Furukawa Electric, KI Star, Squeni HD, etc.

Fisco Japan · May 14 14:25

＜4186＞東応化　3931　-503

急落。前日に第1四半期決算を発表、営業利益は58億円で前年同期比7.4％増となったが、65億円程度のコンセンサスを下振れている。研究開発費の増加などが想定比下振れの背景とみられる。通期予想は268億円、前期比18.0％増を据え置き。上期計画に対する進捗率が高いことで下振れ懸念は乏しいだろうが、市場予想は300億円程度の水準であり、ややコンセンサスは切り下がる形とみられる。

＜9684＞スクエニHD　5268　-1000

ストップ安。前日に24年3月期決算を発表。営業利益は326億円で前期比26.6％減となり、450億円程度の市場予想を下振れ。棚卸資産評価損の計上などが主因。25年3月期は400億円で同22.9％増を見込むが、コンセンサスは550億円程度。また、新中計を発表したが、数値目標などには物足りなさも残るとの見方。なお、発行済み株式数の4.2％に当たる500万株、200億円を上限とする自社株買いも発表。

＜3465＞ケイアイスター　3215　-640

急落。前日に24年3月期の決算を発表している。営業利益は114億円で前期比40.8％減となり、従来計画の135億円を下振れる着地に。25年3月期は145億円で同27.6％増を見込む。緩やかな粗利益率改善を見込んでいるが、市場の期待値までには達していない状況とみられる。また、年間配当金は130円を計画で前期比50円の減配見通しとなっている。

＜5726＞大阪チタ　2710　+202

大幅反発。前日に24年3月期の決算を発表、営業利益は82.9億円で前期比73.4％増となり、従来計画の75億円を大きく上回る着地に。また、25年3月期は110億円で同32.7％増の見通しとし、100億円弱のコンセンサスを上振れている。上期の国内契約価格を20％程度引き上げる方針であるもよう。なお、航空機需要の中長期的な成長見込みから、スポンジチタンの生産能力増強も検討を加速としている。

＜5801＞古河電工　4092　+643

急騰。前日に24年3月期の決算を発表、営業利益は112億円で前期比27.7％減となったが、従来計画の50億円は大幅に上振れ。25年3月期は250億円で同2.2倍の見通しとしており、200億円程度のコンセンサスを大きく上回っている。下期偏重の計画ではあるようだが、全事業での改善を見込んでいるもよう。26年3月期には光関連製品の改善も見込まれるなど、今後の拡大ペースの早まりが意識されている。

＜4887＞サワイグループHD　6361　+716

一時ストップ高。前日に24年3月期の決算を発表、営業利益は186億円で前期比16.0％増となり、5月10日の修正値に沿った着地へ。一方、25年3月期は260億円で同39.6％増の見通し、2ケタの売上成長を見込んでおり、市場予想を大きく上回る水準とみられる。また、9月末に1：3の株式分割を実施することも発表、分割を考慮すると、25年3月期年間配当金53円となり、前期比10円弱の増配となる。

＜6278＞ユニオンツール　4875　+300

大幅続伸。前日に第1四半期の決算を発表している。営業利益は14.2億円で前年同期比49.2％増となり、上半期計画は従来予想の17億円から26億円、同26.9％増に、通期では37億円から55億円、前期比45.6％増にそれぞれ上方修正している。データセンターのサーバー向けパッケージ基板および高多層基板の需要が拡大しており、高付加価値工具に対する需要が急速に増加しているもよう。

＜4078＞堺化学　2520　+500

ストップ高比例配分。前日に24年3月期決算を発表、営業益は29.4億円で前期比33.2％減と従来予想の19億円を大幅に上回った。高収益率の製品出荷が重なったことが要因。25年3月期は54億円で同83.5％増と大幅増益予想。さらに新中計を発表。27年3月期営業益は90億円を目標としている。また、株主還元方針はDOE3％を目安とすることに変更、25年3月期配当金は前期比55円増の125円を計画。

＜1802＞大林組　1901　+224.5

急伸。前日に24年3月期の決算を発表、営業利益は794億円で前期比15.4％減となり、従来予想の740億円を上回っている。25年3月期は930億円で同17.2％増の見通しで、市場コンセンサスを50億円程度上振れ。国内建築の受注拡大や粗利益率の好転を見込んでいるもよう。年間配当金の目安をDOE5％程度としていることで、前期年間配当金は前期比33円増の75円、今期は5円増の80円と計画している。

＜2372＞アイロムG　2273　+400

ストップ高比例配分。MBOの実施を発表。ブラックストーン系企業のビー・エックス・ジェイ・ビー・ワンHDが完全子会社化を企図してTOBを実施、TOB価格は2800円で前日終値比49.5％のプレミアムとなっている。TOB価格に完全サヤ寄せを目指す動きに。豪州における競争法に基づく必要な許認可等取得まで最短で4週間程度かかる見込みであることから、6月中旬頃を目途にTOBを開始することを目指している。

＜4186＞ Dongying Chemical 3931 -503

Plummeting. Financial results for the first quarter were announced the day before, and operating profit was 5.8 billion yen, up 7.4% from the same period last year, but consensus of about 6.5 billion yen declined. An increase in research and development expenses, etc. seems to be the background of the decline compared to expectations. The full-year forecast is 26.8 billion yen, an 18.0% increase from the previous fiscal year. There are probably few downside concerns due to the high progress rate against the first half plan, but market expectations are at the level of about 30 billion yen, and consensus seems to be devaluing slightly.

＜9684＞ Squeni HD 5268 -1000

Stop cheap. Financial results for the fiscal year ended March 24 were announced the day before. Operating profit was 32.6 billion yen, down 26.6% from the previous fiscal year, falling short of market expectations of around 45 billion yen. The main reason is the recording of inventory valuation losses, etc. The fiscal year ending 25/3 is expected to be 40 billion yen, an increase of 22.9% from the same period, but the consensus is around 55 billion yen. Also, a new mid-term plan was announced, but there is a view that it remains unsatisfactory for numerical targets, etc. Furthermore, 5 million shares, which is 4.2% of the number of issued shares, and a stock buyback with an upper limit of 20 billion yen was also announced.

＜3465＞ KI Star 3215 -640

Plummeting. Financial results for the fiscal year ending 24/3 were announced the day before. Operating profit was 11.4 billion yen, down 40.8% from the previous fiscal year, falling below the previous plan of 13.5 billion yen. The fiscal year ending 25/3 is expected to be 14.5 billion yen, an increase of 27.6% from the same period. A moderate improvement in gross profit margin is expected, but it seems that the situation has not reached market expectations. Also, the annual dividend is planned to be 130 yen, and dividends are expected to be reduced by 50 yen compared to the previous fiscal year.

＜5726＞ Osaka Chita 2710 +202

Massive backlash. Financial results for the fiscal year ended March 24 were announced the day before, and operating profit was 8.29 billion yen, up 73.4% from the previous fiscal year, which greatly exceeded the previous plan of 7.5 billion yen. Also, the fiscal year ending 25/3 is expected to be 11 billion yen, an increase of 32.7% from the same period, which is above the consensus of just under 10 billion yen. It seems that the policy is to raise domestic contract prices for the first half of the year by about 20%. Furthermore, due to medium- to long-term growth in aircraft demand, studies on increasing production capacity for sponge titanium are also being accelerated.

＜5801＞ Furukawa Electric 4092 +643

skyrocketing. Financial results for the fiscal year ending 24/3 were announced the day before, and operating profit was 11.2 billion yen, down 27.7% from the previous fiscal year, but the 5 billion yen plan was significantly higher than the previous plan. The forecast for the fiscal year ending 25/3 is 25 billion yen, 2.2 times the same, which greatly exceeds the consensus of about 20 billion yen. It seems that the plan is focused on the second half, but it seems that improvements are anticipated in all businesses. Improvements in light-related products are also expected in the fiscal year ending 26/3, so there is awareness that the pace of expansion will accelerate in the future.

＜4887＞ Sawai Group HD 6361 +716

High temporary stop. Financial results for the fiscal year ending 24/3 were announced the day before, and operating profit was 18.6 billion yen, up 16.0% from the previous fiscal year, and landed in line with the revised values on 5/10. Meanwhile, the fiscal year ending 25/3 is 26 billion yen, and sales growth of 2 digits is expected, and sales growth of 2 digits is expected, which is expected to greatly exceed market expectations. Also, it was announced that a 1:3 stock split will be implemented at the end of September, and considering the split, the annual dividend for the fiscal year ending 25/3 will be 53 yen, an increase of less than 10 yen compared to the previous fiscal year.

＜6278＞ UNION TOOL 4875 +300

Significant continued growth. Financial results for the first quarter were announced the day before. Operating income was 1.42 billion yen, up 49.2% from the same period last year, and the first half year plan was revised upward from the previous forecast of 1.7 billion yen to 2.6 billion yen, an increase of 26.9% from the previous forecast, and from 3.7 billion yen to 5.5 billion yen and a 45.6% increase from the previous fiscal year, respectively. Demand for package boards and high multilayer boards for data center servers is expanding, and it seems that demand for high value-added tools is rapidly increasing.

＜4078＞ Sakai Chemical 2520 +500

Stops are highly proportional. Financial results for the fiscal year ending March 24 were announced the day before, and operating profit was 2.94 billion yen, down 33.2% from the previous fiscal year, significantly exceeding the previous forecast of 1.9 billion yen. The reason was that product shipments with high profit rates overlapped. Profit is expected to increase drastically, with an 83.5% increase of 5.4 billion yen for the fiscal year ending 25/3. Furthermore, a new mid-term plan was announced. The target operating profit for the fiscal year ending 27/3 is 9 billion yen. Also, the shareholder return policy was changed to use DOE 3% as a guide, and the dividend for the fiscal year ending 25/3 is planned to be 125 yen, an increase of 55 yen from the previous fiscal year.

＜1802＞ Obayashi Gumi 1901 +224.5

rapid expansion. Financial results for the fiscal year ending 24/3 were announced the day before, and operating profit was 79.4 billion yen, down 15.4% from the previous fiscal year, exceeding the previous forecast of 74 billion yen. The fiscal year ending 25/3 is 93 billion yen, which is expected to increase 17.2% from the same period, which deviates from the market consensus by about 5 billion yen. It seems that they are expecting an increase in domestic construction orders and an improvement in gross profit margins. Since the standard annual dividend is DOE 5%, the annual dividend for the first fiscal year is planned to be 75 yen, an increase of 33 yen from the previous fiscal year, and 80 yen, an increase of 5 yen for the current fiscal year.

＜2372＞ Irom G 2273 +400

Stops are highly proportional. The implementation of MBO was announced. The Blackstone company BXJ1 HD planned to make it a wholly owned subsidiary and implemented TOB, and the TOB price is 2800 yen, which is a premium of 49.5% compared to the previous day's closing price. It is a move aimed at completely falling back on TOB prices. Since it is expected that it will take as little as 4 weeks to obtain necessary permits and approvals based on competition laws in Australia, we aim to start TOB around mid-June.

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古河電工、ケイアイスター、スクエニHDなど

Furukawa Electric, KI Star, Squeni HD, etc.

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