HIGASHI TWENTY ONE CO.,LTD., First Half Ordinary Profit Revised Downward to an Unexpected 3%Decrease

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Fri Oct 25, 2024 3:15 pm JST Earnings

9029 HIGASHI HOLDINGS CO.,LTD. 【J-GAAP】

Earnings Report

HIGASHI TWENTY ONE CO.,LTD. <9029> [TSE-S] announced its financial results after the market closed on October 25th (15:15). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) decreased by 3.2% from the same period last year to 1.16 billion yen, resulting in a decrease in profits compared to the previous forecast of a 4.5% increase.

The progress rate against the 2.6 billion yen full-year plan was 44.9%, also falling below the five-year average of 50.8%.

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 29.9% from the same period last year, reaching 1.43 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit grew by 5.1% from the same period last year, reaching 600 million yen. However, the operating profit margin worsened from 5.6% in the same period last year to 5.2%.

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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	16,300	894	964	612	46.8	47.6	Oct 28, 2022	J-GAAP
Apr - Sep, 2023	19,530	1,131	1,206	742	56.5	52.2	Oct 27, 2023	J-GAAP
Apr - Sep, 2024	21,976	1,104	1,167	689	52.2	44.9	Oct 25, 2024	J-GAAP
YoY	+12.5%	-2.4%	-3.2%	-7.1%	-7.5%

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	20,580	1,220	1,260	790	59.7	0	May 10, 2024	J-GAAP
Apr - Sep, 2024 Results	21,976	1,104	1,167	689	52.2	0	Oct 25, 2024	J-GAAP
Revision Rate	+6.8%	-9.5%	-7.4%	-12.8%	-12.5%

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	21,105	1,059	1,103	764	58.1	36	May 10, 2024	J-GAAP
Oct - Mar, 2024 Guidance	20,524	1,346	1,433	951	73.0	38	Oct 25, 2024	J-GAAP
YoY	-2.8%	+27.1%	+29.9%	+24.5%	+25.7%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	34,807	1,908	2,026	1,268	96.8	30	May 12, 2023	J-GAAP
Mar, 2024	40,635	2,190	2,309	1,506	114.5	36	May 10, 2024	J-GAAP
Mar, 2025 Guidance	42,500	2,450	2,600	1,640	125.9	38	May 10, 2024	J-GAAP
YoY	+4.6%	+11.9%	+12.6%	+8.9%	+10.0%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	9,698	543	571	372	28.3	5.6	Oct 27, 2023	J-GAAP
Oct - Dec, 2023	10,007	554	579	385	29.3	5.5	Jan 26, 2024	J-GAAP
Jan - Mar, 2024	11,098	505	524	379	28.8	4.6	May 10, 2024	J-GAAP
Apr - Jun, 2024	11,040	536	567	302	23.0	4.9	Jul 26, 2024	J-GAAP
Jul - Sep, 2024	10,936	568	600	387	29.3	5.2	Oct 25, 2024	J-GAAP
YoY	+12.8%	+4.6%	+5.1%	+4.0%	+3.6%