Amano: 27/3 Q1 results: Operating profits undershoot our forecast

研报英文原文证据摘录

Amano: 27/3 Q1 results: Operating profits undershoot our forecast

Global Markets Research

28 July 2026Amano

6436.T 6436 JP / EQUITY: JAPAN MACHINERY

27/3 Q1 results: Operating profits undershoot our Rating Buyforecast

Target price JPY 4,700Quick Note

Closing price

28 July 2026 JPY 3,766First impression negative: Sales weaker than our forecast at environment system

segment, partly on one-time factors (Note: Quick Note reports are not a

Amano released 27/3 Q1 results during trading hours on 28 July, posting operating profits vehicle for changes to ratings, target

of ¥2.24bn (down 18% y-y) versus our forecast of ¥2.93bn. The environment system prices, or earnings forecasts)

segment recorded a 6% decline in sales and a 21% decline in operating profits,

undershooting our forecasts. Sales fell 10% at the environmental systems business and

1% at the clean systems business. Sales at the environmental systems business declined

as Q1 was a fallow period for large-scale projects, and overseas sales fell too. At the

Research Analystsclean systems business, robot sales volumes look to have been weak, but recurring

revenues increased, and the gross margin rose. Japan small cap

Satoshi Sakae - NSCSales rose 3% y-y at the information systems business. Sales rose slightly at French satoshi.sakae@nomura.com

subsidiary Horoquartz, and the gross margin rose too, thanks to progress with overhauls +81 3 6703 3899

to the cost structure. North American subsidiary Accu-Time Systems saw a fallback from

major projects booked a year earlier.

Sales at the parking systems business rose 1% y-y. Sales were depressed by the dropout

of a major project in Hong Kong and some project delays at North American subsidiary

Amano McGann. Even so, Amano McGann did not incur losses. Earnings increased in