ALPHA SYSTEMS INC., First Half Ordinary Profit Unexpectedly Revised Upward by 6%

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Fri Nov 8, 2024 4:00 pm JST Earnings

4719 ALPHA SYSTEMS INC. 【J-GAAP】

Earnings Report

ALPHA SYSTEMS INC. <4719> [TSE-P] announced its financial results after the market closed on November 8th (16:00). The ordinary profit (non-consolidated) for the cumulative second quarter of the fiscal year ending March 2025 (April to September) increased by 6.5% from the same period last year, reaching 2.17 billion yen, resulting in an increase in profits compared to the previous forecast of a 4.9% decrease.

The progress rate against the 4.48 billion yen full-year plan was 48.5%, almost the same as the five-year average of 46.1%.

Based on the first-half performance announced by the company and the unchanged full-year plan, our calculation indicates that the ordinary profit for the October to March period (second half) is expected to decrease by 3.1% from the same period last year to 2.3 billion yen.

In the most recent three-month period, from July to September (2Q), the ordinary profit amounted to 1.2 billion yen, an increase of 2.1% compared to the same period last year. However, the operating profit margin remained almost flat, changing from 12.6% in the same period last year to 12.6%.

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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	17,387	2,059	2,091	1,432	102.0	48.9	Nov 8, 2022	J-GAAP
Apr - Sep, 2023	17,653	2,003	2,039	1,384	98.6	46.1	Nov 7, 2023	J-GAAP
Apr - Sep, 2024	18,139	2,110	2,171	1,475	105.1	48.5	Nov 8, 2024	J-GAAP
YoY	+2.8%	+5.3%	+6.5%	+6.6%	+6.6%

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	17,900	1,900	1,940	1,320	94.0	50	May 13, 2024	J-GAAP
Apr - Sep, 2024 Results	18,139	2,110	2,171	1,475	105.1	50	Nov 8, 2024	J-GAAP
Revision Rate	+1.3%	+11.1%	+11.9%	+11.7%	+11.8%

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	18,730	2,345	2,383	1,661	118.3	65	May 13, 2024	J-GAAP
Oct - Mar, 2024 Guidance	19,361	2,290	2,309	1,575	112.2	50	Nov 8, 2024	J-GAAP
YoY	+3.4%	-2.3%	-3.1%	-5.2%	-5.2%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	35,548	4,213	4,279	2,918	207.9	70	May 12, 2023	J-GAAP
Mar, 2024	36,383	4,348	4,422	3,045	216.9	100	May 13, 2024	J-GAAP
Mar, 2025 Guidance	37,500	4,400	4,480	3,050	217.3	100	May 13, 2024	J-GAAP
YoY	+3.1%	+1.2%	+1.3%	+0.2%	+0.2%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	9,168	1,158	1,176	803	57.2	12.6	Nov 7, 2023	J-GAAP
Oct - Dec, 2023	9,186	1,378	1,396	951	67.8	15.0	Feb 8, 2024	J-GAAP
Jan - Mar, 2024	9,544	967	987	710	50.6	10.1	May 13, 2024	J-GAAP
Apr - Jun, 2024	8,900	948	970	657	46.8	10.7	Aug 5, 2024	J-GAAP
Jul - Sep, 2024	9,239	1,162	1,201	818	58.3	12.6	Nov 8, 2024	J-GAAP
YoY	+0.8%	+0.3%	+2.1%	+1.9%	+1.9%