The main events before the market open included Mitsubishi Materials resuming tungsten procurement from Vietnam, a rating upgrade for NISSHA, a decrease in Kioxia’s stake, a downward revision to Terumo’s full-year outlook, and NTT’s strategic partnership in quantum computing.
In response to China’s export restrictions, Mitsubishi Materials reintroduced Vietnam as a source of tungsten procurement. The company had previously prioritised inexpensive procurement from China, but reassessed its sourcing strategy due to the impact of the restrictions and decided to resume procurement, according to a report published in the Nikkei morning edition.
Nomura Securities changed NISSHA’s rating from Neutral to Buy and set a target price of ¥1,600. The background is reportedly the view that negative factors following the earnings announcement had run their course.
Toshiba’s stake in Kioxia decreased from 12.84% to 11.80%. The change was identified in a change report dated 8 October, while the share price was also affected by the decline in U.S. stocks.
Terumo revised its consolidated net profit forecast for the fiscal year ending March 2027 downward from ¥193.1 billion to ¥120.0 billion. The company said the main factor was the recognition of a loss resulting from the termination of its contract with major business partner CSL Plasma.
NTT concluded a basic agreement on a strategic business partnership with クラッシク Technologies aimed at industrial applications of quantum computing. The company plans to develop and demonstrate specific use cases going forward.