Panasonic Holdings (6752): Earnings model update

研报英文原文证据摘录

Panasonic Holdings (6752): Earnings model update

J P M O R G A N Asia Pacific Equity Research

02 July 2026

Panasonic Holdings (6752) Neutral

6752.T, 6752 JP

Earnings model update Price (02 Jul 26):¥4,547

▲Price Target (Dec-26):¥4,600

Prior (Dec-26):¥2,585

Reflecting FY2025 results and the June 8 Investor Day, we raise our earnings

estimates and price target to ¥4,600 (previously ¥2,585; by end-2026) and remain Japan Equity Research

Neutral. Although we raise our estimates for FY2027, the base year for our price Technology - Consumer Electronics/

target calculation, by only about 10%, we significantly raise our price target to Industrial Electronics/Precisions

reflect a rise in sector valuation multiples for AI-related businesses (BBU, AC Junya Ayada

electronic materials and devices), which are key to our earnings estimates. While (81-3) 6736 8631

earnings visibility has increased over the past few years, we think room for the junya.ayada@jpmorgan.com

stock to be revalued based on company-wide ROE and cash flow yield is gradually Mio Shikanai

shrinking. We will watch for measures to improve automotive battery profitability (81-3) 6736 1313

and capital efficiency. mio.shikanai@jpmorgan.com

JPMorgan Securities Japan Co., Ltd.

• Earnings estimates: We forecast adjusted operating profit for FY2026 of ¥650

billion (previously ¥610 billion), for FY2027 of ¥735 billion (¥670 billion),

Key Changes (FYE Mar)

and for FY2028 of ¥770 billion (new estimate). We raise our earnings

Prev Cur Δ

assumptions mainly for energy and industry. Based on the Investor Day details, Adj. EPS - 27E (¥) 189.32 197.46 4.3%

we raise our sales outlook for BBU and AI-related electronic materials and Adj. EPS - 28E (¥) 207.74 227.87 9.7%

devices.