TOKYU CORPORATION, The Current Fiscal Year Ordinary Profit Revised Upward to an Unexpected 5% Increase, Adds to Record High Profit, Dividend Revised Upward by 1 yen

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Fri Nov 8, 2024 3:30 pm JST Earnings

9005 TOKYU CORPORATION 【J-GAAP】

Earnings Report

TOKYU CORPORATION <9005> [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 66.4 billion yen, an increase of 33.7% compared to the same period last year.

In addition, the full-year consolidated ordinary profit has been revised upward by 16.0%, from the previous forecast of 90 billion yen to 104 billion yen (compared to 99.2 billion yen in the previous period), record profits reach two consecutive terms, turning to a 5.1% 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 23.5% from the same period last year to 37.9 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 22 yen to 23 yen (compared to 17.5 yen in the previous period).

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit grew by 13.8% from the same period last year, reaching 25 billion yen. The operating profit margin improved from 8.6% in the same period last year to 10.2%.

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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	434,693	21,823	24,725	18,480	30.7	52.2	Nov 14, 2022	J-GAAP
Apr - Sep, 2023	483,468	45,533	49,688	35,029	57.9	50.0	Nov 8, 2023	J-GAAP
Apr - Sep, 2024	525,234	65,335	66,430	49,466	82.5	63.6	Nov 8, 2024	J-GAAP
YoY	+8.6%	+43.5%	+33.7%	+41.2%	+42.7%

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	－	11	May 13, 2024	J-GAAP
Apr - Sep, 2024 Results	525,234	65,335	66,430	49,466	82.5	11	Nov 8, 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	1,055,000	88,000	90,000	60,000	102.7	22	May 13, 2024	J-GAAP
Mar, 2025 New	1,065,000	101,000	104,400	74,000	126.7	23	Nov 8, 2024	J-GAAP
Revision Rate	+0.9%	+14.8%	+16.0%	+23.3%	+23.3%

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	554,351	49,372	49,604	28,734	47.7	10	May 13, 2024	J-GAAP
Oct - Mar, 2024 Guidance	539,766	35,665	37,970	24,534	42.0	12	Nov 8, 2024	J-GAAP
YoY	-2.6%	-27.8%	-23.5%	-14.6%	-11.9%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	931,293	44,603	47,369	25,995	42.9	15	May 11, 2023	J-GAAP
Mar, 2024	1,037,819	94,905	99,292	63,763	105.8	17.50	May 13, 2024	J-GAAP
Mar, 2025 Guidance	1,065,000	101,000	104,400	74,000	126.7	23	Nov 8, 2024	J-GAAP
YoY	+2.6%	+6.4%	+5.1%	+16.1%	+19.7%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	244,209	21,015	22,012	15,066	24.9	8.6	Nov 8, 2023	J-GAAP
Oct - Dec, 2023	245,433	23,728	23,008	15,017	24.9	9.7	Feb 9, 2024	J-GAAP
Jan - Mar, 2024	308,918	25,644	26,596	13,717	22.8	8.3	May 13, 2024	J-GAAP
Apr - Jun, 2024	273,080	39,594	41,391	29,853	49.8	14.5	Aug 8, 2024	J-GAAP
Jul - Sep, 2024	252,154	25,741	25,039	19,613	32.7	10.2	Nov 8, 2024	J-GAAP
YoY	+3.3%	+22.5%	+13.8%	+30.2%	+31.6%