297 Results and 322 Forecast changes were released last week.
The trend in trailing twelve-month (TTM) results has been slower to recover and TTM operating income is still below the level of eighteen months ago, but the forecast changes are now driving the market higher.
Current aggregate TTM sales are ¥763t +0.3% on the week, operating income is ¥55.8t +0.5% and net income ¥38.4t, +0.6%. Over the last three months these numbers have risen by 1.6%, 3.9% and 6.8%, respectively. The aggregate operating margin is now 7.3% and has risen by 16bps in the last 90 days.
The aggregate sales forecast is ¥786t, +0.3% over the week. Operating income is forecast to be ¥57.9t and has risen 0.6% for the week. The net income forecast is ¥39t, +0.5%. Over the last three months these numbers have risen by 0.9%, 3.4% and 1.6%, respectively. The net income forecast has been negatively impacted by Toshiba. The aggregate forecast operating margin is now 7.4%, up 18bps in the 3 months.
With the market rising 2.2% this week, the TTM PER is now 18.9x and forecast PER is 17.9.
The outlook for results and forecasts remains robust.
The Japan Analytics All Market Composite includes all listed companies that have TTM numbers. To allow for apples-to-apples comparison, for the small number of companies that do not make forecasts, their TTM numbers are used as a proxy.