田村制作所：F3/27第一季度业绩：中性；利润进展领先指引，销售增长但营业利润同比下降

研报英文原文证据摘录

M

Update

August 5, 2026 08:02 AM GMT

Morgan Stanley MUFG Securities Co., Ltd.+

Tamura (6768) | Japan

Yoshihito Hasegawa

Equity Analyst

F3/27 1Q Results: Neutral; Profit

Progress Ahead of Guidance,

Sales Up and OP Down YoY

Tamura (6768.T, 6768 JP)

Mid Small Cap/Manufacturer | Japan

AlphaSignals Earnings Reaction

Unchanged

Modest upside

Largely unchanged

Impact to our thesis

Financial results versus consensus

Direction of next 12-month

consensus EPS

Source: Company data, Morgan Stanley Research

Stock Rating

Industry View

Price target

Shr price, close (Aug 5, 2026)

Mkt cap, curr, basic (bn)

Avg daily trading value (bn)

Equal-weight

In-Line

¥940

¥869

¥69.7

¥0.5

Key Takeaways

1Q results: Sales ¥32.8bn (vs guidance ¥31.7bn), OP ¥1.14bn (¥0.75bn),

representing 14% sales growth YoY and a 4% decline in OP.

Segment profit: Information Equipment -¥0.27bn (-¥0.31bn), Electronic

Components ¥1.04bn (¥0.99bn), Electronic Chemicals ¥0.61bn (¥0.59bn),

Corporate Adjustments -¥0.25bn (-¥0.52bn).

The company recorded a ¥1.5bn gain on the sale of investment securities, lifting

NP to ¥3.0bn (around 12x YoY). The extraordinary gain was in line with the initial

plan.

The company left its F3/27 (1H) guidance unchanged at sales of ¥130.0bn (1H:

¥65.2bn), OP of ¥5.6bn (¥2.4bn), and NP of ¥4.5bn.

Results were announced at 1:00pm on Aug 5; no earnings briefing is scheduled.

Although OP declined YoY, profit exceeded the quarterly plan disclosed by the

company. The share price fell to ¥810 immediately after the announcement but

recovered to close at ¥869 (+¥52 from the previous day). We believe the market

initially reacted negatively to the YoY decline in OP, but the stock subsequently

recovered given the favorable profit progress versus the company plan. That said,

the upside versus guidance appears to have been driven primarily by the timing of

expense recognition within corporate adjustment costs, while earnings across

individual business segments were in line with initial assumptions, so we see limited

impact on the share price ahead. The key focus for the stock from here is likely to be

realizing profit growth driven by expanding sales of AI-related products. We would

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