Taisei: Company Hosts Small Meeting with President

研报英文原文证据摘录

Taisei: Company Hosts Small Meeting with President

Update

July 1, 2026 12:39 AM GMT

Morgan Stanley MUFG Securities Co., Ltd.+MTaisei (1801) | Japan Ryo Yagi

Equity Analyst

Company Hosts Small Meeting Ryo.Yagi@morganstanleymufg.com +81 3 6836-8938

with President

Taisei hosted a small meeting with its president, providing strong

Taisei (1801.T, 1801 JT)

comments on the medium-term outlook for building

Construction | Japan

construction margins and profitability at time of order intake, Stock Rating Overweight

and outlining thinking on further reducing cross-shareholdings. Industry View Attractive

Price target ¥22,100

Positive impression. Shr price, close (Jun 30, 2026) ¥14,250

Mkt cap, curr, basic (bn) ¥2,362.2

Avg daily trading value (bn) ¥11.9

Key Takeaways

Taisei hosted a small meeting with its president on Jun 30, confirming the

company’s thinking on the business environment and margins for building

construction (parent gross margin), reduction of cross-shareholdings,

shareholder returns, etc.

Below is an overview of the company’s comments.

Building construction margins and outlook for profitability at time of order: The

company believes it must achieve a 15% building construction margin under the next

medium-term plan (F3/28–31). Given current building construction demand, it also

thinks 17% is fully achievable. As for when, it is currently looking at achieving the

15% target around F3/31, but given the order environment, it thinks 15% could even

be achievable within two more years at the earliest (F3/30). It thinks 17% would be

achievable after the next medium-term plan, but in a positive case it thinks it could

be reached in F3/31 or F3/32. Profitability at the time of order is rising this fiscal year

as well, and it thinks it can continue to raise it ahead.