Keikyu Corporation, The Current Fiscal Year Ordinary Profit Revised Upward to an Unexpected 10% Increase, Dividend Revised Upward by 2 yen

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Fri Nov 8, 2024 3:30 pm JST Earnings

9006 Keikyu Corporation 【J-GAAP】

Earnings Report

Keikyu Corporation <9006> [TSE-P] announced its financial results after the market closed on November 8th (15:30). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) expanded to 18.3 billion yen, an increase of 34.5% compared to the same period last year, exceeded the previous forecast of 14.2 billion yen.

In addition, the full-year consolidated ordinary profit has been revised upward by 12.2%, from the previous forecast of 27.8 billion yen to 31.2 billion yen (compared to 28.4 billion yen in the previous period), turning to a 9.9% increase in the consolidated ordinary profit outlook.

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 decrease by 12.9% from the same period last year to 12.8 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 16 yen to 18 yen (compared to 15 yen in the previous period).

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit grew by 19.3% from the same period last year, reaching 9.81 billion yen. The operating profit margin rose from 12.6% in the same period last year to 15.1%.

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	120,395	5,480	4,634	12,529	45.5	37.9	Nov 11, 2022	J-GAAP
Apr - Sep, 2023	128,026	13,811	13,628	9,206	33.5	48.0	Nov 10, 2023	J-GAAP
Apr - Sep, 2024	140,957	19,000	18,333	13,663	49.7	58.8	Nov 8, 2024	J-GAAP
YoY	+10.1%	+37.6%	+34.5%	+48.4%	+48.6%

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	139,000	15,300	14,200	8,400	30.6	8	May 10, 2024	J-GAAP
Apr - Sep, 2024 Results	140,957	19,000	18,333	13,663	49.7	9	Nov 8, 2024	J-GAAP
Revision Rate	+1.4%	+24.2%	+29.1%	+62.7%	+62.4%

Guidance Update

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2025 Prev	305,400	30,000	27,800	16,800	61.2	16	May 10, 2024	J-GAAP
Mar, 2025 New	303,000	33,000	31,200	21,500	78.4	18	Nov 8, 2024	J-GAAP
Revision Rate	-0.8%	+10.0%	+12.2%	+28.0%	+28.0%

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	152,598	14,229	14,774	74,544	270.8	8	May 10, 2024	J-GAAP
Oct - Mar, 2024 Guidance	162,043	14,000	12,867	7,837	28.6	9	Nov 8, 2024	J-GAAP
YoY	+6.2%	-1.6%	-12.9%	-89.5%	-89.4%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	253,005	10,819	12,233	15,817	57.5	11	May 10, 2023	J-GAAP
Mar, 2024	280,624	28,040	28,402	83,750	304.2	15	May 10, 2024	J-GAAP
Mar, 2025 Guidance	303,000	33,000	31,200	21,500	78.4	18	Nov 8, 2024	J-GAAP
YoY	+8.0%	+17.7%	+9.9%	-74.3%	-74.2%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	65,985	8,306	8,220	5,485	19.9	12.6	Nov 10, 2023	J-GAAP
Oct - Dec, 2023	72,511	9,541	9,136	6,195	22.5	13.2	Feb 13, 2024	J-GAAP
Jan - Mar, 2024	80,087	4,688	5,638	68,349	248.3	5.9	May 10, 2024	J-GAAP
Apr - Jun, 2024	72,860	8,709	8,523	6,895	25.1	12.0	Aug 6, 2024	J-GAAP
Jul - Sep, 2024	68,097	10,291	9,810	6,768	24.6	15.1	Nov 8, 2024	J-GAAP
YoY	+3.2%	+23.9%	+19.3%	+23.4%	+23.6%