Tokyu Fudosan Holdings Corporation, The Current Fiscal Year Ordinary Profit Revised Upward by 3%, Adds to Record High Profit Forecast, Dividend Revised Upward by 2 yen

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Tue Nov 5, 2024 3:30 pm JST Earnings

3289 Tokyu Fudosan Holdings Corporation 【J-GAAP】

Earnings Report

Tokyu Fudosan Holdings Corporation <3289> [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) decreased by 16.2% from the same period last year to 44.8 billion yen.

However, the full-year consolidated ordinary profit has been revised upward by 3.4%, from the previous forecast of 117 billion yen to 121 billion yen (compared to 110 billion yen in the previous period), increasing the growth rate from 6.4% to 10.1%, further surpassing the previous forecast of record-high profits for three consecutive terms.

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 expand by 34.7% from the same period last year, reaching 76.6 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 32 yen to 34 yen (compared to 31 yen in the previous period).

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit decreased to 15.4 billion yen, a 25.8% decrease compared to the same period last year. The operating profit margin worsened from 9.9% in the same period last year to 8.0%.

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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	445,010	45,876	40,760	26,925	37.4	40.9	Nov 9, 2022	J-GAAP
Apr - Sep, 2023	490,696	58,044	53,468	38,346	54.0	48.4	Nov 7, 2023	J-GAAP
Apr - Sep, 2024	503,272	50,549	44,829	25,062	35.2	36.9	Nov 5, 2024	J-GAAP
YoY	+2.6%	-12.9%	-16.2%	-34.6%	-34.9%

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	ー	ー	ー	ー	－	16	May 10, 2024	J-GAAP
Apr - Sep, 2024 Results	503,272	50,549	44,829	25,062	35.2	17	Nov 5, 2024	J-GAAP
Revision Rate	－	－	－	－	－

Guidance Update

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2025 Prev	1,130,000	130,000	117,500	70,000	98.1	32	May 10, 2024	J-GAAP
Mar, 2025 New	1,140,000	135,000	121,500	73,000	102.3	34	Nov 5, 2024	J-GAAP
Revision Rate	+0.9%	+3.8%	+3.4%	+4.3%	+4.3%

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	612,351	62,194	56,923	30,199	42.5	17	May 10, 2024	J-GAAP
Oct - Mar, 2024 Guidance	636,728	84,451	76,671	47,938	67.2	17	Nov 5, 2024	J-GAAP
YoY	+4.0%	+35.8%	+34.7%	+58.7%	+58.2%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	1,005,836	110,410	99,558	48,227	67.2	23.50	May 10, 2023	J-GAAP
Mar, 2024	1,103,047	120,238	110,391	68,545	96.4	31	May 10, 2024	J-GAAP
Mar, 2025 Guidance	1,140,000	135,000	121,500	73,000	102.3	34	Nov 5, 2024	J-GAAP
YoY	+3.4%	+12.3%	+10.1%	+6.5%	+6.1%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	237,592	23,517	20,864	13,053	18.4	9.9	Nov 7, 2023	J-GAAP
Oct - Dec, 2023	227,125	17,309	14,532	7,105	10.0	7.6	Feb 8, 2024	J-GAAP
Jan - Mar, 2024	385,226	44,885	42,391	23,094	32.5	11.7	May 10, 2024	J-GAAP
Apr - Jun, 2024	267,179	31,636	29,345	18,900	26.5	11.8	Aug 6, 2024	J-GAAP
Jul - Sep, 2024	236,093	18,913	15,484	6,162	8.6	8.0	Nov 5, 2024	J-GAAP
YoY	-0.6%	-19.6%	-25.8%	-52.8%	-53.0%