First Read Kyocera: Components and solutions both much higher than estimated

研报英文原文证据摘录

First Read Kyocera: Components and solutions both much higher than estimated

Global Research

30 July 2026ab

First Read

EquitiesKyocera

Components and solutions both much higher Japan

than estimated Electric Components & Equipment

12-month rating Neutral

12m price target ¥3,830.0

Q: How did the results compare with expectations?

Q1 (Apr-Jun) FY3/26 OP came in at ¥49.1bn, more than 60% above our forecast

(¥29.2bn) and the consensus (¥29.7bn). The result was strong even taking into account Price (30 Jul 2026) ¥3,550

the real estate divestment gain (¥3.0bn) in the electronic components business. The RIC: 6971.T BBG: 6971 JP

outperformance versus our forecast was mainly attributable to industrial & automotive

Trading data and key metrics

and solutions (industrial tools, document solutions, and communications), with the

outperformance in solutions particularly large. In solutions, a demand rush ahead of 52-wk range ¥3,916-1,802

price hikes for industrial tools and communications devices appears to have boosted Market cap. ¥4,609b/US$28.2b

profit, but as the revised guidance is also strong versus our forecasts, we estimate that Shares o/s 1,298m (ORD)

profitability is improving on an underlying basis as well. Free float 63%

Avg. daily volume ('000) 7,247

Q: What were the most noteworthy aspects of the results? Avg. daily value (m) ¥25,177.4

Management expressed confidence in growth for AI data centre-related products. SPE- Common s/h equity (03/27E) ¥3154b

related components, which are included in the industrial & automotive segment, were P/BV (03/27E) 1.4x

sluggish until last year, but orders have accelerated since the beginning of the year. This Net debt to EBITDA (03/27E) NM

contributed to improvement in the Q1 profit margin for the segment. For MLCCs for AI