Japan Electrical Equipment and Semiconductors: April-June 2026 results preview

研报英文原文证据摘录

Japan Electrical Equipment and Semiconductors: April-June 2026 results preview

Japan Electrical Equipment and Semiconductors

06 July 2026 Citi Research

Figure 1. Industrial and consumer electronics, semiconductor sector April-June earnings forecast commentary

Company Comment

Industrial & Consumer Electronics

We expect Apr-Jun adjusted OP to grow 22% YoY to ¥257bn. In addition to higher energy profits, we expect DDS to

6501 Hitachi contribute to profit growth after the storage business depressed earnings in FY3/26. We expect a slight consensus

overshoot. We think confirmation of strong earnings could contribute to rerating.

We expect Apr-Jun adjusted OP to grow 35% YoY to ¥127bn. We look for profit growth contributions from factory

automation systems on order growth and from air conditioning systems and home products on front-loaded domestic

6503 Mitsubishi Electric

demand. We expect factory automation orders to maintain double-digit YoY growth, raising expectations for

overshooting full-year guidance for sales growth of 8%.

We expect Apr-Jun OP to grow 2% YoY to ¥18.5bn, slightly below the consensus. We expect energy profits to

6504 Fuji Electric increase ¥3bn YoY and achieve a high growth rate of 36% YoY, but semiconductor profits to fall ¥3.2bn YoY on a

slump for automotive applications. We do not expect results to lift the consensus.

We expect Apr-Jun OP to grow ¥1bn YoY to ¥1.3bn, but fall slightly short of the consensus. We look for the power

infrastructure segment and the public, industrial, and commercial segment to drive profit growth. In the mobility and

6508 Meidensha

electrical components segment, we think EV business could recover from H2, and while electronics products look set

to recover, we expect overall profits to hold broadly flat YoY.