The Point for Japan

Research evidence excerpt

The Point for Japan

Point |

Wednesday, 29 July 2026

Today's Results | Company | Industry | FX | Key Rating and Target Price Changes

Today's Results

Screen Holdings (7735.T) - Q1 results significantly missed consensus, negative

for the stock price

Results significantly missed consensus, and we believe full-year plan upward

revisions also fell short of expectations. We see the announcement as negative for

the stock price (briefing materials). April-June sales were ¥121.8bn, down 10%

YoY. OP fell 41% YoY to ¥14.3bn, significantly below consensus (¥31.5bn) and our

bearish low-end estimate of ¥20bn, with the operating margin at just 12% (versus

25% in January-March). The company explained results were in line with internal

plans and maintained its first-half plan, while slightly raising its full-year plan

(¥150bn to ¥156.5bn), but we believe investor expectations were actually higher

than the consensus of ¥159.5bn.

Masahiro Shibano

Nitto Denko (6988.T) - Q1 results positive, upside potential to upwardly revised

guidance

Both results and guidance beat expectations, positive for the stock price. Q1 OP

of ¥49.2bn beat consensus of c¥45bn. The ¥9.2bn beat versus internal

expectations comprised roughly -¥2bn from the impact of the Middle East

situation, +¥7bn from volume (positive from North American smartphone-related,

HDD-related, and semiconductor-related areas; negative from notebook PC and

tablet-related areas), and +¥4bn from forex. Full-year guidance was revised

upward from ¥193bn to ¥200bn (consensus ¥192.5bn), with the ¥7bn increase

comprising -¥9.3bn from selling prices/purchase prices/rationalization (mainly -

¥10bn from the Middle East situation), +¥3bn from sales volume (product-specific

increases/decreases mirroring Q1 beats/misses), and +¥13.9bn from forex.