鹿岛建设：F3/27第一季度业绩：建筑土木工程订单强劲带动积极表现；业绩中无压力因素压制股价

研报英文原文证据摘录

M

Update

August 5, 2026 10:07 AM GMT

Morgan Stanley MUFG Securities Co., Ltd.+

Kajima (1812) | Japan

Ryo Yagi

Equity Analyst

F3/27 1Q Results: Positive 1Q

Driven by Building Civil

Engineering Order Strength;

Nothing in Results to Put Share

Price Under Pressure

Kajima (1812.T, 1812 JT)

Construction | Japan

Stock Rating

Industry View

Price target

Shr price, close (Aug 5, 2026)

Mkt cap, curr, basic (bn)

Avg daily trading value (bn)

Overweight

Attractive

¥9,200

¥5,252

¥2,447.1

¥11.1

AlphaSignals Earnings Reaction

Unchanged

Modest upside

Modest revision higher

Impact to our thesis

Financial results versus consensus

Direction of next 12-month

consensus EPS

Source: Company data, Morgan Stanley Research

Key Takeaways

OP was ¥40.5bn (+7.8% YoY), exceeding the consensus estimate of ¥38.6bn and

broadly in line with our forecast of ¥40.0bn.

Parent order intake totaled ¥468.9bn (+34.7% YoY), comprising Building

Construction ¥322.7bn (+51.5% YoY) and Civil Engineering ¥129.9bn (+10.0%

YoY).

1Q margins (parent gross margin) were 11.3% in Building Construction (vs. 10.5% a

year earlier) and 21.4% in Civil Engineering (vs. 17.0%).

US property sales projects: Kajima sold three logistics warehouse properties in 1Q. In

2Q, the company expects to complete the sale of at least one additional property,

and there are more than three other projects combined for which either sales

contracts have already been signed or purchase offers have been received. Property

sales and sale negotiations are progressing smoothly, and the company now appears

on track to achieve its target of selling more than 10 properties during the current

fiscal year. Demand from potential buyers remains strong, including investment

funds and end-users such as manufacturers. Property leasing activity is also

progressing steadily.

Building construction margins: Profitability on the order backlog continues to

improve, with the ground being laid for margins to exceed the previous record high

of 14% achieved in F3/18.

Share price implications: Positive. We believe the strong 1Q results and robust order

growth in both Building Construction and Civil Engineering reinforce expectations

for earnings expansion.…