Chemipro Chemical, Avix, Kyoei Steel, etc.

Fisco Japan · Apr 22 14:22

＜7836＞アビックス　105　+14

急伸。先週末に業績予想の上方修正を発表している。営業利益は従来予想の0.4億円から1.1億円に上方修正。デジタルサイネージの需要が旺盛で多くの業界で導入が進んだこと、デジタルマーケティングによる販促効果が大きかったことなどで、デジタルサイネージ関連事業における情報機器部門の売上高が予想を上回っているもよう。過去比較でも極めて高水準の収益状況となる。

＜5440＞共英製鋼　2543　+191

大幅続伸。先週末に業績予想の修正を発表している。営業利益は従来予想の200億円から210億円、前期比41.7％増に引き上げ。棒鋼の値上げ効果やスクラップ価格の値下がりなどが背景とみられる。修正幅にインパクトは限定的だが、年間配当金も従来計画の80円から90円に引き上げている。先週末終値ベースでの配当利回りは3.8％程度となり、ポジティブな反応につながっているようだ。

＜3073＞ DDグループ　1204　+67

大幅反発。26年2月期までの中期経営計画計数目標の修正を発表している。26年2月期営業利益は当初計画の28億円から40億円にまで引き上げている。24年2月期営業利益は32.4億円と計画値を前倒しで達成しており、25年2月期も35億円まで伸長の見込みとなっている。中計の上振れは想定線ではあるが、株価が安値圏にあり、当面の業績に対する安心感が見直しの動きにもつながっている。

＜6967＞新光電工　5525　+9

下げ渋りもみ合い。先週末に業績予想の下方修正を発表、24年3月期営業利益は従来予想の350億円から248億円、前期比67.7％減に引き下げている。ただ、第3四半期までで前年同期比74.7％減益であったため、業績の下振れ自体は想定線と捉えられる。下方修正後の1-3月期は増益に転じる見込みとなっており、今後は来年度の回復期待も織り込む形から、短期的な悪材料出尽くし感が強まる状況のようだ。

＜4960＞ケミプロ化成　479　+80

ストップ高。先週末に業績予想の上方修正を発表。経常利益は従来予想の1億円から1.3億円に、純利益は0.8億円から1.2億円に引き上げた。主力のプラスチック添加剤の販売が上振れたこと、受託製造製品の追加受注獲得が工場稼働率改善に寄与し生産休止費用が減少したこと、減損処理済資産の処分・圧縮を進めたことなどが背景。修正幅は限定的だが、第3四半期までで経常利益は前年同期比4割超の大幅減益であった。

＜2053＞中部飼料　1173　+81

大幅反発。先週末に24年3月期の業績修正を発表している。営業利益は従来予想の30億円から39億円、前期比2.3倍に上方修正。飼料事業において第4四半期に畜産飼料の原料ポジションが想定以上に改善したほか、電力費・燃料費など変動費の増加が想定を下回ったことか上振れの背景に。第3四半期までは2ケタの減益であった。年間配当金も従来計画の34円から40円に引き上げ、前期比でも6円の増配となる。

＜7201＞日産自　550.4　-11

大幅続落。先週末に24年3月期の業績下方修正を発表している。営業利益は従来予想の6200億円から5300億円に引き下げ、市場コンセンサスも従来会社予想水準であったとみられる。下方修正の要因は、販売台数の減少、並びに、インフレの影響などによるサプライヤーのコスト負担を軽減する取り組みなどによるものとしている。足元で為替相場が円安水準となっていたため、下振れには意外感も強いようだ。

＜6238＞フリュー　1173　-89

大幅続落。先週末に3月の月次動向を発表している。売上高は前年同月比3.9％増となったが、伸び率は8月以来の1ケタ台にとどまっており、マイナス材料視される形になっている。主力の世界観ビジネスは高成長続くが、直近との比較で増収率はやや鈍化。ガールズトレンドビジネス、フリューニュービジネスなどは前年比減少に転じる状況となっている。

＜7198＞ SBIアルヒ　844　-57

大幅続落。先週末に業績予想の下方修正を発表、24年3月期税引前利益は従来予想の30億円から23億円、前期比44.2％減に引き下げ。固定金利と変動金利の金利差等を背景にフラット35市場が引き続き低調、期待していた「フラット35」子育てプラスに関しても、期中に実行される新規案件が想定よりも少なかったようだ。新年度業績対する期待感などもやや後退の方向とみられる。

＜8035＞東エレク　32450　-1080

続落。先週末の米国市場では、エヌビディアが10％安となるなど、SOX指数が4％超の下落となった。TSMCの業界見通し下方修正などが響く形に。本日の日経平均は地政学リスクの緩和では反発に転じているものの、同社など半導体関連には引き続き売りが優勢となった。なお、同社に関しては、UBS証券が現在想定できるプラス要因の殆どを株価は織り込んだとして、投資判断を「ニュートラル」に格下げしている。

＜7836＞ Avix 105 +14

rapid expansion. An upward revision of earnings forecasts was announced last weekend. Operating profit was revised upward from the previous forecast of 0.4 million yen to 110 million yen. Demand for digital signage is strong, introduction progressed in many industries, and sales promotion effects from digital marketing were significant, etc., so it seems that sales in the information equipment division in the digital signage-related business have exceeded expectations. The profit situation is at an extremely high level even in past comparisons.

＜5440＞ Kyoei Steel 2543 +191

Significant continued growth. Revisions to earnings forecasts were announced last weekend. Operating profit was raised from the previous forecast of 20 billion yen to 21 billion yen, an increase of 41.7% from the previous fiscal year. The effects of price increases in steel bars and price drops in scrap prices seem to be the background. The impact on the range of revisions is limited, but the annual dividend has also been raised from the previous plan of 80 yen to 90 yen. The dividend yield based on last weekend's closing price was around 3.8%, which seems to have led to a positive response.

＜3073＞ DD Group 1204 +67

Massive backlash. Revisions to the medium-term management plan calculation targets up to the fiscal year ending 26/2 have been announced. Operating profit for the fiscal year ended 26/2 has been raised from the initial plan of 2.8 billion yen to 4 billion yen. Operating profit for the fiscal year ended 24/2 was 3.24 billion yen ahead of schedule, and it is expected to grow to 3.5 billion yen for the fiscal year ending 25/2. The mid-term upside is expected, but stock prices are in the low range, and a sense of security about immediate results has also led to a review movement.

＜6967＞ Shinko Electric 5525 +9

The reluctance to lower it goes well together. A downward revision of earnings forecasts was announced last weekend, and operating income for the fiscal year ending 24/3 was lowered from the previous forecast of 35 billion yen to 24.8 billion yen, down 67.7% from the previous fiscal year. However, since profit decreased 74.7% from the same period last year until the 3rd quarter, the downturn in business results itself can be regarded as an expected line. The January-March fiscal year after the downward revision is expected to turn to an increase in profit, and it seems that the sense of running out of bad materials in the short term will intensify from now on, taking into account recovery expectations for the next fiscal year.

＜4960＞ CHEMIPRO KASEI 479 +80

Stop height. An upward revision of earnings forecasts was announced last weekend. Ordinary income was raised from the previous forecast of 100 million yen to 130 million yen, and net profit was raised from 80 million yen to 120 million yen. The background is that sales of plastic additives, which are the main force, have improved, additional orders for contract manufacturing products contributed to improving factory operation rates and reduced production suspension costs, and the disposal and compression of assets that have been impaired. The range of revisions is limited, but up to the 3rd quarter, ordinary profit declined drastically by over 40% compared to the same period last year.

＜2053＞ Chubu Feed 1173 +81

Massive backlash. Earnings revisions for the fiscal year ending 24/3 were announced last weekend. Operating profit was revised upward from the previous forecast of 3 billion yen to 3.9 billion yen, 2.3 times the previous fiscal year. In the feed business, the raw material position for livestock feed improved more than expected in the fourth quarter, and the increase in variable costs such as electricity costs and fuel costs fell below expectations, which is the background of the upward trend. Profit declined by 2 digits until the third quarter. The annual dividend will also be raised from the previous plan of 34 yen to 40 yen, and dividends will also increase by 6 yen compared to the previous fiscal year.

＜7201＞ Nissan's 550.4 -11

The sharp decline continued. A downward revision of earnings for the fiscal year ending 24/3 was announced last weekend. Operating profit was lowered from the previous forecast of 620 billion yen to 530 billion yen, and the market consensus also seems to have been at the level of conventional company expectations. The factors behind the downward revision are due to a decrease in the number of units sold and efforts to reduce the cost burden on suppliers due to the effects of inflation, etc. Since the exchange rate was currently at a depreciation level of the yen, there seems to be a strong sense of surprise about the downturn.

＜6238＞ Flew 1173 -89

The sharp decline continued. Monthly trends for March were announced last weekend. Sales increased 3.9% from the same month last year, but the growth rate has remained in the 1-digit range since August, and it is viewed as negative material. The main world view business continues to grow at a high rate, but the rate of increase in sales has slowed slightly compared to the recent past. Girls' trend businesses, fuyu new businesses, etc. are turning to a year-on-year decline.

＜7198＞ SBI Alhi 844-57

The sharp decline continued. A downward revision of earnings forecasts was announced last weekend, and profit before income taxes for the fiscal year ending 24/3 was lowered from the previous forecast of 3 billion yen to 2.3 billion yen, down 44.2% from the previous fiscal year. The flat 35 market continued to be sluggish against the backdrop of interest rate differences between fixed interest rates and variable interest rates, etc., and it seems that there were fewer new projects executed during the period than expected, even with regard to the expected “flat 35” child-rearing plus. Expectations for the new fiscal year's results also seem to be in the direction of a slight recession.

＜8035＞ East Elec 32450 -1080

Continued decline. In the US market last weekend, NVIDIA fell 10%, and the SOX index fell by more than 4%. TSMC's downward revisions to the industry outlook resonate. Although today's Nikkei Average turned into a rebound due to mitigation of geopolitical risks, sales continued to dominate semiconductor-related companies such as the company. Note, with respect to the company, investment decisions have been downgraded to “neutral,” assuming that the stock price incorporates most of the positive factors that UBS Securities can currently anticipate.

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ケミプロ化成、アビックス、共英製鋼など

Chemipro Chemical, Avix, Kyoei Steel, etc.

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