TOSEI CORPORATION, The Current Fiscal Year Net Income Revised Upward by 5%, Adds to Record High Profit Forecast, Dividend Revised Upward by 4 yen

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Mon Oct 7, 2024 3:00 pm JST Earnings

8923 TOSEI CORPORATION 【IFRS】

Earnings Report

TOSEI CORPORATION <8923> [TSE-P] announced its financial results (based on IFRS) after the market closed on October 7th (15:00). The consolidated net income for the cumulative third quarter of the fiscal year ending November 2024 (December 2023 to August 2024) increased by 20.0% from the same period last year, reaching 11.2 billion yen.

In addition, the full-year consolidated net income has been revised upward by 4.6%, from the previous forecast of 11.2 billion yen to 11.7 billion yen (compared to 10.5 billion yen in the previous period), increasing the growth rate from 6.7% to 11.6%, further surpassing the previous forecast of record-high profits for three consecutive terms.

Based on the full-year plan announced by the company after the upward revision, our estimate of the consolidated net income for the June to November period (second half) has been revised upward by 44.7%, from the previous forecast of 1.15 billion yen to 1.66 billion yen (compared to 2.34 billion yen in the same period of the previous year), and the declining rate is expected to decrease from 50.9% to 28.9%.

In light of the strong performance, the company has increased its planned year-end lump-sum dividend for the current fiscal year from the original plan of 73 yen to 77 yen (compared to 66 yen in the previous period).

In the most recent three-month period, from June to August (3Q), the consolidated net income amounted to 1.17 billion yen, a 2.0% decrease compared to the same period last year. However, the operating profit margin jumped from 14.0% in the same period last year to 18.3%.

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Actual Results

Accumulated Results 3rd Quarter

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Progress Rate vs. First Half	Announce	Accounting Standards
Dec - Aug, 2021	54,933	11,155	10,516	7,175	151.3	82.5	Oct 5, 2022	IFRS
Dec - Aug, 2022	66,710	14,449	13,679	9,364	196.5	89.3	Oct 5, 2023	IFRS
Dec - Aug, 2023	69,419	17,055	16,090	11,234	232.0	94.6	Oct 7, 2024	IFRS
YoY	+4.1%	+18.0%	+17.6%	+20.0%	+18.0%

Guidance Update

Second Half Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Jun - Nov, 2024 Prev	34,498	2,801	2,128	1,151	23.8	73	Jul 5, 2024	IFRS
Jun - Nov, 2024 New	24,303	3,286	2,628	1,665	34.4	77	Oct 7, 2024	IFRS
Revision Rate	-29.6%	+17.3%	+23.5%	+44.7%	+44.7%

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Nov, 2024 Prev	92,116	17,702	16,500	11,209	231.3	73	Jan 12, 2024	IFRS
Nov, 2024 New	81,921	18,187	17,000	11,723	241.9	77	Oct 7, 2024	IFRS
Revision Rate	-11.1%	+2.7%	+3.0%	+4.6%	+4.6%

Current Period Guidance

Second Half Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Jun - Nov, 2023	26,585	3,738	3,238	2,343	49.0	66	Jan 12, 2024	IFRS
Jun - Nov, 2024 Guidance	24,303	3,286	2,628	1,665	34.4	77	Oct 7, 2024	IFRS
YoY	-8.6%	-12.1%	-18.8%	-28.9%	-29.9%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Nov, 2022	70,953	13,514	12,753	8,607	181.7	51	Jan 12, 2023	IFRS
Nov, 2023	79,446	16,254	15,310	10,507	219.7	66	Jan 12, 2024	IFRS
Nov, 2024 Guidance	81,921	18,187	17,000	11,723	241.9	77	Oct 7, 2024	IFRS
YoY	+3.1%	+11.9%	+11.0%	+11.6%	+10.1%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jun - Aug, 2023	13,849	1,933	1,607	1,200	25.2	14.0	Oct 5, 2023	IFRS
Sep - Nov, 2023	12,736	1,805	1,631	1,143	23.9	14.2	Jan 12, 2024	IFRS
Dec - Feb, 2023	34,868	9,585	9,191	6,435	133.0	27.5	Apr 5, 2024	IFRS
Mar - May, 2024	22,750	5,316	5,181	3,623	74.8	23.4	Jul 5, 2024	IFRS
Jun - Aug, 2024	11,801	2,154	1,718	1,176	24.3	18.3	Oct 7, 2024	IFRS
YoY	-14.8%	+11.4%	+6.9%	-2.0%	-3.6%