MATSUYA FOODS HOLDINGS CO., LTD., First Half Ordinary Profit Unexpectedly Revised Upward by 17%

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Tue Nov 5, 2024 3:30 pm JST Earnings

9887 MATSUYA FOODS HOLDINGS CO., LTD. 【J-GAAP】

Earnings Report

MATSUYA FOODS HOLDINGS CO., LTD. <9887> [TSE-P] announced its financial results after the market closed on November 5th (15:30). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) increased by 17.0% from the same period last year, reaching 2.2 billion yen, resulting in an increase in profits compared to the previous forecast of a 41.6% decrease.

The progress rate against the 3.65 billion yen full-year plan was 60.4%, also surpassing the five-year average of 46.0%.

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 significant drop by 64.7% from the same period last year to 1.44 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit grew by 7.1% from the same period last year, reaching 1.89 billion yen. However, the operating profit margin worsened from 5.3% in the same period last year to 4.6%.

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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	51,113	232	2,447	953	50.0	62.5	Nov 4, 2022	J-GAAP
Apr - Sep, 2023	59,031	1,606	1,885	1,327	69.7	31.5	Nov 6, 2023	J-GAAP
Apr - Sep, 2024	72,387	1,884	2,206	783	41.1	60.4	Nov 5, 2024	J-GAAP
YoY	+22.6%	+17.3%	+17.0%	-41.0%	-41.0%

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	65,600	800	1,100	300	15.7	12	May 13, 2024	J-GAAP
Apr - Sep, 2024 Results	72,387	1,884	2,206	783	41.1	12	Nov 5, 2024	J-GAAP
Revision Rate	+10.3%	+135.5%	+100.5%	+161.0%	+161.1%

Guidance Update

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2025 Prev	136,500	3,000	3,650	1,200	63.0	24	May 13, 2024	J-GAAP
Mar, 2025 New	149,500	3,000	3,650	1,200	63.0	24	Nov 5, 2024	J-GAAP
Revision Rate	+9.5%	0.0%	0.0%	0.0%	0.0%

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	68,580	3,716	4,093	1,588	83.3	12	May 13, 2024	J-GAAP
Oct - Mar, 2024 Guidance	77,113	1,116	1,444	417	21.9	12	Nov 5, 2024	J-GAAP
YoY	+12.4%	-70.0%	-64.7%	-73.7%	-73.7%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	106,598	1,468	3,914	1,255	65.9	24	May 12, 2023	J-GAAP
Mar, 2024	127,611	5,322	5,978	2,915	152.9	24	May 13, 2024	J-GAAP
Mar, 2025 Guidance	149,500	3,000	3,650	1,200	63.0	24	Nov 5, 2024	J-GAAP
YoY	+17.2%	-43.6%	-38.9%	-58.8%	-58.8%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	30,931	1,644	1,770	1,329	69.8	5.3	Nov 6, 2023	J-GAAP
Oct - Dec, 2023	34,087	2,568	2,679	1,366	71.7	7.5	Feb 5, 2024	J-GAAP
Jan - Mar, 2024	34,493	1,148	1,414	222	11.7	3.3	May 13, 2024	J-GAAP
Apr - Jun, 2024	34,263	134	310	24	1.3	0.4	Aug 9, 2024	J-GAAP
Jul - Sep, 2024	38,124	1,750	1,896	759	39.8	4.6	Nov 5, 2024	J-GAAP
YoY	+23.3%	+6.4%	+7.1%	-42.9%	-42.9%