Ship Healthcare (3360) Q2 2027 earnings summary

Executive summary

• H1 FY2027 net sales were ¥362,210m, operating profit ¥8,593m and attributable profit ¥6,130m; all rose YoY and exceeded the six-month plan.

• Medical Supply and Total Pack Produce led growth; Lifecare and Dispensing Pharmacy operating profit declined YoY.

Financial highlights

• Net sales rose 8.6% YoY to ¥362,210m, ¥17,210m above plan; gross profit was ¥30,372m, up 3.4%.

• Operating profit increased 4.4% to ¥8,593m, ¥93m above plan; ordinary profit rose 8.6% to ¥9,533m, 12.2% above plan.

• Attributable profit rose 12.1% to ¥6,130m, ¥630m above plan; comprehensive income declined 1.8% to ¥6,279m.

• Gross profit was ¥30,372m versus ¥29,372m a year earlier; SG&A was ¥21,778m versus ¥21,140m.

Outlook and guidance

• FY2027 forecasts unchanged: net sales ¥740,000m, operating profit ¥26,000m, ordinary profit ¥26,500m and attributable profit ¥16,000m.

• FY2027 full-year dividend forecast is ¥65 per share; H1 dividend was ¥0, with no change to the forecast.

• SHIP VISION 2030 targets 5% sales growth, 4% operating profit margin and 12% ROE, supported by integrated healthcare solutions and recurring revenue growth.

• Large-scale projects and IT solutions were on plan; hospital reconstruction projects face medium- to long-term delay risk, and manufacturing plans are weighted toward H2.