Yamaha (7951): 1Q results: Watch whether management can offset major cost growth from 2Q through price optimization

研报英文原文证据摘录

Yamaha (7951): 1Q results: Watch whether management can offset major cost growth from 2Q through price optimization

J P M O R G A N Asia Pacific Equity Research

04 August 2026

Yamaha (7951) Neutral

7951.T, 7951 JP

1Q results: Watch whether management can offset Price (04 Aug 26):¥1,245

major cost growth from 2Q through price optimization Price Target (Dec-26):¥1,100

Somewhat positive: 1Q operating profit was ¥13.8 billion (Bloomberg consensus Japan Equity Research

estimate: ¥7.3 billion). Management raised full-year guidance by ¥4.5 billion to

Technology - Consumer Electronics/

¥42.5 billion (Bloomberg consensus estimate: ¥38.0 billion), mainly due to tariff Industrial Electronics/Precisions

refunds. Even excluding ¥4.3 billion in tariff refunds, the 1Q result beat market AC Junya Ayada

expectations thanks to new product launches and price optimization, mainly for

(81-3) 6736 8631

musical instruments. Management effectively maintained full-year guidance junya.ayada@jpmorgan.com

excluding the tariff refunds. We will watch whether the company can offset Mio Shikanai

substantial procurement cost increases in 2Q onward through further price (81-3) 6736 1313

optimization. We intend to monitor progress on price optimization and its impact mio.shikanai@jpmorgan.com

on volumes heading into the year-end sales season. JPMorgan Securities Japan Co., Ltd.

• Results summary: 1Q core operating profit rose 98% YoY to ¥9.3 billion.

Positives for the YoY increase were higher sales and production and an

improved model mix (+¥4 billion) and favorable exchange rates (+¥3 billion),

which offset negatives such as higher SG&A (-¥1.4 billion) and higher costs

(-¥1.2 billion). In the musical instruments segment, core operating profit