funds were expended on vigorous campaigns

Forecast

2024/12(A)
Q1

3,115

Dec. 2023$ Thousand

2024/12 (CE)
Full-ye ar *2024/12 (CE)
Full-ye ar *23,74994,461

101,000

748,148

Operating Income

2,697

10,726

11,40084,444Net Income

1,906

7,423

7,600

56,29639.2¥2024/12(A)
Q1

29.9
1.6

2023/12(A)Full-ye ar

Net Sales

24.0
5.4

Currency exchange rate for 2024(CE): $1 = ¥135.00¥ Million

8,356
5,068

A: Actual; CE: Company Estimate

EPS
Cash Dividend per Share

15.94

$

2023/12(A)Full-ye ar2024/12 (CE)
Full-ye ar2024/12 (CE)
Full-ye ar

62.06

63.54

0.47

76.00

76.00

0.56

Note："Shareholder Profile" is rounded to the first decimal place.

Stock Data
Number of Shares Outstanding
Number of Shareholders

Dec. 2023
121,653,486
48,777Note:
The Group has applied the Accounting Standard for Revenue Recognition (ASBJ Statement No. 29; March 31, 2020;
hereinafter, “Accounting Standard for Revenue Recognition”) from the beginning of the previous consolidated fiscal year
under review. In accordance with the Accounting Standard for Revenue Recognition, when control of a promised goodor service is transferred to the customer, revenue will be recognized at the amount expected to be received in exchange
for the good or service.

Strengths
・Japanese baby and mother care products brand well known in the world.
・Number one baby products brand in Japan, China and growing in emerging markets.
・Number one breastfeeding products brand in US and Europe (Lansinoh brand)
Disclaimers:
This report may contain information pertaining to forward-looking statements, such as projected results. Consequently, it is possible that the actual results may vary significantly from suchprojections due to a wide range of factors such as social, economic and industry conditions. Readers of this report are requested to make decisions on investment after referring to financial
materials submitted by issuing companies, such as reports on securities, and based on his/her individual judgment. Pigeon Corporation bears no liability whatsoever should any damage or injury
be caused by any errors contained in information or content contained in this report.

Summary Financial Data
Profit and Loss

*1 Years ended Dec. 31

2022*12023*12023*1

93,08094,921

94,461

636,401

49,00850,08749,008330,176

44,072

44,83445,45230,73532,63834,726

13,336

12,195

1,312

1,269

14,648(1,117)

Net Income Attributable to Non-controlling Interests
Net Income Attributable to Owners of Parent

YOY Change (%)$ Thousand

YOY Change (%)

2024*22024*2(0.5)

23,61323,749160,001

0.6

(2.2)

12,122

12,11081,587(0.1)

306,218

1.4

11,490

11,63978,414

1.3

233,955

6.4

8,086

8,941

60,237

10.6

10,726

72,263(12.0)

3,404

2,697

18,170(20.8)

797

5,370(37.2)

386

266

1,792

(31.1)

13,465

11,522

77,626(14.4)

3,791

2,963

19,962(21.8)

(322)

(368)

(2,479)14.3(4)427(200.0)

193

179

137

923

(23.5)

5237

249(28.8)

8,785

8,581

7,423

50,010(13.5)

2,438

1,906

12,841(21.8)

2023*22024*22024*2

20.38

15.94

0.1

(21.8)--$YOY Change (%)

2021*12022*12023*12023*1

73.44

71.72

62.06

0.4

(13.5)

74.00

76.00

76.00

0.5

0.0

¥ Million

2021

Cash and Time Deposits
Notes and Accounts Receivable
Inventories
Tangible Fixed Assets
Intangible Fixed Assets
Total Assets
Notes and Accounts Payable
Interest-Bearing Debt
Total Net Assets
Total Shareholders' Equity
Equity Ratio (%)¥ Million

2023*2¥EPS
Cash Dividend per Share
Balance Sheet$ Thousand

2021*1Net Sales
Cost of Sales
Gross Profit
SG&A Expenses
Operating Income
Other Income (Loss)
Ordinary Income
Extraordinary Income (Loss)

Profit and Loss

*2 Three months ended March 31¥ Million*12022¥$ Thousand*12023*12023*1$¥ Million
YOY Change (%)

2023

*2

YOY Change (%)$ Thousand

2024*22024YOY Change (%)*235,21834,28334,357

231,4690.2

28,04231,513

212,30916,253

15,975

14,412

97,096(9.8)

17,33818,678125,8377.7

12,70615,31813,53591,188(11.6)

17,161

14,19995,661(17.3)

27,09330,132

31,952

215,266

6.0

31,86531,202

210,214

(2.1)

2,572

2,308

1,483

9,991

(35.7)

2,129

1,401

9,439

(34.2)

98,042

101,733

100,440

676,683(1.3)

101,034

102,492

690,507

1.4

4,087

5,066

3,643

24,544(28.1)

5,546

5,391

36,320

(2.8)

12.4

--

76

512-

90

-

--

76,81079,952

81,087546,298

1.4

78,60880,770544,162

2.8

70,062

69,70667,876457,293(2.6)

67,617

65,231

439,473

(3.5)

75.4

75.4

77.2

2.4

74.5

75.4

1.2

Currency exchange rate (as of M arch 31, 2024) : $1 = ¥148.43

Corporate Data
(As of December 31, 2023)
Head Office
4-4, Nihonbashi-Hisamatsucho, Chuo-ku,
Tokyo 103-8480
TEL: +81-3-3661-4204 FAX: +81-3-3661-4320
https://www.pigeon.com/
Established
August 15, 1957
Paid-in Capital¥5,199,597 thousand
Number of Employees
3,618 (Worldwide, Includes Part-time employees)
334 (Japan, Full-time employees)
Fiscal Year-End
December 31
Annual Shareholders’ MeetingEnd of March
Stock Trading Unit
100 shares
Inquiries
Business Strategy Division
Business Strategy Department
Business Strategy Section
https://ssl.pigeon.co.jp/investor/en/index.html

Disclaimers:
This report may contain information pertaining to forward-looking statements, such as projected results. Consequently, it is possible that the actual results may vary significantly from suchprojections due to a wide range of factors such as social, economic and industry conditions. Readers of this report are requested to make decisions on investment after referring to financial
materials submitted by issuing companies, such as reports on securities, and based on his/her individual judgment. Pigeon Corporation bears no liability whatsoever should any damage or injury
be caused by any errors contained in information or content contained in this report.