THK "Maintaining Buy, expect earnings growth driven by full-scale demand..."

研报英文原文证据摘录

THK "Maintaining Buy, expect earnings growth driven by full-scale demand..."

Global Research

12 May 2026ab

THK Equities

JapanMaintaining Buy, expect earnings growth driven

by full-scale demand expansion Factory Equipment

12-month rating Buy

12m price target ¥9,550Raising price target to ¥9,550, maintaining Buy rating

Prior : ¥6,020

We are raising our OP estimates and lifting our price target from ¥6,020 to ¥9,550. We

maintain our Buy rating as we expect full-scale growth in earnings, driven by stronger Price (11 May 2026) ¥6,931

sales on recovering demand for industrial equipment. We believe THK has a strong RIC: 6481.T BBG: 6481 JP

competitive advantage in industrial equipment, centred on linear motion (LM) guides,

and substantial earnings upside when demand expands in machine tools, Trading data and key metrics

semiconductor manufacturing equipment (SPE) and China. We also view its proactive 52-wk range ¥6,931-3,625

stance on shareholder returns as attractive. Evidence of continued solid orders and Market cap. ¥900b/US$5.73b

earnings expansion in upcoming quarterly results should function as a catalyst for the Shares o/s 130m (ORD)

share price. Free float 89%

Avg. daily volume ('000) 1,144

Earnings growth should accelerate on expanding demand for industrial Avg. daily value (m) ¥6,001.9

equipment Common s/h equity (12/26E) ¥271b

In Q1, orders expanded strongly across major regions, including China, Japan, the US P/BV (12/26E) 2.9x

and Europe. In particular, demand is recovering for machine tools and SPE, where the Net debt to EBITDA (12/26E) 0.1x

company has high exposure. As we expect capex to stay elevated in the semiconductor

industry while expanding in Japan, the US, Europe and China, we forecast a favourable EPS (reported, basic) (¥)

From To % ch Cons.