Mitsubishi Heavy Industries: Japan Summit Recap: Reaffirm OW on Energy Profit Growth and Margin Improvement

研报英文原文证据摘录

Mitsubishi Heavy Industries: Japan Summit Recap: Reaffirm OW on Energy Profit Growth and Margin Improvement

Idea

May 28, 2026 12:59 PM GMT

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

Equity Analyst

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

Lisa Jiang

Equity AnalystOW on Energy Profit Growth Lisa.Jiang1@morganstanley.com +852 2239-1282

Morgan Stanley MUFG Securities Co., Ltd.+and Margin Improvement Daisuke Horiuchi

Research Associate

What’s Changed Daisuke.Horiuchi@morganstanleymufg.com +81 3 6836-5428

Mitsubishi Heavy Industries (7011.T) From To

Price Target ¥5,500 ¥5,700

Taking on board CFO Nishio’s perspective on improving OP

margins at our Japan Summit, the 2024 Medium-Term Business

Plan progress briefing, and a small meeting with President Ito, Mitsubishi Heavy Industries (7011.T, 7011 JT)

Heavy Industries | Japan

we reaffirm that the twin engines of energy and defense

Stock Rating Overweight

continue to support growth, and maintain our OW rating. Industry View Attractive

Price target ¥5,700

Up/downside to price target (%) 50

Key Takeaways Shr price, close (May 28, 2026) ¥3,804

Mkt cap, curr, basic (bn) ¥12,782.5

We raise our earnings forecasts, mainly for the energy business, and increase our Div yld (03/27e) (%) 1.1

PT from ¥5,500 to ¥5,700 to reflect the revisions. Fiscal Year Ending 03/26 03/27e 03/28e 03/29e

Revenue, net (¥bn) 4,974.2 5,592.1 6,139.6 6,753.7

In energy business, a more aggressive policy has been presented to double gas Operating profit (¥bn)* 432.2 582.5 702.4 806.3

turbine production capacity toward F3/31, with both margin improvement and Recurring profit (¥bn)* - - - -

Net income (¥bn)* 332.1 396.3 480.2 552.9