Kawasaki Heavy Industries "Maintaining Buy: Strong fundamentals in core..."

研报英文原文证据摘录

Kawasaki Heavy Industries "Maintaining Buy: Strong fundamentals in core..."

Global Research

19 May 2026ab

Kawasaki Heavy Industries Equities

JapanMaintaining Buy: Strong fundamentals in core

businesses Heavy Machinery

12-month rating Buy

12m price target ¥4,380Raising PT to ¥4,380 and maintaining Buy

Prior : ¥4,040

We are revising up our forecasts, lifting our PT from ¥4,040 to ¥4,380, and maintaining

our Buy rating. Fundamentals remain strong across all sectors, including aerospace, Price (18 May 2026) ¥2,886

defense, shipbuilding, robotics, hydraulics, railways, and powersports, and we expect RIC: 7012.T BBG: 7012 JP

continued sustainable earnings growth. If strong fundamentals persist in upcoming

earnings results, this could serve as a catalyst. Trading data and key metrics

52-wk range ¥3,675-1,744

Strong fundamentals continue in core businesses Market cap. ¥2,423b/US$15.3b

The company’s FY3/27 plan anticipates increased profits across all core businesses. In Shares o/s 840m (ORD)

particular, Aerospace Systems is expected to see continued growth in both the defense Free float 92%

sector and commercial aircraft, while Energy Solutions & Marine should be driven by Avg. daily volume ('000) 17,104

defense businesses, and small and medium-sized turbines, and shipbuilding, and Avg. daily value (m) ¥55,868.1

Precision Machinery & Robot driven by expanding sales of hydraulic equipment for Common s/h equity (03/27E) ¥973b

construction machinery and robots. The company’s plan also assumes ongoing P/BV (03/27E) 2.5x

structural reforms. Sales expansion and profitability improvements from these reforms Net debt to EBITDA (03/27E) 2.4x

are continuing in the core businesses, which increases the visibility for sustained

medium- to long-term earnings growth, in our view.