Changes in investment ratings and earnings outlooks were reported for multiple stocks, including a lower target price for ベルシステム24HD, higher target prices for シマノ and 椿本チエイン, and a downward revision to Ｓｃｈｏｏ's previous fiscal-year forecast.
For ベルシステム24HD, SMBC Nikko Securities changed the target price from ¥1,800 to ¥1,700 while maintaining its Outperform rating. Although revenue is expected to decline in the fiscal year ending February 2027, valuation gains of ¥800 million are expected to be recorded in the third quarter, while an increase in generative AI-related revenue and progress on the roll-up strategy are expected in the fiscal year ending February 2028. HOL is scheduled to begin full-scale operations for approximately 500 people in January 2027.
For シマノ, Mitsubishi UFJ Morgan Stanley Securities changed the target price from ¥17,000 to ¥18,000, citing progress in inventory adjustments. It raised its operating profit forecast for the year ending December 2026 from ¥47 billion to ¥53 billion, citing the effects of a weaker yen and increased demand for components. While inventory adjustments are progressing in China, high-end bicycle component inventories are expected to remain high. The recovery in end demand remains uncertain.
For 椿本チエイン, SMBC Nikko Securities changed the target price from ¥2,100 to ¥2,900, viewing demand for two-wheelers from Daido Kogyo as a key growth driver. Operating profit for the fiscal year ending March 2027 is forecast at ¥26.3 billion, above the company's plan. Revenue and profit from automotive products are expected to decline, and improvement in the earnings of its North American subsidiary is expected to be delayed. Going forward, attention will focus on integration benefits and a recovery in US investment.
For Ｓｃｈｏｏ, the operating profit forecast for the previous fiscal year was revised downward from the previous ¥270 million to ¥150 million. The company cited delays in winning large projects, customers' scrutiny of cost-effectiveness and smaller-scale initial implementations as reasons, and presented ¥130 million on a consolidated basis for the fiscal year ending September 2026. ＬｏＬＬＬ was established on 3 April 2026, and the company will transition to consolidated financial reporting.
For Tokyo Steel Manufacturing, Nomura changed the target price from ¥1,750 to ¥1,900, citing an improvement in spreads resulting from price increases. The earnings results were viewed as in line, while signs of a recovery in domestic demand were evident despite factoring in higher electricity costs due to higher crude oil prices. Domestic steel shipments were 573 thousand tonnes and exports were 157 thousand tonnes, with export prices noted to be above the overall price level.