Meiko Electronics Co., Ltd., The Current Fiscal Year Ordinary Profit Revised Upward by 17%, Exceeded record profit forecast, Dividend Revised Upward by 8 yen

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Wed Nov 6, 2024 3:30 pm JST Earnings

6787 Meiko Electronics Co., Ltd. 【J-GAAP】

Earnings Report

Meiko Electronics Co., Ltd. <6787> [TSE-P] announced its financial results after the market closed on November 6th (15:30). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) increased by 18.4% from the same period last year, reaching 8 billion yen.

In addition, the full-year consolidated ordinary profit has been revised upward by 16.7%, from the previous forecast of 15 billion yen to 17.5 billion yen (compared to 14.2 billion yen in the previous period), increasing the growth rate from 5.1% to 22.7%. The company has further increased its previous forecast of record profits for the first time in three years.

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 grow by 26.5% from the same period last year, reaching 9.49 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 72 yen to 80 yen (compared to 68 yen in the previous period).

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit decreased to 3.61 billion yen, a 5.9% decrease compared to the same period last year. However, the operating profit margin significantly improved from 7.4% in the same period last year to 11.8%.

Kabutan News

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	81,710	4,641	8,741	6,419	250.4	78.0	Nov 4, 2022	J-GAAP
Apr - Sep, 2023	86,216	4,197	6,760	5,223	197.5	47.4	Nov 6, 2023	J-GAAP
Apr - Sep, 2024	98,157	9,287	8,005	6,333	240.8	45.7	Nov 6, 2024	J-GAAP
YoY	+13.9%	+121.3%	+18.4%	+21.3%	+21.9%

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	－	36	May 10, 2024	J-GAAP
Apr - Sep, 2024 Results	98,157	9,287	8,005	6,333	240.8	40	Nov 6, 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	195,000	16,000	15,000	12,500	474.9	72	May 10, 2024	J-GAAP
Mar, 2025 New	197,000	19,000	17,500	15,000	572.3	80	Nov 6, 2024	J-GAAP
Revision Rate	+1.0%	+18.8%	+16.7%	+20.0%	+20.5%

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	93,242	7,463	7,507	6,087	230.7	41	May 10, 2024	J-GAAP
Oct - Mar, 2024 Guidance	98,843	9,713	9,495	8,667	330.7	40	Nov 6, 2024	J-GAAP
YoY	+6.0%	+30.1%	+26.5%	+42.4%	+43.3%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	167,276	9,575	11,212	8,847	338.9	55	May 10, 2023	J-GAAP
Mar, 2024	179,458	11,660	14,267	11,310	428.7	68	May 10, 2024	J-GAAP
Mar, 2025 Guidance	197,000	19,000	17,500	15,000	572.3	80	Nov 6, 2024	J-GAAP
YoY	+9.8%	+63.0%	+22.7%	+32.6%	+33.5%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	44,628	3,290	3,837	2,961	112.0	7.4	Nov 6, 2023	J-GAAP
Oct - Dec, 2023	47,318	4,141	3,019	2,457	92.9	8.8	Feb 6, 2024	J-GAAP
Jan - Mar, 2024	45,924	3,322	4,488	3,630	137.6	7.2	May 10, 2024	J-GAAP
Apr - Jun, 2024	47,013	3,265	4,394	3,053	116.0	6.9	Aug 6, 2024	J-GAAP
Jul - Sep, 2024	51,144	6,022	3,611	3,280	124.7	11.8	Nov 6, 2024	J-GAAP
YoY	+14.6%	+83.0%	-5.9%	+10.8%	+11.4%