Hitachi Construction Machinery: 27/3 Q1 results: No surprises regarding volumes in both results and outlook

研报英文原文证据摘录

Hitachi Construction Machinery: 27/3 Q1 results: No surprises regarding volumes in both results and outlook

Global Markets Research

30 July 2026Hitachi Construction Machinery

6305.T 6305 JP / EQUITY: JAPAN MACHINERY

27/3 Q1 results: No surprises regarding volumes Rating Neutralin both results and outlook

Target price JPY 5,500Quick Note

Closing price

30 July 2026 JPY 5,598First impression in line: No surprises in terms of shipment volumes

Hitachi Construction Machinery released 27/3 Q1 (Apr–Jun) results after the market close, (Note: Quick Note reports are not a

posting adjusted operating profits of ¥34.4bn, which exceed our forecast of ¥25.0bn. We vehicle for changes to ratings, target

attribute this not only to tariff refunds of several billion yen, but also to yen depreciation prices, or earnings forecasts)

and lower-than-expected brand promotion costs. The company has retained its full-year

guidance for brand promotion costs, and we attribute the undershoot versus our forecast

to the timing of these costs. In Apr–Jun, the decline in sales ex forex and price effects was

6% y-y, slightly larger than our forecast of a 1% decline, on which basis our first Research Analysts

impression is neutral overall. We estimate that the impact of tariff refunds in Apr–Jun is

Japan machineryaround half of what is anticipated for the full year.

Kentaro Maekawa - NSC

Upward revisions to full-year guidance are due in large part to yen depreciation kentaro.maekawa@nomura.com

The company raised its full-year 27/3 earnings guidance, but its adjusted operating profit +81 3 6703 1208

projection of ¥150.0bn is broadly in line with our forecast of ¥149.0bn, and its sales

projection is not too far removed from our forecast. The upward revision to guidance is