Sojitz (2768) | Japan F3/27 1Q Results: Generally as Expected; Australian Autos Business Still Tough

研报英文原文证据摘录

Sojitz (2768) | Japan F3/27 1Q Results: Generally as Expected; Australian Autos Business Still Tough

Update

July 31, 2026 08:38 AM GMT

Morgan Stanley MUFG Securities Co., Ltd.+MSojitz (2768) | Japan Yu Shirakawa

Equity Analyst

F3/27 1Q Results: Generally as Yu.Shirakawa@morganstanleymufg.com +81 3 6836-5432

Expected; Australian Autos

Business Still Tough

Sojitz (2768.T, 2768 JT)

Trading Companies | Japan

AlphaSignals Earnings Reaction Stock Rating Equal-weight

Industry View In-Line

Unchanged In-line Largely unchanged Price target ¥5,200

Impact to our thesis Financial results versus consensus Direction of next 12-month Shr price, close (Jul 31, 2026) ¥5,381

consensus EPS Mkt cap, curr, basic (bn) ¥1,119.6

Source: Company data, Morgan Stanley Research Avg daily trading value (bn) ¥8.3

F3/27 1Q results broadly in line with consensus: 1Q net profit of ¥30.2bn was

broadly in line with consensus est. of ¥29.0bn and our forecast of ¥31.0bn; no

surprises. Compared with our forecast, metals, resources & recycling fell short,

while chemicals significantly exceeded our estimate. YoY profit increased sharply in

chemicals, supported by favorable market conditions and the consolidation of new

businesses; energy & healthcare, driven by the consolidation of the energy-saving

and ESCO businesses and higher transaction volumes; and retail & consumer

services, supported by strong tobacco trading and the food wholesale business in

Vietnam. The company did not restructure its coking coal business in 1Q, an area of

particular focus. The Australian automotive business posted a slightly wider loss.

F3/27 guidance unchanged, no surprise: 1Q net profit reached 23% of the

company’s full-year target of ¥130.0bn, while core operating CF reached 27% of the

full-year target.