明电舍（6508.T）：第一季度正面 - 实际业绩大幅超预期，全年指引上调但下半年仍保守

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31 Jul 2026 09:10:05 ET │ 10 pages

Meidensha (6508.T)

Q1 positive - actuals beat significantly, full-year guidance hiked but H2

remains conservative

CITI'S TAKE

Neutral

Price (31 Jul 26 15:30)

¥9,620.0

Target price

¥11,000.0

Expected share price return

14.3%

Expected dividend yield

1.7%

Expected total return

16.0%

Market Cap

¥436,401M

US$2,735M

April-June OP was ¥4.7bn (+¥4.3bn YoY), significantly ahead of the VA

consensus of ¥1.8bn. Results overshot internal plans by ¥2.1bn. The power

segment and the electronics business within the industrial electronics

mobility segment were the main drivers of the beat. Orders also remained

strong at +12% YoY, with particular strength in the transformer equipment

business and the electronics business. Full-year OP guidance was raised

from ¥29bn to ¥33bn (VA consensus: ¥32.6bn), with H1 guidance raised

while H2 remains unchanged. The power segment and electronics

business retain upside potential for H2, in our view. The EV business saw

slight downward revisions for revenue but profit remained unchanged,

suggestive of some risk.

Takero FujiwaraAC

Implications — Our impression of the announcement is positive, and we expect the

stock price to respond favorably to the strong results and guidance hike. While the

initial plan was recognized as conservative and prior consensus had been tracking

above it, the business environment appears more favorable than expected. We

expect the investor debate about H2 earnings upside to intensify toward the H1

results announcement.

Consol.

3/25A

Sales

OP

RP

NP

EPS

PE

¥M

YOY (%)

¥M

YOY (%)

OPM(%)

¥M

YOY (%)

¥M

YOY (%)

X

301,101

4.6

21,512

69.0

7.1

21,192

58.3

18,488

65.0

408

23.6

3/26A

326,194

8.3

27,122

26.1

8.3

27,889

31.6

23,625

27.8

521

18.5

3/27CE

355,000

8.8

29,000

6.9

8.2

29,000

4.0

22,000

-6.9

485

19.8

3/27E

370,600

13.6

33,000

21.7

8.9

32,800

17.6

24,000

1.6

529

18.2

3/28E

384,000

3.6

36,000

9.1

9.4

35,900

9.5

26,500

10.4

584

16.5

3/29E

398,400

3.8

38,000

5.6

9.5

38,000

5.8

28,000

5.7

617

15.6

A: Actuals, E: Citi Research Ests, CE: Co. Ests, RE: Citi Research Revised Ests, CRE: Co. Revised Ests, NA: Not Available, NM: Not Meaningful