【Jefferies-2025研报】堀场（6856）：商业环境未变.pdfVIP

Japan|PrecisionEquipment

EquityResearch

HoribaMay15,2025

BusinessEnvironmentUnchangedFLASHNOTE

RATINGBUY

1QFY12/25resultsandbriefingheldon15May.1QOPtotaled¥11.7bn

(+17%YoY),achievinganewrecordhighfor1Q.ResultsbasicallyinlinePRIC¥10,805^

withtheConsensus.Semiconductorapplicationsremainedupbeat.Full-PRICETARGET|%TOPT¥13,000|+20%

FY12/25guidancerevised.OPreducedby¥2.0bnduetoupdatedforex52WHIGH-LOW¥14,180-¥7,858

assumption.Tariffimpactnotfactoredintoguidance.Atthispoint,mgmt.FLOAT(%)|ADVMM(USD)81.8%|14.20

saystherearenoindicationsofchangesincustomerinvestmentintheMARKETCAP¥454.9B|$3.1B

semiconductorandautomotivefields.TICKER6856JP

^Priortradingdaysclosingpriceunlessotherwise

noted.

1QFY12/25resu