KOKUSAI ELECTRIC: F3/26 Results: Buyers on Share Price Dip

研报英文原文证据摘录

KOKUSAI ELECTRIC: F3/26 Results: Buyers on Share Price Dip

Update

May 13, 2026 11:35 AM GMT

Morgan Stanley MUFG Securities Co., Ltd.+MKOKUSAI ELECTRIC (6525) | Japan Suzune Tamura, CFA

Equity Analyst

F3/26 Results: Buyers on Share Suzune.Tamura@morganstanleymufg.comKazuo Yoshikawa, CFA +81 3 6836-8891

Kazuo.Yoshikawa@morganstanleymufg.com +81 3 6836-8408

Price Dip

KOKUSAI ELECTRIC (6525.T, 6525 JP)

Semiconductor Production Equipment | Japan

Reaction to earnings

Stock Rating Overweight

Unchanged Modest upside Modest revision higher Industry View Attractive

Impact to our thesis Financial results versus consensus Direction of next 12-month Price target ¥6,500

consensus EPS Shr price, close (May 13, 2026) ¥6,170

Mkt cap, curr, basic (bn) ¥1,439.3

Source: Company data, Morgan Stanley Research Avg daily trading value (bn) ¥22.6

Key Takeaways

The stock's trade-off triggered by conservative F3/27 guidance is a chance to buy

on weakness.

Guidance for 30% YoY sales growth in 1H as strong as Tokyo Electron’s.

2H guidance for sales and profit decline, but our expectation for market

strengthening towards 2H offers prospect of some overshoot.

Guidance was set in Feb, but current conditions look strong enough to generate

further orders every week; guidance does not adequately reflect solid 2H

outlook.

Strong guidance for 1H: Management released F3/26 results during trading hours

today at 2:30pm. At ¥54.5bn, F3/27 OP guidance is well below ¥63.0bn consensus,

triggering a share price slide, with the shares closing down 13%. Guidance for 19%

YoY growth in sales to ¥280bn is also disappointing given the market consensus for

2026 WFE market growth north of 20%. However, sales guidance for 1H alone is for

30% YoY growth to ¥152.3bn, which compares well with the 33% 1H sales growth