A number of things could drive the price higher.
As we know record profits. Last fiscal year, they had to contend with launch costs for the Wii. They only received revenue for the Wii for 1.5 quarters - many launch costs. This year the DS looks to perform just as well if not better than last year. PLUS they will receive a full year of Wii growth and revenue in both hardware and more importantly high-margin software.
A move to a major exchange like NYSE or NASDAQ. In the USA, NTDOY trades on pinksheets which sucks. Most investors have never traded anything on pinksheets. In addition, a stock split is likely on the Japanese exchange.
Nintendo has money and clout right now. This could be used to purchase companies or sign a deal with a company like Apple. I think that their IP is worth many billions in pure profit should they enter the mobile phone space.
As for a dividend, Nintendo already gives a 1.9% dividend which is ginormous for the tech industry.
