Earnings growth in FY3/27–FY3/28 on SPE power sources, grid storage batteries

研报英文原文证据摘录

Earnings growth in FY3/27–FY3/28 on SPE power sources, grid storage batteries

ions for

Equity ratio(%, 3/27E) 49.5 continued earnings growth in FY3/28. b) Amid continued steady EPS growthBPS(¥, 3/27E) 7,065.0

PBR(x, 3/27E) 2.2 centering on electric power equipment and SPE power sources, Daihen is

ROE(%, 3/27E NP basis) 10.9 starting to look undervalued following the decline in its stock price since theROA(%, 3/27E RP basis) 8.1

Note: No. of shares includes treasury stock results announcement.

Absolute and TOPIX-relative share price KNOW: Expecting second straight year of record-high OP in FY3/27,

driven in part by SPE power sources

We raise our FY3/27 OP forecast to ¥25.5b. Compared to our previous

forecast, we now factor in: 1) the impact of higher materials prices in the

electric power equipment segment; and 2) a hike to our sales and OP

forecasts for SPE power sources based on the outlook for growth in the WFE

market and a sharp increase in SPE power source orders confirmed by 4Q

FY3/26 results. (More on page 2)

WATCH: SPE power supply orders; EMS orders, including grid storage

battery-related ordersSenior Analyst Takeshi Tanaka

+81 3 6202 8657 takeshi.tanaka@mizuho-sc.com In the near term, our focus is on: 1) the sustainability of strong SPE power

Analyst Masanobu Nagao source orders; and 2) whether EMS orders continue to grow in line with the+81 3 6202 8296 masanobu.nagao@mizuho-sc.com

government’s goal of expanding installed capacity for power grid storage

Click here for ESG on batteries.

our entire coverage MEASURE: Around 20x our FY3/28 EPS estimate

We raise our price objective to ¥17,500. (Continued on the next page)

Consolidated results and forecasts Share Price: ¥15,360 (8 Jun) 52wks: H ¥19,790 L ¥6,070

Term Sales YoY OP YoY RP YoY NP YoY EPS PER EV/EBITDA