First Read: Alps Alpine "Key takeaways from the IR Day" (Neutral) Hirata

Research evidence excerpt

First Read: Alps Alpine "Key takeaways from the IR Day" (Neutral) Hirata

Global Research

28 May 2026ab

First Read

EquitiesAlps Alpine

Key takeaways from the IR Day Japan

Electric Components & Equipment

12-month rating Neutral

Medium-term plan revised downward slightly

The company held its IR Day after the market close on 28 May. Members of the 12m price target ¥2,100.0

management team attending included President Hideo Izumi and CFO Satoshi Kodaira.

Our impression is neutral. The company's OP estimate for FY3/28, the final year of the

Price (28 May 2026) ¥2,210

medium-term plan, was revised down from ¥71.0bn to ¥67.5bn (sensor

& communication products -¥1.0bn, mobility products -¥2.5bn, consensus forecast RIC: 6770.T BBG: 6770 JP

¥50.2bn). Key points included progress in reducing unprofitable products and in Trading data and key metrics

bringing forward facility integration, as well as order expansion for camera actuators

52-wk range ¥2,371-1,369

(OIS). However, for OIS, the depreciation burden is putting pressure on profit margins.

Market cap. ¥431b/US$2.70b

While the downward revision for mobility products was small, many uncertainties

Shares o/s 195m (ORD)

remain for FY3/28 and beyond, including price negotiations with customers in light of

rising raw material costs such as for memory, and the impact of key domestic customers Free float 65%

revising their EV strategies. Our first impression is that visibility for earnings from FY3/28 Avg. daily volume ('000) 1,585

onward remains low. Avg. daily value (m) ¥3,440.2

Common s/h equity (03/26E) ¥406b

Camera actuator orders expanding, but depreciation burden increasing P/BV (03/26E) 1.0x

For camera actuators for high-end smartphones in North America, the outlook is for Net debt to EBITDA (03/26E) NM