Sumitomo Electric Industries (5802): Results First Impressions: Positive

研报英文原文证据摘录

Sumitomo Electric Industries (5802): Results First Impressions: Positive

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Sumitomo Electric Industries (5802)

Results First Impressions: Positive

Maintain Rating: BUY | PO: 12,300 JPY | Price: 11,650 JPY

12 May 2026

Key takeaways Equity

• FY3/26 operating profit of ¥418.2bn beat our estimate and consensus, with upside

Takashi Enomoto >>

across all segments. Research Analyst

BofAS Japan

• FY3/27 OP guidance of ¥425.0bn is stronger than expected, driven by sharp growth in +81 3 6225 8362

Infocommunication. takashi.enomoto@bofa.com

Yuri Tanaka >>

• The new mid-term plan targets FY3/29 OP of ¥600.0bn, and the aggressive Research Analyst

investment stance is positive. BofAS Japan

+81 3 6225 8892

yuri.tanaka@bofa.com

Results Date: May 12 15:00, Analyst Meeting: May 12

16:30~

Stock Data

Positive Price 11,650 JPY Price Objective 12,300 JPY

FY3/26 operating profit came in at ¥418.2bn, exceeding our estimate of ¥385.0bn and Date Established 10-Mar-2026

consensus of ¥388.6bn. All segments outperformed our expectations. FY3/27 company Investment Opinion B-1-7

guidance calls for operating profit of ¥425.0bn, above our prior estimate of ¥380–400bn. 52-Week Range 2,426-12,550 JPY

The plan assumes a significant increase in Infocommunication revenue (FY3/27 plan

Market Value (mn) 9,249,408 JPY

¥500.0bn vs. FY3/26 actual ¥315.0bn). Market Value ($mn) 58,912 USD

On the same day, the company announced a new mid-term management plan. Operating Shares Outstanding (mn) 793.9

profit is targeted at ¥600.0bn in FY3/29 (our estimate ¥570.0bn; consensus ¥591.4bn), Average Daily Value ($mn) 544.9 USD

with Infocommunication expected to become the largest profit segment (segment OP Free Float 68.3%

target ¥240.0bn vs. our ¥187.0bn). Capex for FY3/27–FY3/29 is set at ¥1tn (vs.