Alps Alpine (6770) Earnings model update: Waiting for visibility to improve

研报英文原文证据摘录

Alps Alpine (6770) Earnings model update: Waiting for visibility to improve

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

03 July 2026

Alps Alpine (6770) Neutral

6770.T, 6770 JP

Earnings model update: Waiting for visibility to improve Price (03 Jul 26):¥2,126

▲Price Target (Dec-27):¥2,480

Prior (Dec-26):¥2,440

We change the horizon of our price target to December 2027 (previously December

2026). We raise our December 2027 price target from ¥2,440 to ¥2,480 and Japan Equity Research

maintain our Neutral rating. In the components business, we expect a recovery in Technology - Electronic

mechanical switches for automotive applications and stable earnings from lens Components

actuators. However, for FY2026, we see additional risks including the impact of AC Akinori Kanemoto

surging memory prices for mobility and sensor products for automotive use and (81-3) 6736 8628

progress on compensation claims. Furthermore, from FY2027 onward, we are akinori.kanemoto@jpmorgan.com

concerned about downside risk to new product sales plans in the mobility and Ikki Shibata

sensors segments. We maintain a wait-and-see stance for the time being. (81-3) 6736 8641

ikki.shibata@jpmorgan.com

• Earnings forecast: We revise our earnings forecasts based on a forex JPMorgan Securities Japan Co., Ltd.

assumption of ¥155/$, while reflecting FY2025 results and the latest market

conditions. We lower our operating profit forecasts from ¥47.8 billion to ¥43.8

Key Changes (FYE Mar)

billion for FY2026 (guidance: ¥48.5 billion, Bloomberg consensus estimate:

Prev Cur Δ

¥44.2 billion) and from ¥55.4 billion to ¥49.4 billion for FY2027 (Bloomberg Adj. EPS - 27E (¥) 155.50 142.76 -8.2%

consensus estimate: ¥51.1 billion). We newly disclose our FY2028 operating Adj. EPS - 28E (¥) 179.36 160.39 -10.6%