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Densan System Holdings Co.,Ltd., The Current Fiscal Year Ordinary Profit Revised Downward to an Unexpected 39% Decrease

Mon Nov 11, 2024 3:00 pm JST Earnings

4072 Densan System Holdings Co.,Ltd. 【J-GAAP】

Earnings Report

Densan System Holdings Co.,Ltd. <4072> [TSE-P] announced its financial results in the afternoon session on November 11th (15:00). The consolidated ordinary profit for the cumulative third quarter of the fiscal year ending December 2024 (January to September) dropped by 48.0% from the same period last year to 1.62 billion yen.

In addition, the full-year consolidated ordinary profit has downwardly by 40.0%, from the previous forecast of 4.12 billion yen to 2.47 billion yen (compared to 4.01 billion yen in the previous period). This changes the outlook from an anticipated profit increase to a projection of a 38.5% decrease in profit.

Based on the full-year plan announced by the company after the downward revision, our estimate of the consolidated ordinary profit for the July to December period (second half) has downwardly by 65.5%, from the previous forecast of 2.52 billion yen to 870 million yen (compared to 1.94 billion yen in the same period of the previous year). This changes the outlook from an anticipated profit increase to a projection of a 55.3% decrease in profit.

In the most recent three-month period, from July to September (3Q), the consolidated ordinary profit significantly dropped to 22 million yen, a 97.9% decrease compared to the same period last year. The operating profit/loss margin drastically worsened from 7.3% in the same period last year to -0.6%.

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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 37,995 1,848 2,109 1,385 128.4 58.8 Nov 10, 2022 J-GAAP
Jan - Sep, 2023 44,159 3,056 3,119 2,075 194.0 77.6 Nov 10, 2023 J-GAAP
Jan - Sep, 2024 45,106 1,461 1,622 847 79.7 65.7 Nov 11, 2024 J-GAAP
YoY +2.1% -52.2% -48.0% -59.2% -58.9%

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 35,457 2,552 2,520 1,704 160.0 40 Aug 9, 2024 J-GAAP
Jul - Dec, 2024 New 30,957 752 870 324 30.4 40 Nov 11, 2024 J-GAAP
Revision Rate -12.7% -70.5% -65.5% -81.0% -81.0%

Full Year Update

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Dec, 2024 Prev 65,700 4,100 4,120 2,790 261.9 60 Aug 9, 2024 J-GAAP
Dec, 2024 New 61,200 2,300 2,470 1,410 132.4 60 Nov 11, 2024 J-GAAP
Revision Rate -6.8% -43.9% -40.0% -49.5% -49.5%

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 29,713 1,954 1,945 609 57.0 19 Feb 9, 2024 J-GAAP
Jul - Dec, 2024 Guidance 30,957 752 870 324 30.4 40 Nov 11, 2024 J-GAAP
YoY +4.2% -61.5% -55.3% -46.8% -46.7%

Current Period Guidance

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Dec, 2022 53,479 3,414 3,587 2,348 217.7 35 Feb 10, 2023 J-GAAP
Dec, 2023 59,591 3,964 4,018 2,004 187.7 37 Feb 9, 2024 J-GAAP
Dec, 2024 Guidance 61,200 2,300 2,470 1,410 132.4 60 Nov 11, 2024 J-GAAP
YoY +2.7% -42.0% -38.5% -29.6% -29.5%

Quarterly Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Operating Profit Margin Announce Accounting Standards
Jul - Sep, 2023 14,281 1,046 1,046 680 63.6 7.3 Nov 10, 2023 J-GAAP
Oct - Dec, 2023 15,432 908 899 -71 -6.7 5.9 Feb 9, 2024 J-GAAP
Jan - Mar, 2024 14,653 1,119 1,145 786 74.0 7.6 May 13, 2024 J-GAAP
Apr - Jun, 2024 15,590 429 455 300 28.2 2.8 Aug 9, 2024 J-GAAP
Jul - Sep, 2024 14,863 -87 22 -239 -22.5 -0.6 Nov 11, 2024 J-GAAP
YoY +4.1% － -97.9% － －

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