Omron (6645.T): Q1 results positive - stronger-than-expected IAB showing, full-year guidance hiked significantly

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05 Aug 2026 06:11:26 ET │ 10 pages

Omron (6645.T)

Q1 results positive - stronger-than-expected IAB showing, full-year

guidance hiked significantly

CITI'S TAKE

Buy

Price (05 Aug 26 15:30)

¥5,931.0

Target price

¥7,000.0

Expected share price return

18.0%

Expected dividend yield

1.9%

Expected total return

19.9%

Market Cap

¥1,166,209M

US$7,393M

Q1 sales of ¥209.9bn (+26% YoY) and OP of ¥18.9bn (+226% YoY)

significantly exceeded both our expectations and those of the market. The

main driver was strong performance in the industrial automation business

(IAB), backed by stronger-than-expected AI-related investment growth

and customer base expansion. IAB Q1 orders rose +61% YoY / +18% QoQ

(excluding FX impact), with sales of ¥131.2bn (+37% YoY) and OP of

¥21.3bn (+101% YoY). While we observed some boost from a spike in

demand following the domestic price increase announcement in Q1, this

impact appears to have been less than 10% for IAB orders and about 5-6%

for sales. Omron raised FY3/27 full-year guidance to sales of ¥880bn (up

¥60bn from before) including IAB ¥500.0bn (up ¥60.0bn), and operating

profit of ¥80bn (up ¥18bn from before) including IAB OP of ¥65bn (up

¥21bn).

Takahiro InoueAC

Implications — Our impression is positive. The company did not record a goodwill

impairment loss related to JMDC that we had been concerned about. Officials

asserted that the high level of IAB orders reflects actual demand. We believe upside

potential remains in the revised guidance. The revised guidance appears to assume

that IAB orders will continue throughout the year at slightly lower levels than June,

which included one-off factors (a demand spike arising from price increases and the

impact of core IT system replacements in Europe). Moreover, while we saw an

impact from extended delivery times due to core IT system replacements in Japan

during Q1 for IAB, we expect normalization from Q2 onward.

Consol.

Sales

OP

RP

NP

EPS

PE

¥M

YOY (%)

¥M

YOY (%)

OPM(%)

¥M

YOY (%)

¥M

YOY (%)

X

801,753

-2.1

54,038

57.4

6.7

29,001

-17.0

16,271

100.8

83

71.8

3/26A

767,351

-4.3

59,935

10.9

7.8

52,571

81.3

28,487

75.1

145

41.0

3/27CE

820,000

6.9

62,000

3.4

7.6

na

27,500

-3.5

140

42.4

3/27E

…