Chuetsu Pulp & Paper Co.,Ltd., The Current Fiscal Year Ordinary Profit Revised Upward by 4%, Dividend Revised Upward by 10 yen

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Tue Nov 12, 2024 3:30 pm JST Earnings

3877 Chuetsu Pulp & Paper Co.,Ltd. 【J-GAAP】

Earnings Report

Chuetsu Pulp & Paper Co.,Ltd. <3877> [TSE-P] announced its financial results after the market closed on November 12th (15:30). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) decreased by 21.0% from the same period last year to 2.99 billion yen.

However, the full-year consolidated ordinary profit has been revised upward by 4.1%, from the previous forecast of 4.9 billion yen to 5.1 billion yen (compared to 6.82 billion yen in the previous period), and the declining rate is expected to decrease from 28.2% to 25.2%.

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 drop by 30.5% from the same period last year to 2.1 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 60 yen to 70 yen (compared to 60 yen in the previous period).

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit decreased to 2.11 billion yen, a 7.3% decrease compared to the same period last year. However, the operating profit margin improved from 8.1% in the same period last year to 9.2%.

Kabutan News

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	49,289	1,502	2,542	1,779	133.3	74.8	Nov 10, 2022	J-GAAP
Apr - Sep, 2023	52,493	3,304	3,794	2,569	198.4	55.6	Nov 9, 2023	J-GAAP
Apr - Sep, 2024	55,572	3,126	2,997	2,044	157.9	58.8	Nov 12, 2024	J-GAAP
YoY	+5.9%	-5.4%	-21.0%	-20.4%	-20.4%

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	54,000	2,300	2,400	1,600	123.6	30	May 14, 2024	J-GAAP
Apr - Sep, 2024 Results	55,572	3,126	2,997	2,044	157.9	35	Nov 12, 2024	J-GAAP
Revision Rate	+2.9%	+35.9%	+24.9%	+27.8%	+27.8%

Guidance Update

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2025 Prev	112,000	4,600	4,900	3,200	247.1	60	May 14, 2024	J-GAAP
Mar, 2025 New	112,000	5,000	5,100	3,400	262.6	70	Nov 12, 2024	J-GAAP
Revision Rate	0.0%	+8.7%	+4.1%	+6.3%	+6.2%

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	55,333	2,868	3,026	1,132	87.4	30	May 14, 2024	J-GAAP
Oct - Mar, 2024 Guidance	56,428	1,874	2,103	1,356	104.7	35	Nov 12, 2024	J-GAAP
YoY	+2.0%	-34.7%	-30.5%	+19.8%	+19.8%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	105,668	2,594	3,397	3,050	229.1	50	May 15, 2023	J-GAAP
Mar, 2024	107,826	6,172	6,820	3,701	285.9	60	May 14, 2024	J-GAAP
Mar, 2025 Guidance	112,000	5,000	5,100	3,400	262.6	70	Nov 12, 2024	J-GAAP
YoY	+3.9%	-19.0%	-25.2%	-8.1%	-8.1%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	26,296	2,119	2,281	1,529	118.1	8.1	Nov 9, 2023	J-GAAP
Oct - Dec, 2023	27,406	1,122	978	609	47.0	4.1	Feb 9, 2024	J-GAAP
Jan - Mar, 2024	27,927	1,746	2,048	523	40.4	6.3	May 14, 2024	J-GAAP
Apr - Jun, 2024	26,404	446	882	515	39.8	1.7	Aug 7, 2024	J-GAAP
Jul - Sep, 2024	29,168	2,680	2,115	1,529	118.1	9.2	Nov 12, 2024	J-GAAP
YoY	+10.9%	+26.5%	-7.3%	0.0%	+0.0%