＜6981＞ Murata 2903.5 +36.5

Continued growth. Financial results for the fiscal year ended March 24 were announced last weekend. Operating income for the fiscal year ending January-March appears to remain at 330 million yen when impairment losses are recorded for cylindrical lithium-ion battery equipment. Full-year operating income for the fiscal year ending 25/3 is 300 billion yen, which is expected to increase 39.2% from the previous fiscal year, but the consensus is lower than 30 billion yen. Although the financial results are seen as slightly negative, 44 million shares, which is 2.33% of the number of issued shares, and share buybacks of 80 billion yen were announced, which is supporting material. The stock price of Apple the day before was also a support.

＜2413＞ M3 1691.5 -186

The sharp decline continued. Financial results for the fiscal year ending 24/3 were announced last weekend, and operating income was 64.4 billion yen, down 10.6% from the previous fiscal year, and market forecasts were lowered by about 8 billion yen, mainly due to the recording of impairment losses. The range forecast for the fiscal year ending 25/3 is 67-70 billion yen, and the consensus of about 80 billion yen declined drastically. A further decline in COVID-related sales is expected. While people are aware of the trend of slowing growth, expensive valuations are still becoming important.

＜3778＞ Sakura 5910 +660

Massive backlash. Financial results for the fiscal year ending 2014/3 were announced last weekend, and operating profit was 880 million yen, down 19.1% from the previous fiscal year, falling sharply from the previous forecast of 1.45 billion yen. However, the downturn from the situation up to the 3rd quarter has been taken as an expected line. Meanwhile, the fiscal year ending 25/3 is expected to rapidly expand 2.3 times to 2 billion yen, leading to a positive response. In addition, issuance registration relating to the issuance of new shares was announced, and it is said that the scheduled issuance period is from 5/8 to 25/5/7, and the upper limit of the planned issuance amount is 20 billion yen.

＜4661＞ OLC 4362 -292

A sharp decline. Financial results for the fiscal year ended March 24 were announced last weekend. Operating profit was 165.4 billion yen, up 48.8% from the previous fiscal year, and landed above the previous forecast of 146.7 billion yen. Meanwhile, the fiscal year ending 25/3 is 170 billion yen, which is expected to increase 2.8% from the same period, and the market consensus of over 200 billion yen has declined significantly. It seems that growth in the number of visitors to the park is expected to slow down due to the end of the 40th anniversary event, etc. Although it appears to be conservative, movements that view guidance as negative have taken the lead.

＜8053＞ Sumitomo Corporation 4155 +246

Significant continued growth. It has been revealed that Elliot Management, a US hedge fund known as an activist, has invested tens of billion yen in the company's shares. The fund has recently been actively investing in Japanese stocks, such as Mitsui Fudosan and Dai Nippon Printing. The company also has lower PBR levels compared to other major general trading companies, which seems to lead to a sense of expectation for financial results announcements on 5/2.

＜6301＞ Komatsu 4755 +491

Massive backlash. Financial results for the fiscal year ending 24/3 were announced last weekend, and operating profit was 607.2 billion yen, up 23.7% from the previous fiscal year, and the profit growth rate for the January-March fiscal year slowed to the 1-digit range. The fiscal year ending 25/3 is expected to be 557 billion yen, down 8.3% from the same period. The consensus is down about 30 billion yen, but the profit decline guidance itself is an estimate. Meanwhile, it was announced that 33 million shares, which is 3.5% of the number of shares already issued, will be implemented with an upper limit of 100 billion yen, and the acquisition period is until 9/30. The size of the company's stock has led to a surprise.

＜6503＞ Mitsubishi Electric 2773 +380

Massive backlash. Financial results for the fiscal year ending 2014/3 were announced last weekend, and operating profit was 328.5 billion yen, up 25.2% from the previous fiscal year, and landed at a level similar to market expectations. The fiscal year ending 25/3 is 400 billion yen, which is expected to increase 21.8% from the same period, which greatly exceeds the consensus of about 350 billion yen. It seems that they are expecting a drastic expansion of the FA system, where it has been confirmed that orders have bottomed out. Also because there is a strong tendency to show relatively conservative guidance. The positive response to the bullish outlook is intensifying.

＜6501＞ Hitachi 14620 +1145

Significant continued growth. Financial results for the fiscal year ending 2014/3 were announced last weekend, and adjusted operating income was 755.8 billion yen, up 1.0% from the previous fiscal year, and landed at a level similar to market expectations. The fiscal year ending 25/3 is 855 billion yen, which is expected to increase 13.1% from the same period, and it seems to be on the consensus line. There are no surprises in the financial results, but the mid-term shareholder return target value has been raised. The annual dividend for the fiscal year ending March 31, '24 is 180 yen, an increase of 35 yen from the previous fiscal year, and the implementation of a share buyout of the company with an upper limit of 21 million shares, which is 2.27% of the number of issued shares, and 200 billion yen was also announced.

＜6526＞ Socionext 4691 +384

Switch back and forth and continue. Financial results for the fiscal year ending 24/3 were announced last weekend, and operating profit was 35.5 billion yen, up 63.6% from the previous fiscal year, and it seems that market expectations were shaken by about 2.5 billion yen. Meanwhile, the fiscal year ending 25/3 is expected to be 27 billion yen, down 24.0% from the same period. The consensus was around 34 billion yen. However, exchange rate estimates are conservative at 130 yen, and stagnation in earnings from this fiscal year onwards has originally been factored in. Expectations to obtain business negotiations for North American data centers have also increased, leading to a sense of lack of profit reduction guidance.

＜6857＞ Advantes 4996 -393

A sharp decline. Financial results for the fiscal year ending 24/3 were announced last weekend, and operating profit was 81.6 billion yen, down 51.3% from the previous fiscal year, and market expectations were lowered by about 5 billion yen. Surprises are limited because some impairment records etc. are seen as downside factors. Meanwhile, the fiscal year ending 25/3 is 90 billion yen, which is expected to increase 10.3% from the same period, but the market consensus of about 130 billion yen has declined drastically. I have the impression that consensus has been devalued slightly at the moment, but the magnitude of the downside is viewed negatively. It seems that they are expecting a decline in profit margins.