Hino Motors Co., Ltd. <7205> fell by 62.5 to 406.1.

Significant drop. The company announced its second quarter earnings the previous day, with operating profit for July-September reaching 17.7 billion yen, triple that of the same period last year, and exceeding market expectations by about 6 billion yen. The full-year forecast has also been revised upwards from the previous 20 billion yen to 30 billion yen, due to factors such as the weakening yen and sales recovery. However, due to factors like losses related to North American certification, the full-year net loss is projected to be 220 billion yen, leading to no dividend for the second consecutive period. The deteriorating balance sheet is also seen as a cause for concern.

M&A Consulting, Inc. <9552> dropped by 333 to 2408.

Sharp decline. The company announced its financial results for the fiscal year ending September 24th, with operating profit at 8.41 billion yen, an 83.6% increase from the previous year, surpassing the previous forecast of 7.2 billion yen. However, it stood at 7.02 billion yen until the third quarter, falling short of expectations. For the fiscal year ending September '25, a profit of 10.4 billion yen is anticipated, representing a further 23.7% increase, but it falls below market expectations. The number of M&A advisors at the end of September '25 is expected to be between 400 and 450, a downward revision from the previous 500, which has also led to a decrease in growth expectations.

SMS Co., Ltd. <2175> plummeted by 299 to 1844.5.

Significant decline. The company announced its first half earnings the previous day, with operating profit at 3.57 billion yen, a 24.0% decrease from the same period last year, and a further 40.9% decrease in the July-September period, indicating a significant decline in profitability. Although the full-year forecast of 9.1 billion yen, a 10.0% increase from the previous year, remains unchanged, concerns of falling short are prevalent. It is worth noting that the company has been experiencing continuous operating profit growth since its establishment. The main reason for the decline in first half earnings is the increased costs due to investments in the concentration of recruiting career partners and advertising initiatives.

Exedy Corporation <7278> surged by 215 to 4115.

Significant increase. The company announced the implementation of a share buyback program for up to 30 billion yen and the acquisition of up to 12 million shares, representing 28.71% of the issued shares. The buyback period is from October 30th to October 29th of '25. The high-level share buyback is expected to support the current supply and demand situation. Additionally, the annual dividend has been raised from the previous plan of 120 yen to 200 yen. The aim is to improve capital efficiency and strengthen shareholder returns. Furthermore, the first half earnings report also indicates a significant increase in operating profit.

<9507> Shikoku Electric Power 1372.5 +148

Surged. The company announced its first-half earnings the previous day, with an operating profit of 55.9 billion yen, a 13.5% decrease compared to the same period last year. However, it exceeded market expectations, raising its full-year forecast from the previous 48 billion yen to 74 billion yen, a 7.6% decrease from the previous year. The full-year market consensus was around 52 billion yen. It seems that the increase in retail sales quantity and price hike covered the negative impact of reduced nuclear power operation. The dividend plan remains unchanged, but expectations for increased dividends in the coming year are growing.

<2212> Yamazaki Baking 3092 +410.5

Topped. The company announced its third-quarter earnings the previous day, with an operating profit of 7.8 billion yen, a 6.9% increase compared to the same period last year, slightly lower than the market forecast by just over 1 billion yen. However, it seems that the current slowdown in earnings has been adequately factored in due to the stock price decline since the first-half earnings announcement. The company also announced price increases for some bread and confectionery products, effective from shipments on January 1st. The shipping prices of the products in question will increase by an average of 5.6%, leading to expectations for the fiscal year ending December 2015.

<6701> NEC 13215 -340

Sharp decline. The day before, the second quarter earnings were announced, with an operating profit of 40.2 billion yen for the July-September quarter, a 11.2% increase from the same period last year, slightly lower than the market's estimates by around 4 billion yen. The July-September quarter has seen a slight slowdown in revenue growth in social infrastructure businesses. The full-year estimate remains above consensus at 255 billion yen, a 35.6% increase from the previous year. Additionally, the high volume of domestic IT service orders is maintaining strong growth in the double digits, following the trend from the first quarter.

<6301> Komatsu 4028 -42

Significant decline. The company announced its second-quarter earnings the previous day, with an operating profit of 146.4 billion yen for the July-September period, a 2.3% decrease compared to the same period last year, showing a downward deviation of about 10 billion yen from market expectations. On the other hand, the full-year forecast has been raised from the previous 557 billion yen to 573 billion yen, a 5.6% decrease from the previous year. However, it has not met the market consensus of around 600 billion yen, and excluding the profit increase factor of 38.6 billion yen due to exchange rates, it could be seen as a substantial underperformance due to the sluggish growth in North American construction machinery, among other factors.

<6861> Keyence 69160 +2150

Significant rise. The day before, the second quarter earnings report was announced, with an operating profit of 140.6 billion yen for the July-September quarter, an 11.2% increase from the same period last year, exceeding the market's estimates by around 5 billion yen. Gross profit margin has improved compared to the same period last year and the previous quarter, thanks to the progress of yen depreciation and cost reduction. Furthermore, it was announced that the interim and year-end dividends would be increased by 25 yen each, with an annual dividend of 350 yen, an increase of 50 yen from the previous year. This development is viewed positively.

<1973> NESIC 3250 +250

Significant gains. NEC announces complete subsidiary acquisition. Currently, NEC holds 51% of the company's shares, but plans to acquire all shares through a TOB. The TOB price is 3250 yen, representing an 8.3% premium over the previous day's closing price. The TOB period is from today until December 11. The company is encouraging shareholders to participate in the TOB. The previous day, it announced a postponement of the earnings report release time, followed by a sharp rise in stock price. It appears that speculation about the TOB had been leading to the situation.