Near-term equity story already priced in

研报英文原文证据摘录

Near-term equity story already priced in

Macquarie Equity Research

01 July 2026

Technology

Capital Goods

Minebea Mitsumi Japan

Hiroshi

Key Points Taguchi

• We revise upwards our earnings forecast for Minebea Mitsumi’s AI data

centre-related products. 6479 JP Neutral

(at 1 Jul 2026) YEN4,998• In the longer term, we expect sales from humanoid robotics-related Price 12-month target ¥4,900.00 products to grow.

12-month TSR (%) (0.7)

• Current stock price already prices in this growth and does not appear Volatility Index High

undervalued. We maintain Neutral. Market Cap (Local) (m) 2,134,549

Market Cap (USD) (m) 13,134

Free Float (%) 76

• AI data centre: Minebea Mitsumi sells ball bearings, HDD components, 30-day avg turnover (USD) (m) 114.4

fan motors, and battery protection ICs for AI data centres. We expect

Investment Fundamentals shipment volumes for each of these products to increase in line with the

Year end 31 Mar 2026A 2027E 2028E 2029E

rise in AI server shipments. Currently, the company plans to expand its Revenue (bn) 1,664 1,717 1,791 1,847

monthly production volume of ball bearings from 400 million units to 440 Revenue growth (%) 9.3 3.1 4.3 3.2

million units by FY3/28. EBIT (bn) 104.0 125.9 141.0 151.0

EBIT growth (%) 10.1 21.1 12.0 7.0

• Humanoid robotics: Additionally, the company’s growth story beyond Reported profit (bn) 99.0 85.2 100.7 108.8

FY3/31 includes its business targeting humanoid robots. The company Adjusted profit (bn) 99.0 85.2 100.7 122.1

anticipates sales growth for ball bearings, finger-mounted sensors, EPS rep [¥] 246.6 212.2 250.8 271.0

EPS rep growth (%) 67.1 (13.9) 18.2 8.1

motors, and other products. A key point of interest is the extent to EPS adj [¥] 247.1 212.2 250.8 304.0

which the company can expand its business with major U.S.