Hitachi (6501.T): 1Q above expectations/guidance up: Energy contribution tops expectations; prep for 800V DC products progressing; DSS firm in Japan, weak overseas; raise TP, Buy

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Equity Research

29 July 2026 | 11:05PM JST

Hitachi (6501.T)

1Q above expectations/guidance up: Energy contribution tops expectations; prep for

800V DC products progressing; DSS firm in Japan, weak overseas; raise TP, Buy

6501.T

12m Price Target: ¥6,600

Price: ¥4,957

Upside: 33.1%

Hitachi reported 1Q sales of ¥2,709.5 bn (GSe ¥2,356.7 bn) and

adjusted operating profits of ¥294.3 bn (GSe ¥271.1 bn) after the

July 29 close. We take a positive of adjusted operating profits

beating both the Bloomberg consensus of ¥250.6 bn and our

bullish forecast. Hitachi raised its full-year guidance for

sales/adjusted operating profits/adjusted EBITA to ¥11.7 tn/¥1,408

bn/¥1,520 bn, from ¥11.1 tn/¥1,315 bn/¥1,420 bn (our previous

estimates were ¥11,359.5 bn/¥1,373.5 bn/¥1,450.7 bn). The Energy

segment accounted for a large portion of the upward revision to

adjusted EBITA guidance (¥76 bn). Overall, Energy performed very

strongly, while DSS was firm domestically but weak overseas.

Orders in the Energy segment rose 87% yoy, partly on

contributions from large projects, and were up 94% yoy

excluding nuclear. The company had assumed yoy sales growth

in the high teens (%) for the current fiscal year, but growth is

currently running at over 20% even on a USD basis. Hitachi

commented that if this trend continues into the next fiscal year,

there could be upside to its medium-term outlook. We believe

both volume and profit margins are improving, thanks to higher

orders and capacity expansion, as well as improved production

efficiency. The impact from the Middle East is also expected to be

smaller than Hitachi initially assumed.

BUY

Ryo Harada

Goldman Sachs Japan Co., Ltd.

Hiroki Muramatsu

Goldman Sachs Japan Co., Ltd.

Key Data _____________________________________

Market cap: ¥23.0tr / $140.1bn

Enterprise value: ¥22.1tr / $134.7bn

3m ADTV: ¥64.8bn / $404.6mn

Japan

Japan Industrial Electronics

M&A Rank: 3

Leases incl. in net debt & EV?: No

GS Forecast __________________________________

Revenue (¥ bn)

3/26

3/27E

3/28E

3/29E

10,586.8

11,705.4

12,755.9

13,906.1

Op. profit (¥ bn) New

1,199.3

1,462.4

1,637.0

1,830.8

Op. profit (¥ bn) Old

1,199.3

1,373.5

1,559.3

1,754.7

Op. profit CoE (¥ bn)

…