Nichicon (6996.T): Q1 positive: Strength for both server aluminum capacitors and storage batteries

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05 Aug 2026 06:35:17 ET │ 9 pages

Nichicon (6996.T)

Q1 positive: Strength for both server aluminum capacitors and storage

batteries

CITI'S TAKE

April-June OP was ¥2.8bn, significantly exceeding our forecast (¥1.7bn),

which we view as positive. In addition to continued demand growth for

large capacitors used in AI server power supplies, power storage and large

special power supplies in the NECST business exceeded our sales and

profit expectations. In power storage, a new model launched last fiscal

year appears to be doing well. While full-year guidance remained

unchanged, April-June results amount to 33% of full-year OP guidance.

Considering benefits from price corrections going forward, we see a high

probability of upward revisions with H1 results. With expectations for a

new medium-term plan likely to be announced with H1 results as well we

think the shares will firm up.

Implications — We believe inquiries for AI server products have increased since the

beginning of the fiscal year. We hope to learn more about the probability of

increased unit volume in next-generation power supplies from next fiscal year.

Buy

Price (05 Aug 26 15:30)

¥3,280.0

Target price

¥5,500.0

Expected share price return

67.7%

Expected dividend yield

1.2%

Expected total return

68.9%

Market Cap

¥220,280M

US$1,396M

Takayuki NaitoAC