VALOR HOLDINGS CO.,LTD., First Half Ordinary Profit Revised Downward to an Unexpected 3%Decrease

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Tue Nov 12, 2024 1:00 pm JST Earnings

9956 VALOR HOLDINGS CO.,LTD. 【J-GAAP】

Earnings Report

VALOR HOLDINGS CO.,LTD. <9956> [TSE-P] announced its financial results in the afternoon session on November 12th (13:00). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) decreased by 3.4% from the same period last year to 12.2 billion yen, resulting in a decrease in profits compared to the previous forecast of a 2.0% increase.

The progress rate against the 26.4 billion yen full-year plan was 46.2%, also falling below the five-year average of 53.2%.

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 9.5% from the same period last year, reaching 14.1 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit amounted to 6.32 billion yen, a 1.2% decrease compared to the same period last year. The operating profit margin remained almost flat, changing from 2.7% in the same period last year to 2.4%.

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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	374,661	9,567	11,106	5,736	106.8	48.2	Nov 11, 2022	J-GAAP
Apr - Sep, 2023	399,140	11,142	12,643	6,627	123.8	49.4	Nov 10, 2023	J-GAAP
Apr - Sep, 2024	422,016	10,434	12,209	6,736	126.3	46.2	Nov 12, 2024	J-GAAP
YoY	+5.7%	-6.4%	-3.4%	+1.6%	+2.1%

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	415,000	11,500	12,900	6,800	129.1	29	May 14, 2024	J-GAAP
Apr - Sep, 2024 Results	422,016	10,434	12,209	6,736	126.3	29	Nov 12, 2024	J-GAAP
Revision Rate	+1.7%	-9.3%	-5.4%	-0.9%	-2.1%

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	408,655	11,702	12,961	5,318	99.3	37	May 14, 2024	J-GAAP
Oct - Mar, 2024 Guidance	417,984	13,066	14,191	5,564	105.6	39	Nov 12, 2024	J-GAAP
YoY	+2.3%	+11.7%	+9.5%	+4.6%	+6.4%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	759,977	20,062	23,049	7,603	141.6	58	May 12, 2023	J-GAAP
Mar, 2024	807,795	22,844	25,604	11,945	223.0	65	May 14, 2024	J-GAAP
Mar, 2025 Guidance	840,000	23,500	26,400	12,300	233.5	68	May 14, 2024	J-GAAP
YoY	+4.0%	+2.9%	+3.1%	+3.0%	+4.7%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	202,870	5,520	6,398	3,174	59.3	2.7	Nov 10, 2023	J-GAAP
Oct - Dec, 2023	211,435	7,220	7,944	4,561	85.2	3.4	Feb 9, 2024	J-GAAP
Jan - Mar, 2024	197,220	4,482	5,017	757	14.1	2.3	May 14, 2024	J-GAAP
Apr - Jun, 2024	207,450	5,197	5,886	3,287	61.4	2.5	Aug 9, 2024	J-GAAP
Jul - Sep, 2024	214,566	5,237	6,323	3,449	64.7	2.4	Nov 12, 2024	J-GAAP
YoY	+5.8%	-5.1%	-1.2%	+8.7%	+9.1%