TAIYO KAGAKU CO.,LTD., First Half Ordinary Profit Unexpectedly Revised Upward by 14%

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Tue Nov 5, 2024 4:00 pm JST Earnings

2902 TAIYO KAGAKU CO.,LTD. 【J-GAAP】

Earnings Report

TAIYO KAGAKU CO.,LTD. <2902> [NSE-M] announced its financial results after the market closed on November 5th (16:00). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) increased by 14.4% from the same period last year, reaching 3.04 billion yen, resulting in an increase in profits compared to the previous forecast of a 5.9% decrease.

The progress rate against the 4.7 billion yen full-year plan was 64.7%, almost the same as the five-year average of 63.6%.

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 surge by 5.6 times that of the same period last year, reaching 1.65 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit grew by 16.0% from the same period last year, reaching 1.5 billion yen. The operating profit margin rose from 10.0% in the same period last year to 12.4%.

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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	21,107	2,166	2,480	1,593	93.8	59.7	Nov 7, 2022	J-GAAP
Apr - Sep, 2023	24,517	2,464	2,658	1,721	101.7	90.0	Nov 6, 2023	J-GAAP
Apr - Sep, 2024	24,986	2,963	3,041	2,252	132.8	64.7	Nov 5, 2024	J-GAAP
YoY	+1.9%	+20.3%	+14.4%	+30.9%	+30.6%

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	25,000	2,400	2,500	1,700	100.2	10	May 7, 2024	J-GAAP
Apr - Sep, 2024 Results	24,986	2,963	3,041	2,252	132.8	10	Nov 5, 2024	J-GAAP
Revision Rate	-0.1%	+23.5%	+21.6%	+32.5%	+32.5%

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	23,148	2,048	296	690	40.7	45	May 7, 2024	J-GAAP
Oct - Mar, 2024 Guidance	24,014	1,637	1,659	948	56.2	47	Nov 5, 2024	J-GAAP
YoY	+3.7%	-20.1%	+460.5%	+37.4%	+37.9%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	42,970	4,004	4,157	2,857	168.5	51	May 8, 2023	J-GAAP
Mar, 2024	47,665	4,512	2,954	2,411	142.4	55	May 7, 2024	J-GAAP
Mar, 2025 Guidance	49,000	4,600	4,700	3,200	189.7	57	May 7, 2024	J-GAAP
YoY	+2.8%	+2.0%	+59.1%	+32.7%	+33.3%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	12,328	1,237	1,297	837	49.4	10.0	Nov 6, 2023	J-GAAP
Oct - Dec, 2023	12,082	1,029	1,023	717	42.3	8.5	Feb 5, 2024	J-GAAP
Jan - Mar, 2024	11,066	1,019	-727	-27	-1.6	9.2	May 7, 2024	J-GAAP
Apr - Jun, 2024	12,461	1,415	1,536	982	58.0	11.4	Aug 5, 2024	J-GAAP
Jul - Sep, 2024	12,525	1,548	1,505	1,270	74.9	12.4	Nov 5, 2024	J-GAAP
YoY	+1.6%	+25.1%	+16.0%	+51.7%	+51.5%