Unipres: Results Briefing Takeaways: Further Structural Reforms to Drive Rationalization Benefits

研报英文原文证据摘录

Unipres: Results Briefing Takeaways: Further Structural Reforms to Drive Rationalization Benefits

Update

May 27, 2026 07:57 AM GMT

Morgan Stanley MUFG Securities Co., Ltd.+MUnipres (5949) | Japan Shinji Kakiuchi

Equity Analyst

Results Briefing Takeaways: Shinji.Kakiuchi@morganstanleymufg.comHayato Takashima +81 3 6836-5416

Research Associate

Hayato.Takashima@morganstanleymufg.com +81 3 6836-5414

Further Structural Reforms to

Drive Rationalization Benefits

Key Takeaways Unipres (5949.T, 5949 JT)

Unipres held a briefing to discuss F3/26 results and present the company's Auto Parts | Japan

medium-term plan on May 27. We estimate the company expects shipments to Stock Rating Equal-weight

Industry View In-Line

decline about -4% YoY in F3/27, which looks conservative compared to Nissan's Price target ¥1,400

production plan. Shr price, close (May 27, 2026) ¥1,290

Mkt cap, curr, basic (bn) ¥57.1

In addition to the previously announced restructuring of bases in China (which Avg daily trading value (bn) ¥0.2

are being reduced from 9 to 3), under its medium-term plan Unipres intends to

consolidate the number of Japan bases from 12 to 6 to improve its breakeven

point.

Over the period of the plan, the company aims to offset declines in sales volume

with benefits from China restructuring, reduced depreciation, and rationalization

measures, thereby targeting OP growth from ¥13.6bn in F3/26 to ¥15.5bn in

F3/28.

The company said it recognizes that not presenting long-term growth drivers is

an issue. Under the medium-term plan, it will focus on creating value through

core technologies by prioritizing R&D in its capital allocation.

Meanwhile, capital investments will be allocated mainly to new products and

new fields, while the company pursues efficiency improvements for existing