F3/27 1Q Results: Upward Revision Exceeded Expectations, Positive Impression

研报英文原文证据摘录

F3/27 1Q Results: Upward Revision Exceeded Expectations, Positive Impression

Update

July 31, 2026 11:08 AM GMT

Morgan Stanley Asia Limited+MMisumi Group (9962) | Japan Lisa Jiang

Equity Analyst

F3/27 1Q Results: Upward Lisa.Jiang1@morganstanley.comMorgan Stanley MUFG Securities Co., Ltd.+ +852 2239-1282

Takeshi Kitaura

Equity AnalystRevision Exceeded Expectations, Takeshi.Kitaura@morganstanleymufg.com +81 3 6836-5427

Takumi Okano

Research AssociatePositive Impression

Takumi.Okano@morganstanleymufg.com +81 3 6836-8411

AlphaSignals Earnings Reaction

Strengthens our thesis Modest upside Meaningful revision higher

Impact to our thesis Financial results versus consensus Direction of next 12-month

consensus EPS

Source: Company data, Morgan Stanley Research

Misumi Group (9962.T, 9962 JT)

Factory Automation | Japan

Key Takeaways Stock Rating Overweight

Industry View Attractive

1Q results exceeded expectations. Price target ¥4,400

Shr price, close (Jul 31, 2026) ¥3,861

The company raised its outlook for China telecom-related business even further Mkt cap, curr, basic (bn) ¥1,022.9

from its initial plan (to ~50% above the initial forecast). Avg daily trading value (bn) ¥3.9

Following the capacity expansion announcement in January 2026, Misumi has

now announced an additional ¥4.5bn investment. Production capacity for

automatic stages is expected to increase to 3 times the F3/26 level.

Misumi is also investing in production capacity for new products, including

humanoid robots, in line with the expansion of automatic-stage capacity.

The stock rose 11% following the intraday announcement, but we believe there

remains substantial upside potential.

1Q results: 1Q OP increased 85% YoY to ¥17.8bn, exceeding our forecast (¥15.0bn),

consensus (¥14.0bn), and the company's internal plan.