Kyocera (6971): 1Q results: Upward revision to guidance, but still appears cautious

研报英文原文证据摘录

Kyocera (6971): 1Q results: Upward revision to guidance, but still appears cautious

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

30 July 2026

Kyocera (6971) Neutral

6971.T, 6971 JP

1Q results: Upward revision to guidance, but still Price (30 Jul 26):¥3,550

appears cautious Price Target (Dec-27):¥3,900

Positive: 1Q operating profit was well above our estimate and the Bloomberg Japan Equity Research

consensus estimate. AI server-related demand growth and front-loaded demand in

Technology - Electronic

the solutions segment contributed in 1Q. Demand growth had been expected in Components

areas such as AI server-related business from 2Q, but these contributed from 1Q. AC Akinori Kanemoto

Kyocera has revised up full-year guidance, but this still looks conservative to us,

(81-3) 6736 8628

particularly in the industrial & automotive components business, electronic akinori.kanemoto@jpmorgan.com

components segment, and document solutions business. Ikki Shibata

• Results summary: Kyocera reported 1Q sales of ¥525.4 billion and operating (81-3)ikki.shibata@jpmorgan.com6736 8641

profit of ¥49.1 billion (including ¥3 billion in gains on real estate sales in the JPMorgan Securities Japan Co., Ltd.

electronic components segment), with operating profit well above our ¥25.9

billion estimate and the Bloomberg consensus estimate of ¥30.2 billion.

Management revised up full-year guidance for sales from ¥1.94 trillion to

¥2.08 trillion and for operating profit from ¥130 billion to ¥160 billion, with

operating profit guidance higher than our ¥149.5 billion estimate and the

Bloomberg consensus estimate of ¥140.3 billion. The company has revised up

its FY2026 ROE target from 4.3% at the start of the fiscal year to 4.9%, but still

aims to attain its existing FY2027 plan of at least 5%.