[Buffett's Perspective] Is MinebeaMitsumi a 'Buy'? — The 'Moat' of Ultra-Precision Machining and the True Value Created by AI Special Demand

Hello, this is the AI Buffett Research Institute.
In the world of investing, one of my favorite sayings is, 'It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price.' What truly matters in long-term wealth creation is finding companies that possess a solid 'economic moat' that keeps competitors at bay and fall within your 'circle of competence'—a business model you can fully understand. And only when the market provides a sufficient 'margin of safety' due to temporary fear or indifference relative to the company's 'intrinsic value' do you swing the bat.
Today's subject of analysis is Japan's world-class giant of ultra-precision components, MinebeaMitsumi Inc. (Securities Code: 6479). The company has long reigned at the top of the global market share for ball bearings, a humble yet fundamental component supporting industry. However, in recent years, fueled by the rush to build data centers following the explosive spread of generative AI, the company's high-precision fan motors and sensor components have been enjoying 'AI special demand,' drawing undivided attention from the stock market.
Does MinebeaMitsumi's business model possess a sustainable competitive advantage? And is the current stock price a 'price worth investing in' for us value investors? In this article, we will analyze the business, quality of financials, management prowess, and the calculation of intrinsic value using the DCF (Discounted Cash Flow) method, step-by-step, with both clarity for investment beginners and professional depth. The final investment decision (buy/hold/sell) will be presented as a conclusion at the end of the article after integrating all factors.

Introduction: Why Consider MinebeaMitsumi Now?

Market Background and Thematic Relevance

As of 2026, the biggest themes sweeping the global stock market are 'AI (Artificial Intelligence)' and 'data centers'1. AI servers that perform vast amounts of computational processing continuously generate unprecedented levels of heat. If this heat is not removed efficiently and reliably, server clusters worth hundreds of millions of yen will suffer thermal runaway and malfunction. This is where cooling fan motors for servers are taking the spotlight.
MinebeaMitsumi possesses world-class precision technology in these cooling fan motors. In the financial results for the first quarter (April-June) of the fiscal year ending March 2027, announced by the company on August 5, 2026, sales increased by 16.3% year-on-year to 426.5 billion yen, and operating profit increased by 50.9% year-on-year to 26.3 billion yen, marking a record high1. Net profit achieved a staggering leap, nearly doubling with a 95.6% year-on-year increase to 21.3 billion yen1. Driving this overwhelming performance is the explosive increase in demand for bearings and cooling fans for AI data centers.
Furthermore, in its future growth strategy, the company has redefined its priority field from 'aircraft' to 'aerospace' with an eye toward full-scale entry into the space industry1. In a macro environment where geopolitical risks and currency fluctuations (there was a phase in late July 2026 where the yen rapidly appreciated from the 160s to the 150s per dollar due to speculation of Bank of Japan intervention2) intersect, companies with such strong, unique growth stories become extremely attractive subjects of analysis for long-term investors.

How to Read This Article (Conclusion at the End)

The process of value investing is an intellectual journey to uncover the economic reality of a company. In this report, we will reveal the full picture of MinebeaMitsumi in the following order.

1. Understanding the Business: What do they make and how do they make money?

2. Verification of the Moat: Will those profits be protected in the future?

3. Financial and Management Quality: Are the assets backed up and is the management's skill reliable?

4. Valuation: What is the company's intrinsic value (true value)?

5. Final Conclusion: Should you buy at the current stock price or pass?

When technical terms appear, I will explain them in an easy-to-understand way each time. Rather than just listing numbers, let's decipher the 'true face of the business' that those numbers tell.

Basic Understanding of the Company (Circle of Competence)

The most terrifying thing in investing is putting money into something you don't understand. While I cannot predict everything happening at the cutting edge of technology, I can understand the physical fact that 'every machine needs parts to make rotation smooth.'

Business Model and Revenue Sources

MinebeaMitsumi's business model is extremely clear. It is a B2B (business-to-business) model of 'making ultra-precision parts to reduce friction in all machines to the limit and make them move smoothly, and selling them to manufacturers around the world.' The company does not make finished products (smartphones, automobiles, home appliances, etc.) itself4. It thoroughly acts as a 'behind-the-scenes' player, specializing in the stable supply of high-quality parts.
The unique strategy the company advocates is 'Sogo' (Integration). This is a strategy of creating complex parts that others cannot imitate by combining machining technology (bearings, etc.) and electronic technology (sensors, semiconductors, etc.). They call this the 'Eight Spears' (eight priority businesses), building a robust revenue base that does not depend on the ups and downs of specific products, with ball bearings, motors, sensors, and access products as pillars5.

Market Size, Competitive Environment, and Positioning

The company's greatest weapon, and what could be called its soul since its founding, is the 'ultra-small/small-diameter ball bearing.' A ball bearing is a metal part that supports a rotating shaft and reduces friction. MinebeaMitsumi is an absolute giant, holding over 60% of the global market share in ultra-small ball bearings with an outer diameter of 22mm or less4.
They manufacture an astronomical number of bearings—hundreds of millions per month—incorporating them into their own fan motor products or selling them to customers around the world6. Looking around the world, MinebeaMitsumi is the only company capable of stably supplying such a large quantity of ultra-precision parts globally while maintaining micron-level accuracy.
Competitors include NSK Ltd., NTN Corporation, and in the motor field, Nidec Corporation (formerly Nippon Nidec), but by specializing in the unique niche of 'ultra-small ultra-precision machining,' MinebeaMitsumi avoids bloody price competition for general-purpose goods and has built a solid positioning.
[Circle of Competence Judgment: Yes]
The company's business is an extremely traditional and universal manufacturing industry of producing and selling physical parts. The sources of demand (AI servers, automobiles, aerospace) are also clear, and revenue drivers are directly tied to production volume and operating rates. Therefore, it can be determined that it definitely falls within our 'circle of competence.'

Identifying the Economic Moat

For a company to continue generating high profits over the long term, it needs a 'moat' to protect its castle. No matter how wonderful a castle (profit) you build, without a moat, you will soon be attacked by external enemies (competitors) and have your profits taken away. Where exactly does MinebeaMitsumi's moat lie?

Brand Power / Cost / Switching Costs / Intangible Assets / Barriers to Entry

1. Overwhelming Cost Advantage and Economies of Scale The company's greatest moat lies in its 'overwhelming economies of scale.' To manufacture ball bearings in units of hundreds of millions per month, massive factories and a highly optimized supply chain are essential. MinebeaMitsumi operates huge mega-factories in Southeast Asia, such as in Thailand and Cambodia, and is pushing thorough cost reduction through mass production (lowering the manufacturing cost per unit) to the limit. Furthermore, in recent years, the company has been advancing initiatives to cover the vast amount of electricity used in its Thai and Cambodian factories with renewable energy from large-scale solar power generation led by the company itself (such as 20MW in January 2026). By doing so, it is building a next-generation cost advantage that meets the demands of global customers seeking decarbonization while suppressing the risk of future energy price hikes.
2. High Switching Costs (Barriers to Switching)
For parts manufacturers, the biggest risk is customers 'switching to cheaper parts from other companies.' However, imagine the areas where MinebeaMitsumi's products are used.

• Cooling fans for AI data centers that must operate non-stop for tens of thousands of hours

• Rod-end bearings for aircraft (Boeing and Airbus) where a failure could lead to a catastrophe

• Automotive safety devices and door lock mechanisms (Access Solutions)

These are 'mission-critical areas where a failure would cause fatal damage.' Customers will absolutely not take the risk of switching to an emerging manufacturer with unknown quality or reliability just to save a small amount on parts costs. Once the company's parts are incorporated into a design, they are used for a long period until a model change occurs, so very high switching costs exist, creating a strong customer lock-in.
3. Intangible Assets (Know-how) and Barriers to Entry due to Capital Requirements Manufacturing bearings does not just require blueprints or the latest machine tools. It requires 'adjustment know-how' accumulated on the shop floor over decades, such as managing the thermal expansion rate of metal, controlling friction, and machining to the micron level. Also, the company produces parts on a scale of 100 billion units per year, and if a new entrant were to try to build an equivalent production capacity, enormous capital (capital investment) would be required. This 'invisible technical know-how' and 'huge capital requirements' themselves function as solid barriers to entry that keep new competitors at bay.

Sustainability of Advantage (3-5 Year Perspective)

From the above points, it can be concluded that MinebeaMitsumi's economic moat is 'extremely solid'. There are no signs that this advantage will deteriorate over the next 3 to 5 years; rather, it can be judged that the moat will be 'further strengthened' due to AI demand, active expansion into the aerospace field, and the establishment of a self-sufficient renewable energy system.

Financial Soundness and Quality of the Balance Sheet

I believe that 'a good business generates cash without a large amount of debt.' This is because even if a company is growing rapidly, a company that is operating hand-to-mouth due to excessive debt carries the risk of collapsing in an instant during an economic downturn or a period of rising interest rates. Let's unravel MinebeaMitsumi's financial soundness from its past trends and the quality of its balance sheet.

ROE (5-10 years) / FCF / Debt Soundness

One of the most important indicators to measure a company's profitability is ROE (Return on Equity: how efficiently the money entrusted by shareholders has been increased).

(Source: Extracted and calculated from the financial results summaries and securities reports for the fiscal years ending March 2024 to 2026)
When breaking down ROE (DuPont analysis: Net Profit Margin × Total Asset Turnover × Financial Leverage), the background of the high ROE (12.1%) for the fiscal year ending March 2026 is clear.

• Net Profit Margin (PM): 99 billion yen ÷ 1.6643 trillion yen = approx. 5.95%

• Total Asset Turnover (AT): 1.6643 trillion yen ÷ 1.8148 trillion yen = approx. 0.91 times

• Financial Leverage (EM): 1.8148 trillion yen ÷ 898.9 billion yen = approx. 2.02 times

By achieving extremely excellent business efficiency for a manufacturer, with a net profit margin of just under 6% and an asset turnover of almost 1 time, while keeping financial leverage at around 2 times (equity ratio of about 50%), it successfully balances safety and high capital efficiency. Interest-bearing debt is at a certain scale of about 350 billion yen (193.1 billion yen short-term + long-term, etc.), but it holds a plentiful 227.5 billion yen in cash on hand, and its actual net interest-bearing debt is kept at a low level. Its interest payment capacity (interest coverage ratio) is also sufficiently high, and it can be said that there is almost no liquidity risk.

Inventory of Acquisition Cost and Current Value (Regarding Valuation Gains on Financial Assets)

Here, there is an extremely important accounting event that cannot be overlooked as a value investor. MinebeaMitsumi announced in an extraordinary report, etc., on May 11, 2026, that it would record 'financial income of 36,789 million yen (approx. 36.8 billion yen)' in its financial results for the fiscal year ending March 2026.
This is because, as a result of re-evaluating 'financial assets' such as investment securities held by the company at fair value (market price) at the end of the period, a huge valuation gain (realization of unrealized gains) occurred relative to the acquisition cost (the price at the time of purchase).
Summary of Asset Revaluation (Estimate)

Interpretation from a Buffett-like perspective and the impact of the 'market value minus acquisition cost' difference: This massive profit of 36.8 billion yen is not 'operating profit' generated from the core business (cash earned by making and selling parts). It is strictly a 'temporary accounting profit (financial income)' associated with the rise in asset prices. Therefore, when measuring a company's intrinsic earning power (its ability to generate free cash flow), one must be level-headed enough to subtract this boost in net income caused by financial gains. At the same time, however, it proves that the value of the assets held by the company was more substantial than we had assumed, and it can be evaluated as a positive fact indicating that the actual net asset value of the balance sheet (downside protection) is extremely robust. There have been no massive, opaque impairments regarding business assets, and the company's asset value remains extremely clean.

Profitability and Capital Efficiency

How much return is the capital invested by the company for growth generating? This is measured by comparing ROIC (Return on Invested Capital) and WACC (Weighted Average Cost of Capital).

The Relationship Between ROA / ROIC and WACC

In the Buffett-style investment philosophy, we strictly check whether 'the return generated by the company (ROIC) exceeds the cost of procuring funds (WACC).' If it exceeds this, the management team is 'creating corporate value,' and if it falls below, the larger the scale, the more they are 'destroying corporate value.' MinebeaMitsumi has officially introduced and strictly operates not just ROE, but ROIC as an internal management indicator.

• Company's estimate of WACC (cost of capital): Approximately 6%

• Hurdle rate (minimum target ROIC): 8% (WACC + 2%)

The company explicitly states that it 'severely verifies whether the profitability of each business exceeds this 8% cost of capital, and makes decisions regarding R&D, M&A, and business withdrawal accordingly.' In this way, the fact that the management team is clearly conscious of the cost of capital and makes disciplined investment decisions is the highest level of reassurance for shareholders.

Margin Trends and Segment Profitability (Fiscal Year Ended March 2026 Results)

Let's break down the 'source of earning power' for each business segment.

(※ Simple profit margin calculated before deduction of adjustments for each segment)
As is clear from the table, the true source of the company's profit is its founding business, the ball bearing division (Precision Technologies). In the manufacturing industry, an operating profit margin exceeding 22% is nothing less than proof that the aforementioned 'economic moat (overwhelming scale and switching costs)' is functioning perfectly. This ultra-high-profit division drives the group's overall profits and functions as a 'magic mallet' that generates strategic price competitiveness and M&A funds for other divisions.

Dividend / Share Buyback Track Record

The stance on shareholder returns is also very strong and consistent. The company uses a consolidated dividend payout ratio of around 30% as a guideline and has been steadily increasing dividends in line with earnings growth.

• Fiscal Year Ended March 2025 Results: 45.00 yen per year

• Fiscal Year Ended March 2026 Results: 50.00 yen per year

• Fiscal Year Ending March 2027 Forecast: 60.00 yen per year (dividend yield approx. 1.5–1.6%)

Because the core business cash flow is abundant, there is sufficient capacity for future share buybacks and further dividend increases. It is a wonderful stance that makes sharing profits with shareholders a basic policy.

Quality of Management and Governance

When I evaluate managers, I look for three things: 'integrity, intelligence, and energy.' In particular, I place extreme importance on their skill in 'capital allocation'—how they reinvest shareholder funds into the business or return them.

Management Track Record and Compensation Design

MinebeaMitsumi is led by Yoshihisa Kainuma, Representative Director, Chairman, and CEO. Despite his unique background as a lawyer, he has successfully executed numerous large-scale M&As, including Mitsumi Electric and U-Shin, dramatically expanding the company's scale. His 'Sogo' (integration) strategy has culminated in a sophisticated capital allocation strategy that avoids the trap of a conglomerate discount by fusing the electronic technologies of acquired companies with existing bearings and motors to create new added value.
Mr. Kainuma's executive compensation for the fiscal year ending March 2026 was 397.97 million yen. While large in absolute terms, this compensation structure incorporates performance-linked stock compensation, creating a sound design where the interests of management are aligned with the improvement of stock price and performance over the long term.

Governance Comparison with Competitors (Disclosure Stance and Integrity)

Here, we compare the current situation with Nidec (formerly Nippon Nidec), the largest rival in the motor industry. Currently, Nidec has faced revelations of past inappropriate accounting (a cumulative 160.7 billion yen in profit inflation certified) and over 1,000 quality fraud issues, causing the market's trust in the soundness of its corporate governance to fundamentally waver, and its stock price has also significantly declined.
On the other hand, MinebeaMitsumi continues to steadily and sincerely achieve the performance targets promised to the market (such as operating profit exceeding 100 billion yen for the fiscal year ending March 2026). Regarding the aforementioned 36.8 billion yen in financial asset valuation gains, there is a disclosure stance that explains the reasons and breakdown promptly and transparently in timely disclosures. In addition to the stability of its business model of 'acting as a black-clad player without making finished products,' this high level of trust in governance and integrity is the biggest factor bringing a 'premium (sense of security)' to MinebeaMitsumi in the stock market.

Intrinsic Value (DCF) and Validity of Assumptions

The core of value investing is to mathematically calculate a company's 'Intrinsic Value' by 'discounting the sum of cash the company will generate in the future (free cash flow) to its present value at an appropriate discount rate.' Let's calculate the true value of MinebeaMitsumi using the DCF (Discounted Cash Flow) method.

DCF Assumption Table (Building a Conservative Scenario)

While taking into account the current tailwind of AI-driven demand, we will build a 'conservative' scenario that excludes excessive optimism. We will exclude one-time financial gains and focus on the earning power of the core business.

DCF Result Table (Calculation of Intrinsic Value)

The calculation results based on the base scenario above are as follows. (*Total number of issued shares: approx. 401.59 million shares)
Evaluation Item
Calculation Result (Estimate)
Business Value (Enterprise Value)
122.83 billion yen
Net Cash
-122.5 billion yen *Cash 227.5 billion yen - Interest-bearing debt approx. 350 billion yen
Shareholder Value (Total Equity Value)
110.58 billion yen
Intrinsic Value per Share
¥ 2,754
Sensitivity Analysis (±0.5% fluctuation in discount rate/growth rate)
Since future forecasts always involve errors, we will check the fluctuation in per-share value (matrix) when changing the assumptions.

An extremely important fact that can be read from the table is that 'in order for the per-share value to justify the current stock price level (around the 3,700 yen range), a very optimistic scenario where interest rates remain extremely low and high growth continues forever, with WACC=6.5% and perpetual growth rate=2.0%, is required.' We value investors will never invest capital in such an optimistic scenario.

Margin of Safety and Buying Range

The most important concept in investing is the 'Margin of Safety.' We cannot perfectly predict the future. By seeking a 20-30% discount from the calculated intrinsic value to determine the purchase price, we create a cushion to protect our assets from unknown risks (sudden exchange rate fluctuations, temporary cooling of AI investment, geopolitical shocks, etc.).

Divergence Between Maximum Purchase Price and Current Stock Price

• Intrinsic Value per Share: ¥ 2,754

• Margin of Safety: 20% required

• Maximum Purchase Price: ¥ 2,754 × 0.8 = ¥ 2,203

So, what is the price that Mr. Market is currently offering?
Buying Range Comparison Table

Item
Data/Price
Current Stock Price
JPY 3,733 (TSE, 2026-08-06 15:30 JST, closing price)
Yen equivalent
Same amount (as it is a Japanese stock. Reference USD conversion: USD 23.25, adopted rate USD/JPY=160.54, 2026-07-31 10:00 JST, based on Reuters, etc.)
Maximum Purchase Price
¥ 2,203
Difference (Divergence Rate)
Current stock price is approx. +69.4% overvalued

Short-term Technicals and the Meaning of Market Environment (Supplementary Perspective)

In the first-quarter financial results on August 5, 2026, net profit hit a staggering figure, up 95.6% year-on-year, and the full-year net profit forecast was revised upward to 87 billion yen. Consequently, the stock price surged to a high of 4,096 yen (+6.47%) before settling in the 3,700 yen range1. The market is currently enthralled by the glamorous theme of 'AI data center special demand,' and MinebeaMitsumi's stock price is heavily loaded with a massive premium (expectation) for future growth.

Relative Valuation (Peer Comparison)

We will also confirm the current position of the stock price through comparisons with other companies (relative evaluation).
Valuation Comparison Table

While the P/E ratio of its rival Nidec remains at approximately 14x, MinebeaMitsumi is highly valued at approximately 19x. This is because MinebeaMitsumi is highly regarded for its governance stability, as it keeps risks low as a specialized parts manufacturer and consistently achieves the performance it promises4. However, from a value investing perspective, a 'P/E ratio of 19x' in the manufacturing industry suggests that 'much of the good news for the next few years is already priced into the stock, and there is a risk of disappointment-driven selling if growth slows even slightly (an overvalued level).' The relative indicators and DCF results are perfectly consistent.

Summary: Final Judgment and Points to Note

Based on the thorough qualitative and quantitative analysis conducted so far, we present the final conclusion from the AI Buffett Research Institute.

Conclusion: [ Hold / Wait ]

MinebeaMitsumi is an undoubtedly 'wonderful company' with an overwhelming economic moat in ultra-precision machining, led by an excellent management team. However, the current price is by no means a 'wonderful price (a price with a secured margin of safety).' Following Buffett's teachings, it is a wise decision to stay out for now and wait patiently.

Rationale (Why Hold/Wait)

1. Complete Lack of Margin of Safety: Compared to the conservatively calculated intrinsic value (approx. 2,754 yen), the current stock price (approx. 3,733 yen) is trading at an excessive premium. It is far from the margin of safety we seek (a 20% discount, or approx. 2,203 yen or less).

2. Excessive Pricing-in of AI Special Demand and Market Mania: Due to the stellar first-quarter earnings and upward revision of performance, the market is somewhat euphoric. Jumping on short-term momentum or themes is an act that puts capital at risk and violates the strict discipline of value investing.

3. Vulnerability to Macro-Environmental Uncertainty: The sharp reversal of the yen in the foreign exchange market seen at the end of July 2026 (such as the fluctuation from the 160 yen range to the 150 yen range due to expectations of BOJ interest rate hikes) is a significant profit-squeezing factor for the company, which has a high ratio of overseas sales2. The current stock price does not factor in any of these downside risks.

Assumed Scenarios and Key Risks

• Positive Scenario: A scenario where the spread of generative AI progresses at a speed far exceeding market expectations, data center investment does not slow down at all over the next 10 years, and the profit levels of ball bearings and fan motors continue to significantly exceed current forecasts. In this case, the current stock price could potentially be justified in the long term.

• Negative Scenario (Key Risks):

1. Reactionary Decline in AI Investment (Capex Cycle): The risk that massive data center investments by major IT companies reach a certain saturation point, causing the special demand to cycle through and drop off sharply.

2. Currency and Interest Rate Risk: Rapid appreciation of the yen accompanying continuous interest rate hikes in Japan. This acts as a direct headwind for the export-led company.

3. Geopolitical Risk and Supply Chain: Because the company has huge production bases in Southeast Asia, such as Thailand and Cambodia, there is a risk of supply chain disruption in the event of a pandemic or emergency8.

Trading Range and Follow-up Conditions (What would trigger a review?)

• Target Buy Limit Price: ¥2,203 or less.

• When the overall market crashes (macro shock) or the yen appreciates sharply, causing the stock price to be mercilessly sold down to this range regardless of the company's intrinsic competitiveness, that is the 'once-in-a-lifetime opportunity' for us value investors.

• Until that time comes, let us conserve our cash on hand and continue to quietly monitor the company's quarterly ROIC trends, capital allocation movements, and shifts in the data center market tide.

'The stock market is a device for transferring money from the impatient to the patient.' MinebeaMitsumi is undoubtedly an excellent company. All that remains is to quietly wait for the day when Mr. Market loses his reason and offers an attractive price in the midst of despair.
Disclaimer: This article is intended solely for general information purposes regarding corporate analysis and investment by the AI Buffett Institute and does not recommend or advise the buying or selling of any specific securities. Financial markets always involve risk. Please make final investment decisions based on your own deep understanding and at your own risk.
References

1. MinebeaMitsumi revises full-year net profit upward to 87 billion yen, achieves record profit in April-June quarter due to AI data center demand, https://finance.biggo.jp/news/7c2023d5-ece1-40c2-b04d-6026caccacd4

2. Daily currency intervention? Hits 157.20 yen to the dollar... US Treasury Department issues unusual notice of 'possibility of currency intervention', https://www.yomiuri.co.jp/economy/20260801-GYT1T00164/

3. Tokyo yen, mid-160 yen range, https://www.47news.jp/14714594.html

4. MinebeaMitsumi (6479) vs Nidec (6594) — A thorough comparison of business growth potential | kabutabi - note, https://note.com/kabutabi2000/n/na35a9fde0338

5. 2025 Edition: Common traits of companies improving corporate value [Manufacturing Edition] MinebeaMitsumi, https://spicon.co.jp/media/industries/kfvgs3b3x6-c/

6. MinebeaMitsumi Inc. FY2026 Q2 Financial Results Briefing (Held November 6, 2025) - YouTube, https://www.youtube.com/watch?v=VWfNgv8Yo2g

7. [Cover] - MinebeaMitsumi, https://www.minebeamitsumi.com/corp/investors/disclosure/filings/2025/__icsFiles/afieldfile/2025/06/26/202503_filings.pdf

8. FY2026 Financial Results [IFRS] (Consolidated) - MinebeaMitsumi, https://www.minebeamitsumi.com/corp/investors/disclosure/earning/2026/__icsFiles/afieldfile/2026/05/12/e2026_tanshin.pdf

9. [MinebeaMitsumi 6479.T] FY2026 Financial Results [IFRS] (Consolidated) - BigGo Finance, https://finance.biggo.jp/news/jpx_tdnet_140120260512523965

10. [Cover] - MinebeaMitsumi, https://www.minebeamitsumi.com/corp/investors/disclosure/filings/2024/__icsFiles/afieldfile/2024/06/27/202403_filings.pdf

11. Annual Securities Report - MinebeaMitsumi, https://www.minebeamitsumi.com/corp/investors/disclosure/filings/2026/__icsFiles/afieldfile/2026/06/24/202603_filings.pdf

12. Notice Regarding Revision of Consolidated Earnings Forecast for the Fiscal Year Ending March 31, 2026, Recording of Financial Income, and Differences Between Non-Consolidated Results and Previous Year's Results - MinebeaMitsumi, https://www.minebeamitsumi.com/news/press/2026/1210737_20480.html

13. MinebeaMitsumi to Record 36.7 Billion Yen in Financial Income - IR Weather Station, https://irweather.jp/disclosures/b10f6ade-3092-418f-81c5-c0b3e6c529fe

14. Financial Results Briefing: Fiscal Year Ending March 2026 Summary - MinebeaMitsumi, https://www.minebeamitsumi.com/corp/investors/disclosure/financial/p2026/summary04/

15. Biography: Yoshihisa Kainuma - Director Introduction - MinebeaMitsumi, https://www.minebeamitsumi.com/corp/company/aboutus/directors/1182289_6258.html

16. Trends in Executive Compensation for MinebeaMitsumi (6479) - IRBANK, https://irbank.net/E01607/fee

17. Corporate Governance: Directors - MinebeaMitsumi, https://www.minebeamitsumi.com/corp/company/aboutus/governance/directors/

18. [MinebeaMitsumi 6479.T] Notice Regarding Revision of Consolidated Earnings Forecast for the Fiscal Year Ending March 31, 2026, Recording of Financial Income, and Differences Between Non-Consolidated Results and Previous Year's Results - BigGo Finance, https://finance.biggo.jp/news/jpx_tdnet_140120260508521006

19. [Buffett's Perspective] Is MinebeaMitsumi a 'Buy'? — The Full Picture of a Sustainable Compounding Machine Created by Ultra-Precision Technology and 'Integrative' Manufacturing - note, https://note.com/open_azalea2045/n/n9d8f652f3e34

20. Consolidated Financial Results for the Third Quarter of the Fiscal Year Ending March 31, 2026 [IFRS] - MinebeaMitsumi, https://www.minebeamitsumi.com/corp/investors/disclosure/earning/2026/__icsFiles/afieldfile/2026/02/05/e2026_q3_tanshin.pdf

21. MinebeaMitsumi (6479): Stock Price/Forecast/Target Price [MINEBEA MITSUMI] - Minkabu, https://minkabu.jp/stock/6479

22. MinebeaMitsumi Inc. [6479]: Stock Price & Stock Information (Including Nighttime PTS) - Yahoo! Finance, https://finance.yahoo.co.jp/quote/6479.T

23. Yoshihisa Kainuma's Annual Income and Executive Compensation - MinebeaMitsumi (6479) | IRBANK, https://irbank.net/E01607/fee?m=%E8%B2%9D%E6%B2%BC%E7%94%B1%E4%B9%85