Shin-Etsu Polymer Co.,Ltd., First Half Ordinary Profit Increases by 4%, Current Fiscal Year Dividend Revised Upward by 2 yen

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Thu Oct 24, 2024 3:30 pm JST Earnings

7970 Shin-Etsu Polymer Co.,Ltd. 【J-GAAP】

Earnings Report

Shin-Etsu Polymer Co.,Ltd. <7970> [TSE-P] announced its financial results after the market closed on October 24th (15:30). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) increased by 3.6% from the same period last year, reaching 6.63 billion yen. The progress rate against the 13 billion yen full-year plan was 51.0%, almost the same as the five-year average of 50.1%.

Based on the first-half performance announced by the company and the unchanged full-year plan, our calculation indicates that the consolidated ordinary profit for the October to March period (second half) is expected to grow by 24.2% from the same period last year, reaching 6.36 billion yen.

At the same time, the company has increased its planned annual dividend for the current fiscal year from the original plan of 48 yen to 50 yen (compared to 46 yen in the previous period).

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit grew by 4.9% from the same period last year, reaching 3.2 billion yen. The operating profit margin rose from 10.6% in the same period last year to 12.7%.

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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
Apr - Sep, 2022	52,549	6,643	7,384	5,033	62.4	56.9	Oct 26, 2022	J-GAAP
Apr - Sep, 2023	53,456	5,883	6,403	4,617	57.0	55.5	Oct 26, 2023	J-GAAP
Apr - Sep, 2024	54,737	6,922	6,633	4,589	56.8	51.0	Oct 24, 2024	J-GAAP
YoY	+2.4%	+17.7%	+3.6%	-0.6%	-0.4%

First Half Results vs. Previous Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Apr - Sep, 2024 Guidance	ー	ー	ー	ー	－	24	Jul 25, 2024	J-GAAP
Apr - Sep, 2024 Results	54,737	6,922	6,633	4,589	56.8	25	Oct 24, 2024	J-GAAP
Revision Rate	－	－	－	－	－

Guidance Update

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2025 Prev	106,000	12,800	13,000	8,800	109.6	48	Jul 25, 2024	J-GAAP
Mar, 2025 New	106,000	12,800	13,000	8,800	109.6	50	Oct 24, 2024	J-GAAP
Revision Rate	0.0%	0.0%	0.0%	0.0%	0.0%

Current Period Guidance

Second Half Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Oct - Mar, 2023	50,923	5,167	5,127	4,057	50.2	24	Apr 24, 2024	J-GAAP
Oct - Mar, 2024 Guidance	51,263	5,878	6,367	4,211	52.4	25	Oct 24, 2024	J-GAAP
YoY	+0.7%	+13.8%	+24.2%	+3.8%	+4.5%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	108,278	12,749	12,986	8,529	105.7	38	Apr 26, 2023	J-GAAP
Mar, 2024	104,379	11,050	11,530	8,674	107.3	46	Apr 24, 2024	J-GAAP
Mar, 2025 Guidance	106,000	12,800	13,000	8,800	109.6	50	Oct 24, 2024	J-GAAP
YoY	+1.6%	+15.8%	+12.7%	+1.5%	+2.1%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	26,869	2,837	3,058	2,317	28.6	10.6	Oct 26, 2023	J-GAAP
Oct - Dec, 2023	26,833	3,043	2,874	2,233	27.6	11.3	Jan 25, 2024	J-GAAP
Jan - Mar, 2024	24,090	2,124	2,253	1,824	22.6	8.8	Apr 24, 2024	J-GAAP
Apr - Jun, 2024	25,625	3,218	3,424	2,265	28.1	12.6	Jul 25, 2024	J-GAAP
Jul - Sep, 2024	29,112	3,704	3,209	2,324	28.8	12.7	Oct 24, 2024	J-GAAP
YoY	+8.3%	+30.6%	+4.9%	+0.3%	+0.6%