Takamiya Co., Ltd., First Half Ordinary Profit Decreases by 57%, Current Fiscal Year Dividend Revised Upward by 2 yen

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Fri Nov 8, 2024 3:30 pm JST Earnings

2445 Takamiya Co., Ltd. 【J-GAAP】

Earnings Report

Takamiya Co., Ltd. <2445> [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) significantly dropped by 56.9% from the same period last year to 640 million yen, fell short of the previous forecast of 930 million yen.

The progress rate against the 3.22 billion yen full-year plan was 19.9%, also falling below the five-year average of 49.6%.

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 grow by 23.2% from the same period last year, reaching 2.58 billion yen.

At the same time, the company has increased its planned annual dividend for the current fiscal year from the original plan of 14 yen to 16 yen (compared to 14 yen in the previous period).

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit significantly dropped to 296 million yen, a 66.0% decrease compared to the same period last year. The operating profit margin worsened from 7.3% in the same period last year to 4.7%.

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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	19,799	763	1,137	746	16.0	47.4	Nov 9, 2022	J-GAAP
Apr - Sep, 2023	20,792	1,205	1,485	1,006	21.6	41.5	Dec 14, 2023	J-GAAP
Apr - Sep, 2024	21,236	802	640	498	10.7	19.9	Nov 8, 2024	J-GAAP
YoY	+2.1%	-33.4%	-56.9%	-50.5%	-50.5%

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	22,600	1,150	930	500	10.7	6	May 10, 2024	J-GAAP
Apr - Sep, 2024 Results	21,236	802	640	498	10.7	6	Nov 8, 2024	J-GAAP
Revision Rate	-6.0%	-30.3%	-31.2%	-0.4%	-0.3%

Guidance Update

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2025 Prev	49,500	3,600	3,220	2,000	43.3	14	May 10, 2024	J-GAAP
Mar, 2025 New	49,500	3,600	3,220	2,000	43.3	16	Nov 8, 2024	J-GAAP
Revision Rate	0.0%	0.0%	0.0%	0.0%	0.0%

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	23,335	2,199	2,095	881	18.9	8	May 10, 2024	J-GAAP
Oct - Mar, 2024 Guidance	28,264	2,798	2,580	1,502	32.6	10	Nov 8, 2024	J-GAAP
YoY	+21.1%	+27.2%	+23.2%	+70.5%	+72.0%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	41,894	2,253	2,400	1,460	31.4	14	May 11, 2023	J-GAAP
Mar, 2024	44,127	3,404	3,580	1,887	40.5	14	May 10, 2024	J-GAAP
Mar, 2025 Guidance	49,500	3,600	3,220	2,000	43.3	16	Nov 8, 2024	J-GAAP
YoY	+12.2%	+5.8%	-10.1%	+6.0%	+6.9%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	10,896	796	870	589	12.7	7.3	Dec 14, 2023	J-GAAP
Oct - Dec, 2023	11,391	1,200	1,041	721	15.5	10.5	Feb 9, 2024	J-GAAP
Jan - Mar, 2024	11,944	999	1,054	160	3.4	8.4	May 10, 2024	J-GAAP
Apr - Jun, 2024	9,745	262	344	195	4.2	2.7	Aug 6, 2024	J-GAAP
Jul - Sep, 2024	11,491	540	296	303	6.5	4.7	Nov 8, 2024	J-GAAP
YoY	+5.5%	-32.2%	-66.0%	-48.6%	-48.5%