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Rose, Shinkosho, C&R, etc.

Fisco Japan · Apr 12 02:42

＜8237＞松屋　1014　-24

大幅続落。前日に24年2月期の決算を発表、営業利益は29.7億円で前期比8.6倍となり、第3四半期決算時に上方修正した水準の23億円も大きく上回っている。一方、25年2月期は25億円で同15.9％減と一転2ケタ減益ガイダンスとなっており、ネガティブな反応が先行する形に。売上成長鈍化などによって、人件費などのコスト増がカバーしきれないものとみられる。

＜2918＞わらべ日洋　2435　-141

大幅続落。前日に24年2月期の決算を発表している。営業利益は63.8億円で前期比28.0％増となり、従来予想線上での着地となっている。一方、25年2月期は45億円で同29.5％減と大幅減益に転じる見通し。売上高は最高更新見通しであるほか、海外の大幅増益も想定しているが、生産効率改善のために国内工場再編の実施を検討しており、先行投資や製造コストの増加を見込んでいるもよう。

＜4763＞ C＆R社　1731　-254

急落。前日に24年2月期の決算を発表、営業利益は41億円で前期比3.7％増となり、従来計画の45億円を下振れ。25年2月期は48億円で同17.0％増の見通しだが、従来の中期計画では50億円を見込んでいたため下振れの格好となる。年間配当金は前期比2円増の43円を計画しているほか、発行済み株式数の1.3％に当たる30万株、5億円上限とした自社株買いの実施も発表しているが、下支えにつながらず。

＜8802＞三菱地所　3058　+198

大幅反発。本日は不動産セクターが大幅高、東京都のオフィス空室率の大幅な改善、三井不動産の株主還元策強化などが手掛かり材料になっているとみられる。また、同社に関しては、みずほ証券が投資判断を「中立」から「買い」に格上げ、目標株価も2100円から3400円に引き上げている。25年3月期営業利益はコンセンサスを上回ると予想しているほか、丸の内事業の開示なども期待材料になるとみているもよう。

＜6981＞村田製　2830.5　+76

大幅続伸。ジェフリーズ証券では電子部品セクターの調査を開始、同社は投資判断「バイ」でカバレッジを引き継ぎ、目標株価を3400円とした。円安や収益体質強化で在庫調整下でも安定した収益を計上、25年3月期に向けては自動車用MLCCの回復に加え、下期はPC、サーバー向けの回復も期待でき、営業利益は再度3000億円超を予想。同社の他、TDK、太陽誘電、ニデック、ミネベアミツミ、Nisshaを買い推奨。

＜8801＞三井不　1675　+121.5

大幅反発。前日に発表した新経営計画への評価が先行したようだ。27年3月期数値目標として、EPS年平均成長率8％以上、ROE8.5％以上、事業利益4400億円以上、純利益2700億円以上などを掲げる。利益水準は市場の期待値をやや上回る水準に。また、総還元性向目標を現行の45％から50％以上に引き上げ、配当性向を従来の30％程度から35％程度に引き上げており、累進配当もコミットしている。

＜9983＞ファーストリテ　42160　-1940

大幅続落。前日に第2四半期決算を発表、12-2月期営業益は1104億円で前年同期比7.0％増となり、第1四半期の同25.3％増から増益率鈍化、1180億円程度の市場予想も下回る。中国の売上低調が目立つ。24年8月期通期予想は、売上高は若干減額も営業益は4500億円、前期比18.1％増の市場予想を小幅に下回る水準を据え置き。第1四半期決算後に株価が大きく上昇したこともあり、ネガティブ視。

＜8141＞新光商　956　-178

急落。主要取引先であるルネサスエレクとの間で締結していた特約店契約を終了することになったと発表している。ルネサスからの申し入れを受けて、24年9月30日付で終了するようだ。商流移管などの詳細については協議中とされているが、23年3月期のルネサス社製品の売上高は947億円で、連結売上高の52.9％を占めていただけに、大幅な業容の縮小につながる懸念が先行する形になっているもよう。

＜9765＞オオバ　1126　+98

大幅続伸。前日に第3四半期決算を発表、営業利益は10.5億円で前年同期比20.1％増となり、据え置きの通期予想18億円、前期比5.0％増に対して順調推移となっている。加えて、年間配当金は従来計画の34円から37円、前期比13円増に引き上げているほか、発行済み株式数の1.25％に当たる20万株、1.5億円を上限とする自社株買いの実施も発表、株主還元策の強化も評価材料となっている。

＜6323＞ローツェ　26830　+5000

ストップ高。前日に24年2月期決算を発表、営業利益は241億円で前期比8.6％減となり、従来予想の216億円を上回った。また、25年2月期は316億円で同31.0％増を見込み、市場予想を上振れる水準のガイダンスに。同時に1：10の株式分割実施を発表、最低売買単価の大幅な引き下げにより、流動性の向上につながるとの期待も大きい。25年2月期年間配当金は株式分割後で13.5円から16円に増配計画。

＜8237＞ Matsuya 1014 -24

The sharp decline continued. Financial results for the fiscal year ended 24/2 were announced the day before, and operating profit was 2.97 billion yen, 8.6 times the previous fiscal year, which is well above the level of 2.3 billion yen revised upward at the time of the 3rd quarter financial results. Meanwhile, the fiscal year ended 25/2 was 2.5 billion yen, down 15.9% from the same period, completely turning 2-digit profit reduction guidance, and negative reactions took precedence. It seems that cost increases such as labor costs cannot be fully covered due to a slowdown in sales growth, etc.

＜2918＞ Warabe Nichiyo 2435 -141

The sharp decline continued. Financial results for the fiscal year ending 24/2 were announced the day before. Operating profit was 6.38 billion yen, up 28.0% from the previous fiscal year, and it has landed on the conventional forecast line. Meanwhile, the fiscal year ending 25/2 is expected to turn into a drastic decline of 4.5 billion yen, down 29.5% from the same period. In addition to sales being the highest update forecast, a drastic increase in overseas profits is also expected, but they are considering implementing domestic factory restructuring to improve production efficiency, and it seems that upfront investment and an increase in manufacturing costs are also anticipated.

＜4763＞ C&R Company 1731-254

Plummeting. Financial results for the fiscal year ended 24/2 were announced the day before, and operating profit was 4.1 billion yen, up 3.7% from the previous fiscal year, down 4.5 billion yen from the previous plan. The fiscal year ending 25/2 is 4.8 billion yen and is expected to increase 17.0% from the same period, but since 5 billion yen was anticipated in the conventional medium-term plan, it looks like it is declining. In addition to planning an annual dividend of 43 yen, an increase of 2 yen from the previous fiscal year, it has also been announced that 300,000 shares, which is 1.3% of the number of issued shares, and the implementation of company stock repurchases with an upper limit of 500 million yen has also been announced, but this has not led to support.

＜8802＞ Mitsubishi Estate 3058 +198

Massive backlash. Today, the real estate sector has risen drastically, and the drastic improvement in office vacancy rates in Tokyo and the strengthening of Mitsui Fudosan's shareholder return measures seem to be clues. Also, with regard to the company, Mizuho Securities upgraded investment decisions from “neutral” to “buy,” and the target stock price was also raised from 2100 yen to 3400 yen. Operating profit for the fiscal year ending 25/3 is expected to exceed consensus, and it also seems that disclosure of the Marunouchi business will also be expected.

＜6981＞ Made in Murata 2830.5 +76

Significant continued growth. Jeffries Securities began investigating the electronic components sector, and the company took over coverage based on the investment decision “buy” and set a target stock price of 3400 yen. Stable earnings were recorded even under inventory adjustments due to depreciation of the yen and strengthened profit structure, and in addition to the recovery of automotive MLCCs, recovery for PCs and servers can also be expected in the second half for the fiscal year ending 25/3, and operating income is once again expected to exceed 300 billion yen. In addition to the company, I recommend buying TDK, Taiyo Yuden, Nidec, MinebeaMitsumi, and Nissha.

＜8801＞ Mitsui No 1675 +121.5

Massive backlash. It seems that the evaluation of the new management plan announced the day before took precedence. As numerical targets for the fiscal year ending 27/3, we set an average annual EPS growth rate of 8% or more, ROE of 8.5% or more, business profit of 440 billion yen or more, net profit of 270 billion yen or more, etc. The profit level is slightly above market expectations. Furthermore, the total return ratio target has been raised from the current 45% to 50% or more, the dividend payout ratio has been raised from the conventional 30% to about 35%, and progressive dividends have also been committed.

＜9983＞ First Lite 42160 -1940

The sharp decline continued. Financial results for the 2nd quarter were announced the day before, and operating income for the fiscal year ended 12-2 was 110.4 billion yen, up 7.0% from the same period last year, the profit rate slowed from the same 25.3% increase in the first quarter, and fell below market expectations of about 118 billion yen. The slump in sales in China is conspicuous. The full-year forecast for the fiscal year ending 2014/8 left operating income at a level slightly lower than market expectations of 450 billion yen, up 18.1% from the previous fiscal year, even though sales declined slightly. There was also a significant rise in stock prices after the first quarter settlement, so it was viewed negatively.

＜8141＞ Shinkosho 956 -178

Plummeting. It has been announced that the dealer agreement concluded with Renesas Elec, which is the main business partner, will be terminated. It has received an offer from Renesas, and it seems that it will end on 24/9/30. Details such as commercial flow transfers are being discussed, but since sales of Renesas products for the fiscal year ended 23/3 were 94.7 billion yen, accounting for 52.9% of consolidated sales, it seems that concerns leading to a drastic reduction in business volume are ahead.

＜9765＞ plantain 1126 +98

Significant continued growth. Financial results for the 3rd quarter were announced the day before, and operating profit was 1.05 billion yen, up 20.1% from the same period last year, and there is a steady trend against the unchanged full-year forecast of 1.8 billion yen, an increase of 5.0% from the previous fiscal year. In addition, annual dividends have been raised from the previous plan of 34 yen to 37 yen, an increase of 13 yen from the previous fiscal year, and the implementation of 200,000 shares, which is 1.25% of the number of issued shares, and the implementation of company stock repurchases with an upper limit of 150 million yen has also been announced, and the strengthening of shareholder return measures has also been used as evaluation material.

＜6323＞ Rose 26830 +5000

The stop is high. Financial results for the fiscal year ending 2012/24 were announced the day before, and operating profit was 24.1 billion yen, down 8.6% from the previous fiscal year, exceeding the previous forecast of 21.6 billion yen. Also, the fiscal year ending 25/2 is expected to increase 31.0% from the same period at 31.6 billion yen, leading to guidance at a level that exceeds market expectations. At the same time, the 1:10 stock split was announced, and there is a high expectation that it will lead to an improvement in liquidity due to a drastic reduction in the minimum trading unit price. The annual dividend for the fiscal year ending 25/2 is planned to be increased from 13.5 yen to 16 yen after the stock split.

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ローツェ、新光商、C＆R社など

Rose, Shinkosho, C&R, etc.

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