MegaChips Corporation, First Half Ordinary Profit Decreases by 24%

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Fri Nov 8, 2024 3:30 pm JST Earnings

6875 MegaChips Corporation 【J-GAAP】

Earnings Report

MegaChips Corporation <6875> [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) decreased by 24.2% from the same period last year to 1.94 billion yen. The progress rate against the 4 billion yen full-year plan was 48.6%, also falling below the five-year average of 53.9%.

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 2.3 times that of the same period last year, reaching 2.05 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit grew by 7.3% from the same period last year, reaching 1.35 billion yen. However, the operating profit margin significantly dropped from 11.1% in the same period last year to 6.0%.

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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	35,999	3,567	4,325	2,886	150.6	59.2	Nov 8, 2022	J-GAAP
Apr - Sep, 2023	36,501	3,722	2,564	1,689	90.4	74.2	Nov 8, 2023	J-GAAP
Apr - Sep, 2024	24,853	1,779	1,943	3,066	171.5	48.6	Nov 8, 2024	J-GAAP
YoY	-31.9%	-52.2%	-24.2%	+81.5%	+89.7%

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	－	－	May 10, 2024	J-GAAP
Apr - Sep, 2024 Results	24,853	1,779	1,943	3,066	171.5	－	Nov 8, 2024	J-GAAP
Revision Rate	－	－	－	－	－

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	21,441	1,761	892	2,797	151.1	110	May 10, 2024	J-GAAP
Oct - Mar, 2024 Guidance	27,147	2,221	2,057	1,934	113.1	120	Nov 8, 2024	J-GAAP
YoY	+26.6%	+26.1%	+130.6%	-30.9%	-25.1%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	70,722	6,029	7,311	7,086	369.4	90	May 12, 2023	J-GAAP
Mar, 2024	57,942	5,483	3,456	4,486	242.3	110	May 10, 2024	J-GAAP
Mar, 2025 Guidance	52,000	4,000	4,000	5,000	292.5	120	May 10, 2024	J-GAAP
YoY	-10.3%	-27.0%	+15.7%	+11.5%	+20.7%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	19,211	2,136	1,267	737	39.4	11.1	Nov 8, 2023	J-GAAP
Oct - Dec, 2023	11,100	735	545	398	21.4	6.6	Feb 9, 2024	J-GAAP
Jan - Mar, 2024	10,341	1,026	347	2,399	129.6	9.9	May 10, 2024	J-GAAP
Apr - Jun, 2024	9,660	874	584	2,187	121.9	9.0	Aug 8, 2024	J-GAAP
Jul - Sep, 2024	15,193	905	1,359	879	49.2	6.0	Nov 8, 2024	J-GAAP
YoY	-20.9%	-57.6%	+7.3%	+19.3%	+24.6%