HEIWA REAL ESTATE, The Current Fiscal Year Ordinary Profit Revised Upward by 2%, Dividend Revised Upward by 44 yen

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Fri Jan 31, 2025 3:00 pm JST Earnings

8803 HEIWA REAL ESTATE CO.,LTD. 【J-GAAP】

Earnings Report

HEIWA REAL ESTATE CO.,LTD. <8803> [TSE Prime] announced its financial results in the afternoon session on January 31st (15:00). The consolidated ordinary profit for the cumulative third quarter of the fiscal year ending March 2025 (April to December) dropped 34.5% from the same period last year to 6.52 billion yen.

However, the full-year consolidated ordinary profit has been revised upward 1.9%, from the previous forecast of 10.7 billion yen to 10.9 billion yen (compared to 11.4 billion yen in the previous period), and the declining rate is expected to decrease from 6.7% to 4.9%.

Based on the full-year plan announced by the company after the upward revision, our estimate of the consolidated ordinary profit for the October to March period (2H) is expected to increase 3.3%, from the previous forecast of 6.11 billion yen to 6.31 billion yen (compared to 2.88 billion yen in the same period of the previous year), increasing the growth rate from 2.1 times to 2.2 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 126 yen to 170 yen (compared to 166 yen in the previous period).

In the most recent three-month period, from October to December (3Q), the consolidated ordinary profit increased 40.6% from the same period last year, reaching 1.93 billion yen. The operating profit margin rose from 22.6% in the same period last year to 27.2%.

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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
Apr - Dec, 2022	32,133	6,840	6,109	5,669	157.6	63.3	Jan 31, 2023	J-GAAP
Apr - Dec, 2023	35,715	10,951	9,953	7,614	212.8	86.8	Jan 31, 2024	J-GAAP
Apr - Dec, 2024	26,947	7,479	6,520	4,939	145.6	59.8	Jan 31, 2025	J-GAAP
YoY	-24.5%	-31.7%	-34.5%	-35.1%	-31.6%

Guidance Update

Second Half Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Oct - Mar, 2024 Prev	22,839	7,046	6,119	5,069	151.8	63	Oct 31, 2024	J-GAAP
Oct - Mar, 2024 New	22,939	7,246	6,319	5,869	175.8	107	Jan 31, 2025	J-GAAP
Revision Rate	+0.4%	+2.8%	+3.3%	+15.8%	+15.8%

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2025 Prev	41,600	12,300	10,700	8,500	254.6	126	Jun 7, 2024	J-GAAP
Mar, 2025 New	41,700	12,500	10,900	9,300	278.5	170	Jan 31, 2025	J-GAAP
Revision Rate	+0.2%	+1.6%	+1.9%	+9.4%	+9.4%

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	16,242	3,768	2,889	1,791	50.1	108	Apr 30, 2024	J-GAAP
Oct - Mar, 2024 Guidance	22,939	7,246	6,319	5,869	175.8	107	Jan 31, 2025	J-GAAP
YoY	+41.2%	+92.3%	+118.7%	+227.7%	+251.2%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	44,522	10,784	9,647	9,137	254.3	104	Apr 28, 2023	J-GAAP
Mar, 2024	44,433	13,022	11,463	8,450	236.1	166	Apr 30, 2024	J-GAAP
Mar, 2025 Guidance	41,700	12,500	10,900	9,300	278.5	170	Jan 31, 2025	J-GAAP
YoY	-6.2%	-4.0%	-4.9%	+10.1%	+18.0%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Oct - Dec, 2023	7,524	1,697	1,379	955	26.7	22.6	Jan 31, 2024	J-GAAP
Jan - Mar, 2024	8,718	2,071	1,510	836	23.4	23.8	Apr 30, 2024	J-GAAP
Apr - Jun, 2024	10,579	2,961	2,739	2,093	59.8	28.0	Jul 31, 2024	J-GAAP
Jul - Sep, 2024	8,182	2,293	1,842	1,338	39.1	28.0	Oct 31, 2024	J-GAAP
Oct - Dec, 2024	8,186	2,225	1,939	1,508	44.5	27.2	Jan 31, 2025	J-GAAP
YoY	+8.8%	+31.1%	+40.6%	+57.9%	+66.6%