Earnings First Glance: Denso (6902 JP), Aisin (7259 JP), Hanwha Aero (012450 KS): APAC Industrial & Auto Sector Specialist Sales Commentary Auto & EV - Equipment + Machinery + E&A + A&D

研报英文原文证据摘录

Earnings First Glance: Denso (6902 JP), Aisin (7259 JP), Hanwha Aero (012450 KS): APAC Industrial & Auto Sector Specialist Sales Commentary Auto & EV - Equipment + Machinery + E&A + A&D

Specialist Sales

APAC Specialist Sales J P M O R G A N

31 July 2026

Earnings First Glance: Denso (6902 JP), Aisin (7259 JP), Hanwha

Aero (012450 KS)

Joann Kim

+852 2800 8016

joann.kim@jpmorgan.com

*SPEC TAKES ONLY

Denso (6902 JP): Miss on One-offs & Larger Cost

• 1QFY27 Results - Denso reported 1QFY27 rev of Y1913.9bn (+3%/+4.4% vs JPMe/Cons), OP of Y84.2bn (-24%/-22%

below JPMe/Cons) OPM 4.4% vs JPMe & Cons at 5.9%. Made no change to full year guidance.

• Reason for OP Miss: While the mild beat on revenue looks largely driven by F/X (Actual Y159/USD vs JPMe Y155), OP

miss came from a one-off Y15bn (quality cost) & larger than expected parts costs. One-off quality costs normalized OP still

came in -10% below JPMe/Cons due to larger than expected cost impact.

• JPM Valuation: Akira Kishimoto rates Denso as N, with PT of Y1,800 based on our FY26 EPS estimate and 12X P/E.

(Kishimoto’s recent D/G note back in May)

• Initial Feedback- Negative: Despite some expected miss due to weak China and cost inflation pressure, actual earnings came

in below Denso's recent communication tone with the market to surprise some investors to the downside. Continued quality

costs were also a negative surprise. Full-year guidance remains unchanged with a raised F/X assumption, which implies

effective core operation guidance is down.

• Co’s Preso Here

Aisin (7259 JP): Miss on Weak CH/EU, Middle East & One-off

• 1QFY27 Results - Miss : Aisin reported Rev of Y1315.6bn (6%/3% above JPMe/Cons) and OP of Y36.5bn (-19%/-27.5%

below JPMe/Cons). OPM 2.8% vs JPMe 3.6%/Cons 4%. Made no change to full year guidance.