MHI (7011 JP) Q1 Beat: Record Backlog & Policy Tailwinds Support Premium Valuation

Japan Defence Supercycle: Multi-Decade Tailwinds, Near-Term Catalysts

MHI (7011 JP): U.S. Presses Japan to Spend More on Defense

Global Materials | Industrials | Commodities

Rahul Jain

Equity Bottom-Up

Mitsubishi Heavy Industries / Equity Bottom-Up

<ul>
<li>MHI has delivered a strong turnaround over the past four years, with revenue up 26% and business profit expanding nearly 10x from FY22 to FY25</li>
<li>The consolidated order backlog crossed ¥10.2 trillion in FY25, up ~22% YoY, offering ~2 years of forward revenue visibility and skewed toward high-margin Energy and Defense segments.</li>
<li>While the stock has rallied sharply, management’s solid FY25–30 guidance, along with structural tailwinds from energy transition and defense spending, continue to underpin the long-term thesis.</li>
</ul>


MHI has delivered a strong turnaround over the past four years, with revenue up 26% and business profit expanding nearly 10x from FY22 to FY25
The consolidated order backlog crossed ¥10.2 trillion in FY25, up ~22% YoY, offering ~2 years of forward revenue visibility and skewed toward high-margin Energy and Defense segments.
While the stock has rallied sharply, management’s solid FY25–30 guidance, along with structural tailwinds from energy transition and defense spending, continue to underpin the long-term thesis.


미쓰비시 중공업(7011) – 강력한 수익, 10.2조 엔의 미처리 잔고, 거시경제 호조가 지속되어 긍정적