bullish
Japan Business Systems (5036 JP) - 3Q Follow-Up
SUMMARY
- When JBS announced recording an impairment loss associated with the acquisition of NEXTSCAPE on 2Q results, it only revised down the initial FY24/9 forecast for profit attributable to owners of parent from ¥3,450mn → ¥1,500mn, leaving the rest of the forecast unchanged.
- While the impairment loss was clearly disappointing, it is important to keep in mind this is a non-cash item, and prompt action by JBS management in writing down the entire remaining portion of unamortized GW minimized future downside risk.
- As described on the next page, 3Q cumulative (9M) consolidated net sales rose +29.0% YoY, and operating profit rose +28.5% YoY, relative to full-term initial guidance for FY24/9 consolidated net sales +12.4%, and operating profit +21.6%.
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