Industries
Industrial Manufacturing
All research in Industrial Manufacturing — 2 reports.
38/100
Kawasaki Heavy Industries: Aerospace Earned the Rerating, the Rest of the Group Still Has to Pay for It
Kawasaki Heavy Industries is a Japanese heavy-industrial conglomerate spanning aerospace and defense, energy and marine engineering, rolling stock, and robotics, with FY2025 revenue of ¥2,311.3 billion. Aerospace Systems has become the group's largest profit pool as Japan's defense build-up accelerates, with Ministry of Defense sales reaching ¥429.8 billion, but the July 2026 issuance of new shares and convertible bonds to fund aircraft engines, robotics and hydrogen projects dropped the stock roughly 7% and underscored how capital-hungry the rest of the group remains. Rating Hold: the aerospace-led rerating is real, but thin Rolling Stock margins, unproven hydrogen economics and fresh dilution leave today's price near fair value rather than a compelling entry point.
46/100
Mitsubishi Heavy Industries (7011.TSE) Zen Horizon Deep-Dive Report
Mitsubishi Heavy Industries is Japan's largest heavy-industrial group, founded in 1884, with four operating pillars across Energy Systems, Aircraft, Defense & Space, Plant & Infrastructure, and Logistics, Thermal & Drive Systems. FY2025 revenue reached ¥4,974B (+14.1%), net income ¥332B (+35.3%), orders ¥7,654B (+20%), and backlog a record ¥13,238B, while the AU$10B Mogami frigate contract with Australia marked Japan's largest postwar weapons export. Report rating Watch: Japan's defense expansion, the second GTCC upcycle driven by AI data centers, and Japan's industrial re-rating are powerful themes, but the current valuation already prices in much of the upside.