美蓓亚三美：F3/27第一季度业绩：符合日经预览

研报英文原文证据摘录

M

Update

August 5, 2026 12:27 PM GMT

Morgan Stanley MUFG Securities Co., Ltd.+

Minebea Mitsumi (6479) | Japan

Shoji Sato

Equity Analyst

F3/27 1Q Results: In Line with

Nikkei Preview

Sota Harashima

Equity Analyst

AlphaSignals Earnings Reaction

Unchanged

In-line

Largely unchanged

Impact to our thesis

Financial results versus consensus

Direction of next 12-month

consensus EPS

Source: Company data, Morgan Stanley Research

Key Takeaways

F3/27 guidance unchanged; profit growth trend likely to continue on a full-year

basis.

Minebea Mitsumi (6479.T, 6479 JT)

Electronic Components | Japan

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

¥5,300

¥4,096

¥1,644.9

¥7.2

External sales volume of ball bearings was up sharply both YoY and QoQ.

We expect continued favorable earnings in PT and MLS segments; we will be

watching to see what kind of changes there are in the SE and AS segments.

1Q results: Minebea Mitsumi reported 1Q OP of ¥26.3bn (our forecast: ¥26bn,

FactSet consensus: ¥26.2bn), +¥8.9bn YoY but -¥2bn QoQ. Sales were strong for

ball bearings in Precision Technologies (PT) and for motors in the Motor, Lighting &

Sensing (MLS) segment. External sales volume for ball bearings reached 310mn

units/month, well above the 262mn units/month level of F3/26 1Q and 280mn

units/month in F3/26 4Q.

F3/27 guidance: Full-year OP guidance was unchanged at ¥120bn (our forecast:

¥121.5bn, FactSet consensus: ¥123.5bn). The company indicated in May that it

expected growth to ¥145bn in F3/28 and ¥168bn in F3/29; suggesting the profit

growth trend on a full-year basis is likely to continue.

Our take: In the PT segment, the company's mainstay products are miniature ball

bearings, where it has a global market share around 60%, and with volume growth

particularly for data center applications, we think the segment will continue to see

record-high profit levels. As for the MLS segment, we think the company can

maintain gradual profit growth from core motors business across a broad range of

areas, including not only HDD spindle motors but also fan motors for data centers

…