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SEIHYO CO.,LTD., First Half Ordinary Profit Increases by 49%, Exceeds Full-Year Plan

Thu Oct 10, 2024 3:00 pm JST Earnings

2872 SEIHYO CO.,LTD. 【J-GAAP】

Earnings Report

SEIHYO CO.,LTD. <2872> [TSE-S] announced its financial results after the market closed on October 10th (15:00). The ordinary profit (non-consolidated) for the cumulative second quarter of the fiscal year ending February 2025 (March to August) expanded to 200 million yen, an increase of 49.3% compared to the same period last year, exceeded the previous forecast of 140 million yen.

The progress rate against the full-year plan of 81 million yen is 246.9%, almost the same as the five-year average of 244.7%.

Based on the first-half performance announced by the company and the unchanged full-year plan, our calculation indicates that the ordinary loss for the September to February period (second half) is expected to expand to a loss of 119 million yen (compared to a loss of 68 million yen in the same period last year).

In the most recent three-month period, from June to August (2Q), the ordinary profit grew by 19.0% from the same period last year, reaching 163 million yen. The operating profit margin improved from 7.7% in the same period last year to 8.8%.

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Actual Results

Accumulated Results 2nd Quarter
Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Progress Rate vs. First Half Announce Accounting Standards
Mar - Aug, 2022 2,442 99 95 77 53.4 296.9 Oct 13, 2022 J-GAAP
Mar - Aug, 2023 2,814 129 134 108 70.2 203.0 Oct 12, 2023 J-GAAP
Mar - Aug, 2024 2,820 183 200 157 112.8 246.9 Oct 10, 2024 J-GAAP
YoY +0.2% +41.9% +49.3% +45.4% +60.7%

First Half Results vs. Previous Guidance

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Mar - Aug, 2024 Guidance 2,800 135 140 110 78.8 － Apr 12, 2024 J-GAAP
Mar - Aug, 2024 Results 2,820 183 200 157 112.8 － Oct 10, 2024 J-GAAP
Revision Rate +0.7% +35.6% +42.9% +42.7% +43.1%

Current Period Guidance

Second Half Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Sep - Feb, 2023 1,442 -75 -68 -47 -30.8 17 Apr 12, 2024 J-GAAP
Sep - Feb, 2024 Guidance 1,480 -113 -119 -89 -63.8 17 Oct 10, 2024 J-GAAP
YoY +2.6% -50.7% -75.0% -89.4% -107.2%

Current Period Guidance

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Feb, 2023 4,192 11 32 20 13.8 16.67 Apr 14, 2023 J-GAAP
Feb, 2024 4,256 54 66 61 40.0 17 Apr 12, 2024 J-GAAP
Feb, 2025 Guidance 4,300 70 81 68 48.7 17 Apr 12, 2024 J-GAAP
YoY +1.0% +29.6% +22.7% +11.5% +22.0%

Quarterly Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Operating Profit Margin Announce Accounting Standards
Jun - Aug, 2023 1,749 134 137 113 73.4 7.7 Oct 12, 2023 J-GAAP
Sep - Nov, 2023 677 -56 -54 -47 -30.6 -8.3 Jan 11, 2024 J-GAAP
Dec - Feb, 2023 765 -19 -14 0 0.2 -2.5 Apr 12, 2024 J-GAAP
Mar - May, 2024 1,120 34 37 31 22.4 3.0 Jul 12, 2024 J-GAAP
Jun - Aug, 2024 1,700 149 163 126 90.5 8.8 Oct 10, 2024 J-GAAP
YoY -2.8% +11.2% +19.0% +11.5% +23.3%

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