2026年日本峰会：能源业务的持续增长和利润率改善

TakeshiKitauraEquity Analyst anleymufg.com+81 3 6836-5427MORGAN STANLEY ASIA LIMITED-Lisa JiangEquity Analyst Japan Summit 2026: SustainedGrowth and Margin MORGAN STANLEY MUFG SECURITIES CO., LTD.+ 4:OOpm JST. The view that there is further room for margin improvement in theEnergy segment was well received. On capex, while management indicated it isactively considering additional investments, responses emphasized capital disciplinewith ROIC as a key metric. aims for further expansion toward 2030. Key bottlenecks cited for scalingproduction include assembly workforce constraints and machining capacity, andmanagement acknowledged that additional investment, including across the supplychain, will be required to support growth toward 2030. Global gas turbine demandis expected to average around 70GW annually over the next five years, down fromroughly 100GW in 2025, although near-term demand remains strong. Heavy Industries I Japan Stock Rating Industry ViewAttractivePrice target￥5,500Shr price, close (May 21, 2026)￥3,958Mkt cap, curr, basic (bn)￥13,300.2Avg daily trading value (bn)￥128.7 Defense: Margins are expected to recover steadily toward 10%, and for exportprojects, management highlighted the importance of securing adequate marginscommensurate with risk.On defense equipment transfers/exports, decisions arenot made by the company alone, as government policy plays a key role. Morgan Stanley does and seeks to do business withcompanies covered in Morgan Stanley Research. As a resultinvestors should be aware that thefirm may havea conflict ofinterest that could affect the objectivity of Morgan StanleyResearch. Investors should consider Morgan StanleyResearch as only a single factor in making their investmentdecision For analyst certification and other important disclosures,refer to the Disclosure Section, located at the end of thisreport. += Analysts employed by non-U.S. affliates are not registeredwith FINRA, may not be associated persons of the memberand may not be subject to FINRA restrictions oncommunications with a subject company.public appearancesand trading securities held by a research analyst account. We set our target P/E at the recent historical average (which is higher than levels further inthe past), which we expect can be maintained thanks to a solid order backlog and demandmomentum. Higher Japan defense spendingUpside in Energy and Defense capacity Project-specific cost overrunsGeopolitical and supply-chain disruptionsStructural decline in power demand The information and opinions in Morgan Stanley Research were prepared by Morgan Stanley MUFG Securities Co, Ltd. and its affiliates (collectively, Morgan Stanley).For important disclosures, stock price charts and equity rating histories regarding companies that are the subject of this report, please see the Morgan Stanley Research Disclosure Website at www.morganstanley.com/eqr/disclosures/webapp/generalresearch, or contact your investment representative or Morgan Stanley Research at 1585 Broadway, (Attention: ResearchManagement), New York, NY, 10036 USA.Forvaluationmethodologyandrisks associatedwithanyrecommendation,rating orprice targetreferenced in this researchreport,please contact the Client Support Teamas follows:US/Canada +1 800 303-2495; Hong Kong +852 2848-5999; Latin America +1 718 754-5444 (U.S); London +44 (0)20-7425-8169; Singapore +65 6834-6860; Sydney +61 (0)2-9770-1505; Tokyo +81(0)3-6836-9000.Alternatively youmay contact your investment representative or Morgan Stanley Researchat 1585 Broadway, (Attention: Research Management),New York, NY10036USAAnalystCertification The following analysts hereby certify that their views about the companies and their securities discussed in this report are accurately expressed and that they have not received and will not receive direct or indirect compensation in exchange for expressing specific recommendations or views in this report: Lisa Jjiang; Takeshi Kitaura. Morgan Stanley Research has been published in accordance with our conflict management policy,which is available at www.morganstanley.com/institutiona/research/conflictpolicies.A Portuguese version of the policy can be found at www.morganstanley.com.brImportantRegulatoryDisclosuresonSubjectCompanies As of April30,2026,Morgan Stanley beneficially owned1% or more of a class of common equity securities ofthefollowing companies coveredin Morgan Stanley Research: IHl, Kawasaki Heavy Industries.Within the last 12 months, Morgan Stanley managed or co-managed a public offering (or 14+4A offering) of securities of Mitsubishi Heavy Industries Within the last 12 months, Morgan Stanley has received compensation for investment banking services from IH, Mitsubishi Heavy Industries.In the next 3 months, Morgan Stanley expects to receive or intends to seek compensation for investment banking services from IHl, Kawasaki Heavy Industries, Mitsubishi Heavy Industries Withinthelast12monthsMorganStanleyhasprovidedorisprovidinginvest