Chugoku Marine Paints,Ltd., The Current Fiscal Year Ordinary Profit Revised Upward to an Unexpected 17% Increase, Adds to Record High Profit, Dividend Revised Upward by 4 yen

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Thu Oct 31, 2024 3:00 pm JST Earnings

4617 Chugoku Marine Paints,Ltd. 【J-GAAP】

Earnings Report

Chugoku Marine Paints,Ltd. <4617> [TSE-P] announced its financial results after the market closed on October 31st (15:00). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) expanded to 8.5 billion yen, an increase of 45.6% compared to the same period last year.

In addition, the full-year consolidated ordinary profit has been revised upward by 21.6%, from the previous forecast of 12.5 billion yen to 15.2 billion yen (compared to 13 billion yen in the previous period), record profits reach two consecutive terms, turning to a 16.7% increase in the consolidated ordinary profit outlook.

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 decrease by 6.8% from the same period last year to 6.69 billion yen.

In light of the strong performance, the company has increased its planned annual dividend for the current fiscal year from the original plan of 81 yen to 85 yen (compared to 80 yen in the previous period).

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit increased by 34.4% from the same period last year, reaching 4.63 billion yen. The operating profit margin rose from 10.6% in the same period last year to 13.5%.

Kabutan News

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	44,468	234	863	-31	-0.6	19.8	Oct 31, 2022	J-GAAP
Apr - Sep, 2023	55,378	5,129	5,841	4,416	89.1	44.8	Oct 31, 2023	J-GAAP
Apr - Sep, 2024	62,935	7,929	8,507	8,332	168.1	56.0	Oct 31, 2024	J-GAAP
YoY	+13.6%	+54.6%	+45.6%	+88.7%	+88.6%

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	－	40	May 9, 2024	J-GAAP
Apr - Sep, 2024 Results	62,935	7,929	8,507	8,332	168.1	40	Oct 31, 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	120,000	12,000	12,500	10,000	201.7	81	May 9, 2024	J-GAAP
Mar, 2025 New	128,000	15,000	15,200	13,000	262.2	85	Oct 31, 2024	J-GAAP
Revision Rate	+6.7%	+25.0%	+21.6%	+30.0%	+30.0%

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	60,796	7,056	7,184	5,476	110.5	46	May 9, 2024	J-GAAP
Oct - Mar, 2024 Guidance	65,065	7,071	6,693	4,668	94.2	45	Oct 31, 2024	J-GAAP
YoY	+7.0%	+0.2%	-6.8%	-14.8%	-14.8%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	99,481	3,887	4,351	3,848	76.7	35	May 10, 2023	J-GAAP
Mar, 2024	116,174	12,185	13,025	9,892	199.6	80	May 9, 2024	J-GAAP
Mar, 2025 Guidance	128,000	15,000	15,200	13,000	262.2	85	Oct 31, 2024	J-GAAP
YoY	+10.2%	+23.1%	+16.7%	+31.4%	+31.4%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	28,889	3,055	3,450	2,687	54.2	10.6	Oct 31, 2023	J-GAAP
Oct - Dec, 2023	30,762	3,922	4,218	3,259	65.8	12.7	Jan 31, 2024	J-GAAP
Jan - Mar, 2024	30,034	3,134	2,966	2,217	44.7	10.4	May 9, 2024	J-GAAP
Apr - Jun, 2024	29,080	3,367	3,871	4,949	99.9	11.6	Jul 31, 2024	J-GAAP
Jul - Sep, 2024	33,855	4,562	4,636	3,383	68.2	13.5	Oct 31, 2024	J-GAAP
YoY	+17.2%	+49.3%	+34.4%	+25.9%	+25.9%