Worth reading
70In focus
0–100. This measures how worthwhile something is to read, not how good or bad the company is.Direction
Mixed performance
Direction inferred from the company’s description.Scale
20
¥100 million (amount of downward revision to the full-year operating profit forecast)Wording
Conditional
How definitive the wording is.Contents of this document
Financial results presentationFirst half of the fiscal year ending March 2027 (second quarter)12 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥46,496 million+2.3%
Operating profit¥2,591 million+37.8%
Net income¥1,340 million+94.0%
Full-year earnings forecast
Net Sales
¥100,000 million
Operating profit
¥6,100 million
Net income for the current fiscal year
¥3,000 million
Annual Dividend
¥49
Progress against full-year forecast 通期の予想に対して、いまどこまで進んだかの割合です。
Consolidated revenue46.5%
Consolidated operating profit42.5%
Domestic measurement and control business net sales45.4%
Domestic measurement and control business operating income38.3%
Overseas measurement and control business net sales48.3%
Overseas measurement and control business operating income59.1%
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
The domestic measurement and control business fell short of its initial outlook, and the overseas measurement and control business also failed to meet its initial outlookBreakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
- Lower sales−¥330 million
- Profitability Improvement+¥690 million
- Growth Investment−¥1.16 billion
- Higher raw material and component prices+¥40 million
- Foreign exchange (USD/JPY)-¥10 million
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
- Exchange rate (JPY/USD)158.67
- Australian meter replacement planTotal volume through 2030 remains unchanged
- Smart meter sales volumeAssumed to be distributed roughly evenly across fiscal years 2027 to 2034
New initiatives
- Expand value-added services in Oceania
- Promote the transition from legacy ATLAS to next-generation NEOS
- The COO of the Overseas Division will also serve as head of the Oceania region
- Growth investments in the US business, battery-related businesses, and other areas
- Implementation of Share Buybacks
Key KPIsA metric the company considers important as a management benchmark.
- ROE (actual)10.6 %
- Forward PER12.5 times
- PBR (actual)1.04 times
Segment results
- Domestic measurement and control businessNet Sales¥29,515 million (YoY +10.9%)Operating profit¥1,881 million (YoY +41.7%)
- Overseas measurement and control businessNet Sales¥16,833 million (YoY -9.7%)Operating profit¥591 million (YoY +31.0%)
- Real Estate BusinessNet Sales¥147 million (YoY -18.9%)Operating profit¥118 million (YoY +4.2%)
Financial targets
Equity ratio
Actual results59 %
TargetUnder consideration for inclusion in the next medium-term management plan
Market Size / Share
- Number of meters in the four eastern regionsApproximately 9 million cameras
- Smart meter penetration rate (four eastern regions)Approximately 40%
- Domestic smart meter market shareTop-tier
Capital expenditures
1,631 Million yen first-half actual
Annual Dividend
Regular dividend
Interim¥19
End of period¥20
Annual¥39
Special dividend
Interim¥10
End of period¥0
Annual¥10
Total
Interim¥29
End of period¥20
Annual¥49
Payout ratio
30 %
Additional informationThe higher of a 3% DOE and a 30% dividend payout ratio is used as the benchmark. The total payout ratio is 225.1% (138.6% excluding shareholder returns funded by property sales).
Acquisition of treasury shares
Number of shares acquiredUp to 2 million shares
Total acquisition priceUp to ¥3 billion
PeriodNovember 2026 to April 2027
| Item | Details |
|---|---|
| Document type | Financial results presentation |
| Fiscal Period Covered | First half of the fiscal year ending March 2027 (second quarter) |
| Net Sales | ¥46,496 million (YoY +2.3%) |
| Operating profit | ¥2,591 million (YoY +37.8%) |
| Net income | ¥1,340 million (YoY +94.0%) |
| Full-year earnings forecast | Net Sales ¥100,000 million / Operating profit ¥6,100 million / Net income for the current fiscal year ¥3,000 million / Annual Dividend ¥49 |
| Progress against full-year forecast | Consolidated revenue 46.5% / Consolidated operating profit 42.5% / Domestic measurement and control business net sales 45.4% / Domestic measurement and control business operating income 38.3% / Overseas measurement and control business net sales 48.3% / Overseas measurement and control business operating income 59.1% |
| Self-assessment against the plan | The domestic measurement and control business fell short of its initial outlook, and the overseas measurement and control business also failed to meet its initial outlook |
| Segment results | Segment Domestic measurement and control business / Net Sales ¥29,515 million (YoY +10.9%) / Operating profit ¥1,881 million (YoY +41.7%), Segment Overseas measurement and control business / Net Sales ¥16,833 million (YoY -9.7%) / Operating profit ¥591 million (YoY +31.0%), Segment Real Estate Business / Net Sales ¥147 million (YoY -18.9%) / Operating profit ¥118 million (YoY +4.2%) |
| Breakdown of Factors Affecting the Change | Factors Lower sales / Amount −¥330 million, Factors Profitability Improvement / Amount +¥690 million, Factors Growth Investment / Amount −¥1.16 billion, Factors Higher raw material and component prices / Amount +¥40 million, Factors Foreign exchange (USD/JPY) / Amount -¥10 million |
| Key KPIs | Indicator name ROE (actual) / Value 10.6 % / Year on year against the same period last year Not disclosed, Indicator name Forward PER / Value 12.5 times / Year on year against the same period last year Not disclosed, Indicator name PBR (actual) / Value 1.04 times / Year on year against the same period last year Not disclosed |
| Assumptions Underlying the Business Outlook | Item Exchange rate (JPY/USD) / Value 158.67, Item Australian meter replacement plan / Value Total volume through 2030 remains unchanged, Item Smart meter sales volume / Value Assumed to be distributed roughly evenly across fiscal years 2027 to 2034 |
| Financial targets | Equity ratio Actual results 59 % / Target Under consideration for inclusion in the next medium-term management plan |
| Annual Dividend | Regular dividend Interim ¥19 / End of period ¥20 / Annual ¥39 / Special dividend Interim ¥10 / End of period ¥0 / Annual ¥10 / Total Interim ¥29 / End of period ¥20 / Annual ¥49 |
| Payout ratio | 30 % |
| Acquisition of treasury shares | Number of shares acquired Up to 2 million shares / Total acquisition price Up to ¥3 billion / Period November 2026 to April 2027 |
| Capital expenditures | 1,631 Million yen (first-half actual) |
| Market Size / Share | Item Number of meters in the four eastern regions / Value Approximately 9 million cameras, Item Smart meter penetration rate (four eastern regions) / Value Approximately 40%, Item Domestic smart meter market share / Value Top-tier |
| New initiatives | Expand value-added services in Oceania, Promote the transition from legacy ATLAS to next-generation NEOS, The COO of the Overseas Division will also serve as head of the Oceania region, Growth investments in the US business, battery-related businesses, and other areas, Implementation of Share Buybacks |
Items this document does not state (12)
Ordinary incomeGross Profit MarginOperating profit marginSelling, general and administrative expensesThree months of the current quarterUnit price and quantity metricsNumber of stores and locationsNumber of employeesRisk amount incorporated into the outlookMedium-term management plan targetsOrders received and order backlogKey points of the Q&A
These are items the company does not state in this document. We do not leave them blank, nor fill them in from other sources or by inference.
The reasons the company gives
The company's own explanation, not something inferred from the numbers.In the first half, higher shipments of second-generation smart meters and improved profitability in Japan, as well as remaining orders for the Middle East and Africa overseas markets, contributed to higher profit. The downward revision to the full-year forecasts reflects timing shifts in the water meter shipment and installation plan in Australia, changes in customers' procurement policies, lower domestic revenue from commercial meters, smart locks, and subsidiary エネゲート, rising raw material and component prices, and deteriorating profitability in certain overseas projects.
How to read this page
This is not the documentKomori reads the disclosure the company filed and writes this summary. Figures are as stated by the company and are not audited.
Weight is not a verdictIt measures how much this changes what the company had already told the market. It is not a view on the shares.
Corrections happenIf the company reissues this disclosure, the page is rebuilt from the corrected version and the revision number moves up.