The Point for Japan

研报英文原文证据摘录

The Point for Japan

Point |

Friday, 26 June 2026

Top Call | Company | Industry | Equity Strategy | FX | Key Rating and Target Price Changes

Top Call

Misumi Group (9962.T) - In Depth - Focus on organizational reforms, US growth

potential

We update our forecasts in light of Q4 results and the demand environment. We

shift our base year to FY3/28 from FY3/27 and raise our target price from ¥3,300

to ¥5,000, applying a PER multiple of 25x (up from 21x to reflect market multiple

changes and an increase in our earnings outlook). We maintain our Buy rating. We

summarize key points in the investment discussion, focusing on organizational

reforms and expectations following the new president's appointment, as well as

growth potential in the US centered on Fictiv, acquired in 2025.

Takahiro Inoue

Company

Renesas Electronics (6723.T) - Capital Market Day 2026: AI infrastructure

business driving growth

Renesas Electronics held its Capital Market Day 2026 on the morning of June 25.

Our impression is somewhat positive. CEO Hidetoshi Shibata expressed an

optimistic outlook for the second half of 2026 in his opening remarks. He stated

that the AI infrastructure (digital power + memory interfaces + certain products)

market will grow approximately 5x from 2025 to 2030, with Renesas aiming to

beat market growth. He emphasized that AI creates growth opportunities for the

company, including in AI infrastructure, physical AI, and edge AI. He went on to

claim that the AI infrastructure business will account for just under 20% of total

company revenue in 2026 and c40% by 2030, thereby positioning AI

infrastructure as the company's growth driver for the foreseeable future.

Takero Fujiwara

Toto (5332.T) - Ceramics business briefing

On June 25, Toto held a ceramics business briefing.