Baudroie (4413.T): Q1 results - Positive. Consensus beat on stronger-than-expected sales, infrastructure demand remains strong

研报英文原文证据摘录

Baudroie (4413.T): Q1 results - Positive. Consensus beat on stronger-than-expected sales, infrastructure demand remains strong

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15 Jul 2026 08:24:41 ET │ 9 pages

Baudroie (4413.T)

Q1 results - Positive. Consensus beat on stronger-than-expected sales,

infrastructure demand remains strong

CITI'S TAKE Buy

Price (15 Jul 26 15:30) ¥3,220.0 Network infrastructure demand proved stronger than expected, with sales

Target price ¥2,800.0 driving an OP beat versus consensus, creating a positive impression. Q1

OP reached ¥850mn (YoY +39%), beating consensus (¥810mn) for a Expected share price return -13.0%

positive impression. The gross margin narrowed YoY to 34.2% (-1.3ppt) Expected dividend yield 3.1%

excluding M&A impacts, though this reflects increased hiring rather than Expected total return -9.9%

deteriorating project profitability. Strong areas included security, network Market Cap ¥100,449M

virtualization, and load balancers, suggesting companies may be US$622M

accelerating security investments, which warrants monitoring.

Additionally, based on the number of highly specialized and specialized

personnel, we believe engineer unit prices continue to rise due to high

demand. Moriya KoketsuAC

+81-3-6776-8304

Implications — We view Q1 results positively, as the strong demand environment for moriya.koketsu@citi.com

network infrastructure driven by AI utilization remains unchanged. While the stock

price reaction may consolidate given the recent significant rally, we expect medium-

to long-term price appreciation based on low AI substitutability and the strength of

AI demand themes.

Consol. Sales OP RP NP EPS PE

¥M YOY (%) ¥M YOY (%) OPM(%) ¥M YOY (%) ¥M YOY (%) ¥ X

2/25A 11,650 58.9 2,461 55.2 21.1 2,461 56.3 1,799 55.0 57 56.8