1934.T

• Broad Market Context: On February 3, 2026, the Nikkei 225 closed at 54,720.66, up 2,065.48 yen from the previous day, hitting a new all-time high. This one-day gain ranks 5th largest in history, and the improvement in the U.S. January ISM Manufacturing Business Sentiment Index was cited as one contributing factor. The index reached 52.6, up from 47.9 in December 2025, above market expectations, and broke the streak of readings below the 50 expansion/contraction threshold that had held since February 2025, reaching its highest level since August 2022 and raising expectations for a U.S. manufacturing recovery. Against this backdrop, the article profiles four Japanese stocks exposed to a potential recovery in domestic capital investment.
• Yourtech (1934) Key Updates: At the end of October 2025, the company raised its numerical targets for its mid-term management plan covering 2024 to 2028. For the first half (interim period) of the fiscal year ending March 2026, the company reported increased revenue and increased profit, with operating profit rising 67.4% year-over-year, driven by growth in distribution line construction and indoor wiring work, plus improved project profitability.
• Nippon Concrete Industry Co., Ltd. (5269) Key Updates: The first half of the fiscal year ending March 2026 saw weak performance, but the company is progressing with restructuring of its production system to improve profitability.
• Asahi Diamond Industrial Co., Ltd. (6140) Key Updates: The company maintains solid performance, supplying critical tools to a broad range of industries including semiconductors, automotive, aerospace, machine tools, construction machinery, and construction/stone processing.
• JRC (6224) Key Updates: The company delivered year-over-year growth in revenue and profit in its prior reporting period, driven by steady performance in its core conveyor business and rapid expansion in its robotic SI business, with strong organic growth.
• Domestic Economic Context: Market participants are focusing on the preliminary Q4 2025 (October-December) GDP reading scheduled for release on February 16, 2026. While capital investment underperformed in the revised Q3 2025 (July-September) GDP reading, many market participants expect real GDP to turn positive on a quarter-over-quarter basis in Q4, backed by a recovery in capital investment. Weakness in personal consumption remains a point of concern, but the reading will be closely watched as a signal for the underlying resilience of the overall Japanese economy.

• Yourtech (1934): Raised its mid-term management plan (2024-2028) numerical targets at the end of October 2025, representing an upward revision to its medium-term guidance.
• Nippon Concrete Industry Co., Ltd. (5269): Expects to recover full-year fiscal 2026 (ending March 2026) performance via a rebound in the second half of the fiscal year, as the restructuring of its production system progresses.
• Asahi Diamond Industrial Co., Ltd. (6140): Maintained its full-year fiscal 2026 (ending March 2026) guidance with no revisions, keeping its forecast steady amid ongoing solid performance.
• JRC (6224): Has set medium-term guidance for the final year of its current mid-term management plan (fiscal year ending February 2028) of 17.2 billion yen in net sales and 2.3 billion yen in operating profit.

Full detailed segment-level financial performance (absolute values and revenue contribution percentages) is not provided in this transcript. Only high-level business descriptions for four profiled companies are available: 1) Yourtech (1934): operates across power transmission/distribution equipment, electrical/HVAC piping equipment for commercial/industrial buildings, information and communication equipment construction and maintenance, plus civil engineering and construction work; 2) Nippon Concrete Industry Co., Ltd. (5269): operates three segments: foundation business (manufacturing, sales, and construction of foundation piles), pole-related business (manufacturing, sales, and construction of poles), and civil engineering products business (handling various precast concrete products); 3) Asahi Diamond Industrial Co., Ltd. (6140): single core business of manufacturing and selling high-performance tools (grinding wheels, drills) made from extremely hard materials including diamond and artificial CBN compound, serving multiple end industries; 4) JRC (6224): three operating segments: core conveyor business (manufacturing and selling rollers, stands, pulleys for outdoor belt conveyors), environmental plant business, and robotic SI (system integration) business.

• The article notes that weakness in Japanese personal consumption is a widely cited drag on domestic economic performance, which could weigh on the expected recovery in overall GDP and aggregate corporate capital investment.
• A general disclosure states that the article does not constitute investment advice, and all investment decisions are the sole responsibility of the investor, with the publisher and author disclaiming all liability for any investment outcomes. No company-specific operational or financial risks are detailed in this summary article.

No question and answer exchange content from any earnings call is included in this provided market summary transcript. Links to full earnings call write-ups with Q&A for each profiled company are provided, but the actual Q&A content is not reproduced here.