SBS Holdings, Inc., The Current Fiscal Year Ordinary Profit Revised Downward to an Unexpected 11% Decrease

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Tue Nov 12, 2024 1:00 pm JST Earnings

2384 SBS Holdings, Inc. 【J-GAAP】

Earnings Report

SBS Holdings, Inc. <2384> [TSE-P] announced its financial results in the afternoon session on November 12th (13:00). The consolidated ordinary profit for the cumulative third quarter of the fiscal year ending December 2024 (January to September) decreased by 20.4% from the same period last year to 13.5 billion yen.

In addition, the full-year consolidated ordinary profit has downwardly by 14.6%, from the previous forecast of 20.5 billion yen to 17.5 billion yen (compared to 19.7 billion yen in the previous period). This changes the outlook from an anticipated profit increase to a projection of a 11.4% decrease in profit.

Based on the full-year plan announced by the company after the downward revision, our estimate of the consolidated ordinary profit for the July to December period (second half) has downwardly by 32.9%, from the previous forecast of 9.11 billion yen to 6.11 billion yen (compared to 5.39 billion yen in the same period of the previous year), leading to a reduction in the profit growth rate from 68.9% to 13.3%.

In the most recent three-month period, from July to September (3Q), the consolidated ordinary profit decreased to 2.2 billion yen, a 19.3% decrease compared to the same period last year. The operating profit margin worsened from 2.5% in the same period last year to 2.1%.

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Actual Results

Accumulated Results 3rd Quarter

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Progress Rate vs. First Half	Announce	Accounting Standards
Jan - Sep, 2022	330,144	12,962	12,713	4,382	110.3	59.4	Nov 10, 2022	J-GAAP
Jan - Sep, 2023	325,062	16,807	17,084	9,384	236.3	86.5	Nov 10, 2023	J-GAAP
Jan - Sep, 2024	330,282	13,228	13,591	7,553	190.2	77.7	Nov 12, 2024	J-GAAP
YoY	+1.6%	-21.3%	-20.4%	-19.5%	-19.5%

Guidance Update

Second Half Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Jul - Dec, 2024 Prev	228,261	10,042	9,115	4,044	101.8	70	Aug 8, 2024	J-GAAP
Jul - Dec, 2024 New	220,261	6,242	6,115	2,544	64.1	70	Nov 12, 2024	J-GAAP
Revision Rate	-3.5%	-37.8%	-32.9%	-37.1%	-37.1%

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Dec, 2024 Prev	450,000	21,000	20,500	10,500	264.4	70	Feb 14, 2024	J-GAAP
Dec, 2024 New	442,000	17,200	17,500	9,000	226.6	70	Nov 12, 2024	J-GAAP
Revision Rate	-1.8%	-18.1%	-14.6%	-14.3%	-14.3%

Current Period Guidance

Second Half Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Jul - Dec, 2023	209,245	5,477	5,398	1,870	47.1	65	Feb 14, 2024	J-GAAP
Jul - Dec, 2024 Guidance	220,261	6,242	6,115	2,544	64.1	70	Nov 12, 2024	J-GAAP
YoY	+5.3%	+14.0%	+13.3%	+36.0%	+36.0%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Dec, 2022	455,481	21,844	21,404	11,732	295.4	61	Feb 10, 2023	J-GAAP
Dec, 2023	431,911	19,719	19,747	10,056	253.2	65	Feb 14, 2024	J-GAAP
Dec, 2024 Guidance	442,000	17,200	17,500	9,000	226.6	70	Nov 12, 2024	J-GAAP
YoY	+2.3%	-12.8%	-11.4%	-10.5%	-10.5%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	102,396	2,565	2,735	1,198	30.2	2.5	Nov 10, 2023	J-GAAP
Oct - Dec, 2023	106,849	2,912	2,663	672	16.9	2.7	Feb 14, 2024	J-GAAP
Jan - Mar, 2024	113,814	8,110	8,184	4,885	123.0	7.1	May 10, 2024	J-GAAP
Apr - Jun, 2024	107,925	2,848	3,201	1,571	39.6	2.6	Aug 8, 2024	J-GAAP
Jul - Sep, 2024	108,543	2,270	2,206	1,097	27.6	2.1	Nov 12, 2024	J-GAAP
YoY	+6.0%	-11.5%	-19.3%	-8.4%	-8.5%