Tsugami raised its first-half fiscal 2027 forecast, lifting operating profit 29.2% to ¥25.2 billion and profit attributable to owners 36.7% to ¥12.3 billion. It increased the interim dividend to ¥61 from ¥49 a share, with full-year guidance due Nov. 12.
Key facts
Tsugami raised its first-half forecasts for revenue, operating profit and net profit. The previous forecast, revised forecast and year-earlier first-half results are shown below. Amounts are in ¥100 million, except per-share earnings, which are in yen.
| Metric | Previous forecast | Revised forecast | Year-earlier first half |
|---|---|---|---|
| Revenue | 750 | 812 | 600.54 |
| Operating profit | 195 | 252 | 152.08 |
| Profit attributable to owners of the parent | 90 | 123 | 71.45 |
| Basic earnings per share | 196.01 | 268.13 | 153.40 |
The revised forecast is ¥6.2 billion higher for revenue, ¥5.7 billion higher for operating profit and ¥3.3 billion higher for net profit than the previous outlook. It also exceeds the year-earlier first-half results by about ¥21.2 billion in revenue, ¥10 billion in operating profit and ¥5.2 billion in net profit. The upward revisions to profit are substantially larger than the increase in revenue.
Tsugami said the overall market remains uncertain, but steady progress at its sites, including in China and India, has led it to expect revenue and profit to exceed its previous forecasts. The company cited the following reasons for the revision.
The disclosure did not specify the contribution from individual regions or businesses. The revision applies to the first half only, and Tsugami plans to update its full-year forecast in light of market trends.
Tsugami raised its interim dividend forecast by ¥12 per share and left its year-end dividend forecast unchanged at ¥49. The previous forecast, revised forecast and prior-year results are shown below.
| Dividend per share | Previous forecast | Revised forecast | Prior-year result |
|---|---|---|---|
| Interim | ¥49 | ¥61 | ¥36 |
| Year-end | ¥49 | ¥49 | ¥49 |
| Annual | ¥98 | ¥110 | ¥85 |
The annual dividend forecast is ¥12 above the previous estimate and ¥25 higher than the prior-year result. Tsugami says it aims to provide stable shareholder returns while maintaining a sound financial position, and raised the interim dividend in light of its stronger first-half profit outlook. The year-end dividend remains unchanged for now, as it will be announced alongside the full-year earnings forecast.
The revision covers only the first half, and Tsugami has not yet provided a full-year earnings forecast. The company plans to announce its full-year outlook when it reports second-quarter results for the fiscal year ending March 2027, scheduled for Nov. 12, taking market trends into account.
Of the ¥110 annual dividend forecast, the ¥49 year-end portion remains an estimate and could be revised when the full-year outlook is released. Investors will be watching whether first-half strength carries into the second half and whether Tsugami maintains its year-end dividend forecast.
Analyst take
Both operating profit and net profit are now expected to significantly exceed Tsugami’s previous first-half forecasts and year-earlier results. The higher interim dividend also passes some of the earnings improvement on to shareholders. However, Tsugami has not issued full-year guidance and noted continued uncertainty in the market. Investors will be looking for signs that first-half momentum carries into the second half, along with the company’s full-year outlook and decision on the year-end dividend.
