Hoshizaki "Buy maintained; overseas earnings growth could be a catalyst" (Buy)

Research evidence excerpt

Hoshizaki "Buy maintained; overseas earnings growth could be a catalyst" (Buy)

Global Research

18 May 2026ab

Hoshizaki Equities

JapanBuy maintained; overseas earnings growth could

be a catalyst Industrial, Diversified

12-month rating Buy

12m price target ¥7,450Reiterating Buy rating and lifting PT to ¥7,450

Prior : ¥7,360

We are revising up our earnings forecasts, and lifting our price target from ¥7,360 to

¥7,450. We maintain our Buy rating. We expect earnings growth driven by Japan, North Price (15 May 2026) ¥5,138

America, and Western Refrigeration (India), as well as a recovery in Europe supported by RIC: 6465.T BBG: 6465 JP

structural reform. Given the valuation remains undemanding and the company

continues to strengthen capital policy, we see substantial scope for a re-rating. We Trading data and key metrics

believe that as overseas earnings growth emerges more clearly in upcoming results, this 52-wk range ¥6,106-4,905

could serve as a share price catalyst. Market cap. ¥726b/US$4.58b

Shares o/s 141m (ORD)

Overseas growth scenario intact; Europe and Asia beginning to deliver results Free float 75%

The new medium-term plan announced on 17 April outlines initiatives to accelerate Avg. daily volume ('000) 459

overseas growth through strengthening regional strategies and SG&A cost reductions. Avg. daily value (m) ¥2,382.3

In Europe, where earnings have been weak, the Q1 FY12/26 results reflected margin Common s/h equity (12/26E) ¥419b

improvement at Hoshizaki Europe, Ozti, and Brema, driven by control of SG&A costs. We P/BV (12/26E) 1.7x

expect further earnings expansion underpinned by structural reform. In Asia, earnings Net debt to EBITDA (12/26E) NM

remain strong at Indian subsidiary Western Refrigeration, while growth is becoming