＜9503＞ Kansai Electric Power 2727.5 +163
Significant continued growth. Morgan Stanley MUFG Securities continues to make investment decisions “overweighted,” and the target stock price has been raised from 2770 yen to 3330 yen. In addition to insufficient factoring in stock prices relating to relatively high ROE levels, it also seems that the company side's mid-term target increases are also viewed positively. Along with the hike in the energy business, ordinary income for the fiscal year ending 25/3 seems to have been revised upward from the previous 308 billion yen to 360 billion yen.
＜3635＞ Koei Tecmo 1261 -95.5
The sharp decline continued. Nomura Securities downgraded investment decisions from “buy” to “neutral,” and the target stock price was also lowered from 2,500 yen to 1,550 yen. It is pointed out that in the fiscal year ending 25/3, there was little pipeline of large-scale titles, and short-term profit expectations declined, sales of 5 million titles fell below targets in the previous fiscal year and the previous fiscal year, and medium-term growth expectations also declined. Earnings forecasts for the fiscal year ending 29/3 have been revised downward, and although stock prices have fallen, there is little sense of undervaluation.
＜6315＞ TOWA 13130 -400
Continued decline. In Morgan Stanley MUFG Securities, although the target stock price was raised from 8800 yen to 14,000 yen, the investment decision was downgraded from “overload” to “equal weight.” Although future performance prospects, such as growth related to HBM, are bright, medium-term growth has generally been factored in due to recent stock price increases, and it seems that future stock prices will shift to a maintenance phase. The forecast PER for the fiscal year ending 27/3 is on par with major semiconductor manufacturing equipment.
＜8715＞ Anicom HD 591 +3
backlash. It was announced that 6 million shares, which is 7.5% of the number of issued shares, will be implemented with an upper limit of 3 billion yen, and the acquisition period is from today until 25/3/31. However, it seems that acquisition levels, timing, etc. were almost factored into the market. Also, a business partnership with Axa Direct was announced. Axa Direct sells pet insurance as an agent for Anicom General Insurance, and guides Anicom General Insurance products to customers whose insurance policies have expired.
＜5726＞ Osaka Chita 2635 +320
rapid expansion. A financial results briefing was held last weekend, which seems to have led to a review movement. Due to stable growth in aircraft demand and supply chain restructuring and normalization, it seems that major titanium expansion material companies in Europe and the United States are promoting production capacity expansion plans of about 30%. It is expected that demand for sponge titanium will grow over the medium to long term. Also, it seems that the plan is to build a new plant at the Amagasaki Plant and raise the annual production capacity from 40,000 tons to 50,000 tons.
＜9101＞ Yusen 5059 +160
Significant continued growth. An interview with the president was reported over the weekend. By balancing stable growth and shareholder returns, they “want to welcome financial results announcements one year from now with PBR exceeding 1 times.” The shareholder return quota shown in the mid-term plan with the fiscal year ending 27/3 as the final year has been raised this time, but the incorporated profit is up to current fiscal year forecasts, and when guessed from the growth curve, there is also a very high possibility that the remaining 2 years will rise. It is also said that if profits accumulate more than planned, they will actively return them.
＜4707＞ Kitac 446 -68
Plummeting. Financial results for the first half of the year were announced last weekend, and operating profit was 240 million yen, a significant increase of 81.6% (106 million yen) from the same period last year. However, since the first quarter was 120 million yen, 3.1 times the same (83 million yen increase), surprises seem limited. The fact that the full-year plan is 210 million yen, a 27.3% increase from the previous fiscal year remains unchanged, and since stock prices rose due to expectations over the past weekend, it seems that it has led to a sense of immediate exhaustion.
＜9268＞ Optimus 608 -104
Plummeting. A public offering of 10.434,800 shares and implementation of sales of 1,565,200 shares due to overallotment have been announced. The largest number of newly issued shares is at the level of 18.5% of the number of issued shares. Movements that view the dilution of stock values negatively prevail. The public offering price will be determined between 6/3 and 5. There also seems to be a plan to mainly allocate the funds raised to part of the repayment of loans associated with the acquisition of Autopact shares.
＜7590＞ TAKASHO 504 -59
Plummeting. Financial results for the first quarter were announced last weekend, and operating profit and loss were in deficit of 130 million yen, and profit and loss deteriorated by 370 million yen compared to the same period last year. The size of the garden exterior market is shrinking due to a decrease in the number of housing starts, and poor sales of gardening supplies due to abnormal weather also seem to have an impact. Full-year operating income is 580 million yen, and the improvement plan of 690 million yen compared to the previous fiscal year remains unchanged, but the first quarter is viewed as a sluggish start up than expected.
＜2491＞ V Commerce 1140 +100
Massive backlash. An increase in dividend forecasts was announced last weekend. The year-end dividend for the first half of the year was raised from the previous plan of 22 yen to 25 yen, and the year-end dividend was raised from 20 yen to 29 yen. The annual dividend will be raised from 42 yen to 54 yen, and the dividend will completely increase by 1 yen compared to the previous fiscal year. The number of shares eligible for dividends has decreased due to treasury stock acquisitions, which seems to lead to an increase in dividends per share. Note that the dividend payout ratio target is 50% or more.