F3/27 1Q Results: Brisk Orders and Large Profit Guidance Hike Positive

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M

Update

August 5, 2026 10:41 AM GMT

Morgan Stanley Asia Limited+

Okuma (6103) | Japan

Lisa Jiang

Equity Analyst

F3/27 1Q Results: Brisk Orders

and Large Profit Guidance Hike

Positive

Morgan Stanley MUFG Securities Co., Ltd.+

Takeshi Kitaura

Equity Analyst

Takumi Okano

Research Associate

AlphaSignals Earnings Reaction

Strengthens our thesis

Modest upside

Meaningful revision higher

Impact to our thesis

Financial results versus consensus

Direction of next 12-month

consensus EPS

Source: Company data, Morgan Stanley Research

Okuma (6103.T, 6103 JP)

General Machinery | Japan

Key Takeaways

1Q results were broadly in line with our expectations if stripping out tariff

refunds.

Orders were stronger than we expected on sharp recovery in Japan, the Americas

Stock Rating

Industry View

Price target

Shr price, close (Aug 5, 2026)

Mkt cap, curr, basic (bn)

Avg daily trading value (bn)

Overweight

In-Line

¥4,700

¥5,280

¥313.0

¥1.8

and Europe, with this looking set to continue through 2Q and beyond.

The large guidance hike with 1Q results was unexpected.

Strong results had been expected somewhat from monthly order disclosures/

peer results, but we think results were still better than prior elevated

expectations.

• 1Q results: 1Q OP increased 175% YoY to ¥4.4bn, overshooting our ¥3.5bn

forecast, the ¥3.7bn consensus, and guidance, mainly due to tariff refunds (+

¥0.8bn).

• 1Q orders: Orders were stronger than we expected at +39% YoY. 1) Japan:

+11%, driven by semiconductor and aviation/power generation-related orders,

etc. 2) Americas: +102%, and flat with the elevated level recorded in F3/26

4Q. 3) Europe: +125%, with large aerospace-related order wins driving sharp

growth. 4) Asia-Pacific: -13%, with a -34% YoY decline in China orders from

the drop-out of a large EV-related project, but steady growth in non-EV

industrial orders.

• Full-year guidance hikes: The order plan was raised from ¥250bn to

¥276bn, sales guidance was increased from ¥245bn to ¥260bn, and OP was

hiked from ¥19bn to ¥26bn (mainly to factor in volume/yen depreciation

effects and tariffs).

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