Weather News (4825) 、UACJ (5741) 、San-oh Industries (6584) 、Bank of the Ryukyus (8399)
Weather News (4825)
6400 yen (closing price on 9/8)
■Established in 1986. The company collects and processes data on natural phenomena, including weather, together with its clients, and provides content, including weather forecast-based business support for BtoB (corporate clients) and information content for BtoS (social clients).
■For the fiscal year ending May 31, 2023, announced on July 6, 2023, the company forecasts net sales of 21.114 billion yen (up 7.4% year-on-year) and operating income of 3.256 billion yen (up 12.1% year-on-year). The company’s sales increased 7.4% y-o-y to 21.114 billion yen, and operating profit grew 12.1% y-o-y to 3.256 billion yen.
■The company plans a 6.6% y-o-y rise in sales to 22.5 billion yen, a 7.5% y-o-y rise in operating profit to 3.5 billion yen, and a 10-yen y-o-y increase in the annual dividend to 120 yen. Based on the foundation established by the brand with high forecasting accuracy in the mobile and Internet weather business, the company plans to strengthen its contribution to the global environment in its new medium-term business plan for the three years from June 2023, including CO2 reduction in the navigation weather business, climate change risk analysis in the climate tech business, and renewable energy generation forecasting.
UACJ (5741)
3055 yen (closing price on 9/8)
■A subsidiary of Furukawa Electric Co. Furukawa Electric (5801) is the largest shareholder with a 24.9% stake. The company has the largest production capacity for rolled aluminum products in Japan and the third largest in the world after Alcoa and Novelis in the U.S.
■In the 1Q (April-June) of FY2024/3, sales declined 17.6% y-o-y to 211.1 billion yen, and operating profit fell 53.9% y-o-y to 8.177 billion yen. Although sales of automotive-related materials were on a recovery trend due to the easing of the global semiconductor shortage, domestic sales volume declined due to lower demand for can materials and downturns in demand for semiconductor manufacturing equipment, electrical machinery, and construction materials. Aluminum ingot prices also declined.
■The company’s full-year forecasts call for net sales of 970 billion yen (up 1.6% year-on-year), operating income of 34 billion yen (up 3.2 times), and annual dividends of 85 yen (unchanged from the previous year). The company’s “GIGACAST” technology, in which the entire car body is integrally formed by aluminum die casting, has enabled Tesla of the U.S. to take the lead in reducing the weight of electric vehicle (EV) car bodies and reducing the number of parts and costs.
San-oh Industries (6584)
1000 yen (closing price on 9/8)
■Established in 1939 in Omiya City, Saitama Prefecture, for the manufacture of aircraft parts. The company manufactures and sells electric parts and equipment as well as automotive parts with respect to double- and single-wound steel tubes. The company operates in Japan, North and South America, Europe, China, and Asia.
■In the 1Q (April-June) of FY2024/3 announced on August 10, 2023, sales increased 17.4% y-o-y to 36.446 billion yen, and operating profit increased 8.4 times y-o-y to 1.112 billion yen. In addition to the increase in sales due to the recovery of production as the semiconductor shortage and supply chain disruption subsided and the yen’s depreciation, improved profitability due to price pass-through and stabilized utilization conditions contributed to profit.
■The company’s full-year forecasts call for net sales of 146 billion yen (up 6.0% y-o-y), operating income of 4 billion yen (up 3.0 times y-o-y), and annual dividend of 25 yen (unchanged y-o-y). In June, the company received a new order from Sterantis G, the world’s fourth largest automaker, for brake pipes for small SUVs (sport utility vehicles), and is leveraging its strength as an independent company.
Bank of the Ryukyus (8399)
1083 yen (closing price 9/8)
■The Bank of the Ryukyus (8399) was established in 1948 and has the largest share of deposits and loans in Okinawa Prefecture. In addition to its main banking business, the company operates leasing, credit card, and credit guarantee businesses through its subsidiaries. Signed “Okinawa Economic Revitalization Partnership” with Bank of Okinawa.
■In the 1Q (April-June) of FY2024/3 announced on 8/8, recurring profit, or net sales, increased 13.1% YoY to 15.68 billion yen due to the growth of a wholly owned subsidiary engaged in systems development, etc. and mortgage loans. Net income, on the other hand, fell 3.6% y-o-y to 1.136 billion yen due to higher foreign currency procurement costs and higher personnel costs associated with base increases.
■For the full year, the company plans recurring revenue of 62.2 billion yen (up 3.5% y-o-y), net income of 5.1 billion yen (down 13.5% y-o-y), and an annual dividend of 37 yen (up 2 yen y-o-y). The company factored in a temporary increase in foreign currency procurement costs associated with foreign bond holdings and higher personnel expenses. Okinawa Prefecture will have a total fertility rate of 1.70 in 2022, much higher than the national average of 1.26. In the medium term, housing construction and other activities are expected to grow due to population growth. In the short term, an increase in the number of foreign tourists visiting Japan is also expected.
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アナリストのご紹介 フィリップ証券リサーチ部
笹木 和弘
フィリップ証券株式会社：リサーチ部長
証券会社にて、営業、トレーディング業務、海外市場に直結した先物取引や外国株取引のシステム開発・運営などに従事。その後は個人投資家や投資セミナー講師として活躍。2019年1月にフィリップ証券入社後は、米国・アセアン・日本市場にまたがり、ストラテジーからマクロ経済、個別銘柄、コモディティまで多岐にわたる分野でのレポート執筆などに精力的に従事。公益社団法人 日本証券アナリスト協会検定会員、国際公認投資アナリスト(CIIA®)。