MEITEC Group Holdings: 风险回报更新

研报英文原文证据摘录

M

Update

August 5, 2026 01:34 AM GMT

Morgan Stanley MUFG Securities Co., Ltd.+

MEITEC Group Holdings (9744) | Japan

Katsumi Arai

Equity Analyst

Risk Reward Update

What’s Changed

MEITEC Group Holdings (9744.T)

From

To

Price Target

¥3,400

¥3,500

Bull Case

¥4,400

¥4,500

Base Case

¥3,400

¥3,500

MEITEC Group Holdings (9744.T, 9744 JT)

Updated Components

Mid Small Cap/Non-Manufacturer | Japan

EPS

Stock Rating

Industry View

Price target

Shr price, close (Aug 4, 2026)

52-Week Range

Bull Base Bear Scenarios

Risks to Price Target / Rating

Risk Reward for MEITEC Group Holdings (9744.T) has been

updated

Reason for change

We raise our F3/27 OP forecast from ¥20.7bn to ¥21.1bn (+6% YoY). Accordingly, we

Equal-weight

In-Line

¥3,500

¥3,250

¥3,718-2,953

Fiscal Year Ending

03/26 03/27e 03/28e 03/29e

EPS (¥)**

Prior EPS (¥)**

194.9

194.3

190.4

195.6

191.7

196.9

194.3

Unless otherwise noted, all metrics are based on Morgan Stanley ModelWare

framework

** = Based on consensus methodology

e = Morgan Stanley Research estimates

slightly raise our price target from ¥3,400 to ¥3,500 and maintain our EW rating.

The upward revision to our OP forecast mainly reflects improvement in the gross

margin. This change reflects improvement in sales per engineer beyond our

expectations, driven by strategic rotation and enhanced education support systems.

However, difficulty in hiring has also prevented engineer headcount from increasing

as much as we had assumed, contributing to a higher gross margin. We believe hiring

remains challenging and is continuing to track below guidance.

Morgan Stanley does and seeks to do business with

companies covered in Morgan Stanley Research. As a result,

investors should be aware that the firm may have a conflict of

interest that could affect the objectivity of Morgan Stanley

Research. Investors should consider Morgan Stanley

Research as only a single factor in making their investment

decision.