TDSE Inc., The Current Fiscal Year Ordinary Profit Revised Downward to an Unexpected 50% Decrease

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Thu Oct 31, 2024 3:00 pm JST Earnings

7046 TDSE Inc. 【J-GAAP】

Earnings Report

TDSE Inc. <7046> [TSE-G] announced its financial results after the market closed on October 31st (15:00). The ordinary profit (non-consolidated) for the cumulative second quarter of the fiscal year ending March 2025 (April to September) dropped by 32.5% from the same period last year to 79 million yen.

In addition, the full-year ordinary profit has downwardly by 51.4%, from the previous forecast of 284 million yen to 138 million yen (compared to 274 million yen in the previous period). This changes the outlook from an anticipated profit increase to a projection of a 49.6% decrease in profit.

Based on the first-half performance announced by the company and the full-year plan, our calculation indicates that the ordinary profit for the October to March period (second half) is expected to significant drop by 62.4% from the same period last year to 59 million yen.

In the most recent three-month period, from July to September (2Q), the ordinary profit dropped to 45 million yen, a 42.3% decrease compared to the same period last year. The operating profit margin significantly dropped from 12.3% in the same period last year to 7.4%.

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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	1,088	124	125	57	27.8	46.8	Oct 31, 2022	J-GAAP
Apr - Sep, 2023	1,246	115	117	80	38.9	42.7	Oct 31, 2023	J-GAAP
Apr - Sep, 2024	1,265	80	79	52	25.3	57.2	Oct 31, 2024	J-GAAP
YoY	+1.5%	-30.4%	-32.5%	-35.0%	-34.9%

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	－	0	May 15, 2024	J-GAAP
Apr - Sep, 2024 Results	1,265	80	79	52	25.3	0	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	2,837	284	284	196	94.0	10	May 15, 2024	J-GAAP
Mar, 2025 New	2,613	140	138	95	45.6	10	Oct 31, 2024	J-GAAP
Revision Rate	-7.9%	-50.7%	-51.4%	-51.5%	-51.5%

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	1,275	156	157	120	58.0	10	May 15, 2024	J-GAAP
Oct - Mar, 2024 Guidance	1,348	60	59	43	20.6	10	Oct 31, 2024	J-GAAP
YoY	+5.7%	-61.5%	-62.4%	-64.2%	-64.4%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	2,415	265	267	168	81.8	10	May 15, 2023	J-GAAP
Mar, 2024	2,521	271	274	200	96.6	10	May 15, 2024	J-GAAP
Mar, 2025 Guidance	2,613	140	138	95	45.6	10	Oct 31, 2024	J-GAAP
YoY	+3.6%	-48.3%	-49.6%	-52.5%	-52.8%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	628	77	78	54	26.2	12.3	Oct 31, 2023	J-GAAP
Oct - Dec, 2023	629	65	63	43	20.8	10.3	Jan 31, 2024	J-GAAP
Jan - Mar, 2024	646	91	94	77	37.2	14.1	May 15, 2024	J-GAAP
Apr - Jun, 2024	615	32	34	22	11.0	5.2	Jul 31, 2024	J-GAAP
Jul - Sep, 2024	650	48	45	30	14.6	7.4	Oct 31, 2024	J-GAAP
YoY	+3.5%	-37.7%	-42.3%	-44.4%	-44.4%