F2/27 1Q Results: Brisk Orders Positive, but Margin Issues Remain Particularly in Robotics

研报英文原文证据摘录

F2/27 1Q Results: Brisk Orders Positive, but Margin Issues Remain Particularly in Robotics

Update

July 10, 2026 10:50 AM GMT

Morgan Stanley Asia Limited+MYaskawa Electric (6506) | Japan Lisa Jiang

Equity Analyst

F2/27 1Q Results: Brisk Orders Lisa.Jiang1@morganstanley.comMorgan Stanley MUFG Securities Co., Ltd.+ +852 2239-1282

Takeshi Kitaura

Equity AnalystPositive, but Margin Issues Takeshi.Kitaura@morganstanleymufg.com +81 3 6836-5427

Takumi Okano

Research AssociateRemain Particularly in Robotics

Takumi.Okano@morganstanleymufg.com +81 3 6836-8411

Reaction to earnings

Weakens our thesis Meaningful shortfall Modest revision lower

Impact to our thesis Financial results versus consensus Direction of next 12-month

consensus EPS

Source: Company data, Morgan Stanley Research

Yaskawa Electric (6506.T, 6506 JT)

Factory Automation | Japan

Key Takeaways Stock Rating Overweight

Industry View Attractive

1Q results significantly missed prior expectations due mainly to production Price target ¥7,500

disruption and costs increases associated with the ERP system migration. Shr price, close (Jul 10, 2026) ¥6,972

Mkt cap, curr, basic (bn) ¥1,808.3

Motion Control: Orders increased steadily, but sales failed to grow YoY due to Avg daily trading value (bn) ¥20.6

production disruption issues.

Robotics: Sharp growth in orders was positive, but the margin fell more than

expected to 1.6% due to the impact of ERP system migration/restructuring costs.

We expect steady recovery from 2Q as production normalizes, and view guidance

as achievable, but results likely fell well short of elevated market expectations.

1Q results: 1Q OP was -19% YoY to ¥8.5bn, falling far short of our ¥15bn forecast

and the ¥14.4bn consensus due mainly to the impact of production disruption and