Metawater: Strong orders in both Japan and the US

研报英文原文证据摘录

Metawater: Strong orders in both Japan and the US

Global Research

29 July 2026ab

Metawater Equities

JapanStrong orders in both Japan and the US

Industrial Services

12-month rating Buy

Q: What were the most noteworthy areas in the results?

1. Q1 (April-June) overseas OP came in at ¥0.72bn, with expansion in the US driving an 12m price target ¥4,400

improvement from the previous quarter’s operating loss of ¥0.11bn. 2. Q1 orders

totalled ¥74.3bn (+7% yoy), above our estimate for ¥67.8bn. Domestic orders came to

Price (29 Jul 2026) ¥3,065

¥55.6bn (-1%), falling yoy due to the absence of the previous year’s large-lot system

solutions orders, but still exceeded our forecast for ¥52bn. Overseas orders remain in RIC: 9551.T BBG: 9551 JP

good shape, totalling ¥18.7bn in Q1 (+39% yoy). Management stated that Q1 orders

Trading data and key metrics

had exceeded plan. It expects orders to remain robust in Q2 onward.

52-wk range ¥4,200-2,704

Q: How did the results compare vs expectations? Market cap. ¥136b/US$0.83b

Shares o/s 44.3m (ORD)

Metawater booked an operating loss of ¥0.91bn in Q1 (Q1 FY3/26: ¥0.6bn loss). Losses

Free float 30%

widened due to countermeasures in response to defects in delivered incinerators in

Japan (roughly ¥0.2bn) and accelerated cost recognition for unprofitable sales at Avg. daily volume ('000) 132

Schwing (US), which Metawater acquired last year. However, the result appears to be in Avg. daily value (m) ¥438.3

line with both our forecast (operating loss of ¥0.9bn) and guidance. With Q1 Common s/h equity (03/27E) ¥96.4b

representing a seasonal lull, the company typically posted a Q1 operating loss of around P/BV (03/27E) 1.4x

¥2bn until FY3/24, but earnings have since been steadily lifted by overseas Net debt to EBITDA (03/27E) 0.6x

contributions.