Meiko Electronics (6787) H2 2025 presentation earnings summary

FY2024 financial performance

• Net sales rose 15.2% year-on-year to ¥206.8 billion, with PCB and EMS segments both showing double-digit growth.

• Operating income increased 63.7% to ¥19.1 billion, and net income grew 32% to ¥14.9 billion.

• Automotive remained the largest application, accounting for 43.6% of sales, followed by smartphones and telecommunications.

• HDI (8 layers or less) and MLB (4 layers or less) were the largest contributors by product specification.

• Average FX rate was 152.57 JPY/USD, supporting export competitiveness.

FY2025 forecast and outlook

• Net sales are projected to increase 3% to ¥213.0 billion, with operating income up 4.8% to ¥20.0 billion.

• PCB and EMS sales are expected to grow modestly, with EMS up 7.7% year-on-year.

• Net income forecasted at ¥15.5 billion, a 3.9% increase.

• Yen appreciation and US tariffs are factored into the forecast, reducing sales by ¥12 billion.

• Sales growth anticipated across most product applications and specifications, except MLB.

Strategic initiatives and investments

• Ongoing investments in facilities and R&D to drive sales and profit expansion.

• Dividend payout ratio targeted at 15%, with plans to increase shareholder value.

• Capex for FY2025 set at ¥51.0 billion, up from ¥29.8 billion in FY2024.

• EBITDA expected to reach ¥33.9 billion in FY2025.

• Equity ratio projected to improve to 43.5% in FY2025.