Musashi Seimitsu Industry: F3/26 Results: Guidance for F3/27 Profit Decline Is a Surprise

研报英文原文证据摘录

Musashi Seimitsu Industry: F3/26 Results: Guidance for F3/27 Profit Decline Is a Surprise

Update

May 12, 2026 11:54 AM GMT

Morgan Stanley MUFG Securities Co., Ltd.+MMusashi Seimitsu Industry (7220) | Japan Shinji Kakiuchi

Equity Analyst

F3/26 Results: Guidance for Shinji.Kakiuchi@morganstanleymufg.comHayato Takashima +81 3 6836-5416

Research Associate

Hayato.Takashima@morganstanleymufg.com +81 3 6836-5414

F3/27 Profit Decline Is a

Musashi Seimitsu Industry (7220.T, 7220 JT)

Auto Parts | JapanSurprise

Stock Rating Equal-weight

Industry View In-Line

Price target ¥4,500

Reaction to earnings Shr price, close (May 12, 2026) ¥5,210

Mkt cap, curr, basic (bn) ¥341.6

Unchanged Modest upside Modest revision lower Avg daily trading value (bn) ¥2.8

Impact to our thesis Financial results versus consensus Direction of next 12-month

consensus EPS

Source: Company data, Morgan Stanley Research Musashi Seimitsu Industry: HSC Adoption

Expands in High-Voltage Power Racks for D/C

Key Takeaways (23 Apr 2026)

Musashi Seimitsu's F3/27 OP guidance of ¥18.5bn is below consensus Exhibit 2 : OP and OPM quarterly trend

expectations for around ¥25bn. The company anticipates additional costs as it

OP (LH, Y bn) OPM (RH)

considers the installation of new production methods aimed at stabilizing output 8.0 10%

of hybrid supercapacitors (HSCs). 6.0

5%

4.0

However, we see no change in prospects for rapid expansion in demand for HSCs

2.0

for high-voltage power racks used in data centers from F3/27 2H. 0%

0.0

At the results briefing scheduled for May 13, we will be looking for confirmation -2.0 -5%

regarding the schedule for ramping up operations at the new Minami-Alps facilty 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q

and the likely pace of production growth. 3/24 3/25 3/26