TDK (6762) 1Q results: Concerns dispelled, potential for major overshoot to full-year operating profit guidance

研报英文原文证据摘录

TDK (6762) 1Q results: Concerns dispelled, potential for major overshoot to full-year operating profit guidance

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

01 August 2026

TDK (6762) Overweight

6762.T, 6762 JP

1Q results: Concerns dispelled, potential for major Price (31 Jul 26):¥3,008

overshoot to full-year operating profit guidance Price Target (Dec-26):¥5,500

Positive: There were considerable stock market concerns about weak earnings Japan Equity Research

because of factors such as soft smartphone and notebook PC demand, but we

Technology - Electronic

believe strong 1Q results have dispelled these. Rising demand for AI server Components

applications, demand recovery for industrial equipment/automotive applications, AC Akinori Kanemoto

and powerful execution in secondary batteries contributed. Improved margins in

(81-3) 6736 8628

operating units across the board driven by business portfolio reforms also had an akinori.kanemoto@jpmorgan.com

impact. Full-year operating profit guidance is unchanged, but we see scope for Ikki Shibata

substantial upside. (81-3) 6736 8641

ikki.shibata@jpmorgan.com

• Results: TDK reported 1Q sales of ¥741 billion and operating profit of ¥86.3 JPMorgan Securities Japan Co., Ltd.

billion (including ¥2.6 billion in gains on the transfer of its new EV power

supply development business), with operating profit well above our ¥67.4

billion estimate and the Bloomberg consensus estimate of ¥67.8 billion.

Guidance is unchanged. 1Q results were slightly above our estimates in passive

components and magnetic application products, and substantially above in

sensor application products and energy application products. Strength in AI

data center server capacitors and in HDD heads/suspension assemblies was