Japan Optics, Nintendo Co Ltd, Avant-G, etc.

Fisco Japan · Aug 5 15:19

＜8524＞北洋銀行　381　-80

ストップ安。本日は全面安となる中、銀行セクターが業種別下落率の上位となった。雇用統計の下振れを受け米長期金利は2023年12月以来の低水準となったほか、国内債券市場でも、新発10年物国債の利回りが一時、約4カ月ぶりの低水準をつけた。日米金利低下を受けて、保険セクターとともに売りが集まる展開へ。同行はラピダス効果への期待感なども反映し、セクター内でも前半の上昇率は相対的に高水準だった。

＜2440＞ぐるなび　279　-7

大幅続落。先週末に第1四半期決算を発表、営業利益は1.4億円で前年同期比2.1億円の損益改善となり、上期予想は従来の3.3億円の赤字から0.1億円の黒字に、通期では1.5億円から2.2億円にそれぞれ上方修正した。飲食店支援事業を中心に売上高は順調な滑り出しで、コストコントロールの徹底が奏効して収益性も高まっているもよう。ただ、全般安という投資家心理の悪化に引きずられる展開に。

＜7974＞任天堂　6607　-1308

急落。先週末に第1四半期決算を発表、営業利益は545億円で前年同期比70.6％減となり、800億円程度の市場予想を大幅に下回った。ゲーム専用機の売上高、並びに、モバイル・IP関連収入などの落ち込みが主因となった。円安メリットを享受しながらの想定以上の大幅減益をネガティブ視する動きが優勢。通期計画4000億円、前期比24.4％減は据え置きも、円安効果の減退を意識すれば下振れも想定される状況に。

＜6908＞イリソ電子　2355　-500

ストップ安。先週末に第1四半期の決算を発表、営業損益は1.9億円で前年同期比80.3％減と大幅減益になっている。据え置きの通期計画は70億円、前期比17.9％増に対して、想定以上の低調な推移と受けとめられている。売上の伸び悩み、為替影響、原材料価格高騰、新ERP立上げトラブルなどが大幅減益の背景に。売上減は、一部前四半期への前倒しの反動減、EV販売伸長率鈍化による車載市場成長減速などが影響。

＜5384＞ FUJIMI　2421　-500

ストップ安。先週末に第1四半期決算を発表、営業利益は26.3億円で前年同期比11.6％増となり、据え置きの通期計画85億円、前期比3.0％増に対して順調な推移、市場予想も上回ったとみられる。シリコンウエハ研磨事業が好調で牽引役となったが、信越化学の決算などで期待感は先行していたとみられる。地合い悪化の影響で出尽くし感がより強まっている状況だが、主力のCMPスラリー事業の伸び悩みなどは警戒視も。

＜6849＞日本光電　1595.5　-500

ストップ安。先週末に第1四半期決算を発表、営業損益は12億円の赤字転落となり、上半期予想は従来の70億円から30億円、前年同期比59.9％減に下方修正している。国内や海外ともに、想定より予算執行が下期偏重にあることのほか、中国が引き続き低調に推移しているもよう。とりわけ、国内売上高の減収転換にはネガティブな見方。通期予想は据え置いているものの、達成のハードルは高いとの見方が優勢にも。

＜7729＞東精密　7153　-1500

ストップ安。先週末に第1四半期決算を発表、営業利益は40.8億円で前年同期比3.9％減となり、市場予想から10億円程度下振れ。新たに25年3月期通期見通しを公表しているが、営業利益は270億円で前期比6.7％増としている。市場コンセンサスは320億円程度であったとみられ、大幅な下振れの形となる。なお、民生向けが回復しない前提でのガイダンスとしており、保守的な要素は強いとみられる。

＜3836＞アバントG　1426　+205

急伸。先週末に24年6月期の決算を発表、営業利益は41億円で前期比24.6％増となり、従来予想の38.5億円を上振れる着地に。第3四半期までの営業増益率は5.3％にとどまっていた。25年6月期は49億円で前期比19.5％増の見通し。受注残の順調な積み上がりなどによる売上増を見込んでいる。また、年間配当金は前期比6円増となる25円を計画している。

＜4483＞ JMDC　3066　+53

大幅反発。先週末に第1四半期決算を発表、営業利益は10.9億円で前年同期比57.2％の大幅減益となったが、前年同期には子会社譲渡及び子会社役員退職慰労引当金の戻入益が計上されており、その影響を除いたベースでは20％増となっている。また、今回は上半期の業績見通しを公表、7-9月期営業利益は17.1億円で同62％の増益見通しとなっている。順調な収益成長の確認で評価が高まる展開へ。

＜4689＞ラインヤフー　338.8　-11.8

大幅続落。先週末に第1四半期決算を発表、営業利益は1068億円で前年同期比79.8％増となった。子会社の支配喪失に伴う利益が計上されているが、それを除いてもコンセンサスを上回る着地に。また、TOBによる自社株買いも発表、発行済み株式数の5.06％に当たる3億8659万7939株、1500億円を取得する。買付価格は388円で買い付け期間は本日から9月2日まで。ただ、市場環境の悪さに連動する形に。

＜8524＞ North Pacific Bank 381 -80

Stop cheap. While there was an overall depreciation today, the banking sector was at the top of the rate of decline by industry. Long-term US interest rates have been at a low level since 2023/12 due to declining employment statistics, and even in the domestic bond market, yields on new 10-year government bonds temporarily hit a low level for the first time in about 4 months. In response to the decline in interest rates between Japan and the US, sales gathered along with the insurance sector. The bank also reflected expectations for the Rapidas effect, etc., and the rate of increase in the first half was at a relatively high level even within the sector.

＜2440＞ GURUNAVI 279 -7

The sharp decline continued. Financial results for the first quarter were announced last weekend, and operating income was 0.14 billion yen, an improvement of 0.21 billion yen compared to the same period last year, and the first half forecast was revised upward from the conventional deficit of 0.33 billion yen to a surplus of 0.01 billion yen, and from 0.15 billion yen to 0.22 billion yen for the full year, respectively. Sales have started smoothly, mainly in the restaurant support business, and it seems that thorough cost control has been effective and profitability is also increasing. However, the development was dragged by a deterioration in investor sentiment called general weakness.

＜7974＞ Nintendo 6607 -1308

Plummeting. Financial results for the first quarter were announced last weekend, and operating profit was 54.5 billion yen, down 70.6% from the same period last year, significantly lower than market expectations of around 80 billion yen. Sales of dedicated game consoles and a drop in mobile/IP-related revenue, etc. were the main causes. While enjoying the benefits of the depreciation of the yen, movements that negatively view a drastic decline in profit above expectations prevail. The full year plan is 400 billion yen, and even though the 24.4% decrease from the previous fiscal year remains unchanged, a downturn is expected if we are aware of the decline in the depreciation effect of the yen.

＜6908＞ IRISO ELECTRONICS 2355 -500

Stop cheap. Financial results for the first quarter were announced last weekend, and operating profit and loss were 0.19 billion yen, down 80.3% from the same period last year, resulting in a drastic decrease of profit. The unchanged full-year plan is 7 billion yen, an increase of 17.9% from the previous fiscal year, and is regarded as a sluggish trend above expectations. Sluggish sales growth, exchange rate effects, soaring raw material prices, new ERP launch troubles, etc. are behind the drastic decline in profit. The decline in sales was affected by a decline in part due to an early decline in the reaction to the previous quarter and a slowdown in automotive market growth due to a slowdown in EV sales growth rates.

＜5384＞ FUJIMI 2421 -500

Stop cheap. Financial results for the first quarter were announced last weekend, and operating profit was 2.63 billion yen, up 11.6% from the same period last year, and it seems that it has been steady against the unchanged full-year plan of 8.5 billion yen, a 3.0% increase from the previous fiscal year, and also surpassed market expectations. The silicon wafer polishing business was strong and became the driving force, but it seems that expectations were ahead of time due to financial results etc. of Shin-Etsu Chemical. It is a situation where the sense of exhaustion is getting stronger due to deteriorating conditions, but there is also caution about sluggish growth etc. in the main CMP slurry business.

＜6849＞ Nihon Kohden 1595.5 -500

Stop cheap. Financial results for the first quarter were announced last weekend, and operating profit and loss fell into deficit of 1.2 billion yen, and the first half year forecast was revised downward from the previous 7 billion yen to 3 billion yen, down 59.9% from the same period last year. Both domestically and overseas, in addition to the fact that budget execution is more focused on the second half than expected, it also seems that China continues to be sluggish. Above all, there is a negative view of the decline in domestic sales. Although the full-year forecast remains unchanged, the view that the hurdle to achievement is high also prevails.

＜7729＞ Higashi Seimitsu 7153 -1500

Stop cheap. Financial results for the first quarter were announced last weekend, and operating profit was 4.08 billion yen, down 3.9% from the same period last year, down about 1 billion yen from market expectations. A new full-year forecast for the fiscal year ending 25/3 has been announced, and operating profit is 27 billion yen, up 6.7% from the previous fiscal year. The market consensus seems to have been around 32 billion yen, which is a significant downside. Note, the guidance is based on the assumption that consumer welfare will not recover, and conservative elements seem to be strong.

＜3836＞ Avant G 1426 +205

rapid expansion. Financial results for the fiscal year ended 24/6 were announced last weekend, and operating profit was 4.1 billion yen, up 24.6% from the previous fiscal year, and reached a point where it surpassed the previous forecast of 3.85 billion yen. The operating profit growth rate until the third quarter remained at 5.3%. The fiscal year ending 25/6 is expected to be 4.9 billion yen, up 19.5% from the previous fiscal year. Sales are expected to increase due to the steady accumulation of outstanding orders, etc. Also, the annual dividend is planned to be 25 yen, which is an increase of 6 yen from the previous fiscal year.

＜4483＞ JMDC 3066 +53

Massive backlash. Financial results for the first quarter were announced last weekend, and operating income was 1.09 billion yen, a drastic decrease of 57.2% compared to the same period last year, but return profit from subsidiary transfers and subsidiary officer retirement benefits was recorded in the same period last year, and there was a 20% increase on a basis excluding that effect. Also, this time, earnings forecasts for the first half of the year have been announced, and operating income for the July-9 fiscal year is 1.71 billion yen, which is expected to increase 62% from the same period. Towards a development where evaluations will increase due to confirmation of steady profit growth.

＜4689＞ LINE Yahoo 338.8 -11.8

The sharp decline continued. Financial results for the first quarter were announced last weekend, and operating profit was 106.8 billion yen, up 79.8% from the same period last year. Profits associated with the loss of control of the subsidiary have been recorded, but even excluding that, it surpassed consensus. In addition, a share buyback through TOB was also announced, and 0.3 billion 86.59 million7939 shares, which is 5.06% of the number of issued shares, and 150 billion yen will be acquired. The purchase price is 388 yen and the purchase period is from today until 9/2. However, it is linked to poor market conditions.

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日本光電、任天堂、アバントGなど

Japan Optics, Nintendo Co Ltd, Avant-G, etc.

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