2023-07-25 10:30:00
The Nikkei 225 Stock Average, which has been in a lull after reaching its highest price in 33 years in July, is expected to rise again. It is likely that the leading companies will be the ones that are highly rated by overseas investors and that have set new highs since listing.
―The Nikkei Stock Average hits a 33-year high, and the offensive of overseas investors makes stock selection clear―
The Nikkei Stock Average on the 25th dropped 18 yen from the previous day to 32,682 yen. Currently, the market is taking a more wait-and-see attitude ahead of monetary policy meetings in Japan, the US, and Europe. The Nikkei 225 Stock Average reached 33,753 yen in July, the highest price in 33 years since 1990, and is now in a correction phase. However, the market is divided into those that can ride the rising trend and those that cannot survive, and the trend of polarization is also becoming clear. Under such circumstances, the stocks that are attracting the attention of the market are those that are symbolic of the winners and that have set new highs since listing.
●Market capitalization topped 800 trillion yen for the first time in June
The Tokyo market is currently in a high price range, but in June, the market capitalization of the Tokyo Stock Exchange prime market reached the 800 trillion yen level for the first time. It has increased by slightly less than 20% since the end of April 2022, when the market was reorganized. Since this spring, the Tokyo market has strengthened its upward trend, mainly due to the buying of overseas investors, and the top price has been raised.As of the closing price on the 25th, even companies with a market capitalization of over 1 trillion yen <7203> [東証Ｐ]led by 38 trillion yen, 164 companies, the highest level ever.
● With a view to updating the historical high price of 38,915 yen in 1989
With the Nikkei 225 Stock Average rising to its highest level in 33 years, the market naturally has growing expectations for the historical high of 38,915 yen set in 1989. Currently, the consolidated PER for this term is at the level of 15 times, and if you buy the PER to the 18 times level, you can see the 39,000 yen range. Many analysts say, “It is difficult to expect a rapid increase in PER, but if Japanese companies can continue to steadily increase profits in the future, the highest value is not far away.” In fact, major domestic securities companies are forecasting a top price of up to 38,000 yen by March next year, pointing out the possibility of approaching post-bubble highs within this fiscal year.
It can be said that the driving force behind the rise in the Tokyo market to the highest level in 33 years is the brand that renewed the highest price against the background of good performance.For example, it was Mitsubishi Corporation that set new highs since its listing and attracted the attention of the market. <8058> [東証Ｐ]and Mitsui & Co. <8031> [東証Ｐ]Marubeni <8002> [東証Ｐ]It is a major trading company stock. In addition to achieving record high profits, the company gained popularity due to its low PER and high dividend yield.
Daikin Industries, the largest air conditioner company, is highly evaluated as a company with unique strengths. <6367> [東証Ｐ]and FA-related SMC <6273> [東証Ｐ]Yaskawa Electric <6506> [東証Ｐ]also set new all-time highs.In the semiconductor-related field, which is attracting the attention of the market, Advantest <6857> [東証Ｐ]or disco <6146> [東証Ｐ]Shin-Etsu Chemical <4063> [東証Ｐ]etc. are running up into the blue sky.Fast Retailing for consumer and leisure companies <9983> [東証Ｐ]or oriental land <4661> [東証Ｐ]Ajinomoto <2802> [東証Ｐ]etc. are gaining popularity and are in the high price range since listing.
●Hitachi has a view to renewing the high price of 1988 during the bubble period
We also want to keep an eye on stocks that are approaching all-time highs.In addition to the high price in January 2022, Toyota is in sight, and Keyence <6861> [東証Ｐ]is approaching its September 2021 high.Hitachi, one of Japan’s leading companies <6501> [東証Ｐ]is close to 9,710 yen, which was set in 1988 during the bubble period. If the stock price of the company, which has undergone a large-scale group restructuring and corporate transformation, hits a new record high, it will likely be seen as a symbol of the transformation of Japanese companies.Mitsubishi Electric <6503> [東証Ｐ]or Honda <7267> [東証Ｐ]is also close to its maximum value. However, it should be noted that while there are some stocks that have been in the high price range since listing, there are many stocks that have continued to slump for a long time, and the winners and losers are clear.
● Attention such as Sanken, Okaaiyon, Mitsubishi HC Cya, Senshuden
In the current market, the most popular stocks are large-cap stocks, but of course there are more than a few individual material stocks that are being bought at the highest prices due to their good performance. Below, we have picked up 7 stocks that are expected to rise further from the highest price range in the future.
◎ Sanken Electric <6707> [東証Ｐ]- Expected to expand demand for power semiconductors.Allegro Microsystems, a U.S. semiconductor subsidiary
◎Okada Aiyon <6294> [東証Ｐ]~ A major manufacturer of equipment for demolition work. In Japan, the demand for demolition of buildings that have been built for more than 40 years will begin in earnest. The performance is trending to record high profits, and the dividend for this term will be 18 yen higher than the previous term.
◎Takeuchi Manufacturing <6432> [東証Ｐ]~High performance in small construction machinery. Order backlog is high due to strong demand for social infrastructure construction. Consolidated operating income for the fiscal year ending February 2024 is expected to reach a record high with a double-digit increase.
◎Mitsubishi HC Capital <8593> [東証Ｐ]~Mitsubishi UFJ Group’s major leasing company. With the recovery of passenger demand, aircraft leasing and other businesses are doing well, and the U.S. business is also growing. This year’s dividend is expected to be 37 yen, up 4 yen from the previous term, and the dividend yield is around 4.1%, which is relatively cheap.
◎ Yamato Industry <5444> [東証Ｐ]~A major electric furnace company with H-shaped steel as its main product.U.S. steel giant Nucor
◎Quanzhou Electric Industry <9824> [東証Ｐ]~ Trading company specializing in electric wires. Sales of electric wires for semiconductor manufacturing equipment were strong. It is expected that the highest profit will be renewed following the previous term. Considering the stock split in November 2010, the actual dividend will increase.
◎Otoya Holdings <2705> [東証Ｓ]~ Developing set meal restaurants mainly in the Tokyo metropolitan area.Colowide <7616> [東証Ｐ]under the umbrella of Operating income for the fiscal year ending March 2012 is expected to reach a record high of 1,403 million yen, 5.2 times higher than the previous fiscal year.
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