Worth reading
60In focus
0–100. This measures how worthwhile something is to read, not how good or bad the company is.Direction
Improvement
Direction inferred from the company’s description.Scale
12000
¥ million (increase over the previous revenue forecast)Wording
Conditional
How definitive the wording is.Contents of this document
Earnings presentation materialsSecond quarter of the fiscal year ending March 202712 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥112,136 million+20.8%
Operating profit¥13,378 million+127.5%
Ordinary income¥11,642 million+48.3%
Net income¥5,631 million-12.2%
Selling, general and administrative expenses¥17,570 million
Gross Profit Margin
Rate27.6%
Operating profit margin
Rate11.9%
Year-on-year change (points)5.6pt
Results for the three months of the current quarter
Net Sales¥112,136 million (up 20.8% year on year and 19.4% quarter on quarter)
Operating profit¥13,378 million (up 127.5% year on year and 177.7% quarter on quarter)
Ordinary income¥11,642 million (up 48.3% year on year and 173.1% quarter on quarter)
Profit attributable to owners of parent for the quarter¥5,631 million (down 12.2% year on year and up 124.8% quarter on quarter)
Capacitor sales¥83,314 million (up 26.4% year on year and 20.7% quarter on quarter)
Inductor sales¥18,820 million (up 13.0% year on year and 18.1% quarter on quarter)
Full-year earnings forecast
Net Sales¥436,000 million
Operating profit¥54,000 million
Ordinary income¥50,000 million
Profit attributable to owners of the parent¥35,000 million
R&D expenses¥15,000 million
Capital expenditures¥42,000 million
Depreciation and amortization¥50,000 million
What the company explained in this material
Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
Quarter-on-quarter operating profitCapacity utilization effect: +¥10.3 billion; price changes on a like-for-like product basis: +¥1.0 billion, including depreciation and amortization: -¥100 million
Year-on-year operating profitIncluding depreciation and amortization: +¥700 million
Full-year operating profit YoYIncluding depreciation and amortization: +¥1.1 billion
InventoriesDown ¥1.2 billion from the end of the previous quarter; expected to be down ¥1.0 billion at fiscal year-end from the end of the previous fiscal year
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
US dollar exchange rate¥157.88 for the full year; ¥156.00 for the third quarter
Foreign exchange sensitivityA ¥1 move in the US dollar affects annual revenue by ¥1.9 billion and operating profit by ¥900 million
New initiatives
- Bring forward the capital investment plan by 2 years to capture demand opportunities in AI-related markets
- Increase capacitor capacity for AI servers to more than twice the current fiscal year's level in the next fiscal year
- Revise prices, primarily for items affected by surging raw material prices and low-margin items
Key KPIsA metric the company considers important as a management benchmark.
- Company-wide book-to-bill ratio1.7 x
- Capacitor book-to-bill ratio1.83 x
- Sales mix of information infrastructure, industrial equipment and automotive products56 %
- US dollar exchange rate¥160.71Year on year against the same period last year¥14.38 on a year-on-year basis
Unit price and quantity metricsThese figures show sales broken down by price and volume.
The disclosure stated that sales volumes increased and that sales prices are expected to rise from the first half. Individual figures for volume and unit price were not disclosed.Segment results
Capacitors¥83,314 million (up 26.4% year on year)
Inductors¥18,820 million (up 13.0% year on year)
Other¥10,002 million (down 2.4% year on year)
Medium-term management plan targets
The original capital investment plan under Medium-Term Management Plan 2030 was brought forward by 2 years. Capacitor capacity for AI servers is scheduled to be increased to more than twice the current fiscal year's level in the next fiscal year.Financial targets
Actual results for ROE, ROIC, the equity ratio and the D/E ratio are disclosed, but target values were not disclosed.Orders received and order backlog
Orders for capacitors increased 28% quarter on quarter, while the order backlog increased 61%. The amounts were not disclosed.Capital expenditures
¥42,000 million full-year forecast
Annual Dividend
Annual dividend per share¥90
Payout ratio
34.5%, DOE 3.7% (basic policy: payout ratio of 30% and DOE of 3.5%)| Item | Details |
|---|---|
| Document type | Earnings presentation materials |
| Fiscal Period Covered | Second quarter of the fiscal year ending March 2027 |
| Net Sales | ¥112,136 million (YoY +20.8%) |
| Operating profit | ¥13,378 million (YoY +127.5%) |
| Ordinary income | ¥11,642 million (YoY +48.3%) |
| Net income | ¥5,631 million (YoY -12.2%) |
| Gross Profit Margin | Rate 27.6% / Year-on-year change (points) Not disclosed |
| Operating profit margin | Rate 11.9% / Year-on-year change (points) 5.6pt |
| Selling, general and administrative expenses | ¥17,570 million |
| Results for the three months of the current quarter | Net Sales ¥112,136 million (up 20.8% year on year and 19.4% quarter on quarter) / Operating profit ¥13,378 million (up 127.5% year on year and 177.7% quarter on quarter) / Ordinary income ¥11,642 million (up 48.3% year on year and 173.1% quarter on quarter) / Profit attributable to owners of parent for the quarter ¥5,631 million (down 12.2% year on year and up 124.8% quarter on quarter) / Capacitor sales ¥83,314 million (up 26.4% year on year and 20.7% quarter on quarter) / Inductor sales ¥18,820 million (up 13.0% year on year and 18.1% quarter on quarter) |
| Full-year earnings forecast | Net Sales ¥436,000 million / Operating profit ¥54,000 million / Ordinary income ¥50,000 million / Profit attributable to owners of the parent ¥35,000 million / R&D expenses ¥15,000 million / Capital expenditures ¥42,000 million / Depreciation and amortization ¥50,000 million |
| Segment results | Capacitors ¥83,314 million (up 26.4% year on year) / Inductors ¥18,820 million (up 13.0% year on year) / Other ¥10,002 million (down 2.4% year on year) |
| Breakdown of Factors Affecting the Change | Quarter-on-quarter operating profit Capacity utilization effect: +¥10.3 billion; price changes on a like-for-like product basis: +¥1.0 billion, including depreciation and amortization: -¥100 million / Year-on-year operating profit Including depreciation and amortization: +¥700 million / Full-year operating profit YoY Including depreciation and amortization: +¥1.1 billion / Inventories Down ¥1.2 billion from the end of the previous quarter; expected to be down ¥1.0 billion at fiscal year-end from the end of the previous fiscal year |
| Key KPIs | Indicator name Company-wide book-to-bill ratio / Value 1.7 x / Year on year against the same period last year Not disclosed, Indicator name Capacitor book-to-bill ratio / Value 1.83 x / Year on year against the same period last year Not disclosed, Indicator name Sales mix of information infrastructure, industrial equipment and automotive products / Value 56 % / Year on year against the same period last year Not disclosed, Indicator name US dollar exchange rate / Value ¥160.71 / Year on year against the same period last year ¥14.38 on a year-on-year basis |
| Unit price and quantity metrics | The disclosure stated that sales volumes increased and that sales prices are expected to rise from the first half. Individual figures for volume and unit price were not disclosed. |
| Assumptions Underlying the Business Outlook | US dollar exchange rate ¥157.88 for the full year; ¥156.00 for the third quarter / Foreign exchange sensitivity A ¥1 move in the US dollar affects annual revenue by ¥1.9 billion and operating profit by ¥900 million |
| Medium-term management plan targets | The original capital investment plan under Medium-Term Management Plan 2030 was brought forward by 2 years. Capacitor capacity for AI servers is scheduled to be increased to more than twice the current fiscal year's level in the next fiscal year. |
| Financial targets | Actual results for ROE, ROIC, the equity ratio and the D/E ratio are disclosed, but target values were not disclosed. |
| Annual Dividend | Annual dividend per share ¥90 / Interim and Year-End Breakdown Not disclosed |
| Payout ratio | 34.5%, DOE 3.7% (basic policy: payout ratio of 30% and DOE of 3.5%) |
| Capital expenditures | ¥42,000 million (full-year forecast) |
| Orders received and order backlog | Orders for capacitors increased 28% quarter on quarter, while the order backlog increased 61%. The amounts were not disclosed. |
| New initiatives | Bring forward the capital investment plan by 2 years to capture demand opportunities in AI-related markets, Increase capacitor capacity for AI servers to more than twice the current fiscal year's level in the next fiscal year, Revise prices, primarily for items affected by surging raw material prices and low-margin items |
Items this document does not state (8)
Progress against full-year forecastSelf-assessment against the planNumber of stores and locationsNumber of employeesRisk amount incorporated into the outlookAcquisition of treasury sharesMarket Size / ShareKey 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.The reasons cited were growing demand for high-value-added, high-end products, including those for AI servers, higher sales volumes, an improved product mix, and a slower pace of price declines on a like-for-like product basis.
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.