F12/26 2Q Results: Strong

研报英文原文证据摘录

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M

Update

August 5, 2026 10:59 AM GMT

Morgan Stanley Asia Limited+

THK (6481) | Japan

Lisa Jiang

Equity Analyst

F12/26 2Q Results: Strong

Morgan Stanley MUFG Securities Co., Ltd.+

Takeshi Kitaura

Equity Analyst

AlphaSignals Earnings Reaction

Strengthens our thesis

Meaningful upside

Meaningful revision higher

Takumi Okano

Impact to our thesis

Financial results versus consensus

Direction of next 12-month

consensus EPS

Research Associate

Source: Company data, Morgan Stanley Research

Key Takeaways

2Q OP, orders, and full-year guidance all significantly exceeded expectations.

Orders expanded strongly, particularly in electronics and machine tools, and

THK (6481.T, 6481 JT)

management indicated little sign of slowdown.

Factory Automation | Japan

THK is preparing to boost production, but said it hasn't incorporated any increase

impact into 2H plan and is essentially assuming trends on par with 2Q levels.

There still appears to be substantial room for further earnings improvement as

production capacity expands.

Stock Rating

Industry View

Price target

Shr price, close (Aug 5, 2026)

Mkt cap, curr, basic (bn)

Avg daily trading value (bn)

Overweight

Attractive

¥7,900

¥7,456

¥835.2

¥5.6

Following these results, market consensus is likely to climb yet again. We expect

a positive share price reaction.

2Q results: 2Q OP was ¥14.9bn, 3.3x year-earlier level. This far exceeded our

forecast (¥11.0bn), consensus (¥9.9bn), and guidance (¥7.8bn). Volume was the

primary driver.

2Q orders: The order strength was unexpected. 2Q orders on a FX-adjusted basis

rose 69% YoY and 18% QoQ, with substantial growth in all regions except Europe.

(1) Japan: +70% YoY, +26% QoQ, with strong demand not only in electronics but

also machine tools and general machinery. (2) Americas: +61% YoY, +16% QoQ,

driven by electronics- and medical-related demand. (3) China: +84% YoY, +38% QoQ.

The further acceleration from an already high base was a major surprise.

Management commented that demand remains strong currently, while lead orders

are limited because the company is being diligent on delivery lead times.

…