Keys from F5/26 Results & MTP Briefing: Aims to Secure Profit with Price Revision and Growth via SPE & Renewable Energy

研报英文原文证据摘录

Keys from F5/26 Results & MTP Briefing: Aims to Secure Profit with Price Revision and Growth via SPE & Renewable Energy

Update

June 22, 2026 08:42 AM GMT

Morgan Stanley MUFG Securities Co., Ltd.+MCosel (6905) | Japan Yoshihito Hasegawa

Equity Analyst

Keys from F5/26 Results & MTP Yoshihito.Hasegawa@morganstanleymufg.com +81 3 6836-8910

Briefing: Aims to Secure Profit

with Price Revision and Growth

Cosel (6905.T, 6905 JT)

Mid Small Cap/Manufacturer | Japan

via SPE & Renewable Energy Stock Rating Equal-weight

Industry View In-Line

Price target ¥1,300

Key Takeaways Shr price, close (Jun 22, 2026) ¥1,433 Mkt cap, curr, basic (bn) ¥58.9

Excluding PRBX (orders of ¥5.2bn in the previous FY), the order plan for this FY Avg daily trading value (bn) ¥0.2

is ¥29.4bn (¥27.8bn last FY) with contributions from growth in HBM-related

equipment and a recovery in FA/medical applications.

This FY's plan: sales ¥28.9bn (+¥3.8bn YoY), OP ¥1.3bn (+¥2.0bn YoY). The

deconsolidation of PRBX will have a negative sales impact but a positive profit

impact. Higher volumes and prices to drive sales & profit growth.

Under the medium-term plan, the company aims to increase sales by targeting

SPE and renewable energy applications, and by expanding sales of COSEL SYNC.

products. It plans to address higher materials and other costs through price

revisions and fixed-cost control.

For the final year of the medium-term plan, the assumed OP margin for the

company’s existing businesses is just under 10%. Management recognizes that

fully passing through higher raw material and other costs in prices will not be

easy, and aims to reduce the fixed-cost burden through scale expansion.

The briefing was held at 10am JST on June 22. Orders are starting to recover for FA