Ebara: F12/26 1Q Results: Strong Front-loading of Orders in Precision Machinery

研报英文原文证据摘录

Ebara: F12/26 1Q Results: Strong Front-loading of Orders in Precision Machinery

Update

May 15, 2026 06:43 PM GMT

Morgan Stanley MUFG Securities Co., Ltd.+MEbara (6361) | Japan Suzune Tamura, CFA

Equity Analyst

F12/26 1Q Results: Strong Front- Suzune.Tamura@morganstanleymufg.comKazuo Yoshikawa, CFA +81 3 6836-8891

Kazuo.Yoshikawa@morganstanleymufg.com +81 3 6836-8408

loading of Orders in Precision

Ebara (6361.T, 6361 JP)

Semiconductor Production Equipment | JapanMachinery

Stock Rating Overweight

Industry View Attractive

Price target ¥5,800

Reaction to earnings Shr price, close (May 15, 2026) ¥5,533

Mkt cap, curr, basic (bn) ¥2,549.6

Unchanged In-line Modest revision higher Avg daily trading value (bn) ¥12.2

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

consensus EPS

Source: Company data, Morgan Stanley Research

Key Takeaways

1Q Precision Machinery orders came to ¥151.2bn, marking strong progress against

the ¥200bn plan for 1H

Management pegged strength on clients front-loading orders planned for 2Q

onward to secure shipment slots, but momentum in this climate itself is also

building

On feared Middle East impact, Ebara projects a limited ¥1.4bn full-year hit,

assuming conditions ease from Jul, which we think provides some reassurance

Large order front-loading in 1Q: As expected, Precision Machinery delivered very

strong orders, including relating to CMP, with 1Q orders reaching ¥151.2bn against

the 1H target of ¥200bn. Management explained that customers brought forward

orders originally planned for 2Q onward to secure shipment slots, and therefore left

its full-year order plan unchanged, viewing this ultimately as a change in timing.

However, peer results also indicate that front-end semiconductor equipment orders