First Read Alps Alpine: Components were unexpectedly weak

研报英文原文证据摘录

First Read Alps Alpine: Components were unexpectedly weak

Global Research

31 July 2026ab

First Read

EquitiesAlps Alpine

Components were unexpectedly weak Japan

Electric Components & Equipment

12-month rating Neutral

Q: How did the results compare with expectations?

Alps Alpine reported an operating loss for Q1 (April-June) of -¥0.9bn, below our 12m price target ¥2,350.0

forecast (¥0.3bn) and the consensus (¥1.5bn). Compared with our forecast, the

components business undershot, while mobility was in line with expectations. The

Price (31 Jul 2026) ¥2,214

company said the result was in line with its Q1 budget, explaining that mobility

exceeded expectations due to strong North American sales by customers, while RIC: 6770.T BBG: 6770 JP

components undershot due to weakness in game-related products. Trading data and key metrics

52-wk range ¥2,371-1,614

Q: What were the most noteworthy aspects of the results?

Market cap. ¥432b/US$2.70b

1) Weakness in components. Q1 components sales declined 18% qoq and 25% yoy. Of

Shares o/s 195m (ORD)

this, smartphone camera actuator sales fell 30% qoq. The company explained that this

Free float 65%

was in line with plan due to the timing of new product launches for high-end

Avg. daily volume ('000) 1,929

smartphones in North America, and that Q2 sales are expected to double qoq. However,

our first impression is that the implied Q2 components sales (+117% qoq, ¥134.2bn) Avg. daily value (m) ¥4,103.9

represents a high hurdle, given that applications other than smartphones are not Common s/h equity (03/27E) ¥468b

expected to grow. 2) In mobility, upside was driven by strong customer sales in North P/BV (03/27E) 0.9x

America, but the impact of higher memory prices is likely to exceed the initial Net debt to EBITDA (03/27E) NM