Alps Alpine Raising our forecasts, but still focused on sustainability

研报英文原文证据摘录

Alps Alpine Raising our forecasts, but still focused on sustainability

Global Research

30 July 2026ab

Alps Alpine Equities

JapanRaising our forecasts, but still focused on

sustainability Electric Components & Equipment

12-month rating Neutral

12m price target ¥2,100.0Expanding smartphone market share a tailwind, but rising memory costs and

uncertainty about automotive customers a drag

Reflecting a higher outlook for smartphone actuators, among other factors, we are Price (29 Jul 2026) ¥2,225

raising our OP forecasts for FY3/27 and FY3/28 by 24% and 7%, respectively. In RIC: 6770.T BBG: 6770 JP

smartphone actuators, higher selling prices and gains in market share are providing

support, and the company has made steady progress recouping development costs from Trading data and key metrics

customers in the mobility business. However, major smartphone customers might 52-wk range ¥2,371-1,600

increase pricing pressure on other components as memory costs rise sharply. In the Market cap. ¥434b/US$2.65b

mobility business, there are significant uncertainties, including customers requesting Shares o/s 195m (ORD)

even more price cuts, changes in EV strategies and the dropping out of compensation Free float 65%

payments from FY3/28. We believe the stock has limited valuation appeal relative to the Avg. daily volume ('000) 1,926

automotive parts sector and historical levels. Avg. daily value (m) ¥4,095

Common s/h equity (03/27E) ¥468b

Changing our forecasts P/BV (03/27E) 0.9x

We are raising our OP forecasts from ¥38.7bn to ¥48.2bn for FY3/27 and from ¥39.7bn Net debt to EBITDA (03/27E) NM

to ¥42.5bn for FY3/28. We have increased our profit outlook for the components

business in light of market share gains and higher selling prices for smartphone camera EPS (reported, basic) (¥)