Panasonic: Look Past Profit Miss

I maintain a "Buy" rating for Panasonic Holdings, even though both its FY2026 headline EBIT and EPS were down substantially and below consensus estimates. The firm's adjusted operating income growth in FY26 would have been positive, excluding non-recurrent items and the deconsolidated auto business. Its financial outlook is favorable, with the FY27 guidance implying a 28% increase in normalized operating profit.