Stanley Electric (6923): 1Q results: Largely in line with the plan

研报英文原文证据摘录

Stanley Electric (6923): 1Q results: Largely in line with the plan

J P M O R G A N Asia Pacific Equity Research

30 July 2026

Stanley Electric (6923) Neutral

6923.T, 6923 JP

1Q results: Largely in line with the plan Price (30 Jul 26):¥3,547

Price Target (Dec-26):¥3,500

Neutral: 1Q operating profit was ¥8.8bn, roughly flat YoY and in line with Japan Equity Research

consensus. While the China business underperformed versus guidance, this was

Autos & Auto Parts

offset by North America and the motorcycle-lamp business. The impact from

higher naphtha prices driven by Middle East developments was ¥0.7bn, but this Akira Kishimoto AC

remained within the company’s guidance assumptions. The company left its 1H/ (81-3) 6736-8646

akira.x.kishimoto@jpmorgan.com

full-year guidance unchanged, and since the plan was already skewed towards a

Wencong Zhang

stronger 2H, the results can be seen as having no major surprises. Note that the (81-3) 6736-8627

contribution from two newly consolidated subsidiaries was -¥0.4bn at the wencong.zhang@jpmorgan.com

operating profit level after amortization of goodwill (+¥1.0bn pre-amortization). JPMorgan Securities Japan Co., Ltd.

• Mostly as expected: 1Q operating profit came in at ¥8.8bn, roughly in line

with the prior-year quarter. It is below our pre-results estimate (¥10.1bn), but

broadly consistent with the Bloomberg consensus (¥8.7bn), so there is little

sense of discrepancy. Japan recorded an operating loss of ¥2.3bn, but North

America delivered ¥3.0bn of operating profit (OPM: 6.7%), and Asia/ Oceania

also posted ¥7.6bn (OPM: 18.8%), sustaining high profitability, mainly driven

by motorcycles. In 1Q, the impact of higher naphtha prices stemming from the

Middle East situation was -¥0.7bn, which appears to be within the full-year