Maeda Kosen: F6/26 3Q Results: No Surprises, but Focus Is Shifting to Growth Prospects from F6/27, Including for BBS

研报英文原文证据摘录

Maeda Kosen: F6/26 3Q Results: No Surprises, but Focus Is Shifting to Growth Prospects from F6/27, Including for BBS

Update

May 14, 2026 02:31 PM GMT

Morgan Stanley MUFG Securities Co., Ltd.+MMaeda Kosen (7821) | Japan Ryo Yagi

Equity Analyst

F6/26 3Q Results: No Surprises, Ryo.Yagi@morganstanleymufg.com +81 3 6836-8938

Maeda Kosen (7821.T, 7821 JT)

Construction | Japanbut Focus Is Shifting to Growth

Stock Rating Overweight

Industry View Attractive

Price target ¥3,200Prospects from F6/27, Including Shr price, close (May 14, 2026) ¥1,876

Mkt cap, curr, basic (bn) ¥125.8

Avg daily trading value (bn) ¥0.3for BBS

Reaction to earnings

Unchanged In-line Largely unchanged

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

consensus EPS

Source: Company data, Morgan Stanley Research

Key Takeaways

Maeda Kosen reported 3Q OP -15.2% YoY to ¥2.5bn, which was lower than our

¥2.9bn forecast but roughly in line with consensus expectations for ¥2.6bn.

Compared to our forecast, BBS earnings underperformed; domestic business was

firm, but earnings in Germany were weakened by timing effects related to

shipments of vehicle models using BBS products.

Earnings from social infrastructure business were solid, supported by firm

demand related to national resilience initiatives, etc. The business remains

healthy at this point.

At BBS Japan, demand looks solid. Timing effects related to shipments of vehicles

incorporating BBS products are impacting earnings at the German subsidiary, but

we still expect contributions from new demand from F6/27.

The company announced a share buyback of up to ¥10bn (through off-auction

trading).

Impact from Middle East situation: We understand there has been no impact from