Hirose Electric (6806) Earnings model update: Earnings momentum still strong in industrial machinery, AI servers, autos, probe modules

研报英文原文证据摘录

Hirose Electric (6806) Earnings model update: Earnings momentum still strong in industrial machinery, AI servers, autos, probe modules

J P M O R G A N Asia Pacific Equity Research

11 June 2026

Hirose Electric (6806)

Earnings model update: Earnings momentum still Overweight

strong in industrial machinery, AI servers, autos, probe 6806.T, 6806 JP

modules Price (11 Jun 26):¥26,690

▲Price Target (Dec-26):¥33,300

Prior (Dec-26):¥32,100

We raise our price target through December 2026 from ¥32,100 to ¥33,300 and

maintain our Overweight rating. We expect steady earnings growth to continue on Japan Equity Research

rising probe pin sales at Hirose SER, increased demand for AI server connectors, Technology - Electronic

and growth for ADAS and xEVs in automotive applications, as well as a better- Components

than-expected recovery in the general industrial machinery connector market. The AC Akinori Kanemoto

shares have performed solidly since FY2025 results, but valuations remain (81-3) 6736 8628

discounted, and we maintain our Overweight rating. akinori.kanemoto@jpmorgan.com

Ikki Shibata

• Earnings estimates: We raise our earnings estimates to reflect FY2025 results (81-3) 6736 8641

and market trends (we assume ¥155/$). We raise our operating profit estimates ikki.shibata@jpmorgan.com

for FY2026 from ¥48.9 billion to ¥51.6 billion (guidance ¥46 billion; JPMorgan Securities Japan Co., Ltd.

Bloomberg consensus estimate ¥47.5 billion) and for FY2027 from ¥56.5

billion to ¥61.3 billion (Bloomberg consensus ¥53.4 billion), while we

Key Changes (FYE Mar)

introduce a FY2028 forecast of ¥69 billion (Bloomberg consensus ¥58.1

Prev Cur Δ

billion). Adj. EPS - 27E (¥) 1,160.69 1,202.01 3.6%

• Assumptions in FY2026 guidance for general industrial and Adj. EPS - 28E (¥) 1,357.92 1,437.57 5.9%