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

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%

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