Marubun, a semiconductor and electronic components distributor, hit its daily upper price limit on 2 November after first-half operating profit significantly exceeded its forecast. It also raised its full-year profit forecast and dividend, while other companies in the sector have followed with upward revisions and dividend increases.
Marubun (7537) closed at ¥2,180, its daily upper price limit, on 2 November. First-half operating profit was ¥4.58 billion, up 67.8% year on year, and the company raised its full-year operating profit forecast from ¥7.8 billion to ¥9.8 billion. It also raised its ordinary profit forecast by 32% and plans to increase the annual dividend from ¥77 to ¥100. The main factor was stronger-than-expected demand for semiconductors used in mobility applications.
On the same day, Tokyo Electron Device announced its second upward revision of the current fiscal year's forecast and a ¥22 dividend increase. On 30 October, Sanwa Technos announced a 27% upward revision to its ordinary profit forecast and a dividend increase. On 2 November, Macnica Holdings raised its full-year ordinary profit forecast by 40% and indicated that it would increase its dividend.
The backdrop is a sharp recovery in semiconductor market conditions. Forecasts from World Semiconductor Trade Statistics indicate that the global semiconductor market is expected to expand by approximately 90% year on year in 2026 and by approximately 26% in 2027. Demand for industrial equipment and automobiles is also expected to recover, in addition to demand for AI servers, while the thin margins of trading companies and the cautious nature of initial forecasts have been cited as factors.
Based on primary information such as earnings reports, this article examines developments at 14 companies with earnings announcements approaching and the potential for upside at 6 companies that have already reported, with the aim of identifying companies that could replicate Marubun's performance. Stock price data is based on information available as of 2 November.