SHOEI YAKUHIN CO.,LTD., The Current Fiscal Year Ordinary Profit Revised Upward to an Unexpected 2% Increase

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Fri Nov 8, 2024 3:30 pm JST Earnings

3537 SHOEI YAKUHIN CO.,LTD. 【J-GAAP】

Earnings Report

SHOEI YAKUHIN CO.,LTD. <3537> [TSE-S] 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) increased by 16.6% from the same period last year, reaching 407 million yen, resulting in an increase in profits compared to the previous forecast of a 27.2% decrease.

In addition, the full-year consolidated ordinary profit has been revised upward by 31.4%, from the previous forecast of 503 million yen to 661 million yen (compared to 651 million yen in the previous period), turning to a 1.5% 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 15.9% from the same period last year to 254 million yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit grew by 5.9% from the same period last year, reaching 234 million yen. The operating profit margin remained almost flat, changing from 2.5% in the same period last year to 2.7%.

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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	12,616	310	436	316	92.3	64.8	Nov 9, 2022	J-GAAP
Apr - Sep, 2023	11,113	236	349	246	72.6	53.6	Nov 9, 2023	J-GAAP
Apr - Sep, 2024	12,286	308	407	282	82.9	61.6	Nov 8, 2024	J-GAAP
YoY	+10.6%	+30.5%	+16.6%	+14.6%	+14.2%

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	11,221	174	254	172	50.4	0	May 13, 2024	J-GAAP
Apr - Sep, 2024 Results	12,286	308	407	282	82.9	0	Nov 8, 2024	J-GAAP
Revision Rate	+9.5%	+77.0%	+60.2%	+64.0%	+64.4%

Guidance Update

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2025 Prev	22,677	343	503	348	102.0	38	May 13, 2024	J-GAAP
Mar, 2025 New	23,677	495	661	460	134.9	38	Nov 8, 2024	J-GAAP
Revision Rate	+4.4%	+44.3%	+31.4%	+32.2%	+32.2%

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	11,482	204	302	245	72.2	38	May 13, 2024	J-GAAP
Oct - Mar, 2024 Guidance	11,391	187	254	178	52.2	38	Nov 8, 2024	J-GAAP
YoY	-0.8%	-8.3%	-15.9%	-27.3%	-27.8%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	24,529	488	673	484	141.8	36	May 11, 2023	J-GAAP
Mar, 2024	22,595	440	651	491	144.8	38	May 13, 2024	J-GAAP
Mar, 2025 Guidance	23,677	495	661	460	134.9	38	Nov 8, 2024	J-GAAP
YoY	+4.8%	+12.5%	+1.5%	-6.3%	-6.8%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	5,542	138	221	161	47.5	2.5	Nov 9, 2023	J-GAAP
Oct - Dec, 2023	5,841	140	158	109	32.2	2.4	Feb 6, 2024	J-GAAP
Jan - Mar, 2024	5,641	64	144	136	40.1	1.1	May 13, 2024	J-GAAP
Apr - Jun, 2024	5,973	136	173	116	34.3	2.3	Aug 7, 2024	J-GAAP
Jul - Sep, 2024	6,313	172	234	166	48.8	2.7	Nov 8, 2024	J-GAAP
YoY	+13.9%	+24.6%	+5.9%	+3.1%	+2.8%