27/3 Q1 results: Steady start to the year for both existing and new businesses: Quick Note

研报英文原文证据摘录

27/3 Q1 results: Steady start to the year for both existing and new businesses: Quick Note

Global Markets Research

30 July 2026Stanley Electric

6923.T 6923 JP / EQUITY: JAPAN AUTOS & AUTO PARTS

27/3 Q1 results: Steady start to the year for both Rating Buyexisting and new businesses

Target price JPY 4,300Quick Note

Closing price

30 July 2026 JPY 3,547First impression in line: Q1 operating profits in line with our forecast

Stanley Electric released 27/3 Q1 results at 15:00 JST on 30 July, posting operating (Note: Quick Note reports are not a

profits of ¥8.8bn, broadly in line with our forecast of ¥8.9bn. Demand, both for automobile vehicle for changes to ratings, target

and motorcycle lamps and at the electronics segment (including at newly consolidated prices, or earnings forecasts)

Iwasaki Electric and Stanley Mobility Electric (SME)), was in line with our forecasts.

Although operating profits of ¥1.3bn at the applied electronic products segment undershot

our forecast of ¥2.5bn, this was effectively in line with our forecast as goodwill

amortization costs of ¥1.4bn for the two companies that were added to consolidated Research Analysts

accounts in April were included in operating profits at the segment (guidance released in

Japan autos & auto partsMay included these costs in adjustments, as did our forecasts).

Wataru Ishimoto - NSC

Operating profits excluding new consolidations rose ¥0.5bn y-y to ¥9.1bn. Profits at the wataru.ishimoto@nomura.com

applied electronic products segment fell ¥0.5bn on lower demand for PC/tablet backlights. +81 3 6703 1802

However, profits at the automotive equipment segment rose ¥0.6bn to ¥10.0bn, in line with

our forecast of ¥10.2bn, as although the situation in the Middle East (mainly soaring