SMC "Maintain Buy: continued earnings growth likely on a favourable demand..."

研报英文原文证据摘录

SMC "Maintain Buy: continued earnings growth likely on a favourable demand..."

Global Research

20 May 2026ab

SMC Equities

JapanMaintain Buy: continued earnings growth likely

on a favourable demand environment Factory Equipment

12-month rating Buy

12m price target ¥81,000Lowering price target to ¥81,000, but maintaining Buy rating

Prior : ¥90,100

In Q4 FY3/26 results (1) the capital policy changes the company outlined when it

announced Q2 results were not implemented, and (2) higher personnel costs, primarily Price (19 May 2026) ¥67,120

related to sales staff, as well as R&D expenses, led to the suggestion of continued fixed RIC: 6273.T BBG: 6273 JP

cost increases. As a result, SMC's share price declined significantly. However, valuations

now appear relatively attractive within the sector, and while we are lowering our Trading data and key metrics

earnings forecasts, we expect sustained earnings growth over the medium term, 52-wk range ¥84,560-43,500

supported by expanding demand for pneumatic equipment, and accordingly maintain Market cap. ¥4,278b/US$26.9b

our Buy rating. We believe future quarterly results showing an expansion in earnings on Shares o/s 63.7m (ORD)

the back of a recovery in demand would serve as a share price catalyst. Free float 82%

Avg. daily volume ('000) 344

Expecting sustained earnings growth on a recovery in semiconductor and Avg. daily value (m) ¥24,414.8

general industry demand Common s/h equity (03/27E) ¥2224b

Driven by an expansion in AI-related demand, capex in the semiconductor industry is P/BV (03/27E) 1.9x

increasing not only among the Taiwanese foundries and South Korean semiconductor Net debt to EBITDA (03/27E) NM

memory companies, but also in memory and logic in the advanced economies.