Traders Holdings (8704) Q2 2027 earnings summary

Executive summary

• H1 FY2027/3 operating revenue was ¥10,305m (+76.0% YoY), operating profit ¥6,407m (+163.6%), and profit attributable to owners of parent ¥4,293m (+145.7%).

• Higher Turkish lira short-term rates, sharp FX movements and customer trust-fund investment income supported results; H1 operating profit reached 91.5% of the initial FY forecast.

Financial highlights

• Q2 operating revenue reached a record ¥6,331m (+123.2% YoY); operating profit was ¥4,310m (+316.8%), with a 68.1% margin.

• H1 net operating revenue was ¥10,264m (+76.5%); ordinary profit was ¥6,390m (+161.6%).

• SG&A rose 14.0% YoY to ¥3,856m, including higher real estate expenses and taxes and public charges; costs remained within plan, while fixed-cost leverage amplified revenue growth into profit growth.

• Net cash from operating activities was ¥3,539m versus ¥2,149m used in H1 FY2026; cash and cash equivalents ended at ¥10,957m.

Outlook and guidance

• FY2027/3 forecasts were raised to revenue of ¥17,700m, operating and ordinary profit of ¥9,000m each, and parent-attributable profit of ¥6,100m; basic EPS forecast is ¥230.12.

• Revised revenue and operating profit forecasts are each ¥2,000m above initial forecasts; parent-attributable profit is ¥1,300m higher. The assets-under-custody target remains ¥150bn.

• H2 assumptions allow for low market volatility and lower Turkish lira short-term rates; annual revenue yield is assumed to revert to its historical average.

• Full-year SG&A is expected to remain broadly in line with the initial forecast; rebuilding assets-under-custody growth momentum remains a priority.