Misumi Group (9962.T): Takeaways from post-results meeting with CFO (August 2026)

研报英文原文证据摘录

Misumi Group (9962.T): Takeaways from post-results meeting with CFO (August 2026)

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04 Aug 2026 03:15:39 ET │ 10 pages

Misumi Group (9962.T)

Takeaways from post-results meeting with CFO (August 2026)

CITI'S TAKE

Buy We had the opportunity to talk with Misumi CFO Toru Takanami following

the Q1 earnings announcement on August 4 at 13:00 (JST). Our impression Price (04 Aug 26 15:30) ¥4,051.0

from the meeting is positive. Our sense is upside potential remains to Target price ¥5,000.0

revised full-year guidance. Specific factors we believe could drive upside Expected share price return 23.4%

versus guidance include 1) sales to automotive-related customers, mainly Expected dividend yield 1.5%

in Japan, 2) automated stage profitability, and 3) the impact of US tariff Expected total return 24.9%

refunds (estimated at approximately ¥700mn-¥800mn). Additionally, we

Market Cap ¥1,064,358M estimate that if automated positioning stage production capacity

US$6,772M expansion proceeds as per Misumi expectations sales could be up to

c¥47bn in FY3/28.

Revised full-year guidance — Revised full-year guidance seems to assume Q1 Takahiro InoueAC

conditions (excluding the FICTIV and automated stage-related areas) will continue +81-3-6776-4646

from Q2. In Japan there has been recovery in automotive-related demand since July, takahiro.inoue@citi.com

which could be an upside factor for the full year if it continues. Guidance does not

factor in the impact of US tariff refunds. According to Misumi estimates it may

receive refunds of ¥700mn-¥800mn.

Automated stages — Automated stage sales to Chinese data center-related

customers (optical transceiver manufacturers) were ¥4bn in Q1, with H1 plan at

¥9.5bn and full-year plan of just over ¥20bn. Due to robust demand the lead time