Electronic Components: Earnings Outlook (Apr-Jun): Estimate solid earnings overall; difficult to tell how share prices will react

研报英文原文证据摘录

Electronic Components: Earnings Outlook (Apr-Jun): Estimate solid earnings overall; difficult to tell how share prices will react

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

07 July 2026

Electronic Components: Earnings

Outlook (Apr-Jun)

Estimate solid earnings overall; difficult to tell how share

prices will react

We estimate solid earnings momentum in the April-June 2026 quarter especially for Japan Equity Research

AI server, industrial machinery, and automotive applications, and also expect yen

Technology - Electronic

depreciation versus the dollar to boost earnings. However, passive component makers Components

and other AI server-related stocks’ share prices rose sharply from April, so we think AC Akinori Kanemoto

weak short-term earnings could lead to prices falling for stocks with share prices far

(81-3) 6736 8628

too high relative to earnings. akinori.kanemoto@jpmorgan.com

• Sector outlook: Most of the companies in our electronic component coverage Ikki Shibata

assumed USD/JPY of 150-155 for FY2026, but the actual level in April-June (81-3) 6736 8641

ikki.shibata@jpmorgan.com

was 159-160, which should boost earnings. In addition to this weak yen JPMorgan Securities Japan Co., Ltd.

tailwind, we also estimate strong recovery momentum particularly in AI

server, industrial machinery, and automotive applications, and in overall terms,

we think April-June quarter operating profit is likely to be in line with or beat

guidance. However, the share prices of passive component makers and other

AI server-related stocks may have appreciated too rapidly relative to short-

term earnings, so if earnings fall slightly short of guidance or merely disappoint

the market, we think share prices could fall sharply, and we believe short-term