Makita "Maintain Buy: appreciate growth potential of 40V and enhancement of..."

研报英文原文证据摘录

Makita "Maintain Buy: appreciate growth potential of 40V and enhancement of..."

Global Research

18 May 2026ab

Makita Equities

JapanMaintain Buy: appreciate growth potential of

40V and enhancement of shareholder returns Industrial, Diversified

12-month rating Buy

12m price target ¥7,270Raising PT to ¥7,270 and reiterating Buy rating

Prior : ¥6,340

We are lifting our forecasts, target multiple, and our PT from ¥6,340 to ¥7,270. As

expect continued earnings growth driven by expansion of 40Vmax sales, along with Price (15 May 2026) ¥5,650

ongoing dividend increases and share buybacks, we maintain our Buy rating. The RIC: 6586.T BBG: 6586 JP

confirmation of strong financial performance in upcoming earnings releases could serve

as a share price catalyst. Trading data and key metrics

52-wk range ¥6,106-4,203

40Vmax has strong growth potential Market cap. ¥1,496b/US$9.44b

In its recently announced growth strategy, Makita aims for business expansion by Shares o/s 265m (ORD)

making 40Vmax a performance driver and entering new markets such as resources and Free float 88%

energy. It has already received high praise for 40V from many users worldwide and Avg. daily volume ('000) 945

appears confident in its outlook. Competitor TTI has a limited lineup of products in the Avg. daily value (m) ¥5,294.9

40V segment, and with increased development difficulty due to safety requirements, Common s/h equity (03/27E) ¥1042b

there appears significant room for differentiation and market share expansion. At the P/BV (03/27E) 1.4x

same time, since 2022, sales in Europe have been sluggish, suggesting strong underlying Net debt to EBITDA (03/27E) NM

replacement demand. Once demand recovers in Europe, there could be considerable

potential for earnings growth through expansion of 40Vmax sales.