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# 古河電公記 十三｜勘定方の吉報、二千円の門を支え直す｜2026.11.09
- URL: https://tokyobrainie.ghost.io/furukawa-chronicle-413bc361-8288b3f1-en/
- Published: 2026-11-09T03:00:00.000Z
- Updated: 2026-11-09T03:00:00.000Z
- Description: Better accounts, but the gate still needs support Furukawa Electric closed at JPY 2,000, up 2.04% from 1,960, but only 0.03% above its 1,999.5 opening price. After t
- Author: TokyoBrainie
- Tags: 古河電公記, Semiconductor Research, English, #Import 2026-11-11 08:54

[English](https://tokyobrainie.ghost.io/furukawa-chronicle-413bc361-8288b3f1-en/) · [简体中文](https://tokyobrainie.ghost.io/furukawa-chronicle-413bc361-8288b3f1-zh-hans/) · [日本語](https://tokyobrainie.ghost.io/furukawa-chronicle-413bc361-8288b3f1-ja/)

## Better accounts, but the gate still needs support

Furukawa Electric closed at JPY 2,000, up 2.04% from 1,960, but only 0.03% above its 1,999.5 opening price. After the 14:00 earnings release it reached 2,174 at 14:05, then fell to 1,967.5 at 15:18\. The close was 8.00% below the high and 3.43% below Kabutan’s full-day VWAP of 2,070.98\. Volume rose 70.09% from Friday to 84,423,700 shares. The final five-minute bar’s +0.76% is not the daily return. The earlier 14:38 price table is an intraday snapshot, not the final close.

Operating profit improved independently of the investment-sale gain. First-half sales were JPY 737.691bn, operating profit 57.618bn, recurring profit 64.947bn and attributable net profit 58.781bn. Operating profit beat the latest company forecast by 16.4%; net profit by 1.35%. Calculated second-quarter operating profit was 32.161bn, up 26.33% from Q1, with an 8.63% margin versus Q1’s 6.97%.

The company raised full-year operating profit guidance from JPY 123bn to 136bn, recurring profit from 143bn to 155bn and net profit from 105bn to 118bn; annual dividend guidance remains JPY 22\. Its presentation assigns JPY 10bn of the JPY 13bn operating-profit guidance increase to optical solutions. Demand, pricing and product mix support the business improvement, while currency, copper prices and consolidation changes also matter.

Do not call all the net-profit increase operating growth. Equity-method income was JPY 13.942bn and total investment-securities sale gains were 22.777bn; the latter total must not automatically be labelled entirely UACJ. Nor should a pretax sale gain simply be subtracted from after-tax net profit. Operating cash flow was 28.692bn and investing cash flow −21.193bn: their 7.499bn sum includes investment-securities sale/redemption receipts of 30.445bn.

Margin long balances fell 12.50% to 17,060,000 shares as of 6 November, but that does not establish today’s liquidation or a cleared overhang. PTS was 2,015 at 17:51, a separately timed evening observation. My reading: the earnings evidence improved; the market did not sustain the initial post-release high. Selling motives remain unknown. Watch the next session’s live VWAP and opening price, with 1,967.5, 2,000, 2,070.98 and 2,174 as historical references. Renewed lows or failed VWAP recovery would weaken the price-recovery thesis.

The shared tables and linked accounting ledger distinguish actual results, guidance and calculations. Sources: official earnings release and presentation; Kabutan for prices and PTS; TradingView for chart shape.

Hagakure, Book One, frame 26: 「しかし兎角氣をぬかさず、胸を据うる事が肝要なり。」 My translation: “Above all, remain attentive and keep your composure.” Today I apply it to separating the accounts from the share-price reaction. [Public transcription](https://samurai-bushido.org/ja/genten/hagakure/1/?ref=tokyobrainie.ghost.io).

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[Original Notion archive](https://app.notion.com/p/413bc361ccd281849f43f3ad8288b3f1?pvs=204&ref=tokyobrainie.ghost.io)