Niterra (5334): 1Q results: Above expectations, primarily on plug business; expect earnings growth to continue from 2Q on

研报英文原文证据摘录

Niterra (5334): 1Q results: Above expectations, primarily on plug business; expect earnings growth to continue from 2Q on

J P M O R G A N Asia Pacific Equity Research

01 August 2026

Niterra (5334)

1Q results: Above expectations, primarily on plug Overweight

business; expect earnings growth to continue from 2Q 5334.T, 5334 JP

on Price (31 Jul 26):¥9,415

Price Target (Dec-27):¥13,300

Positive: Although components got off to a slow start in 1Q, mainly due to SPE, Japan Equity Research

the automotive components segment performed well, led by plugs, and operating

Technology - Electronic

profit exceeded guidance and the Bloomberg consensus. Full-year operating profit Components

guidance was unchanged, but we see scope for a significant beat. AC Akinori Kanemoto

• Earnings: 1Q sales were ¥203.7 billion and operating profit ¥41.8 billion, (81-3) 6736 8628

including a ¥1.0 billion reversal of provisions for US tariffs in sensors. akinori.kanemoto@jpmorgan.com

Operating profit exceeded our estimate of ¥36.5 billion and the Bloomberg Ikki Shibata

(81-3) 6736 8641

consensus of ¥35.2 billion. Management maintained full-year guidance. 1Q ikki.shibata@jpmorgan.com

pretax profit increased significantly as the company recognized the fair value JPMorgan Securities Japan Co., Ltd.

of certain investment securities and booked an accounting valuation gain. This

reflected an increase in the value of Toshiba shares held through TB

Investment, but as this value fluctuates significantly depending on Kioxia’s

share price, the company did not change initial guidance.

• Points: (1) In 1Q, the components solutions segment undershot as demand for

SPE-related components remained strong but the company was affected by

delays in supply from its suppliers. In contrast, the plug business came in well