Yaskawa Electric (6506.T): ERP impact update and i³-Mechatronics fair visit; Buy maintained

研报英文原文证据摘录

Yaskawa Electric (6506.T): ERP impact update and i³-Mechatronics fair visit; Buy maintained

Equity Research

22 July 2026 | 11:12PM JST

Yaskawa Electric (6506.T): ERP impact update and i3-Mechatronics fair

visit; Buy maintained

We had the opportunity to attend the i3-Mechatronics fair hosted by Yaskawa Yuichiro Isayama

+81(3)4587-9806 |

Electric. The event gave us the chance to observe a wide range of the company’s yuichiro.isayama@gs.com

Goldman Sachs Japan Co., Ltd.

business initiatives, including actuators for humanoids, and we also received a

Takeru Adachi

detailed update on the current state of ERP-related impacts through a meeting with +81(3)4587-4067 |

Ayumi Hayashida, Director and Managing Executive Officer. takeru.adachi@gs.comGoldman Sachs Japan Co., Ltd.

Takato EnokiThe ERP update, which is currently the biggest focus for the equity market, is +81(3)4587-1739 |

progressing in line with the company’s stated timeline, and the closely watched MC takato.enoki@gs.comGoldman Sachs Japan Co., Ltd.

business is making steady progress toward a full production recovery from 2H. Our Chie Hu

impression is that this is consistent with the recovery trajectory we outlined on July +81(3)4587-6330Goldman Sachs Japan| chie.hu@gs.comCo., Ltd.

13. We continue to assume a full recovery from 2H to the earnings level that could

have been achieved this summer. The actuator initiatives were also more detailed

than we had anticipated, and we came away with a positive impression. We maintain

our Buy rating.

ERP normalization on track; recovery to begin in 2Q, with full recovery expected in

3Q

Hayashida Director and Managing Executive Officer noted that, as of today, recovery

from the production disruptions caused by the SAP S/4HANA implementation has

progressed to a meaningful degree.