Panasonic HD (6752.T)

研报英文原文证据摘录

Panasonic HD (6752.T)

Equity Research

29 July 2026 | 12:41AM JST

Panasonic HD (6752.T): Announced TV production in Malaysia to end;

would lower risk and boost share of profits from growth businesses; Buy

Panasonic has announced (link) it will end TV production in Malaysia and cease Ryo Harada

+81(3)4587-9865 | ryo.harada@gs.com

operations at its Panasonic AVC Networks Kuala Lumpur Malaysia (PAVCKM) facility Goldman Sachs Japan Co., Ltd.

by March 2027. Per the announcement, about 400 employees will be impacted. Per a Hiroki Muramatsu

Nikkei report, this would leave Taiwan as the company’s only in-house TV production +81(3)4587-9872hiroki.muramatsu@gs.com|

site. Goldman Sachs Japan Co., Ltd.

We note that while growth areas such as data center BBUs are emerging,

Panasonic is making steady progress with portfolio reorganization, lowering

business risk in low-profit businesses. We think ongoing implementation of

reorganization and business reviews stands to raise the proportion of profits from

growth areas, ultimately leading to further improvement in multiples.

Price Target Risks and Methodology - Panasonic Holdings

We are Buy rated. Our 12-month target price is ¥5,000. We apply an EV/EBITDA

multiple of 9.0X (FY3/28E base year, based on the historical correlation between

EV/EBITDA and EBITDA margin). Risks: Companywide: (1) Weaker-than-expected

progress with fixed-cost reductions or insufficiently realized benefits from business

reforms across the company as a whole, (2) weaker growth prospects due to the loss

of key personnel during the fixed-cost reduction process, (3) slower-than-expected

progress in revamping the business portfolio as a result of delays selecting buyers, (4)

additional investment and depreciation burdens arising due to increased demand for