堀场（6856）：商业环境未变

Masahiro Nakanomyo * | Equity Analyst813 5251 6142 | mnakanomyo@jefferies.comHisako Furusumi * | Equity Associate+813 5251 6158 | hfurusumi@jefferies.com Table 1 - Horiba Earnings Summary.FY12/20ActualFY12/21ActualFY12/22ActualFY12/23ActualFY12/24ActualFY12/25Co E NewCo E OldJFE EFactSetFY12/26JFE EFactSetFY12/27JFE EFactSetFirst Quarter (Jan-Mar)Q1 FY12/23ActualQ1 FY12/24ActualQ1 FY12/25ActualJFE EFactSetSecond Quarterly (Apr-June)Q2 FY12/22ActualQ2 FY12/23ActualQ2 FY12/24ActualQ2 FY12/25Co EJFE EFactSetFirst Half (Jan-Jun)1H FY12/22Actual1H FY12/23Actual1H FY12/24Actual1H FY12/25Co E NewCo E OldJFE EFactSetThird Quarter (Jul-Sep)Q3 FY12/22ActualQ3 FY12/23ActualQ3 FY12/24ActualFourth Quarter (Oct-Dec)Q4 FY12/22ActualQ4 FY12/23ActualQ4 FY12/24ActualSecond Half (Jan-Jun)2H FY12/22Actual2H FY12/23Actual2H FY12/24Actual2H FY12/25Co EJFE EFactSetSource: Jefferies estimates,company data, FactSetPlease see important disclosure information on pages 4 - 9 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. Table 2 - Horiba Earnings Trends and Estimates.Sales (¥mn)Automotive test systemsJapanAsiaAmericasEuropeEmission measurementMCTFuelconFC & BatteryMCTECT (MIRA)ScienceEnvironment & ProcessMedical diagnostic instruments & systemsJapanAsiaAmericasEuropeSemiconductor instruments & systemsNew SegmentEnergy & EnvironmentJapanAsiaAmericasEuropeMobilityEnergyIndustrial Process & EnvironmentBio & HealthcareMaterials & SemiconductorOperating profits (¥mn)Automotive test systemsOperating marginEmission measurement systems(Operating margin)MCTFuelconFC & BatteryMCT(Operating margin)ECT (MIRA)(Operating margin)ScienceOperating marginEnvironment & ProcessOperating marginMedical diagnostic instruments & systemsOperating marginSemiconductor instruments & systemsOperating marginNew SegmentEnergy & EnvironmentOperating marginMobilityEnergyIndustrial Process & EnvironmentBio & HealthcareOperating marginMaterials & SemiconductorOperating marginOrders (¥ 00mn)Automotive test systemsScience systemsSource: Jefferies estimates, company dataPlease see important disclosure information on pages 4 - 9 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. Company DescriptionHoribaHoriba is one of the top analytical and industrial equipment makers in Japan. The company was founded in 1953 at Kyoto. Horiba has beenrecognized as a pioneer among Japan venture companies. Its main products are automobile testing equipment, semiconductor system, medicalequipment (hematology), scientific equipment, environment and process equipment.Company Valuation/RisksHoribaPrice target of ¥13,000 based on our ¥13,126 fair value estimate obtained by applying 1.75x P/B (calculated using our 10.5% FY12/25E ROEestimate and 6.0% COE) to end-FY12/25 BPS estimates of ¥7,501. Risks include semiconductor capex trends, possible long-term decline inemission-testing equipment demand, lagging MCT/ECT earnings improvement, and delayed recovery in all businesses, especially automotive,due to COVID.Analyst Certification:I, Masahiro Nakanomyo, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies)and subject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendationsor views expressed in this research report.I, Hisako Furusumi, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations orviews expressed in this research report.Registration of non-US analysts:Masahiro Nakanomyo is employed by Jefferies (Japan) Limited, a non-US affiliate of Jefferies LLC and is not registered/qualified as a research analyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm, and therefore maynot be subject to the FINRA Rule 2241 and restrictions on communications with a subject company, public appearances and trading securities held bya research analyst.Registration of non-US analysts:Hisako Furusumi is employed by Jefferies (Japan) Limited, a non-US affiliate of Jefferies LLC and is not registered/qualified as a research analyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm, and therefore maynot be subject to the FINRA Rule 2241 and restrictions on communications with a subject company, public appearances and trading securities held bya research analyst.As is the case with all Jefferies employees, the analyst(s) responsible for the coverage of the financial instruments discussed in this report receivescompensation based in part on the overall performance of the firm, including investment banking inco