27/3 Q1 results: Company raises recurring profit guidance on booking of negative goodwill: Quick Note

研报英文原文证据摘录

27/3 Q1 results: Company raises recurring profit guidance on booking of negative goodwill: Quick Note

Global Markets Research

30 July 2026Shimizu

1803.T 1803 JP / EQUITY: JAPAN CONSTRUCTION

27/3 Q1 results: Company raises recurring profit Rating Buyguidance on booking of negative goodwill

Target price JPY 3,300Quick Note

Closing price

30 July 2026 JPY 2,317.5First impression in line: Operating profits lower than expected, but company raises

recurring profit guidance on booking of negative goodwill (Note: Quick Note reports are not a

Shimizu released 27/3 Q1 results at 13:00 JST on 30 July and held a briefing from 15:00 vehicle for changes to ratings, target

JST. Operating profits of ¥19.3bn (up 12% y-y) undershot our forecast of ¥26.0bn and the prices, or earnings forecasts)

29 July QUICK consensus forecast of ¥24.3bn. Earnings were ¥5.3bn short of our forecast

at the nonconsolidated level and ¥1.4bn short of our forecast at subsidiaries. Operating

profits undershot our forecast at the nonconsolidated level owing to lower-than-expected

progress with building construction projects in Japan and property sales at the

Research Analystsdevelopment business. The nonconsolidated gross margin on building construction

projects in Japan improved 1.7ppt to 10.8%, in line with our forecast of 11.0%. Japan construction

Management said that it had managed to deal with the impact of the situation in the Middle Sho Sakabe - NSC

East via cost pass-throughs and procurement from alternative sources, and that it sho.sakabe@nomura.com

expected the operating margin to improve in the direction of full-year guidance of 13.9% +81 3 6703 1221

from Q2 onwards thanks to design change orders in the final stages of major projects. It