Mortgage Service Japan Limited, First Half Ordinary Profit Decreases by 16%

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Tue Nov 5, 2024 3:30 pm JST Earnings

7192 Mortgage Service Japan Limited 【J-GAAP】

Earnings Report

Mortgage Service Japan Limited <7192> [TSE-S] 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) decreased by 16.0% from the same period last year to 639 million yen. However, The progress rate against the 1.08 billion yen full-year plan was 59.1%, also surpassing the five-year average of 52.2%.

Based on the first-half performance announced by the company and the unchanged full-year plan, our calculation indicates that the consolidated ordinary profit for the October to March period (second half) is expected to drop by 30.6% from the same period last year to 442 million yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit decreased to 375 million yen, a 7.4% decrease compared to the same period last year. The operating profit margin decreased from 23.1% in the same period last year to 20.3%.

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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	3,648	830	830	606	41.2	56.4	Nov 7, 2022	J-GAAP
Apr - Sep, 2023	3,484	761	761	534	36.4	54.4	Nov 6, 2023	J-GAAP
Apr - Sep, 2024	3,592	639	639	441	30.0	59.1	Nov 5, 2024	J-GAAP
YoY	+3.1%	-16.0%	-16.0%	-17.4%	-17.4%

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	3,611	491	491	316	21.5	－	May 9, 2024	J-GAAP
Apr - Sep, 2024 Results	3,592	639	639	441	30.0	－	Nov 5, 2024	J-GAAP
Revision Rate	-0.5%	+30.1%	+30.1%	+39.6%	+39.8%

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	3,626	637	637	340	23.1	20	May 9, 2024	J-GAAP
Oct - Mar, 2024 Guidance	3,664	442	442	282	19.2	18	Nov 5, 2024	J-GAAP
YoY	+1.0%	-30.6%	-30.6%	-17.1%	-17.1%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	7,325	1,471	1,471	1,002	68.2	20	May 8, 2023	J-GAAP
Mar, 2024	7,110	1,398	1,398	874	59.5	20	May 9, 2024	J-GAAP
Mar, 2025 Guidance	7,256	1,081	1,081	723	49.2	18	May 9, 2024	J-GAAP
YoY	+2.1%	-22.7%	-22.7%	-17.3%	-17.3%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	1,754	405	405	282	19.2	23.1	Nov 6, 2023	J-GAAP
Oct - Dec, 2023	1,785	418	418	303	20.6	23.4	Feb 5, 2024	J-GAAP
Jan - Mar, 2024	1,841	219	219	37	2.5	11.9	May 9, 2024	J-GAAP
Apr - Jun, 2024	1,747	264	264	186	12.7	15.1	Aug 5, 2024	J-GAAP
Jul - Sep, 2024	1,845	375	375	255	17.4	20.3	Nov 5, 2024	J-GAAP
YoY	+5.2%	-7.4%	-7.4%	-9.6%	-9.6%