Daikin Industries FY3/26 Results and FY3/27 Guidance

Daikin's FY3/26 results and new FUSION 30 medium-term plan exceeded expectations, resulting in a price target hike to ¥25,000.

Key Takeaways

• 1.Daikin's FY3/26 operating profit of ¥415.0 bn exceeded both Goldman Sachs and consensus estimates, driven by strong residential and commercial HVAC sales in the Americas.
• 2.The company introduced its new 'FUSION 30' medium-term plan, shifting focus toward capital efficiency with specific OPM and ROE targets.
• 3.Daikin announced a major capital policy update including a ¥350 bn share buyback and commitment to raising dividend payout ratios.

Table of Contents

• Surprises in FY3/26 results and FY3/27 guidance
• Surprises in new Fusion 30 medium-term plan
• Our view
• Price Target Risks and Methodology - Daikin Industries (6367.T)
• Investment Thesis - Daikin Industries
• Disclosure Appendix
• Price target and rating history chart(s)
• Regulatory disclosures

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