ASAX CO., LTD., First Half Ordinary Profit Decreases by 19%

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Thu Oct 31, 2024 4:15 pm JST Earnings

8772 ASAX CO., LTD. 【J-GAAP】

Earnings Report

ASAX CO., LTD. <8772> [TSE-S] announced its financial results after the market closed on October 31st (16:15). The ordinary profit (non-consolidated) for the cumulative second quarter of the fiscal year ending March 2025 (April to September) decreased by 19.1% from the same period last year to 2.03 billion yen, fell short of the previous forecast of 2.45 billion yen.

The progress rate against the 5 billion yen full-year plan was 40.6%, also falling below the five-year average of 49.6%.

Based on the first-half performance announced by the company and the unchanged full-year plan, our calculation indicates that the ordinary profit for the October to March period (second half) is expected to grow by 16.5% from the same period last year, reaching 2.97 billion yen.

In the most recent three-month period, from July to September (2Q), the ordinary profit dropped to 724 million yen, a 44.1% decrease compared to the same period last year. The operating profit margin decreased from 72.0% in the same period last year to 70.9%.

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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	3,113	2,237	2,237	1,451	44.0	52.1	Oct 26, 2022	J-GAAP
Apr - Sep, 2023	3,271	2,268	2,510	1,635	49.6	49.6	Oct 31, 2023	J-GAAP
Apr - Sep, 2024	3,603	2,503	2,031	1,349	40.9	40.6	Oct 31, 2024	J-GAAP
YoY	+10.1%	+10.4%	-19.1%	-17.5%	-17.5%

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	3,593	2,453	2,453	1,596	48.4	0	May 1, 2024	J-GAAP
Apr - Sep, 2024 Results	3,603	2,503	2,031	1,349	40.9	0	Oct 31, 2024	J-GAAP
Revision Rate	+0.3%	+2.0%	-17.2%	-15.5%	-15.5%

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	3,483	2,478	2,551	1,654	50.2	20	May 1, 2024	J-GAAP
Oct - Mar, 2024 Guidance	3,639	2,501	2,973	1,905	57.8	20	Oct 31, 2024	J-GAAP
YoY	+4.5%	+0.9%	+16.5%	+15.2%	+15.2%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	6,180	4,294	4,297	2,799	84.9	18	Apr 28, 2023	J-GAAP
Mar, 2024	6,754	4,746	5,061	3,289	99.7	20	May 1, 2024	J-GAAP
Mar, 2025 Guidance	7,242	5,004	5,004	3,254	98.7	20	May 1, 2024	J-GAAP
YoY	+7.2%	+5.4%	-1.1%	-1.1%	-1.1%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	1,640	1,180	1,295	837	25.4	72.0	Oct 31, 2023	J-GAAP
Oct - Dec, 2023	1,722	1,184	835	532	16.1	68.8	Jan 31, 2024	J-GAAP
Jan - Mar, 2024	1,761	1,294	1,716	1,122	34.0	73.5	May 1, 2024	J-GAAP
Apr - Jun, 2024	1,735	1,179	1,307	856	26.0	68.0	Aug 5, 2024	J-GAAP
Jul - Sep, 2024	1,868	1,324	724	493	15.0	70.9	Oct 31, 2024	J-GAAP
YoY	+13.9%	+12.2%	-44.1%	-41.1%	-41.1%