F3/27 1Q Results: Volume Shortfall Centered on Western Europe Somewhat Unexpected

研报英文原文证据摘录

F3/27 1Q Results: Volume Shortfall Centered on Western Europe Somewhat Unexpected

Update

July 29, 2026 09:48 AM GMT

Morgan Stanley Asia Limited+MMakita (6586) | Japan Lisa Jiang

Equity Analyst

F3/27 1Q Results: Volume Lisa.Jiang1@morganstanley.comMorgan Stanley MUFG Securities Co., Ltd.+ +852 2239-1282

Takeshi Kitaura

Equity AnalystShortfall Centered on Western Takeshi.Kitaura@morganstanleymufg.com +81 3 6836-5427

Takumi Okano

Research AssociateEurope Somewhat Unexpected

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

AlphaSignals Earnings Reaction

Unchanged Modest upside Largely unchanged

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

consensus EPS

Source: Company data, Morgan Stanley Research

Makita (6586.T, 6586 JT)

General Machinery | Japan

Key Takeaways Stock Rating Equal-weight

Industry View In-Line

1Q results excl. refunds were a bit below our forecasts. Yen weakness had a Price target ¥5,700

positive effect, but volumes fell short of our expectation. Shr price, close (Jul 29, 2026) ¥5,895

Mkt cap, curr, basic (bn) ¥1,523.4

1Q sales weakness was centered on western Europe. Avg daily trading value (bn) ¥4.8

Makita attributes the shortfall in western Europe sales to one-off weather factors

and looks to make up lost ground toward the fall.

Full-year plan is unchanged.

1Q results: 1Q OP +17% YoY at ¥30.6bn included ¥3.bn in tariff refunds. Without

this, OP was up 3% YoY at ¥27.0bn and OPM was down 1ppt at 13%. YoY changes in

OP included -¥0.5bn from sales, +¥3.3bn from FX, +¥3.1bn from cost cuts, -¥3.2bn

from SG&A costs, and +¥1.8bn from others. The rise in SG&A costs looks somewhat

steep, but was mainly due to higher headcount and bonuses.

1Q sales: 1Q consol. sales -0.7% YoY on a local currency basis were behind the full-