Moriya Transportation E & M (6226, NR)

研报英文原文证据摘录

Moriya Transportation E & M (6226, NR)

12 May 2026

Mizuho Securities Equity Research Industrial Electronics / Other

Industry Overview

FY3/26 results: Aims to expand customer base to include peripheral areas

Share price (11 May): ¥2,257 Results comment

TSE market: Standard This report gives our key takeaways from the FY3/26 results announcement

by Moriya Transportation Engineering and Manufacturing. The company, anMarket cap: ¥79.834b

elevator manufacturer that does everything from the production of large chargeDaily trading value (25-day average):

elevators and ship elevators to maintenance and replacement, has established¥506.50m

a leading position in niche markets by focusing on large elevators and value-

added elevator fields requiring custom-made products. Since going public in

Analyst: 2022, it has continued to grow earnings by passing on costs to customers and

Masanobu Nagao by benefiting from mounting demand from logistics facilities and warehouses.

+81 3 6202 8296 The company’s share price was up about 10% (versus the previous day’s

masanobu.nagao@mizuho-sc.com close) following its 11 May announcement of FY3/26 results (3:00pm JST) and

Senior Analyst: its unveiling of a new medium-term plan. FY3/27 guidance calls for EPS of

Takeshi Tanaka ¥125.28, implying a PER of about 18x. A results conference is scheduled for

+81 3 6202 8657 28 May (3:00pm). Our key takeaways are as follows.

takeshi.tanaka@mizuho-sc.com

1) 4Q FY3/26 results: Orders up YoY; profits beat guidance

In 4Q, orders were up 9% YoY, with manufacturing and sales orders up 25%

YoY and 29% QoQ. Sales to logistics facilities and warehouses, which account

for roughly 80% of the company’s elevator business, continued to pull back,

but sales to semiconductor factories and data centers were firm.