Worth reading
56In 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
728
Millions of yen (year-on-year increase in operating profit)Wording
Conditional
How definitive the wording is.Contents of this document
Earnings presentationFirst quarter of the fiscal year ending March 202710 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥33,985 million-2.5%
Operating profit¥1,893 million+62.6%
Ordinary income¥1,907 million+100.4%
Net income¥2,401 million +245.2%profit attributable to owners of the parent
Gross Profit Margin36.6%, up 2.1 percentage points year on year
Operating profit margin5.6%, up 2.3 percentage points year on year
Results for the three months of the current quarterNet sales: ¥33,985 million; operating profit: ¥1,893 million; ordinary profit: ¥1,907 million; quarterly net income attributable to owners of the parent: ¥2,401 million
Full-year earnings forecast
Net Sales
¥141,000 million
Operating profit
¥9,600 million
Ordinary income
¥9,800 million
Profit attributable to owners of the parent
¥8,000 million
What the company explained in this material
Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
Domestic business operating profit
Sales factor
¥4.8 million
Change in inventory (manufacturing fixed costs)
¥-0.4 million
Change in materials and energy costs
¥-1 million
Increase in logistics costs
¥-0 million
Change in fixed costs
¥-0.3 million
Total domestic businesses
¥2.9 million
U.S. business operating profit (in local currency)
Change in sales
1.4 US$ million
Change in gross margin
0.9 US$ million
Change in inventory
0.9 US$ million
Change in fixed costs
-2.1 US$ million
U.S. business total
1.2 US$ million
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
Exchange rate
US$1¥156.96 per US$1 (average during Q1 FY2027/3)
1 yuan¥22.68 per yuan (average during Q1 FY2027/3)
New initiatives
- Repurchase of treasury shares (up to an aggregate acquisition price of ¥2.34 billion)
- Increase in the annual dividend from ¥114 to ¥121, including a ¥7 commemorative dividend marking the 70th anniversary of the Company's founding
- Borrowing of approximately ¥2 billion from banks to fund the treasury share repurchase
Key KPIsA metric the company considers important as a management benchmark.
- New housing starts186 thousand householdsYear on year against the same period last year+20.2%
- Detached housing starts82 thousand householdsYear on year against the same period last year+23.6%
- Industry-wide siding sales volume6,001 thousand tsuboYear on year against the same period last year-2.6%
- The Company's fiber cement siding sales volume3,498 thousand tsuboYear on year against the same period last year-3.0%
- Industry share58.3 %Year on year against the same period last year-0.2%
- U.S. housing starts (seasonally adjusted, annualized)1,427 thousand households
- Architecture Billings Index (commercial and industrial)46.7 Index
- Year-on-year growth in Q1 domestic non-residential sales8.4 %
Unit price and quantity metricsThese figures show sales broken down by price and volume.
Fiber-cement siding
Sales volume
3,711 thousand tsubo
Selling price
¥4,576 /tsubo
Segment results
Domestic
Net Sales
¥28,804 million
Operating profit
¥1,133 million
Operating profit year-on-year_pct35.4
United States
Net Sales
¥5,411 million
Operating profit
¥616 million
China
Net Sales
¥933 million
Operating profit
¥26 million
Consolidated
Net Sales
¥33,985 million
Operating profit
¥1,893 million
Operating profit year-on-year_pct62.6
Market Size / Share
Domestic new housing starts
186 thousand households
Industry-wide siding sales volume
6,001 thousand tsubo
Industry share
58.3 %
Annual Dividend
Annual dividend amount
¥121 per share
Payout ratio
Currently at least 45%. The Company is considering an increase from the next fiscal year.Acquisition of treasury shares
Total acquisition cost
¥23.4 100 million maximum
| Item | Details |
|---|---|
| Document type | Earnings presentation |
| Fiscal Period Covered | First quarter of the fiscal year ending March 2027 |
| Net Sales | ¥33,985 million (YoY -2.5%) |
| Operating profit | ¥1,893 million (YoY +62.6%) |
| Ordinary income | ¥1,907 million (YoY +100.4%) |
| Net income | ¥2,401 million (profit attributable to owners of the parent) (YoY +245.2%) |
| Gross Profit Margin | 36.6%, up 2.1 percentage points year on year |
| Operating profit margin | 5.6%, up 2.3 percentage points year on year |
| Results for the three months of the current quarter | Net sales: ¥33,985 million; operating profit: ¥1,893 million; ordinary profit: ¥1,907 million; quarterly net income attributable to owners of the parent: ¥2,401 million |
| Full-year earnings forecast | Net Sales ¥141,000 million / Operating profit ¥9,600 million / Ordinary income ¥9,800 million / Profit attributable to owners of the parent ¥8,000 million |
| Segment results | Domestic Net Sales ¥28,804 million / Operating profit ¥1,133 million / Operating profit year-on-year_pct 35.4 / United States Net Sales ¥5,411 million / Operating profit ¥616 million / China Net Sales ¥933 million / Operating profit ¥26 million / Consolidated Net Sales ¥33,985 million / Operating profit ¥1,893 million / Operating profit year-on-year_pct 62.6 |
| Breakdown of Factors Affecting the Change | Domestic business operating profit Sales factor ¥4.8 million / Change in inventory (manufacturing fixed costs) ¥-0.4 million / Change in materials and energy costs ¥-1 million / Increase in logistics costs ¥-0 million / Change in fixed costs ¥-0.3 million / Total domestic businesses ¥2.9 million / U.S. business operating profit (in local currency) Change in sales 1.4 US$ million / Change in gross margin 0.9 US$ million / Change in inventory 0.9 US$ million / Change in fixed costs -2.1 US$ million / U.S. business total 1.2 US$ million |
| Key KPIs | Indicator name New housing starts / Value 186 thousand households / Year on year against the same period last year 20.2 thousand households, Indicator name Detached housing starts / Value 82 thousand households / Year on year against the same period last year 23.6 thousand households, Indicator name Industry-wide siding sales volume / Value 6,001 thousand tsubo / Year on year against the same period last year -2.6 thousand tsubo, Indicator name The Company's fiber cement siding sales volume / Value 3,498 thousand tsubo / Year on year against the same period last year -3 thousand tsubo, Indicator name Industry share / Value 58.3 % / Year on year against the same period last year -0.2 %, Indicator name U.S. housing starts (seasonally adjusted, annualized) / Value 1,427 thousand households / Year on year against the same period last year Not disclosed, Indicator name Architecture Billings Index (commercial and industrial) / Value 46.7 Index / Year on year against the same period last year Not disclosed, Indicator name Year-on-year growth in Q1 domestic non-residential sales / Value 8.4 % / Year on year against the same period last year Not disclosed |
| Unit price and quantity metrics | Fiber-cement siding Sales volume 3,711 thousand tsubo / Selling price ¥4,576 /tsubo |
| Assumptions Underlying the Business Outlook | Exchange rate US$1 ¥156.96 per US$1 (average during Q1 FY2027/3) / 1 yuan ¥22.68 per yuan (average during Q1 FY2027/3) |
| Annual Dividend | Annual dividend amount ¥121 per share / Breakdown Not disclosed |
| Payout ratio | Currently at least 45%. The Company is considering an increase from the next fiscal year. |
| Acquisition of treasury shares | Total acquisition cost ¥23.4 100 million (maximum) / Number of Shares Not disclosed / Period Not disclosed |
| Market Size / Share | Domestic new housing starts 186 thousand households / Industry-wide siding sales volume 6,001 thousand tsubo / Industry share 58.3 % |
| New initiatives | Repurchase of treasury shares (up to an aggregate acquisition price of ¥2.34 billion), Increase in the annual dividend from ¥114 to ¥121, including a ¥7 commemorative dividend marking the 70th anniversary of the Company's founding, Borrowing of approximately ¥2 billion from banks to fund the treasury share repurchase |
Items this document does not state (11)
Selling, general and administrative expensesProgress against full-year forecastSelf-assessment against the planNumber of stores and locationsNumber of employeesRisk amount incorporated into the outlookMedium-term management plan targetsFinancial targetsCapital expendituresOrders 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 domestic business, sales contributed ¥480 million to profit, while materials and energy costs, fixed costs and other factors weighed on profit. In the U.S. business, changes in sales, the gross margin and inventory contributed to profit, while changes in fixed costs weighed on profit.
How to read this page
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