Kaga Electronics, the Tokyo-listed electronics distributor, has raised its full-year guidance for the year to March 2027, and the headline numbers look striking: net sales up 15.2% to ¥760bn, operating and ordinary profit up 6.7% each to ¥32bn, and net profit attributable to owners up 31.8% to ¥29bn. Earnings per share rise to ¥608.35 from a prior ¥461.61.
| Metric | Previous forecast | Revised forecast | Change |
|---|---|---|---|
| Net sales | ¥660bn | ¥760bn | +15.2% |
| Operating profit | ¥30bn | ¥32bn | +6.7% |
| Ordinary profit | ¥30bn | ¥32bn | +6.7% |
| Net profit (parent) | ¥22bn | ¥29bn | +31.8% |
| Earnings per share | ¥461.61 | ¥608.35 | +31.8% |
The trigger is the completed tender offer for Shinko Shoji, which ran from May 18 to August 3, 2026, with Kaga taking control on August 10 (deemed acquisition date June 30). Kaga could not fold Shinko Shoji into its August 13 guidance because the accounting review of the deal was still unfinished at that point.
The new forecast now includes Shinko Shoji's assumed contribution from the second quarter onward: ¥100bn in sales, ¥2bn in operating profit, ¥2bn in ordinary profit and ¥1bn in net profit. Separately, Kaga expects to book a ¥6bn negative-goodwill gain as special profit across the second and third quarters, a provisional figure calculated as of the first-quarter close. Add the two together and they roughly match the ¥7bn increase in net-profit guidance, meaning the underlying business contribution from Shinko Shoji is modest next to the one-time accounting credit.
Kaga treats that distinction seriously in its dividend math. The annual payout rises to ¥160 per share (split between ordinary and special dividends), up ¥20 from both the prior forecast and last year's actual. But management explicitly excludes the ¥6bn negative-goodwill gain when setting that dividend, since it involves no cash: on that adjusted basis, the payout ratio is 33.2% and dividend-on-equity is 4.7%, versus 26.3% and 4.6% on an unadjusted basis.
Kaga expects to book a large negative-goodwill gain from a tender-offer acquisition for the second year running: the year to March 2026 recorded a ¥7.797bn gain from the Kyoei Sangyo tender offer conducted in July 2025, and the current year is expected to add a ¥6bn gain tied to Shinko Shoji.