Reviews; Panasonic, Fujitsu, SDI, M&M, ST Eng; D/G to N, Previews; Denso, Aisin, Hyosung Heavy: APAC Industrial & Auto Sector Specialist Sales Commentary Auto & EV - Equipment - Machinery - F&C - A&D

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Reviews; Panasonic, Fujitsu, SDI, M&M, ST Eng; D/G to N, Previews; Denso, Aisin, Hyosung Heavy: APAC Industrial & Auto Sector Specialist Sales Commentary Auto & EV - Equipment - Machinery - F&C - A&D

aren Li

• Key Preview for Today:Denso, Aisin, Hyosung Heavy Industries, Maruti Suzuki

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Key Earnings Recap; Panasonic, Fujitsu, Stanley Eletric, Samsung SDI, Mando, Posco Future M, M&M, Hyundai Motor

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• Panasonic (6752 JT, Positive): Panasonic’s 1Q OP was ¥182.5 billion, well above consensus and our estimates, prompting

management to raise full-year guidance from ¥550 billion to ¥590 billion. The beat was driven by strong FA-related products

and mounters, benefiting from AI data center investment, while the energy business met expectations. Despite some downside

risk in home appliances and air conditioning, and significant 1Q restructuring effects, the upward revision to guidance was a

positive surprise. Segment strength was broad-based, with industry, connect, and electric works all outperforming, and further

upside is possible given strong 1Q results and conservative F/X assumptions.

• Fujitsu (6702 JT, Neutral): Fujitsu’s 1Q OP was ¥52.5 billion, above consensus and our estimate, but in line when excluding

over ¥10 billion in real estate gains. Management maintained full-year guidance at ¥415 billion. Service solutions orders were

solid, especially in the public sector, and profits are expected to benefit from AI-based streamlining in 2Q onward. Hardware

and ubiquitous solutions segments saw profit declines due to higher memory prices and a pullback in PC demand. Overall,