We reiterate our Buy rating. 4Q results: HOYA booked ¥196.8bn in sales (+6% YoY, -1% ex. forex effect) and ¥72.1bn in pretax profit (+34%, +27%). Guidance was ¥190.2bn in sales and ¥52.5bn in pretax profit, market estimates were ¥194.2bn in sales and ¥58.0bn in pretax profit, and our estimates were ¥182.0bn in sales and ¥57.8bn in pretax profit. Earnings from ordinary operating activities (OP) totaled ¥56.0bn (-1% YoY, -5% ex. forex effect). Our estimate was ¥54.1bn. Pretax profit was surpassed OP due to the ¥10.8bn forex profit and other items. Information technology business posted ¥58.7bn in sales (-2% YoY, -7% ex. forex effect), ¥28.8bn in OP (+2%, -2%), and 48.9% operating margin. Operating margin was lower than 3Q’s 50.5%, though it remained at a high level. HD substrate sales declined 26% ex. forex effect.