Mitsui High-tec, the Kitakyushu-based maker of precision motor cores and semiconductor leadframes, raised its full-year earnings forecast for the second time this fiscal year on September 9. The company now expects net profit of ¥14.5bn for the year to January 2027, up 45% from the ¥10bn it guided in June. Sales guidance rose to ¥272bn from ¥254bn (+7.1%), operating profit to ¥19.5bn from ¥14.5bn (+34.5%), and ordinary profit to ¥20bn from ¥14.5bn (+37.9%). The new net profit figure would be roughly 4.6 times the ¥3.2bn the company earned in the year to January 2026.
| Metric | Previous forecast (Jun 2026) | Revised forecast (Sep 2026) | Change | Prior year actual |
|---|---|---|---|---|
| Sales | ¥254.0bn | ¥272.0bn | +7.1% | ¥218.3bn |
| Operating profit | ¥14.5bn | ¥19.5bn | +34.5% | ¥12.7bn |
| Ordinary profit | ¥14.5bn | ¥20.0bn | +37.9% | ¥13.8bn |
| Net profit | ¥10.0bn | ¥14.5bn | +45.0% | ¥3.2bn |
| EPS | ¥54.72 | ¥79.34 | - | ¥17.25 |
| Assumed USD/JPY | ¥153.00 | ¥158.57 | - | ¥149.73 |
The upgrade follows a first half in which sales rose 20.6% to ¥130.67bn and operating profit jumped 86.2% to ¥11.82bn, the company's first year-on-year revenue and profit growth in four years. Net profit climbed 137.3% to ¥9.94bn. Mitsui High-tec attributed the improvement to robust demand, favorable currency effects, and an internal review of expenses.
The electric components unit, which makes drive and generator motor cores mostly for hybrid vehicles, posted revenue of ¥89.89bn (+16.1%) and operating profit of ¥8.99bn (+68.9%) on steady demand for electrified-vehicle motor cores. The electronic components business, which supplies semiconductor leadframes, grew revenue 34.8% to ¥38.75bn and operating profit 133.3% to ¥3.68bn on rising automotive and consumer demand plus the weaker yen. The smaller dies and machine-tools segment grew operating profit 562.7% to ¥341mn on higher motor-core die orders.
Not all of the gain is purely operational. The company's full-year currency assumption moved to ¥158.57 per dollar from ¥153.00, and ordinary profit's 122.8% first-half jump was driven mainly by foreign-exchange gains on foreign-currency financial assets. Management also flagged that second-half profit will fall short of the first half's pace: the reversal of one-time gains booked in the electric components business, higher up-front investment costs, and rising materials and energy prices linked to Middle East tensions are all expected to weigh on the remaining six months.
Despite the profit upgrade, Mitsui High-tec left its dividend forecast unchanged at ¥19 per share for the year, split between a ¥6 interim payment due October 8 and a planned ¥13 year-end payment, consistent with the March 2026 announcement. The company targets a dividend-to-equity ratio of 3.0% or higher rather than a fixed payout ratio, meaning the dividend does not automatically scale with the size of an earnings beat. The test now is whether hybrid-vehicle and semiconductor-linked demand can offset the input-cost pressure management itself has flagged for the second half.