27/3 Q1 results: Company raises full-year guidance: Quick Note

研报英文原文证据摘录

27/3 Q1 results: Company raises full-year guidance: Quick Note

Global Markets Research

31 July 2026Mitsubishi Electric

6503.T 6503 JP / EQUITY: JAPAN INDUSTRIAL ELECTRONICS

27/3 Q1 results: Company raises full-year Rating Buyguidance

Target price JPY 7,200Quick Note

Closing price

31 July 2026 JPY 5,912First impression positive: Company raises guidance on wide-ranging strong

performance in FA and air conditioning but still looks cautious (Note: Quick Note reports are not a

Mitsubishi Electric reported 27/3 Q1 operating profits of ¥139.5bn (up ¥27.5bn y-y, vehicle for changes to ratings, target

adjusted operating profits up ¥50.4bn at ¥144.3bn), ahead of our forecast of ¥120.0bn and prices, or earnings forecasts)

the 31 July QUICK consensus forecast of ¥123.3bn. It performed better than we had

expected at the factory automation systems and air conditioning systems & home products

businesses. The company raised its full-year adjusted operating profit guidance by

¥30.0bn from ¥590.0bn to ¥620.0bn, versus our forecast of ¥600.0bn, but it is assuming

Research AnalystsUSD/JPY of 150 for Q2 onwards, which still strikes us as cautious. The company has seen

negligible impact from the Kumamoto earthquake and has been restarting facilities once Japan industrial electronics

they have been inspected. Management has also been pressing ahead with discussions Masaya Yamasaki, CFA - NSC

about the reorganization of its automotive equipment and semiconductor businesses while masaya.yamasaki@nomura.com

keeping a close eye on direction and synergies. +81 3 6703 1190

(1) The ¥50.4bn y-y rise in adjusted operating profits in Q1 was broad based, with

increases of ¥21.2bn at the factory automation systems business, ¥13.2bn at the air