NTN "Still Buy; likely bearing profit growth a positive" (Buy) Sasaki

研报英文原文证据摘录

NTN "Still Buy; likely bearing profit growth a positive" (Buy) Sasaki

Global Research

8 June 2026ab

NTN Equities

JapanStill Buy; likely bearing profit growth a positive

Industrial, Diversified

12-month rating Buy

Lowering price target to ¥500, but maintaining Buy rating

We are revising down our earnings forecasts and lowering our price target from ¥570 to 12m price target ¥500.0

¥500. However, we maintain our Buy rating, as profitability is improving through Prior : ¥570.0

restructuring, and we believe the current share price is undervalued relative to the profit

Price (08 Jun 2026) ¥430

levels we expect from FY3/27 on, when earnings improvement looks set to progress. If

earnings expand alongside higher sales of bearings for general industrial and RIC: 6472.T BBG: 6472 JP

aftermarket applications, this could serve as a share price catalyst.

Trading data and key metrics

52-wk range ¥479-209

A phase of earnings growth looks likely as restructuring gains traction

Market cap. ¥227b/US$1.42b

Despite the challenging demand environment, NTN is working to re-establish earnings

Shares o/s 529m (ORD)

by enhancing product mix and cutting fixed and variable costs. In particular, CVJ axle

Free float 91%

business profitability is improving with site restructuring and procurement reforms, and

a certain earnings level can likely be maintained even after an increase in end-of- Avg. daily volume ('000) 4,586

production (EoP) models. For bearings, signs of a demand recovery are emerging in Avg. daily value (m) ¥1,794.3

construction machinery, aerospace, robotics, and aftermarket applications; we expect Common s/h equity (03/27E) ¥304b

progress from FY3/27 and profit growth on higher sales volumes and productivity. P/BV (03/27E) 0.8x

Net debt to EBITDA (03/27E) 2.1x