Daifuku: F12/26 1Q Results: Generally Solid, Broadly in Line with Elevated Market Expectations

研报英文原文证据摘录

Daifuku: F12/26 1Q Results: Generally Solid, Broadly in Line with Elevated Market Expectations

Update

May 14, 2026 10:41 AM GMT

Morgan Stanley Asia Limited+MDaifuku (6383) | Japan Lisa Jiang

Equity Analyst

F12/26 1Q Results: Generally Lisa.Jiang1@morganstanley.comMorgan Stanley MUFG Securities Co., Ltd.+ +852 2239-1282

Daisuke Horiuchi

Research AssociateSolid, Broadly in Line with Daisuke.Horiuchi@morganstanleymufg.com +81 3 6836-5428

Daifuku (6383.T, 6383 JT)Elevated Market Expectations

Factory Automation | Japan

Stock Rating Equal-weight

Reaction to earnings Industry View Attractive

Price target ¥5,200

Unchanged In-line Largely unchanged Shr price, close (May 14, 2026) ¥7,502

Impact to our thesis Financial results versus consensus Direction of next 12-month Mkt cap, curr, basic (bn) ¥2,758.6

consensus EPS

Avg daily trading value (bn) ¥7.6

Source: Company data, Morgan Stanley Research

Key Takeaways

1Q results marked a solid start as expected.

1Q orders expanded significantly, led by CR and AP. CR increased mainly in South

Korea and Taiwan, and AP surged on winning large projects in North America.

The only somewhat disappointing areas were orders in the IL business (down

YoY) and a decline in profitability.

The full-year company plan was left unchanged, but 1H plan sales and OP were

revised upward.

Amid a strong business environment led by the semiconductor industry, prior

market expectations were already elevated, so our impression is broadly neutral.

1Q results: 1Q OP was ¥26.3bn, +13% YoY, roughly in line with our estimate

(¥25.0bn) and consensus (¥24.7bn). 1Q OPM also remained at a high level at 15.2%.

By segment: (1) Intralogistics (IL) edged down YoY and QoQ, (2) Cleanroom (CR)

tracked at a high level above 20%, and (3) Automotive (AM) set a new record high,