27/3 Q1 results: Company raises guidance on strong performance in US: Quick Note

研报英文原文证据摘录

27/3 Q1 results: Company raises guidance on strong performance in US: Quick Note

Global Markets Research

31 July 2026Yamato Kogyo

5444.T 5444 JP / EQUITY: JAPAN STEEL, NONFERROUS METALS, WIRE & CABLE

27/3 Q1 results: Company raises guidance on strong Ratingperformance in US Neutral

Target price JPY 11,000Quick Note

Closing price

30 July 2026 JPY 13,420First impression in line: Operating losses in Japan come as no surprise; US and

Thailand driving earnings (Note: Quick Note reports are not a

Yamato Kogyo released 27/3 Q1 results at 1pm JST on 31 July, posting recurring profits vehicle for changes to ratings, target

of ¥22.2bn (2.1x the previous year's level), driven by: (1) the US, where there is strong prices, or earnings forecasts)

demand from data centers and other applications; and (2) Thailand, which imposed anti-

dumping duties on Chinese steel from November 2025. In Japan, the company recorded

operating losses of ¥1.9bn due to deteriorating spreads and a halt in production for

upgrade work in May–Jun, but the operating losses come as no surprise, with price hikes

Research Analystshaving yet to feed through to earnings at other electric furnace steelmakers in Q1 either

and our first impression is thus neutral overall. Japan steel, nonferrous metals,

wire & cable

The company raised its 27/3 recurring profit guidance from ¥68.0bn to ¥87.0bn versus the Kaori Iwasaki - NSC

31 July QUICK consensus forecast of ¥78.8bn. We estimate that this breaks down as an kaori.iwasaki@nomura.com

upward revision of ¥18–19bn for the US (including from a change in its USD/JPY +81 3 6703 1198

assumption from 147.9 to 155.3), a downward revision of just over ¥1.5bn for Japan, and Yuji Matsumoto - NSC

upward revisions of several hundred million yen apiece for Thailand and Indonesia.