Yokogawa Bridge Holdings: 27/3 Q1 results: Earnings undershoot our forecasts, mainly due to bridge segment

研报英文原文证据摘录

Yokogawa Bridge Holdings: 27/3 Q1 results: Earnings undershoot our forecasts, mainly due to bridge segment

Global Markets Research

27 July 2026Yokogawa Bridge Holdings

5911.T 5911 JP / EQUITY: JAPAN CONSTRUCTION

Rating27/3 Q1 results: Earnings undershoot our

Remains Neutralforecasts, mainly due to bridge segment

Target price

Orders remain weak at bridge segment but are strong at engineered Reduced from 2,830 JPY 2,710

structure system segment

Closing price JPY 3,005We lower our forecasts and retain our Neutral rating 27 July 2026

In light of 27/3 Q1 (Apr–Jun) results released after the close on 27 July, we trim our forecasts for

Implied upside -9.8%Yokogawa Bridge Holdings' bridge segment and retain our Neutral rating. We retain our target price

calculation methodology, but lower our target price to ¥2,710, which we obtain by multiplying our

27/3 EPS forecast of ¥225.7 by a P/E of 12x to reflect downward revisions to our earnings forecasts

and the decline in the benchmark Russell/Nomura Large Cap (ex financials). We think any

Relative performance chartreassessment of the stock will hinge on a recovery in orders at the bridge segment and consistently

strong orders at the engineered structure system segment. Along with results, the company

announced a share buyback of up to ¥2.0bn or 1mn shares, in line with its medium-term business

plan policy of share buybacks totaling at least ¥7.0bn over 26/3–28/3. We had already factored this

into our forecasts.

We lower operating profit forecasts for 27/3 onwards on weak orders at the bridge segment

In Q1, operating profits came in at ¥1.1bn (up 2% y-y; our forecast: ¥1.85bn) and orders came in at

¥34.3bn (down 10%; our forecast ¥45.8bn). At the bridge segment, operating profits and orders

were short of our forecasts.