TSI HOLDINGS, The Current Fiscal Year Net Income Revised Upward to an Unexpected 3.1 times Increase, Highest in Thirty One Terms, Dividend Revised Upward by 46 yen

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Tue Jan 14, 2025 3:30 pm JST Earnings

3608 TSI HOLDINGS CO., LTD. 【J-GAAP】

Earnings Report

TSI HOLDINGS CO., LTD. <3608> [TSE Prime] announced its financial results after the market closed on January 14th (15:30). The consolidated net income for the cumulative third quarter of the fiscal year ending February 2025 (March to November) significantly dropped 95.2% from the same period last year to 0.15 billion yen.

However, the full-year consolidated net income has been revised upward 3.8 times, from the previous forecast of 4 billion yen to 15 billion yen (compared to 4.84 billion yen in the previous period), reaches new record high for the first time in thirty one terms, turning to a 3.1 times increase in the consolidated net income outlook.

Based on the full-year plan announced by the company after the upward revision, our estimate of the consolidated net income for the September to February period (2H) is expected to increase 3.3 times, from the previous forecast of 4.79 billion yen to 15.7 billion yen (compared to 3.37 billion yen in the same period of the previous year), increasing the growth rate from 41.9% to 4.7 times.

In light of the strong performance, the company has significantly increased its planned year-end lump-sum dividend for the current fiscal year from the original plan of 19 yen to 65 yen (compared to 15 yen in the previous period).

In the most recent three-month period, from September to November (3Q), the consolidated net income dropped to 0.95 billion yen, a 47.7% decrease compared to the same period last year. However, the operating profit margin improved from 4.1% in the same period last year to 5.9%.

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
Mar - Nov, 2022	115,406	3,726	5,061	4,621	52.7	131.1	Jan 13, 2023	J-GAAP
Mar - Nov, 2023	114,857	2,223	3,645	3,290	40.0	97.0	Jan 12, 2024	J-GAAP
Mar - Nov, 2024	116,051	2,178	2,475	159	2.2	99.0	Jan 14, 2025	J-GAAP
YoY	+1.0%	-2.0%	-32.1%	-95.2%	-94.6%

Guidance Update

Second Half Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Sep - Feb, 2024 Prev	84,770	2,221	2,667	4,791	68.7	19	Oct 11, 2024	J-GAAP
Sep - Feb, 2024 New	81,770	2,221	2,667	15,791	226.3	65	Jan 14, 2025	J-GAAP
Revision Rate	-3.5%	0.0%	0.0%	+229.6%	+229.6%

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Feb, 2025 Prev	160,000	2,000	2,500	4,000	57.3	19	Apr 12, 2024	J-GAAP
Feb, 2025 New	157,000	2,000	2,500	15,000	215.0	65	Jan 14, 2025	J-GAAP
Revision Rate	-1.9%	0.0%	0.0%	+275.0%	+275.0%

Current Period Guidance

Second Half Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Sep - Feb, 2023	82,105	1,228	2,150	3,377	41.8	15	Apr 12, 2024	J-GAAP
Sep - Feb, 2024 Guidance	81,770	2,221	2,667	15,791	226.3	65	Jan 14, 2025	J-GAAP
YoY	-0.4%	+80.9%	+24.0%	+367.6%	+441.9%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Feb, 2023	154,456	2,329	3,859	3,063	35.2	10	Apr 12, 2023	J-GAAP
Feb, 2024	155,383	1,760	3,758	4,849	60.0	15	Apr 12, 2024	J-GAAP
Feb, 2025 Guidance	157,000	2,000	2,500	15,000	215.0	65	Jan 14, 2025	J-GAAP
YoY	+1.0%	+13.6%	-33.5%	+209.3%	+258.5%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Sep - Nov, 2023	41,579	1,691	2,037	1,818	22.1	4.1	Jan 12, 2024	J-GAAP
Dec - Feb, 2023	40,526	-463	113	1,559	19.3	-1.1	Apr 12, 2024	J-GAAP
Mar - May, 2024	39,295	1,018	1,108	546	7.3	2.6	Jul 12, 2024	J-GAAP
Jun - Aug, 2024	35,935	-1,239	-1,275	-1,337	-18.1	-3.4	Oct 11, 2024	J-GAAP
Sep - Nov, 2024	40,821	2,399	2,642	950	13.0	5.9	Jan 14, 2025	J-GAAP
YoY	-1.8%	+41.9%	+29.7%	-47.7%	-41.1%