[Summary]
We selected 10 stocks of interest for our analysis based on the financial results of each company disclosed on May 13, 2026, across sales growth, operating profit growth, profit margin improvement, company forecasts, financial stability, and cash flow.
The 10 stocks to watch are ASICS, Dai-Dan, Hibiya General Equipment, Nippon Falcom, Tsugami, Mitsui Marine Development, Daiichi Kogyo Seiyaku, JBCC Holdings, Sunnexta Group, and Goldwin.
In addition to companies with strong operating profit growth, this time's top candidates are centered on companies that can confirm improved profit margins and cash generation, and companies that are capturing structural demand. On the other hand, it is necessary to pay attention to changes in construction profitability, exchange rates, capital investment cycles, content release timing, and brand demand.
This list is a comparison based on financial statements disclosed on the same day and is not a portfolio instruction. Stock prices fluctuate not only based on business performance, but also on market expectations and supply and demand.
Selection policy
In the selection process, we checked each company's financial statements, financial results briefing materials, etc. to confirm sales, operating income, profit margin, company forecasts, financial stability, and operating cash flow.
What we focused on was whether improvements could be confirmed not only in net income but also in operating income. If only net income or ordinary income is increasing significantly, factors other than the profitability of the core business are involved.
For stocks with little performance evaluation written in the individual articles, we returned to the original financial report PDFs disclosed by each company and reconfirmed the statements of income statements, company forecasts, financial position, and cash flows.
Since PER and ROIC are not listed in individual articles for many stocks, this article focuses on comparing financial results disclosed on the same day, company forecasts, equity ratio, and cash flow. Company forecasts may change depending on the external environment.
10 stocks to watch
| Company name | Code | Fiscal year end | Reason for attention | Points to note | Details |
|---|---|---|---|---|---|
| [ASICS | 7936](/securities/7936/quarterly/2026-05-13-7936-2026Q1.html) | 1Q of the fiscal year ending December 2026 | Sales increased by 29.7%, operating income increased by 36.5%. Even excluding exchange rate effects, sales increased by 21.2% and operating income increased by 28.2%, highlighting the strength of the global brand. | 1Q progress is high, but profits are likely to fluctuate due to exchange rates, advertising investment, inventory, and regional growth rates. | Details |
| [Daidan | 1980](/securities/1980/quarterly/2026-05-13-1980-2026Q4.html) | Full year ending March 2026 | Sales decreased by 2.5%, but operating income increased by 49.7%. Operating profit margin rose to 13.5%, and operating cash flow was positive by 58.437 billion yen. | Equipment construction is affected by order profitability, labor costs, material prices, and construction period. | Details |
| [Hibiya General Equipment | 1982](/securities/1982/quarterly/2026-05-13-1982-2026Q4.html) | Full year ending March 2026 | Sales increased by 4.8%, operating income increased by 43.1%. With an operating profit margin of 11.3% and operating cash flow of 11.645 billion yen, profitability has improved and the company has sufficient funds. | The company plans to increase sales and profits next fiscal year, but the profit growth rate is expected to slow. Pay attention to construction labor and material costs. | Details |
| [Nippon Falcom | 3723](/securities/3723/quarterly/2026-05-13-3723-2026Q2.html) | Interim period ending September 2026 | Sales increased by 153.9%, and operating income significantly improved from 73 million yen to 969 million yen in the same period last year. The full-year forecast has also been revised upward, with an equity ratio of 93.3%. | In the content business, quarterly results tend to fluctuate depending on the timing of product launches and licensing income. | Details |
| [Tsugami | 6101](/securities/6101/quarterly/2026-05-13-6101-2026Q4.html) | Full year ending March 2026 | Sales revenue increased by 20.2%, operating income increased by 54.9%. With a high operating profit margin of 28.0%, the company's high profitability in machine tools stands out. | The operating profit plan for next year is only 1.1% increase. Pay attention to the order environment and the backlash from high profit margins. | Details |
| [Mitsui Marine Development | 6269](/securities/6269/quarterly/2026-05-13-6269-2026Q1.html) | 1Q of the fiscal year ending December 2026 | Revenue increased by 23.4% and operating income increased by 63.2% on a US dollar basis. Operating income increased by 74.5% in yen terms, with FPSO-related projects contributing. | Large-scale projects are significantly affected by process delays and cost increases. It is necessary to look at crude oil prices, dollar yen, and project profitability separately. | Details |
| [Daiichi Kogyo Seiyaku | 4461](/securities/4461/quarterly/2026-05-13-4461-2026Q4.html) | Full year ending March 2026 | Sales increased by 13.1%, operating income increased by 88.9%. The operating profit margin improved to 12.2%, and we plan to increase operating profit by 8.8% next fiscal year. | Profitability of chemicals and functional materials changes depending on raw material prices, demand cycles, and product mix. | Details |
| [JBCC Holdings | 9889](/securities/9889/quarterly/2026-05-13-9889-2026Q4.html) | Full year ending March 2026 | Sales increased by 8.8%, operating income increased by 18.7%. Operating cash flow was 6.034 billion yen due to growth in cloud, security, and ultra-high-speed development. We plan to increase operating income by 19.7% next fiscal year as well. | We would like to confirm the continuity of human capital investment, project profitability, and cloud security demand. | Details |
| [Sunnexta Group | 8945](/securities/8945/quarterly/2026-05-13-8945-2026Q3.html) | 3Q of June 2026 | Operating income increased by 65.9% while sales increased by 4.0%. The full-year forecast has been revised upward, and the company's financial position is solid with an equity ratio of 74.0%. | I would like to check the number of contracts, cancellation rate, personnel costs, and system investment to see if the improvement in profit margin is temporary. | Details |
| [Goldwin | 8111](/securities/8111/quarterly/2026-05-13-8111-2026Q4.html) | Full year ending March 2026 | Sales increased by 3.9% and operating income increased by 18.0%, all-time highs. The quality is high, with an operating profit margin of 18.8%, an equity ratio of 76.9%, and an operating CF of 26.257 billion yen. | Net profit decreased by 1.4%. Pay attention to the slowdown in the volume of mainstay products, warm winters, and changes in inbound consumption. | Details |
Performance Summary
The 10 companies this time are divided into sales growth type, profitability improvement type, high profit margin type, and financial stability type. If you look at not only the short-term profit growth rate, but also the next fiscal year's plan and cash flow, you will get a mixed bag of evaluations.
| Company name | Code | Sales/Sales revenue | Operating income | Profit margin/Financials | Company forecast/viewpoint |
|---|---|---|---|---|---|
| ASICS | 7936 | 1Q 270.2 billion yen, 29.7% increase | 60.7 billion yen, 36.5% increase | Operating profit margin 22.5%, equity ratio 49.4% | Full-year forecast unchanged. Although progress is high, we confirmed foreign exchange and advertising investment. |
| Dai-Dan | 1980 | Full year: 256.2 billion yen, down 2.5% | 34.4 billion yen, up 49.7% | Operating income margin: 13.5%, equity ratio: 56.2% | Plans to increase operating income next fiscal year as well. The focus is on maintaining construction profitability. |
| Hibiya General Equipment | 1982 | Full year: 94 billion yen, 4.8% increase | 10.6 billion yen, 43.1% increase | Operating profit margin: 11.3% | Sales and profits are expected to increase next year, but the profit growth rate will slow down. |
| Nippon Falcom | 3723 | Interim 1.5 billion yen, up 153.9% | 900 million yen, significantly up from the same period last year | Equity ratio 93.3% | Full-year forecast upwardly revised. Pay attention to the timing of work/license income. |
| Tsugami | 6101 | Full year: 129.1 billion yen, 20.2% increase | 36.1 billion yen, 54.9% increase | Operating income margin: 28.0% | Next fiscal year operating income is planned to increase by 1.1%. This is a time to look at the sustainability of high profit margins. |
| Mitsui Marine Development | 6269 | 1Q $1.077 billion, +23.4% | $122 million, +63.2% | Equity ratio attributable to owners of parent company: 31.2% | Full-year forecast unchanged. Confirm the process and profitability of large projects. |
| Daiichi Kogyo Pharmaceutical | 4461 | Full year: 82.8 billion yen, 13.1% increase | 10.1 billion yen, 88.9% increase | Operating income margin: 12.2% | Operating income is expected to increase next year as well. The focus is on high-margin products and raw material prices. |
| JBCC Holdings | 9889 | Full year: 76 billion yen, 8.8% increase | 7.3 billion yen, 18.7% increase | Equity ratio 52.5% | Next fiscal year operating income is planned to increase by 19.7%. Confirm cloud security demand. |
| Sunnexta Group | 8945 | 3Q 6.4 billion yen, 4.0% increase | 600 million yen, 65.9% increase | Equity ratio 74.0% | Full-year forecast upwardly revised. Look at extraordinary profits and core business improvements separately. |
| Goldwin | 8111 | Full year: 137.5 billion yen, 3.9% increase | 25.8 billion yen, 18.0% increase | Operating profit margin: 18.8%, equity ratio: 76.9%, ROE: 20.1% | Next fiscal year operating profit is planned to increase by 0.9%. Pay attention to brand demand and seasonal factors. |
Performance evaluation
After checking the original financial report PDF and reorganizing the performance evaluations of the 10 companies, opinions differ not only on the simple profit growth rate, but also on the quality of operating profit, the relationship with the full-year plan, and the presence or absence of temporary factors.
| Company name | Code | Performance evaluation | Basis | Points to check |
|---|---|---|---|---|
| [ASICS | 7936](/securities/7936/quarterly/2026-05-13-7936-2026Q1.html) | High-growth, high-profit type | Sales increased by 29.7% and operating income increased by 36.5% in 1Q. Even excluding exchange rate effects, sales increased by 21.2%, operating income increased by 28.2%, and operating profit margin rose to 22.5%. | Full-year forecasts remain unchanged. I would like to check regional growth, inventory, advertising investment, and exchange rate assumptions. |
| [Daidan | 1980](/securities/1980/quarterly/2026-05-13-1980-2026Q4.html) | Profit improvement type | Sales decreased by 2.5%, but operating income increased by 49.7%. Operating profit margin rose to 13.5%, and operating cash flow improved significantly. | Will construction profitability continue to be high? Pay attention to changes in material prices, labor costs, and profitability at the time of order. |
| [Hibiya General Equipment | 1982](/securities/1982/quarterly/2026-05-13-1982-2026Q4.html) | Profit margin improvement type | Operating income increased by 43.1% while sales increased by 4.8%. Improvements in the gross profit margin on completed construction projects pushed up profits, resulting in an operating profit margin of 11.3%. | We plan to increase sales next fiscal year, but profit growth will slow down. The focus is on maintaining construction capacity and construction profitability. |
| [Nihon Falcom | 3723](/securities/3723/quarterly/2026-05-13-3723-2026Q2.html) | Earnings leverage type | Sales increased 153.9% and operating income increased 969 million yen during the interim period. The full-year forecast has also been revised upward, and the equity ratio is 93.3%. | Quarterly profits tend to fluctuate depending on the timing of product launches, licensing income, and overseas expansion. |
| [Tsugami | 6101](/securities/6101/quarterly/2026-05-13-6101-2026Q4.html) | High profit margin/cyclical caution type | Sales revenue increased by 20.2%, operating income increased by 54.9%. With an operating profit margin of 28.0%, it is highly profitable among machine tool stocks. | Next fiscal year's operating profit plan is a 1.1% increase. We want to see the sustainability of Chinese demand, order cycles, and high profit margins. |
| [Mitsui Marine Development | 6269](/securities/6269/quarterly/2026-05-13-6269-2026Q1.html) | Large-scale project growth type | 1Q sales revenue and operating income increased by 23.4% and operating profit by 63.2% on a US dollar basis. Even in yen terms, operating income increased by 74.5%, which is strong. | Profits for FPSO projects vary greatly depending on the process, costs, exchange rates, and crude oil market conditions. I would like to confirm the meaning of leaving the full-year forecast unchanged. |
| [Daiichi Kogyo Seiyaku | 4461](/securities/4461/quarterly/2026-05-13-4461-2026Q4.html) | Improved product mix | Sales increased by 13.1%, operating income increased by 88.9%. Growth in electronic materials and environment and energy-related industries contributed to improved profit margins. | Next year's sales growth is planned to be limited to 1.3%. We would like to confirm the continuity of raw material prices and highly profitable products. |
| [JBCC Holdings | 9889](/securities/9889/quarterly/2026-05-13-9889-2026Q4.html) | Continuous growth/high quality type | Sales increased by 8.8%, operating income increased by 18.7%. Cloud, security, and ultra-high-speed development are growing, and we plan to increase operating income by 19.7% next fiscal year. | Can we increase the service ratio while absorbing human capital investment and project profitability? |
| [Sunnexta Group | 8945](/securities/8945/quarterly/2026-05-13-8945-2026Q3.html) | Profit improvement/confirmation of temporary factors | Sales increased by 4.0% and operating income increased by 65.9% in 3Q. Financial stability is high with an equity ratio of 74.0%. | Net income is affected by extraordinary profits. We would like to determine whether the improvement in operating income is sustainable. |
| [Goldwin | 8111](/securities/8111/quarterly/2026-05-13-8111-2026Q4.html) | Brand profitability type | Sales increased by 3.9%, operating income increased by 18.0%. It has strong operating profit margin of 18.8%, equity ratio of 76.9%, and ROE of 20.1%, both in terms of profitability and finances. | Next year's operating income plan is 0.9% increase. Pay attention to the quantity of standard items, seasonal factors, and inbound demand. |
How to view top candidates
ASICS had the strongest growth in sales and operating income among the companies disclosed on the same day, and even in real terms excluding currency effects, the growth was high. The full-year forecast remains unchanged, but given the strong progress in 1Q, the focus will now be on regional growth rates and inventory quality.
For both Dai-Dan and Hibiya General Equipment, it is clear that the profitability of equipment construction has improved. Operating income grew faster than sales growth, and operating cash flow improved, so the quality of profits was relatively easy to read.
Nippon Falcom is a company whose profits vary greatly depending on the timing of content release and licensing revenue. Fixed cost leverage was strong in this interim period, but rather than looking at the same pace in the second half, we need to check the progress of projects separately.
While Tsugami and Mitsui Marine Development have shown remarkable growth in profits, they are also strongly affected by business cycles and large-scale projects. This industry is strongly affected by business cycles, so performance is not constant.
Features by sector
Today's top candidates were spread across sporting goods, equipment construction, games and content, machine tools, marine development, chemicals, IT services, outsourcing, and apparel.
In equipment construction-related areas, profitability improvements at Dai-Dan and Hibiya General Equipment were notable. While data centers, communications, air conditioning, and urban infrastructure investments tend to be tailwinds, labor shortages and material prices are common risks.
Regarding manufacturing and capital investment, Tsugami, Mitsui Marine Development, and Daiichi Kogyo Pharmaceutical were among the candidates. Although the growth in operating income is large, the fact that it is easily affected by customer investment, crude oil prices, raw material prices, and overseas demand should be discounted.
In terms of consumption and branding, ASICS and Goldwin had strong results. Brand value underpins profitability for both, but price tolerance, inventory, seasonal factors, and inbound trends affect profit margins.
Financial statements that you should pay attention to
Obayashi had a strong performance with operating income increasing by 36.6% and operating cash flow of 252.9 billion yen. However, in the fiscal year ending March 2027, sales are expected to increase but operating profit is expected to decline, so this time we prioritized Dai-Dan and Hibiya Sogo Facilities, where the profitability of equipment construction was more clearly improved.
RaysNext is a runner-up candidate, with sales up 10.9%, operating income up 35.5%, and operating cash flow positive. While demand for plant maintenance is steady, we would like to further confirm the profitability of construction work and the sustainability of the dividend payout ratio.
Crops stood out with a 50.6% increase in operating profit, but profit attributable to owners of the parent company decreased. It includes factors different from the earning power of the main business. There is a plan to recover the final profit next fiscal year, so it will be interesting to see if the impact of tax burden and overseas business subsides.
Sumitomo Osaka Cement's operating income increased by 45.9%, operating cash flow was strong, and the company's financial results showed improved profitability. However, cement is easily affected by construction demand, fuel costs, and logistics costs, so this time we have excluded it from the top 10 companies from the perspective of sector diversification.
Points to check after tomorrow
The first thing we want to check is whether the stock price reaction after the day after the earnings announcement is overheated in response to earnings growth. Even with strong financial results, the stock price reaction may be limited if the market is already pricing in high growth.
Next are the assumptions for the company's forecasts. Even if you plan to increase sales and profits, the appearance of the plan will change if foreign exchange rates, labor costs, material prices, customer capital investment, advertising costs, inventory, and project progress change.
Lastly, there is consistency between operating income and cash flow. Even if operating income is growing, if operating cash flow is weak due to trade receivables, inventory, and upfront investments, you need to additionally check the quality of growth.
Summary
The financial results for May 13, 2026 highlighted ASICS' global growth, improvements in construction profitability at Dai-Dan and Hibiya General Facilities, Nippon Falcom's content revenue, and high profit growth at Tsugami and Mitsui Marine Development.
The 10 companies selected this time are "candidates for confirmation" by comparing their disclosures on the same day. Even for companies that have produced strong numbers, by looking at next year's plans, cash flows, temporary factors, and industry cycles, it is easier to reduce misreading of financial results.
Source
This article is based on each company's financial statements, financial results briefing materials, and other financial documents disclosed on May 13, 2026, and is based on a cross-sectional comparison of business results, company forecasts, financial stability, and stock price indicators.
When using supplementary market data such as stock price and PER, we check the reference sources listed in each individual article.