Maruchiyo Yamaokaya, The Current Fiscal Year Ordinary Profit Revised Upward by 23%, Adds to Record High Profit Forecast, Dividend Revised Upward by 1 yen

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Fri Dec 13, 2024 4:00 pm JST Earnings

3399 Maruchiyo Yamaokaya Corporation 【J-GAAP】

Earnings Report

Maruchiyo Yamaokaya Corporation <3399> [TSE Std] announced its financial results after the market closed on December 13th (16:00). The ordinary profit (non-consolidated) for the cumulative third quarter of the fiscal year ending January 2025 (February to October) surged 2.2 times that of the same period last year, reaching 3.01 billion yen.

In addition, the full-year ordinary profit has been revised upward 22.6%, from the previous forecast of 3.1 billion yen to 3.8 billion yen (compared to 2.13 billion yen in the previous period), increasing the growth rate from 45.4% to 78.2%, further surpassing the previous forecast of record-high profits for two consecutive terms.

Based on the full-year plan announced by the company after the upward revision, our estimate of the ordinary profit for the August to January period (second half) is expected to increase 46.3%, from the previous forecast of 1.51 billion yen to 2.21 billion yen (compared to 1.63 billion yen in the same period of the previous year), turning to a 34.9% increase in the ordinary profit outlook.

In light of the strong performance, the company has increased its planned year-end lump-sum dividend for the current fiscal year from the original plan of 5 yen to 6 yen (compared to 10 yen before the 1-to-2 stock split in the previous period).

In the most recent three-month period, from August to October (3Q), the ordinary profit increased 59.4% from the same period last year, reaching 1.42 billion yen. The operating profit margin rose from 12.3% in the same period last year to 15.1%.

Kabutan News

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
Feb - Oct, 2022	13,113	328	365	329	33.7	62.7	Dec 14, 2022	J-GAAP
Feb - Oct, 2023	18,686	1,349	1,389	926	94.6	65.2	Dec 11, 2023	J-GAAP
Feb - Oct, 2024	24,946	2,932	3,017	2,071	211.3	79.4	Dec 13, 2024	J-GAAP
YoY	+33.5%	+117.3%	+117.2%	+123.7%	+123.4%

Guidance Update

Second Half Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Aug - Jan, 2024 Prev	17,367	1,521	1,511	1,014	103.5	5	Sep 13, 2024	J-GAAP
Aug - Jan, 2024 New	18,867	2,171	2,211	1,514	154.5	6	Dec 13, 2024	J-GAAP
Revision Rate	+8.6%	+42.7%	+46.3%	+49.3%	+49.3%

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Jan, 2025 Prev	33,000	3,050	3,100	2,100	214.3	5	Sep 13, 2024	J-GAAP
Jan, 2025 New	34,500	3,700	3,800	2,600	265.3	6	Dec 13, 2024	J-GAAP
Revision Rate	+4.5%	+21.3%	+22.6%	+23.8%	+23.8%

Current Period Guidance

Second Half Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Aug - Jan, 2023	14,877	1,587	1,639	1,120	114.3	5	Mar 15, 2024	J-GAAP
Aug - Jan, 2024 Guidance	18,867	2,171	2,211	1,514	154.5	6	Dec 13, 2024	J-GAAP
YoY	+26.8%	+36.8%	+34.9%	+35.2%	+35.1%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Jan, 2023	18,676	514	582	413	42.3	4	Mar 16, 2023	J-GAAP
Jan, 2024	26,494	2,063	2,132	1,432	146.2	5	Mar 15, 2024	J-GAAP
Jan, 2025 Guidance	34,500	3,700	3,800	2,600	265.3	6	Dec 13, 2024	J-GAAP
YoY	+30.2%	+79.4%	+78.2%	+81.6%	+81.4%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Aug - Oct, 2023	7,069	873	896	614	62.7	12.3	Dec 11, 2023	J-GAAP
Nov - Jan, 2023	7,808	714	743	506	51.7	9.1	Mar 15, 2024	J-GAAP
Feb - Apr, 2024	7,628	758	766	524	53.5	9.9	Jun 10, 2024	J-GAAP
May - Jul, 2024	8,005	771	823	562	57.4	9.6	Sep 13, 2024	J-GAAP
Aug - Oct, 2024	9,313	1,403	1,428	985	100.5	15.1	Dec 13, 2024	J-GAAP
YoY	+31.7%	+60.7%	+59.4%	+60.4%	+60.2%