Panasonic (6752): FY3/26: in line, as positives from gen AI are offset by quarterly weakness; reit. Buy

研报英文原文证据摘录

Panasonic (6752): FY3/26: in line, as positives from gen AI are offset by quarterly weakness; reit. Buy

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Panasonic (6752)

FY3/26: in line, as positives from gen AI

are offset by quarterly weakness; reit. Buy

Reiterate Rating: BUY | PO: 3,500 JPY | Price: 3,405 JPY

13 May 2026

Reiterate Buy on BBU-led growth and visible restructuring Equity

We reiterate Buy, with key pillars being BBU-driven growth and the crystallisation of

restructuring benefits. The increase in the data centre BBU FY3/29 revenue target from Mikio Hirakawa >> Research Analyst

¥800bn to ¥950bn and increased focus on AI-related industrial businesses are positives. BofAS Japan

mikio.hirakawa@bofa.com

Meanwhile, quarterly earnings visibility remains limited, as seen in one-off automotive Mayako Ouchi >>

battery costs in 4Q. Offsetting these factors, we view the results as broadly in line. Research Analyst

BofAS Japan

However, the BBU-led earnings growth story remains intact. We expect improvement mayako.ouchi@bofa.com

and stabilisation in quarterly earnings from 1Q FY3/27, driven by restructuring benefits,

to support valuation upside.

Guidance: FY3/27 AOP in line at ¥600bn Stock Data

The company maintained its adjusted operating profit (AOP) targets of ¥600bn for Price 3,405 JPY

FY3/27 and over ¥750bn for FY3/29. Of the planned ¥150bn+ profit growth toward Price Objective 3,500 JPY

FY3/29, ¥130bn is expected from AI infrastructure-related businesses. FY3/26 4Q AOP Date Established 25-Apr-2026

Investment Opinion B-1-7

was ¥106.4bn (YoY -4%), below our ¥141.0bn and VA ¥137.0bn, mainly due to ¥40bn in

52-Week Range 1,411-3,467 JPY

one-off costs related to automotive battery quality issues. Market Value (mn) 8,357,677 JPY

Focus: Investor Day (8 June) Market Value ($mn) 53,232 USD