Investors have been walking away from IDOM for weeks, with the stock down about 27% over 3 months, yet the latest quarter did not deliver the kind of collapse that price move might suggest. The real story sits in profitability. Quarterly net income from continuing operations came in at ¥2,528 million on revenue of ¥158,486 million, which keeps net margin close to the current 2% level that already trails last year’s 2.3%. For a business often treated as a value play on low P/E and a high dividend, this slow squeeze on earnings quality is what now matters most.
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