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Investing.com - Nomura/Instinet downgraded Sho-Bond Holdings (1414:JP) stock rating from Buy to Neutral while lowering its price target to JPY5,290.00 from JPY7,040.00.
The downgrade follows a 27% year-over-year decline in repair work orders for Sho-Bond Holdings during the April-June 2025 quarter, with orders from expressway operators falling further.
Nomura attributes the decline to serious budget shortages at expressway operators, who have spent more than expected due to rising construction costs.
While toll increases could potentially supplement expressway operators’ budgets, Nomura notes that debate on this solution has not progressed significantly, delaying order recovery despite the need for upgrades and seismic reinforcement of aging expressways.
Orders at major bridge construction companies also fell year-over-year in the April-June 2025 quarter, with Nomura suggesting that growing market share could be difficult amid settled competition and that improving margins through design change wins may prove challenging during ongoing budget shortages.
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