On 5 November 2026, ARE Holdings surged to the top of the TSE Prime Market's percentage gainers after announcing a sharp upward revision to its first-half results and raising its full-year forecast, sending the share price to its limit-up. The growth of its precious metals recycling business was reassessed by the market, while peer company Matsuda Sangyo also showed expanding earnings.
ARE Holdings reported first-half fiscal 2026 operating profit of ¥28.7 billion, up 87% year on year and well above its company plan. Its full-year forecast was also raised, attracting buying that lifted the share price to ¥3,770. The core source of sales is the recovery of precious metals from electronic-component scrap for AI data centers, confirming that the precious metals recycling business is growing as the company's main business.
While the Nikkei 225 fell under the influence of semiconductor stocks, the TOPIX rebounded. The market saw funds shifting from semiconductor-dependent stocks to stocks tied to actual demand and resources. The large reserves of gold, silver and indium lying in Japan's urban mines, together with the government's measures to strengthen recycling, are cited as the background, and precious metals recycling stocks are expected to attract increasing attention going forward.
Matsuda Sangyo posted strong first-quarter sales growth against its forecast for the fiscal year ending March 2027 and raised its ordinary profit forecast for the current fiscal year. The profit contribution from its precious metals recycling business is expected to expand, supported by high levels of semiconductor scrap and precious metals prices. However, like ARE, the company is considered susceptible to fluctuations in precious metals market conditions.