Medipal Holdings (7459): 4Q flash: Tough FY3/27 outlook, but Paltac deal to boost net profit

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Medipal Holdings (7459): 4Q flash: Tough FY3/27 outlook, but Paltac deal to boost net profit

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Medipal Holdings (7459)

4Q flash: Tough FY3/27 outlook, but Paltac

deal to boost net profit

Maintain Rating: UNDERPERFORM | PO: 2,700 JPY | Price: 2,734 JPY

14 May 2026

FY3/26 results: OP declined 4%, largely in line Equity

The company announced FY3/26 results after market close on May 14, with a briefing

scheduled for 11:30 on May 15. There were no major surprises in the reported figures. Ritsuo Watanabe >>

Research Analyst

Near-term focus is on quantifying the severity of the business environment in FY3/27 BofAS Japan

and understanding the financial impact of the 100% acquisition of subsidiary Paltac ritsuo.watanabe@bofa.com

announced on May 11. We view the share-price reaction to the results as neutral. Kei Takeuchi >>

BofAS Japan

kei.takeuchi@bofa.comFY3/27 outlook: challenging environment

In the pharmaceutical wholesaling business, dispensing pharmacies—accounting for 55%

of sales—face worsening profitability due to the dispensing fee revision, increasing the

difficulty of price negotiations. In the daily goods wholesaling business, profits are being Stock Data

pressured by inflation, higher center fees, and increased costs for using external

logistics centers, and we see limited prospects for improvement in FY3/27. The Price 2,734 JPY

company’s preliminary FY3/27 guidance targets 3% revenue growth and 3% OP growth Price Objective 2,700 JPY

with flat margins. The key will evidently be how much volume expansion (and resulting Date Established 15-Feb-2026

SG&A ratio decline) can offset these pressures. Investment Opinion B-3-7

52-Week Range 2,223-3,070 JPY

Market Value (mn) 553,149 JPYPaltac full acquisition: limited value uplift, execution key