Japan Automation: FAQ: Are component sourcing issues an industry or company-specific factor? And are market share changes real?

Research evidence excerpt

Japan Automation: FAQ: Are component sourcing issues an industry or company-specific factor? And are market share changes real?

Equity Research

4 August 2026 | 7:18AM JST

Japan Automation: FAQ: Are component sourcing issues an industry or

company-specific factor? And are market share changes real?

In the wake of its 1Q earnings miss (link), Fanuc shares dropped 14% on August 3, the Yuichiro Isayama

+81(3)4587-9806 |

trading day following the earnings announcement (TOPIX -1%). Regarding yuichiro.isayama@gs.com

Goldman Sachs Japan Co., Ltd.

component procurement difficulties, based on our overseas research trip (Asia

Ryo Harada

Pacific Machinery: Automation: Taiwan trip takeaways: Focus shifts to “can you +81(3)4587-9865 | ryo.harada@gs.com

produce?” and “can you raise prices?” amid S/D tightness), we had surmised that this Goldman Sachs Japan Co., Ltd.

Takeru Adachiis likely a company-specific factor for Fanuc rather than a broader issue for CNC +81(3)4587-4067 |

makers. However, many investors have expressed concern that the impact of takeru.adachi@gs.comGoldman Sachs Japan Co., Ltd.

procurement difficulties might be extending to a wide range of FA companies, with Takato Enoki

implications especially for earnings at Omron, which has many electronic +81(3)4587-1739 | takato.enoki@gs.com

component-related FA products. Although Omron and many other FA companies Goldman Sachs Japan Co., Ltd.

have yet to announce their Apr-Jun earnings, our views remain unchanged at this Hiroki Muramatsu

+81(3)4587-9872 |

point as firm business and market share momentum can be seen from trends at hiroki.muramatsu@gs.com

some related domestic/foreign companies and across the industry. We maintain our

Chie Hu

Buy rating on Omron, and we maintain our Sell rating on Fanuc.