F3/27 1Q Results: Consensus Beat; Higher Leverage, New Investments, Enhanced Shareholder Returns

研报英文原文证据摘录

F3/27 1Q Results: Consensus Beat; Higher Leverage, New Investments, Enhanced Shareholder Returns

Update

August 3, 2026 07:48 AM GMT

Morgan Stanley MUFG Securities Co., Ltd.+MMarubeni (8002) | Japan Yu Shirakawa

Equity Analyst

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

Beat; Higher Leverage, New

Investments, Enhanced

Marubeni (8002.T, 8002 JT)

Trading Companies | Japan

Shareholder Returns Stock Rating Equal-weight

Industry View In-Line

Price target ¥5,500

AlphaSignals Earnings Reaction Shr price, close (Jul 31, 2026) ¥5,201

Mkt cap, curr, basic (bn) ¥8,466.7

Unchanged Modest upside Largely unchanged Avg daily trading value (bn) ¥22.4

Impact to our thesis Financial results versus consensus Direction of next 12-month

consensus EPS

Source: Company data, Morgan Stanley Research

F3/27 1Q results beat consensus: 1Q NP of ¥186.4bn (+20.7% YoY) exceeded

consensus of ¥162.9bn and our forecast of ¥162.0bn. Compared with our forecasts,

there were major overshoots for Power & Infrastructure Services (gains on sale of

an overseas power IPP investment in 1Q) and for Aerospace & Mobility (primarily

one-offs including equity-method valuation gains). Marubeni also announced up to

¥100.0bn in share buybacks, equivalent to around 2.5% of shares o/s. We believe

the market had already factored in a buyback to some extent, but we think the size

exceeded market expectations. Underlying NP was ¥177.0bn (+¥49.0bn YoY). Non-

resource businesses contributed ¥118.0bn (+¥22.0bn YoY), while resource-related

businesses contributed ¥51.0bn (+¥23.0bn YoY).

F3/27 NP guidance unchanged: Marubeni revises capital allocation under

medium-term plan GC2027; we view higher leverage alongside stronger

investment and shareholder returns positively: Progress toward F3/27 NP