Okuma Broadly In Line

Okuma's FY3/26 operating profit of ¥15.5 bn was in line with expectations, but a strong order beat in North America led to a slight target price increase to ¥3,700.

Key Takeaways

• 1.FY3/26 operating profits of ¥15.5 bn were in line with consensus, but orders beat estimates at ¥240.8 bn, primarily driven by strength in North America.
• 2.Okuma's regional performance differs from peers as it is leveraging North American aerospace/defense demand while China orders are softening due to the completion of major EV projects.
• 3.Goldman Sachs maintains a Sell rating, citing valuation above mid-cycle levels and an expectation that the machine tool cycle will peak in mid-2026.

Table of Contents

• Results takeaways
• Our view
• Investment Thesis - Okuma
• Price Target Risks and Methodology - Okuma (6103.T)
• Disclosure Appendix

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