Koito Mfg.: LiDAR Briefing: Reiterates Focus on Domestic Infrastructure Applications

Research evidence excerpt

Koito Mfg.: LiDAR Briefing: Reiterates Focus on Domestic Infrastructure Applications

Update

May 18, 2026 05:52 AM GMT

Morgan Stanley MUFG Securities Co., Ltd.+MKoito Mfg. (7276) | Japan Shinji Kakiuchi

Equity Analyst

LiDAR Briefing: Reiterates Focus Shinji.Kakiuchi@morganstanleymufg.comHayato Takashima +81 3 6836-5416

Research Associate

Hayato.Takashima@morganstanleymufg.com +81 3 6836-5414

on Domestic Infrastructure

Applications

Key Takeaways Koito Mfg. (7276.T, 7276 JT)

Koito held a LiDAR business briefing on May 18, after earlier indicating at its May Auto Parts | Japan

13 results briefing that it would concentrate operational resources on domestic Stock Rating Equal-weight

Industry View In-Line

infrastructure applications. Price target ¥2,650

Shr price, close (May 15, 2026) ¥2,850

Updated LiDAR P/L projections have losses narrowing from ¥4.2bn in 2026 to Mkt cap, curr, basic (bn) ¥808.7

¥0.4bn in 2027; zero profit in 2028; and OP of +¥0.5bn in 2029 and +¥1.0bn in Avg daily trading value (bn) ¥2.1

2030.

Koito will freeze new development for passenger vehicle applications, where

LiDAR’s competitive advantage has declined, and instead concentrate resources

on domestic infrastructure applications (such as robotaxis, robobuses, traffic

infrastructure, and construction/agricultural machinery.

Koito held a LiDAR business briefing on the morning of May 18. Koito explained that

the LiDAR business has weighed on overall earnings due to heavy development

expenses, and that it will freeze new development for passenger vehicle use and

focus operational resources instead on infrastructure-related applications. Koito

indicated that adoption of passenger vehicle LiDAR in Japan, Europe, and the US is

being delayed, with timelines now around 2-5 years behind the company’s