Wacom (6727) 4Q results: Expect profit growth to continue despite headwinds like surging memory prices

研报英文原文证据摘录

Wacom (6727) 4Q results: Expect profit growth to continue despite headwinds like surging memory prices

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

13 May 2026

Correction (See disclosures for details)

Wacom (6727) Overweight

6727.T, 6727 JP

4Q results: Expect profit growth to continue despite Price (12 May 26):¥728

headwinds like surging memory prices Price Target (Dec-26):¥1,300

Somewhat positive: FY2026 guidance has profit growth continuing despite Japan Equity Research

headwinds like a reactionary decline after demand for active electrostatic (AES)

Technology - Electronic

products was brought forward into FY2025 and surging memory prices. We also Components

confirmed that the earnings contributions from hardware + services remain AC Akinori Kanemoto

limited, but projects are making steady progress.

(81-3) 6736 8628

• FY2025 results summary: FY2025 operating profit of ¥13.4 billion was in akinori.kanemoto@jpmorgan.com

line with guidance for ¥13.0 billion, the Bloomberg consensus estimate of Ikki Shibata

(81-3) 6736 8641

¥13.1 billion, and our forecast of ¥13.4 billion, while the brand products ikki.shibata@jpmorgan.com

segment stayed profitable for the fourth straight quarter in 4Q. FY2026 JPMorgan Securities Japan Co., Ltd.

guidance assumes ¥150/$ and is for sales flat YoY at ¥110.0 billion with

operating profit of ¥14.0 billion (Bloomberg consensus estimate: ¥13.3 billion,

our forecast: ¥13.5 billion). Within the total, guidance calls for 7% sales growth

to ¥35.0 billion with operating profit of ¥2.4 billion at the brand products

segment, and for sales down 3% to ¥75.0 billion with ¥17.2 billion operating

profit at the technology solutions segment, so it has profit rising slightly YoY

at both segments. Wacom also announced a share buyback of up to ¥1.5 billion