Report published September 1, 2026
SMC (6273.T) 1Q Review: Goldman Sachs Raises Estimates and Target Price Led by Semiconductor Demand
Source and citation context
- Issuer
- Goldman Sachs
- Report date
- September 1, 2026
- Analysis as of
- Not stated in source
Authors / editors: Yuichiro Isayama, Takeru Adachi, Takato Enoki
Finvaulta summarizes Goldman Sachs's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.
Goldman Sachs raised its operating profit forecasts for SMC by 7-8% and increased its 12-month price target to ¥83,000 from ¥80,000 following a 1Q earnings beat driven by semiconductor demand. The firm maintains a Neutral rating, citing fair valuation relative to peers and limited near-term catalyst potential for enhanced shareholder returns.
Key Takeaways
- 1.Goldman Sachs raised its operating profit forecasts for SMC by 7-8% and increased its 12-month target price to ¥83,000 from ¥80,000 while maintaining a Neutral rating.
- 2.Concerns over an order peak-out or speculative duplicate ordering in FA/machinery appear unwarranted due to SMC's expanded production capacity and short lead times.
- 3.Near-term changes or enhancements to shareholder returns and capital policy are viewed as unlikely before the end of FY3/27.
Table of Contents
- Favorable business conditions likely to continue, led by semiconductor/electronics applications
- Ratios & Valuation
- Growth & Margins (%)
- Price Performance
- Income Statement (¥ bn)
- Balance Sheet (¥ bn)
- Cash Flow (¥ bn)
- Our view
- Price Target Risks and Methodology - SMC (6273.T)
- Exhibit 1: SMC: Earnings summary
- Disclosure Appendix
Report data
Exhibit 1: SMC: Earnings summary
| Metric | Estimate | Context |
|---|---|---|
| 12-month Price Target | 83,000 JPY | Raised from ¥80,000 |
| Current Share Price | 70,280 JPY | Closing price as of report date |
| Operating profit estimate (FY3/27E) | 280.0 JPY bn | GS forecast for FY3/27 operating profit |
| Operating profit estimate (FY3/28E) | 310.0 JPY bn | GS revised forecast up from ¥290.0 bn |
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Authors / Editors
Reported Data Context
- 12-month Price Target: 83,000 JPY (12-month forward) · Source: Goldman Sachs Global Investment Research
- Current Share Price: 70,280 JPY (2026-09-01) · Source: FactSet
- Operating profit estimate (FY3/27E): 280.0 JPY bn (FY3/27E) · Source: Goldman Sachs Research estimates
- Operating profit estimate (FY3/28E): 310.0 JPY bn (FY3/28E) · Source: Goldman Sachs Research estimates
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