TAIYO KOKI CO.,LTD., The Current Fiscal Year Ordinary Profit Revised Downward by 28%, Second Half Dividend Postponed

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Fri Nov 1, 2024 3:00 pm JST Earnings

6164 TAIYO KOKI CO.,LTD. 【J-GAAP】

Earnings Report

TAIYO KOKI CO.,LTD. <6164> [TSE-S] announced its financial results after the market closed on November 1st (15:00). The ordinary profit (non-consolidated) for the cumulative third quarter of the fiscal year ending December 2024 (January to September) significantly dropped by 50.9% from the same period last year to 184 million yen.

In addition, the full-year ordinary profit has downwardly by 28.0%, from the previous forecast of 1 billion yen to 720 million yen (compared to 561 million yen in the previous period), leading to a reduction in the profit growth rate from 78.3% to 28.3%.

Based on the full-year plan announced by the company after the downward revision, our estimate of the ordinary profit for the July to December period (second half) has downwardly by 37.7%, from the previous forecast of 743 million yen to 463 million yen (compared to 290 million yen in the same period of the previous year), leading to a reduction in the profit growth rate from 2.6 times to 59.7%.

At the same time, In conjunction with a Tender Offer Bid (TOB), the company has decided to forgo the the second half of 25 yen for the current fiscal year.

In the most recent three-month period, from July to September (3Q), the ordinary profit/loss turned to a loss of 73 million yen (compared to a profit of 104 million yen in the same period last year). The operating profit/loss margin drastically worsened from 4.4% in the same period last year to -3.8%.

Kabutan News

Actual Results

Accumulated Results 3rd Quarter

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Progress Rate vs. First Half	Announce	Accounting Standards
Jan - Sep, 2022	6,470	485	487	326	55.7	78.0	Nov 7, 2022	J-GAAP
Jan - Sep, 2023	7,114	364	375	254	43.3	66.8	Oct 25, 2023	J-GAAP
Jan - Sep, 2024	6,695	169	184	119	20.3	25.6	Nov 1, 2024	J-GAAP
YoY	-5.9%	-53.6%	-50.9%	-53.1%	-53.2%

Guidance Update

Second Half Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Jul - Dec, 2024 Prev	5,318	754	743	528	89.8	25	Jul 31, 2024	J-GAAP
Jul - Dec, 2024 New	5,318	464	463	198	33.7	0	Nov 1, 2024	J-GAAP
Revision Rate	0.0%	-38.5%	-37.7%	-62.5%	-62.5%

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Dec, 2024 Prev	10,000	1,000	1,000	700	119.0	50	Feb 5, 2024	J-GAAP
Dec, 2024 New	10,000	710	720	370	62.9	25	Nov 1, 2024	J-GAAP
Revision Rate	0.0%	-29.0%	-28.0%	-47.1%	-47.1%

Current Period Guidance

Second Half Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Jul - Dec, 2023	5,480	293	290	231	39.3	25	Feb 5, 2024	J-GAAP
Jul - Dec, 2024 Guidance	5,318	464	463	198	33.7	0	Nov 1, 2024	J-GAAP
YoY	-3.0%	+58.4%	+59.7%	-14.3%	-14.4%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Dec, 2022	9,041	621	624	440	75.1	40	Feb 8, 2023	J-GAAP
Dec, 2023	10,231	554	561	415	70.7	50	Feb 5, 2024	J-GAAP
Dec, 2024 Guidance	10,000	710	720	370	62.9	25	Nov 1, 2024	J-GAAP
YoY	-2.3%	+28.2%	+28.3%	-10.8%	-10.9%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	2,363	103	104	70	11.9	4.4	Oct 25, 2023	J-GAAP
Oct - Dec, 2023	3,117	190	186	161	27.4	6.1	Feb 5, 2024	J-GAAP
Jan - Mar, 2024	2,283	128	136	92	15.8	5.6	Apr 26, 2024	J-GAAP
Apr - Jun, 2024	2,399	118	121	80	13.7	4.9	Jul 31, 2024	J-GAAP
Jul - Sep, 2024	2,013	-77	-73	-53	-9.0	-3.8	Nov 1, 2024	J-GAAP
YoY	-14.8%	－	－	－	－