Earnings update: We raise our forecasts and target price

研报英文原文证据摘录

Earnings update: We raise our forecasts and target price

Global Markets Research

29 July 2026Minebea Mitsumi

6479.T 6479 JP / EQUITY: JAPAN MACHINERY

RatingEarnings update: We raise our forecasts and

Remains Neutraltarget price

Target price

We think increased demand for parts for general industrial machinery and Increased from 3,590 JPY 3,820

data centers will translate readily into profit growth

Closing price JPY 3,668We retain Neutral rating, hike target price to ¥3,820 28 July 2026

We raise our earnings forecasts for Minebea Mitsumi to reflect revised assumptions, and

Implied upside +4.1%hike our target price to ¥3,820. We retain our Neutral rating. We raise our earnings

forecasts mainly to reflect: (1) upward revisions to our shipment outlook for bearings and

motors, particularly for data centers; (2) upward revisions to our earnings outlook for

analog semiconductors, mainly for general industrial applications; and (3) a change in our

Relative performance chartUSD/JPY assumption from 155 to 160. However, we lower our earnings forecasts for

access solutions to reflect weak Chinese performance at Japanese customers.

We raise shipment forecasts for data center and general industrial machinery parts

We raise our shipment forecasts for data center and general industrial machinery

products. For the former, we raise our earnings forecasts for air-cooling fan motors and

miniature bearings used in them, while for the latter, we raise our earnings forecasts for

analog semiconductors, mainly for power supplies and inverter ICs. At data centers, we

are seeing increased adoption of counter-rotating fan motors (whose high static pressure

enables them to deliver cooling air even in locations with high air resistance, for example