<6920> Laser Tech 21345 -175

Continued decline. The previous day saw Taiwan TSMC announce its financial results, including an upward revision of revenue forecasts, which provided reassurance for semiconductor-related stocks. However, the increase in the U.S. SOX index is limited, and the recovery of ASML, which had recently plummeted, is also sluggish. Domestic semiconductor-related stocks such as the company itself, Advantest, Tokyo Electron, SCREEN, etc., are mostly on the negative side. As the U.S. presidential election approaches, concerns about continued semiconductor regulation against China seem unresolved.

<4578> Otsuka Holdings 9049 +295

Significant rise. Jefferies Securities continues to rate it as a 'Buy' and has raised its target stock price from 9700 yen to 10500 yen. It is highly regarded for taking the lead in the rare disease market worth billions of dollars, IgA nephropathy, and attracting attention from pharmaceutical investors worldwide. They also view capital efficiency and shareholder return enhancement positively. The evaluation of key products and pipeline assets has been raised, and the operating profit forecast for this fiscal year and beyond has been revised upward by an average of 7%.

<262A> Inter Mestic 1981

It debuted on the main board market today, opening at 2038 yen, 25% above the IPO price of 1630 yen, and then saw a slightly bearish trend. The company is involved in manufacturing and selling eyeglass lenses, frames, and sunglasses. It was the first in Japan to introduce the SPA method to the eyewear business and also started a collaboration with Disney for the first time in the domestic eyewear industry in 2013. This listing is the first direct listing on the main board since KOKUSAI in 2023, with the highest increase in offering price among the 5 IPO companies this month.

<4174> Appiritsu 794 +59

Significant rise. It has announced the implementation of a share buyback for its own shares, up to 0.15 million shares, equivalent to 3.63% of the issued shares, and up to 0.18 billion yen. The buyback period is from October 18 to January 31, 25. As a flexible capital policy aimed at improving shareholder returns, the company has decided to repurchase its own shares this time. It is stated that the repurchased shares will be extinguished at an appropriate time if their use is not anticipated. This share buyback by the company is the first since acquiring a maximum of 0.05 million shares in November 2023.

<2975> Star Micra Holdings 656 +32

Sharp rise. It announced the implementation of the repurchase of treasury stock with a limit of 0.36 million shares, equivalent to 1.08% of the issued shares and up to 0.2 billion yen. The repurchase period is from October 18 to November 30. The purpose of the repurchase is to achieve a 40% total return ratio as an indicator, taking into consideration the financial condition and stock price levels in order to implement a enhanced profit return to shareholders. Up to October 11, a repurchase of treasury stock of up to 0.1 billion yen was just completed, making this an additional share buyback implementation.

<6146> Disco 38310 +2730

Rebound. The company announced second quarter earnings the previous day. The operating profit for the July-September period was 42.6 billion yen, a 51.6% increase from the same period last year, exceeding the estimated level based on the preliminary sales report released on October 4. The improvement in gross profit margin has surpassed expectations and seems to have become a material for the stock price evaluation. On the other hand, the profit forecast for the October-December period is 29.2 billion yen, which is about 15 billion yen below market expectations, but has been perceived as conservatively cautious as before.

<6787> Meiko 5950 +170

Sharp rise. Morgan Stanley MUFG Securities has newly rated the investment as 'overweight' with a target stock price set at 7,600 yen. The shift away from China in the supply chain and the expansion of demand for in-vehicle printed circuit boards in the two PCB markets are seen as tailwinds. It seems that under a clear vision capturing the market trends, the results of proactive investments made towards expanding production capacity are beginning to emerge.

<6849> Nihon Koden 2227 +147.5

Significant rebound. It announced a revision of earnings forecasts the previous day. The first half operating profit was upwardly revised from the previous forecast of 3 billion yen to 5 billion yen, while net profit was downwardly revised from 1.5 billion yen to 0.5 billion yen. Due to strong sales of AEDs in the PAD market, domestic sales have been tracking higher than expected. On the flip side, due to recording exchange losses, ordinary profit has been revised downward. As the first quarter was in an operating loss, there is a forward-looking view on the rapid recovery based on the core business.

<4443> Sansan 2347 +172

Marked rise. At Nomura Securities, the investment rating has been upgraded from 'Neutral' to 'Buy', and the target stock price has also been raised from 2,500 yen to 2,700 yen. Despite the softening of the stock price due to weak operating profits in the first quarter, the fundamentals indicated by adjusted operating profits etc. are strong, and the earnings forecast has been revised upwards mainly due to the improvement in gross profit margin. It is expected that the company will achieve operating profit in the second quarter and the stock price seems to be entering a phase that incorporates medium to long-term growth potential.

<3498> Kasumigaseki Capital 14940 -1160

Significant decline. The issuance of 2029 maturity Euro-yen convertible bonds was announced. The total corporate bond amount is 22 billion yen, with a conversion price of 17,710 yen, resulting in an increase of 10.00% based on the previous day's closing price. The allotment date for the subscription rights is November 5, and the exercise period is from November 19 to October 22, 29 years. The potential dilution rate through this financing is 12.63%, which seems to have become a selling point. The funds raised will mainly be used for acquiring development land, development capital, and property acquisition funds.