Worth reading
69In 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
83
¥100 million (year-on-year increase in profit for the period)Wording
Conditional
How definitive the wording is.Contents of this document
Financial results presentationFirst quarter of the fiscal year ending March 202713 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥1,163 100 million+12.0%
Operating profit¥138 100 million first quarter
Ordinary income¥148 100 million profit before tax, first quarter
Net income¥107 100 million +348.8%profit for the period attributable to owners of the parent, first quarter
Operating profit marginBusiness profit margin: 8.0%; year-on-year change in percentage points: not disclosed
Results for the three months of the current quarter
Revenue¥1,163 100 million
Business profit¥93 100 million
Operating profit¥138 100 million
Profit before tax¥148 100 million
Profit for the period¥107 100 million
Full-year earnings forecast
Revenue
¥4,900 100 million
Business profit
¥380 100 million
Operating profit
¥425 100 million
Profit before tax
¥435 100 million
Profit for the period
¥310 100 million
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。not disclosed (the sales plan is described as "progressing in line with the sales plan")
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
Progressing in line with the sales plan; new product launches are proceeding as planned, and the effects of price optimization are becoming evidentBreakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
Year-on-year change in business profit
Foreign Exchange Effects¥30 100 million
Cost increases¥-12 100 million
Revenue growth, increased production, product mix and other factors¥40 100 million
Benefits of production-structure reforms¥6 100 million
Selling, general and administrative expenses¥-14 100 million
Other Businesses¥-4 100 million
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
Exchange rate
US dollars¥155
Euro¥180
Impact of a ¥1 change in exchange rates
RevenueApproximately ¥910 million for the U.S. dollar and approximately ¥660 million for the euro
ProfitApproximately ¥110 million for the U.S. dollar and approximately ¥410 million for the euro
New initiatives
- Upward revision to the forecast for profit for the period to reflect a refund of U.S. tariffs
- Plan to launch 31 new musical instrument models from the second quarter onward
- Joint hosting by YMI and the International Society for Music Education of an international competition for student creators
- Expansion of music education in emerging countries, including a pilot introduction in public primary schools in India
- Adoption of Sound xR Core, a virtual spatial audio solution for professional audio
- Development of Music:AI for Lighting for mobility audio
- Launch of the local voice and subtitle system "Receiver on a Smartphone"
Key KPIsA metric the company considers important as a management benchmark.
- First-quarter sales of major new products¥6 billion or more
- First-quarter sales ratio of new piano products16 %
- First-quarter sales ratio of new electronic musical instrument products17 %
- First-quarter sales ratio of new consumer audio products9 %
- First-quarter sales ratio of new professional audio products16 %
Segment results
Musical Instruments Business
Revenue777
Business profit65
Year-on-year revenue comparison+¥11.2 billion; foreign exchange impact: ¥6.6 billion
Year-on-year change in profit+¥4.4 billion; foreign exchange impact: ¥2.3 billion
Audio Equipment Business
Revenue350
Business profit28
Year-on-year revenue comparison+¥2.0 billion; foreign exchange impact: ¥2.7 billion
Year-on-year change in profit+¥500 million; foreign exchange impact: ¥600 million
Other Businesses
Revenue37
Business profit0
Year-on-year revenue comparison-¥700 million; foreign exchange impact: ¥200 million
Year-on-year change in profit-¥300 million; foreign exchange impact: ¥100 million
Medium-term management plan targets
ROE6.3% (forecast); medium-term plan target: 10%
ROIC5.3% (forecast); medium-term plan target: 10%
Total payout ratio50% or more (over 3 years)
Financial targets
ROE
Forecast6.3%
Cost of shareholders’ equity6.7%
ROIC
Forecast5.3%
WACC6.5%
Market Size / Share
Market size and market share figures are not disclosed (the materials state that the company maintains the leading share in electronic musical instruments)Capital expenditures
¥37 100 million first quarter of the fiscal year ending March 2027
Annual Dividend
¥26 per share
Payout ratio
36.9 %
Total payout ratioTarget: 50% or more (over 3 years)
Acquisition of treasury shares
The graph shows the amount of share repurchases completed, but the repurchase limit and period are not disclosed| Item | Details |
|---|---|
| Document type | Financial results presentation |
| Fiscal Period Covered | First quarter of the fiscal year ending March 2027 |
| Net Sales | ¥1,163 100 million (YoY +12.0%) |
| Operating profit | ¥138 100 million (first quarter) |
| Ordinary income | ¥148 100 million (profit before tax, first quarter) |
| Net income | ¥107 100 million (profit for the period attributable to owners of the parent, first quarter) (YoY +348.8%) |
| Operating profit margin | Business profit margin: 8.0%; year-on-year change in percentage points: not disclosed |
| Results for the three months of the current quarter | Revenue ¥1,163 100 million / Business profit ¥93 100 million / Operating profit ¥138 100 million / Profit before tax ¥148 100 million / Profit for the period ¥107 100 million |
| Full-year earnings forecast | Revenue ¥4,900 100 million / Business profit ¥380 100 million / Operating profit ¥425 100 million / Profit before tax ¥435 100 million / Profit for the period ¥310 100 million |
| Progress against full-year forecast | not disclosed (the sales plan is described as "progressing in line with the sales plan") |
| Self-assessment against the plan | Progressing in line with the sales plan; new product launches are proceeding as planned, and the effects of price optimization are becoming evident |
| Segment results | Musical Instruments Business Revenue 777 / Business profit 65 / Year-on-year revenue comparison +¥11.2 billion; foreign exchange impact: ¥6.6 billion / Year-on-year change in profit +¥4.4 billion; foreign exchange impact: ¥2.3 billion / Audio Equipment Business Revenue 350 / Business profit 28 / Year-on-year revenue comparison +¥2.0 billion; foreign exchange impact: ¥2.7 billion / Year-on-year change in profit +¥500 million; foreign exchange impact: ¥600 million / Other Businesses Revenue 37 / Business profit 0 / Year-on-year revenue comparison -¥700 million; foreign exchange impact: ¥200 million / Year-on-year change in profit -¥300 million; foreign exchange impact: ¥100 million |
| Breakdown of Factors Affecting the Change | Year-on-year change in business profit Foreign Exchange Effects ¥30 100 million / Cost increases ¥-12 100 million / Revenue growth, increased production, product mix and other factors ¥40 100 million / Benefits of production-structure reforms ¥6 100 million / Selling, general and administrative expenses ¥-14 100 million / Other Businesses ¥-4 100 million |
| Key KPIs | First-quarter sales of major new products ¥6 billion or more, First-quarter sales ratio of new piano products 16 %, First-quarter sales ratio of new electronic musical instrument products 17 %, First-quarter sales ratio of new consumer audio products 9 %, First-quarter sales ratio of new professional audio products 16 % |
| Assumptions Underlying the Business Outlook | Exchange rate US dollars ¥155 / Euro ¥180 / Impact of a ¥1 change in exchange rates Revenue Approximately ¥910 million for the U.S. dollar and approximately ¥660 million for the euro / Profit Approximately ¥110 million for the U.S. dollar and approximately ¥410 million for the euro |
| Medium-term management plan targets | ROE 6.3% (forecast); medium-term plan target: 10% / ROIC 5.3% (forecast); medium-term plan target: 10% / Total payout ratio 50% or more (over 3 years) |
| Financial targets | ROE Forecast 6.3% / Cost of shareholders’ equity 6.7% / ROIC Forecast 5.3% / WACC 6.5% |
| Annual Dividend | ¥26 per share |
| Payout ratio | 36.9 % |
| Acquisition of treasury shares | The graph shows the amount of share repurchases completed, but the repurchase limit and period are not disclosed |
| Capital expenditures | ¥37 100 million (first quarter of the fiscal year ending March 2027) |
| Market Size / Share | Market size and market share figures are not disclosed (the materials state that the company maintains the leading share in electronic musical instruments) |
| New initiatives | Upward revision to the forecast for profit for the period to reflect a refund of U.S. tariffs, Plan to launch 31 new musical instrument models from the second quarter onward, Joint hosting by YMI and the International Society for Music Education of an international competition for student creators, Expansion of music education in emerging countries, including a pilot introduction in public primary schools in India, Adoption of Sound xR Core, a virtual spatial audio solution for professional audio, Development of Music:AI for Lighting for mobility audio, Launch of the local voice and subtitle system "Receiver on a Smartphone" |
Items this document does not state (8)
Gross Profit MarginSelling, general and administrative expensesUnit price and quantity metricsNumber of stores and locationsNumber of employeesRisk amount incorporated into the outlookOrders 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.The increase in revenue was attributable to the recovery in musical instrument sales and the weaker yen. The increase in business profit was driven by an improved product mix due to growth in electronic musical instruments, price optimization, foreign exchange effects and the benefits of production-structure reforms, despite higher procurement costs. The upward revision to the forecast for profit for the period reflects a refund of U.S. tariffs.
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.