Komehyo Holdings Co.,Ltd., First Half Ordinary Profit Revised Downward to an Unexpected 6%Decrease

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Wed Nov 13, 2024 3:00 pm JST Earnings

2780 Komehyo Holdings Co.,Ltd. 【J-GAAP】

Earnings Report

Komehyo Holdings Co.,Ltd. <2780> [TSE-S] announced its financial results in the afternoon session on November 13th (15:00). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2025 (April to September) decreased by 6.2% from the same period last year to 3.06 billion yen, resulting in a decrease in profits compared to the previous forecast of a 3.3% increase.

The progress rate against the 8.4 billion yen full-year plan was 36.5%, almost the same as the four-year average of 35.1%.

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 26.7% from the same period last year, reaching 5.33 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit dropped to 883 million yen, a 41.5% decrease compared to the same period last year. The operating profit margin worsened from 5.4% in the same period last year to 2.8%.

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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	39,220	1,744	1,709	1,091	99.6	31.6	Nov 14, 2022	J-GAAP
Apr - Sep, 2023	52,764	3,210	3,271	2,137	195.1	43.7	Nov 14, 2023	J-GAAP
Apr - Sep, 2024	69,447	3,126	3,069	1,961	179.0	36.5	Nov 13, 2024	J-GAAP
YoY	+31.6%	-2.6%	-6.2%	-8.2%	-8.2%

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	68,500	3,400	3,380	2,210	201.7	52	Aug 13, 2024	J-GAAP
Apr - Sep, 2024 Results	69,447	3,126	3,069	1,961	179.0	52	Nov 13, 2024	J-GAAP
Revision Rate	+1.4%	-8.1%	-9.2%	-11.3%	-11.2%

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	66,695	4,242	4,208	2,888	263.6	44	May 13, 2024	J-GAAP
Oct - Mar, 2024 Guidance	75,053	5,344	5,331	3,599	328.4	52	Nov 13, 2024	J-GAAP
YoY	+12.5%	+26.0%	+26.7%	+24.6%	+24.6%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	86,113	5,168	5,406	3,706	338.3	60	May 15, 2023	J-GAAP
Mar, 2024	119,459	7,452	7,479	5,025	458.7	88	May 13, 2024	J-GAAP
Mar, 2025 Guidance	144,500	8,470	8,400	5,560	507.3	104	Aug 13, 2024	J-GAAP
YoY	+21.0%	+13.7%	+12.3%	+10.6%	+10.6%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	27,668	1,486	1,509	954	87.1	5.4	Nov 14, 2023	J-GAAP
Oct - Dec, 2023	31,377	1,911	1,887	1,537	140.3	6.1	Feb 13, 2024	J-GAAP
Jan - Mar, 2024	35,318	2,331	2,321	1,351	123.3	6.6	May 13, 2024	J-GAAP
Apr - Jun, 2024	33,499	2,137	2,186	1,412	128.9	6.4	Aug 13, 2024	J-GAAP
Jul - Sep, 2024	35,948	989	883	549	50.1	2.8	Nov 13, 2024	J-GAAP
YoY	+29.9%	-33.4%	-41.5%	-42.5%	-42.4%