Amano

研报英文原文证据摘录

Amano

Global Markets Research

24 July 2026Amano

6436.T 6436 JP / EQUITY: JAPAN MACHINERY

We forecast 27/3 profits in line with guidance RatingRemains Buy

We estimate y-y operating profit growth in Q1 in view of performance a Target price

year earlier Reduced from JPY JPY 4,700

4,850

We keep our Buy rating

Closing priceIn light of Amano's 26/3 results, we revise our forecasts, revise our target price, and 23 July 2026 JPY 3,848

reiterate our Buy rating. The company generated operating profit CAGR of almost 12%

between 16/3 (when the parking systems and employee management systems Implied upside +22.1%

businesses began to grow) and the start of the COVID-19 pandemic, and the average

trailing P/E during that period was around 20x. We obtain our target price of ¥4,700 by

multiplying our 27/3 EPS forecast of ¥260.2 by a P/E of around 18x, a discount of around Relative performance chart

10% to this 20x average to reflect a change in profit growth rates, as we expect sales

growth to slow slightly versus the previous medium-term business plan, which saw

transitory demand in the parking systems and information systems businesses, and think

operating profit growth will be slower than before at 8% y-y in 28/3 and 8% in 29/3.

Earnings outlook: We forecast y-y growth in sales in parking systems and

information systems businesses in 27/3 Q1

We forecast 27/3 sales of ¥185.5bn (up 5% y-y) and operating profits of ¥24.29bn (up

8%), in line with guidance of ¥184.0bn and ¥24.0bn, respectively. We expect margins to

benefit from sustained sales growth both in Japan and overseas in the parking systems

business and an upturn in sales of commodity products from 27/3 H2 in the environmental

systems business. We expect sales in the information systems business to fall y-y over