MEISEI INDUSTRIAL Co.,Ltd., The Current Fiscal Year Ordinary Profit Revised Upward by 12%, Dividend Revised Upward by 6 yen

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Thu Oct 31, 2024 3:30 pm JST Earnings

1976 MEISEI INDUSTRIAL Co.,Ltd. 【J-GAAP】

Earnings Report

MEISEI INDUSTRIAL Co.,Ltd. <1976> [TSE-P] announced its financial results after the market closed on October 31st (15:30). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) expanded to 4.25 billion yen, an increase of 44.9% compared to the same period last year.

In addition, the full-year consolidated ordinary profit has been revised upward by 12.1%, from the previous forecast of 7.45 billion yen to 8.35 billion yen (compared to 8.54 billion yen in the previous period), and the declining rate is expected to decrease from 12.8% to 2.3%.

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 27.0% from the same period last year to 4.09 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 41 yen to 47 yen (compared to 55 yen in the previous period).

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit grew by 24.6% from the same period last year, reaching 2.43 billion yen. The operating profit margin rose from 13.6% in the same period last year to 14.3%.

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	25,722	2,799	3,119	2,118	42.6	43.0	Oct 31, 2022	J-GAAP
Apr - Sep, 2023	26,578	2,722	2,938	2,228	44.7	34.4	Oct 31, 2023	J-GAAP
Apr - Sep, 2024	31,576	3,925	4,257	2,941	60.3	51.0	Oct 31, 2024	J-GAAP
YoY	+18.8%	+44.2%	+44.9%	+32.0%	+34.7%

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	31,000	3,900	4,200	2,900	59.4	15	Oct 22, 2024	J-GAAP
Apr - Sep, 2024 Results	31,576	3,925	4,257	2,941	60.3	21	Oct 31, 2024	J-GAAP
Revision Rate	+1.9%	+0.6%	+1.4%	+1.4%	+1.4%

Guidance Update

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2025 Prev	58,000	7,200	7,450	5,200	109.3	41	May 10, 2024	J-GAAP
Mar, 2025 New	63,000	7,800	8,350	6,000	126.1	47	Oct 31, 2024	J-GAAP
Revision Rate	+8.6%	+8.3%	+12.1%	+15.4%	+15.4%

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	33,799	5,339	5,610	4,015	81.1	41	May 10, 2024	J-GAAP
Oct - Mar, 2024 Guidance	31,424	3,875	4,093	3,059	64.3	26	Oct 31, 2024	J-GAAP
YoY	-7.0%	-27.4%	-27.0%	-23.8%	-20.7%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	55,890	6,830	7,258	4,680	94.0	36	May 10, 2023	J-GAAP
Mar, 2024	60,377	8,061	8,548	6,243	126.1	55	May 10, 2024	J-GAAP
Mar, 2025 Guidance	63,000	7,800	8,350	6,000	126.1	47	Oct 31, 2024	J-GAAP
YoY	+4.3%	-3.2%	-2.3%	-3.9%	0.0%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	14,044	1,910	1,954	1,424	28.6	13.6	Oct 31, 2023	J-GAAP
Oct - Dec, 2023	15,971	2,046	2,125	1,486	29.9	12.8	Jan 31, 2024	J-GAAP
Jan - Mar, 2024	17,828	3,293	3,485	2,529	51.1	18.5	May 10, 2024	J-GAAP
Apr - Jun, 2024	14,812	1,526	1,822	1,271	26.1	10.3	Jul 31, 2024	J-GAAP
Jul - Sep, 2024	16,764	2,399	2,435	1,670	34.2	14.3	Oct 31, 2024	J-GAAP
YoY	+19.4%	+25.6%	+24.6%	+17.3%	+19.6%