OPTEX GROUP Enters May Earnings with CTB Jumping and Short Interest at Multi-Month High

OPTEX GROUP heads into its May 8 earnings release with borrowing costs spiking sharply and short positions at their highest level in at least six weeks — a notable tightening in a stock that had been quiet all month.

The clearest shift this week is in cost to borrow. CTB has jumped to 1.39% from 0.87% a week ago — a 59% rise in seven days, and up 68% over the past month. That move follows weeks of subdued borrowing costs in the 0.70–0.89% range that persisted throughout February and March. The borrow market had been essentially dormant, and it has woken up into the earnings window. Short interest has moved in parallel: SI hit 0.74% of free float on April 28, nearly double the 0.39% reading from the previous session. That jump — from roughly 120,000 shares short to 229,000 — is the highest SI reading in the period tracked and comes entirely in the final days before the May 8 print. Availability remains comfortable, and the lending pool is not stressed at this level, so the CTB move reflects fresh demand rather than a borrow squeeze. The ORTEX short score nudged up to 29.6 on April 28 from a steady plateau of around 27.7 through mid-April — still low in absolute terms, but directionally aligned with the above.

The broader positioning picture suggests caution rather than conviction. Utilization has ticked very slightly lower this week to 3.9%, well below its 52-week peak of 37.4%, meaning the lending pool still has substantial room before any squeeze dynamic develops. The short-score rank of 75 places OPTEX GROUP in the upper quartile of its short-score universe, but with SI below 1% of float, this is not a heavily contested name. The dividend score ranks at the 86th percentile, reflecting the stock's income profile, and a price/book multiple of 2.25 — up roughly 13% over the past month as the stock has recovered — points to a modest but meaningful re-rating since late March. EV/EBITDA has risen to around 10.3x, up from roughly 9.7x a month ago, consistent with a stock that has gained 6.9% over the past month and now trades at ¥2,942.

The institutional register adds an interesting wrinkle. GMO's position of roughly 1.89 million shares — 5.3% of total shares — was last reported in February, with a change of 1.58 million shares, making it by far the largest single reported position change across the top holders. Nomura Asset Management, the largest holder at 5.35%, added 114,800 shares as of March 13. Vanguard and Exchange Traded Concepts have both moved modestly. The concentrated ownership structure — 62 total reported holders — means institutional flows can move the register meaningfully.

The earnings history is worth noting. The February 2026 results produced a 1-day gain of 7.2% and a 5-day gain of 14.3%. The broader earnings event cluster tied to the same period shows a 1-day move of 18.7% and a 5-day move of 22.3% at the outer range. These are large post-print reactions for a mid-tier industrial electronics name. The stock has already gained nearly 7% over the past month, suggesting some premium is being priced in before the event.

Peers offer a divided backdrop. Close correlate 6908 dropped 7.8% on the day and is down 9.7% on the week — the most significant peer underperformer. 6841 gained 2.2% on the day but is off 2.4% on the week. OPTEX GROUP's 2.7% weekly gain stands above most of its TSE peer group, which is broadly flat to slightly lower. What to watch into May 8 is whether the CTB spike reverses or extends further — and whether short positioning stabilises at the new level or continues to build into the announcement.