Murata Manufacturing: 27/3 Q1 results: We make no change to our profit forecasts

研报英文原文证据摘录

Murata Manufacturing: 27/3 Q1 results: We make no change to our profit forecasts

Global Markets Research

31 July 2026Murata Manufacturing

6981.T 6981 JP / EQUITY: JAPAN ELECTRONIC PARTS

Rating27/3 Q1 results: We make no change to our profit

Remains Buyforecasts

Target price JPY 9,000Company raises full-year guidance, but this strikes us as cautious as it Remains

does not include cost pass-throughs

Closing price JPY 7,416We retain our profit forecasts and reiterate our Buy rating 31 July 2026

In Apr–Jun (Q1), overall operating profits were slightly short of our forecast, with strong earnings

Implied upside +21.4%in the components segment but operating losses in the devices/modules segment. However, we

retain our profit forecasts as we think higher capacitor shipments will offset lower-than-expected

earnings at the devices/modules segment. The company raised full-year guidance for sales from

¥1,960.0bn to ¥2,110.0bn and for operating profits from ¥380.0bn to ¥430.0bn. The upward

Relative performance chartrevision to operating profit guidance of ¥50.0bn is smaller than the ¥150.0bn upward revision to

sales guidance because it is assuming bigger rises in material costs, outsourcing labor costs, and

precious metal prices than it did at the start of the year. Given current tight supply–demand

conditions for capacitors, we think the company will be able to pass cost increases onto prices

(including easing of price cuts), and guidance strikes us as cautious in this regard. We maintain

our target price of ¥9,000 and reiterate our Buy rating.

Q1: Components segment beats sharply, devices/modules segment performance slightly

unfavorable

In Q1, sales rose 20.7% y-y to ¥502.3bn and operating profits rose 59.8% to ¥98.5bn (our pre-

release forecasts: ¥489.0bn, ¥103.0bn).