MK SEIKO CO., LTD., The Current Fiscal Year Ordinary Profit Revised Upward by 80%

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Fri Oct 25, 2024 3:00 pm JST Earnings

5906 MK SEIKO CO., LTD. 【J-GAAP】

Earnings Report

MK SEIKO CO., LTD. <5906> [TSE-S] announced its financial results after the market closed on October 25th (15:00). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) expanded to 1.52 billion yen, an increase of 45.5% compared to the same period last year, exceeded the previous forecast of 1.1 billion yen.

In addition, the full-year consolidated ordinary profit has been revised upward by 80.0%, from the previous forecast of 1 billion yen to 1.8 billion yen (compared to 2.25 billion yen in the previous period), and the declining rate is expected to decrease from 55.6% to 20.1%.

Based on the first-half performance announced by the company and the full-year plan, our calculation indicates that the consolidated ordinary profit for the October to March period (second half) is expected to significant drop by 77.0% from the same period last year to 278 million yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit amounted to 754 million yen, an increase of 0.1% compared to the same period last year. The operating profit margin improved from 9.3% in the same period last year to 10.0%.

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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	12,728	648	723	482	33.0	39.8	Oct 27, 2022	J-GAAP
Apr - Sep, 2023	13,795	980	1,046	655	44.8	46.4	Oct 27, 2023	J-GAAP
Apr - Sep, 2024	14,830	1,513	1,522	1,009	67.3	84.6	Oct 25, 2024	J-GAAP
YoY	+7.5%	+54.4%	+45.5%	+54.0%	+50.2%

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	14,000	1,100	1,100	700	47.6	0	Jul 26, 2024	J-GAAP
Apr - Sep, 2024 Results	14,830	1,513	1,522	1,009	67.3	0	Oct 25, 2024	J-GAAP
Revision Rate	+5.9%	+37.5%	+38.4%	+44.1%	+41.4%

Guidance Update

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2025 Prev	26,500	1,000	1,000	650	44.2	8	Apr 26, 2024	J-GAAP
Mar, 2025 New	27,500	1,800	1,800	1,200	81.5	8	Oct 25, 2024	J-GAAP
Revision Rate	+3.8%	+80.0%	+80.0%	+84.6%	+84.6%

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	14,679	1,147	1,207	58	4.0	8	Apr 26, 2024	J-GAAP
Oct - Mar, 2024 Guidance	12,670	287	278	191	13.0	8	Oct 25, 2024	J-GAAP
YoY	-13.7%	-75.0%	-77.0%	+229.3%	+227.8%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	27,327	1,694	1,816	1,167	79.9	10	Apr 27, 2023	J-GAAP
Mar, 2024	28,474	2,127	2,253	713	48.7	8	Apr 26, 2024	J-GAAP
Mar, 2025 Guidance	27,500	1,800	1,800	1,200	81.5	8	Oct 25, 2024	J-GAAP
YoY	-3.4%	-15.4%	-20.1%	+68.3%	+67.5%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	7,620	708	753	495	33.8	9.3	Oct 27, 2023	J-GAAP
Oct - Dec, 2023	8,807	1,211	1,269	855	58.4	13.8	Jan 26, 2024	J-GAAP
Jan - Mar, 2024	5,872	-64	-62	-797	-54.4	-1.1	Apr 26, 2024	J-GAAP
Apr - Jun, 2024	7,040	731	768	515	35.1	10.4	Jul 26, 2024	J-GAAP
Jul - Sep, 2024	7,790	782	754	494	32.9	10.0	Oct 25, 2024	J-GAAP
YoY	+2.2%	+10.5%	+0.1%	-0.2%	-2.7%