Lasertech, JGC HD, Japan M&A, etc.

Fisco Japan · May 1 14:24

＜1911＞住友林　5359　+474

大幅続伸。前日に第1四半期の決算を発表している。経常利益は398億円で前年同期比55.4％増となり、300億円超であった市場コンセンサスを大幅に上振れている。米国戸建が大幅増益と想定以上に伸長、為替の円安効果も支援となったようだ。通期予想の1730億円、前期比8.5％増は据え置いているが、米国戸建受注の順調な進捗もあって、大幅な上振れが意識されるスタートになる形。

＜9021＞ JR西　3250　+256

大幅続伸。前日に24年3月期決算を発表、営業益は1797億円で前期比2.1倍となり、従来予想の1600億円を大幅に上振れ。期末配当金も従来計画の62.5円から84.5円に増額。一方、25年3月期は1700億円で同5.4％減の見通しだが、市場予想水準はやや上回る。また、発行済み株式数の4.1％に当たる2000万株、500億円を上限とした自社株買いを発表、取得期間は5月1日から9月20日までと。

＜9508＞九州電力　1593.5　+127

大幅続伸。前日に24年3月期決算を発表、経常利益は2382億円で前期866億円の赤字から大幅黒字に回復。従来予想の2000億円も上回る。25年3月期は1100億円で前期比53.8％減の見通しだが、ほぼコンセンサス水準に。一方、年間配当金は前期比25円増の50円を計画。早い段階での50円配実施を目指してきたが、達成時期は想定よりも早いタイミングとして、ポジティブなインパクトが先行した。

＜6268＞ナブテスコ　2841.5　+221.5

大幅続伸。前日に第1四半期決算を発表、営業利益は40億円で前年同期比30.9％減となったが、通期予想は従来の128億円から135億円、前期比22.3％減に上方修正している。今期の大幅減益ガイダンスを受けて2月に急落していたため、見直しの動きが進む形になっている。為替円安効果のほか、前倒し納入や費用発生遅れなど、主に上半期を中心とした上方修正となっている。

＜1963＞日揮HD　1349　-172.5

急落。前日に24年3月期の業績修正を発表している。営業損益は従来予想の160億円の黒字から一転190億円の赤字に下方修正。タイの化学プラント案件での追加費用、サウジアラビアを中心とした海外案件のリスク見直し、海外子会社の損失追加などが背景。第3四半期決算時にも380億円から160億円に大幅下方修正されており、連続しての追加費用発生にネガティブな反応が強まっている。

＜2760＞東エレデバ　5180　-560

大幅反落。前日に24年3月期決算を発表、経常利益は139億円で前期比11.6％増となり、従来予想の135億円を小幅に上回る。一方、25年3月期は127億円で同8.8％減の見通し。年間配当金も117円で、前期の実質135円からは減配計画に。半導体市況の回復が想定される中で、嫌気された。なお、30年3月期までの中計を発表、売上高3000-3500億円、経常利益率8％以上などを掲げる。

＜2127＞日本M&A　774.3　-93.6

急落。前日に24年3月期決算を発表、営業利益は161億円で前期比5.0％増となり、従来予想の170億円を下振れた。25年3月期は170億円で同5.8％増を見込む。セミナーやDMなどのダイレクトマーケティング積極化、コンサルタント職の積極採用といった戦略投資を積極化させることで、一時的な利益率の低下を見込んむもよう。バリュエーション面の割高感もあり、短期的な収益鈍化をネガティブ視。

＜8056＞ビプロジー　3898　-700

ストップ安比例配分。前日に24年3月期決算を発表、営業益は333億円で前期比12.2％増となり、従来予想340億円を下振れた。25年3月期は355億円で同6.6％増を見込み、380億円超のコンセンサスを大きく下回る。システムサービスの伸び鈍化、人件費などの販管費増加を見込む。また、中計も、27年3月期数値目標であるROE15.0％メドや配当性向40％以上は、実績値からみてインパクト乏しいと。

＜7172＞ JIA　1390　+300

ストップ高比例配分。前日に第1四半期決算を発表、経常益は56.7億円で前年同期比6.3倍となり、上半期計画の40億円を大幅に超過、通期予想の63億円に対する進捗率も90％に達した。業績の大幅な上振れが意識される状況となっている。オペレーティング・リース事業において商品出資金販売は第1四半期として最高額となり、新規組成もコンスタントに獲得のもよう。営業外で為替差益や持分法利益の計上も

＜6920＞レーザーテック　39750　+5150

急伸。前日に第3四半期の決算を発表、1-3月期営業利益は264億円で前年同期比2.8倍となり、市場予想から70億円程度の大幅上振れとなっている。会社側では通期予想を据え置いているが、コンセンサスの上振れにつながる形のようだ。また、1-3月期受注高も、761億円で前年同期比2.3倍、前四半期比2.4倍の水準となっており、底打ち感が明確に強まる状況となっている。

＜1911＞ Sumitomo Hayashi 5359 +474

Significant continued growth. Financial results for the first quarter were announced the day before. Ordinary profit was 39.8 billion yen, up 55.4% from the same period last year, which greatly exceeded market consensus, which was over 30 billion yen. The profit of American detached houses increased drastically and grew more than expected, and it seems that the yen depreciation effect on the exchange rate also supported it. The full-year forecast of 173 billion yen, an 8.5% increase from the previous fiscal year, remains unchanged, but due in part to the steady progress of US detached house orders, it is a form where people are aware of a significant increase.

＜9021＞ JR West 3250 +256

Significant continued growth. Financial results for the fiscal year ending March 24 were announced the day before, and operating profit was 179.7 billion yen, 2.1 times the previous fiscal year, significantly higher than the previous forecast of 160 billion yen. The year-end dividend was also increased from the previous plan of 62.5 yen to 84.5 yen. Meanwhile, the fiscal year ending 25/3 is 170 billion yen, which is expected to decrease 5.4% from the same period, but the market forecast level is slightly higher. Also, 20 million shares, which is 4.1% of the number of issued shares, were announced, and stock buybacks with an upper limit of 50 billion yen were announced, and the acquisition period was from 5/1 to 9/20.

＜9508＞ Kyushu Electric Power 1593.5 +127

Significant continued growth. Financial results for the fiscal year ending 2014/3 were announced the day before, and ordinary profit was 238.2 billion yen, recovering from a deficit of 86.6 billion yen in the previous fiscal year to a significant surplus. It also exceeds the previous forecast of 200 billion yen. The fiscal year ending 25/3 is expected to be 110 billion yen, down 53.8% from the previous fiscal year, but it is almost at the consensus level. Meanwhile, the annual dividend is planned to be 50 yen, an increase of 25 yen from the previous fiscal year. We have been aiming to implement a 50 yen distribution at an early stage, but the positive impact took precedence as the timing of achievement was earlier than expected.

＜6268＞ Nabtesco 2841.5 +221.5

Significant continued growth. Financial results for the first quarter were announced the day before, and operating profit was 4 billion yen, down 30.9% from the same period last year, but the full-year forecast was revised upward from the previous 12.8 billion yen to 13.5 billion yen, down 22.3% from the previous fiscal year. Since it had plummeted in February in response to guidance on a drastic decrease in profit for the current fiscal year, the review movement is progressing. In addition to the yen depreciation effect, there are mainly upward revisions centered on the first half of the year, such as early deliveries and delays in cost accrual.

＜1963＞ JGC HD 1349 -172.5

Plummeting. Earnings revisions for the fiscal year ending 24/3 were announced the day before. Operating profit and loss were revised downward from the previously forecast surplus of 16 billion yen to a deficit of 19 billion yen. The background includes additional costs in chemical plant projects in Thailand, risk reviews of overseas projects centered on Saudi Arabia, and additional losses at overseas subsidiaries. It has also been drastically revised downward from 38 billion yen to 16 billion yen at the time of financial results for the 3rd quarter, and negative reactions are intensifying to the continuous occurrence of additional costs.

＜2760＞ East Eledeva 5180 -560

A sharp decline. Financial results for the fiscal year ending 2014/3 were announced the day before, and ordinary profit was 13.9 billion yen, up 11.6% from the previous fiscal year, slightly exceeding the previous forecast of 13.5 billion yen. Meanwhile, the fiscal year ending 25/3 is expected to decrease 8.8% from the same period to 12.7 billion yen. The annual dividend was also 117 yen, and the actual dividend was planned to be reduced from 135 yen in the previous fiscal year. While a recovery in semiconductor market conditions was expected, they were disgusted. Furthermore, the mid-term budget for the fiscal year ending 30/3 is announced, and sales of 300-350 billion yen, and an ordinary profit margin of 8% or more are set.

＜2127＞ Japan M&A 774.3 -93.6

Plummeting. Financial results for the fiscal year ending March 24 were announced the day before, and operating profit was 16.1 billion yen, up 5.0% from the previous fiscal year, falling below the previous forecast of 17 billion yen. The fiscal year ending 25/3 is expected to be 17 billion yen, up 5.8% from the same period. By aggressively investing in strategic investments such as active direct marketing for seminars and DMs, and active recruitment of consultancy positions, it is possible to anticipate a temporary decline in profit margins. There is also a sense of high value in terms of valuation, and the short-term slowdown in earnings is viewed negatively.

＜8056＞ Viplogy 3898 -700

Stop-low proportional allocation. Financial results for the fiscal year ending March 24 were announced the day before, and operating profit was 33.3 billion yen, up 12.2% from the previous fiscal year, falling below the previous forecast of 34 billion yen. The fiscal year ending 25/3 is 35.5 billion yen, which is expected to increase 6.6% from the same period, which is far below the consensus of over 38 billion yen. Growth in system services is expected to slow, and SG&A expenses such as labor costs will increase. Also, as for the mid-term budget, the ROE 15.0% medal and dividend payout ratio of 40% or more, which are numerical targets for the fiscal year ending 27/3, have little impact in terms of actual values.

＜7172＞ JIA 1390 +300

Stops are highly proportional. Financial results for the first quarter were announced the day before, and ordinary profit was 5.67 billion yen, 6.3 times the same period last year, greatly exceeding the 4 billion yen plan for the first half of the year, and the progress rate against the full-year forecast of 6.3 billion yen also reached 90%. There is a situation where people are aware of a significant increase in business performance. In the operating leasing business, product investment sales were the highest in the first quarter, and it seems that new configurations are constantly being acquired. Foreign exchange gains and equity method profits are also recorded outside of business

＜6920＞ Lasertec 39750 +5150

rapid expansion. Financial results for the 3rd quarter were announced the day before, and operating profit for the fiscal year ending January-March was 26.4 billion yen, 2.8 times higher than the same period last year, a significant increase of about 7 billion yen from market forecasts. The company has left the full-year forecast unchanged, but it seems to lead to an increase in consensus. Also, the volume of orders received for the January-March fiscal year was 76.1 billion yen, 2.3 times the same period last year and 2.4 times the previous quarter, and the sense of bottoming out clearly intensified.

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レーザーテック、日揮HD、日本M&Aなど

Lasertech, JGC HD, Japan M&A, etc.

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