27/3 Q1 results: Ahead of our forecasts on solid demand in Japan, Americas, Asia: Quick Note

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27/3 Q1 results: Ahead of our forecasts on solid demand in Japan, Americas, Asia: Quick Note

Global Markets Research

29 July 2026Koito Mfg

7276.T 7276 JP / EQUITY: JAPAN AUTOS & AUTO PARTS

27/3 Q1 results: Ahead of our forecasts on solid Rating Neutraldemand in Japan, Americas, Asia

Target price JPY 2,600Quick Note

Closing price

29 July 2026 JPY 2,697.5First impression slightly positive: Q1 results beat our forecasts on solid demand in

Japan, Americas, Asia (Note: Quick Note reports are not a

Koito Mfg released 27/3 Q1 results at 15:00 JST on 29 July, posting operating profits of vehicle for changes to ratings, target

¥16.6bn versus our forecast of ¥13.1bn and guidance of ¥13.5bn. Even excluding one- prices, or earnings forecasts)

time positives of around ¥1.5bn (¥0.8bn in Asia and ¥0.6bn in the Americas), profits still

beat our forecast, on which basis our first impression is slightly positive. The company

held a results briefing at 16:30 on 29 July at which it said that demand for lamps in Japan,

the Americas, and Asia had been better than it had expected. Performance in the

Research AnalystsAmericas benefited from ongoing sales promotion campaigns by some US OEMs as well

as higher sales of HVs at Japanese OEMs. In Asia, demand was strong in India and Japan autos & auto parts

performance also benefited from the recovery in pickup truck demand in Thailand. We Wataru Ishimoto - NSC

estimate an operating margin of around 7% in India, lower than in Thailand or Indonesia, wataru.ishimoto@nomura.com

because of upfront investment in production capacity increases. However, we expect +81 3 6703 1802

demand to rise at both Japanese and Indian OEMs, and focus on profit growth in Asia,

where the operating margin is already high (12.5% in Q1 ex one-time factors).