ヘリウムを追い風に目標株価を引き上げ。引き続きバランスシート効率性と水素がカギ

研报英文原文证据摘录

ヘリウムを追い風に目標株価を引き上げ。引き続きバランスシート効率性と水素がカギ

Iwatani (8088 JP)

Equity Research

June 29, 2026

Industrial gas and machinery business: Limited supply constraints for hydrogen; weak

momentum in separate gases aside from AI-related demand. There is surplus supply capacity for

hydrogen, with no signs of tightness. For liquefied hydrogen as well, no supply restrictions are in

place, and supply-demand conditions are relatively relaxed. Meanwhile, separate gases are strong

in certain advanced areas such as AI and telecommunications applications, but broad demand,

including automotive, lacks recovery strength, preventing a broader uplift. Helium is strongly

affected by Middle East conditions, with the Strait of Hormuz closure impact reflected in price

increases, but company plans do not factor in prolonged closure and assume normalization within

the year. However, due to the damage to LNG facilities in Qatar, full recovery of supply capacity is

unlikely occur within FY3/27, and market conditions are expected to remain highly volatile. In the

machinery and equipment business, profit decline is expected mainly due to production stoppage

associated with factory relocation. Additionally, depreciation expenses will begin in FY3/28 (about

a half-year impact from October), but the impact of production stoppage is likely to be larger.

Capital expenditure: Progress broadly in line with mid-term plan. In capital investment, cumulative

spending has reached about ¥300bn in the third year of the mid-term management plan, with ¥70bn

planned for FY3/27 and ¥60–70bn annually expected for the next FY, indicating overall progress

in line with the plan. While there is some room for slight underachievement, no major changes are

expected.