EM SYSTEMS CO.,LTD., The Current Fiscal Year Ordinary Profit Revised Upward by 41%, Highest in Seven Terms, Dividend Revised Upward by 13 yen

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Thu Nov 14, 2024 4:00 pm JST Earnings

4820 EM SYSTEMS CO.,LTD. 【J-GAAP】

Earnings Report

EM SYSTEMS CO.,LTD. <4820> [TSE-P] announced its financial results after the market closed on November 14th (16:00). The consolidated ordinary profit for the cumulative third quarter of the fiscal year ending December 2024 (January to September) expanded to 3.71 billion yen, an increase of 68.9% compared to the same period last year.

In addition, the full-year consolidated ordinary profit has been revised upward by 40.7%, from the previous forecast of 3.19 billion yen to 4.5 billion yen (compared to 2.86 billion yen in the previous period), increasing the growth rate from 11.5% to 56.9%, reaches new record high for the first time in seven terms. However, the full-year consolidated net income has downwardly by 8.4%, from the previous forecast of 2.16 billion yen to 1.97 billion yen (compared to 1.96 billion yen in the previous period), leading to a reduction in the profit growth rate from 10.1% to 0.8%.

Based on the full-year plan announced by the company after the upward revision, our estimate of the consolidated ordinary profit for the July to December period (second half) is expected to increase by 78.5%, from the previous forecast of 1.65 billion yen to 2.96 billion yen (compared to 1.47 billion yen in the same period of the previous year), increasing the growth rate from 12.5% to 2.0 times.

In light of the strong performance, the company has significantly increased its planned annual dividend for the current fiscal year from the original plan of 16 yen to 29 yen (compared to 14 yen in the previous period).

In the most recent three-month period, from July to September (3Q), the consolidated ordinary profit surged to 2.7 times that of the same period last year, reaching 2.17 billion yen. The operating profit margin jumped from 12.3% in the same period last year to 29.3%.

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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	12,491	2,113	2,457	1,644	23.2	88.0	Nov 10, 2022	J-GAAP
Jan - Sep, 2023	15,198	1,804	2,199	1,357	19.2	76.6	Nov 10, 2023	J-GAAP
Jan - Sep, 2024	17,755	3,201	3,715	1,510	21.5	82.5	Nov 14, 2024	J-GAAP
YoY	+16.8%	+77.4%	+68.9%	+11.3%	+12.1%

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	11,025	1,352	1,659	1,175	17.0	7	Aug 9, 2024	J-GAAP
Jul - Dec, 2024 New	12,750	2,576	2,961	993	14.4	20	Nov 14, 2024	J-GAAP
Revision Rate	+15.6%	+90.5%	+78.5%	-15.5%	-15.5%

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Dec, 2024 Prev	22,014	2,573	3,199	2,160	31.2	16	Jul 11, 2024	J-GAAP
Dec, 2024 New	23,739	3,797	4,501	1,978	28.6	29	Nov 14, 2024	J-GAAP
Revision Rate	+7.8%	+47.6%	+40.7%	-8.4%	-8.4%

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	10,537	1,186	1,475	1,173	16.6	7	Feb 14, 2024	J-GAAP
Jul - Dec, 2024 Guidance	12,750	2,576	2,961	993	14.4	20	Nov 14, 2024	J-GAAP
YoY	+21.0%	+117.2%	+100.7%	-15.3%	-13.5%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Dec, 2022	16,919	2,395	2,791	1,893	26.8	12	Feb 14, 2023	J-GAAP
Dec, 2023	20,355	2,330	2,869	1,962	27.8	14	Feb 14, 2024	J-GAAP
Dec, 2024 Guidance	23,739	3,797	4,501	1,978	28.6	29	Nov 14, 2024	J-GAAP
YoY	+16.6%	+63.0%	+56.9%	+0.8%	+3.1%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	5,380	660	805	568	8.0	12.3	Nov 10, 2023	J-GAAP
Oct - Dec, 2023	5,157	526	670	605	8.6	10.2	Feb 14, 2024	J-GAAP
Jan - Mar, 2024	5,571	720	873	571	8.1	12.9	May 14, 2024	J-GAAP
Apr - Jun, 2024	5,418	501	667	414	5.9	9.2	Aug 9, 2024	J-GAAP
Jul - Sep, 2024	6,766	1,980	2,175	525	7.5	29.3	Nov 14, 2024	J-GAAP
YoY	+25.8%	+200.0%	+170.2%	-7.6%	-6.8%