Mitsubishi Heavy Industries: Japan Summit 2026: Sustained Growth and Margin Improvement in Energy business

研报英文原文证据摘录

Mitsubishi Heavy Industries: Japan Summit 2026: Sustained Growth and Margin Improvement in Energy business

Update

May 21, 2026 02:22 PM GMT

Morgan Stanley MUFG Securities Co., Ltd.+MMitsubishi Heavy Industries (7011) | Japan Takeshi Kitaura

Equity Analyst

Japan Summit 2026: Sustained Takeshi.Kitaura@morganstanleymufg.comMorgan Stanley Asia Limited+ +81 3 6836-5427

Lisa Jiang

Equity AnalystGrowth and Margin Lisa.Jiang1@morganstanley.com +852 2239-1282

Morgan Stanley MUFG Securities Co., Ltd.+Improvement in Energy business Daisuke Horiuchi

Research Associate

At our Japan Summit, we hosted a fireside chat with CFO Hiroshi Nishio on May 21 at Daisuke.Horiuchi@morganstanleymufg.com +81 3 6836-5428

4:00pm JST. The view that there is further room for margin improvement in the

Energy segment was well received. On capex, while management indicated it is

actively considering additional investments, responses emphasized capital discipline

with ROIC as a key metric.

Gas Turbines: The company has line of sight to a 30% increase in shipments, but Mitsubishi Heavy Industries (7011.T, 7011 JT)

aims for further expansion toward 2030. Key bottlenecks cited for scaling Heavy Industries | Japan

production include assembly workforce constraints and machining capacity, and Stock Rating Overweight

Industry View Attractive

management acknowledged that additional investment, including across the supply Price target ¥5,500

chain, will be required to support growth toward 2030. Global gas turbine demand Shr price, close (May 21, 2026) ¥3,958

Mkt cap, curr, basic (bn) ¥13,300.2

is expected to average around 70GW annually over the next five years, down from Avg daily trading value (bn) ¥128.7

roughly 100GW in 2025, although near-term demand remains strong.