Japan Machinery Sector "Key points to watch in Q1 FY2/27 at Yaskawa and..."

研报英文原文证据摘录

Japan Machinery Sector "Key points to watch in Q1 FY2/27 at Yaskawa and..."

Global Research

8 July 2026ab

Japan Machinery Sector Equities

JapanKey points to watch in Q1 FY2/27 at Yaskawa

and Takeuchi Mfg. Factory Equipment

Tsubasa Sasaki

Analyst

tsubasa.sasaki@ubs.com

Yaskawa to announce Q1 (March-May) results on 10 July +813-5208 6207

Yaskawa Electric plans to announce Q1 results after the market close on 10 July and hold

a conference call on the same day. Although its share price is undergoing a short-term

correction, we believe a clearer recovery in demand, particularly in motion control, and

greater visibility on future earnings growth could lead to a re-rating of the stock.

For Q1, we estimate OP of ¥14.2bn (up 35% yoy, versus IFIS at ¥14.9bn) and orders of

¥148.5bn (up 16% yoy). Our FY2/27 OP estimate is ¥72.1bn (guidance: ¥60.0bn, IFIS

consensus: ¥67.5bn).

We think that motion control drove the recovery in Q1 orders and earnings. We expect

demand to have recovered in AC servos for semiconductors and in inverters in North

America, supporting solid orders. As a result, we expect a substantial increase in profit,

mainly driven by higher sales and increased value added from improved utilisation rates.

In robots, we expect demand to have recovered in semiconductor applications and

general industrial applications in Europe and the US, but growth in orders was probably

limited by the dropping out of large automotive projects in Korea and China. We think

profits will show broadly flat growth.

In motion control, we believe demand is expanding faster than the company assumed

and that its initial plan was based on conservative assumptions reflecting downside risks

to earnings from the Middle East crisis. We therefore believe FY2/27 guidance is likely to

be revised upward.