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Astris Advisory Japan

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<ul><li>Consolidated OP declined in Q4 FY3/25 (-40.7% QoQ), reflecting weakness in Semiconductors due to continued sluggishness in Industrial Equipment and higher SG&amp;A triggered by the consolidation of a subsidiary.</li><li>The segment OP for Semiconductors declined sharply (-68.6% QoQ), lowering the OP margin (Q3 FY3/25 3.4%, Q4 FY3/25 1.1%).</li><li>As a result, the consolidated OP margin also declined (Q3 FY3/25 4.1%, Q4 FY3/25 2.5%).</li></ul>

Consolidated OP declined in Q4 FY3/25 (-40.7% QoQ), reflecting weakness in Semiconductors due to continued sluggishness in Industrial Equipment and higher SG&amp;A triggered by the consolidation of a subsidiary.The segment OP for Semiconductors declined sharply (-68.6% QoQ), lowering the OP margin (Q3 FY3/25 3.4%, Q4 FY3/25 1.1%).As a result, the consolidated OP margin also declined (Q3 FY3/25 4.1%, Q4 FY3/25 2.5%).

Macnica Holdings (3132 JP) - Lingering Weakness in Semiconductors...

<ul><li>Robust Network and Sales mix improvement – Q3 FY3/25 results showed an uptick in gross profit (+8.0% QoQ), driven by the expansion of the network business, sales mix improvement, and enhanced product mix in the semiconductor business where lower- margin memory weakened whilst relatively higher-margin PLDs grew.</li><li>OP margin also improved (Q2 FY3/25 3.9%, Q3 FY3/25 4.1%).</li><li>Network maintained a positive segment OP growth trend (Q1-Q3 FY3/25 cumulative +79% YoY), leading to segment OP margin improvement to 8.2%. </li></ul>

Robust Network and Sales mix improvement – Q3 FY3/25 results showed an uptick in gross profit (+8.0% QoQ), driven by the expansion of the network business, sales mix improvement, and enhanced product mix in the semiconductor business where lower- margin memory weakened whilst relatively higher-margin PLDs grew.OP margin also improved (Q2 FY3/25 3.9%, Q3 FY3/25 4.1%).Network maintained a positive segment OP growth trend (Q1-Q3 FY3/25 cumulative +79% YoY), leading to segment OP margin improvement to 8.2%. 

Macnica Holdings (3132 JP) - Q3 FY3/25 Results Update

<ul><li>Slower recovery in Industrial Equipment – Semiconductors suffered lower segment OP margin (6.7% Q2 FY3/24, 3.4% Q2 FY3/25), reflecting weakness in Industrial Equipment, poor sales mix, acute yen appreciation and a margin dilutive impact from Glosel.</li><li>In addition, we believe the normalizing order size has eroded operating leverage.</li><li>Consequently, slower-than-expected recovery in Semiconductors led to a full-year guidance OP downgrade. </li></ul>

Slower recovery in Industrial Equipment – Semiconductors suffered lower segment OP margin (6.7% Q2 FY3/24, 3.4% Q2 FY3/25), reflecting weakness in Industrial Equipment, poor sales mix, acute yen appreciation and a margin dilutive impact from Glosel.In addition, we believe the normalizing order size has eroded operating leverage.Consequently, slower-than-expected recovery in Semiconductors led to a full-year guidance OP downgrade. 

Macnica Holdings (3132 JP) - Slower Recovery in Semiconductors than Expected

<ul><li>In line with the company’s plan –Semiconductors saw a lower segment OP margin (7.3% Q1 FY3/24, 4.0% Q1 FY3/25) with a revenue decline in profitable Industrial (-34.8 YoY) due to weakness in the semiconductor market.</li><li>Compared to the previous quarter, the segment OP margin declined (5.4% Q1 FY3/24, 4.0% Q1 FY3/25) with poorer sales due to a higher contribution from less-profitable Memory.</li><li>However, the revenue decline in Industrial was less pronounced (-2.7% QoQ), a sign of bottoming out. </li></ul>

In line with the company’s plan –Semiconductors saw a lower segment OP margin (7.3% Q1 FY3/24, 4.0% Q1 FY3/25) with a revenue decline in profitable Industrial (-34.8 YoY) due to weakness in the semiconductor market.Compared to the previous quarter, the segment OP margin declined (5.4% Q1 FY3/24, 4.0% Q1 FY3/25) with poorer sales due to a higher contribution from less-profitable Memory.However, the revenue decline in Industrial was less pronounced (-2.7% QoQ), a sign of bottoming out. 

Macnica Holdings (3132 JP) - Q1 FY25 Results Update

Japan

Macnica Holdings, Inc. operates as a holding company of Macnica Inc. and Fuji Electronics Co Ltd. The Company imports, exports, and distributes electronic components such as semiconductor devices and ICs. Macnica Holdings conducts businesses in Japan.

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Macnica Holdings Inc (3132 JP)

Macnica Holdings (3132 JP) - Lingering Weakness in Semiconductors...

The segment OP for Semiconductors declined sharply (-68.6% QoQ), lowering the OP margin (Q3 FY3/25 3.4%, Q4 FY3/25 1.1%).

Astris Advisory Japan

Macnica Holdings (3132 JP) - Q3 FY3/25 Results Update

We believe the strong performance was led not only by CrowdStrike but also by other software products such as SASE (Secure Access Service Edge),...

Astris Advisory Japan

Macnica Holdings (3132 JP) - Slower Recovery in Semiconductors than Expected

Semiconductors suffered lower segment OP margin (6.7% Q2 FY3/24, 3.4% Q2 FY3/25), reflecting weakness in Industrial Equipment

Astris Advisory Japan

Macnica Holdings (3132 JP) - Q1 FY25 Results Update

Compared to the previous quarter, the segment OP margin declined (5.4% Q1 FY3/24, 4.0% Q1 FY3/25) with poorer sales due to a higher contribution...

Astris Advisory Japan

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