AXELL CORPORATION (TSE: 6730), the Standard Market-listed chipmaker known for graphics processors used in pachinko and pachislo machines, told the Tokyo Stock Exchange on September 28, 2026 that its board had revised the earnings and dividend forecasts it published on May 11. The company now expects full-year consolidated net sales of ¥20.4bn for the year ending March 2027, up 36% from its earlier ¥15.0bn plan, with operating income up 90.8% to ¥2.3bn from a previous ¥1.2bn, and net income attributable to owners of parent up 91.0% to ¥1.7bn from a previous ¥0.9bn.
| Metric | Previous forecast (May 11) | Revised forecast (Sept 28) | Prior year actual |
|---|---|---|---|
| Net sales | ¥15.0bn | ¥20.4bn | ¥14.7bn |
| Operating income | ¥1.2bn | ¥2.3bn | ¥1.7bn |
| Ordinary income | ¥1.3bn | ¥2.4bn | ¥1.8bn |
| Net income (owners of parent) | ¥0.9bn | ¥1.7bn | ¥1.2bn |
Under its stated policy of paying out 50% of profit, AXELL raised its full-year dividend forecast to ¥79 a share from ¥41, above the ¥57 it paid the prior year. The revised dividend works out to a 50.1% payout ratio on the new profit forecast.
The company points to two forces behind the upgrade. AXELL now forecasts higher graphics-chip sales for pachinko and pachislo machines: about 350,000 units, versus an initial plan of 310,000, as it revises up its estimate of the annual new-machine market to 1.45mn units from an original 1.35mn assumption. Separately, AXELL expects memory-module unit sales to rise as it now projects a lower reuse ratio than originally planned, and the company says a global memory-price increase tied to generative-AI demand has pushed up manufacturing costs on some products. The company is adjusting selling prices in response, which lifts revenue even as gross margin is set to fall 1.4 points to 27.9%. Selling, general and administrative costs are also revised up 6.6% to ¥3.41bn, reflecting new development spending on next-generation products and larger performance-linked bonus provisions.