MEITEC Group Holdings Inc., The Current Fiscal Year Ordinary Profit Revised Upward to an Unexpected 4% Increase, Adds to Record High Profit, Dividend Revised down by 3 yen

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Thu Oct 31, 2024 11:30 am JST Earnings

9744 MEITEC Group Holdings Inc. 【J-GAAP】

Earnings Report

MEITEC Group Holdings Inc. <9744> [TSE-P] announced its financial results at noon (11:30) on October 31st. The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) increased by 4.9% from the same period last year, reaching 9.04 billion yen, resulting in an increase in profits compared to the previous forecast of a 4.9% decrease.

In addition, the full-year consolidated ordinary profit has been revised upward by 4.0%, from the previous forecast of 17.6 billion yen to 18.3 billion yen (compared to 17.6 billion yen in the previous period), record profits reach three consecutive terms, turning to a 3.6% increase in the consolidated ordinary profit outlook. However, the full-year consolidated net income has downwardly by 1.7%, from the previous forecast of 12.1 billion yen to 11.9 billion yen (compared to 12.3 billion yen in the previous period), leading to an increase in the profit decline rate from 2.0% to 3.6%.

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 grow by 2.3% from the same period last year, reaching 9.25 billion yen.

At the same time, the company has reduced its planned annual dividend for the current fiscal year from the original plan of 188 yen to 185 yen (compared to 114 yen in the previous period).

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit amounted to 4.26 billion yen, a 3.0% decrease compared to the same period last year. The operating profit margin decreased from 14.0% in the same period last year to 12.9%.

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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	58,029	7,584	7,635	5,107	63.7	46.2	Oct 27, 2022	J-GAAP
Apr - Sep, 2023	62,553	8,620	8,625	5,750	73.3	48.8	Nov 9, 2023	J-GAAP
Apr - Sep, 2024	65,837	9,020	9,048	5,538	71.7	49.4	Oct 31, 2024	J-GAAP
YoY	+5.2%	+4.6%	+4.9%	-3.7%	-2.2%

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	65,000	8,200	8,200	5,600	72.5	88	May 9, 2024	J-GAAP
Apr - Sep, 2024 Results	65,837	9,020	9,048	5,538	71.7	88	Oct 31, 2024	J-GAAP
Revision Rate	+1.3%	+10.0%	+10.3%	-1.1%	-1.1%

Guidance Update

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2025 Prev	132,700	17,500	17,600	12,100	156.7	188	May 9, 2024	J-GAAP
Mar, 2025 New	133,300	18,200	18,300	11,900	154.1	185	Oct 31, 2024	J-GAAP
Revision Rate	+0.5%	+4.0%	+4.0%	-1.7%	-1.7%

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	64,423	9,040	9,042	6,593	84.4	70	May 9, 2024	J-GAAP
Oct - Mar, 2024 Guidance	67,463	9,180	9,252	6,362	82.4	97	Oct 31, 2024	J-GAAP
YoY	+4.7%	+1.5%	+2.3%	-3.5%	-2.4%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	119,069	16,462	16,540	12,252	153.9	102	May 11, 2023	J-GAAP
Mar, 2024	126,976	17,660	17,667	12,343	158.0	114	May 9, 2024	J-GAAP
Mar, 2025 Guidance	133,300	18,200	18,300	11,900	154.1	185	Oct 31, 2024	J-GAAP
YoY	+5.0%	+3.1%	+3.6%	-3.6%	-2.5%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	31,251	4,382	4,400	3,112	39.7	14.0	Nov 9, 2023	J-GAAP
Oct - Dec, 2023	32,944	5,707	5,710	4,054	51.7	17.3	Feb 1, 2024	J-GAAP
Jan - Mar, 2024	31,479	3,333	3,332	2,539	32.5	10.6	May 9, 2024	J-GAAP
Apr - Jun, 2024	32,910	4,767	4,780	3,223	41.8	14.5	Aug 1, 2024	J-GAAP
Jul - Sep, 2024	32,927	4,253	4,268	2,315	30.0	12.9	Oct 31, 2024	J-GAAP
YoY	+5.4%	-2.9%	-3.0%	-25.6%	-24.5%