Kawasaki Heavy Industries: F3/26 4Q Results: Robust F3/27 BP Guidance; F3/27 Key Year for Powersports & Engine (PS&E) Earnings Progress

研报英文原文证据摘录

Kawasaki Heavy Industries: F3/26 4Q Results: Robust F3/27 BP Guidance; F3/27 Key Year for Powersports & Engine (PS&E) Earnings Progress

Update

May 12, 2026 08:54 AM GMT

Morgan Stanley MUFG Securities Co., Ltd.+MKawasaki Heavy Industries (7012) | Japan Takeshi Kitaura

Equity Analyst

F3/26 4Q Results: Robust F3/27 Takeshi.Kitaura@morganstanleymufg.comMorgan Stanley Asia Limited+ +81 3 6836-5427

Lisa Jiang

Equity AnalystBP Guidance; F3/27 Key Year for Lisa.Jiang1@morganstanley.com +852 2239-1282

Morgan Stanley MUFG Securities Co., Ltd.+Powersports & Engine (PS&E) Daisuke Horiuchi

Research Associate

Daisuke.Horiuchi@morganstanleymufg.com +81 3 6836-5428Earnings Progress

Kawasaki Heavy Industries (7012.T, 7012 JT)

Reaction to earnings Heavy Industries | Japan

Stock Rating Equal-weight

Unchanged In-line Largely unchanged Industry View Attractive

Impact to our thesis Financial results versus consensus Direction of next 12-month Price target ¥3,150

consensus EPS

Shr price, close (May 12, 2026) ¥3,391

Source: Company data, Morgan Stanley Research Mkt cap, curr, basic (bn) ¥2,834.2

Avg daily trading value (bn) ¥75.0

Key Takeaways

F3/27 BP guidance is ¥170bn, level with our forecast and the consensus. Risks are

partly reflected. F3/27 will be key in assessing progress vs. PS&E sales plan.

BP plan partly reflects risks, with ¥15bn tariff impact (same as our forecast) and

¥8bn raw material cost impact from higher oil prices (not in our forecast).

F3/27 BP guidance for Aerospace Systems segment is slightly below our forecast,

but still for a solid +15% YoY increase.

BP guidance for the Energy Solution & Marine Engineering (ES&M) segment is

above our forecast.

Defense-related plan is for sales +18% YoY, but orders below sales amid an off-