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

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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%