We forecast ongoing profit growth, especially in energy

Research evidence excerpt

We forecast ongoing profit growth, especially in energy

Global Markets Research

15 June 2026Maxell

6810.T 6810 JP / EQUITY: JAPAN CONSUMER ELECTRONICS

RatingWe forecast ongoing profit growth, especially in

Remains Buyenergy

Target price JPY 3,000We think company will continue to pass on steep increases in raw Remains

material costs

Closing price JPY 2,135We reiterate Buy rating, have high expectations for front-runner strategy in small 12 June 2026

batteries

Maxell has been narrowing its business focus around its core analog technologies, and Implied upside +40.5%

now has a target in sight for sorting out its rechargeable batteries business, where

margins have deteriorated. We forecast profit growth via increased sales of all-solid-state

batteries and micro primary batteries for medical, automotive, and IoT applications. We roll

forward the base year for our valuation methodology and obtain our target price of ¥3,000 Relative performance chart

by multiplying our 28/3 EPS forecast of ¥217 by a P/E of 14x, a discount of roughly 20% to

the benchmark, as before. We reiterate our Buy rating as we do not think the current share

price adequately reflects profit growth prospects, especially for small batteries.

27/3: Input prices have been rising but we think guidance looks achievable

We lower our 27/3 operating profit forecast from ¥11.2bn to ¥10.0bn (up 27% y-y), in line

with guidance of ¥10.0bn. We forecast profit growth at the energy segment via full-year

contributions from Maxell Sakura and smaller losses on rechargeable batteries for

consumer electronics and at the optics & systems segment on a recovery at the

semiconductor design & manufacturing service (DMS) business, but lower our forecast to