Rohm (6963) 4Q results: FY2026 guidance conservative; focus on integration progress

研报英文原文证据摘录

Rohm (6963) 4Q results: FY2026 guidance conservative; focus on integration progress

J P M O R G A N Asia Pacific Equity Research

12 May 2026

Rohm (6963) Overweight

6963.T, 6963 JP

4Q results: FY2026 guidance conservative; focus on Price (12 May 26):¥3,967

integration progress Price Target (Dec-26):¥3,900

Somewhat negative: While 4Q results came in above expectations, FY2026 Japan Equity Research

guidance was below expectations, which is negative from an earnings perspective.

Technology - Electronic

On the other hand, guidance appears cautious, so an upside surprise may be Components

possible. For details, we will wait for the earnings briefing on May 13. In particular, AC Akinori Kanemoto

we will be watching closely for updates on the progress of business integration

(81-3) 6736 8628

negotiations in analog and discrete semiconductors. akinori.kanemoto@jpmorgan.com

• Earnings summary: FY2025 full-year/4Q operating profit came in at ¥10.9 Ikki(81-3)Shibata6736 8641

billion/¥1.2 billion, exceeding the company’s full-year guidance of ¥6.0 ikki.shibata@jpmorgan.com

billion, BBG consensus of ¥7.2 billion, and our forecast of ¥6.2 billion. While JPMorgan Securities Japan Co., Ltd.

4Q revenue was in line with our forecast, the gross margin materially beat

expectations, suggesting there may have been benefits from factors such as

inventory build-up. FY2026 guidance (assuming ¥/US$ of 153) calls for

revenue of ¥510.0 billion (+6% YoY) and operating profit of ¥30.0 billion.

Operating profit guidance is below our forecast of ¥45.0 billion and the BBG

consensus forecast (¥37.0 billion), but considering the increase in revenue

(approx. +¥29 billion) and decline in depreciation expense (approx. -¥17

billion YoY), the company’s plan appears overly conservative. In addition, for